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Colorado Springs, Colorado, June 30, 2009 – Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) 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 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® 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.
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