Century Casinos increases stake in Casinos Poland
October 12, 2012
Casinos Europe GmbH, a subsidiary of Colorado-based Century Casinos, signed an
agreement with LOT Polish Airlines to acquire an additional 33.3 percent ownership
interest in Casinos Poland Limited (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. Upon closing of the transaction, the company will execute the final agreement and own a 66.6 percent interest in CPL.
According to Century Casinos, the latest available market data indicate that through the eight casinos operated in major cities throughout Poland, CPL has a 46 percent share of the Polish casino market. For the 12 month period ended June 30, 2012, CPL recorded net operating revenue of approximately $46.5 million, EBITDA of approximately $5.9 million and net income of approximately $1.7 million (all based on average PLN to USD exchange rates for the same period).
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