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Century Casinos, Inc. Announces Sale-Leaseback of Four Properties in Alberta, Canada
Additionally, the term of the Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term, with four 5-year renewal options. The Company's obligations under the Master Lease will continue to be guaranteed by Century Casinos, Inc.
"We are pleased to extend our good partnership with VICI to our Canada portfolio," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "This transaction unlocks the real estate value of our Canadian properties while continuing our Canadian operations and provides us with greater financial flexibility as we continue to grow. We intend to use the sale proceeds to fund improvements at the Nugget and for general corporate purposes. We are also looking at the potential to apply some proceeds to paydown debt under our credit agreement and/or to return funds to shareholders through stock repurchases and/or a special dividend. We continue to evaluate the optimal use of our capital", they concluded.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second half of 2023.
Stifel acted as exclusive financial advisor to the Company, and Faegre Drinker Biddle & Reath LLP and Field LLP acted as legal counsel to the Company in connection with the transaction.
Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in
Cripple Creek and
Central City, Colorado , and in Edmonton, Alberta, Canada ; the Century Casino in
Cape Girardeau and
Caruthersville, Missouri , and in St. Albert, Alberta, Canada ; Mountaineer Casino, Racetrack & Resort in
New Cumberland, West Virginia ; and the Century Mile Racetrack and Casino in
Edmonton, Alberta, Canada . Through its Austrian subsidiary, Century Resorts Management GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout
Poland ; and a 75% ownership interest in Century Downs Racetrack and Casino in
Calgary, Alberta, Canada . Through its
United States subsidiary, Century Nevada Acquisition, Inc., the Company owns the Nugget Casino Resort in
Sparks, Nevada and a 50% membership interest in Smooth Bourbon, LLC, which owns the land and building of the Nugget. The Company has an agreement to purchase 100% of the Rocky Gap Casino Resort operations in
Maryland . The Company continues to pursue other projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
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