The Business Review
Saratoga Harness Racing Inc. has agreed to buy Fitzgeralds Casino–Black Hawk in Black Hawk, Colorado, for $28 million from The Majestic Star Casino.
Officials with Saratoga Harness, the entity that owns Saratoga Casino and Raceway in Saratoga Springs, expect the deal to close by the end of the year.
Los Angeles, California-based Houlihan Lokey Capital Inc. represented Majestic Star in the deal. Las Vegas, Nevada-based Global Gaming & Hospitality represented Saratoga Harness.
The deal is Saratoga Harness’ first acquisition without partners. The organization has a 50-50 partnership with Delaware North Cos. to operate the Gideon Putnam Resort and Roosevelt Baths in Saratoga Springs. D
an Gerrity, president of Saratoga Harness Racing, said the organization was looking for ways to diversify geographically, and Black Hawk was a good fit.
Fitzgeralds-Black Hawk, like Saratoga Springs, is a tourist destination.
The Colorado casino, which employs 200, opened in 1995 and was expanded and renovated in 2008. The casino has 587 slot machines, 11 table games and several restaurants and bars.
Saratoga Harness’ casino in Saratoga Springs has 1,700 slot machines, Vapor Night Club, three restaurants and three bars. It employs 650 people.