Earlier this week, Saratoga Harness Racing Inc announced that it has reached a definitive agreement with the American Gaming Group. Under the terms of the deal, Saratoga Harness Racing is to take over Cripple Creek-based Wildwood Casino’s operating assets.
As it was revealed in the announcement, the transaction is expected to close subject to the terms of the definitive agreement. The deal would also need the approval of local regulators.
The president of Saratoga, Daniel W. Gerrity, called the announced deal “an exciting milestone” for the company. He further noted that Saratoga had been exploring various opportunities in order to expand its portfolio of gaming assets and diversify it as much as possible. In this sense, the addition of Wildwood Casino to these assets would represent the perfect fit for the company.
Wildwood Casino started operation in 2008 and since then has been the newest casino property offering full gambling services in the Cripple Creek region. As revealed in the statement, the property features 14 gaming tables and over 500 slot terminals. Furthermore, it is currently constructing a 102-room hotel that is expected to open by the end of 2020.
As part of the acquisition deal, Saratoga Harness Racing is to also acquire the operations of Gold King Mountain Inn, Daylight Donuts, Gas N’Roll, which are all owned and operated by the American Gaming Group and its subsidiaries for the time being.
The Casino Purchase Would Expand Saratoga Harness Racing’s Portfolio
The Chief Executive Officer of American Gaming Group, Joseph J. Canfora, explained that Saratoga was the one that made the best offer for the purchase, following initial discussions with a number of prospective buyers. He shared that he remains positive about the future growth and development of Cripple Creek, but it was also crucial to find a buyer who would be willing to take care of the area’s future development.
For the time being, Saratoga Harness Racing owns and operates the Saratoga Springs-based Saratoga Casino Hotel, which features more than 1,200 slots, as well as electronic table games, a live entertainment venue, simulcast betting, live harness racing and entertainment options such as bars and dining options. In addition, the Saratoga Casino Black Hawk situated in the town of Black Hawk is also operated by the company. The venue features more than 425 slot machines and 10 table games, as well as a full-service restaurant, bar and other guest services.
The deal with the American Gaming Group would provide Saratoga Harness Racing with the chance to expand its offering with a 24-hour Las Vegas-style gambling venue situated in a historic town. The casino offers various table games and slots, as well as multiple dining options, along with the Gold King Inn and the Gas N’ Roll gas station and its adjacent convenience store.