Penn Replacing Riverboats With Land-Based Illinois Casinos In Aurora And Joliet

Penn Entertainment announced that its riverboat casinos in Joliet and Aurora, Illinois will be relocated to new land-based facilities.

In a press release, Jay Snowden, CEO and President of Penn Entertainment, stated that they have been exploring the possibility of relocating their old riverboats in Aurora and Joliet ever since Illinois law changed to allow land-side casino relocation. Snowden expressed excitement about moving forward with the projects, attributing much of their progress to the support from local community leaders. He specifically thanked Mayor Richard Irvin and his team in Aurora for their forward-thinking leadership.

Illinois casino in Aurora to be built near outlet mall, cost $360 million

Penn has outlined their intention to build a new casino and hotel in Aurora, set to be situated next to the Chicago Premium Outlets mall. This spot is conveniently located near Exit 119 off I-88. Pending approval from the city and regulatory authorities, construction is scheduled to begin on the site in late 2023.

The project, worth $360 million, will include:

• 900 slots
• There are a total of 50 live table games to choose from, which include a dedicated baccarat room and a poker room.
• Barstool Sportsbook can host well-known Barstool personalities.
• 200 hotel rooms
• full-service spa
• bars and restaurants
• Areas covering 10,000 square feet will be met.
• event centre

Snowden stated that their goal is to construct a high-quality casino and hotel in Aurora, strategically located off I-88. This will allow them to serve the large number of visitors who visit the nearby Simon Premium Outlet Mall as part of their overall business strategy.

In addition, the Aurora development plan includes the transfer of specific land parcels and the provision of up to $50 million in project funding through a new bond issuance. These arrangements are subject to final approval by the Aurora City Council.

New Joliet casino to cost $185 million

The new casino in Joliet is expected to have a price tag of approximately $185 million and will be part of the Rock Run Crossings development. Situated near the intersection of I-80 and I-55, the new casino will be a few miles away from the current Hollywood Casino Joliet riverboat property. Rock Run Crossings is designed to replace the existing casino but will not feature a hotel.

The commencement of construction on the new Joliet facility is scheduled for late 2023, mirroring the timeline of the new Aurora casino. However, this timeline is contingent upon approval from the city and regulatory authorities.

The forthcoming Joliet casino will showcase:

• 800 slots
• There are a total of 45 live table games to choose from, including dedicated rooms for baccarat and poker.
• Barstool sportsbook
• bars and restaurants
• Meeting areas totaling 10,000 square feet
• event centre

Snowden announced that the upcoming casino in Joliet will be located within the Rock Run Crossings development, conveniently near the I-80 and I-55 interchange. This prime location provides exceptional visibility and accessibility.

The two projects will significantly improve our services in the attractive Chicagoland market and create hundreds of full-time job opportunities for the local communities.

Snowden also noted that Penn expects these projects to produce significant free cash flow returns and increase shareholder value in the long term.