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COLORADO SPRINGS, Colorado, November 6, 2008 - Century Casinos, Inc. (NASDAQ Capital MarketŪ and Vienna Stock Exchange: CNTY) announced today that Initiative 121 (the Limited Gaming Initiative), which is a citizen-initiated constitutional amendment appearing as Amendment 50, has been approved in the state of Colorado, USA, on November 4, 2008.
The approval clears the way for the three Colorado gaming towns of Central City, Black Hawk and Cripple Creek, to be allowed to increase casino betting and wagering limits from $5 to $100 per game, to add roulette, craps, or both games to the casino floor in addition to slot machines, blackjack, and poker games, and to extend the hours of operation to 24 hours per day, 7 days per week. The new changes can become effective on July 1, 2009 at the earliest.
"The approval of Amendment 50 will make the gaming market in Colorado more competitive and we are hopeful the three gaming towns will swiftly approve and implement the new amendments, allowing the casinos to increase their product offerings and their opening hours", said Erwin Haitzmann and Peter Hoetzinger, Co CEOs of Century Casinos, Inc.
The extra tax revenue, generated through increased gaming revenues, will be distributed 78% to community colleges in Colorado and 22% to the gaming towns. Furthermore, the approval of Amendment 50 means that the current gaming tax cannot be increased without state-wide voter approval.
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, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company also operates casinos aboard the Silver Cloud and the vessels of Oceania Cruises. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. 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 of development.
For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital MarketŪ 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 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 filed on March 17, 2008. 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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