Century Casinos Inc
Century Casinos Opens The Riverview in Cape Girardeau
Century Casinos Inc. announced that it opened its hotel in Cape Girardeau, Missouri, The Riverview.
The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.
The Company is also constructing a new land-based casino with a 38 room hotel in Caruthersville, Missouri. The project continues to be on time and on budget with an estimated project cost of $51.9 million. Construction started in December 2022 with completion expected in the fourth quarter of 2024. The Company is funding this project through VICI Properties Inc. (VICI). Following completion, VICI will own the real estate improvements associated with the Caruthersville project, which will become a part of the Company’s triple net lease agreement with subsidiaries of VICI.
Century Casinos Inc. announced that it completed the sale of the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta (collectively, the Century Canadian Portfolio) to subsidiaries of VICI Properties Inc. for an aggregate purchase price of CAD 221.7 million (USD 162.4 million) in cash. The Company retained approximately CAD 154.5 million (USD 113.2 million) of the purchase price after giving effect to the purchase of the Century Downs land, selling expenses, Canadian and US taxes and proceeds to be paid to the minority owners of Century Downs.
Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between subsidiaries of VICI and subsidiaries of the Company (Master Lease) and annual rent will increase by CAD 17.3 million (USD 12.7 million). The annual rent escalator related to the Century Canadian Portfolio is capped at 2.5%. Additionally, the term of the Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15-year initial base lease term, with four 5-year renewal options.
“We are pleased to extend our good partnership with VICI to our Canada portfolio. This transaction provides us with the ability to pay down our debt and with greater financial flexibility as we continue to grow,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said.
Stifel acted as exclusive financial advisor to the Company, and Faegre Drinker Biddle & Reath LLP and Field LLP acted as legal counsel to the Company in connection with the transaction.
Century Casinos Inc. announced that it completed the acquisition of the operations of the Nugget Casino Resort from Marnell Gaming LLC for approximately $100 million on 3 April 2023.
Prior to the Acquisition, in April 2022, the Company purchased from Marnell 50% of the membership interests in Smooth Bourbon LLC. Smooth Bourbon owns the land and building on which the Nugget is located. The Nugget and Smooth Bourbon have a lease agreement for the land and building for an annual rent of $15 million. Following the Acquisition, Smooth Bourbon will be a consolidated subsidiary of Century.
The Company financed the Acquisition with funds previously borrowed from its existing credit agreement with Goldman Sachs USA. The funds were borrowed on April 1, 2022 and deposited into an escrow account until the Acquisition closed.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said: “We are very excited to be expanding into Nevada. The Nugget is a great addition to our portfolio. We have plans to update the façade, signage, slot floor and food and beverage venues of the Nugget. We look forward to working with the staff and community to continue the current success at this property into the future.”
Nugget Casino Resort is located in Sparks, Nevada, conveniently located on Interstate 80 with easy access from Reno-Tahoe International Airport (approximately three miles). The full-service resort includes a large gaming floor, two hotel towers, 114,500 square feet of convention space, an 8555 seat outdoor amphitheater, a wide variety of casual and fine dining options in addition to several on-site bars and lounges, and a five-story 1200 space parking garage and additional 1272 parking spaces. The property consists of 71,200 square feet of casino space, 892 slot machines, 29 table games, 1382 hotel rooms and five dining venues.
With this transaction, Century Casinos’ portfolio increased to 18 casinos world-wide that include 6955 gaming machines, 249 table games and over 3100 full-time equivalent employees.
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Century Casinos Inc. has provided updates on its casino construction project in Caruthersville, Missouri.
The company broke ground on the new land-based casino and hotel development at Century Casino Caruthersville (the Caruthersville Project) on Friday, December 2, 2022. The casino at Century Casino Caruthersville will offer 650 slot machines (with the possibility of an expansion of up to 140 additional slot machines), table games, a deli, and a bar. The 38-room hotel, which will be located in a hotel tower between the existing pavilion and the new casino, will provide scenic views of the Mississippi River and city of Caruthersville. The new casino and hotel are expected to open in late 2024, subject to final regulatory approval from the Missouri Gaming Commission as well as other state and local approvals.
The Caruthersville Project is expected to cost approximately $51.9 million. To finance the Caruthersville Project, the company entered into an amendment to its Master Lease with VICI Properties Inc. (VICI). Following completion, VICI will own the real estate improvements associated with the Caruthersville Project. Annual rent under the Master Lease will increase by approximately $4.2 million after completion of the Caruthersville Project.
Following the groundbreaking ceremony, the company hosted a grand opening of the Farmstead, a 36-room hotel located near the existing pavilion and the new land-based casino and hotel development in Caruthersville. The company bought the Farmstead land and building in July 2021 and completely renovated the hotel building into a contemporary Missouri farmhouse style hotel at a cost of approximately $3.7 million. The Farmstead will be the only hotel in Caruthersville until the new hotel at the land-based Century Casino Caruthersville is completed.
Currently, the company continues its work on the relocation of the casino floor of Century Casino Caruthersville from the riverboat and barge on the Mississippi river to a temporary location in the pavilion. The company’s goal is to have that relocation completed before the end of 2022. The record low water levels of the Mississippi River in October 2022 made the relocation to a temporary land-based facility necessary because the riverboat, which operated since 1994, was no longer accessible from the barge. The Missouri Gaming Commission approved the relocation to the temporary facility in October 2022. The casino will remain in the temporary facility until the time the new permanent land-based casino is completed.
The pavilion, the Farmstead, parking, and the new land-based Caruthersville Project are all protected by a flood wall. As a result, the company expects that casino operations in Caruthersville will no longer be affected by water levels in the Mississippi River.
Through these developments, Century Casinos is transforming Century Casino Caruthersville from the last remaining riverboat casino on the Mississippi River to a full destination resort with the ability to attract customers from even further into Missouri, Tennessee and Arkansas, while providing existing customers with an even better casino experience.
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