Century Casinos, Inc. agreed to sell its Calgary property for a total of $27 million USD in cash and Century shares on January 26th 2019. The company will use the proceeds from this sale to pay down debt incurred as well as paying stockholders their share of the proceeds in respect to their vested options.

Century Casinos has agreed to sell a property in Calgary. The sale is expected to close by the end of the year, and will result in Century Casinos moving its headquarters from Calgary to Edmonton.

Century Casinos Agrees Sale of Calgary Property

Century Casinos stated on January 12, 2022 that it has reached an agreement to sell land and buildings to one of its sites in Calgary, Alberta. The sale is estimated to be valued CA$8.1 million and is between the company’s subsidiary division Century Resorts Alberta and Rowanwood Financial Properties Ltd.

Century-Casinos-Agrees-Sale-of-Calgary-Property

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 Nearing Completion1642509612_42_Century-Casinos-Agrees-Sale-of-Calgary-Property

Century Resorts Alberta will sell its land and building to Rowanwood Financial Properties Ltd. for CA$8.1 million (US$6.5 million) on January 12, 2022, depending on the current currency rate. The buyer has already paid CAWith 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..7 million for the property, with the remaining CA$7.4 million likely to be paid when the transaction is completed.

The contract is now subject to modifications for property taxes, as well as other income and costs related to the subject property. The deal should be formally finalized within 30 days, according to information from both parties. Century Casinos purchased the site from Silver Dollar Casino for around US$10.5 million over 12 years ago, and the land will soon have a new owner.

Century Resorts Alberta agreed to sell the casino operations of Century Casino Calgary, which is located on the land, to Rowanwood Financial Properties Ltd. on December 1, 2020. The buyer was then leased a portion of the land that included the casino. Following the latest acquisition, the gaming firm continues to operate Century Sports, a sports bar, bowling alley, and entertainment venue on the property.

Century Resorts Alberta will cease to run Century Sports when the sale is officially closed, and the leasing agreement for the casino section will be transferred to Rowanwood Financial Properties Ltd. The subsidiary division will continue to run its present assets in Alberta and look for new prospects in the province now that the property is nearly formally sold.

Reopening in the summer of 2021

The properties of Century Casinos in Alberta have also been affected by the unusual scenario that erupted in March 2020. Due to provincial health and safety regulations, its casinos have been shuttered and reopened multiple times. They were last reopened in June 2021 and have been in use ever since. They do, however, follow stringent health regulations for both consumers and employees.

Racing Schedules Have Been Approved

Horse Racing Alberta just announced its live harness racing schedule for the 2022 season, which includes over 200 thrilling race days. Century Mile Racetrack and Casino will host 20 days of Standardbred racing and 54 days of Thoroughbred racing. Century Downs Racetrack and Casino, the company’s second horse racing venue, will host a 61-day meet for Standardbreds, with no Thoroughbred races scheduled.

Cision, January 13, 2022, “Century Casinos Enters Into Definitive Agreement to Sell Land and Building in Calgary.”

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