Century Casinos buys Apex Casino in St. Albert

The Company will purchase the Apex Casino operations for a net amount of CAD 15.9 million; which equals approximately four times the Apex Casino's trailing twelve month EBITDA. In addition, the Company will acquire the real estate assets of the Apex Casino at the appraised value of CAD 12.0 million. The purchase is subject to, among other things, regulatory approvals and due diligence by the Company.

The Apex Casino opened its doors in its current location in 1994. The 34,500 square foot building underwent a major renovation in 2010. The Apex Casino operates 382 slot machines and 11 live table games. It features a restaurant, a bar, a lounge with a live entertainment stage and a banquet facility that can accommodate up to 175 guests. In addition, the Apex Casino has 517 parking stalls.

The addition of the Apex Casino is expected to create operational synergies for the company.

Century’s Alberta branch managing director, Geoff Smith, told the St. Albert Gazette that earlier this year the discussions regarding the purchase began. He said that the operation has been run well and since 1994 has been solid in the market and gives presence to Century in the northwest part of Edmonton. In addition, the property is located in what is considered to be among the top five areas in Canada to live and is situated next to the Anthony Henday, which is almost complete and will be the country’s first free-flowing orbital road.

Smith told the news outlet, “We believe we’ll be able to get some good synergies of operations and marketing efforts between our two Edmonton-area locations.” He said that upon approval of the deal, the casino would likely undergo renovations and be renamed to “Century Casino.” He said that the after the sale, the casino’s current staff, which Century recognizes for the wisdom and customer service it provides, would be retained.

The international gaming conglomerate, which owns casinos in Calgary and Edmonton, and along with Canada, has holdings in Poland, the Caribbean, and the U.S.