The Cripple Creek Historic Preservation Commission this week gave Full House Resorts unanimous approval to move forward on a $100 million expansion project at the Bronco Billy’s Casino and Hotel, which the company operates in the century-old historic Colorado town at the base of Pike’s Peak.
Las Vegas-based Full House, which bought the small casino for $30 million in 2016, wants to add a luxury hotel, spa, parking garage, convention center, and high-end restaurant, all of which should be complete by mid-2020.
Meanwhile, some of the money raised by the company through a stock sale to help pay for the expansion is coming from a well-connected financier.
Legendary investor Mario Gabelli purchased 1 million shares of Full House through the company’s direct stock offering of $3 per share, according to Fantini Gaming Research. Gabelli, through his various funds, owns more than 2 million shares of Full House, or 7.54 percent of the company.
The project now moves to the Cripple Creek City Council, where it will be reviewed in April.
Full House CEO Dan Lee said this month construction would start in May if the company received approval from the historic commission and the city council. The first phase will be the parking garage.
Bronco Billy’s currently has 24 hotel rooms and 800 slot machines.
