January 14, 2022 Casino, Land Based

Century Casinos to sell land in Calgary

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The deal is expected to be closed within the next 30 days.

Century Casinos, an operator of gaming properties in the United States and Canada, has announced its subsidiary, Century Resorts Alberta, has entered into an agreement to sell the land and building it owns in Calgary, Alberta, Canada. 

The deal, which was agreed on January 12, 2022, will see the land sold to Rowanwood Financial Properties for a total sum of CA$8.1m($6.5m). Rowanwood has currently paid CA$700,000 toward the sale with the remaining sum being paid upon closing. 

Indeed, while agreed, the deal is still subject to adjustments for property taxes and other revenues and expenses relating to the property. Presently, the parties involved believe the agreement will be closed in the next 30 days.

Currently, Century Resorts Alberta still operates Century Sports, a sports bar, and a bowling alley located on the land. These offerings will close once the deal has been completed, with lease agreements for the casino premises being transferred to the buyer.

Century Casinos currently operates properties in Cripple Creek and Central City, Colorado. Other properties owned by the company include the Century Casinos in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada. In West Virginia, the operator owns the Mountaineer Casino, Racetrack & Resort in New Cumberland.

According to the operator’s third quarter financial results, 2021 was a relatively positive year for the company as the land-based industry continued to recover from Covid-19. Revenue saw a year-on-year increase of 22%, while earnings grew by an impressive 77%.

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