American Gaming Organizations Finalizes Financial Restructuring for Wildwood Casino
The American Gaming Organization announced on January 20th, 2009 that it has finalized the financial restructuring of their Wildwood Casino facility at Cripple Creek, Colorado. The financial restructuring included an additional monetary investment from the Plainfield Asset Management together with an important reduction in the company's senior debt.
Joseph Canfora, the Chief Executive Officer of Merit Management Group and a manager of American Gaming Group said that this transaction is very helpful especially with the ongoing global financial crisis together with the soft gambling market in Cripple Creek. He added that the financial restructuring enables them to move forward with their capital improvements.
Aside from that, the voters of Cripple Creek recently gave their approval to changes to existing gambling laws made possible by the approval of the Colorado state voters to the Amendment 50. Cripple Creek voters approved the Amendment 50 267 against 13, which is a ninety-five percent approval margin. The vote permits for increased wagering limits, from $5 to $100, expansion of the present gaming offerings by adding craps and roulette and expansion of existing casino hours of operations to twenty-four hours a day.