Century Casinos increases stake in Casinos Poland
October 12, 2012
Century
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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