Getting the new fiscal year off to a promising start, third-quarter adjusted gross proceeds at Colorado casinos in Black Hawk, Central City and Cripple Creek reached 1.7 million, an increase of 7 percent compared to the same period in 2014. The figures are second-best to 2007’s pre-recession results of 7.4 million for the same period in 2007. Also in third quarter, tax revenue rose to .5 million, an 11 percent increase compared to 2014 and nearly million more than 2007 revenue, according to Colorado Division of Gaming numbers.
Colorado Gaming Association Executive Director Lois Rice said, “The industry is just building on the strong numbers we had this summer going into fall.” She added milder weather and more casinos serving alcohol after 2 a.m. may have contributed to the results.
In general, the recession, which officially began in December 2007 and reached emergency levels in September 2008, drove unemployment and reduced tourism, as people cut back on discretionary income. Specifically in Colorado, casinos also blame the 2008 smoking ban for impacting business. Since then voters have approved longer operating hours and higher wager limits.
As a result, in September, Full House Resorts of Las Vegas entered into an agreement to acquire Bronco Billy’s Casino and Hotel in Cripple Creek for $30 million. Monarch Casino & Resort Inc. is investing $295 million at the Riviera Black Hawk casino which it acquired in April 2012 for a new 9-story parking garage, a 23-story, 500-room hotel with a rooftop swimming pool, additional restaurants and a larger casino floor.
