Century Casinos Pulling Out Of South African Gambling Market

This is a time in the casino gambling industry when company's are having to sell off some of their assets to ensure financial stability. Century Casinos Inc. has made one of those tough decisions.

The company has announced the sale of its South African subsidiary, Century Casinos Africa Ltd., to Tsogo Sun Gaming Ltd. The closing date for the sale is now set for June 30th, two weeks from today.

The total sale price of the subsidiary will be $44 million. Century will receive $31 million of that sum at the closing. The other $13 million will be given to the company after the regulatory approval process is complete.

Century Casinos has operations throughout the world. Their most notable properties are in Colorado, where they own Century Casino and Hotel in Central City, and Womacks Casino and Hotel in Cripple Creek. They also have properties in Poland and Canada.

The subsidiary that they have agreed to sell owns sixty percent of Century Casino Newcastle and also owns the Caledon Hotel, Spa & Casino near Cape Town. The KwaZulu-Natal Gambling Board must approve the sale of the subsidiary.

June 16, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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