Legal changes make Colorado an enticing casino market for Nevada operators
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Nevada's major gaming companies avoided Colorado for nearly two decades. The state's casinos were legalized in the historic mining towns of Black Hawk, Central City and Cripple Creek. Las Vegas and Reno's gaming firms invested millions to change the perception of the Colorado casino communities. Colorado's mountainous rural casino towns have turned the state into one of top 15 gaming revenue-producing regions. Sports betting legalization in 2021 helped make Colorado a market that gaming operators could no longer ignore. In Blackhawk, three properties account for more than 1,300 hotel rooms, roughly 85 percent of market.
In Black Hawk, Colorado, there are several Nevada-based gaming companies. Ameristar Casinos bought the bankrupt Mountain High Casino in 2004 and spent $80 million renovating it. Eldorado Resorts bought Isle of Capri Casino in 2017 and rebranded it Horseshoe Casino Blackhawk. Jacobs Entertainment operates two Black Hawks casinos. Bally’s Corp. took over three Black Hawk casinos formerly owned by Affinity Gaming in 2020. Maverick Gaming bought a small Black Black Panther casino and two Central City properties from a Colorado businessman. Johnny Z”s Casino has been renamed and renamed as the Dragon Tiger Casino.
Colorado's gaming revenue topped $1.23 billion in 2021. Black Hawk and Central City casinos made $812 million last year. Colorado is the 15th largest commercial gaming market in the U.S. through June.
Colorado legalized both online sports betting and retail sportsbooks in May 2020. More than $7.6 billion has been wagered on sports through June. Colorado casinos can have sports bets with multiple companies. In June, there were 44 online and in-store sportsbook operators in Colorado. Colorado is practically an online monopoly with more than 98 percent of all wagers placed through mobile apps. The regulations allow smaller Nevada-based sportsbetting companies to chart a path outside the Silver State. Caesars Sportsbook is building a retail space inside the Horseshoe Black Hawk.
Legal changes make Colorado an enticing casino market for Nevada operators. Cripple Creek, an hour west of Colorado Springs, should see a boost in gaming revenue and visitation through the development of a $250 million casino-hotel by Full House and the transformation of an older casino into a Golden Nugget by Tilman Fertitta. Full house acquired Bronco Billy’s Casino in Cippo Creek for $30 million in 2016 and immediately expanded by acquiring the adjacent storefronts along East Bennett Avenue. The main reason for the change was to help watch over the Chamonix Casino Hotel, which features a theme resembling Chamontes-Mont Blanc.
