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COLORADO SPRINGS, Colorado - Century Casinos, Inc. (NASDAQ Capital Market and the Vienna Stock Exchange: CNTY). In response to questions regarding recent stock performance, Co CEOs Erwin Haitzmann and Peter Hoetzinger stated, "All indicators tell us that we are making progress at both our new and established properties. In our opinion, the stock is undervalued based on a variety of indicators. Century Casinos continues to have a strong balance sheet, outperforming its peers with a debt to equity ratio of 0.63 as of June 30, 2007 compared to an industry average of 2.63, and a price to cash flow of 9.85 for the 12 months ended June 30, 2007 compared to an industry average of 19.31."
In the past year, the company opened two new casinos and constructed a new facility for an acquired operation. In addition, we acquired a one-third stake in Casinos Poland, Ltd., the owner and operator of seven casinos and one slot arcade in Poland, which we believe is the market leader in the Polish casino industry.
In Q2-2007, the company's established casino resorts in Cripple Creek, CO, and Caledon, South Africa, both reported revenue growth when compared to the same prior year period. Likewise, we believe our recently opened properties in Central City, CO, Edmonton, Canada, and Newcastle, South Africa, are progressing well. Adjusted EBITDA (which we define as earnings before interest, income taxes, depreciation, amortization and minority interest), one measure by which the company evaluates the success of its ventures, has been very strong in 2007 increasing by 113% in the first six months of the current year over the same prior year period.
Additional recent actions or developments are:
• Womacks Casino in Cripple Creek is undergoing an approximately $2 million renovation through which we intend to raise the standard for facilities in Cripple Creek and garner further market share.
• The Alberta Gaming Commission recently added 56 slot machines at our property in Edmonton, a sign that the gaming market in Edmonton is expected to grow.
• The hotels on our two South African properties in Caledon and Newcastle were awarded superior 4-star ratings, which we believe will attract additional customers to these properties
The company plans to release Q3 results on Friday November 9th. Historically, the company does not give earnings guidance.
The company is actively managing its growth and always targeting improvements that are intended to increase shareholder value. The company believes that its diversification is one of its strengths because operating on multiple continents effectively distributes risk and gives the company and its investors opportunities in emerging international markets.
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 Edmonton, Alberta, Canada; operates the casinos aboard the Silver Cloud, The World of ResidenSea, and the vessels of Oceania Cruises; owns a 65% interest in, and has a management contract for, Century Casino & Hotel in Central City, Colorado. 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, owns and operates the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic and holds a 33.3% ownership interest in Casinos Poland Ltd, the owner and operator of seven casinos and one slot arcade in Poland. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our new 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, among others, statements regarding the value of our stock, progress at new and established properties, revenue growth, gaming market growth, the impact of improvements to our properties and our ability to manage growth and improve shareholder value through diversification. 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 16, 2007. 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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