COLORADO SPRINGS, Colo.,
April 25, 2018 /PRNewswire/
-- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY)
announced today that the Company's Austrian subsidiary, Century
Resorts Management GmbH, has acquired 51% of the outstanding common
stock of Golden Hospitality Limited ("Golden"), a Hong Kong company, for a total consideration
of USD 560,000.
Golden has entered into agreements with Minh Chau Ltd.
("Minh Chau"), the owner of a small
hotel and international entertainment and gaming club in the
Cao Bang province of Vietnam, just 300 feet from the Vietnamese -
Chinese border station. These agreements allow Golden to manage the
hotel and international entertainment and gaming club for a
management fee and to acquire a minimum of 51% of Minh Chau over the next three years for approx.
USD 3,570,000.
Golden plans to start managing the operations of Minh Chau within the next two months against a
management fee of 26% of Minh Chau's
profit.
The hotel offers 30 low-standard rooms and the international
entertainment and gaming club currently offers seven electronic
(table) games for non-Vietnamese passport holders under a
provincial investment certificate that allows for up to 26
electronic games. Golden's intent is to upgrade and expand the
hotel and gaming entertainment facilities.
Minority shareholders of Golden include a set of Asian investors
with many years of experience in the gaming and hospitality
industry in IndoChina.
The Company is aware of three other hotel and gaming operations
along the 800 miles long Vietnamese - Chinese border, which compare
to the Company's project as follows:
|
Distance
from
|
Hotel
|
Gaming
|
Electronic
|
Population on Chinese
side
|
Cao Bang
|
Rooms
|
Tables
|
Games
|
60
miles
|
120
miles
|
Cao Bang
(Century Project)
|
__
|
30
|
__
|
26
|
750,000
|
3.5
million
|
Mong Cai
(two facilities)
|
200 miles
|
300
|
43
|
100
|
620,000
|
5.3
million
|
Lao Cai
(one facility)
|
320 miles
|
400
|
40
|
68
|
80,000
|
1.7
million
|
"We are excited about this opportunity to enter the Asian
land-based gaming market with a relatively small initial investment
but great upside development and investment potential," said the
Company's Co CEOs Erwin Haitzmann
and Peter Hoetzinger.
About Century Casinos, Inc.:
Century Casinos, Inc. is
an international casino entertainment company that operates
worldwide. The Company owns and operates Century Casino &
Hotels in Cripple Creek and
Central City, Colorado, and in
Edmonton, Alberta, Canada and the
Century Casino in Calgary and in
St. Albert, Alberta, Canada.
Through its Austrian subsidiary, Century Resorts Management GmbH
("CRM"), the Company holds a 66.6% ownership interest in Casinos
Poland Ltd., the owner and operator of five casinos in Poland as of March 8,
2018. The Company, through CRM, also holds 75% ownership
interests in both Century Downs Racetrack and Casino, which
operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets!
Inc., which operates the pari-mutuel off-track horse betting
network in southern Alberta,
Canada. The Company operates 13 ship-based casinos with four
cruise ship owners. The Company, through CRM, also owns a 7.5%
interest in, and provides consulting services to, Mendoza Central
Entretenimientos S.A., a company that provides gaming-related
services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing
Century Mile Racetrack and Casino in Edmonton, Alberta, Canada and the Saw Close
Casino in Bath, England. The
Company continues to pursue other international projects in various
stages of development.
Century Casinos' common stock trades on The Nasdaq Capital
Market® under the symbol CNTY. For more information about Century
Casinos, visit our website at www.cnty.com.
This release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities 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 future results of
operations, operating efficiencies, synergies and operational
performance, the prospects for and timing and costs of new
projects, projects in development and other opportunities,
including the Century Mile, Saw Close Casino and Bermuda projects, debt repayment, investments
in joint ventures, outcomes of legal proceedings 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, 2017 and in subsequent periodic and
current SEC filings we may make. 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.
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SOURCE Century Casinos, Inc.