Wildwood Casino Sale Collapses Because of Coronavirus Outbreak’s Current Economic Impact

The anticipated acquisition of Colorado-based Wildwood Casino has fallen apart because of the Covid-19 pandemic. The decision has been announced by both Saratoga Harness Racing Inc. that was supposed to purchase the venue and the casino’s owner American Gaming Group in the middle of the week.

The two companies published a press release, saying that they had to drop the deal because of the current economic impact of the coronavirus crisis. They further noted that at the time, leaving their plans for the purchase behind was in the best interest of both operators and their respective casinos, as it would provide them with the chance to focus on doing what was best for their existing casinos.

The co-owner of Wildwood Casino Joe Canfora explained that the casino officials intended to take the time to develop and implement an overall health and safety strategy for their operations so that their customers are provided with a safe gaming environment.

The sale of the Wildwood Casino was first announced in the middle of March, at the time when some businesses across the US started to shut down their operations because of the new coronavirus outbreak. The companies did not reveal any of the agreement’s terms regarding the price of the acquisition.

Both Saratoga and Wildwood Casino’s Officials Set to Focus on Other Priorities

Wildwood Casino started operation in 2008, which makes it the newest casino in Cripple Creek, Colorado. It is open 24 hours a day, offering over 500 table games and slots. A year ago, it started the construction of a 104-room hotel worth $14 million.

On May 1st, 2020, the gambling venue officially welcomed its sportsbook as a new piece of legislation legalizing sports betting services took effect in the state of Colorado, making the latter one of the states that decided to expand their legal gambling sectors with the addition of the new form of gambling. Sports betting was officially allowed by the US Supreme Court in May 2019, with a ruling that struck down a federal ban imposed on the practice with the PASPA of 1992.

However, the ongoing coronavirus pandemic had all professional sports leagues in the US shut down, with the lockdown hitting sportsbooks across the country hard. As recently reported by a local media, casinos in the state of Colorado have started offering bets on table tennis, darts and international soccer games in the absence of professional sports leagues during the Covid-19 outbreak.

On the other hand, Saratoga Harness Racing currently owns and operates the Saratoga Casino Black Hawk in Colorado, as well as the Saratoga Casino Hotel in the state of New York. The acquisition would have helped it expand its presence but the lengthy shutdown has made it reconsider its current priorities and give up on the deal.

Wildwood Casino officials have shared that the company is set to focus on the implementation of some new features that would allow the venue’s visitors to continue gambling at the casino in person.

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