Supplier News
Canada – Century now owns 75 per cent of Century Downs Racetrack
By Phil - 23 March 2015
Century Casinos now owns 75 per cent of United Horsemen of Alberta, the company developing the Century Downs Racetrack and Casino.
Pursuant to an amended credit agreement with United Horsemen of Alberta in connection with the development of the Century Downs project, the company had agreed to loan to United Horsemen of Alberta a total of CA$24m in two separate loans, to acquire 15 per cent in United Horsemen of Alberta, to control the board of directors, to manage the development and operation of the Century Downs Racetrack and Casino project and the company had the right to convert CA$11m of one loan into an additional 60 per cent ownership interest in United Horsemen of Alberta. The conversion of this CA$11m loan to a total of 75 per cent ownership of Century in United Horsemen of Alberta is now effective. With the conversion, a condition of licensing imposed by AGLC, has been satisfied.
Century Downs Racetrack and Casino is located less than one mile north of the city limits of Calgary and 4.5 miles from the CalgaryInternational Airport. The location is ideally positioned exiting off the Queen Elizabeth II Highway, which is the main corridor betweenCalgary and Edmonton and one of the most heavily used highways in Western Canada, next to the CrossIron Mills shopping mall, a major regional attraction, and has the potential to capture both the north and the northwest Calgary markets, which do not currently have a casino.
The Racing Entertainment Center of the project, including a casino with 550 gaming machines, is scheduled to open on April 1, 2015.
