Century Casinos has closed sale of its South African subsidiary
Century Casinos received a net cash amount of us$ 32.5 million. An additional net cash amount of approx us$ 13.5 million becomes payable to Century Casinos as soon as the approval of the KwaZulu-Natal Gambling Board has been obtained.
“We have been able to sell our South African properties at attractive multiples. The total net proceeds of the sale of us$ 46 million, or approx. us$ 1.90 per share, will be primarily used to further reduce the leverage of the company, to develop and/or acquire casino projects and potentially to repurchase shares of the company’s common stock”, stated Erwin Haitzmann and Peter Hoetzinger, Co CEOs of Century Casinos, Inc.
After the sale of its South African casinos, the company owns and/or operates 16 casino resorts in Canada, USA (Colorado), Poland and aboard luxury cruise vessels, offering over 2,000 slot machines, 170 gaming tables as well as restaurants, bars, hotel rooms and other amenities.
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