Casino News

Century Casinos Agrees Sale of Calgary Property

On January 12, 2022, Century Casinos announced that it has struck a deal for the sale of land and building to one of its properties, which is located in Calgary, Alberta. The agreement is between the company’s subsidiary division Century Resorts Alberta and Rowanwood Financial Properties Ltd., and the deal is said to be worth CA$8.1 million.

Century Casinos is a company that provides casino entertainment, and it operates several gaming hotspots in numerous North American territories, including properties in Alberta, Canada. The company’s properties in Alberta include Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino, and Century Downs Racetrack and Casino.

Deal Almost Finalized

With the deal, Century Resorts Alberta will sell its land and building to Rowanwood Financial Properties Ltd. for CA$8.1 million or US$6.5 million based on the exchange rate on January 12, 2022. So far, the buyer has paid CA$0.7 million for the sale, with the remaining CA$7.4 million expected to be paid out after the closing of the deal.

Now, the deal is subject to adjustments for property taxes and other revenues and expenses in relation to the property in question. According to information from the two sides, the agreement should be officially closed within 30 days. Century Casinos acquired the property from Silver Dollar Casino almost 12 years ago for approximately US$10.5 million, and soon the land will have a new owner.

Back on December 1, 2020, Century Resorts Alberta agreed to sell the casino operations of Century Casino Calgary, which is on the property, to Rowanwood Financial Properties Ltd. Then, leased part of the property with the casino premises to the buyer. Now, after the recent deal, the gaming company continues to run Century Sports, a sports bar, bowling, and entertainment facility located at the said land.

After the formal closing of the deal, Century Resorts Alberta will cease to operate Century Sports and then will transfer the lease agreement for the casino portion to Rowanwood Financial Properties Ltd. As the property is now almost officially sold, the subsidiary division will continue to operate its current properties in Alberta and seek new opportunities in the province.

Summer 2021 Reopening

Century Casinos’ properties in Alberta have also fallen victim to the unprecedented situation which broke out in March 2020. Its casinos were closed and reopened several times due to provincial health and safety rules. They were last reopened in June 2021, and have remained operational since then. However, they operate in strict health protocols for both patrons and staff members.

Racing Dates Approved

Recently, Horse Racing Alberta revealed its live harness racing program for the 2022 season, which is set to feature over 200 exciting racing dates. The company’s Century Mile Racetrack and Casino is slated to have 20 days of Standardbred racing and 54 dates for Thoroughbreds. Its other horse racing facility Century Downs Racetrack and Casino is set to have a 61-day meet for Standardbreds, with no planned races for Thoroughbreds.

Source: “Century Casinos Enters into Definitive Agreement to Sell Land and Building in Calgary”, Cision, January 13, 2022