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Century Casinos, Inc. Completes Sale-Leaseback of Four Properties in Alberta, Canada
Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between subsidiaries of VICI and subsidiaries of the Company (the "Master Lease") and annual rent will increase by CAD 17.3 million (USD $12.7 million *). The annual rent escalator related to the Century Canadian Portfolio is capped at 2.5%. 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.
"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 provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow," Haitzmann and Hoetzinger concluded.
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.
*Based on the exchange rate USD/ CAD 0.7325 .
Century Casinos, Inc. is a casino entertainment company. In
the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in
New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in
Flintstone, Maryland ; (ii) in the Midwest, the Century Casinos in
Cape Girardeau and
Caruthersville, Missouri , and Century Casino & Hotels in
Cripple Creek and Central City, Colorado ; and (iii) in the West, the Nugget Casino Resort, in
Reno / Sparks, Nevada . In
Alberta, Canada the Company operates Century Casino & Hotel in
Edmonton , the Century Casino in
St. Albert , Century Mile Racetrack and Casino in
Edmonton and Century Downs Racetrack and Casino in
Calgary . In Poland the Company operates eight casinos through its subsidiary Casinos Poland Ltd. 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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