Full House Resorts’ Cripple Creek development is to be named Chamonix Casino Hotel, as the casino operator also unveils plans to acquire Carr Manor and revamp its Silver Slipper Casino and Hotel.
Located adjacent to the company’s existing Bronco Billy’s Casino, Chamonix will feature approximately 300 four-star guest rooms and VIP suites; casino gaming area; meeting and convention space; rooftop pool; spa; and self-parking garage that can accommodate more than 300 vehicles.
The expected remaining investment to complete Chamonix is approximately $180m, which the company financed through its recent issuance of new senior secured notes. Completion of the Chamonix Casino Hotel is scheduled for the fourth quarter of 2022.
To alleviate parking and hotel issues during the construction of Chamonix, Full House has agreed to acquire several land parcels and the nearby Carr Manor, a bed-and-breakfast inn with 15 rooms located a block and a half away from Bronco Billy’s.
The land and real estate purchases, which are subject to due diligence and customary conditions, total approximately $3.4m and are expected to close in early April 2021.
“Chamonix will bring the luxury of the French Alps to the Rockies, combining ‘European elegance with Colorado comfort,’” said Daniel Lee, president and CEO of Full House Resorts.
“Our new property takes its name from Chamonix-Mont Blanc, the world-famous French alpine resort and site of the first Winter Olympics in 1924. Some five million people visit Chamonix in France each year.
“The Chamonix Casino Hotel in Cripple Creek will offer 300 new guest rooms and VIP suites, nearly doubling the town’s hotel capacity.
“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.”
Separately, Full House has finalised terms with the state of Mississippi for an option to lease, for a 30-year period, certain tidelands under the Gulf of Mexico adjacent to the company’s Silver Slipper Casino and Hotel.
The agreement, which is expected to be signed within the next few weeks, will allow the firm to potentially build a future expansion of the property.
This expansion, preliminarily estimated to be a $75m investment, would include a new hotel tower with more than 150 waterfront guest rooms, more than doubling the property’s current guest room count; the property’s first dedicated meeting space; spa; and a new dining restaurant, all on a pier connected to the existing casino hotel.
Any such Silver Slipper expansion project will be subject to customary approvals from the Army Corps of Engineers, gaming industry regulators and other agencies.