Century Casinos Submits License Application for Casino in Bermuda with Local Partner
Colorado Springs, Colorado, August 10, 2017 – Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that it submitted a license application for a casino at the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda jointly with the company, which owns the property.
At this time there are no casinos in Bermuda. The Bermuda Casino Gaming Commission (“Commission”), following the enactment of the Casino Gaming Act in 2014, initiated the three stage application process for the island’s first casinos in 2015. The Bermudan government granted two ‘designated site orders’, one thereof to the Hamilton Princess hotel in 2016, completing the first stage of the application process. In total, there is the potential for four licenced integrated resort casinos to operate on the island.
The second stage of the application process started in April 2017, when the Commission published a notice starting a three month period for filing of an application for a casino licence, which ended on July 21, 2017. The next step will be a hearing of the application on September 22, 2017. This second stage may end with the award of a provisional casino license by the Commission. The Company believes that its application for the casino at the Hamilton Princess hotel is the only casino license application in Bermuda at this time.
The third stage of the application process will be the suitability stage. Only at the conclusion of this final stage will a casino license be granted, permitting the offering of gaming to the public, subject to the final approval of the Commission to open and operate the casino.
The Company, through its Austrian subsidiary Century Casinos Europe GmbH (“CCE”), entered in a long-term management agreement with Hamilton Properties Limited, a Bermudan company which owns the Hamilton Princess Hotel & Beach Club. Pursuant to the management agreement, CCE assisted with the license application and would manage the operations of the casino, should a license be awarded. In addition, CCE would also provide loan funding in the amount of $5,000,000 for casino equipment.
The Hamilton Princess hotel is Bermuda’s premier luxury urban resort and truly a Bermuda classic. For over 130 years the Hamilton Princess Hotel & Beach Club has stood as a symbol of luxury and service. It has been beautifully renovated with stunning new amenities. The luxury resort features 400 rooms, 45 suites, 13 junior suites, 4 restaurants, 1 spa, retail, 15,000 square feet of meeting space and a beach club with a beach exclusive for hotel guests.
The casino with approximately 12,000 square feet of gaming space will feature 17 gaming tables, 200 slot machines and an automated roulette machine on its main casino floor, high limit area and salon privé.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and in St. Albert, Alberta, Canada. Through its Austrian subsidiary, Century Casinos Europe GmbH (“CCE”), the Company owns Saw Close Casino Ltd. in Bath, UK and holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of six casinos in Poland. The Company, through CCE, also holds a 75% ownership interest in both Century Downs Racetrack and Casino, which began operations in the north metropolitan area of Calgary, Alberta, Canada in April 2015, and Century Bets!, which began operating the pari-mutuel off-track horse betting network in Southern Alberta, Canada in May 2015. The Company owns Century Mile Racetrack and Casino, which has all necessary approvals, is currently under construction in the south metropolitain area of Edmonton, Alberta, Canada and is expected to begin operating in late 2018. The Company operates 14 ship-based casinos onboard ships with four cruise ship owners. The Company manages the operations of the casino at the Hilton Aruba Caribbean Resort and Casino. The Company, through CCE, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our website at www.cnty.com. Century Casinos’ common stock trades on The NASDAQ Capital Market® under the symbol CNTY.
This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and 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 future results of operations, operating efficiencies, synergies and operational performance, the prospects for new projects and projects in development, including the cost of and timing for completion and opening of the Bath, England project, the ability to obtain regulatory and governmental approvals for the project, and its ability to provide an attractive return on investment, debt repayment, investments in joint ventures, outcomes of legal proceedings and plans for our casinos and our Company. 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 for the year ended December 31, 2016. 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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