Century Casinos, Inc. (Nasdaq: CNTY; VSE) announced today that the Company's South African subsidiary, Century Casinos Africa (Pty) Ltd. ("CCA"), has completed the previously announced acquisition of 60% of all issued and outstanding shares of Balele Leisure (Pty) Ltd. ("Balele"). The transaction, approved by the Kwazulu-Natal Gambling Board on March 29, has been closed effective April 1, 2006.
The purchase price for the 60% controlling stake was R57.5 million (approx. $9.3 million), with an additional R2.5 million (approx. $405,000) payable if the casino revenue during the first twelve months of operation in the new location exceeds R95 million (approx. $15.4). Furthermore, CCA entered into an agreement to manage Balele's casino, resort and hotel operations. The terms of this management agreement provide for a payment to CCA of 3.75% of total revenues, plus 7.5% of Balele's EBITDA (earnings before interest, tax, depreciation and amortization).
Balele owns the Monte Vista Casino in Newcastle, South Africa, which currently operates in a temporary location. Construction of the new, permanent casino resort, including a minimum of 220 slot machines, approx. eight table games, a 40 room hotel with conference center, restaurants, bars and spa facilities on 70 acres of land in a more visible and prominent high-traffic location, has commenced already.
The greater Newcastle area, with approx. 500,000 people, is situated half-way between Johannesburg and Durban in the northwestern portion of Kwazulu Natal, which is South Africa's most populated province with over ten million people. Balele's casino is one of only five casinos in the entire province and enjoys a regional exclusivity of approx. 130 miles.
Century Casinos, Inc. will consolidate the results of Balele in its financial statements beginning with the second quarter 2006.
About Century Casinos, Inc:
Century Casinos is an international casino entertainment company that owns and operates Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa; operates the casinos aboard the Silver Wind, Silver Cloud, Silver Whisper, The World of ResidenSea, and the vessels of Oceania Cruises; and owns 50% of, and provides technical casino services to the Casino Millennium in the Marriott Hotel in Prague, Czech Republic; and owns and has begun construction on, a casino and hotel development in Edmonton, Canada; and owns a majority interest in, and has begun construction on a casino and hotel development in Central City, Colorado. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our web site at http://www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.
This release may contain forward-looking statements that involve risks and uncertainties. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, and governmental factors affecting the company's operations, markets, services and prices, as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K, 10-Q, and 8K. 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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