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Don’t Miss this Opportunity to Own this Landmark Casino in Blackhawk, Colorado for a Fraction of It’s Value! The Goldmine Casino
120 and 130 Clear Creek Street, Black Hawk, CO 80422
Sealed Bids Due: Wed. Dec. 8 by 5:00 PM MST Live Auction for Top Three Bidders: Saturday Dec. 11 at 1:07 PM MST Preview Dates: Sat. November 27 and December 4 from 2:00 to 4:00 PM Financing: The current lien holder is willing to consider funding a purchase money loan to a new buyer. Based on lender qualifications and term. Please contact our offer for more information and to speak with the lender. Broker Co-Op: 3%
Bid to win this casino in the heart of Colorado’s gaming capital, and maybe you’ll win the jackpot!
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. The location of the Goldmine Casino is well suited to the operation of a casino gaming facility. It is conveniently situated amid a thriving casino gaming area that enjoys a large patronage base coming from metropolitan Denver as well as area tourists.
The 10,900 SF former Goldmine Casino building comes with $400,000 in soft costs including a business plan, completed structural engineering analysis, complete approved renovation plans, and construction drawings to build it out to a state of the art 15,654 SF gaming facility.
With all of these plans already in place and approved, you’ll be poised to hit the ground running. However, if you want to do something different, the Goldmine is a blank slate, and either way you can create the casino of your dreams!
In addition to the casino, you will be getting a 15,000 SF parking lot (approx. 40 spaces) – plus access to 400 adjacent parking spaces. This is a HUGE advantage: research shows that most visitors will visit up to 3 casinos within walking distance of their parking space. This makes the Goldmine site a prime position, plus it has the added advantage of being within easy walking distance from the new Ameristar Casino.
This is a hot and growing market, and this is the only prime site ready for development in town at this time.
Gaming numbers are up, and business in Black Hawk is robust: casino revenue (adjusted gross proceeds) increased by 12.6% during the last fiscal year (June 2009 – June 2010) in spite of the slow economy**.
As the new owner of this casino, you will be uniquely positioned to profit from the recent changes in Colorado’s gaming laws. Higher wager limits, the addition of craps and roulette, and expanded 24/7 hours of operation have helped make Colorado’s casino industry more profitable than ever.
Projections by casino experts indicate that the casino has the potential to generate gaming revenue of $10.7 million annually, after a typical ramp-up period, with an EBITDA of $2.9 million***.
Please note the following projections were derived from the Palermo Economic Feasibility Study located on this website in the Property Information Package section. These documents are titled Feasibility Study and Table Gaming Memo. We recommend you do your due diligence in addition to reviewing these documents.
The five year projection contemplates an initial ramp-up year, with revenue reaching the ‘fair-share’ level by the twelfth month of the first year, and then increasing by the rate of 5% annually, to reflect inflation and historical market growth. Included in the cash flow projection are allocations for principal and interest payments based on $2 million of equity, a short term note of $2 million at 8.25% interest over three years, and a long term note in the amount of $7.75 million, at 8.25% over twenty years. ***
Market demand from within the Denver metropolitan area is quite strong and growing. Based on our proprietary gaming market assessment models, we measured overall demand of $989 million annually for readily accessible nearby casinos with a full assortment of games and no wager limitations. ***
There is significant room for growth: about two thirds of the overall market potential is being absorbed by the area casinos, leaving an unmet demand of $327.6 million, of which $162.1 million is for slot machines, and $132.4 million for table games.***
So ante up: don’t miss this opportunity to own this historic casino for a fraction of its value!
AT A GLANCE
Existing Square Footage: 10,900
Lot Size: 32,000 SQ FT (Building: 15,654+, Parking Lot size: 15,000+)
Capacity: 225 slot machines, 10 table games
Taxes: ($9,136.00 in 2005)
Available Parking Spaces: 400 including available spaces at adjacent casino
Projected Annual Revenue: $10.7 million** prior to amendment 50
Stabilized EBITDA: $2.9 million** prior to amendment 50
Location: Highway 119 frontage, in the $600 million Black Hawk gaming market
Projected AGP per machine: conservatively estimated at: $100.00 per day (Note: average AGP in Blackhawk: $181.00 per day)***
Projected “per table”: Conservatively estimated at $750.00 (Note: average per table in Black Hawk estimated at $1054.00 per day)****
* Source: Colorado Dept. of Revenue, Gaming Division
** The Pueblo Chieftain, Aug. 8, 2010 reporting from interview with Don Burmania, CO Dept. of Revenue Gaming Division
*** Source: Palermo Economic Feasibility Study, William J. Palermo Gaming & Resort Development, Inc.
**** Source: Table Game Memo (Palermo Gaming & Development) See complete report located on this site in the Property Information Package under “Table Game Memo”
ALL NUMBERS, WHICH HAVE BEEN SUPPLIED BY AREA CASINO EXPERTS, ARE DEEMED RELIABLE BUT ARE NOT GUARANTEED. THE SUCCESSFUL WINNING BIDDER MUST ACKNOWLEDGE THAT THE AUCTIONEER AND THE SELLER HAVE MADE NO WARRANTY OR REPRESENTATION OF ANY TYPE AS TO THE PROPERTY AND THAT THE PROPERTY IS SOLD WITHOUT WARRANTIES WHATSOEVER, EXPRESSED, OR IMPLIED, AND SPECIFICALLY THERE IS NO WARRANTY OR MERCHANTABILITY AND NO WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. THOUGH ALL DESCRIPTION AND COMMENTARY ARE BELIEVED TO BE CORRECT, IN NO EVENT SHALL AUCTIONEER OR SELLER BE HELD RESPONSIBLE FOR HAVING MADE OR IMPLIED ANY WARRANTY OR DESCRIPTIONS, GENUINENESS, CONDITION, ETC. THE PROPERTY IS OPEN TO THOROUGH PUBLIC INSPECTION AND MAKING A BID IS AN ACKNOWLEDGEMENT THAT EACH BIDDER HAS HAD AMPLE OPPORTUNITY TO, AND HAS INSPECTED THE PROPERTY. AUCTIONEER RESERVES THE RIGHT TO WITHDRAW ANY ITEM BEFORE OR DURING THE AUCTION.
“It is MORE efficient to offer a single property
at one time to a thousand potential Buyers as
opposed to offering that same property
one buyer at a time, a thousand times.”
Janelle Karas, AJ Karas Auctioneers
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.