Century Casinos opens casino aboard TUI Cruises ship
Following the approvals already given by the South African Reserve Bank and the South African Competition Tribunal, this is the third of four regulatory approvals required for finalizing the sale. The regulatory approval from the KwaZulu-Natal Gambling Board is still outstanding.
On December 19, 2008, a subsidiary of Century Casinos entered into an agreement with Tsogo Sun Gaming (Pty) Limited to sell all of the outstanding shares of CCA for a gross selling price of us$ 57 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$ 44 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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