COLORADO SPRINGS, Colo., June 30 /CNW/ -- Century Casinos, Inc. (Nasdaq:
CNTY; Vienna Stock Exchange) has announced today that the company closed the
sale of its South African subsidiary Century Casinos Africa (Pty) Limited to
Tsogo Sun Gaming (Pty) Limited.
Century Casinos received a net cash amount of ZAR 253.5 million (approx.
$32.5 million). An additional net cash amount of approx. ZAR 106 million
(approx. $13.5 million) becomes payable to Century Casinos as soon as the
approval of the KwaZulu-Natal Gambling Board has been obtained.
"We have been able to sell our South African properties at attractive
multiples. The total net proceeds of the sale of approx. $46 million, or
approx. $1.90 per share, will be primarily used to further reduce the leverage
of the company, to develop and/or acquire casino projects and potentially to
repurchase shares of the company's common stock", stated Erwin Haitzmann and
Peter Hoetzinger, Co CEOs of Century Casinos, Inc.
After the sale of its South African casinos, the company owns and/or
operates 16 casino resorts in Canada, USA (Colorado), Poland and aboard luxury
cruise vessels, offering over 2,000 slot machines, 170 gaming tables as well
as restaurants, bars, hotel rooms and other amenities.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company
that owns and operates the Womacks Casino and Hotel in Cripple Creek,
Colorado, the Century Casino & Hotel in Central City, Colorado, and the
Century Casino & Hotel in Edmonton, Alberta, Canada. The Company also operates
casinos aboard five luxury cruise vessels (Silver Cloud, Regatta, Insignia,
Nautica, Mein Schiff). Furthermore, the Company's Austrian subsidiary, Century
Casinos Europe GmbH, holds a 33.3% ownership interest in Casinos Poland Ltd,
the owner and operator of seven full casinos and one slot casino in Poland.
The Company continues to pursue other international projects in various stages
For more information about Century Casinos, visit our website at
www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ
Capital Market(R) 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 and the closing of 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.
For further information:
For further information: Peter Hoetzinger, Co CEO & President,
+1-719-689-5813, +43 664 355 3935, email@example.com, or Larry
Hannappel, Senior Vice President, +1-719-229-6448, firstname.lastname@example.org,
both of Century Casinos, Inc. Web Site: http://www.centurycasinos.com