Century Casinos acquires Saw Close Casino

The purchase price for the transaction amounts to GBP 600,000 (approx. USD 766,000), of which GBP 100,000 was paid at closing and the balance is payable in tranches when regulatory and governmental approvals are obtained and when the casino opens. In addition, SCCL has debt to the landlord of the Bath property in the amount of GBP 154,000 (approx. USD 196,000) that is repayable subject to certain performance criteria once the casino is in operation.

SCCL has agreed to a 30 year lease for the casino space and intends to invest approx. GBP 5,000,000 (approx. USD 6,400,000) to design, fit-out and equip the 15,000 sq. ft. gaming floor. The casino will offer about 18 gaming tables, 35 slot machines and 24 automated live gaming terminals and will form part of a mixed leisure development, which will also include a 147 bedroom four-star hotel and two restaurants. The casino, located in the center of Bath's evening leisure district and opposite the popular Theatre Royal, is scheduled to start operations in the first quarter of 2018, subject to receipt of the regulatory and governmental approvals.

"We are excited about the opportunity to enter the UK gaming market with the addition of the Saw Close Casino to Century's portfolio. We believe the casino in Bath has the potential to provide an attractive return on our investment," said the Company's Co CEOs Erwin Haitzmann and Peter Hoetzinger.