This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Century Casinos Completes Purchase Of Additional 33% Ownership In Casinos Poland









COLORADO SPRINGS, Colo., April 9, 2013 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) announced today that its subsidiary Century Casinos Europe GmbH signed the final share sale agreement with LOT Polish Airlines and closed on the transaction to purchase an additional 33.3% ownership interest in Casinos Poland Ltd ("CPL"). Century Casinos, Inc. now owns a 66.6% ownership interest in CPL.

CPL is the owner and operator of eight casinos throughout Poland with a total of 317 slot machines and 77 gaming tables. As of the nine months ended September 30, 2012, CPL had a 43% share of the Polish casino market and is currently participating in other pending license applications.

For the year ended December 31, 2012, CPL recorded net operating revenue of USD 44.0 million, EBITDA of USD 4.5 million and net income of USD 1.3 million (all based on average PLN to USD exchange rates for the same period).

"We are very pleased with the closing of this transaction, which represents another milestone in our company's history by significantly increasing our scale and diversity. We expect this acquisition to be immediately accretive and are very excited about the growth potential it brings for our company," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. "The 'Casinos Poland' brand is exceptionally strong as demonstrated by a market share that consistently has been between 40% and 50% in recent years," they continued.

As of today, Century Casinos, Inc. will begin consolidating CPL as a majority-owned subsidiary with a controlling financial interest. The Company will account for and report the 33.3% owned by CPL's co-shareholder, State-owned Polish Airports, as a non-controlling financial interest. Consolidation of CPL will increase the Company's overall net operating revenue and operating costs and expense; the Company previously reported its interest in CPL under the equity method.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs