GAMING INDUSTRY BRIGHT SPOT IN COLORADO’S ECONOMY

CONTACT: Katy Atkinson, 303/525-3167 or Lois Rice, 303/237-5480 

At a time when business closures and job losses seem to dominate the headlines, there’s good news coming out of Colorado’s three mountain gaming towns. The Colorado Gaming Association (CGA) surveyed its members and found that they’ve added more than 750 jobs as a result of gaming law changes approved by Colorado voters last year. In addition to hiring new workers, CGA member casinos made nearly $3 million in capital investments, creating work for contractors and journeymen, as well. 

While Colorado’s casinos were hit hard by the “perfect storm” of a national economic recession, last summer’s high gas prices and a new smoking ban; the industry is betting that the advent of higher bet limits, 24-hour gaming and new games will justify their investments. These changes, authorized when voters approved Amendment 50, will take effect on July 2. “Prior to this latest round of hiring, the casino industry employed more than 9,000 Coloradans, making it one of the largest private sector employers in the state,” explained Michael Smith, president of the Double Eagle Hotel/Casino in Cripple Creek and president of the Colorado Gaming Association. “When our industry is healthy and growing, we’re creating new jobs and generating new revenues for Colorado’s community colleges, along with historic preservation, tourism promotion and other key funding areas selected by the legislature.” A survey by the American Gaming Association found that 2008 wages, tips and benefits for employees at Colorado’s 40 mountain casinos totaled $238.95 million. The industry in Colorado paid $88.43 million in gaming taxes on gross gaming revenue.

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