COLORADO SPRINGS, Colo., Sept. 8 /PRNewswire-FirstCall/ -- Century
Casinos, Inc. (Nasdaq Capital Market(R) 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. $16.1 million) and adjusted
EBITDA of ZAR 53,121,000 (approx. $6.7 million) in 2007, and 60% of Century
Casino Newcastle, which generated net operating revenues of ZAR 84,424,000
(approx. $10.6 million) and adjusted EBITDA of ZAR 30,456,000 (approx. $3.8
million) in 2007. As per July 31, 2008, total third party debt amounts to ZAR
33,638,000 (approx. $4.2 million) for The Caledon Hotel, Spa and Casino and to
ZAR 51,188,000 (approx. $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. Furthermore, the Company's
Austrian subsidiary, Century Casinos Europe GmbH, holds a 33.3% ownership
interest in Casinos Poland Ltd, the owner and operator of seven full casinos
and one slot casino in Poland. The Company continues to pursue other
international projects in various stages of development.
For more information about Century Casinos, visit our website 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' within the meaning
of 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 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 filed on March 17,
2008. 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.
SOURCE Century Casinos, Inc.
