The property is being marketed as a potential resort destination that could also incorporate commercial and residential development in support of the local casino industry, in which Nevada Gold has a stake. Nevada Gold CEO Robert Sturges says the auction is a "key step" in the company's efforts to dispose of non-core assets.
The sealed-bid auction by Sheldon Good & Co. will take place on Aug. 2. The reserve price is $4 million.
Nevada Gold & Casinos Inc. owns a 43% interest in the entity that owns and operates Isle of Capri-Black Hawk and Colorado Central Station casinos in Black Hawk. The company also owns and operates the Colorado Grande Casino in Cripple Creek.
Outside of Denver, Nevada Gold owns a gaming facility at Vernon Downs in Vernon, NY, and a 40% interest in the owner of the Tioga Downs Racetrack in Nichols, NY. It also finances, develops and manages Native American-owned gaming projects and holds mining claims of approximately 9,000 acres in Nevada through its Goldfield Resources Inc. subsidiary.
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