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SOURCE Century Casinos, Inc.
COLORADO SPRINGS, Colo., Jan. 29, 2014 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) announced today that the "Century Downs Racetrack and Casino" project received master site development plan approval and the development permit from Rocky View County.
With the development permit in place, construction at the site may start at any time going forward. Stripping and grading is planned to begin within the next few weeks, weather permitting.
The project has already received the racing license from Horse Racing Alberta and also the Alberta Gaming and Liquor Commission ("AGLC") has approved the project for development. Per regulation in Alberta, the final casino license will be issued shortly before opening upon final inspection by the AGLC.
Century Downs Racetrack and Casino is located less than one mile north of the city limits of Calgary and 4.5 miles from the Calgary International Airport. The location is ideally positioned exiting off the Queen Elizabeth II Highway, which is the main corridor between Calgary and Edmonton and one of the most heavily used highways in Western Canada, next to the CrossIron Mills shopping mall, a major regional attraction, and would capture both the north and the northwest Calgary markets, which do not currently have a casino.
Commenting on the news, the Company's Co CEOs Erwin Haitzmann and Peter Hoetzinger remarked: "We are excited about the go-ahead received from Rocky View County and are grateful for the tremendous support the project continues to receive from local and provincial communities and regulatory authorities." Referring to the fourth quarter results to-be-announced on March 31, they continued: "Regional gaming revenues across North America suffered at the end of 2013 in virtually every market, as did our operations. Together with higher corporate expenses associated with new project developments, results for the fourth quarter 2013 will be behind expectations."
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that 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. The Company also operates casinos aboard twelve luxury cruise vessels (Regatta, Nautica, Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator). Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd, the owner and operator of nine casinos in Poland. The Company also manages the operations of the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. Century Casinos, Inc. continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.
This release may contain "forward-looking statements" within the meaning of Section 27A of the Security 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 the REC project and financing, timing and prospectus for the project, future results of operations, operating efficiencies, synergies and operational performance, 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, 2012. 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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