Century Casinos Explained

Industry:Gaming
Century Casinos, Inc.
Hq Location City:Colorado Springs, Colorado
Hq Location Country:United States
Traded As:NASDAQ:
Russell 2000 Component
Revenue:$304.3 million[1]
Revenue Year:2020
Operating Income:−$0.1 million
Income Year:2020
Net Income:−$48.0 million
Net Income Year:2020
Assets:$680.8 million
Assets Year:2020
Equity:$118.2 million
Equity Year:2020
Num Employees:2,254[2]
Num Employees Year:2020

Century Casinos, Inc. is a gaming company based in Colorado Springs, Colorado.

The company operates 11 casinos in Colorado, Maryland, Missouri, Nevada, West Virginia, and Alberta. It also operates casinos on four cruise ships for TUI Cruises.[3] It owns a 67 percent share in Casinos Poland, which owns and operates seven casinos in Poland.[4] [5]

History

Century Casinos was formed in 1992 by several executives of Casinos Austria.[6] [7]

In early 1993, the company signed on to manage a proposed riverboat casino in St. Charles Parish, Louisiana.[8] The proposal was blocked, however, by parish officials.[9] The casino's developer bought out Century's management agreement in 1995 for $4 million, and relocated the project, which eventually opened as Isle of Capri Casino Lake Charles.[10]

In Indiana, which had recently legalized riverboat casinos, Century revealed two proposals in September 1993: one casino to be built in Gary in partnership with local investors, and another to be built in Vevay.[11] [12] [13] Within months, the company dropped its plans for Gary, to focus on the Vevay project.[14] [15] Hospitality Franchise Systems (HFS) joined the project as a joint venture partner in 1994.[16] In 1995, with the license application, still pending, Century and HFS sold the Vevay project to a partnership between Boomtown and Hilton.[17] [18] The project ultimately opened in 2000 as Belterra Casino, and Century received a total of $2.9 million for the sale.[19] [20]

Century merged in March 1994 with Alpine Gaming, parent company of the Long Branch Saloon & Casino in Cripple Creek, Colorado.[21] The casino was then renamed as Legends.[22] Century then purchased the adjacent Womack's Saloon & Gaming Parlor in 1996 for $13.5 million.[23] The combined property would take on the Century Casino name in 2010.[24]

Century's cruise ship casino business began in April 1994, when it began operating the casino on the Silver Cloud under a concession agreement with Silversea Cruises.[25]

In November 1994, the company submitted an application to build a casino in Portage des Sioux, Missouri.[26] The application languished amid an informal moratorium on the issuance of new gaming licenses by the Missouri Gaming Commission.[27] [28] Century's development agreement with the city eventually expired.

In January 1995, Century opened the Legends Casino at the Soboba Reservation, a tribal-owned bingo parlor and cardroom in Southern California.[29] [30] The company pulled out of its management agreement for the facility seven months later.[31]

In August 1995, the company proposed to build a casino in Alexandria, Louisiana.[32] [33] The Louisiana Riverboat Gaming Commission, however, did not award the one available casino license to Century, instead selecting the application for Horseshoe Bossier City.[34]

In November 1995, Century signed a $1.1-million deal to manage a casino planned for the Greek island of Rhodes, being developed by a consortium including Playboy Enterprises.[35] The company turned over its duties to Playboy before the casino opened.[36]

Century moved its headquarters from Denver to Colorado Springs in 1996, to be closer to its casino properties in Cripple Creek.[37] [38]

The company announced an agreement in 1998 to manage and co-own a casino to be built in a Marriott hotel in Prague.[39] The Millennium Casino opened the following year.[40]

In 2000, Century was awarded a license for a casino in Caledon, South Africa, which it would manage and co-own.[41] The Caledon Casino, Hotel & Spa opened later that year.[42] In 2001, Century agreed to co-develop another casino in South Africa, to be built in the province of Gauteng.[43] [44]

In 2006, the company opened a Century Casino & Hotel in Central City, Colorado and another property by the same name in Edmonton, Alberta.[45] [46] Century also shuffled its holdings in South Africa, acquiring a majority stake in the Monte Vista Casino in Newcastle (subsequently renamed as Century Casino Newcastle) and selling its interest in the Gauteng casino project.[47] [48] [49]

In 2007, the company paid $8.7 million to acquire a 33 percent stake in Casinos Poland.[50] Century increased its stake to 67 percent in April 2013.[51]

In 2009, Century sold its casinos in Prague and South Africa.[52] [53] [54]

Century assumed the management of a casino at a Radisson hotel in Aruba (later a Hilton) in 2010. The management agreement ended in 2017.[55]

Century purchased the Silver Dollar Casino in Calgary, Alberta in 2010 for $10.5 million, and then rebranded it as Century Casino Calgary.[56] [57] Next, the company financed the development of the Century Downs Racetrack and Casino near Calgary, which it also managed from its opening in 2015.[58] [59] In October 2016, Century acquired the Apex Casino in St. Albert for $12.3 million, and then renamed it as Century Casino St. Albert.[60] The expansion in Alberta continued in April 2019, when the company opened the Century Mile Racetrack and Casino in the Edmonton area.[61]

The company made moves to expand into two new markets in 2017. In England, it purchased a small casino being developed in the city of Bath.[62] In Bermuda, it signed on to manage a planned casino at the Hamilton Princess hotel.[63] The Bath casino opened in May 2018.[64] [65] It closed in 2020 because of poor financial results and changes in British casino regulations.[66]

In 2019, Century bought the operating businesses of three casinos in Missouri and West Virginia from Eldorado Resorts for $107 million.[67] [68] Vici Properties acquired the real estate of the casinos (Isle Casino Cape Girardeau, Lady Luck Casino Caruthersville, and Mountaineer Casino, Racetrack and Resort) at the same time, and leased them to Century for $25 million per year.[69] The acquisition more than doubled Century's annual revenue.[70] The Isle and Lady Luck casinos were then rebranded under the Century name.

In 2020, Century sold the Century Casino Calgary to local investor Naim Ali's SM2 Capital Partners; the casino was renamed ACE Casino Blackfoot, and plans were announced to relocate the casino to a new site at Calgary International Airport.[71]

In 2021, Century partnered with British online sports gambling company Bet365 to launch sports betting operations in Colorado.[72]

In 2023, Century purchased the operating businesses of two casinos. In Northern Nevada, it acquired the Nugget Casino Resort from Marnell Gaming,[73] [74] In Maryland, it bought the Rocky Gap Casino Resort from Golden Entertainment for $56 million.[75] Meanwhile, it sold the real estate of its four casinos in Alberta to Vici Properties in a leaseback deal for US$162 million.[76]

List of properties

Former properties

Properties previously owned, operated, or managed by the company include:

Notes and References

  1. Form 10-K: Annual Report. Century Casinos. March 12, 2021. 25. EDGAR.
  2. Form 10-K: Annual Report. Century Casinos. March 12, 2021. 9. EDGAR.
  3. Form 10-K: Annual Report. Century Casinos. March 12, 2021. 23. EDGAR.
  4. Form 10-K: Annual Report. Century Casinos. March 9, 2018. 6. EDGAR.
  5. Web site: Casinos Poland. Century Casinos. 2018-10-30.
  6. News: Casino owners to merge. Colorado Springs Gazette Telegraph. December 29, 1993.
  7. News: Casino company to move offices from Denver to downtown Springs. Colorado Springs Gazette Telegraph. Wayne. Heilman. August 23, 1996.
  8. News: Skylink America stock doubles on news of casino firm merger. Dallas Morning News. Jim Mitchell. June 15, 1993. NewsBank.
  9. News: Battle-weary Crown gives up, plans move to Lake Charles. The Times-Picayune. New Orleans, LA. Rhonda Bell. January 25, 1995. NewsBank.
  10. News: Third casino opens on Lake Charles. The Advocate. Baton Rouge, LA. AP. July 31, 1995. NewsBank.
  11. News: Riverboats shoot for early '94. Evansville Courier. Cam Simpson. July 1, 1993. NewsBank.
  12. News: Gary lobbyist takes casino post. Post-Tribune. Gary, IN. John Ellis. September 18, 1993. NewsBank.
  13. News: Resumes of operators. Post-Tribune. Gary, IN. September 19, 1993. NewsBank.
  14. News: Barnes pares down choices. Post-Tribune. John Ellis. Susan Brown. November 19, 1993. NewsBank.
  15. News: Harris misses the boat. Post-Tribune. John Ellis. November 24, 1993. NewsBank.
  16. News: Hospitality's buy. The Star-Ledger. Newark, NJ. March 8, 1994. NewsBank.
  17. News: Business in brief. Kansas City Star. January 2, 1996. NewsBank.
  18. Form 10-KSB: Annual Report. Century Casinos. March 25, 1997. 9. EDGAR.
  19. Form 10-KSB: Annual Report. Century Casinos. April 2, 2001. 8. EDGAR.
  20. News: Viva, Las Vevay! Sleepy river town gets a dose of casino caffeine. Dayton Daily News. Bob Batz. November 5, 2000. NewsBank.
  21. News: Century Casinos completes acquisition. The Gazette. Colorado Springs. April 1, 1994. NewsBank.
  22. News: Casinos, restaurants are expanding. The Gazette. Colorado Springs. Julie Andrews. June 18, 1994. NewsBank.
  23. News: Century Casinos owns Womack's Saloon assets. The Gazette. Colorado Springs. July 2, 1996. NewsBank.
  24. Womacks Casino in Cripple Creek, CO, renamed 'Century Casino'. Century Casinos. September 29, 2010. NewsBank.
  25. Form 10-KSB: Annual Report. Century Casinos. March 25, 1997. 8. EDGAR.
  26. News: Denver firm seeking license for casino in Portage des Sioux. St. Louis Post-Dispatch. Ralph Dummit. December 1, 1994. NewsBank.
  27. News: More casinos coming. Kansas City Star. Rick Alm. January 14, 1996. NewsBank.
  28. Form 10-KSB: Annual Report. Century Casinos. March 25, 1997. 11. EDGAR.
  29. News: Casino set to open near San Jacinto. The Press-Enterprise. Riverside, CA. Steve Moore. December 2, 1994. NewsBank.
  30. News: Let the games begin. The Press-Enterprise. Riverside, CA. Mark Henry. Jose Arballo Jr.. January 14, 1995. NewsBank.
  31. News: Soboba Band installs 'illegal' video devices. The Press-Enterprise. Riverside, CA. Ricardo Duran. September 22, 1995. NewsBank.
  32. News: 11 groups file applications for lone casino berth. The Advocate. Baton Rouge, LA. Alan Sayre. AP. September 1, 1995. NewsBank.
  33. News: Most applicants want to cash in on Texas market. The Advocate. Baton Rouge, LA. September 2, 1995. NewsBank.
  34. News: Horseshoe snares last casino berth. The Advocate. Baton Rouge, LA. Joe Gyan Jr.. February 3, 1996. NewsBank.
  35. News: Denver firm lands Greek casino deal. Rocky Mountain News. Denver, CO. Lynn Bronikowski. November 7, 1995. NewsBank.
  36. Form 10-KSB: Annual Report. Century Casinos. March 19, 1999. 9. EDGAR.
  37. News: Casino company to move offices from Denver to downtown Springs. The Gazette. Colorado Springs. Wayne Heilman. August 23, 1996. NewsBank.
  38. News: Casino firm OKs stock repurchase. The Gazette. Colorado Springs. December 6, 1996. NewsBank.
  39. News: Casinos roll dice on foreign ventures . The Gazette. Colorado Springs. Lou Gonzales. March 18, 1998. NewsBank.
  40. News: Century opens Prague casino. Denver Post. July 10, 1999. NewsBank.
  41. News: South African gambling: Century Casinos to invest $3.9 million. The Gazette. Colorado Springs. April 15, 2000. NewsBank.
  42. News: Century in South Africa. The Gazette. Colorado Springs. October 12, 2000. NewsBank.
  43. News: Century Casinos looks to S. Africa. Denver Post. September 18, 2001. NewsBank.
  44. Form 10-KSB: Annual Report. Century Casinos. March 29, 2002. 7. EDGAR.
  45. Century Casinos opened casino & hotel in Central City, Colorado. Century Casinos. July 12, 2006. NewsBank.
  46. Century Casinos reports successful opening of new Edmonton casino. Century Casinos. November 21, 2006. NewsBank.
  47. Century Casinos announces closing of acquisition of controlling interest in second South African casino. Century Casinos. April 3, 2006. NewsBank.
  48. Century Casinos reports opening of new casino resort on Newcastle, South Africa. Century Casinos. December 5, 2006. NewsBank.
  49. News: Business briefs. Rocky Mountain News. Denver, CO. September 29, 2006. NewsBank.
  50. News: Century Casinos unit completes acquisition of co. that holds stake in Casinos Poland. Associated Press Newswires. March 13, 2007.
  51. Form 10-K: Annual Report. Century Casinos. March 11, 2016. 6. EDGAR.
  52. Century Casinos closed sale of Prague casino. Century Casinos. February 13, 2009. NewsBank.
  53. Century Casinos sells South African casino properties. Century Casinos. December 22, 2008. NewsBank.
  54. Century Casinos has closed sale of Its South African subsidiary. June 30, 2009. NewsBank.
  55. Form 10-K: Annual Report. Century Casinos. March 9, 2018. 8. EDGAR.
  56. News: Century pays $10.5 million for Calgary casino. The Gazette. Colorado Springs. Wayne Heilman. January 15, 2010. NewsBank.
  57. News: Silver Dollar re-opens as Century Casino Calgary. CTV News Calgary. November 18, 2010. 2016-12-28.
  58. News: Century Casino doles out $13M loan for proposed Balzac race track. Calgary Herald. Sherri. Zickefoose. December 3, 2012. 2012-12-03.
  59. News: Casino opens north of Calgary, harness racing to arrive in coming weeks. CTV News Calgary. April 1, 2015. 2015-04-01.
  60. News: Century Casinos announces Canadian acquisition. The Gazette. Colorado Springs. Wayne Heilman. October 4, 2016. 2016-12-21.
  61. News: Colorado Springs casino firm opens Edmonton horse racing center. The Gazette. Colorado Springs. Wayne Heilman. April 1, 2019. 2019-04-01.
  62. Century Casinos Acquires casino development in Bath, England. Century Casinos. June 21, 2017. 2017-08-11. PR Newswire.
  63. News: Hamilton Princess casino plans detailed. The Royal Gazette. Hamilton, Bermuda. August 11, 2017. 2017-08-11.
  64. News: Casino in Bath now members only despite 'open door' launch policy. Somerset Live. Liam Trim. August 7, 2018. 2018-08-28.
  65. Century Casinos announces opening of Century Casino in Bath, United Kingdom. Century Casinos. May 29, 2018. 2018-08-28. PR Newswire.
  66. News: Century Casinos writes off $16.5 million in England casino, triggering loss. The Gazette. Colorado Springs. Wayne Heilman. March 13, 2020. 2021-08-08.
  67. News: Eldorado Resorts closes 3 property sales for $385M. Las Vegas Review-Journal. December 6, 2019. Bailey Schulz. 2019-12-08.
  68. Century Casinos, Inc. completes acquisition of operations of three casinos from Eldorado Resorts. Century Casinos. December 6, 2019. 2019-12-08. PR Newswire.
  69. Vici Properties Inc. completes acquisition of three regional gaming properties and enters into master lease agreement with Century Casinos, Inc.. Vici Properties. December 6, 2019. 2019-12-08. BusinessWire.
  70. News: Century Casinos buys three casinos, doubling company's size . The Gazette. Colorado Springs. Wayne Heilman. December 6, 2019. 2019-12-08.
  71. Web site: 2021-06-06 . SM2 Capital places bets on Calgary with casino redevelopments . 2024-07-11 . Calgary Herald.
  72. Web site: Ruden. Pete. bet365 Plans to Enter New Colorado Sports Betting Market. Action Network. 23 September 2021. 10 December 2021.
  73. News: Nugget hotel-casino confirms sale agreement with Colorado-based Century Casinos. Reno Gazette Journal. Jason Hidalgo. February 23, 2022. 2022-03-05.
  74. Century Casinos, Inc. completes acquisition of Nugget Casino Resort operations; expands into Nevada. Century Casinos. April 4, 2023. 2023-04-04. PR Newswire.
  75. News: Century Casinos completes acquisition of Rocky Gap Casino Resort operations. The Daily Record. Baltimore, MD. July 26, 2023. 2023-09-03.
  76. News: Vici completes quadruple Alberta casino purchase from Century. iGaming Business. September 7, 2023. Robert Fletcher. 2023-09-14.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Century Casinos".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.