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EANS-Adhoc: Century Casinos Announces Racing Entertainment Centre and Race Track Project in Calgary, Alberta, Canada

Geschrieben am 03-12-2012

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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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other/Company Information
03.12.2012

December 3, 2012

Century Casinos Announces Racing Entertainment Centre and Race Track
Project in Calgary, Alberta, Canada

COLORADO SPRINGS, Colorado, December 3, 2012 - Century Casinos,
Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY)
announced today that its subsidiary Century Casinos Europe GmbH
("CCE") signed credit and management agreements with United
Horsemen of Alberta Inc. ("UHA") in connection with the development
of a proposed race track and entertainment center in Balzac, north
metropolitan area of Calgary, Alberta, Canada.

The proposed project would be the only horse race track in the
Calgary area and would consist of a 5.5 furlongs (0.7 miles)
race track and a Racing Entertainment Centre, including a gaming
floor proposing 625 gaming machines, a bar, a lounge, restaurant
facilities, an off-track-betting area and an entertainment
area. This Racing Entertainment Centre license is the only
license still available in any metropolitan area of Alberta. This
particular license application pre-dates the AGLC recently approved
three-year moratorium on new Casinos and Racing Entertainment
Centers, with an option to extend the moratorium for an additional
two years.

CCE has agreed to loan to UHA up to CAD 13 million
(approximately USD 13 million based on the exchange rate in effect
on December 3, 2012) for the exclusive use of developing the
proposed project. The loan has an interest rate of LIBOR plus 800
bps, a term of five years and is convertible by CCE into a 60%
ownership position in UHA. The Company intends to provide the loan
to UHA with borrowings under the Company's Bank of Montreal Credit
Agreement.

Once the project is developed and operational and for as long as
CCE has not converted the loan into a majority ownership position
in UHA, CCE will receive 60% of UHA's net profit before tax as a
management fee.

Both the credit and management agreements are subject to development
approvals and licensing from the AGLC. UHA and CCE have
submitted the relevant applications already, but there is no
assurance that the needed approvals will be obtained or as to the
timing of such approvals. Horse Racing Alberta, the governing
authority for horse racing in Alberta, has already approved
the project and issued a license.

The proposed project would be 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 anticipates that the race track and
entertainment center would be completed 12 to 18 months following
completion of the approval process. 

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 33.3% ownership interest in Casinos Poland
Ltd., the owner and operator of eight 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 CNTY.

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, future results of operations, operating
efficiencies, synergies and operational performance, economic
improvements in 2012 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, 2011. 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
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com

end of announcement euro adhoc
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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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