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Colorado Springs, Colorado, October 7, 2009 - Century Casinos, Inc. (NASDAQ Capital MarketŪ and Vienna Stock Exchange: CNTY) announced today that the company obtained the last outstanding approval for the sale of its South African subsidiary Century Casinos Africa (Pty) Limited ("CCA") by the KwaZulu-Natal Gambling Board. The final payment for this transaction, a net cash amount of ZAR 98.8 million (approx. $13 million), will be made to Century Casinos upon formal registration of certain shareholder resolutions at the official registrar of companies of South Africa, expected within approx. two weeks. The company already received a net cash amount of ZAR 253.5 million ($32.8 million) at closing on June 30, 2009.
An additional ZAR 17.3 million ($2.3 million) released from retention and ZAR 3.2 million ($0.4 million) have been paid to the company on September 29, 2009, as the net asset value ("NAV") of CCA at June 30, 2009 exceeded the NAV at December 31, 2008 by ZAR 3.2 million.
"We are delighted about the completion of the final step of this sales transaction. Our South African investment and casino operations have provided excellent returns for us. The total net cash proceeds of the sale of approx. $48 million, or approx. $2.00 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.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino & Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, and the Century Casino & Hotel in Edmonton, Canada. The Company also operates casinos aboard five luxury cruise vessels (Silver Cloud, Regatta, Insignia, Nautica, Mein Schiff). Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 33.3% ownership interest in Casinos Poland Ltd., the owner and operator of seven full casinos and one slot casino in Poland. Century Casinos, Inc. 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 include, but are not limited to, statements regarding the proceeds from 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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