This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Stocks in this article: CNTY









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

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

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