Century Casinos broke ground on the new land-based casino and hotel development at Century Casino Caruthersville on Friday, December 2, 2022 and has now provided more details of how the project will unfold.
The casino at Century Casino Caruthersville will offer 650 slot machines (with the possibility of an expansion of up to 140 additional slot machines), table games, a deli, and a bar. The 38-room hotel, which will be located in a hotel tower between the existing pavilion and the new casino, will provide scenic views of the Mississippi River and city of Caruthersville. The new casino and hotel are expected to open in late 2024, subject to final regulatory approval from the Missouri Gaming Commission as well as other state and local approvals.
The Caruthersville Project is expected to cost approximately $51.9m. To finance the Caruthersville Project, the company entered into an amendment to its Master Lease with VICI Properties. Following completion, VICI will own the real estate improvements associated with the Caruthersville Project. Annual rent under the Master Lease will increase by approximately $4.2m after completion of the Caruthersville Project.
Following the groundbreaking ceremony, the company hosted a grand opening of the Farmstead, a 36-room hotel located near the existing pavilion and the new land-based casino and hotel development in Caruthersville. The company bought the Farmstead land and building in July 2021 and completely renovated the hotel building into a contemporary Missouri farmhouse style hotel at a cost of approximately $3.7m. The Farmstead will be the only hotel in Caruthersville until the new hotel at the land-based Century Casino Caruthersville is completed.
Currently, the Company continues its work on the relocation of the casino floor of Century Casino Caruthersville from the riverboat and barge on the Mississippi river to a temporary location in the pavilion. The Company’s goal is to have that relocation completed before the end of 2022. The record low water levels of the Mississippi River in October 2022 made the relocation to a temporary land-based facility necessary because the riverboat, which operated since 1994, was no longer accessible from the barge. The Missouri Gaming Commission approved the relocation to the temporary facility in October 2022. The casino will remain in the temporary facility until the time the new permanent land-based casino is completed.
The pavilion, the Farmstead, parking, and the new land-based Caruthersville Project are all protected by a flood wall. As a result, the Company expects that casino operations in Caruthersville will no longer be affected by water levels in the Mississippi River.
Through these developments, Century Casinos is transforming Century Casino Caruthersville from the last remaining riverboat casino on the Mississippi River to a full destination resort with the ability to attract customers from even further into Missouri, Tennessee and Arkansas, while providing existing customers with an even better casino experience.