Pennsylvania Firm Putting Up $6.5 Mil in Cash for Three Casinos

BLACK HAWK, CO-Penn National Gaming has developed a buyout plan, calling for $6.5 million in cash, for three Black Hawk casinos. The buyer is looking at a second quarter 2002 closing, if it gets the OK from the state's gaming commission.

By John Rebchook | December 06, 2001 at 01:01 AM

The Pennsylvania buyer is putting up $6.5 million in cash for the Bullwhackers Casino, Bullpen Sports Casino and Silver Hawk Saloon and Casino. The purchase also includes an administrative building and a 475-space parking area.

Penn National booked $132 million in revenues for the second quarter from the Charles Town Races in Charles Town, WVA, two Mississippi casinos, Casino Magic Hotel, a resort and marina in bay St. Louis, MS, and other properties.

The Colorado Gaming Commission and other regulatory groups must approve the Black Hawk purchase. Black Hawk accounts for more than 60% of the three gaming markets in Colorado. The deal is expected to close in second quarter 2002.

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