Colorado economic development officials on Friday approved $81.4 million of incentives over 30 years to help Gaylord build its proposed 1,500-room resort outside Denver.
The amount awarded by the Colorado State Economic Development Commission was in line with a consultant's recommendation and about two-thirds of the amount Gaylord officials had requested. The company already has received incentives worth $300 million from the city of Aurora, where it plans to build its $800 million convention complex.
Contrary to earlier public statements — early this month, Senior Vice President Bennett Westbrook said Gaylord would not build without the full incentive amount — Gaylord officials signaled Friday they may be willing to rework their numbers a bit.
“We remain enthusiastic about the potential for our proposed Aurora development, and are confident that a Gaylord property in the Denver market would represent a substantial boost to the local economy and tourism industry,” said Chairman and CEO Colin Reed. “We are excited about the greater Denver region and will review the overall viability of the project in its current form and structure given this decision, while at the same time preserving the enormous economic benefits that this project will bring to Colorado. We look forward to working with the Commission over the coming months to finalize the details.”
If Gaylord proceeds with its project, the company expects to open its fifth property in the second half of 2016.