Ameristar Completes Acquisition Of Blackhawk Mountain High Casino

Ameristar acquired the property from Windsor Woodmont Black Hawk Resorts Corporation, which operated under debtor ownership in Chapter 11 of the U.S. District Bankruptcy Court in Colorado. The acquisition price was approximately $117 million in cash, while Ameristar's issuance of 58,943 common shares was $2.5 million.

Amerista plans to invest approximately $90 million in capital expenditures to improve the competitiveness of the property. Capital improvements include reorganizing and expanding the gaming landscape, introducing cashless slot technology and other gaming equipment upgrades, building a 300-room AAA for Diamond luxury hotel and parking additional covers, upgrading food and beverage stores, and adding casual dining restaurants. All of these improvements are expected to be completed sometime in 2005, with the exception of a hotel expected to be completed in early 2007.

The company plans to rebrand the property to Amerista Blackhawk once the first phase of the improvement is complete. Like all Amerista properties, Amerista Blackhawk will offer state-of-the-art gaming venues, a variety of high-quality dining and entertainment venues, and excellent guest service.

"We are excited to complete our acquisition of Mountain High Casino," says Craig H. Nielsen, President and CEO of Ameristar. "Mountain High is a high-quality property with an outstanding presence in one of the major gaming markets in the United States. We want to immediately launch plans to improve and expand this property. This acquisition will not affect our continued cash dividend policy or our pursuit of other development opportunities."

Mountain High Casino is a luxury gaming and entertainment facility located in the heart of the Blackhawk Gaming District, about 40 miles west of Denver. The 425,000-square-foot facility features a 57,000-square-foot casino with approximately 1,000 slot machines and 24 table games (including pointers). 슬롯사이트 It also features a steak and seafood restaurant, a buffet and food court, a 5,000-square-foot entertainment showroom that can accommodate approximately 500 people, and a parking lot that can accommodate 800 vehicles.