Penn Entertainment to bring Illinois riverboat casinos ashore; add hotel towers to Ohio's Hollywood Columbus and Nevada's M Resort
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Penn Entertainment announced Monday that the company is set to pursue four new projects with an overall $850 million budget. The company will relocate its riverboat casinos in Aurora and Joliet, Illinois, to new land-based facilities. It will build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada. The projects are subject to municipal approvals. They are expected to generate strong free cash flow returns and create long-term value for shareholders. In Jolie, the planned casino will be located in the Rock Run Crossings development mixed-use project close to the I-80 and I55 interchange.
Penn Entertainment is planning to build a new land-based casino and hotel in Aurora, Illinois. It is also planning a second hotel tower at M Resort in Henderson, Nevada. The Hollywood Columbus development calls for a hotel with an estimated budget of $100 million. The project will add 180 rooms and create 100 permanent jobs. In addition, Penn is going to bring Illinois riverboat casinos ashore. They are also going for Ohio's Hollywood, Columbus and Nevada's M resort. For the Joliet project, they are planning the construction of a land based casino.
