Century Casinos Awarded "Successful Applicant Status" for the Development and Operation of a Racetrack and Casino in the Edmonton market, Alberta, Canada
Sep 20, 2016, 08:15 ET
COLORADO SPRINGS, Colo., Sept. 20, 2016 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that the Board of Directors of Horse Racing Alberta selected Century Casinos as successful applicant to own, build and operate an "A" Track Horse Racing Facility in the Edmonton market area.
Earlier this year, following the announcement from Northlands Park that it will cease its racetrack and casino operations, Horse Racing Alberta issued an Expression of Interest and a Request for Proposal to build and operate an "A" Track Horse Racing Facility in the Edmonton market area. Subsequently, a number of applications had been received by Horse Racing Alberta and reviewed by an External Review Committee.
Century Casinos proposes to build "Century Mile", the only one-mile racetrack in Western Canada, with track lighting and a multi-level racing entertainment center with a covered grandstand. The proposed location is on Edmonton International Airport land and close to the City of Leduc, a city of 30,000 inhabitants, just south of Edmonton and ideally positioned exiting off the Queen Elizabeth II Highway, one of the most heavily used highways in Western Canada. Several hotels, a golf course and a large shopping mall, which is currently under construction, are all within close proximity to the proposed site. Initial plans indicate total project cost of approx. CAN $50 million and a possible opening date in late 2018.
"We are absolutely thrilled and honored to have been selected as the successful applicant by the Board of Horse Racing Alberta. Together with the great success of Century Downs in the Calgary market, this is another important milestone for Century Casinos," the Company's Co CEOs Erwin Haitzmann and Peter Hoetzinger said. "The location at Edmonton International Airport offers great potential as this is the only remaining untapped casino market area of greater Edmonton," they continued.
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, Alberta, Canada. Through its Austrian subsidiary, Century Casinos Europe GmbH ("CCE"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight 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 operates thirteen ship-based casinos onboard ships of TUI Cruises, Thomson Cruises, Windstar Cruises and Diamond Cruise International. 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 the Apex Casino and other projects, 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, 2015 and in subsequent Form 10-Q filings. 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.
SOURCE Century Casinos, Inc.