Century Casinos announces 75% ownership of United Horsemen of Alberta (dba Century Downs Racetrack and Casino)
COLORADO SPRINGS, Colorado, March 23, 2015 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that it now owns 75% of United Horsemen of Alberta Inc., the company developing the Century Downs Racetrack and Casino.
Pursuant to an amended credit agreement with United Horsemen of Alberta in connection with the development of the Century Downs project, the company had agreed to loan to United Horsemen of Alberta a total of CAD 24 million in two separate loans, to acquire 15% in United Horsemen of Alberta, to control the board of directors, to manage the development and operation of the Century Downs Racetrack and Casino project and the company had the right to convert CAD 11 million of one loan into an additional 60% ownership interest in United Horsemen of Alberta. The conversion of this CAD 11 million loan to a total of 75% ownership of Century in United Horsemen of Alberta is now effective. With the conversion, a condition of licensing imposed by AGLC, has been satisfied.
Century Downs Racetrack and Casino is located less than one mile north of the city limits of Calgary and 4.5 miles from the Calgary International Airport. The location is ideally positioned exiting off the Queen Elizabeth II Highway, which is the main corridor between Calgary and Edmonton and one of the most heavily used highways in Western Canada, next to the CrossIron Mills shopping mall, a major regional attraction, and has the potential to capture both the north and the northwest Calgary markets, which do not currently have a casino.
The Racing Entertainment Center of the project, including a casino with 550 gaming machines, is scheduled to open on April 1, 2015.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates 30 casinos worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary, Alberta, Canada. The Company also operates casinos aboard 15 luxury cruise vessels (Regatta, Nautica, Insignia, Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Mein Schiff 3, Wind Surf, Wind Star, Wind Spirit, Star Pride, Seven Seas Voyager, Seven Seas Mariner, and Seven Seas Navigator) and the casino on the cruise ferry Nova Star. Through its Austrian subsidiary, CCE, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of nine casinos in Poland. The Company manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. The Company, through CCE, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Mendoza Casino in Mendoza, Argentina. The Company, through CCE, is currently developing the Century Downs Racetrack and Casino in the north metropolitan area of Calgary, Alberta, Canada that will include a horse race track and other gaming, restaurant and entertainment facilities. The Company, through CCE, also owns a 75% interest in CBS, which is expected to begin operating a pari-mutuel off-track betting network in Southern Alberta, Canada, in the second quarter of 2015. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos' common stock trades on the NASDAQ Capital Market® under the symbol CNTY.
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, development of and the prospects for the Century Downs Racetrack and Casino project, debt repayment, investments in joint ventures, outcomes of legal proceedings and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2014. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
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