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Black Hawk Casino Files for Bankruptcy

The July 15, 2023, By Bernard Lamothe

One of Black Hawk's more popular casinos has filed for Chapter 11 bankruptcy. The Riviera, which has casinos in Las Vegas and Black Hawk, is between $100 million and $500 million in debt. online casino news: Black Hawk Casino Files for Bankruptcy

The Colorado Division of Gaming is hoping Amendment 50 might alleviate some of the stress surrounding the casino. Amendment 50 was passed a year ago to help generate more business for Colorado's casinos.

"The casino industry like every industry is having its problems, but with the advent of Amendment 50, [it] has brought some relief to the casino industry," Don Burmania with the Colorado Division of Gaming said.

Amendment 50 allows casinos to remain open for 24 hours. It also added the games of craps and roulette and increased bet limits. "In the first 11 months of Amendment 50, casino revenues have grown by 9 percent. That follows a 9 percent decrease the previous year. So we're looking at the industry returning to levels from two years ago," Burmania said. What is happening with the Riviera casino is not unusual, Burmania added.

"The division doesn't anticipate any problems with the day to day operation. We have minimum bank roll requirements that make sure casinos have enough money on hand," Burmania said.

The Riviera says it will continue to conduct business as usual and that it also plans to continue paying its employees, vendors and customers. "Several casinos in the past have filed and continued to operate without problems to their patrons," Burmania said.

Several groups, including the Starwood Capital Group, are trying to takeover the Riviera casinos in Las Vegas and Black Hawk. It is unclear how a takeover would affect Black Hawk's casino.





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