Century Casinos Announces Presentation to Iowa Racing & Gaming Commission

Email

Print

share/save

rss

COLORADO SPRINGS, Colo., March 23 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (NASDAQ:CNTY) announced today that, through Landmark Gaming LC, it is presenting the proposed Landmark Casino & Hotel project to the Iowa Racing & Gaming Commission (IRGC). Having already submitted a formal application to the Commission as part of the expanded excursion gaming boat legislation that lifts a moratorium on new licenses, Landmark was granted this opportunity to introduce the project's development and management team and their vision of the project design and its economic impact.

The proposed project, The Landmark Casino & Hotel, is a moored barge casino, hotel and entertainment facility in the Mississippi riverboat style. Landmark Gaming LC will be 40% owned by Century Casinos Iowa Inc, a wholly owned subsidiary of Century Casinos, Inc. if a license is granted. The other 60% will be owned by Iowa residents that own the land and land option which will be developed into the Landmark project. Century Casinos Management, Inc. has entered into a long term agreement to manage the casino.

If a casino license is awarded to the Company, The Landmark Casino & Hotel is projected to be open within 15 months of license award and finalizing funding arrangements. The proposed project includes a facility with up to 1,200 slot machines, 34 tables, 120 hotel rooms, 1,500 parking spaces and will employ approximately 430 people. Total revenues in the first year are expected to be $72 million according to a study prepared by Gaming & Resort Development, Inc. Total capital costs for the project are estimated to be approximately $67.0 million.

The Franklin County Development Association (FCDA) is the project's qualifying sponsoring organization, and assisted in garnering strong local support that resulted in the county approving the required referendum in January '04. The IRGC is expected to rule on the submissions in May, 2005.

"The presentation of the Landmark Casino & Hotel proposal to the IRGC is a tremendous opportunity to highlight our company's talents in the Franklin County, Iowa project," said Erwin Haitzmann, Chairman and Co-CEO of Century Casinos.

About Century Casinos, Inc.:

Century Casinos is an international casino company that owns and operates Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa; operates the casinos aboard the ultra-luxury vessels of Silversea Cruises, The World of ResidenSea, and Oceania Cruises; and owns 50% of, and provides technical casino services to the Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company continues to pursue other international projects in various stages of development.

The address for the U.S. offices is 1263A Lake Plaza Dr., Colorado Springs, CO 80906. Telephone: (719) 527-8300. Fax: (719) 527-8301. E-Mail: investor@cnty.com. For more information about Century Casinos, please visit the Company's web site at http://www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Stock Market(R) under the symbol CNTY.

This release contains forward-looking statements that involve risks and uncertainties. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are receiving a license by the IRGC, the significant conditions to completion of the casino and hotel project, which cannot be assured, acceptance by the public of gaming at the new casino, other economic, competitive, and governmental factors affecting the Company's operations, markets, services and prices, as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K, 10-Q, and 8-K. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

Related Articles