Central City Colorado’s largest casino property with 734 slot machines, 15 gaming tables and a 118 room hotel has been sold for a low $10 million.
The Fortune Valley Hotel & Casino in Central City was put up for sale last year, however with no offers on the table, the resort was placed on the auction block by the Delaware judge in charge of parent company Centaur’s bankruptcy that was filed this past March.
According to the court documents there were no other qualified bidders interested in acquiring the casino during Monday’s planned auction which left Luna Gaming Central City as the sole bidder.
The bankruptcy judge approved Luna Gaming Central City’s $10 million offer as the “stalking horse” bid and today approved them as the new owner.
Luna Gaming will pay $7.5 million in cash and the remaining $2.5 million through a promissory note. The note will be paid off over the next five years with at a 6.5% interest rate applied.
While Luna Gaming must obtain approval from Colorado regulators they are hopeful the transaction can be closed by the end of the year.
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