Century Casinos acquires Silver Dollar Casino in Canada
Friday, January 15, 2010 at 4:35:32 PM
Colorado Springs-based Century Casinos, Inc. announced recently that the company's Austrian subsidiary, Century Casinos Europe GmbH, completed its previously announced acquisition of 100% of the outstanding common stock of Frank Sisson's Silver Dollar Ltd. and 100% of the outstanding common stock of EGC Properties Ltd., the owner and operator of the Silver Dollar casino in Calgary, Alberta, Canada and the related land. At closing, CCE paid $9,5 million, which includes $9,650,000 less $150,000 for a working capital adjustment. CCE paid $1,000,000 towards the acquisition on November 6, 2009. No financing was required.
The Silver Dollar is a 93,000 square foot casino facility located on approximately seven acres of land in Calgary. The casino facility includes 504 slot machines, 16 table games, 15 video lottery terminals, two restaurants, a lounge, a 5,000 square foot showroom, an 18,000 square foot sports and entertainment center and a 38-lane bowling alley.
The Company intends to make significant improvements to the casino layout and interior design and plans to re-launch a new and competitive casino and entertainment facility under the "Century Casino" brand in the third quarter of this year.
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