Ameristar Casinos bought the property out of bankruptcy in 2004 for $117 million in cash plus $2.5 million in stock.

The next year, Hyatt's management agreement was terminated, the casino's name was changed to the Mountain High Casino, and Windsor Woodmont took over operations. Bondholders soon moved to foreclose on the casino, forcing the company to file for Chapter 11 bankruptcy protection in November 2002. As a result, Windsor Woodmont defaulted on payments towards $100 million of bonds that had been issued to finance the construction. Revenue in the casino's first year fell short of expectations. The casino was designed as the first phase of a destination resort, with later additions planned to include a 350-suite hotel tower, a convention center, nightclubs, a spa, and a mountaintop recreation park connected to the casino by a gondola lift. At opening, it was the largest casino in Colorado, with 57,000 square feet (5,300 m 2) of gaming space, containing 1,332 slot machines, 16 blackjack tables and 6 poker tables. The casino opened on December 20, 2001, as the Black Hawk Casino by Hyatt. Excavation work on the site began in August 1998, but stalled later that year, reportedly because of financing problems related to the arrival of two other large casinos in Black Hawk (the Lodge and the Isle of Capri). Hyatt Hotels was tapped to manage the casino. Plans for the casino were revealed in 1997 by Windsor Woodmont, a company formed by several Dallas-based real estate developers. 41☁4′35″N 95★4′36″W / 41.24306°N 95.91000°W / 41.24306 -95.91000Īmeristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn Entertainment.

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