PENN Entertainment Inc. said it plans to invest approximately $195 million to relocate its Boomtown Casino & Hotel New Orleans riverboat casino operations to a new land-based property. The casino will be built on adjacent land and will be rebranded as Hollywood Casino New Orleans.
The project is expected to open in 2029, pending regulatory approval, the Wyomissing-based PENN said in an announcement.
Once completed, the property will include about 140,000 square feet of new development, approximately 875 slot machines, 45 table games, a retail sportsbook and multiple dining options, the company said. When the casino opens, the existing riverboat will be vacated. The existing hotel is expected to remain in operation, PENN said.
“This investment reflects our disciplined approach to capital allocation, prioritizing organic growth opportunities that build on our operational strengths and are expected to deliver compelling returns,” Jay Snowden, CEO and president of PENN Entertainment, said in a statement.
Jay Snowden (Courtesy of Penn Entertainment Inc.)
The new Hollywood Casino New Orleans will be PENN’s fourth landside move in recent years, following the openings of Hollywood Casino Aurora and Hollywood Casino Joliet in Illinois and the expected opening of Hollywood Casino Council Bluffs in Iowa in 2028.
“As with our previous relocations, we expect our new facility to enhance the customer experience and strengthen the property’s competitive position in the New Orleans market,” Snowden added.
PENN operates four other casino destinations in Louisiana: L’Auberge Casino Resort Lake Charles, L’Auberge Casino Hotel Baton Rouge, and Margaritaville Resort Casino, and Boomtown Casino Hotel in Bossier City.
Snowden added that the plans announced Monday highlight the company’s “continued commitment to reinvesting in our facilities and team members, and we look forward to working with the Louisiana Gaming Control Board and Jefferson Parish Council to add yet another best-in-class property to our national footprint.”
PENN expects to finance the project with cash on hand but may also access its balance sheet or other sources of liquidity.
Headquartered in Wyomissing, Berks County, PENN Entertainment Inc. — together with its subsidiaries — operates in 28 jurisdictions throughout North America, with a diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings.