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Bondholders Sue Black Hawk Casino

4 November 2002

BLACK HAWK, Colorado -- Trustees representing bondholders owed $100 million have launched foreclosure procedures against the owner of the Black Hawk Casino by Hyatt.

The papers were filed in Gilpin County late Thursday against Windsor Woodmont Black Hawk Resort Corp. Corp., owner of the glitzy Black Hawk Casino by Hyatt.

The action could cost Windsor ownership of the $150 million complex, which opened less than a year ago, and surrounding tracts of land.

The property is pledged as collateral on $100 million in publicly traded first mortgage notes. Windsor, which is closely held, defaulted on the notes Oct. 15.

The Hyatt Gaming-managed casino remains open.

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