COLORADO SPRINGS, Colo., March 25, 2015 /CNW/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that Oceania Cruises, Inc. and Seven Seas Cruises S. DE R.L., indirect subsidiaries of Norwegian Cruise Line Holdings Ltd., mutually agreed to terminate the casino concession agreements, effective June 1, 2015.
Century Casinos currently operates the ship-based casinos onboard the Regatta, Nautica, Insignia, Marina and Riviera for Oceania Cruises and the Voyager, Mariner and Navigator for Seven Seas Cruises. In consideration for early termination of the concession agreements, Century Casinos will receive four million US Dollars.
Also on June 1, 2015, a new two-year consulting agreement will become effective, under which the Company will provide limited consulting services for the shipboard casinos of Oceania Cruises and Sevens Seas Cruises. In return, Century will receive a consulting fee of two million US Dollars, payable in eight quarterly installments of 250,000 US Dollars commencing in July 2015.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates 30 casinos 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, Alberta, Canada. Through its Austrian subsidiary, Century Casinos Europe GmbH ("CCE"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of nine casinos in Poland. The Company also owns 75% of United Horsemen of Alberta that is currently developing the Century Downs Racetrack and Casino in the north metropolitan area of Calgary, Alberta, Canada that will include a horse race track and other gaming, restaurant and entertainment facilities. The Company also operates casinos aboard 15 luxury cruise vessels (Regatta, Nautica, Insignia, Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Mein Schiff 3, Wind Surf, Wind Star, Wind Spirit, Star Pride, Seven Seas Voyager, Seven Seas Mariner, and Seven Seas Navigator) and the casino on the cruise ferry Nova Star. As discussed above, the concession agreements for the casinos aboard the Oceania Cruises ships (Regatta, Nautica, Insignia, Marina and Riviera) and Seven Seas Cruises ships (Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator) will end effective June 1, 2015. The Company manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. The Company, through CCE, 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 Mendoza Casino in Mendoza, Argentina. The Company, through CCE, also owns a 75% interest in Century Bets! Inc., which is expected to begin operating a pari-mutuel off-track betting network in Southern Alberta, Canada, in the second quarter of 2015. The Company 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® under the symbol CNTY.
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, development of and the prospects for the Century Downs Racetrack and Casino project, 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, 2014. 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.
SOURCE Century Casinos, Inc.
For further information: Peter Hoetzinger, Co CEO & President, +1 719 689 5813, +43 664 355 3935, firstname.lastname@example.org, http://www.centurycasinos.com