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FOR IMMEDIATE RELEASE
Company Contact
Larry Hannappel
(719) 527-8300
lh@cnty.com
CENTURY CASINOS ANNOUNCES PLANS FOR CASINO IN CENTRAL CITY, COLORADO
COLORADO SPRINGS, Colorado, October 13, 2004 - Century Casinos, Inc. (NASDAQ:
CNTY) announced today that it has signed an agreement with Tollgate Venture LLC
to develop and operate a casino and hotel in Central City, Colorado. The
proposed $40.0 million development includes a 60,000 square foot casino and back
of house with 625 slot machines, six table games, 35 hotel rooms, retail, food
and beverage amenities and a 500-space on-site covered parking garage. The
Company's contribution to the proposed project includes an initial cash capital
contribution of $3.5 million in return for a controlling 65% interest. The
Company's partner, Tollgate Venture LLC, will contribute three existing
non-operating casino buildings, land and land options. Additionally, a
subsidiary of the Company entered into a Casino Services Agreement to manage the
property. Closing of the agreement and completion of the project is subject to
various conditions and approvals, including, but not limited to securing
acceptable financing, satisfactory environmental studies, licensing by the
Colorado Division of Gaming, Century Casinos' Board approval and other due
diligence. Casino licenses in Colorado are not limited in number by state gaming
laws and are primarily subject to successful background investigations by the
Colorado Division of Gaming. Century currently is licensed in Colorado for
gaming at Womacks Casino and Hotel in Cripple Creek.
On November 20, 2004, the city of Central City is expected to open to the public
the new $45.2 million four lane highway (Central City Parkway) that the Company
believes will offer a safer and faster alternative route from the greater Denver
area to Central City and Black Hawk, Colorado. The Central City Parkway is an
entirely new construction and will connect to I-70, the main East/West
interstate highway in Colorado, directly to Central City and then on to Black
Hawk. Central City is a prime location for the Company's latest venture because
of the new parkway and because of the fact that the parkway goes through Central
City before going through Blackhawk. All traffic must go directly past the
casino's main entrance and parking structure.
Central City and Black Hawk are historical mining towns situated adjacent to
each other and located in the Rocky Mountains approximately 35 miles west of
Denver. The first casinos opened in both cities in 1991. The Central City
Parkway will enter the casino cities first at Central City. Currently the
alternative route, which is only a two lane highway and a more treacherous drive
than the new Central City Parkway, enters these cities first at Black Hawk.
"We are delighted with the prospects of opening a casino in Central City. The
location of the casino, hotel, 500 car on-site covered parking garage and the
new Central City Parkway, will be invaluable towards our goal of further
expansion for Century Casinos", said Chairman and CEO Erwin Haitzmann.
About Century Casinos, Inc.:
Century Casinos is an international casino company that owns and operates
Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The
Caledon Hotel, Spa & Casino near Cape Town, South Africa; operates the casinos
aboard the ultra-luxury vessels of Silversea Cruises, The World of ResidenSea,
and Oceania Cruises; and owns 50% of, and provides technical casino services to
the Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The
Company continues to pursue other international projects in various stages of
development.
The address for the U.S. offices is 1263A Lake Plaza Dr., Colorado Springs, CO
80906. Telephone: (719) 527-8300. Fax: (719) 527-8301. E-Mail:
investor@cnty.com. For more information about Century Casinos, please visit the
Company's web site at www.centurycasinos.com. Century Casinos' common stock
trades on The NASDAQ Stock Market(R)under the symbol CNTY.
This release contains forward-looking statements that involve risks and
uncertainties. Among the other important factors which could cause actual
results to differ materially from those in the forward-looking statements are
the significant conditions to closing the transaction and completion of the
casino and hotel project, which cannot be assured, acceptance by the public of
gaming at the new casino, use by the gaming public of the new Central City
Parkway, significant competition from many large and established casinos in
Black Hawk and by the City of Black Hawk, which will seek to preserve market
share for the Black Hawk casinos, other economic, competitive, and governmental
factors affecting the Company's operations, markets, services and prices, as
well as other factors detailed in the Company's filings with the Securities and
Exchange Commission, including its recent filings on Forms 10-K, 10-Q, and 8-K.
Century Casinos disclaims any obligation to revise or update any forward-looking
statement that may be made from time to time by it or on its behalf.
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