Casino In Cripple Creek, Colorado Files For Bankruptcy Protection
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This is not a problem that is only happening in Cripple Creek, Colorado, but the economic crisis has trickled down to the casinos. That has caused many casinos in the country to run for cover.
One of those casinos is the Imperial Casino Hotel in Cripple Creek. The casino has experienced declining revenue figures over the past few months and has now filed for bankruptcy protection. It may not be the only casino in Colorado headed down that road.
The Wild Horse Casino in Cripple Creek has already closed this summer, and several other casinos could be following in those footsteps. The economy has been particularly rough on casinos as of late. Usually gambling survives any financial environment, but that has not been the case this time around.
“This is not the first casino to file for bankruptcy protection and it will not be the last. The economy has turned so bad that even gambling is paying a price. In the past, they have been almost exempt from revenue declines, but this time they are getting hit hard,” said financial advisor Fran Blerman.
The Imperial Casino Hotel filed their bankruptcy protection papers on Monday in U.S. bankruptcy court in Denver. When the Wild Horse closed over the summer, sixty two people lost their jobs.
Galaxy The Latest To Delay Casino Opening In Macau
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Macau has not had a good couple of months in the news department. They have seen their revenue numbers slip, and have also had to endure the Las Vegas Sands Corp.’s decision to stop their project in Macau.
Now the news has gotten worse for the casino industry in Macau. Galaxy Entertainment Group has delayed the opening of their new Macau casino until 2010. The move comes in response to the slow market.
The company has not altogether stopped the project like Sands did. they are continuing construction on the casino, they have just slowed their pace. They now plan on opening in 2010, under better financial conditions.
“This is in no way a change in our strategy for Cotai. It is a commercial decision motivated by our objective to achieve a balance between development and the optimization of shareholder returns,” Galaxy said in a statement.
The slowdown does not come as a surprise. It is not only in Macau that company’s have slowed their casino projects. The United States has had several projects put on hold, some indefinitely, because of the global credit crunch.
Still, Galaxy, is moving forward to complete their casino. “Construction work on Galaxy Macau continues and we have revised the development schedule to better align the opening with market conditions as they improve,” said the statement.