UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
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April 28, 2000
Date of Report (Date of earliest event reported)
CENTURY CASINOS, INC.
(Exact Name of Registrant as specified in its charter)
Delaware 0-22290 84-1271317
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
200-220 E. Bennett Avenue
Cripple Creek, CO 80813
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 719-689-0333
Item 5. MATERIAL EVENT
On April 14, 2000, the Registrant was awarded a gaming license by the Western
Cape Gambling and Racing Board (the "Gaming Board") for a casino development in
Caledon, South Africa, located approximately one hour east of Cape Town. The
gaming license is the only one that may be awarded in the Overberg region and is
one of only 5 licenses that will be issued within the Western Cape province - a
province with a population of over four million. The Company anticipates the
casino opening in the fourth quarter of this year. The award of the license
follows the earlier receipt of Successful Applicant status and the subsequent
satisfaction by the joint venture of the financial and procedural conditions
required by the Gaming Board. Century Casinos anticipates that it will invest
approximately $3.9 million for 50% of the project and will have a 10-year casino
management agreement with multiple 10-year extension rights.
In developing the project, Century has joined forces with Fortes King
Hospitality Group (a local hotel ownership and management group) and with two
local empowerment groups - the Overberg Community Trust and the Overberg
Empowerment Company. Additional financing for the project has been provided by
PSG Investment Bank, a South African bank, for approximately $9 million.
The project is located on over 230 hectares (approximately 600 acres) of land
adjacent to the N-2 highway, the main thoroughfare between Capetown and Durban,
known as the Garden Route. The total cost for phase one of the project is
anticipated to be approximately $16 million (U.S. dollars) and includes a casino
with approximately 250 machines and 12 gaming tables, the refurbishment of an
existing 100-room hotel and a spa built around the mineral hot springs on the
site. Also planned in this phase are 5 restaurants, 2 bars, a swimming pool, a
childrens' activity center, tennis courts, a village emporium including shops
showcasing local crafts and products, and access to bike and 4X4 trails. Plans
for phase two include an 18-hole championship golf course, potential casino
expansion, additional hotel rooms (potentially 500) and up to 350 residential
units around the golf course. The project also has the potential for development
of an amphitheatre, a gas station, a vineyard and a small shopping center.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Century Casinos, Inc.
(Registrant)
Date: April 28, 2000 By: /s/ Erwin Haitzmann
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Erwin Haitzmann, Chief Executive Officer