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Small Colorado casinos sold

Friday, Aug. 31, 2001 | 11:05 a.m.

WYOMISSING, Pa. -- Penn National Gaming Inc. said Thursday it is expanding into the Colorado gaming market with an agreement to purchase the Bullwhackers Casino operations from Hilton Group subsidiary Colorado Gaming and Entertainment Co. for $6.5 million in cash.

Bullwhackers assets consist of Bullwhackers Casino, the Bullpen Sports Casino, the Silver Hawk Saloon and Casino and an administration and 475-car parking area.

They are located in the Black Hawk community 35 miles west of Denver and accessible from many ski resorts, which accounts for more than 60 percent of Colorado's gaming activity.

Subject to approval by the Colorado Gaming Commission and other regulators, the transaction is expected to close in the second quarter of 2002, the company said.

Penn National Gaming owns two racetracks and eleven off-track wagering facilities in Pennsylvania, a racetrack and gaming facility in West Virginia, two Mississippi casinos, and a riverboat gambling facility in Louisiana, and operates the Casino Rama gaming facility 90 miles north of Toronto, Ontario, under a management contract.

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