Century Casinos Announces Opening of Century Casino & Hotel Caruthersville, MO

Rhea-AI Summary

Century Casinos has opened its new land-based casino and hotel in Caruthersville, Missouri. The 26,000 square feet facility features 599 slot machines and nine live tables, representing a 50% increase in gaming positions compared to the temporary location. The development includes a restaurant, bar, and 74 hotel rooms, with a total development cost of $51.9 million funded through VICI Properties. The project transforms the last remaining riverboat casino on the Mississippi River into a full destination resort, aiming to attract customers from Missouri, Tennessee, and Arkansas.

Positive

• 50% increase in gaming positions with 599 slot machines and nine live tables
• Expansion from riverboat to 26,000 square feet land-based facility
• Addition of 74 hotel rooms creating new revenue stream
• Development fully funded through VICI Properties, minimizing direct capital expenditure

Negative

• Significant development cost of $51.9 million adding to lease obligations

Insights

Financial Analyst

The opening of Century Casino & Hotel Caruthersville represents a significant operational expansion with $51.9 million in development costs funded through VICI Properties. The new land-based facility brings a 50% increase in gaming positions, which should drive higher revenue potential compared to the previous riverboat operation.

The triple net master lease structure with VICI is particularly advantageous, as it allows CNTY to expand without taking on additional debt. The strategic location targeting Missouri, Tennessee and Arkansas markets positions the property well for regional gaming competition. With improved amenities and increased capacity, this development should positively impact CNTY's revenue and EBITDA in the coming quarters.

Market Research Analyst

The transformation from a riverboat to a modern land-based casino represents a significant competitive advantage in the regional market. The expanded gaming floor and addition of hotel rooms creates a full-service destination resort that can capture extended-stay visitors and compete more effectively with other regional gaming options. The location near the tri-state area provides access to a broader customer base, particularly important given Tennessee's gaming options. The timing aligns well with the post-pandemic recovery in regional gaming markets and growing demand for drive-to entertainment destinations.

COLORADO SPRINGS, Colo., Nov. 1, 2024 /PRNewswire/ -- Century Casinos, Inc. (the "Company") (Nasdaq Capital Market®: CNTY) announced today that it opened its new land-based casino and hotel in Caruthersville, Missouri.

The 26,000 square feet casino offers 599 slot machines and nine live tables, a 50% increase in gaming positions compared to the temporary casino location, a restaurant, bar, and a total of 74 hotel rooms.

The development cost of $51.9 million has been funded through VICI Properties Inc. ("VICI"). VICI owns the real estate improvements associated with the Caruthersville project, which becomes a part of the Company's triple net master lease agreement with subsidiaries of VICI.

"We are excited about the completion of the transformation of the Century Casino & Hotel in Caruthersville from the last remaining riverboat on the Mississippi River and a temporary location in a small pavilion during the last two years, to a full destination resort with a proper gaming floor, restaurant, bar, hotel rooms and RV park," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. "The new resort will provide much improved and more convenient entertainment experiences, and we look forward to attracting customers from further into Missouri, Tennessee, and Arkansas," they concluded.

About Century Casinos, Inc.:
Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casino & Hotels in Cape Girardeau and Caruthersville, Missouri, and Century Casino & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.

Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.

This release and the presentation referenced therein may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding the Company's Caruthersville project, including prospects for attracting customers, timing and costs of new projects, projects in development and other opportunities. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from forward-looking statements include, among others, risks described in the section entitled "Risk Factors" under Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent periodic and current SEC filings the Company may make. 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.

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SOURCE Century Casinos, Inc.

FAQ

What is the size of the new Century Casino & Hotel Caruthersville (CNTY)?

The new Century Casino & Hotel Caruthersville is 26,000 square feet in size.

How many gaming positions does the new Century Casino Caruthersville (CNTY) have?

The casino features 599 slot machines and nine live tables, representing a 50% increase in gaming positions compared to the temporary location.

How much did the Century Casino Caruthersville (CNTY) development cost?

The development cost was $51.9 million, funded through VICI Properties.

How many hotel rooms does the new Century Casino & Hotel Caruthersville (CNTY) have?

The new Century Casino & Hotel Caruthersville has 74 hotel rooms.