Rick
12-14-2004, 07:00 AM
From todays Rocky Mountain News
Black Hawk OKs hotel
Las Vegas-based firm to add 300 rooms to existing casino
The city of Black Hawk has approved plans by a Las Vegas-based company to overhaul the Mountain High Casino and add a nine-story hotel tower that would double the current number of hotel rooms in the historic mill town turned gambling mecca.
Black Hawk's City Council gave the go-ahead last week for Ameristar Casinos Inc.'s $90 million project, which involves upgrading the Mountain High Casino and its eateries, expanding its gaming facilities and adding a 300-room hotel with an indoor swimming pool on the top floor. The entire complex, which will be renamed Ameristar Black Hawk, is targeted for completion in mid-2007. Most of the improvements, aside from the hotel, are expected to be finished in the next year.
"We believe the Denver metro market has a lot of upside potential," said Tom Steinbauer, senior vice president and chief financial officer of Ameristar, which has casinos in several other markets across the country.
Black Hawk, which hopes to draw more non-gaming tourists to the area, sees the new hotel and its planned amenities as a way to entice more visitors and draw potential meetings to the city.
"We're trying to develop a community and we need diversification," said Richard Lessner, Black Hawk city manager. "One of the keys to that is having lodging."
Black Hawk now has about 288 hotel rooms, which often fill up on busy weekend nights. An additional 164 rooms are under construction, according to Lessner.
"We're all intrigued by what's going on with Ameristar," said Medill Barnes, consultant to the Black Hawk Gaming Association, a group of local casino owners. "They are advancing the whole gaming venue to a new level (in Black Hawk) with things like a swimming pool."
Ameristar hopes to close on its purchase of the Mountain High Casino soon after it obtains a state gaming license from the Colorado Division of Gaming. The agency is expected to vote on the license approval Thursday.
Ameristar signed an agreement earlier this year with Windsor Woodmont Black Hawk Resort Corp. to acquire the property for about $115 million, plus the assumption of $2.4 million in Windsor Woodmont's outstanding debt.
The upscale casino, formerly known as the Black Hawk Casino by Hyatt, opened with much fanfare in late 2001 but ran into financial difficulties in its first year of operation. Windsor has been operating the casino under Chapter 11 bankruptcy protection. A weak economy and the impact of Colorado's worst wildfire season were cited as possible reasons for its troubles.
Mountain High has roughly 425,000 square feet, 57,000 of which is used for gaming. It has about 1,000 slot machines and 24 table games (including poker), a steak-and-seafood restaurant, a buffet and food court and a 5,000-square-foot entertainment facility, according to Ameristar.
Black Hawk OKs hotel
Las Vegas-based firm to add 300 rooms to existing casino
The city of Black Hawk has approved plans by a Las Vegas-based company to overhaul the Mountain High Casino and add a nine-story hotel tower that would double the current number of hotel rooms in the historic mill town turned gambling mecca.
Black Hawk's City Council gave the go-ahead last week for Ameristar Casinos Inc.'s $90 million project, which involves upgrading the Mountain High Casino and its eateries, expanding its gaming facilities and adding a 300-room hotel with an indoor swimming pool on the top floor. The entire complex, which will be renamed Ameristar Black Hawk, is targeted for completion in mid-2007. Most of the improvements, aside from the hotel, are expected to be finished in the next year.
"We believe the Denver metro market has a lot of upside potential," said Tom Steinbauer, senior vice president and chief financial officer of Ameristar, which has casinos in several other markets across the country.
Black Hawk, which hopes to draw more non-gaming tourists to the area, sees the new hotel and its planned amenities as a way to entice more visitors and draw potential meetings to the city.
"We're trying to develop a community and we need diversification," said Richard Lessner, Black Hawk city manager. "One of the keys to that is having lodging."
Black Hawk now has about 288 hotel rooms, which often fill up on busy weekend nights. An additional 164 rooms are under construction, according to Lessner.
"We're all intrigued by what's going on with Ameristar," said Medill Barnes, consultant to the Black Hawk Gaming Association, a group of local casino owners. "They are advancing the whole gaming venue to a new level (in Black Hawk) with things like a swimming pool."
Ameristar hopes to close on its purchase of the Mountain High Casino soon after it obtains a state gaming license from the Colorado Division of Gaming. The agency is expected to vote on the license approval Thursday.
Ameristar signed an agreement earlier this year with Windsor Woodmont Black Hawk Resort Corp. to acquire the property for about $115 million, plus the assumption of $2.4 million in Windsor Woodmont's outstanding debt.
The upscale casino, formerly known as the Black Hawk Casino by Hyatt, opened with much fanfare in late 2001 but ran into financial difficulties in its first year of operation. Windsor has been operating the casino under Chapter 11 bankruptcy protection. A weak economy and the impact of Colorado's worst wildfire season were cited as possible reasons for its troubles.
Mountain High has roughly 425,000 square feet, 57,000 of which is used for gaming. It has about 1,000 slot machines and 24 table games (including poker), a steak-and-seafood restaurant, a buffet and food court and a 5,000-square-foot entertainment facility, according to Ameristar.