Ameristar Casino, Inc. today announced the completion of its acquisition of Mountain High Casino in Blackhawk, Colorado. The deal adds the largest casino in Colorado 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's ownership in Chapter 11 bankruptcy cases filed in U.S. District Court for the District of Colorado Bankruptcy. The purchase price was approximately $117 million in cash, plus 58,943 common shares of Amerista, 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 reorganizing and expanding the gaming sphere, 바카라사이트 introducing cashless slot technology and other gaming equipment upgrades, constructing a 300-room AAA 4 Diamond Quality Hotel and a parking lot with additional cover, 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.
The company plans to rebrand the property to Amerista Blackhawk once the first phase of the improvement is complete. Like all Amerista properties, Amerista Blackhawk will offer state-of-the-art game floors, a variety of high-quality dining and entertainment venues, and outstanding guest service.
"We are excited to complete the acquisition of Mountain High Casino," said Craig H. Nielsen, Chairman and CEO of Amerista. "Mountain High is a high-quality property with an excellent location in one of the major gaming markets in the United States. We want to immediately initiate improvement and expansion plans for this property. 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 Game District, about 40 miles west of Denver. The 425,000-square-foot facility includes a 57,000-square-foot casino with approximately 1,000 slot machines and 24 table games (including pokers). In addition, the property includes a steak and seafood restaurant, a buffet and food court, a 5,000-square-foot entertainment showroom that can accommodate approximately 500 people, and a parking garage with room for approximately 800 vehicles.
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