Penn National Gaming, Inc. (NASDAQ: PENN) announced today that it has submitted to the Iowa Racing & Gaming Commission (IRGC) two proposals for a new gaming and entertainment destination in Woodbury County for its consideration. Each proposal represents a best-in-class approach to regional gaming and will maximize tourism and revenues for Woodbury County and the State of Iowa. While the proposals are similar in scope, the unique characteristics of each location will allow the IRGC to determine which type of facility would best serve the region and the State of Iowa.
The first proposal, Hollywood Casino Sioux City, would be built on a 10-acre site in the center of one of the prime areas that the Sioux City Planning Division has identified as a preferred casino zone. The 100,000 square-foot Hollywood Casino Sioux City will feature a 33,000 square-foot casino floor with 750 slot machines, 20 live table games and a 5-table poker room. The facility will include structured parking for 800 vehicles and a 300-space surface lot while allowing easy access from Sioux City Transit’s local transportation options. Non-gaming dining and entertainment amenities include a fine-dining steakhouse, casual grille, casino bar and sports pub. Hollywood Casino Sioux City would also feature a 6,000 square-foot multi-purpose event center with a 500-seat concert venue. The master plan for the development contemplates a $40 million phase II expansion with a 150-guestroom hotel as well as space for an additional 50 slot machines, 5 table games, 5 new poker tables and additional food and beverage options.
The second proposal, Hollywood Casino Siouxland, with a $167 million projected cost, is similar in size and scope to the Hollywood Casino Sioux City downtown project, but would lie in Woodbury County south of Sioux City and would include a 150-room hotel as part of the Phase One construction. Both projects would bring meaningful employment and other economic activity to the greater Sioux City area including over 400 employees at the new facility.
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