COLORADO
SPRINGS, Colo., Dec. 5, 2022
/CNW/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) broke
ground on the new land-based casino and hotel development at
Century Casino Caruthersville (the "Caruthersville Project") on
Friday, December 2, 2022. The casino
at Century Casino Caruthersville will offer 650 slot machines (with
the possibility of an expansion of up to 140 additional slot
machines), table games, a deli, and a bar. The 38-room hotel, which
will be located in a hotel tower between the existing pavilion and
the new casino, will provide scenic views of the Mississippi River
and city of Caruthersville. The
new casino and hotel are expected to open in late 2024, subject to
final regulatory approval from the Missouri Gaming Commission as
well as other state and local approvals.
The Caruthersville Project is expected to cost approximately
$51.9 million. To finance the
Caruthersville Project, the Company entered into an amendment to
its Master Lease with VICI Properties Inc. ("VICI"). Following
completion, VICI will own the real estate improvements associated
with the Caruthersville Project. Annual rent under the Master Lease
will increase by approximately $4.2
million after completion of the Caruthersville Project.
Following the groundbreaking ceremony, the Company hosted a
grand opening of the Farmstead, a 36-room hotel located near the
existing pavilion and the new land-based casino and hotel
development in Caruthersville. The
Company bought the Farmstead land and building in July 2021 and completely renovated the hotel
building into a contemporary Missouri farmhouse style hotel at a cost of
approximately $3.7 million. The
Farmstead will be the only hotel in Caruthersville until the new hotel at the
land-based Century Casino Caruthersville is completed.
Currently, the Company continues its work on the relocation of
the casino floor of Century Casino Caruthersville from the
riverboat and barge on the Mississippi river to a temporary
location in the pavilion. The Company's goal is to have that
relocation completed before the end of 2022. The record low water
levels of the Mississippi River in October
2022 made the relocation to a temporary land-based facility
necessary because the riverboat, which operated since 1994, was no
longer accessible from the barge. The Missouri Gaming Commission
approved the relocation to the temporary facility in October 2022. The casino will remain in the
temporary facility until the time the new permanent land-based
casino is completed.
The pavilion, the Farmstead, parking, and the new land-based
Caruthersville Project are all protected by a flood wall. As a
result, the Company expects that casino operations in Caruthersville will no longer be affected by
water levels in the Mississippi River.
Through these developments, Century Casinos is transforming
Century Casino Caruthersville from the last remaining riverboat
casino on the Mississippi River to a full destination resort with
the ability to attract customers from even further into
Missouri, Tennessee and Arkansas, while providing existing customers
with an even better casino experience.
About Century Casinos,
Inc.:
Century Casinos, Inc. is a casino entertainment company. The
Company owns and operates Century Casino & Hotels in
Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino
in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer
Casino, Racetrack & Resort in New
Cumberland, West Virginia; and the Century Mile Racetrack
and Casino in Edmonton, Alberta,
Canada. Through its Austrian subsidiary, Century Resorts
Management GmbH, the Company holds a 66.6% ownership interest in
Casinos Poland Ltd., the owner and operator of eight casinos
throughout Poland; and a 75%
ownership interest in Century Downs Racetrack and Casino in
Calgary, Alberta, Canada. Through
its United States subsidiary,
Century Nevada Acquisition, Inc., the Company owns a 50% membership
interest in Smooth Bourbon, LLC, which owns the land and building
of the Nugget Casino Resort (the "Nugget") in Sparks, Nevada. The Company has an agreement
to purchase 100% of the membership interests related to the
operations of the Nugget and an agreement to purchase 100% of the
equity interest in the Rocky Gap Casino Resort operations. The
Company also has an agreement to operate one ship-based casino. The
Company continues to pursue other projects in various stages of
development.
Century Casinos' common stock trades on The Nasdaq Capital
Market® under the symbol CNTY. For more information about Century
Casinos, visit our website at www.cnty.com.
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 include statements about the cost, timing and prospects for
the Caruthersville Project and timing for relocation of
Century Casino Caruthersville. 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 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, 2021, and in
subsequent periodic and current SEC filings we may make. 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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SOURCE Century Casinos, Inc.
