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Colorado overwhelmingly approved a measure this week that lets casinos in town of Black Hawk raise their maximum bets from $5 to $100. Voters approved the measure in a 54 to six victory on the polls.
The measure also approves the entire new provisions included in Amendment 50, which was passed statewide on Nov. 4. It means casinos too can add roulette and craps, and stay open 24 hours an afternoon.
Black Hawk is the second one of Colorado's gambling communities to vote at the issue. Cripple Creek had already voted to approve the brand new betting limits and games. Central City votes on Jan. 20.
A component to the brand new tax revenue generated from the upper limits, new games and longer hours is earmarked for state universities and colleges. Experts think the brand new games could raise up to $300 million if all three towns adopt the brand new rules.
The new rules will go into effect this summer.
Black Hawk and its casinos trust that higher stakes will lead them to more competitive with other gambling destinations and boost revenue, however the new rules probably wouldn't take effect until early July, and the chance of increased activity is already alleviating the industrial concerns of the present.
Last year was rough, but conditions are expected to grow. Black Hawk now expects its total revenue to be $28 million this year.
According to City Manager Richard Lessner, casino gaming revenues help finance jobs are in finance, police, fire, planning and public works.
The casinos have cited a want to grow revenues, an new smoking ban and fierce competition as reasons for the growth at this time. Gamblers do travel from out of town to the previous mining community these days.
Cripple Creek already has approved similar changes, and Central City is next, experts said.
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