Century Casinos sells its Calgary property in an $8.1 million deal

Century Casinos sells its Calgary property in an $8.1 million deal

Published: January 19, 2022

Century Casinos is set to get rid of its property in Calgary. In a statement released by the company’s subsidiary last week, Century Resorts Alberta entered into a definitive agreement with Rowanwood Financial Properties to sell the property it owned in Alberta’s most populous city.

According to available information, the deal is worth $8.1 million. The buyer has already paid $700,000 related to the sale.

In contrast, the remaining amount will be paid out once the transaction is closed and will be subject to adjustments for property taxes and other expenses in relation to the Calgary property. The whole deal should be completed within a month.

Century Resorts Alberta completed the sale of Century Casino Calgary operations on December 1, 2020. The property where the casino was located was later leased to the buyer. Before that sale, Calgary represented an essential part of the casino, accounting for 7% of its net operating revenue.

Currently, the Calgary-based subsidiary continues to run Century Sports, a sports bar and entertainment facility located on the part of the property. Once the sale is completed, Century Resorts Alberta will no longer operate the facility, while the existing lease agreement will be transferred to the new owner.

Century Casinos is based in Colorado Springs, Colorado, and owns and operates properties in Colorado, West Virginia, and Missouri. In Canada, the gaming company owns and operates a venue in Alberta.

It’s also present in Europe through CRM, the Austrian subsidiary that holds two-thirds of the ownership interest in Casinos Poland. This firm owns and operates eight casinos across Poland and has a 75% interest in the Calgary-based Century Downs Racetrack and Casino.

The company generated $145.8 million in revenue in Q3 2021, with a staggering 202.7% annual rise in net profit. Its casinos in the US are still the primary source of income, bringing home $92.4 million. On the other hand, Canadian revenue improved by nearly 30% to $26.8 million.

Commenting on the November results, here’s what Century’s co-chief executives Erwin Heitzmann and Peter Hoetzinger had to say:

In the third quarter, we achieved outstanding results. We achieved our highest quarterly net operating revenue and adjusted EBITDA in the company’s history and a consolidated adjusted EBITDA margin of 28.3%.

About Century Casinos

Founded in 1992 and based in Colorado Springs, Century Casinos, one of the leading casino entertainment companies in North America, offers its customers an unprecedented level of entertainment with slots, blackjack, roulette, baccarat, and much more on offer.

The list of facilities owned and operated by Century Casinos include hotels, racetracks, sportsbooks, horse betting parlours, restaurants, bars, showrooms, golf course, event venues, bowling alley, comedy club, and indoor mini-golf.

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