EANS-Adhoc: Century Casinos Provides Update on "Century Downs Racetrack and Casino" Project and the Date of the Sod Turning Ceremony in Calgary, Alberta, Canada

Geschrieben am 03-12-2013

ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this

other/Company Information

COLORADO SPRINGS, Colorado, December 03, 2013 - Century Casinos, Inc.
(NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) announced
today that, through a wholly owned subsidiary, it signed amended
agreements with United Horsemen of Alberta Inc. ("UHA") as well as a
commitment letter with Bank of Montreal ("BMO") in connection with
the development of a racetrack and Racing Entertainment Centre
("REC") in Balzac, north metropolitan area of Calgary, Alberta,

The project, which will be called "Century Downs Racetrack and
Casino," will be the only horse racetrack in the Calgary area and
will consist of a 5.5 furlongs (0.7 miles) racetrack and a REC,
including a gaming floor offering 550 gaming machines, a bar, a
lounge, restaurant facilities and an off-track betting area. This REC
license is the only license currently available in any metropolitan
area of Alberta, as its application pre-dates the three-year
moratorium on new Casinos and RECs (which can be extended for an
additional two years) by the Alberta Gaming and Liquor Commission

The Company completed its due diligence on the project. Litigation
that was brought by a third party against UHA relating to prior
business arrangements between that party and UHA has been settled,
allowing the project to move forward. The updated budget for the
construction and opening of the REC and racetrack is estimated at CAD
24 million (USD 23 million based on the exchange rate in effect on
November 30, 2013). The Company agreed to lend up to CAD 24 million
to UHA and intends to provide the loan to UHA with borrowings under
an amended Credit Agreement with BMO; BMO and the Company signed a
commitment letter in this respect.

For entering into the amended agreements with UHA the Company
received a 15% ownership position as well as board control in UHA. In
addition, the Company has the right to convert CAD 11 million of the
loan amount into a 60% ownership position in UHA. Thus, if the
Company exercises its conversion right, it would own 75% of UHA. Once
the project is developed and operational and for as long as the
Company has not exercised its conversion rights for a majority
ownership position in UHA, the Company will receive 60% of UHA's net
profit before tax as a management fee, subject to certain provisions.

Both the credit and management agreements are subject to final
approvals from the AGLC. AGLC has moved the licensing approval
process to step 5, which give UHA and the Company the permission to
build the REC and racetrack under a number of conditions; the license
itself will be issued shortly before the planned opening of the REC
and racetrack, upon a final review by AGLC. All significant
shareholders in UHA, including the Company, have already been found
suitable by the AGLC. Horse Racing Alberta, the governing authority
for horse racing in Alberta, has already approved the project and
issued a license. The applications for final building permits are in
process with Rocky View County. There is no assurance that the needed
approvals will be obtained or as to the timing of such approvals.

The proposed project 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.

The Company plans to hold a sod turning ceremony on December 4, 2013
in Calgary. The Company anticipates that the REC project will be
completed by the end of 2014.

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

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.

Further inquiry note:
Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO

end of announcement euro adhoc

issuer: Century Casinos,Inc.
c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2
A-1030 Wien
phone: +43/664/3553935
FAX: +43/1/5336363
mail: peter.hoetzinger@cnty.com
WWW: www.cnty.com
sector: Casinos & Gambling
ISIN: AT0000499900
indexes: WBI, ATX Prime
stockmarkets: official market: Wien
language: English


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