According to the agreement Century Casino’s Austrian subsidiary Century Casinos Europe GmbH acquires 100% of G5 Sp. z o. o., a Polish company holding 33.3% of all issued and outstanding shares of Casinos Poland Ltd. The perfect base for the agreement is said to be the approval of the Polish Anti Monopoly Authorities.
The financial said is reported to be the following: “the total financial consideration payable for the transaction of approx. $8,620,000 consists of a PLN 15,000,000 (approx. $4,860,000) loan funding from Century Casinos Europe GmbH to G5, plus the purchase price of Euro 2,920,000 (approx $3,760,000). Euro 1,840,000 (approx. $2,370,000) of the purchase price is payable at closing of the transaction, the remaining Euro 1,080,000 (approx. $1,390,000) at the end of 2006”.
Peter Hoetzinger, Co CEO and President of Century Casinos, noticed that they could not but be excited “to enter the Polish casino market and look forward to build on Casinos Poland’s success and … expand… Century Casino’s earnings stream”.
The two other owners of Casinos Poland are said to be LOT Polish Airlines and the Polish Airport Authority, either having 33.3% stakes. Having joined the European Union, Poland faces economic growth. At the moment there are 27 operating casinos in Poland. There, only those cities with the population of about 250,000 people get the casino license. Moreover, the casino business in them is administered and regulated with the help of strict rules and laws by the Polish Ministry of Finance.
Century Casinos Ltd:
It is the company that owns and operates plenty of casinos all over the world. They include Womacks Casino and Hotel in Cripple Creek, Colorado, the Casino Millennium in the Marriott Hotel in Prague, Czech Republic, the casinos aboard the Silver Wind, Silver Cloud, Silver Whisper, The World of ResidenSea, and the vessels of Oceania Cruises, and many others. The company is still growing and pursues other international projects.
To get more details about Century Casinos, go to http://www.centurycasinos.com. Century Casinos’ common stock trades on The NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.