New Gaming Law in Poland Expected to Restructure Polish Gaming Market
December 11 2009 - 11:00AM
PR Newswire (US)
COLORADO SPRINGS, Colo., Dec. 11 /PRNewswire-FirstCall/ -- Century
Casinos, Inc. (Nasdaq: CNTY; Vienna Stock Exchange: CNTY) announced
today that a new Polish Gaming Law has been established that is
expected to substantially reorganize and restructure the gaming
market in Poland from January 1, 2010. Century Casinos holds a
one-third ownership interest in Casinos Poland Ltd., who is
operating seven full casinos and one slot arcade in Poland. Under
the new legislation, all licenses for slot arcades and low-wager
betting machines outside casinos will be phased out. Within the
next six years, approximately 250 slot arcades, operating approx.
10,000 slot machines, as well as all low denomination slot machines
will disappear from the market due to the expiration of the
underlying licenses. The operation of slot machines will be
permitted in casinos only (up to 70 slot machines per casino). The
new law also introduces strict new six-year state licenses for
casinos, higher gaming taxes (50% instead of currently 45%) as well
as higher fees for the gaming sector. Except for duly organized
poker tournaments, poker cash games will be prohibited. With regard
to the legislation process and content of the new law, Poland's
constitutional court is now to rule whether the newly adopted law
is "in line with the constitution". Therefore, future amendments or
a suspension of the new law are considered to be theoretically
possible. About Century Casinos, Inc.: Century Casinos, Inc. is an
international casino entertainment company that owns and operates
the Womacks Casino & Hotel in Cripple Creek, Colorado, the
Century Casino & Hotel in Central City, Colorado, and the
Century Casino & Hotel in Edmonton, Canada. The Company also
operates casinos aboard five luxury cruise vessels (Silver Cloud,
Regatta, Insignia, Nautica, Mein Schiff). 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 seven full casinos and one slot casino in Poland. Century
Casinos, Inc. continues to pursue other international projects in
various stages of development. For more information about Century
Casinos, visit our website at http://www.centurycasinos.com/.
Century Casinos' common stock trades on The NASDAQ Capital MarketĀ®
and the Vienna Stock Exchange under the symbol CNTY. This release
may contain "forward-looking statements" within the meaning of 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 the proceeds from our sale of
Century Casinos Africa, progress at and plans for our casinos and
the impact of economic downturn. 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 sections entitled "Risk Factors" under Item 1A in
our Annual Report on Form 10-K filed on March 16, 2009. 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. DATASOURCE: Century Casinos, Inc. CONTACT: Peter
Hoetzinger, Co CEO & President, +1-719-689-5813, +43 664 355
3935, , or Larry Hannappel, Senior Vice President, +1-719-229-6448,
, both of Century Casinos, Inc. Web Site:
http://www.centurycasinos.com/
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