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Casino sold for $10.6M

Century Casinos, Inc. is adding to its holdings in Alberta by acquiringthe insolvent Silver Dollar casino in Calgary in a $10.6-million dealwith its operators, the Colorado-based company said yesterday.

Century Casinos, Inc. is adding to its holdings in Alberta by acquiring the insolvent Silver Dollar casino in Calgary in a $10.6-million deal with its operators, the Colorado-based company said yesterday.

Century said its Austrian subsidiary, Century Casinos Europe GmbH, had entered into a definitive agreement to acquire 100 per cent of the outstanding common stock of Frank Sisson’s Silver Dollar Ltd. and 100 per cent of the outstanding common stock of EGC Properties Ltd.

The total consideration for the casino and related land was put at US$10.6 million, plus or minus a working capital adjustment.

Century Casinos already owns and operates the Century Casino & Hotel in Edmonton.

“Once we have made certain improvements at the property and refined its market position, we believe the Silver Dollar has the potential to substantially contribute to our overall performance," said CEOs Erwin Haitzmann and Peter Hoetzinger said in a statement.

 
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