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Ameristar to buy Colorado casino

Wednesday, June 2, 2004 | 8:57 a.m.

BLOOMBERG NEWS

Ameristar Casinos Inc., which owns six casinos, said Tuesday it agreed to buy the Mountain High Casino in Black Hawk, Colo., for about $115 million.

Ameristar would assume about $2.4 million of debt and pay closely held Windsor Woodmont Black Hawk Resort Corp. a portion of casino earnings for four years, the Las Vegas-based company said in a statement. Ameristar will use available cash and borrowings to finance the acquisition, which it expects to close in the fourth quarter.

The casino is in a historic mining town about 40 miles from Denver, spokeswoman Kathy Callahan said. Windsor Woodmont is operating under Chapter 11 protection and the bankruptcy court will have to approve the sale. Ameristar plans to build a 300-room hotel as part of an overhaul of the property, which is the largest casino in Colorado, according to the statement.

Shares of Ameristar rose 16 cents to $33 in composite trading on the Nasdaq Stock Market. The news was released after the close of U.S. exchanges.

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