Century Casinos Canadian Expansion
Century Casinos, Inc. (CNTY: 2.19 0.00%) announced today their Austrian subsidiary, Century Casinos Europe has entered into a definitive agreement to take over the Silver Dollar casino in Calgary, Alberta, Canada and related land by acquiring 100% of the outstanding common stock of Frank Sisson’s Silver Dollar Ltd and 100% of the outstanding common stock of EGC Properties Ltd, the owner and operator of the casino.
The total consideration price for the 93,000 square foot casino located on approximately seven acres is $10.6 million. The facility houses 504 slot machines, 16 table games, 15 video lottery terminals, 2 restaurants, a lounge, a 5,000 square foot showroom, an 18,000 square foot convention center and a 38 lane bowling alley.
CEOs Erwin Haitzmann and Peter Hoetzinger said, “We are excited about expanding in Alberta, Canada, by entering the Calgary gaming market with the addition of the Silver Dollar to Century’s portfolio of casino hotels. Once we have made certain improvements at the property and refined its market position, we believe the Silver Dollar has the potential to substantially contribute to our overall performance.”
The Silver Dollar casino was acquired by Evergreen Gaming Corporation in 2007 and in April 2009, filed for protection from creditors under the Companies’ Creditors Arrangement Act.
The transaction is subject to customary closing conditions, including the receipt of necessary regulatory and governmental approvals. The transaction is expected to close in the first quarter of 2010. The total purchase price will be paid out of the Company’s cash on hand.
Century owns and operates the Century Casino & Hotel in Edmonton in Alberta, Canada.
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