Penn Entertainment Is Planning a $195M Riverboat Relocation Move in Louisiana

Penn Entertainment is planning to spend $195 million on relocating the Boomtown Casino and Hotel New Orleans, a riverboat casino, which will move onshore in a bid to extend its appeal, attract more visitors, and, in a sense, break away from the tradition of running riverboat casinos, not least thanks to a new gambling law signed in 2018 by then-Louisiana Governor John Bell Edwards. Penn Entertainment Happy to Cough Up $195M for Another Onshore Relocation This is not surprising given that Penn Entertainment has been actively moving many of its riverboat casinos onshore, with similar openings including the Hollywood Casino Aurora, Hollywood Casino Joliet in Illinois, and another one, the Hollywood Casino Council Bluffs, which is due to open in 2028. The relocation site has already been picked in the vicinity of the existing operations, with the new property to also undergo a change of name to Hollywood Casino New Orleans. While a regulatory approval is still pending, Penn Entertainment has already laid out the details about the construction and what it would bring. The new development will sprawl over 140,000 square feet and, should all go according to plan, open in 2029. Commenting on the ambitious move, Penn CEO and President Jay Snowden had this to add: “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.” Snowden has stated that the new property will be funded by the company’s existing cash stockpile, although the executive said that the firm is open to exploring other sources of liquidity as well. Penn Entertainment Is a Prominent Gaming Operator in Louisiana While casinos can migrate on land after receiving regulatory approval, they remain constrained to within 1,200 feet of their original riverboat berth. They must also show proof that such a move would positively impact the local economy. Apart from the casino that is moving on land, Penn Entertainment also operates several other properties in the state, including L’Auberge Casino Resort Lake Charles, L’Auberge Casino Hotel Baton Rouge, and Margaritaville Resort Casino and Boomtown Casino Hotel in Bossier City. The company further employs 3,500 Louisianians and pays more than $200 million back in state and local taxes annually.