Texas billionaire Tilman Fertitta has agreed to buy the Wildwood Casino and Hotel in Cripple Creek, Colorado for $43 million. The purchase from American Gaming Group is expected to be completed by summer.
Fertitta Entertainment already owns the Golden Nugget in Las Vegas and four other properties. Last year the Houston-based company filed papers with the Securities and Exchange Commission to become a publicly traded company, but has since then given up on that idea.
The Wildwood is the largest casino in Cripple Creek, which is one of Colorado’s three casino towns. It has 528 slots, and 12 gaming tables.
Joe Canfora, CEO and managing partner of American Gaming, told the Colorado Springs Gazette: “Having multiple properties gives Fertitta more opportunities for staff and helps with overhead efficiency and marketing. They wanted to grow, and with the expansion by others in this market, the timing worked out.”
The Wildwood will be rebranded as a Golden Nugget property and will continue to employ those of the 300 employees who want to stay. Fertitta Entertainment COO Gerry Del Prete said, “We’ve always had an attraction for Colorado — we’ve owned the aquarium in Denver and restaurants across the state for a long time.” He added, “We have looked as the market has evolved over the years, and the changes going on in the market have make it more attractive. We looked at Cripple Creek and saw opportunity there.”
