| |
| |
One moment, please... we are searching the news archive.
|
JackpotCity, one of the best online casino in the gambling industry, has put an overview f this industry together. Its commitment and passion to the trade, offer customers an excellent experience about the facts of internet gambling. …read more
|
|
|
|
Gaming Industry News |
Wednesday December 3rd, 2008 |
 |
Century Casinos Increases Ownership of Its South African Operation to 100% |
|
CRIPPLE CREEK, Colo., Jan. 13 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (NASDAQ: CNTY) reported that, through a subsidiary, it has acquired an additional 35% of Century Casinos Caledon (Pty) Ltd. ("CCAL"), bringing the Company's ownership to 100% of all of the ordinary outstanding shares of CCAL. |
All necessary approvals from the Western Cape Gambling and Racing Board, PSG Investment Bank, and the South African Exchange Control Authorities have been granted and the transaction is complete. The purchase price was approximately $2.5 million U.S. Dollars in exchange for the equity ownership (valued at approximately $1.3 million) and a shareholder loan held by the previous 35% equity owner (with a value of approximately $1.2 million). Simultaneous with the transaction, the Hotel Management Agreement between CCAL and Fortes King Hospitality (Pty) Ltd. was cancelled and the Company has assumed the management of the hotel.
Funding for the acquisition came from the Company's revolving line of credit with Wells Fargo.
"We are excited about the prospects this transaction provides going forward," says Erwin Haitzmann, Chairman and CEO. "We believe having complete control of the operation will enable us to provide better service to our customers and to capitalize on the potential of the facilities."
CCAL owns and operates The Caledon Casino, Hotel and Spa ("The Caledon") in Caledon, South Africa. The total funds, including loans and advances, that the Company has invested in CCAL to date is approximately $7.5 million at the current Rand/Dollar conversion rate.
The Caledon is located on a 600 acre site about an hours drive from Cape Town, South Africa. The facility has 275 slot/video machines, 8 gaming tables, 92 hotel rooms, mineral hot springs and spa facilities, two restaurants, three bars, a gift shop and conference facilities.
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.
|
|
|
 |
|
 |
|
|
|
|
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News