Century Casinos’ subsidiary Century Casinos Europe has signed an agreement with LOT Polish Airlines to acquire an additional 33.3 per cent ownership interest in Casinos Poland, the owner and operator of eight casinos in Poland.
The transaction is subject to approval from the Polish Minister of Finance and Polish Airports, the co-shareholder in Casinos Poland. There is no assurance that the company will obtain the needed approvals or as to the timing of such approvals. Upon closing of the transaction, the company will own a 66.6 per cent ownership interest in Casinos Poland.
The latest available market data indicates that through the eight casinos operated in major cities throughout Poland, Casinos Poland has a 46 per cent share of the Polish casino market. For the 12-month period ended June 30, 2012, Casinos Poland recorded net operating revenue of approximately US$46.5m, EBITDA of approximately $5.9m and net income of
Century Casinos owns and operates Century Casino and Hotels in Cripple Creek and Central City, Colorado, US, and in Edmonton, Alberta, Canada, and the Century Casino in Calgary, Alberta, Canada.
The company also operates casinos aboard 12 luxury cruise vessels and manages the operations of the casino at the Radisson Aruba Resort, Casino and Spa in Aruba in the Caribbean. Century Casinos continues to pursue other international projects in various stages of development.
