US company’s local subsidiary adds to operations in Europe
Century Casinos, Inc. has announced that its 66.6%-owned Polish subsidiary Casinos Poland Ltd. now holds a total of eight casino licenses in Poland, as compared to seven a year ago.
After a rather turbulent few quarters where the official process for the award of casino licenses came under criticism especially for its late timing, which resulted in several casino closings throughout Poland, lost gaming tax revenue for the government and additional costs and expenses for the operators.
Casinos Poland has been awarded a total of eight casino licenses in the following markets: Warsaw (3), Wroclaw (1), Katowice (1), Bielsko-Biala (1), Krakow (1) and Lodz (1). Five casinos are already in operation, the Krakow casino opens today and the third casino in Warsaw and the casino in Lodz will open next month. As reported previously, the results of the second quarter 2018 will be significantly impacted by the additional costs and expenses associated with the temporary closure of several of the Company’s casinos in Poland.
“We are very pleased that the important license tenders in Poland have now been completed and we will soon operate a total of eight casinos in Poland,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “The Polish casino market continues to be robust and we look forward to generating solid and sustainable returns going forward,” they continued.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and in St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH, formerly Century Casinos Europe GmbH (“CRM”), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of six casinos in Poland.
The Company, through CRM, also holds 75% ownership interests in both CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada. The Company, through CRM holds a 51% ownership interest in Golden, a company that manages a hotel and international entertainment and gaming club in Vietnam. The Company operates 13 ship-based casinos with four cruise ship owners.