Ameristar Black Hawk

Ameristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn National Gaming.

Ameristar Black Hawk
The property as seen in 2009
Location Black Hawk, Colorado
Address 111 Richman Street
Opening dateDecember 20, 2001
No. of rooms536
Total gaming space57,000 sq ft (5,300 m2)
Casino typeLand-based
OwnerGaming and Leisure Properties
Operating license holderPenn National Gaming
Previous namesBlack Hawk Casino by Hyatt
Mountain High Casino
Coordinates41°14′35″N 95°54′36″W
Websiteblackhawk.ameristar.com

History

Plans for the casino were revealed in 1997 by Windsor Woodmont, a company formed by several Dallas-based real estate developers.[1][2] Hyatt Hotels was tapped to manage the casino.[1] Excavation work on the site began in August 1998, but stalled later that year, reportedly because of financing problems related to the arrival of two other large casinos in Black Hawk (the Lodge and the Isle of Capri).[3] Construction resumed in 2000.[3]

The casino opened on December 20, 2001 as the Black Hawk Casino by Hyatt.[4] At opening, it was the largest casino in Colorado, with 57,000 square feet (5,300 m2) of gaming space, containing 1,332 slot machines, 16 blackjack tables and 6 poker tables.[4][5] The casino was designed as the first phase of a destination resort, with later additions planned to include a 350-suite hotel tower, a convention center, nightclubs, a spa, and a mountaintop recreation park connected to the casino by a gondola lift.[6][7]

Revenue in the casino's first year fell short of expectations.[8] As a result, Windsor Woodmont defaulted on payments towards $100 million of bonds that had been issued to finance the construction.[9] Bondholders soon moved to foreclose on the casino, forcing the company to file for Chapter 11 bankruptcy protection in November 2002.[10] The next year, Hyatt's management agreement was terminated, the casino's name was changed to the Mountain High Casino, and Windsor Woodmont took over operations.[11] Ameristar Casinos bought the property out of bankruptcy in 2004 for $117 million in cash plus $2.5 million in stock.[12][13] It was rebranded under the Ameristar name in 2006, following an $80-million renovation.[14][15]

A hotel tower with 536 rooms was added in 2009 at a cost of $235 million.[16]

Pinnacle Entertainment acquired Ameristar Casinos in 2013.[17] In 2016, Gaming and Leisure Properties bought most of Pinnacle's real estate assets, including Ameristar Black Hawk, in a leaseback transaction.[18][19] In 2018, Penn National Gaming acquired the property's operations as part of its acquisition of Pinnacle.[20][21]

See also

References
  1. Erika Gonzalez (December 10, 1997). "280-room hotel, casino proposed for Black Hawk". Rocky Mountain News. Denver, CO – via NewsBank.
  2. Form S-4: Registration Statement (Report). Windsor Woodmont Black Hawk Resort Corp. July 12, 2000. p. 9 – via EDGAR.
  3. George Lane (June 3, 2000). "Workers move mountain for another mega-casino". Denver Post – via NewsBank.
  4. David Kesmodel (December 21, 2001). "$150 million Black Hawk casino opens". Rocky Mountain News. Denver, CO – via NewsBank.
  5. Form 10-KSB: Annual Report (Report). Windsor Woodmont Black Hawk Resort Corp. March 27, 2002. p. 24 – via EDGAR.
  6. George Lane (September 18, 2000). "A towering resort: Hyatt casino plan dwarfs rivals". Denver Post – via NewsBank.
  7. David Kesmodel (August 18, 2001). "Casino will be big win for Black Hawk". Rocky Mountain News. Denver, CO – via NewsBank.
  8. David Kesmodel (August 17, 2002). "State's largest casino faces long odds". Rocky Mountain News. Denver, CO – via NewsBank.
  9. David Kesmodel (November 2, 2002). "Casino running short of chances". Rocky Mountain News. Denver, CO – via NewsBank.
  10. David Kesmodel (November 8, 2002). "Casino files bankruptcy". Rocky Mountain News. Denver, CO – via NewsBank.
  11. Allison Linn (May 24, 2003). "Casino takes a second honeymoon". Rocky Mountain News. Denver, CO – via NewsBank.
  12. Jason Blevins (June 2, 2004). "Troubled casino finds a buyer". Denver Post – via NewsBank.
  13. "MO's Ameristar Casinos acquires Colorado's largest casino". St. Charles Business Record. December 23, 2004 – via NewsBank.
  14. Andy Vuong (April 7, 2006). "Ameristar ups ante in Black Hawk". Denver Post – via NewsBank.
  15. Andy Vuong (October 16, 2005). "Rosy gaming outlook fuels broad expansion". Denver Post – via NewsBank.
  16. Penny Parker (October 9, 2009). "Ritter dedicates "destination resort"". Denver Post – via NewsBank.
  17. Howard Stutz (August 14, 2013). "Pinnacle Entertainment completes $2.8 billion buyout of Ameristar Casinos". Las Vegas Review-Journal. Retrieved 2017-12-02.
  18. "Gaming and Leisure Properties, Inc. reaches agreement with Pinnacle Entertainment, Inc. to acquire Pinnacle's real estate assets" (Press release). Gaming and Leisure Properties. July 21, 2015. Retrieved 2017-12-02 – via GlobeNewswire.
  19. "Gaming and Leisure Properties, Inc. completes the previously announced acquisition of the real estate assets of Pinnacle Entertainment, Inc" (Press release). Gaming and Leisure Properties. April 28, 2016. Retrieved 2017-12-02 – via GlobeNewswire.
  20. "Colorado approves Penn National-Pinnacle deal". GGB News. September 30, 2018. Retrieved 2018-10-16.
  21. Todd Prince (October 15, 2018). "Penn National Gaming completes $2.8B acquisition of Pinnacle". Las Vegas Review-Journal. Retrieved 2018-10-16.


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