COLORADO SPRINGS, Colorado,
Oct. 11, 2012 /PRNewswire/ -- Century
Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange:
CNTY) announced today that its subsidiary Century Casinos Europe
GmbH, signed an agreement with LOT Polish Airlines to acquire an
additional 33.3% ownership interest in Casinos Poland Ltd ("CPL"),
the owner and operator of eight casinos in Poland.
The transaction is subject to approval from the Polish Minister
of Finance and Polish Airports, the co-shareholder in CPL. There is
no assurance that the company will obtain the needed approvals or
as to the timing of such approvals. Upon closing of the
transaction, the company will execute the final agreement and own a
66.6% ownership interest in CPL.
The latest available market data indicate that through the eight
casinos operated in major cities throughout Poland, CPL has a 46% share of the Polish
casino market. For the 12 month period ended June 30, 2012, CPL recorded net operating revenue
of approximately USD 46.5 million,
EBITDA of approximately USD 5.9
million and net income of approximately USD 1.7 million (all based on average PLN to USD
exchange rates for the same period).
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, statements regarding approvals required for
the CPL transaction, 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.