PENN Entertainment has confirmed plans to open its new land-based Hollywood Casino Aurora on Wednesday 24 June, which will replace the current riverboat property in Illinois.
Pending customary regulatory approvals, the opening will be the second new PENN property to open in the Chicagoland region following the opening of the land-based Hollywood Casino Joliet last August.
The new $360 million entertainment destination is being developed across from Chicago Premium Outlets, located near Interstate-88 in Aurora, and will feature a luxurious hotel, more than 1,200 gaming positions and a retail sportsbook. The venue also has an outdoor entertainment area, full-service spa, premium bars and restaurants, a 12,000 square foot event center and approximately 1,700 parking spaces.
The company expects to employ approximately 700 team members at the new casino, which nearly doubles PENN’s existing employee roster in Aurora.
“We are now months away from opening another premium entertainment destination in the greater Chicago region,” said PENN CEO and president Jay Snowden. “We are thrilled to follow the successful rollout of Hollywood Casino Joliet last summer with another new land-based property, strengthening our overall retail portfolio in the Midwest and deepening our roots in the community.”
The company expects to work with the Illinois Gaming Board on the transfer of operations from the existing Hollywood Casino Aurora, which is located on the Fox River in downtown Aurora.
In conjunction with the $360 million project, PENN expects to receive $225 million in funding from Gaming and Leisure Properties (GLPI) near the project’s opening, at a 7.75 per cent capitalization rate.
By the end of the year, PENN also expects to receive the remaining $21 million of the $50 million in funding being contributed by the City of Aurora.
Shares in PENN Entertainment Inc (NASDAQ:PENN) were trading 1.34 per cent higher at $14.35 per share in early trading in New York Friday.