180-room Hollywood Columbus Hotel & Casino breaks ground
The Hollywood Hotel & Casino in Columbus will break ground on Tuesday, Nov. 28, with a ceremony at 1 p.m. and.
Columbus landlord Penn Entertainment is spending $100 million to build a 180-room hotel at its Hollywood casino. The casino opened in 2012, four years after Ohio passed a statewide referendum legalizing commercial casinos in the state's four largest cities.
We are excited to soon begin construction on a state-of-the-art hotel at the Hollywood Casino in Columbus. " Jay Snowden, CEO and President of Penn Entertainment, said. "Our Columbus hotels have experienced tremendous growth since opening in 2012, and adding a hotel to Columbus Hollywood Casino will create a truly regional destinations. "
The Columbus Hollywood Casino is the largest of the four casinos, with the others located in Cleveland, Cincinnati and Toledo. Once the hotel is completed, Hollywood Casino Columbus will be the first casino to have its own hotel.
Casino becomes resort
Penn Entertainment's publicly traded real estate investment trust Gaming and Leisure Properties, Inc. (GLPI) owns the physical assets of Columbus' Hollywood Casino and leases the casino's operations to its majority shareholder.
GLPI paid Penn Entertainment $284.1 million this year for management rights to the Hollywood Columbus and six other casinos. Annual rents will increase by 1.5% annually until 2033.
When GLPI and Penn renegotiate the master lease in October 2022, the landowner agreed to invest up to $225 million to move the Hollywood, IL, Aurora riverboat to a new land-based facility. The real estate investment trust also agreed to provide $350 million to move another Illinois riverboat, the Hollywood Casino Joliet, inland and build a casino at the Hollywood Casino Columbus in Nevada. and M Resort to build new hotels.
In addition to 180 guest rooms, GLPI's $100 million project in Columbus includes conference rooms and an additional restaurant. Penn Entertainment did not provide a timeline for completion but said the hotel will create 100 new permanent jobs. The construction is expected to create "hundreds" of temporary jobs.
"We can't wait to start hiring new team members and welcome more local guests to showcase our new hotel and Hollywood Casino Columbus," said Rick Skinner, vice president and general manager of Hollywood Casino Columbus. Wonderful."
Market Leader
Hollywood Casino Columbus was the largest casino in Ohio last year, with gross gaming revenue (GGR) of approximately $263.6 million. That puts him ahead of JACK Cleveland with $262.3 million.
The state's four casinos, including the Hard Rock Casino in Cincinnati and the Hollywood Casino in Toledo, had combined profits of just over $1 billion last year, meaning Columbus Casino had a 26.2% market share.
Columbus Hollywood Casino expands market share in 2023. Ohio casino revenue totaled $763.4 million through September. Columbus casinos account for about $204.9 million, or 26.8 percent, of the state’s casino industry.
Hollywood Columbus offers 1,622 slot machines, 88 table games and Sports Betting. The sports betting landscape is currently undergoing a transition from Barstool to ESPN Bet. This comes after Penn relinquished ownership of Barstool this summer in favor of a 10-year branding deal with ESPN for its sports betting operations.
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Source: www.casino.org
