The purpose of this research is to assess the impacts of Colorado's community-based, limited-stakes casino gaming after 12 years of operation. Current residents’ perceived impacts, benefits, and support of community development due to gaming were examined in the three Colorado gaming communities of Black Hawk, Central City, and Cripple Creek. Results of the study suggest that as gaming development has evolved, residents of these gaming towns have continued to reflect the underlying tenets of social exchange theory in their assessment of gaming. Perception by residents of positive gaming impacts significantly influenced residents’ perceived benefits and these positive benefits also had a positive effect on residents’ support for gaming. Findings of the study concluded that regardless of the life cycle stage of a gaming community, social exchange theory was still valid in explaining the relationships among residents’ perceived impacts, benefits, and support of gaming development.