Century Casinos, Inc. Announces Management Contract for Casino at the Radisson Aruba Resort, Casino & Spa
Colorado Springs, Colorado – November 19, 2010 – Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced the execution of a long-term Management Agreement for the Casino at the Radisson Aruba Resort, Casino & Spa, effective December 1, 2010.
Pursuant to the agreement, Century will provide management services (but no investment)
for the operation of the casino and will receive a management fee consisting of a
fixed fee, plus a percentage of gross revenue, plus a percentage of EBITDA.
The 14,000 square foot casino is centrally located within the hotel and operates with approximately 250 slot machines, 15 table games and one food & beverage outlet; picture link:
Carlson, owners of the Radisson Aruba Resort, Casino & Spa, selected Century Casinos as the management company after concluding a comprehensive selection process of international casino operators. The Radisson Aruba Resort, Casino & Spa is a full-service AAA four diamond property spread over 14 acres overlooking the ocean and has a total of 324 guest rooms and 31 suites, two large pools, five food & beverage outlets, meeting and banquet space, retail shops as well as a newly built Larimar Spa. The hotel and the casino will be refurbished in the spring 2011.
“We are excited about this opportunity to provide casino management services to Carlson and to get a foothold in the Caribbean casino market”, said Erwin Haitzmann and Peter Hoetzinger, Co CEOs of the Company.
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 eleven luxury cruise vessels (Silver Cloud, Regatta, Insignia, Nautica, Mein Schiff, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner, Seven Seas Navigator) and signed contracts for casinos on three additional ships (Marina, Riviera and TUI Mein Schiff II) that are expected to start operations soon. 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 seven full casinos in Poland. 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 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, expected competition, the impact of new gaming laws, plans for our casinos and the impact of the economic downturn. 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 sections entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K filed on March 15, 2010. 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.