CC Gaming LLC of Colorado announced yesterday that they had entered a definitive agreement with RCH Colorado LLC to purchase the Reserve Casino Hotel in Central City, Colorado. The transaction is expected to consummate in the spring pending approvals from the Colorado Division of Gaming.
The company’s existing portfolio includes Johnny Z’s Casino in Central City, Z Casino in Black Hawk, and Z Stop, the only gas station and convenience store in the area. Johnny Z’s was formerly known as the Central Palace Casino and was owned at that time by Las Vegas Palms Casino owners, George Maloof and brother Gavin Maloof. Johnny Z’s opened on June 9, 2010. Some sources indicate that there has long been a working relationship between Johnny Z’s and the Reserve Hotel and Casino with Johnny Z’s providing VIP accommodations at the Reserve Hotel due to a lack of their own hotel space.
“Hotel rooms are at a premium in the Black Hawk/Central City gaming market,” said John Zimpel, owner of CC Gaming. “Adding nearly 120 rooms to our family of properties certainly expands our market offerings and is an opportunity to better serve our guests.”
According to a press release from the company on February 7, the addition of Reserve’s 224,000 square feet of resort space makes CC Gaming the largest locally owned casino owner/operator in Colorado, now with up to 286,000 total square feet of resort space.
Currently known as Reserve Casino Hotel, the property was constructed in 1994 for $80 million by Harvey’s Casino Resorts. It was the first hotel and casino to open in Central City, Colorado and offers more gaming space, machines, and tables combined than any other in Central City. The resort was first remodeled in 2007. Another refurbishment occurred in 2012 by RCH Colorado. RCH Colorado was formerly known as Luna Gaming Central City when they bought the property then called Fortune Valley Casino and Hotel in January 2011.
CC Gaming’s integration of Reserve adds approximately 40,000 square feet of gaming area and up to 1,200 approved gaming positions. The property boasts 119 hotel rooms, three restaurants, two bars, a live entertainment facility and more than 700 covered parking spaces. The deal also adds 40 acres of adjacent property to the company’s portfolio that is zoned for multi-use and suitable for a convention center or other compatible uses.
CC Gaming LLC offers 25 percent of the gaming positions in Central City.