The Wildwood Casino Hotel is being warmly welcomed by the Golden Nugget home.
Tilman Fertitta, a billionaire from Texas and the owner of Golden Nugget, has purchased the largest casino in Cripple Creek, Colorado.
American Gaming Group, the current owner of Wildwood & , will receive approximately $43 million from the sale, which was finalized in November.
During the upcoming summer season, it is expected that the offer will be finalized, resulting in the transfer of ownership of the house to Fertitta Entertainment. Following the acquisition, Fertitta Entertainment will proceed to rename the house and officially become part of the Golden Nugget company.
Furthermore, Colorado’s Limited Gaming Control Commission has the authority to grant approval for the sale and extension of a gaming license.
Sale negotiations started next summers.
In 2008, the Wildwood, also referred to as The Highest Casino in the World, opened its doors. It proudly holds the title of Cripple Creek’s largest gaming facility, boasting 528 slot machines and 14 table games.
The Wildwood casino proudly declares on its website that it has exceeded all previous records by disbursing an astounding $17 million more in jackpot winnings during the year 2021.
In addition, American Gaming allocated $14 million towards the construction of a separate lodge consisting of 101 rooms. This lodge, situated adjacent to the game, was inaugurated in June 2021.
The sale agreement was reached on November 2nd, as stated in documents filed with the Securities and Exchange Commission and reported by the Colorado Springs/Denver Gazette.
Last summer, an investment banker initiated a conversation with American Gaming to inquire about their openness to selling to Fertitta. After engaging in several discussions, a decision was eventually reached several months later.
The SEC filing primarily centered around Fertitta’s exploration of taking his business public, however, this course of action was later discarded.
According to the filings, on November 2, 2021, we made an agreement to purchase Wildwood Hotel and Casino in Cripple Creek, Colorado for around $43.0 million, with standard adjustments. The acquisition is anticipated to be finalized in the third quarter of 2022. Despite the unsuccessful plan to make Fertitta Entertainment public, we are now proceeding with the Cripple Creek acquisition.
Wildwood was added to the lineup of Fertitta Entertainment.
Fertitta, the proprietor of the Houston Rockets in the NBA, is believed to possess a net worth exceeding $6 billion.
The Landry’s restaurant chain is the most valuable asset owned by the Texas billionaire. This portfolio includes over 600 restaurants across the country, which operate under various brands like Joe’s Crab Shack, Saltgrass Steak House, and Bubba Gump Shrimp, among others.
Fertitta has gained the most recognition in the American entertainment industry for overseeing the operations of the Golden Nugget casinos. Presently, Golden Nugget establishments can be found in Biloxi, Mississippi, Laughlin, Nevada, Atlantic City, New Jersey, Las Vegas, and Lake Charles, Louisiana.
Moreover, the Golden Nugget currently operates an online casino that can be conveniently accessed in five credible states.
Colorado online casinos are not currently legal in the Centennial State, but they have the potential to be discussed and considered in the future.
According to a report from the Gazette, Fertitta Entertainment has decided to retain all 300 existing Wildwood employees who wish to remain during the interim period.
According to the Gazette, the purchasing company intends to maintain the recognition of customer loyalty points acquired at Wildwood. These points will also be valid for redemption at Fertitta’s other casinos and restaurants.
