COLORADO SPRINGS, Colorado, Dec. 2, 2014 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that a 75%-owned subsidiary has been selected by Horse Racing Alberta ("HRA") to operate the pari-mutuel off-track horse betting network in Southern Alberta starting in 2015.
HRA invited applicants to submit their proposals to operate the off-track betting network in Alberta. After a thorough selection process, Century Casinos, together with its 25%-partner with long-standing off-track betting network experience, was awarded the license to operate the off-track betting network in Southern Alberta, which includes Red Deer, Calgary, Lethbridge, Medicine Hat and the rural OTBs in this area. HRA awarded a second license to Northlands Park out of Edmonton, who will run the OTB network in Northern Alberta.
"This license will enable us to professionally develop and operate off-track betting offerings throughout Southern Alberta," Erwin Haitzmann and Peter Hoetzinger, the company's Co CEOs said. "It is an exciting time in the pari-mutuel industry with various new technologies that will assist in growing and servicing the Alberta off-track betting network," they continued.
HRA is a not-for-profit corporation, which reports to the Ministry of Finance and Agriculture & Rural Development and is responsible for regulating the horse racing industry in Alberta by authority of the Horse Racing Alberta Act.
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, Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd, the owner and operator of nine casinos in Poland. The Company also manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. Also through its Austrian subsidiary, the Company purchased a 7.5% interest in Mendoza Central Entretenimientos S.A. („MCE"), which currently leases approx. 600 slot machines to Casino de Mendoza, Argentina. The Company and MCE have entered into a consulting service agreement, pursuant to which the Company will provide advice to MCE on casino matters. The Company is currently developing a project in the north metropolitan area of Calgary, Alberta, Canada that will include a horse race track and other gaming, restaurant and entertainment facilities. Century Casinos, Inc. 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 (including results for Casinos Poland, Ltd.), operating efficiencies, synergies and operational performance, development of and the prospects for the REC project, debt repayment 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, 2013. 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.
SOURCE Century Casinos, Inc.