Century Casinos sells Calgary casino land for $6.5m
Century Casinos’ Canadian subsidiary, Century Resorts Alberta (CRA), has agreed to sell its Calgary property for CA$8.1m (US$6.5m).
Canada.- Century Casinos is selling the land and property of Century Casino Calgary for $6.5m to Rowanwood Financial Properties. The transaction is expected to close within 30 days. It comes 12 years after Century Casinos paid $10.5m for what was previously the Silver Dollar Casino.
In a statement, Century said CA$0.7m (US$0.5m) had already been paid, with the remaining CA$7.4m (US$5.9m) to be delivered upon closing, subject to adjustments for property taxes and other relevant revenues and expenses.
The deal comes after CRA sold the casino operations of Century Casino Calgary for CA$10.0m in December 2020, leasing the portion of the property containing the casino premises to the purchaser, 2267166 Alberta Ltd. Prior to the sale, Calgary accounted for 7 per cent of Century Casinos’ total net operating revenue in 2020 and 10 per cent of adjusted earnings.
Since then, CRA has continued to operate Century Sports, a sports bar, bowling and entertainment facility located on a portion of the property. Upon closing, CRA will stop operating Century Sports and will transfer the lease agreement for the casino premises to the buyer.
The Colorado-based company operates 10 properties in North America, with a focus on investing in and developing regional, mid-size casinos. Through its Austrian subsidiary CRM, the company also holds a 66.6 per cent ownership interest in Casinos Poland, owner and operator of eight casinos in Poland. It has a 75 per cent ownership interest in Century Downs Racetrack and Casino in Calgary.