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Colo. casinos hope
Proposal's approval might raise property values, create jobs
Tuesday's passage of Amendment 50 means that the towns of Black Hawk, Cripple Creek and Central City will be able to hold their own elections on whether casinos can raise betting limits from $5 to $100, operate 24 hours a day, and add other games. Currently, casinos must be closed between 2 a.m. and 8 a.m.
Cripple Creek Mayor Dan Baader says the proposal's approval should raise property values, create jobs for the town and bring new investments.
An election is likely in January.
"And then it's off to the races," Baader said.
Casino owners say the bad economy and a statewide smoking ban that was extended to casinos this year is to blame for huge losses to their businesses this year. Revenue at the casinos dropped 11.4 percent this year from 2007.
Last month, the Wild Horse Casino in Cripple Creek closed, and 62 employees lost their jobs.
Casino owners said the amendment was crucial to their survival.
"It was a choice of do this or sit there and watch the industry gradually die," said David Minter, general manager of Johnny Nolon's Casino in Cripple Creek.
The Colorado Legislative Council had estimated the longer hours and more games could bring in $300 million more to the casinos in the next five years, but that was before the economy took a turn for the worse.
In approving the amendment, voters were also calling for 78 percent of the new tax revenue collected by the casinos to go to the state's community colleges.
"It will enable us to continue to do some very good things in community colleges and to improve on our successes," said Nancy McCallin, president of the Colorado Community College System.
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