EANS-Adhoc: Century Casinos Announces Racing Entertainment Centre and Race Track Project in Calgary, Alberta, Canada

PR Newswire/euro adhoc/
EANS-Adhoc: Century Casinos Announces Racing Entertainment Centre and Race Track
Project in
Calgary, Alberta, Canada
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. 
other/Company Information
03.12.2012 
December 3, 2012 
Century Casinos Announces Racing Entertainment Centre andRace Track Project  in
Calgary, Alberta, Canada 
COLORADO SPRINGS, Colorado, December 3, 2012 -  Century  Casinos,  Inc.  (NASDAQ
Capital Market® and Vienna  Stock  Exchange:  CNTY)  announced  today  that  its
subsidiary Century Casinos Europe GmbH  ("CCE")  signed  credit  and  management
agreements with United Horsemen of Alberta Inc. ("UHA") in connection  with  the
development of a proposed race track and entertainment center in  Balzac,  north
metropolitan area of Calgary, Alberta, Canada. 
The proposed project would be the only horse race track in the Calgary area  and
would  consist  of  a  5.5  furlongs  (0.7  miles)  race  track  and  a   Racing
Entertainment Centre, including a gaming floor proposing 625 gaming machines,  a
bar,  a  lounge,  restaurant  facilities,  an  off-track-betting  area  and   an
entertainment area.  This  Racing  Entertainment  Centre  license  is  the  only
license still available in any metropolitan area  of  Alberta.  This  particular
license application pre-dates the AGLC recently approved  three-year  moratorium
on new Casinos and Racing Entertainment Centers, with an option  to  extend  the
moratorium for an additional two years. 
CCE has agreed to loan to UHA  up  to  CAD  13  million  (approximately  USD  13
million based on the exchange rate in  effect  on  December  3,  2012)  for  the
exclusive use of developing the proposed project. The loan has an interest  rate
of LIBOR plus 800 bps, a term of five years and is convertible  by  CCE  into  a
60% ownership position in UHA. The Company intends to provide the  loan  to  UHA
with borrowings under the Company's Bank of Montreal Credit Agreement. 
Once the project is developed and operational and for as long  as  CCE  has  not
converted the loan into a majority ownership position in UHA, CCE  will  receive
60% of UHA's net profit before tax as a management fee. 
Both the credit and management agreements are subject to  development  approvals
and  licensing  from  the  AGLC.  UHA  and  CCE  have  submitted  the   relevant
applications already, but there is no assurance that the needed  approvals  will
be obtained or as to the timing of such approvals.  Horse  Racing  Alberta,  the
governing authority for horse  racing  in  Alberta,  has  already  approved  the
project and issued a license. 
The proposed project would be 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 would capture  both  the  north  and  the
northwest Calgary markets, which do not currently have  a  casino.  The  Company
anticipates that the race track and entertainment center would be  completed  12
to 18 months following completion of the approval process. 
About Century Casinos, Inc.:
Century Casinos, Inc. is an  international  casino  entertainment  company  that
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 twelve  luxury  cruise
vessels (Regatta, Nautica, Marina, Riviera, Mein Schiff 1, Mein Schiff  2,  Wind
Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner  and  Seven
Seas Navigator). Through its Austrian subsidiary, Century Casinos  Europe  GmbH,
the Company holds a 33.3% ownership interest in Casinos Poland Ltd.,  the  owner
and  operator  of  eight  casinos  in  Poland.  The  Company  also  manages  the
operations of the casino at the Radisson Aruba Resort, Casino &  Spa  in  Aruba,
Caribbean.  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® and the Vienna Stock Exchange under the symbol CNTY. 
This release may contain "forward-looking  statements"  within  the  meaning  of
Section 27A of the Security  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, future results of operations, operating efficiencies, synergies  and
operational performance,  economic  improvements  in  2012  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,  2011.  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. 
Further inquiry note:
Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com 
issuer:      Century Casinos,Inc. 
         c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2 
         A-1030 Wien
phone:       +43/664/3553935
FAX:         +43/1/5336363
mail:        peter.hoetzinger@cnty.com
WWW:         www.cnty.com
sector:      Casinos & Gambling
ISIN:        AT0000499900
indexes:     WBI, ATX Prime
stockmarkets: official market: Wien 
language:   English 
    
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-0- Dec/03/2012 14:32 GMT