Century Casionos Austrian Unit To Buy G5 Sp. For About $8.62 Mln

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Century Casionos Austrian Unit To Buy G5 Sp. For About $8.62 Mln - Update

Message was posted: 02:07 Jun 26th, 2006

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Casino News from http://www.tradingmarkets.com/

RTTNews) - Early Monday, Century Casinos, Inc. revealed that its Austrian subsidiary, Century Casinos Europe GmbH, agreed to acquire G5 Sp. z o.o for about $8.62 million.

G5 is a Polish company, which holds 33.3% stake in Casinos Poland Ltd. The other owners of Casinos Poland are LOT Polish Airlines and the Polish Airport Authority with a 33.3% stake each.

The total consideration of $8.62 million includes about $4.86 million loan funding from Century Casinos Europe GmbH to G5, plus the purchase price of about $3.76 million. Approximately $2.37 million of the purchase price is payable at closing of the transaction, with the remaining $1.39 million at the end of 2006.

Casinos Poland's seven casinos and one slot arcade, situated in major cities in four and five star hotels throughout Poland, generated net operating revenues of about $41.2 million in 2005. Peter Hoetzinger, Co CEO & President of Century Casinos, said, "Casinos Poland is the country's industry leader with a market share of 50% of all casino revenues generated in Poland. We are excited about this unique opportunity to enter the Polish casino market and look forward to build on Casinos Poland's success and further expand and diversify Century Casinos' earnings stream."

Poland, with its 38.7 million inhabitants, joined the European Union in May 2004 and is experiencing economic growth rates of about 5% per annum. Currently, there are 27 casinos operating in Poland.

The Colorado Springs, Colorado-based Century Casinos shares closed Friday's regular trading session at $10.93, up 7 cents.

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