Century Casinos sells Calgary casino operations for CAD$10m

6 August 2020

Century Casinos, Inc. announced on August 5 the sale of the casino operations of Century Casino Calgary, to the recently incorporated 2267166 Alberta Ltd.

The buyer paid a CAD$10m ($7.53m/€6.35m/£5.72m) non-refundable fee for the venue, and will pay a quarterly earn-out to Century over the three years post-acquisition.

The agreement sees CRA enter into a lease agreement with the buyer, with the premises bringing an annual net rent of approximately CAD$480,000 for a term of three years.

“This transaction immediately strengthens our balance sheet,” Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos remarked.

“The Calgary casino is one of our smaller operations, contributing $8.4m in net operating revenue and $1.2m in adjusted EBITDA (approximately half from the casino operations we are selling and half from sports bar, bowling and entertainment operations we will continue operating) in 2019.”

Read the full story on iGB North America.