To provide for the exchange of certain lands in Gilpin County, Colorado.

Directs the Secretary of the Interior to convey to Lake Gulch, Inc., a Colorado corporation, specified lands in Gilpin County, Colorado, in exchange for: (1) certain lands comprising approximately 40 acres located in Larimer County, Colorado, within the boundaries of Rocky Mountain National Park; (2) certain lands located within and adjacent to the United States Bureau of Land Management San Luis Resource Area in Conejos County, Colorado; and (3) certain lands located within the United States Bureau of Land Management Royal Gorge Resource Area in Huerfano County, Colorado.

Allows the Secretary of the Interior and Lake Gulch to agree to substitute alternative lands if one or more of the precise offered land parcels is unable to be conveyed.

Directs the Secretary to notify and consult with the County and City and afford such units of local government the opportunity to acquire or reserve easements or rights-of-way parallel to North Clear Creek in Gilpin, Colorado, prior to transferring any lands which are contiguous to North Clear Creek out of public ownership.

Expresses that the exchange will be contingent upon Lake Gulch executing an agreement with the United States: (1) containing terms which are acceptable to the Secretary of the Interior; (2) granting the United States a covenant that none of the selected lands (which currently lie outside the legally approved gaming area) will ever be used for gaming; and (3) permanently holding the United States harmless for liability and indemnifying the United States against all costs arising from activities, operations, or other acts conducted by Lake Gulch or its employees, agents, successors or assigns on the selected lands after their transfer to Lake Gulch.