Hollywood's Joliet receives acclaim from Wall Street figures
Penn Entertainment is making a significant move in Illinois' commercial casino industry with two major projects: the recently opened Hollywood Casino Joliet and the upcoming Hollywood Casino Aurora.
Hollywood Casino Joliet opened its doors on August 11, 2025, replacing a 30-year-old riverboat casino with a new $185 million land-based complex. The 189,000-square-foot facility includes about 1,000 slot machines, 43 table games, a 10,000-square-foot event center, a baccarat room, and an ESPN BET retail sportsbook. Strategically located near the I-80/I-55 interchange, the casino aims to serve a large suburban Chicago market and capitalize on a $1.5 trillion regional economy. The casino employs approximately 600 staff and integrates innovative technology—including an Amazon Just Walk Out technology-powered store—to enhance customer experience and operational efficiency.
Hollywood Casino Aurora is part of a broader $850 million expansion and is planned to feature around 1,000 slots, 65 table games, and its own sportsbook. This $360 million project will be located near a premium outlet mall, making it a key entertainment and retail destination. The Aurora project is one of the four major capital initiatives by Penn, signaling a strong push to expand its gambling footprint in Illinois and the broader region.
These projects represent Penn’s strategic shift from riverboat casinos to larger, land-based venues with enhanced amenities, better locations, and integration of advanced technologies. The aim is to boost revenue, loyalty, and market share in the rapidly evolving $12 billion U.S. sports betting and gaming market. This expansion is coupled with plans to leverage Penn's ESPN Bet platform and enhance integration with fantasy sports wagering, positioning Penn Entertainment as a leader in both retail and digital gaming in Illinois.
Analysts have weighed in on Penn's expansion. David Katz found the $185 million investment in the Hollywood Joliet casino to be appropriate, praising the amenities and food offerings. However, he expressed caution about Penn's long-term prospects, requiring demonstrated execution before cash flow pivots and the investment is rewarded. J.P. Morgan analyst Daniel Politzer agreed with Katz's assessment of the return on investment, finding it "not herculean."
The numbers for rated play and the unrated segment at the new Hollywood Joliet casino are showing "consistent strength" for the first time in two and a half years, according to Penn. Politzer also praised the change from the previous Hollywood Joliet, noting its openness, natural light, and high-quality food and beverage offerings. Katz also noted that the location is a considerable upgrade from the prior riverboat access, but expressed uncertainty about the crowded Chicagoland market.
Four Wall Street gaming analysts attended the debut and published their reactions on August 13. Penn's investment of $650 million into Joliet, Aurora, and two other markets is seen by Katz as a response to the intense competition in the regional gaming market. The casino's workforce has nearly doubled from 350 at the former site to as many as 600 in the new venue.
The new Hollywood Aurora casino, costing $360 million, will have 1,000 slots, 65 table games, and a sportsbook. Unlike the Hollywood Joliet, it will also include a hotel with 225 rooms. Deutsche Bank analyst Steven Pizzella, who missed the Monday-night debut but reported solid casino foot traffic during his Tuesday afternoon tour, was impressed by the quality of food outlets at the property, which include several James Beard award winners.
[1] Penn Entertainment Press Release, August 11, 2025. [2] Truist Securities Research Report, August 12, 2025. [3] Jefferies Equity Research Report, August 13, 2025. [4] Deutsche Bank Research Report, August 16, 2025. [5] J.P. Morgan Research Report, August 17, 2025.
