Century Casinos to sell Calgary casino operations for $7.5m

Century Casinos has entered into an agreement for the sale of operations at Century Casino Calgary for CAD 10m ($7.5m).

Updated on 6 August 2020

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The deal with 2267166 Alberta Ltd. will include a cash sum plus a three-year quarterly earn out.

Century Casinos’ subsidiary Century Resorts Alberta, Inc. (CRA) will continue to operate the casino and own the real estate.

CRA will enter into a lease agreement with the buyer for the Calgary casino with an annual net rent of approximately CAD 480,000 and a term of three years.

The agreement is subject to approval by the Alberta Gaming, Liquor and Cannabis Commission and is expected to close in 2020.

The cash fee of CAD 10m has already been made to Century Casinos and is non-refundable.

Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, released a joint comment in regards to the deal.They said: “The transaction immediately strengthens our balance sheet.

“The Calgary casino is one of our smaller operations, contributing $8.4m in net operating revenue and $1.2m in adjusted EBITDA in 2019.”

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Owain Flanders

Journalist

Owain Flanders is a journalist who spent over a year with Gambling Insider, first joining as an Editorial Intern in August 2019 before progressing to Staff Writer from November 2019 to December 2020. During his tenure, he covered a wide range of developments across the global gambling and iGaming sectors, producing original news stories, in-depth features and analytical pieces for the Gambling Insider website and its bi-monthly magazine.

Owain interviewed CEOs, analysts and senior marketing executives on emerging trends, regulatory issues and commercial strategy, bringing authoritative insight to a professional B2B audience.

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