Canada – CC Gaming buys Reserve CasinoBy Phil - 15 February 2017
CC Gaming has expanded its footprint in the Colorado casino market by entering into a definitive agreement with RCH Colorado to purchase Reserve Casino Hotel in Central City, Colorado.
The transaction, subject to approval from the Colorado Division of Gaming, is slated to close in spring 2017.
The deal will add Reserve Casino Hotel to CC Gaming’s existing portfolio, which includes Johnny Z’s Casino in Central City, Z Casino in Black Hawk, Colorado, and Z Stop, the area’s only gas station and convenience store. The addition of Reserve’s 224,000 square feet of resort space makes CC Gaming the largest locally owned casino owner/operator in Colorado, now with up to 286,000 total square feet of resort space.
“Hotel rooms are at a premium in the Black Hawk/Central City gaming market,” said John Zimpel, owner of CC Gaming. “Adding nearly 120 rooms to our family of properties certainly expands our market offerings and is an opportunity to better serve our guests.”
Constructed in 1994 for $80m by Harvey’s Casino Resorts, the property, currently known as Reserve Casino Hotel, was the first hotel and casino to open in Central City. The resort was remodeled in 2007 and again in 2012 by RCH Colorado.
The integration of Reserve adds approximately 40,000 square feet of gaming area, with up to 1,200 approved gaming positions. The property boasts 119 hotel rooms, three restaurants, two bars, a live entertainment facility and more than 700 covered parking spaces. The deal also adds 40 acres of adjacent property to the company’s portfolio that is zoned for multi-use and suitable for a convention center or other compatible uses.
CC Gaming opened its first property, Johnny Z’s Casino, in 2011, and it remains one of the leaders in Central City, offering 25 percent of the gaming positions in the city. Z Casino, the company’s Black Hawk property, opened in 2013 and continues to increase its gross gaming revenue year-over-year in its highly competitive market. The CC Gaming family of companies also includes Z Stop, one of the only gas station and convenience stores between Denver and Black Hawk/Central City.