bscnews023   Album Posted Jun.9th, 2024, viewed 67 times

Amerista completes acquisition of Blackhawk Mountain High Casino

Ameristar Casino, Inc. today announced the completion of its acquisition of Mountain High Casino in Blackhawk, Colorado. The deal adds Colorado's largest casino to Ameristar's portfolio and increases the company's geographical diversity.

Amerista acquired the property from Windsor Woodmont Blackhawk Resorts Inc., which was operating under debtor ownership, in Chapter 11 bankruptcy cases filed in U.S. District bankruptcy court for the U.S. District of Colorado. The purchase price was approximately $117 million in cash, plus 58,943 shares of Amerista's common stock, amounting to $2.5 million.

Ameristar plans to invest approximately $90 million in capital expenditures to improve the competitiveness of its properties. Capital improvements include restructuring and expanding the gaming domain, introducing cashless slot technology and other gaming equipment upgrades, building a 300-room AAA 4 Diamond Quality Hotel and additional covered parking lots, upgrading food and beverage stores, and adding casual dining restaurants. All of these improvements are expected to be completed in 2005, with the exception of hotels expected to be completed by early 2007.

Upon completion of Phase 1 improvements, the company plans to rebrand the property to Amerista Blackhawk. Like all Amerista properties, Amerista Blackhawk will offer state-of-the-art gaming floors, a variety of high-quality dining and entertainment venues, and outstanding guest services.

"We are excited to complete the acquisition of Mountain High Casino," said Craig H. Nielsen, president and CEO of Amerista. "Mountain High is a high-quality property with a great location in one of the major gaming markets in the United States. We want to begin our improvement and expansion plans for this property immediately. This acquisition will not affect our ability to continue our cash dividend policy or pursue other development opportunities."

Mountain High Casino is a luxury gaming and entertainment facility located in the heart of the Blackhawk gaming district, about 40 miles west of Denver. The 425,000-square-foot facility includes a 57,000-square-foot casino with about 1,000 slot machines and 24 table games (including poker). The accommodations also include a steak and seafood restaurant, a buffet and food court, a 5,000-square-foot entertainment showroom that can accommodate about 500 people, and a parking garage with room for about 800 vehicles. 프라그마틱 슬롯 사이트