KEY TAKEAWAYS: PENN Entertainment plans to invest about $195 million to move Boomtown Casino’s riverboat operations onto land in Harvey. The 140,000-square-foot property would be rebranded as Hollywood Casino New Orleans and is expected to open in 2029. Plans include about 875 slot machines, 45 table games, a retail sportsbook and multiple dining options. The project requires regulatory approval and follows other Louisiana casinos that have moved landside since a 2018 state law change.   Another longtime New Orleans-area casino is in line for a new name, along with a move to land. PENN Entertainment has announced plans to invest approximately $195 million to relocate Boomtown Casino Hotel New Orleans’ riverboat casino operations to a new 140,000-square-foot landside property on adjacent land in Harvey. The casino would be rebranded as Hollywood Casino New Orleans. Plans are pending regulatory approval. In a news release, PENN said it expects to finance the project with cash on hand, though the company may also access its balance sheet or other sources of liquidity. If approved, Hollywood Casino New Orleans is expected to open in 2029. The development would include approximately 875 slot machines, 45 table games, a retail sportsbook, and multiple dining options. The existing riverboat would be vacated once the new property opens, while PENN expects to keep the existing hotel open at this time. “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,” said Jay Snowden, CEO and president of PENN Entertainment. PENN currently operates four other casino destinations in Louisiana, including L’Auberge Casino Resort Lake Charles, L’Auberge Casino Hotel Baton Rouge, Margaritaville Resort Casino, and Boomtown Casino Hotel in Bossier City. The company, which trades on Nasdaq under the ticker PENN, employs more than 3,500 people in Louisiana and contributes more than $200 million in state and local taxes annually. The proposed relocation follows a 2018 change in Louisiana law that allowed riverboat casinos to move onto land within 1,200 feet of their licensed berth. Since then, several casino operators have invested in landside moves, including Treasure Chest Casino in Kenner, Belle of Baton Rouge, now Bally’s Baton Rouge, and Amelia Belle Casino near Morgan City, which has announced plans to move to land by the end of next year. The New Orleans project would be PENN’s fourth landside casino relocation in recent years, following Hollywood Casino developments in Aurora and Joliet, Illinois, and Council Bluffs, Iowa, which is expected to open in 2028. “As with our previous relocations, we expect our new facility to enhance the customer experience and strengthen the property’s competitive position in the New Orleans market,” Snowden said. “Today’s announcement highlights our continued commitment to reinvesting in our facilities and team members, and we look forward to working with the Louisiana Gaming Control Board and Jefferson Parish Council to add yet another best-in-class property to our national footprint.” ...read more read less