Century Casinos has released an update on its casino construction project in Caruthersville, Missouri. The company recently broke ground on its latest land-based casino development and will add another 140 slot machines to its current total of 650.
The project is scheduled to be completed by 2024 and will open soon after, pending regulatory approval from the Missouri Gaming Commission and from other local regulators.
The estimated cost to date will run close to $59.1m. Century Casinos recently signed a master lease agreement with Vici Properties, which will own all real estate improvements associated with the Caruthersville location. Under the terms of the lease, Century will pay an estimated $4.2m to Vici in annual rent once construction is completed.
Vici Properties President and COO John Payne took a moment to comment about the partnership with Century and said the company is looking forwarding to continuing its ongoing business relationship.
He said: “We are very excited to continue to grow our partnership with Century by funding this expansion project through our Partner Property Growth Fund.
“Since we jointly acquired three regional assets in 2019, the Century team has significantly enhanced performance at the properties by fine-tuning operations and focusing intently on customer satisfaction.”
He went on to add that due to the efforts of key team members, the company was able to fund the deal without the aid of outside sources.
Payne concluded by saying: “Our team, led by Danny Valoy and Elena Keil, has collaborated with Century to structure a transaction that greatly enhances the long-term value of the property in Caruthersville, provides Century with balance sheet flexibility and allows VICI to invest free cash flow, growing our AFFO without the need for external funding.”