Colorado Casino Resorts finds refinancing

New York – CIT Group Inc., a leading global commercial finance company, today announced that it acted as the sole lead arranger for the re-capitalization of Double Eagle Resorts, Inc. and Gold Creek Ventures, LLC, wholly-owned subsidiaries of Colorado Casino Resorts. Double Eagle Hotel & Casino is located in Cripple Creek, Colorado and features a 48,000 square foot casino, a 158-room hotel, restaurants and conference center.

Financing for the transaction was completed by CIT Communications Media & Entertainment, Gaming, a unit of CIT, which served as sole arranger and advisor on the transaction. Terms of the transaction were not disclosed.

„This transaction underscores our commitment to meeting the financing needs of the gaming industry,“ said Steve Reedy, Managing Director of CIT Communications, Media & Entertainment, Gaming. „Our ability to provide this refinancing has allowed Colorado Casino Resorts to consolidate debt and focus on growing its business. We look forward to expanding upon our current relationship.“

Michael Smith, President of Colorado Casino Resorts, said, „While we met with other lenders, we chose CIT because of its long-standing track record of providing financing to the gaming industry and their commitment to building long-term relationships with its customers. We are pleased with this refinancing and look forward to growing our relationship with CIT.