A bill entitled "Gilpin County, Colorado--B.L.M. Land Transfer Act of 1994".

Requires Lake Gulch, Inc., to convey, on an equal value basis, specified lands located in Larimer, Lake, and Conejos Counties, Colorado, to the Secretary of the Interior in exchange for certain Lake Gulch Selected Lands located in Gilpin County, Colorado.

Provides that, if cash equalization monies are owed to the United States in the exchange, such monies shall be retained by the Secretary and may be utilized until fully expended to purchase from willing sellers land or water rights to augment wildlife habitat and to protect and restore wetlands in the Bureau of Land Management's Blanca Wetlands, Alamosa County, Colorado.

Conditions the conveyance of such selected lands on Lake Gulch executing an agreement which: (1) grants the United States a covenant that none of such lands (all of which currently lie outside of Colorado's current legally approved gaming area) shall ever be used for gaming purposes should such gaming area ever be expanded by the State; and (2) permanently holds the United States harmless for liability and indemnifies it against all costs arising from any activities, operations (including the storing, handling, and dumping of hazardous materials or substances) or other acts conducted by Lake Gulch on the selected lands after such transfer. Declares that nothing in this Act shall be construed as either diminishing or increasing any U.S. responsibility or liability based on the condition of the selected lands before or on the date of their transfer. Subjects the conveyance to the existing easement for Gilpin County Road 6.

Revokes a specified Public Water Reserve established by Executive Order dated April 17, 1926, insofar as it affects certain land which covers a portion of the selected lands.