PR Newswire/euro adhoc/
EANS-Adhoc: Century Casinos Completes Purchase of Additional 33% Ownership in
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.
Mergers - Acquisitions - Takeovers/Company Information
Colorado Springs, Colorado, April 9, 2013 - Century Casinos, Inc. (NASDAQ
Capital Market® and Vienna Stock Exchange: CNTY) announced today that its
subsidiary Century Casinos Europe GmbH signed the final share sale agreement
with LOT Polish Airlines and closed on the transaction to purchase an additional
33.3% ownership interest in Casinos Poland Ltd ("CPL"). Century Casinos, Inc.
now owns a 66.6% ownership interest in CPL.
CPL is the owner and operator of eight casinos throughout Poland with a total of
317 slot machines and 77 gaming tables. As of the nine months ended September
30, 2012, CPL had a 43% share of the Polish casino market and is currently
participating in other pending license applications.
For the year ended December 31, 2012, CPL recorded net operating revenue of USD
44.0 million, EBITDA of USD 4.5 million and net income of USD 1.3 million (all
based on average PLN to USD exchange rates for the same period).
"We are very pleased with the closing of this transaction, which represents
another milestone in our company's history by significantly increasing our scale
and diversity. We expect this acquisition to be immediately accretive and are
very excited about the growth potential it brings for our company," said Erwin
Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.
"The "Casinos Poland" brand is exceptionally strong as demonstrated by a market
share that consistently has been between 40% and 50% in recent years" they
As of today, Century Casinos, Inc. will begin consolidating CPL as a majority-owned subsidiary with a controlling financial interest. The Company will account
for and report the 33.3% owned by CPL's co-shareholder, State-owned Polish
Airports, as a non-controlling financial interest. Consolidation of CPL will
increase the Company's overall net operating revenue and operating costs and
expense; the Company previously reported its interest in CPL under the equity
The purchase price of the investment was approximately $6.8 million, financed
with borrowings under the Company's Bank of Montreal Credit Agreement.
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 66.6% 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, statements regarding Casinos Poland Ltd., future results of
operations, operating efficiencies, synergies and operational performance, 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, 2012. 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
issuer: Century Casinos,Inc.
c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2
sector: Casinos & Gambling
indexes: WBI, ATX Prime
stockmarkets: official market: Wien
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-0- Apr/09/2013 09:32 GMT
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