Global Casinos Inc. announced last week that it has entered into an agreement to purchase Doc Holliday Casino, a limited stakes gaming casino in Central City, Colorado.
The purchase price for the assets is $3.85 million, subject to adjustments, payable with a combination of cash, convertible note and shares of common stock. The purchase price is subject to certain post-closing adjustments.
Completion of the acquisition is subject to contingencies, including the need to complete an equity financing and debt financing, the need for regulatory approvals from the Colorado Division of Gaming and the Local Liquor Licensing Authority, the completion of audited historical financial statements of Doc Holliday Casino, as well as other conditions customary to transactions of this nature.
"We believe the acquisition of Doc Holliday is a good strategic fit for Global Casinos and offers potential opportunities when combined with our existing operations at the Bull Durham Casino in Black Hawk," said Clifford L. Neuman, Interim President of Global Casinos. "Doc Holliday has been a consistently strong performer in the Central City market which we believe will make a positive contribution to our bottom line going forward."
Global Casinos currently owns and operates the Bull Durham Casino located in Black Hawk, Colorado. It also has an equity stake in Global Gaming Technologies, LLC, which is in the process of commercially developing new, innovative casino games.