Hollywood Casino Columbus: Hollywood Casino Columbus is one of the largest and most well-known land-based casinos in Ohio. It’s a major player in the state’s gaming and entertainment industry, attracting thousands of guests every week with its wide range of slot machines, table games, restaurants, and event spaces. But who actually owns this popular establishment?
Let’s explore the history, ownership, operational structure, and financial details of Hollywood Casino Columbus.
Overview of Hollywood Casino Columbus
| Feature | Details |
|---|---|
| Location | Columbus, Ohio |
| Opening Date | October 8, 2012 |
| Casino Floor Size | 160,000+ square feet |
| Number of Slot Machines | 2,000+ |
| Number of Table Games | 70+ |
| Restaurants | 4+ (including buffet, steakhouse) |
| Ownership | Gaming and Leisure Properties, Inc. (GLPI) |
| Operations Managed By | Penn Entertainment, Inc. (formerly Penn National Gaming) |
Ownership Structure
Hollywood Casino Columbus is owned by Gaming and Leisure Properties, Inc. (GLPI), a real estate investment trust (REIT) that specializes in owning gaming-related properties. However, the casino is operated by Penn Entertainment, Inc., a major casino and racetrack operator in the United States.
This dual structure—where one company owns the real estate and another operates the business—is known as an “OpCo-PropCo” model, common in the gaming industry for tax efficiency and risk management.
Table: Ownership & Operations Breakdown
| Company | Role | Type |
|---|---|---|
| Gaming and Leisure Properties, Inc. (GLPI) | Owner | Real Estate Investment Trust (REIT) |
| Penn Entertainment, Inc. | Operator | Casino and Racing Operator |
Gaming and Leisure Properties, Inc. (GLPI)
Overview
GLPI was spun off from Penn National Gaming (now Penn Entertainment) in 2013. The idea was to separate the real estate assets from the gaming operations. GLPI focuses solely on owning properties and leasing them back to operators.
| Feature | Details |
|---|---|
| Founded | 2013 |
| Headquarters | Wyomissing, Pennsylvania |
| Business Type | Public REIT |
| Ticker Symbol | GLPI (NASDAQ) |
| Revenue Model | Lease Income from Casino Properties |
| Number of Properties Owned | 55+ across the U.S. |
GLPI owns the physical property of Hollywood Casino Columbus and leases it to Penn Entertainment.
Penn Entertainment, Inc.
Overview
Penn Entertainment is a diversified gaming company that operates over 40 gaming properties across the U.S. It runs casinos, racetracks, and interactive gaming platforms.
| Feature | Details |
|---|---|
| Former Name | Penn National Gaming |
| Rebranded | 2022 |
| Headquarters | Wyomissing, Pennsylvania |
| Ticker Symbol | PENN (NASDAQ) |
| Services | Casino, Online Gaming, Sports Betting |
| Number of Employees | 20,000+ |
Penn Entertainment operates Hollywood Casino Columbus under a triple-net lease with GLPI. In a triple-net lease, the tenant (Penn) is responsible for maintenance, insurance, and property taxes in addition to rent.
Lease Structure Between GLPI and Penn Entertainment
The lease agreement is part of a Master Lease that includes several properties. Here’s how the lease typically works:
| Lease Component | Details |
|---|---|
| Type | Triple-Net Lease |
| Duration | 15-20 years with renewal options |
| Rent Type | Fixed base rent + variable rent based on revenue |
| Responsibilities of Penn | Maintenance, Insurance, Property Taxes |
| Benefits to GLPI | Stable, predictable income |
This structure benefits both parties:
- GLPI earns steady rental income.
- Penn retains operational control without the burden of owning the property.
Why the Structure Matters
This structure is important because it provides financial flexibility for Penn Entertainment while allowing GLPI to focus on real estate investments. It’s also beneficial for investors:
- Penn Entertainment investors get exposure to gaming operations and potential upside from online and sports betting.
- GLPI investors receive steady income from long-term lease payments, which are less volatile.
Financial Snapshot (As of 2025)
| Metric | GLPI | Penn Entertainment |
|---|---|---|
| Market Cap | ~$11 billion | ~$4.5 billion |
| Annual Revenue | ~$1.4 billion (mainly lease income) | ~$6.0 billion (from casino operations) |
| Dividend Yield | ~6% | ~0% (Penn reinvests earnings) |
| Properties in Portfolio | 55+ | 40+ (operated, not owned) |
Note: Financial data is approximate and based on public reporting and estimates as of late 2025.
Conclusion
While many visitors to Hollywood Casino Columbus might assume it is owned and run by one company, the reality is more complex. The real estate is owned by Gaming and Leisure Properties, Inc., while the casino operations are managed by Penn Entertainment, Inc.
This kind of corporate structure is common in the gaming industry, allowing for better capital efficiency and risk management. Both companies play essential roles in the success of the casino: GLPI ensures the facilities are available and maintained, while Penn provides the entertainment experience that draws in the crowds.
Frequently Asked Questions (FAQ)
1. Is Hollywood Casino Columbus publicly owned?
No, it is privately owned through public corporations. GLPI owns the property, and Penn Entertainment operates the business. Both companies are publicly traded.
2. Can you invest in Hollywood Casino Columbus?
Indirectly, yes. You can invest in GLPI (for real estate exposure) or Penn Entertainment (for operational exposure) through the stock market.
3. Does Hollywood Casino Columbus offer online betting?
Yes, through Penn’s platforms and partnerships, online sports betting and iGaming services are available in Ohio.
