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62 lose jobs as the Wild Horse Casino closes down
Comments 0 | Recommend 0The worst year in history for Colorado casinos claimed its first victim Friday, when the Wild Horse Casino in Cripple Creek closed its doors, putting 62 employees out of work.
Revenues for casinos in Cripple Creek, along with Colorado's other gaming towns, have fallen every month this year. In September, Cripple Creek gaming revenues fell 10.3 percent to $12.8 million compared to the same month in 2007, according to the state Division of Gaming. Statewide, gaming revenue was off 18.7 percent in September and 11.4 percent for the year to date.
Many casinos are counting on Amendment 50, which would raise stakes for table games and add new games, to turn around their fortunes. Wild Horse general manager Todd Fred said he thinks the amendment will pass but said it would be too late for his casino.
"Even if it passes, it won't have an effect on us until July (2009)," Fred said. "We just weren't able to wait until July."
Casino owners blame the combination of the smoking ban, which was extended to casinos this year, the economy and high gas prices for the slowdown.
Other casino managers said the Wild Horse's closing is sad, but it wasn't a shock.
"It's unfortunate, but the way the market has been it's not surprising," said Eric Rose, general manager of the Colorado Grande Casino. "They hadn't been doing well for a while."
"I think (the owners) just got fed up with losing money," said David Minter, general manager of Johnny Nolon's Casino.
Business at Cripple Creek casinos has been down less than at Black Hawk and Central City, but much of that is due to the opening of the new Wildwood Casino at the entrance of town, which has split a diminishing take between more slot machines than ever before.
The Wild Horse opened in 2004 and had 258 slot machines, according to the Division of Gaming.
The Wild Horse's Web site said employees could pick up their final paycheck Friday night and that information for customers would be posted on the Web site, www.thewildhorsecasino.com, soon.
