ToCasino.net Online Casino

“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.

Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNF8rh2q8U383rnNPbqy3uUg_BlLnQ&url=http://www.bizjournals.com/denver/news/2010/11/30/black-hawk-casino-to-be-sold-at-auction.html