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JOLIET, Ill. - PENN Entertainment, Inc. (NASDAQ:PENN), a $2.76 billion market cap gaming company with annual revenues exceeding $6.6 billion, announced it will close its Hollywood Casino Joliet riverboat property on July 29 at 5:59am CDT, making way for a new $185 million land-based facility scheduled to open on August 11, 2025, pending regulatory approvals. According to InvestingPro analysis, PENN currently operates with a significant debt burden, making this investment particularly noteworthy.
The new casino will be located at Rock Run Collection, a development near the Interstate 80 and Interstate 55 interchange southwest of Chicago. The facility will feature approximately 1,000 slot machines and 43 live table games, including high-limit options, a baccarat room and an ESPN BET sportsbook. This expansion comes as InvestingPro data shows PENN maintaining an EBITDA of $659 million, with analysts projecting positive net income growth for the coming year.
The property will include several dining options such as Sorellina by Giada De Laurentiis and Boulevard Food & Drink Hall, which will feature local Chicagoland favorites. Additional amenities include a 10,000 square foot event center and approximately 1,330 parking spaces.
"We reflect on 30+ years of operating in Joliet," said Jay Snowden, CEO and President of PENN Entertainment, in a press release statement.
The riverboat casino will maintain normal operating hours until the July 29 closure, with the adjacent hotel accepting reservations until July 26. During the transition period, customers are encouraged to visit nearby PENN properties including Hollywood Casino Aurora and Ameristar East Chicago.
The company noted that unused chips from the riverboat location can be redeemed at the new facility’s cage until December 31, 2025. Information about restaurant hours, menus and reservation systems for the new property is expected to be available on a new website launching July 29.
The original Hollywood Casino Joliet opened in 1992 on the shores of the Des Plaines River. For investors seeking deeper insights into PENN’s financial health and growth prospects, InvestingPro offers comprehensive analysis with 8 additional ProTips and detailed metrics in its Pro Research Report, available exclusively to subscribers.
In other recent news, PENN Entertainment is preparing to release its second-quarter 2025 financial results on August 7, with a conference call scheduled for the same day. The company has completed a $233.5 million note repurchase, reducing its outstanding Convertible Senior Notes due in 2026 to approximately $106.7 million. In a notable board development, Johnny Hartnett and Carlos Ruisanchez were elected to PENN’s Board of Directors at the 2025 Annual Meeting, backed by over 55% of the votes cast. This election was part of a proxy campaign by HG Vora Capital Management.
In terms of analyst activity, Stifel has raised its price target for PENN Entertainment to $19 while maintaining a Hold rating. Meanwhile, JPMorgan initiated coverage of PENN with an overweight rating and a $24 price target, citing the company’s "attractive catalyst path" with about $1 billion in new projects expected to open over the next two years. These projects could potentially enhance current financial estimates, according to JPMorgan. These developments reflect ongoing strategic and financial adjustments within the company.
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