COLORADO SPRINGS, Colorado,
Jan. 29, 2014 /PRNewswire/ -- Century
Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange:
CNTY) announced today that the "Century Downs Racetrack and Casino"
project received master site development plan approval and the
development permit from Rocky View County.
With the development permit in place, construction at the site
may start at any time going forward. Stripping and grading is
planned to begin within the next few weeks, weather permitting.
The project has already received the racing license from Horse
Racing Alberta and also the Alberta Gaming and Liquor Commission
("AGLC") has approved the project for development. Per regulation
in Alberta, the final casino
license will be issued shortly before opening upon final inspection
by the AGLC.
Century Downs Racetrack and Casino is located less than one mile
north of the city limits of Calgary and 4.5 miles from the Calgary International Airport. The location is
ideally positioned exiting off the Queen Elizabeth II Highway,
which is the main corridor between Calgary and Edmonton and one of the most heavily used
highways in Western Canada, next
to the CrossIron Mills shopping mall, a major regional attraction,
and would capture both the north and the northwest Calgary markets, which do not currently have a
casino.
Commenting on the news, the Company's Co CEOs Erwin Haitzmann and Peter Hoetzinger remarked:
"We are excited about the go-ahead received from Rocky View County
and are grateful for the tremendous support the project continues
to receive from local and provincial communities and regulatory
authorities." Referring to the fourth quarter results
to-be-announced on March 31, they
continued: "Regional gaming revenues across North America suffered at the end of 2013 in
virtually every market, as did our operations. Together with higher
corporate expenses associated with new project developments,
results for the fourth quarter 2013 will be behind
expectations."
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 twelve
luxury cruise vessels (Regatta, Nautica, Marina, Riviera,
Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind
Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas
Navigator). Through its Austrian subsidiary, Century Casinos Europe
GmbH, the Company holds a 66.6% ownership interest in Casinos
Poland Ltd, the owner and operator of nine casinos in Poland. The Company also manages the
operations of the casino at the Radisson Aruba Resort, Casino &
Spa in Aruba, Caribbean. 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 Section 27A of the Security Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
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, statements regarding the REC project and
financing, timing and prospectus for the project, future results of
operations, operating efficiencies, synergies and operational
performance, and plans for our casinos and our Company. 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 section entitled "Risk
Factors" under Item 1A in our Annual Report on Form 10-K for the
year ended December 31, 2012. 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.