The $180 million expansion of Full House Resorts in Cripple Creek, Colorado could change the entire gaming market in the Centennial State, according to gaming analyst Chad Beynon of Macquarie Securities.
Las Vegas-based Full House has begun an expansion of its Bronco Billy’s Casino and Hotel in response to changes the state’s voters approved Amendment 77 in November that allow each of the state’s three casino towns, Cripple Creek, Black Hawk and Central City to adopt new casino games such as baccarat and keno and do away with the $100 limit on wagers. This could cause a doubling of annual gaming revenue once the market matures, Beynon wrote.
Cripple Creek draws from a market that includes Colorado Springs.
He wrote “We think the proposed Cripple Creek expansion has the potential to transform the property and market, and we believe investors share our enthusiasm for the project.”
Full House has raised $300 million in new debt to cover the expansion costs. It plans to increase the previously announced expansion by two-thirds and add a 300-room hotel tower. A new parking structure, meeting space, outdoor rooftop poll, fine dining restaurant and spa, from the original plans, remain unchanged. The project is expended to be completed by the end of next year.
Beynon wrote that “Full House is now in position to construct its dream project.”
