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Gaming Revenues Up 66% for High-Rolling Black Hawk Gaming Operation

DENVER-A limited stakes gaming operation has hit the jackpot, pulling in 66% more money this year than last. The high-rolling company's success now accounts for 13% of the state's gaming-generated revenues.

By John Rebchook | Updated on August 07, 2000

The Black Hawk Gaming & Development Co. Inc., owner and operator of the Gilpin Hotel Casino and the Lodge Casino in Black Hawk, CO, has hit the jackpot with second-quarter returns. Second-quarter net income for the Black Hawk-based company has shown a 66% increase, coming in at $1.5 million in comparison to second quarter 1999′s net income of $930,000. Earnings per share have increased 68% to 37 cents from 22 cents per share a year ago; net revenues up 4% to $22.1 million from $21.3 million in 1999.

The results account for 19% of limited stakes gambling revenues in Black Hawk and 13% for the entire state, says Jeffrey Jacobs, company chairman and CEO. Gaming also is allowed in Central City, which is adjacent to Black Hawk, and Cripple Creek, southwest Colorado Springs. Black Hawk is a former mining community in the mountains about a 40-minute drive west of downtown Denver.

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