Penn Entertainment (Nasdaq: PENN) announced plans to invest approximately $195 million to relocate its Boomtown Casino & Hotel New Orleans riverboat operations to a new landside property in Jefferson Parish, Louisiana, pending regulatory approval.

The new facility, to be rebranded as Hollywood Casino New Orleans, is expected to open in 2029. Plans call for roughly 140,000 square feet of new development, approximately 875 slot machines, 45 table games, a retail sportsbook, and multiple dining options. The existing riverboat would be vacated upon the new property's opening, while the current hotel is expected to remain open.

Penn Entertainment said it plans to finance the project with cash on hand but may also access its balance sheet or other sources of liquidity.

Jay Snowden, CEO and President of Penn Entertainment, described the project as the company's fourth landside casino relocation in recent years, following Hollywood Casino Aurora and Hollywood Casino Joliet in Illinois, and the expected 2028 opening of Hollywood Casino Council Bluffs in Iowa.

Penn Entertainment currently operates four other casino properties in Louisiana and employs over 3,500 people in the state, according to the company's statement. The company said it contributes over $200 million in state and local taxes annually in Louisiana.

The project requires approval from the Louisiana Gaming Control Board and Jefferson Parish Council.