A touch of the French Alps
Residents of Cripple Creek in Colorado will have more gambling options to choose from next year if all goes to plan. Operator Full House Resorts is currently developing a casino in the historic mining town, expecting to complete the project in Q4 2022.
Full House is expanding its Bronco Billy’s Casino in Colorado to create an additional casino and hotel. According to a company announcement on Tuesday, the new property will bear the name Chamonix Casino Hotel, after a popular French alpine resort.
European elegance with Colorado comfort.”
Commenting on the plans, Daniel R. Lee, president and CEO of Full House Resorts, said the Chamonix will provide a luxurious experience for casino gamblers and hotel guests, combining “European elegance with Colorado comfort.”
The gambling operator said the expected remaining investment required to complete the development totals $180m.
Further details of the expansion
According to the company’s Tuesday announcement, in addition to its casino floor, the Chamonix will feature 300 four-star guest rooms, VIP suites, a restaurant, convention space, and a rooftop pool.
The Bronco Billy’s Casino will continue to operate in the adjacent building during construction. However, Lee said it will close for several weeks once the Chamonix opens to undergo its own refurbishing. Full House said it expects to complete this remodeling prior to summer 2023.
Full House drew down $300m in new debt
To cover the costs of the development, Full House drew down $300m in new debt earlier this year. This will also allow the company to redeem $106.8m worth of debt due in 2024.
Amendment 77 affects plans
Since 2008, gambling law in Colorado has limited maximum bets to $100. State voters chose to remove this restriction in November last year through Amendment 77. This also allowed casinos in the state’s three gaming hubs to offer previously prohibited games, such as keno and baccarat.
This amendment led Full House to adapt its plans for the new hotel and casino. In a statement accompanying the Chamonix announcement, Full House executive Lee said the company expanded the room base of the hotel development by 67%.
Mississippi expansion in the works
In addition to its Colorado plans, Full House has also announced its intention to expand a property in Mississippi. On Tuesday, the company said it had applied for a 30-year lease of tidelands adjacent to its Silver Slipper Casino and Hotel. Full House expects to sign a deal with the State of Mississippi in the next few weeks.
150 guest rooms, a spa, and restaurant
The estimated $75m investment would see Full House build a new hotel tower with more than 150 guest rooms, a spa, and restaurant. The expansion will connect to the existing Silver Slipper property via the pier, providing its guests with access to the casino.