Joliet Casino's Launch Praises Penn, Impresses Financial Analysts
The Hollywood Casino in Joliet, Illinois, underwent a $185 million transformation and relocated from its riverboat location, officially opening its new land-based property on August 11, 2025. This move marks the end of a more than three-decade stretch as a riverboat casino.
The new facility boasts approximately 1,000 of the newest slot machines, 43 table games, a retail ESPN BET™ sportsbook, upscale dining options including national and Chicagoland celebrity-led restaurants, and aims to deliver a premier guest experience.
This expansion is part of PENN Entertainment's broader strategy to enhance its gaming and entertainment portfolio. In Q2 2025, PENN reported a 6.1% year-over-year revenue growth to $1.76 billion, driven by strong gaming operations including retail casino performance. The CEO, Jay Snowden, emphasized the significance of the Joliet Hollywood Casino opening as part of continuing investment in the community and boosting visitation.
Analysts have praised the new casino, with Jefferies analyst David Katz saying, "this is what a regional casino should look like." The location is a considerable upgrade from the prior riverboat access, making it more accessible and appealing to a wider audience.
The Illinois market is one of the largest non-Nevada gaming markets in the US and one of Penn's biggest markets. The opening of the Hollywood Joliet is essential in this competitive Chicago area casino landscape, as it connects with customers in terms of quality of offerings.
The $850 million expansion effort by Penn includes the Aurora, Ill., property, a regional casino in Ohio, the M Resort Spa Casino in Henderson, Nev., and the Joliet casino. The Illinois regulators granted operators approval to bring riverboat casinos ashore in 2020, paving the way for this transformation.
There is optimism that Penn will get it right during the 2025 NFL campaign. Truist Securities analyst Barry Jonas wrote a client note, stating that the company's retail segment could see upwards earnings revisions. Over the long term, Hollywood Joliet has the potential to deliver "mid-teens return on investment."
ESPN Bet remains a point of emphasis for Penn analysts and investors. Analysts have expressed optimism about ESPN Bet, stating that it faces limited downside from here. They see dual optionality with ESPN Bet: either increased functionality could drive higher adoption and market share gains, or management could restructure the ESPN Bet agreement to drive greater profitability for Penn.
In conclusion, the revamped Hollywood Casino in Joliet is a state-of-the-art entertainment destination with modern gaming and hospitality amenities, reflecting Penn Entertainment's commitment to growth and community impact in Will County, Illinois. The new casino is already drawing rave reviews and is poised to contribute positively to Penn's financial performance in the long term.
[1] Penn Entertainment Press Release, August 11, 2025. [2] PENN Entertainment Q2 2025 Earnings Call Transcript, August 5, 2025.
- The transformed Hollywood Casino in Joliet, Illinois, offers around 1,000 latest slot machines, 43 table games, and an ESPN BET™ sportsbook, making it a premier destination for casino-and-gambling enthusiasts.
- The $185 million overhaul is part of PENN Entertainment's commercial gaming strategy, aiming to bolster its financials and investing portfolio by expanding and enhancing its gaming and entertainment portfolio.
- The expansion includes properties in Aurora, Illinois, Ohio, Nevada, and the Joliet casino, following Illinois regulators' approval to bring riverboat casinos ashore in 2020.
- Analysts laud the new casino for offering a top-notch casino-culture experience, with Jefferies analyst David Katz remarking that it perfectly embodies what a regional casino should be.
- The Illinois market, one of the biggest for Penn, has a competitive casino landscape. The Hollywood Joliet's opening is crucial to connecting with customers and boosting its business performance in the Chicago area.
- Optimism surrounds the potential long-term financial benefits and return on investment for Penn with the revamped Hollywood Casino in Joliet, particularly in the context of the 2025 NFL campaign and the growth potential of ESPN Bet.
