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State's Largest Casino Defaults on $100M Loan

BLACK HAWK, CO-Windsor Woodmont Black Hawk Resort Corp. once envisioned building a second casino here as well as another hotel and spa. However, revenues are failing to support bond payments, the company reports.

By John Rebchook | Updated on October 20, 2002

BLACK HAWK, CO-Windsor Woodmont Black Hawk Resort Corp. has defaulted on its $100-million debt. The giant casino, the largest in the state, opened last December in this mountain town west of Denver.

When unveiled, the privately held Windsor crowed about plans for another hotel, spa, and possibly even a second casino. Ten months later, the company reports that it isn’t getting enough revenues to cover its huge, publicly traded debt.

The company, which posted a net loss of $7.3 million on $33.3 million in gaming revenues in the first six months of the year, also is behind on payments for $7.3 million held by Hyatt Gaming Management, which operates the casino with more than 1,20 slot and video machines. It also sells Krispy Kreme Donuts and has a Wolfgang Puck Express restaurant and a Starbucks.

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