Century Casinos obtains approval of Competition Tribunal for casino sale
The closing of the transaction, which is expected to occur towards the end of the second quarter of 2009, is still subject to approvals by the Western Cape Gambling and Racing Board and the KwaZulu-Natal Gambling Board.
On December 19, 2008, a subsidiary of Century Casinos entered into an agreement with Tsogo Sun Gaming Limited to sell all of the outstanding shares of Century Casinos Africa Limited for a gross selling price of us$ 51.5 million less the balance of third party South African debt and other agreed to amounts. Net proceeds from the transaction are expected to be approximately us$ 40 million and are payable at closing.
CCA owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa.
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