Business
Century Casinos, Inc. Completes Acquisition of Operations of Three Casinos from Eldorado Resorts
COLORADO SPRINGS, Colo., Dec. 6, 2019 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or "the Company"), announced
About this update from Century Casinos, Inc.
[{"type":"text","content":"COLORADO SPRINGS, Colo., Dec. 6, 2019 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) (\"Century Casinos\" or \"the Company\"), announced today that it completed the acquisition of the operations of Isle Casino Cape Girardeau (\"Cape Girardeau\"), Lady Luck Caruthersville (\"Caruthersville\") and Mountaineer Casino, Racetrack and Resort (\"Mountaineer\") from Eldorado Resorts, Inc. (Nasdaq Capital Market®: ERI) (\"Eldorado Resorts\") for approximately $107 million (the \"Acquisition\").\n\n \nSimultaneous with the closing of the Acquisition, VICI Properties Inc. (NYSE: VICI) (\"VICI\") acquired the real estate assets of the three casino properties and the Company entered into a triple net lease agreement for such real estate with VICI. The lease has an initial annual rent of approximately $25 million and an initial term of 15 years, with four five-year renewal options. \nThe Company financed the Acquisition with a new credit facility that was issued by Macquarie Capital on the closing date. The credit facility also refinanced the Company's existing debt.\n\"We are very excited to be expanding into Missouri and West Virginia,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. \"Cape Girardeau, Caruthersville and Mountaineer are great additions to our portfolio. We look forward to working with the staff and communities to continue the current success at these properties into the future,\" Haitzmann and Hoetzinger concluded.\nIsle Casino Cape Girardeau is located in Cape Girardeau, Missouri, approximately 120 miles south of St. Louis, Missouri, overlooking the Mississippi river. The property opened in 2012 and consists of a dockside casino featuring 41,500 square feet of casino space, 863 gaming machines, 20 table games, three dining venues, a pavilion and an entertainment center. The property also includes a wide variety of non-gaming amenities, including an events center.\nLady Luck Caruthersville is a riverboat casino located along the Mississippi river in Caruthersville, Missouri. The property opened in 1995 and consists of a dockside casino featuring 21,000 square feet of casino space, 507 slot machines, nine table games, two dining venues, a 40,000 square foot pavilion and a 28-space RV park.\nMountaineer Casino, Racetrack and Resort is a hotel, casino, enter...