[bsa_pro_ad_space id=1 link=same] [bsa_pro_ad_space id=2]

Skip to Content

Operator News

US – Century to relocate last remaining riverboat casino on open water in Missouri

By - 8 March 2022

Century Casinos has confirmed it plans to relocate its Century Casino Caruthersville casino, currently the last remaining riverboat on open water in Missouri, to a land-based casino with an attached hotel, estimated to open in early 2024, and to build a hotel that will attach onto Century Casino Cape Girardeau, estimated to open in late 2023.

It estimates project costs of $73m. In December 2021, a lawsuit was filed by the City of St. Louis to block the implementation of the omnibus bill that included the amendment to the definition of a floating facility. The land-based casino project is delayed pending a resolution of the lawsuit or a stand-alone bill amending the definition of a floating facility. The Company plans to finance the cost of these projects with cash on hand, financing, or a combination of the two.

The announcement came as Century reported net operating revenue of $107.3m, an increase of 27 per cent from the three months ended December 31, 2020.

For the year as a whole the increase was similar with net operating revenue coming in at $388.5m, an increase of 28% from the year ended December 31, 2020

The COVID-19 pandemic continued to have an adverse effect on the company’s 2020 results of operations and financial condition, and negatively impacted the Company’s results of operations to a lesser extent in 2021 because the company’s United States properties were open and operating during this period.

The company’s Canada properties reopened on June 10, 2021, and its Poland casinos reopened on May 28, 2021. The company’s casinos in the United States have been open since June 2020. The company’s properties have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The company’s operations currently have limited health and safety requirements related to COVID-19. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.

On February 22, 2022, Century entered into a definitive agreement to acquire 50 per cent of Smooth Bourbon, and 100 per cent of Nugget Sparks, LLC dba Nugget Casino Resort from Marnell Gaming for $195m and to acquire a five-year option to purchase the remaining 50 per cent of PropCo for $105m plus two per cent per annum. The Company has received a commitment letter from Goldman Sachs Bank USA for $350m in senior secured term loan financing to support the Nugget Casino Resort acquisition, refinance the company’s existing debt and for general corporate purposes, and a $30m senior secured revolving credit facility.

“We would like to thank our team members for the enthusiasm and flexibility they have shown this year as we navigated operational restrictions and continuing changes brought about by COVID-19. Despite major restrictions at our Canada properties throughout the fourth quarter, we finished the year with strong results,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We look forward to 2022 and seeing the increased potential of our properties as most COVID-19 restrictions have now been lifted. We are also excited about our upcoming acquisition of the Nugget Casino Resort in Reno-Sparks, Nevada and the continued expansion of our US portfolio,” Messrs. Haitzmann and Hoetzinger concluded.

Share via
Copy link