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Wildwood Casino announces financial restructuring
Wednesday, January 21, 2009 at 12:56:39 PM
American Gaming Group announced Tuesday that it has completed the financial restructuring of the Wildwood Casino, located at Cripple Creek, Colorado. The restructuring included an additional capital investment from Plainfield Asset Management along with a significant reduction in our senior debt.
"This transaction is extremely helpful in light of current economic conditions combined with the soft gaming market in Cripple Creek," said Joseph Canfora, Chief Executive Officer of Merit Management Group and a manager of American Gaming Group. "The restructuring enables us to move forward with capital improvements."
Additionally, Cripple Creek voters recently approved changes to gaming laws made possible by Colorado's Amendment 50. Voters passed the Amendment 267 to 13, a 95 percent approval margin. The vote allows for increased betting limits, expansion of games (roulette and craps) and expands casino hours of operations to 24 hours a day.
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