Century Casinos in Agreement to Purchase Additional 33% Ownership in Casinos Poland
Century Casinos (NASDAQ: CNTY) announced today that its subsidiary Century Casinos Europe GmbH, signed an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership interest in Casinos Poland Ltd ("CPL"), the owner and operator of eight casinos in Poland.
The transaction is subject to approval from the Polish Minister of Finance and Polish Airports, the co-shareholder in CPL. There is no assurance that the company will obtain the needed approvals or as to the timing of such approvals. Upon closing of the transaction, the company will execute the final agreement and own a 66.6% ownership interest in CPL.
The latest available market data indicate that through the eight casinos operated in major cities throughout Poland, CPL has a 46% share of the Polish casino market. For the 12 month period ended June 30, 2012, CPL recorded net operating revenue of approximately USD 46.5 million, EBITDA of approximately USD 5.9 million and net income of approximately USD 1.7 million (all based on average PLN to USD exchange rates for the same period).
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