A guess here, as I've never been to Terp's (now closed)...
It looks like Terp's was a local candy store in the days prior to legalizing gambling in the 3 Colorado mountain towns.
It was converted to a small casino, like lots of other small properties.
Perhaps the central design depicts an area where they made candy, and the bags are bags of sugar.
But just a guess. Maybe a Colorado specialist knows the answer.