Penn Entertainment, Aurora Break Ground On New $360M Hollywood Casino

AURORA, IL — PENN Entertainment, the parent company behind the new Hollywood Casino in Aurora, broke ground Wednesday on the $360 million project.

Aurora Mayor Richard Irvin and other city and business leaders joined the developer to celebrate the new entertainment district on nearly 19 acres of land near the Chicago Premium Outlets.

The new casino at Farnsworth Avenue and Bilter Road will replace the current riverboat casino on the Fox River in downtown Aurora. The grounds will have state-of-the-art gaming, a four-star hotel, a full-service spa, gourmet restaurants and bars as well as meeting and event space.

The new site is set to include roughly 1,200 gaming positions and rooms for baccarat and poker, officials said in a news release. The casino will also feature a Barstool Sportsbook.

Construction is anticipated to take about 24 months, according to PENN Entertainment.

RELATED: Plans, Zoning For New $360M Casino OK'd By Aurora Council

"We are thrilled to soon begin construction on a new, state-of-the-art Hollywood Casino Aurora," Jay Snowden, CEO and President of PENN Entertainment, said in a statement. "Our tremendous and long-lasting partnership with the City of Aurora has provided an opportunity to relocate our property to an ideal location that will significantly improve our offerings and further our positive economic impact on the community."

The city and Penn Entertainment struck a deal last fall in which the city donates the property and then donates $50 million to the casino, which would then be paid back. City officials plan to pass about $58 million in bonds for those funds, city officials said previously.

City officials estimate the land, once developed, will generate $5.5 million in property taxes each year. The payback will be completed through the new tax increment financing district on the casino land.

RELATED: Aurora, Batavia Schools Agree On TIF For New Hollywood Casino