Investors continue to pump hundreds of millions into the Black Hawk market, even though the gaming town’s once-spectacular growth has tapered off in recent years.
The Mountain High Casino is undergoing a $160 million renovation that will add 400 hotel rooms, double the size of its parking garage and increase its slot machines from 990 to 1,700.
The 26-story hotel won’t open until 2008, but the rest of the renovation will be completed by spring 2006. That’s when Ameristar Casinos, which bought Mountain High in December 2004 for $117 million, will rename the casino Ameristar Black Hawk.
The Isle of Capri is also undergoing a $95 million renovation that will add nearly 200 hotel rooms to its property and could be completed by spring 2006. The renovation has already added a new parking garage and a walkway connecting the Isle with its sister casino, Colorado Central Station.
And hotel and casino veterans Sherwood Weiser and Donald Lefton are moving forward with plans to build the Colorado Mint Hotel & Casino, a $261 million casino at the town’s main entrance.
The casinos in the state’s three gaming towns – Black Hawk, Central City and Cripple Creek – reported revenue of $726 million in 2004, up from $698 million in 2003.
Black Hawk generates about three-quarters of the state’s gaming revenues. Investors keep pumping money into mountain casinos because they remain the only gaming option for metro Denver residents and visitors, industry observers say.
“We’re hoping that (new developments) will extend the market,” Isle of Capri general manager Bob Fiore said.
Ameristar executive vice president Gordon Kanofsky expressed similar sentiments.
“We believe that the long-term outlook for gaming in Colorado is positive and expect that improved facilities in the area will only grow the market,” Kanofsky said.
Staff writer Andy Vuong can be reached at 303-820-1209 or avuong@denverpost.com.
