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Read Full BioPENN Entertainment’s Hollywood Casino Joliet opened on Monday in Illinois with several hundred customers lining up to attend the grand opening.
Local media reported that “hundreds of people, mostly senior citizens, waited in the parking garage or in front of the casino entrance for the casino to officially open to the public at 4 p.m.”
Jay Snowden, CEO and President of PENN Entertainment, spoke at the opening ceremony, stating: “We would like to officially welcome players and guests to the all-new Hollywood Casino Joliet.”
“After approximately 20 months of construction, we are thrilled to open the doors to this land-based entertainment destination. We are proud of our 30-year history in Will County and are committed to continuing our investment in the community by creating new jobs, providing important tax revenue, and serving as a new attraction to bring even more visitors to the area.”
Hollywood Joliet has been operating as a riverboat casino for the past 30 years, and the land-based venue is strategically located at the I-80/I-55 interchange to attract traffic traveling towards Chicago.
Exciting New Era of Entertainment in Joliet
The casino opening was accompanied by drums, Chinese dragons, and general fanfare as seen in the video below:
The casino resort, which cost $185 million, features approximately 1,000 slots and 43 live table games, and an ESPN BET sportsbook. In addition to the casino, the 189,000-square-foot complex features a 10,000-square-foot event center that can accommodate weddings, concerts, sports events, meetings, and other gatherings.
Todd George, executive vice president of operations for PENN, also attended the ribbon-cutting ceremony, declaring: “This opening marks an exciting new era of entertainment in Joliet.”
“We’re grateful for the support from the city of Joliet, the Illinois Gaming Board, and our business and community partners who contributed to the successful development of this new property. We look forward to delivering an elevated experience with world-class dining, entertainment, and gaming options for patrons across the region.”
As Illinois places a new tax on online sports bets, PENN will be hoping the venue attracts bettors that can wager without any surcharges. FanDuel, DraftKings, and Fanatics have all announced that they will charge users for placing bets in the state, while BetRivers has introduced a minimum $1 bet for its users.
The Illinois Gaming Board confirmed that bets placed at land-based sportsbooks, such as the Joliet venue, will not be subject to the new tax, stating: “The per wager tax only accrues from wagers placed ‘over the Internet or through a mobile application.’ The per wager tax does not attach to in-person wagers placed at retail locations via kiosks or cashiers.”
PENN Expands on Land and Online
PENN outlined plans for three more land-based properties to be opened next year when reporting its Q2 earnings this week. Land-based operations contributed to $1.4 billion of the $1.77 billion of revenue the company generated this quarter.
The company also hopes to grow ESPN Bet’s presence as the new football season kicks off in September, following a deal between the NFL and ESPN. The sportsbook, which has so far failed to make the desired impact since launching in 2023, will look to benefit from the NFL’s fantasy football data and increased integration into ESPN’s NFL coverage.
Following the company’s Q2 earnings, PENN’s stock price has failed to rally. Investors, such as HG Vora, have expressed anger at the falling share price, which is down 10% from this point last year.
CEO Snowden, however, remains bullish, stating: “We believe our share price is undervalued and will be even more active in buying back shares and returning capital to shareholders in the second half of the year.”
Hollywood Casino Joliet is targeting an annual revenue of $150 million and hopes the excitement surrounding its opening will contribute significantly to that goal, with a large portion expected to come in the second half of this year.
