Casino Icon Gary Green Agrees To Acquisition Of Colorado Casino
Casino Icon Gary Green has just secured ownership of the former Gold Mine Casino, the last “casino district” property in Black Hawk Colorado.
Boca Raton FL (I-Newswire) February 4, 2011 - Casino Icon Gary Green has just secured ownership of the former Gold Mine Casino, the last “casino district” property in Black Hawk Colorado.
Green, a former Donald Trump Vice President, entered into what he described as a “Newsweek-style” agreement to purchase the casino. Based on the recent Washington Post sale of Newsweek Magazine to Sidney Harman, Green reportedly paid a "minimal" amount of $1 cash but assumed all obligations of the company, including approximately $1-million in debt and the obligation to rebuild and remodel the casino. Further details of the terms were not available.
“If you are going to work for Trump, you might as well learn something about deal-making,” Green commented on the purchase terms, adding “but deals aside, this is a premier property with absolutely amazing potential.
“And, it is the last property in the legal gaming district,” Green added, “How cool is that?”
The last owners of the Gold Mine Casino, originally opened in 1991, had paid $2.6-million for the property and had been renovating the defunct casino in hopes of taking advantage of Colorado Amendment 50, which allows for longer gambling hours, higher bets and more table games. But even with renovation plans in place and approved by government regulators, by late 2010 the renovation had stalled and the property was on the auction block. The December 2010 high bid, of $1.9-million was rejected as less than the owners’ reserve price.
Green’s agreement, based on casino revenue, allowed the owners a graceful exit as well as fulfillment of their dream of creating the most vibrant of the Colorado casinos. Colorado gaming numbers are up, and business in Black Hawk is robust with casino revenue (adjusted gross proceeds) increasing by 12.6% during the last fiscal year in spite of the slow economy and Black Hawk is the leader in the central Colorado gaming industry because of its proximity to the Denver area and the size of its casinos.
Besides being a former Trump Vice President, Green has developed, had key roles, and been intimately involved in commercial casinos and Native American Indian casinos in Nevada, New Jersey, Oklahoma, California, Montana, Washington State, Wisconsin, New York, and Alabama. One of the last of the flamboyant casino “characters”, Green is best known as a casino marketing guru. His 2010 book, “Marketing Donald Trump” ((ISDN: 978-0-615-40454-7 or http://www.amazon.com/Marketing-Donald-Trump-ebook/dp/B0043GX9W8) is available from Amazon’s Kindle division.
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Published On:February 4, 2011
Print Release:Print Release
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