Saratoga Harness Racing, Inc., owner of Saratoga Casino and Raceway in Saratoga Springs, New York, and The Majestic Star Casino, LLC announced today that SHRI has entered into a definitive agreement to
acquire all of Majestic Star’s issued and outstanding limited liability company interests of Majestic Colorado Gaming, LLC d/b/a Fitzgeralds Casino - Black Hawk in Black Hawk, Colorado for $28 million, subject to certain post-closing adjustments.
Subject to the terms of the agreement and satisfaction of closing conditions, including regulatory approvals, the transaction is anticipated to close before the end of 2012.
Since opening in 1995, Fitzgeralds Black Hawk has become one of the premiere historic casino properties in the Black Hawk market. Renovated and expanded in 2008, the property features 587-slot machines, 11 table games, a 318-space all-valet parking garage, a 69-seat upscale steakhouse, an 83-seat casual dining restaurant, three casino bars and banquet and event facilities.
"Today’s announcement is an exciting milestone for us," said Dan Gerrity, president of SHRI. "We have been looking for opportunities to geographically diversify SHRI and believe that Fitzgeralds Black Hawk represents the perfect fit for our company. Numerous factors have led us to this decision including the dedication and talent of the property’s nearly 200 employees, who have done a tremendous job in positioning Fitzgeralds Black Hawk as an exciting entertainment destination. We look forward to getting to know the property’s tremendously loyal guests and working to create special experiences for them with each and every visit."
"Fitzgeralds Black Hawk was among the first cluster of casinos to open in the historic Black Hawk community and has been part of the Majestic Star group of companies since 2001," commented Peter Liguori, Majestic Star’s president and CEO. "We are extremely appreciative of the dedication and loyalty our team members and guests have shown over the years and value the relationships that we have developed with other Black Hawk casino operators and city officials. SHRI shares our commitment to provide quality gaming and dining experiences and we believe that commitment will continue beyond the transition in ownership."
Houlihan Lokey Capital, Inc. acted as transaction advisor to Majestic Star. Global Gaming & Hospitality acted as transaction advisor to SHRI.