Update on Success with Casino Licenses in Poland
COLORADO SPRINGS, Colo., July 2, 2018 /CNW/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) announced today that its 66.6%-owned Polish subsidiary Casinos Poland Ltd. now holds a total of eight casino licenses in Poland, as compared to seven a year ago.
After a rather turbulent few quarters where the official process for the award of casino licenses came under criticism especially for its late timing, which resulted in several casino closings throughout Poland, lost gaming tax revenue for the government and additional costs and expenses for the operators, Casinos Poland has been awarded a total of eight casino licenses in the following markets: Warsaw (3), Wroclaw (1), Katowice (1), Bielsko-Biala (1), Krakow (1) and Lodz (1). Five casinos are already in operation, the Krakow casino opens today and the third casino in Warsaw and the casino in Lodz will open next month.
As reported previously, the results of the second quarter 2018 will be significantly impacted by the additional costs and expenses associated with the temporary closure of several of the Company's casinos in Poland.
"We are very pleased that the important license tenders in Poland have now been completed and we will soon operate a total of eight casinos in Poland," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "The Polish casino market continues to be robust and we look forward to generating solid and sustainable returns going forward," they continued.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and in St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH, formerly Century Casinos Europe GmbH ("CRM"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of six casinos in Poland. The Company, through CRM, also holds 75% ownership interests in both CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada. The Company, through CRM holds a 51% ownership interest in Golden, a company that manages a hotel and international entertainment and gaming club in Vietnam. The Company operates 13 ship-based casinos with four cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities 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 future results of operations, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Bermuda and Vietnam projects, debt repayment, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, 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, 2017 and in subsequent periodic and current SEC filings we may make. 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.
Peter Hoetzinger, Co CEO & President, +1 719 689 5813, +43 664 355 3935, [email protected], http://www.cnty.com
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