Century Casinos considers sale of South African casino resorts
8 September 2008COLORADO SPRINGS, Colorado -- (PRESS RELEASE) -- Century Casinos, Inc. (Nasdaq Capital Market® and Vienna Stock Exchange: CNTY) announced today that, following the receipt of a number of verbal indications of interest, the company considers to sell part or all of the company's South African casino resorts, which are The Caledon Hotel, Spa and Casino in the Western Cape province and the Century Casino and Hotel in Newcastle, KwaZulu-Natal province, and has invited interested parties to submit their written expressions of interest.
We own 100% of The Caledon Hotel, Spa and Casino, which generated net operating revenues of ZAR 127,837,000 (approx. US$16.1 million) and adjusted EBITDA of ZAR 53,121,000 (approx. US$6.7 million) in 2007, and 60% of Century Casino Newcastle, which generated net operating revenues of ZAR 84,424,000 (approx. US$10.6 million) and adjusted EBITDA of ZAR 30,456,000 (approx. US$3.8 million) in 2007. As per July 31, 2008, total third party debt amounts to ZAR 33,638,000 (approx. US$4.2 million) for The Caledon Hotel, Spa and Casino and to ZAR 51,188,000 (approx. US$6.4 million) for Century Casino Newcastle.
The company will provide an update about further developments of this potential sale in due course.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino and Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company also operates casinos aboard the Silver Cloud, The World of ResidenSea, and the vessels of Oceania Cruises. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa.