Century Casinos Announces Plans for Casino in Central City, Colorado
October 13 2004 - 4:09PM
PR Newswire (US)
Century Casinos Announces Plans for Casino in Central City,
Colorado COLORADO SPRINGS, Colo., Oct. 13 /PRNewswire-FirstCall/ --
Century Casinos, Inc. (NASDAQ:CNTY) announced today that it has
signed an agreement with Tollgate Venture LLC to develop and
operate a casino and hotel in Central City, Colorado. The proposed
$40.0 million development includes a 60,000 square foot casino and
back of house with 625 slot machines, six table games, 35 hotel
rooms, retail, food and beverage amenities and a 500-space on-site
covered parking garage. The Company's contribution to the proposed
project includes an initial cash capital contribution of $3.5
million in return for a controlling 65% interest. The Company's
partner, Tollgate Venture LLC, will contribute three existing
non-operating casino buildings, land and land options.
Additionally, a subsidiary of the Company entered into a Casino
Services Agreement to manage the property. Closing of the agreement
and completion of the project is subject to various conditions and
approvals, including, but not limited to securing acceptable
financing, satisfactory environmental studies, licensing by the
Colorado Division of Gaming, Century Casinos' Board approval and
other due diligence. Casino licenses in Colorado are not limited in
number by state gaming laws and are primarily subject to successful
background investigations by the Colorado Division of Gaming.
Century currently is licensed in Colorado for gaming at Womacks
Casino and Hotel in Cripple Creek. On November 20, 2004, the city
of Central City is expected to open to the public the new $45.2
million four lane highway (Central City Parkway) that the Company
believes will offer a safer and faster alternative route from the
greater Denver area to Central City and Black Hawk, Colorado. The
Central City Parkway is an entirely new construction and will
connect to I-70, the main East/West interstate highway in Colorado,
directly to Central City and then on to Black Hawk. Central City is
a prime location for the Company's latest venture because of the
new parkway and because of the fact that the parkway goes through
Central City before going through Blackhawk. All traffic must go
directly past the casino's main entrance and parking structure.
Central City and Black Hawk are historical mining towns situated
adjacent to each other and located in the Rocky Mountains
approximately 35 miles west of Denver. The first casinos opened in
both cities in 1991. The Central City Parkway will enter the casino
cities first at Central City. Currently the alternative route,
which is only a two lane highway and a more treacherous drive than
the new Central City Parkway, enters these cities first at Black
Hawk. "We are delighted with the prospects of opening a casino in
Central City. The location of the casino, hotel, 500 car on-site
covered parking garage and the new Central City Parkway, will be
invaluable towards our goal of further expansion for Century
Casinos," said Chairman and CEO Erwin Haitzmann. About Century
Casinos, Inc.: Century Casinos is an international casino company
that owns and operates Womacks Casino and Hotel in Cripple Creek,
Colorado; owns and operates The Caledon Hotel, Spa & Casino
near Cape Town, South Africa; operates the casinos aboard the
ultra-luxury vessels of Silversea Cruises, The World of ResidenSea,
and Oceania Cruises; and owns 50% of, and provides technical casino
services to the Casino Millennium in the Marriott Hotel in Prague,
Czech Republic. The Company continues to pursue other international
projects in various stages of development. The address for the U.S.
offices is 1263A Lake Plaza Dr., Colorado Springs, CO 80906.
Telephone: (719) 527-8300. Fax: (719) 527-8301. E-Mail: . For more
information about Century Casinos, please visit the Company's web
site at http://www.centurycasinos.com/. Century Casinos' common
stock trades on The NASDAQ Stock Market(R) under the symbol CNTY.
This release contains forward-looking statements that involve risks
and uncertainties. Among the other important factors which could
cause actual results to differ materially from those in the
forward-looking statements are the significant conditions to
closing the transaction and completion of the casino and hotel
project, which cannot be assured, acceptance by the public of
gaming at the new casino, use by the gaming public of the new
Central City Parkway, significant competition from many large and
established casinos in Black Hawk and by the City of Black Hawk,
which will seek to preserve market share for the Black Hawk
casinos, other economic, competitive, and governmental factors
affecting the Company's operations, markets, services and prices,
as well as other factors detailed in the Company's filings with the
Securities and Exchange Commission, including its recent filings on
Forms 10-K, 10-Q, and 8-K. 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.
http://www.newscom.com/cgi-bin/prnh/20041013/LAW096
http://photoarchive.ap.org/ DATASOURCE: Century Casinos, Inc.
CONTACT: Larry Hannappel of Century Casinos, Inc., +1-719-527-8300,
Web site: http://www.centurycasinos.com/
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