Canada: Century Casinos sells casino land and sports bar in Calgary for $6.5 million

Casino entertainment company Casinos of the century entered into a definitive agreement to sell land and building in Calgary, the company announced on Thursday. Subsidiary of the company Century Resorts Alberta on Wednesday reached the agreement, which involves the sale of the land and building he owns in Calgary, Canada, at Rowanwood Financial Properties.

The transaction is valued at 8.1 million CAD ($6.5 million). The buyer has paid 0.7 million CAD ($0.5 million) related to the sale, while the remaining 7.4 million CAD ($5.9 million) will be paid at closing, subject to adjustments for property taxes and other property-related income and expenses. The transaction is expected to close within 30 days.

On December 1, 2020, Century Resorts Alberta sold Century Casino Calgary’s casino operations located on the property and leased the portion of the property containing the casino premises to the purchaser.. Calgary accounted for 7% of Century Casinos net operating income in 2020, before the sale.

Century Resorts subsidiary continues to operate Sports of the Century, a sports bar, bowling alley and entertainment center located on part of the property. Upon Closing, Century Resorts Alberta will cease operating the facilities and transfer the lease of the casino premises to the purchaser..

Nasdaq-listed Century Casinos owns and operates properties in Cripple Creek and Central City, Colorado, where it is based. It also owns and operates venues in Missouri and West Virginia in the United States, and in Alberta in Canada.

Additionally, through its Austrian subsidiary CRM, the company holds a 66.6% stake in Casinos Poland Ltd., which owns and operates eight casinos across Poland; and owns a 75% interest in Century Downs Racetrack and Casino in Calgary.

The company posted a 202.7% year-over-year increase in net profit in the third quarter of 2021, with revenue of $116.6 million, compared to $95.7 million at the same period the previous year.. US casinos remained the top source of revenue, at $73.9 million, while Canadian revenue climbed 28.9% to $21.4 million. Polish revenue followed at $21.2 million, up 30.1%.

“In the third quarter, we delivered exceptional results,” Century co-chief executives Erwin Heitzmann and Peter Hoetzinger said in November. “We achieved our highest quarterly net operating income and adjusted EBITDA in company history, as well as a consolidated adjusted EBITDA margin of 28.3%”.

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