Century Casinos

Century Casinos, Inc.
Nasdaq: CNTY
Russell 2000 Component
IndustryGaming
Founded1992; 33 years ago (1992)
Headquarters
Colorado Springs, Colorado
,
United States
Revenue$304.3 million[1] (2020)
−$0.1 million[1] (2020)
−$48.0 million[1] (2020)
Total assets$680.8 million[1] (2020)
Total equity$118.2 million[1] (2020)
Number of employees
2,254[2] (2020)
Websitecnty.com

Century Casinos, Inc. is a gaming company based in Colorado Springs, Colorado.

The company operates 11 casinos in Colorado, Maryland, Missouri, Nevada, West Virginia, and Alberta. It also operates casinos on four cruise ships for TUI Cruises.[3] It owns a 67 percent share in Casinos Poland, which owns and operates seven casinos in Poland.[4][5]

History

Century Casinos was formed in 1992 by several executives of Casinos Austria.[6][7]

In early 1993, the company signed on to manage a proposed riverboat casino in St. Charles Parish, Louisiana.[8] The proposal was blocked, however, by parish officials.[9] The casino's developer bought out Century's management agreement in 1995 for $4 million, and relocated the project, which eventually opened as Isle of Capri Casino Lake Charles.[9][10]

In Indiana, which had recently legalized riverboat casinos, Century revealed two proposals in September 1993: one casino to be built in Gary in partnership with local investors, and another to be built in Vevay.[11][12][13] Within months, the company dropped its plans for Gary, to focus on the Vevay project.[14][15] Hospitality Franchise Systems (HFS) joined the project as a joint venture partner in 1994.[16] In 1995, with the license application, still pending, Century and HFS sold the Vevay project to a partnership between Boomtown and Hilton.[17][18] The project ultimately opened in 2000 as Belterra Casino, and Century received a total of $2.9 million for the sale.[19][20]

Century merged in March 1994 with Alpine Gaming, parent company of the Long Branch Saloon & Casino in Cripple Creek, Colorado.[21] The casino was then renamed as Legends.[22] Century then purchased the adjacent Womack's Saloon & Gaming Parlor in 1996 for $13.5 million.[23] The combined property would take on the Century Casino name in 2010.[24]

Century's cruise ship casino business began in April 1994, when it began operating the casino on the Silver Cloud under a concession agreement with Silversea Cruises.[25]

In November 1994, the company submitted an application to build a casino in Portage des Sioux, Missouri.[26] The application languished amid an informal moratorium on the issuance of new gaming licenses by the Missouri Gaming Commission.[27][28] Century's development agreement with the city eventually expired.[28]

In January 1995, Century opened the Legends Casino at the Soboba Reservation, a tribal-owned bingo parlor and cardroom in Southern California.[29][30] The company pulled out of its management agreement for the facility seven months later.[31]

In August 1995, the company proposed to build a casino in Alexandria, Louisiana.[32][33] The Louisiana Riverboat Gaming Commission, however, did not award the one available casino license to Century, instead selecting the application for Horseshoe Bossier City.[34]

In November 1995, Century signed a $1.1-million deal to manage a casino planned for the Greek island of Rhodes, being developed by a consortium including Playboy Enterprises.[35] The company turned over its duties to Playboy before the casino opened.[36]

Century moved its headquarters from Denver to Colorado Springs in 1996, to be closer to its casino properties in Cripple Creek.[37][38]

The company announced an agreement in 1998 to manage and co-own a casino to be built in a Marriott hotel in Prague.[39] The Millennium Casino opened the following year.[40]

In 2000, Century was awarded a license for a casino in Caledon, South Africa, which it would manage and co-own.[41] The Caledon Casino, Hotel & Spa opened later that year.[42] In 2001, Century agreed to co-develop another casino in South Africa, to be built in the province of Gauteng.[43][44]

In 2006, the company opened a Century Casino & Hotel in Central City, Colorado and another property by the same name in Edmonton, Alberta.[45][46] Century also shuffled its holdings in South Africa, acquiring a majority stake in the Monte Vista Casino in Newcastle (subsequently renamed as Century Casino Newcastle) and selling its interest in the Gauteng casino project.[47][48][49]

In 2007, the company paid $8.7 million to acquire a 33 percent stake in Casinos Poland.[50] Century increased its stake to 67 percent in April 2013.[51]

In 2009, Century sold its casinos in Prague and South Africa.[52][53][54]

Century assumed the management of a casino at a Radisson hotel in Aruba (later a Hilton) in 2010.[51] The management agreement ended in 2017.[55]

Century purchased the Silver Dollar Casino in Calgary, Alberta in 2010 for $10.5 million, and then rebranded it as Century Casino Calgary.[56][57] Next, the company financed the development of the Century Downs Racetrack and Casino near Calgary, which it also managed from its opening in 2015.[58][59] In October 2016, Century acquired the Apex Casino in St. Albert for $12.3 million, and then renamed it as Century Casino St. Albert.[60] The expansion in Alberta continued in April 2019, when the company opened the Century Mile Racetrack and Casino in the Edmonton area.[61]

The company made moves to expand into two new markets in 2017. In England, it purchased a small casino being developed in the city of Bath.[62] In Bermuda, it signed on to manage a planned casino at the Hamilton Princess hotel.[63] The Bath casino opened in May 2018.[64][65] It closed in 2020 because of poor financial results and changes in British casino regulations.[66]

In 2019, Century bought the operating businesses of three casinos in Missouri and West Virginia from Eldorado Resorts for $107 million.[67][68] Vici Properties acquired the real estate of the casinos (Isle Casino Cape Girardeau, Lady Luck Casino Caruthersville, and Mountaineer Casino, Racetrack and Resort) at the same time, and leased them to Century for $25 million per year.[69] The acquisition more than doubled Century's annual revenue.[70] The Isle and Lady Luck casinos were then rebranded under the Century name.

In 2020, Century sold the Century Casino Calgary to local investor Naim Ali's SM2 Capital Partners; the casino was renamed ACE Casino Blackfoot, and plans were announced to relocate the casino to a new site at Calgary International Airport.[71]

In 2021, Century partnered with British online sports gambling company Bet365 to launch sports betting operations in Colorado.[72]

In 2023, Century purchased the operating businesses of two casinos. In Northern Nevada, it acquired the Nugget Casino Resort from Marnell Gaming,[73][74] In Maryland, it bought the Rocky Gap Casino Resort from Golden Entertainment for $56 million.[75] Meanwhile, it sold the real estate of its four casinos in Alberta to Vici Properties in a leaseback deal for US$162 million.[76]

List of properties

Century Casino Central City
Century Mile Racetrack and Casino

Former properties

Properties previously owned, operated, or managed by the company include:

References

  1. ^ a b c d e Form 10-K: Annual Report (Report). Century Casinos. March 12, 2021. p. 25 – via EDGAR.
  2. ^ Form 10-K: Annual Report (Report). Century Casinos. March 12, 2021. p. 9 – via EDGAR.
  3. ^ Form 10-K: Annual Report (Report). Century Casinos. March 12, 2021. p. 23 – via EDGAR.
  4. ^ Form 10-K: Annual Report (Report). Century Casinos. March 9, 2018. p. 6 – via EDGAR.
  5. ^ "Casinos Poland". Century Casinos. Retrieved 2018-10-30.
  6. ^ "Casino owners to merge". Colorado Springs Gazette Telegraph. December 29, 1993.  – via Factiva (subscription required)
  7. ^ Heilman, Wayne (August 23, 1996). "Casino company to move offices from Denver to downtown Springs". Colorado Springs Gazette Telegraph.  – via Factiva (subscription required)
  8. ^ Jim Mitchell (June 15, 1993). "Skylink America stock doubles on news of casino firm merger". Dallas Morning News – via NewsBank.
  9. ^ a b Rhonda Bell (January 25, 1995). "Battle-weary Crown gives up, plans move to Lake Charles". The Times-Picayune. New Orleans, LA – via NewsBank.
  10. ^ "Third casino opens on Lake Charles". The Advocate. Baton Rouge, LA. AP. July 31, 1995 – via NewsBank.
  11. ^ Cam Simpson (July 1, 1993). "Riverboats shoot for early '94". Evansville Courier – via NewsBank.
  12. ^ John Ellis (September 18, 1993). "Gary lobbyist takes casino post". Post-Tribune. Gary, IN – via NewsBank.
  13. ^ "Resumes of operators". Post-Tribune. Gary, IN. September 19, 1993 – via NewsBank.
  14. ^ John Ellis; Susan Brown (November 19, 1993). "Barnes pares down choices". Post-Tribune – via NewsBank.
  15. ^ John Ellis (November 24, 1993). "Harris misses the boat". Post-Tribune – via NewsBank.
  16. ^ "Hospitality's buy". The Star-Ledger. Newark, NJ. March 8, 1994 – via NewsBank.
  17. ^ "Business in brief". Kansas City Star. January 2, 1996 – via NewsBank.
  18. ^ Form 10-KSB: Annual Report (Report). Century Casinos. March 25, 1997. p. 9 – via EDGAR.
  19. ^ Form 10-KSB: Annual Report (Report). Century Casinos. April 2, 2001. p. 8 – via EDGAR.
  20. ^ Bob Batz (November 5, 2000). "Viva, Las Vevay! Sleepy river town gets a dose of casino caffeine". Dayton Daily News – via NewsBank.
  21. ^ "Century Casinos completes acquisition". The Gazette. Colorado Springs. April 1, 1994 – via NewsBank.
  22. ^ Julie Andrews (June 18, 1994). "Casinos, restaurants are expanding". The Gazette. Colorado Springs – via NewsBank.
  23. ^ "Century Casinos owns Womack's Saloon assets". The Gazette. Colorado Springs. July 2, 1996 – via NewsBank.
  24. ^ "Womacks Casino in Cripple Creek, CO, renamed 'Century Casino'" (Press release). Century Casinos. September 29, 2010 – via NewsBank.
  25. ^ Form 10-KSB: Annual Report (Report). Century Casinos. March 25, 1997. p. 8 – via EDGAR.
  26. ^ Ralph Dummit (December 1, 1994). "Denver firm seeking license for casino in Portage des Sioux". St. Louis Post-Dispatch – via NewsBank.
  27. ^ Rick Alm (January 14, 1996). "More casinos coming". Kansas City Star – via NewsBank.
  28. ^ a b Form 10-KSB: Annual Report (Report). Century Casinos. March 25, 1997. p. 11 – via EDGAR.
  29. ^ Steve Moore (December 2, 1994). "Casino set to open near San Jacinto". The Press-Enterprise. Riverside, CA – via NewsBank.
  30. ^ Mark Henry; Jose Arballo Jr. (January 14, 1995). "Let the games begin". The Press-Enterprise. Riverside, CA – via NewsBank.
  31. ^ a b Ricardo Duran (September 22, 1995). "Soboba Band installs 'illegal' video devices". The Press-Enterprise. Riverside, CA – via NewsBank.
  32. ^ Alan Sayre (September 1, 1995). "11 groups file applications for lone casino berth". The Advocate. Baton Rouge, LA. AP – via NewsBank.
  33. ^ "Most applicants want to cash in on Texas market". The Advocate. Baton Rouge, LA. September 2, 1995 – via NewsBank.
  34. ^ Joe Gyan Jr. (February 3, 1996). "Horseshoe snares last casino berth". The Advocate. Baton Rouge, LA – via NewsBank.
  35. ^ Lynn Bronikowski (November 7, 1995). "Denver firm lands Greek casino deal". Rocky Mountain News. Denver, CO – via NewsBank.
  36. ^ Form 10-KSB: Annual Report (Report). Century Casinos. March 19, 1999. p. 9 – via EDGAR.
  37. ^ Wayne Heilman (August 23, 1996). "Casino company to move offices from Denver to downtown Springs". The Gazette. Colorado Springs – via NewsBank.
  38. ^ "Casino firm OKs stock repurchase". The Gazette. Colorado Springs. December 6, 1996 – via NewsBank.
  39. ^ Lou Gonzales (March 18, 1998). "Casinos roll dice on foreign ventures". The Gazette. Colorado Springs – via NewsBank.
  40. ^ "Century opens Prague casino". Denver Post. July 10, 1999 – via NewsBank.
  41. ^ "South African gambling: Century Casinos to invest $3.9 million". The Gazette. Colorado Springs. April 15, 2000 – via NewsBank.
  42. ^ "Century in South Africa". The Gazette. Colorado Springs. October 12, 2000 – via NewsBank.
  43. ^ "Century Casinos looks to S. Africa". Denver Post. September 18, 2001 – via NewsBank.
  44. ^ Form 10-KSB: Annual Report (Report). Century Casinos. March 29, 2002. p. 7 – via EDGAR.
  45. ^ "Century Casinos opened casino & hotel in Central City, Colorado" (Press release). Century Casinos. July 12, 2006 – via NewsBank.
  46. ^ "Century Casinos reports successful opening of new Edmonton casino" (Press release). Century Casinos. November 21, 2006 – via NewsBank.
  47. ^ "Century Casinos announces closing of acquisition of controlling interest in second South African casino" (Press release). Century Casinos. April 3, 2006 – via NewsBank.
  48. ^ "Century Casinos reports opening of new casino resort on Newcastle, South Africa" (Press release). Century Casinos. December 5, 2006 – via NewsBank.
  49. ^ "Business briefs". Rocky Mountain News. Denver, CO. September 29, 2006 – via NewsBank.
  50. ^ "Century Casinos unit completes acquisition of co. that holds stake in Casinos Poland". Associated Press Newswires. March 13, 2007.  – via Factiva (subscription required)
  51. ^ a b Form 10-K: Annual Report (Report). Century Casinos. March 11, 2016. p. 6 – via EDGAR.
  52. ^ a b "Century Casinos closed sale of Prague casino" (Press release). Century Casinos. February 13, 2009 – via NewsBank.
  53. ^ a b c "Century Casinos sells South African casino properties" (Press release). Century Casinos. December 22, 2008 – via NewsBank.
  54. ^ "Century Casinos has closed sale of Its South African subsidiary" (Press release). June 30, 2009 – via NewsBank.
  55. ^ a b Form 10-K: Annual Report (Report). Century Casinos. March 9, 2018. p. 8 – via EDGAR.
  56. ^ Wayne Heilman (January 15, 2010). "Century pays $10.5 million for Calgary casino". The Gazette. Colorado Springs – via NewsBank.
  57. ^ "Silver Dollar re-opens as Century Casino Calgary". CTV News Calgary. November 18, 2010. Retrieved 2016-12-28.
  58. ^ Zickefoose, Sherri (December 3, 2012). "Century Casino doles out $13M loan for proposed Balzac race track". Calgary Herald. Retrieved 2012-12-03.
  59. ^ "Casino opens north of Calgary, harness racing to arrive in coming weeks". CTV News Calgary. April 1, 2015. Retrieved 2015-04-01.
  60. ^ Wayne Heilman (October 4, 2016). "Century Casinos announces Canadian acquisition". The Gazette. Colorado Springs. Retrieved 2016-12-21.
  61. ^ Wayne Heilman (April 1, 2019). "Colorado Springs casino firm opens Edmonton horse racing center". The Gazette. Colorado Springs. Retrieved 2019-04-01.
  62. ^ "Century Casinos Acquires casino development in Bath, England" (Press release). Century Casinos. June 21, 2017. Retrieved 2017-08-11 – via PR Newswire.
  63. ^ "Hamilton Princess casino plans detailed". The Royal Gazette. Hamilton, Bermuda. August 11, 2017. Retrieved 2017-08-11.
  64. ^ Liam Trim (August 7, 2018). "Casino in Bath now members only despite 'open door' launch policy". Somerset Live. Retrieved 2018-08-28.
  65. ^ "Century Casinos announces opening of Century Casino in Bath, United Kingdom" (Press release). Century Casinos. May 29, 2018. Retrieved 2018-08-28 – via PR Newswire.
  66. ^ a b Wayne Heilman (March 13, 2020). "Century Casinos writes off $16.5 million in England casino, triggering loss". The Gazette. Colorado Springs. Retrieved 2021-08-08.
  67. ^ Bailey Schulz (December 6, 2019). "Eldorado Resorts closes 3 property sales for $385M". Las Vegas Review-Journal. Retrieved 2019-12-08.
  68. ^ "Century Casinos, Inc. completes acquisition of operations of three casinos from Eldorado Resorts" (Press release). Century Casinos. December 6, 2019. Retrieved 2019-12-08 – via PR Newswire.
  69. ^ "Vici Properties Inc. completes acquisition of three regional gaming properties and enters into master lease agreement with Century Casinos, Inc" (Press release). Vici Properties. December 6, 2019. Retrieved 2019-12-08 – via BusinessWire.
  70. ^ Wayne Heilman (December 6, 2019). "Century Casinos buys three casinos, doubling company's size". The Gazette. Colorado Springs. Retrieved 2019-12-08.
  71. ^ a b "SM2 Capital places bets on Calgary with casino redevelopments". Calgary Herald. 2021-06-06. Retrieved 2024-07-11.
  72. ^ Ruden, Pete (23 September 2021). "bet365 Plans to Enter New Colorado Sports Betting Market". Action Network. Retrieved 10 December 2021.
  73. ^ Jason Hidalgo (February 23, 2022). "Nugget hotel-casino confirms sale agreement with Colorado-based Century Casinos". Reno Gazette Journal. Retrieved 2022-03-05.
  74. ^ "Century Casinos, Inc. completes acquisition of Nugget Casino Resort operations; expands into Nevada" (Press release). Century Casinos. April 4, 2023. Retrieved 2023-04-04 – via PR Newswire.
  75. ^ "Century Casinos completes acquisition of Rocky Gap Casino Resort operations". The Daily Record. Baltimore, MD. July 26, 2023. Retrieved 2023-09-03.
  76. ^ Robert Fletcher (September 7, 2023). "Vici completes quadruple Alberta casino purchase from Century". iGaming Business. Retrieved 2023-09-14.