Net Income Falls 25% At Black Hawk Gaming

BLACK HAWK, CO-Black Hawk Gaming & Development Co. reports its net income fell to $1.4 million, or $0.33 per share as it prepares to merge with Gameco Inc., a company controlled by chairman and CEO Jeffrey Jacobs.

By John Rebchook | May 08, 2001 at 01:01 AM

The company is based in this mountain community west of Denver where limited stakes gambling is allowed. It owns the Gilpin Hotel Casino and is the majority owner of the Lodge Casino, one of the larger gambling establishments in Black Hawk.

Black Hawk Gaming intends to merge with Gameco Inc., a company controlled by Jeffrey Jacobs, the chairman and CEO of Black Hawk Gaming. The merger still requires shareholder approval. Jacobs is offering $12 a share for the stock he doesn't already own.

Robert D. Greenlee, former chairman and CEO of Black Hawk Gaming, recently withdrew his proposal to acquire the company for $12 per share. Instead, he says he will vote his 11% stake in the company in favor of the Gameco merger.

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