The former Goldmine Casino in Black Hawk is scheduled to be sold at auction next month, A.J. Karas Auctioneers said Tuesday.
The auction is slated for Saturday, Dec. 11, at 1:07 p.m. MST.
The property is located at 120-130 Clear Creek St., near the Ameristar Casino Resort Spa. It’s owned by 130 Clear Creek LLC of Denver, Gilpin County property records
“The lienholder will consider funding a purchase money loan to a new buyer, based on lender qualifications and term,” the Karas company said in a statement. A lien is a legal claim against a property that makes it security for a mortgage loan, other type of debt or taxes, which must be paid when the property is sold.
Other major dates related to the auction:
• Dec. 4 — Property can be previewed from 2 to 4 p.m.
• Dec. 8 — Sealed bids are due by 5 p.m.
The Goldmine property includes a 10,900-square-foot casino building that can be expanded to 15,654 square feet, according to the Karas company. Renovation plans already have gotten city approvals.
There’s also a 40-space parking lot that’s near another 400 parking spaces.
Casino developer and consultant Bill Palermo, of Gaming & Resort Development Inc. in Laguna Woods, Calif., said a redevelopment of the Goldmine could benefit from recent changes in Colorado’s gaming laws. In 2008, voters OK’d Amendment 50 to the state constitution, which increased maximum bets to $100, expanded casino operating hours to 24 hours seven days a week and added games such as roulette and craps to casino offerings.
Palermo estimated a revamped Goldmine casino has the potential to bring in $10.7 million a year in gaming revenue, after a year-long ramp-up period, and EBITDA of $2.9 million.
EBITDA stands for earnings before interest, taxes, depreciation and amortization, and is a measure of operating cash flow.
Compiled by the DBJ’s Paula Moore
You're almost there...
To access the full benefits of bizWatch and receive a weekly email with aggregated news on all the companies you are following, please provide your email address below.
| < Prev | Next > |
|---|