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Gaming Industry News |
Wednesday December 3rd, 2008 |
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Century Casinos Receives Acceptance of An Offer To Purchase Palace Casino Property in Cripple Creek |
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CRIPPLE CREEK, Colo., April 2 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (NASDAQ:CNTY) today reported they have received acceptance of an offer to purchase the Palace Casino building and adjoining property, which is located at 172 East Bennett, directly across the street, to the west, of Womacks Casino and Hotel in Cripple Creek. The purchase price of $1.2 million, cash, is contingent upon Bankruptcy Court approval on April 25, 2002 and will be funded by the Company's line of credit with Wells Fargo Bank.
Upon Bankruptcy Court approval, the Company plans to convert the majority of the property into parking spaces for Womacks. The property includes five city lots, or approximately 15,000 square feet and will provide 41 additional immediate proximity parking spaces. Parking immediately adjacent to the casino has become an important asset in the competitive Cripple Creek market. The Company's total number of parking spaces will be increased to approximately 440 with this acquisition. It is expected that the property will be functional as parking by the end of May.
About Century Casinos, Inc:
Century Casinos is an international casino company led by a team of gaming industry professionals who have developed and operated more than 100 casinos worldwide. The Company owns and operates Womacks Casino and Hotel in Cripple Creek, Colorado; owns (65%); operates The Caledon Casino, Hotel & Spa near Cape Town, South Africa; has a five-year casino concession to operate four casinos aboard the ultra-luxury Silversea cruise vessels; has a five-year casino concession to operate the casino aboard The World of ResidenSea cruise vessel, the worlds first ocean going luxury residential resort; and manages the Millennium Casino in the Marriott Hotel in Prague, Czech Republic. The Company continues to pursue other international projects in various stages of development.
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