Full House Resorts is bringing the French Alps to the historic Colorado mining town of Cripple Creek.
The Las Vegas-based casino operator said Tuesday the $180 million expansion of its Bronco Billy’s Casino in Colorado would operate as a separate resort – Chamonix Casino Hotel.
Full House CEO Dan Lee said in a statement that Bronco Billy’s will continue to operate during the construction of Chamonix, which is expected to be completed by the end of 2022. When Chamonix opens, Full House will temporarily close Bronco Billy’s for several weeks to refurbish the 29-year-old casino.
“The New Bronco Billy’s will continue to offer its Western theme under the Bronco Billy’s name and will be connected to the adjoining Chamonix Casino Hotel,” Lee said.
Lee cited the vote last November, when Colorado voters approved Amendment 77, which removed the state’s $100 wagering limit on a single bet and allows casinos to begin offering several previously forbidden games, such as baccarat, keno, and the big six wheel.
“In response, we increased our plans for the new hotel in Cripple Creek, expanding the room base by 67 percent,” Lee said. “We believe Chamonix’s upscale atmosphere will be a perfect complement to the refurbished Bronco Billy’s.”
He said the Bronco Billy’s remodeling would be completed prior to the summer season in 2023.
In January, Full House raised $300 million in new debt to cover the cost of the Cripple Creek construction and to redeem $106.8 million of debt due in 2024.
The name of the new property comes from Chamonix-Mont Blanc, the French alpine resort and site of the first Winter Olympics in 1924. Lee said 5 million people visit Chamonix in France each year.
“At our Chamonix, guests can experience Pikes Peak and the surrounding area’s natural beauty by hiking, mountain biking, rock-climbing, fishing, fossil-hunting, and exploring local gold-mining operations and historic railways,” Lee said.
The planned 300-room hotel will double Cripple Creek’s current hotel capacity.
The property will also have an expanded gaming area, restaurants, meeting and convention space that can host concerts and other entertainment, a rooftop pool, a spa, and a 300-space parking garage.
Lee said the property would attract visitors from neighboring Colorado Springs, Pueblo, and Cañon City, as well as the Denver metropolitan area.
Chamonix is being constructed on many of the parking lots used today by Bronco Billy’s customers. To minimize the inconvenience to its guests, Bronco Billy’s will be offering free valet parking from directly in front of the casino. Full House also leased self-parking lots near the casino and will offer free bus service for those who would prefer to self-park.
Also, Full House plans to spend $3.4 million to acquire several land parcels and the nearby Carr Manor, a historic bed-and-breakfast inn with 15 rooms located a block and a half away from Bronco Billy’s. Lee said the company would utilize Carr Manor to provide overnight accommodations for Bronco Billy’s guests when the property’s existing hotel rooms become unavailable at some point during construction.
Separately, Full House announced Tuesday it finalized terms with Mississippi for a 30-year lease on certain tidelands under the Gulf of Mexico adjacent to the Silver Slipper Casino and Hotel in Bay St. Louis.
The agreement, which is expected to be signed within the next few weeks, would allow Full House to spend $75 million and expand Silver Slipper, doubling the property’s hotel size with a 150-room waterfront addition.
The expansion would include meeting space, a spa, and a restaurant, all on a pier connected to the existing property.
Full House said the expansion project is subject to approvals from the Army Corps of Engineers, gaming industry regulators, and other agencies. The timing is uncertain.
Shares of Full House, traded on the Nasdaq, closed Tuesday at $7.05, down 35 cents or 4.73%.
(Disclosure: Ken Adams, CDC Gaming Reports’ senior analyst, is a member of the Full House board of directors)
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
