Century Casinos Partners with Rush Street Interactive for Interactive Gaming in West Virginia

Rhea-AI Summary

Century Casinos, Inc. (CNTY) has entered a 10-year agreement with Rush Street Interactive (RSI) to offer interactive gaming in West Virginia. The deal, which includes minimum revenue guarantees and a monthly share of net gaming revenue, is set to begin in Q2 2021. Century has already acquired its master license for the state, facilitating the launch of the BetRivers brand. This partnership enhances Century's market presence and revenue potential in the growing online gaming sector.

Positive

• 10-year agreement with Rush Street Interactive for interactive gaming in West Virginia.
• Acquired master license from the State of West Virginia.
• Revenue guarantees and percentage share of net gaming revenue included in the agreement.

Negative

• None.

COLORADO SPRINGS, Colo., Dec. 11, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company"), announced today that it has finalized an agreement with Rush Street Interactive ("RSI") to become the Company's second interactive gaming operator partner in West Virginia. The Company, through a subsidiary, has already obtained its master license with the State of West Virginia. RSI will complete the necessary application and approval process with the State of West Virginia. They will operate an internet and mobile interactive gaming application under the BetRivers brand and intend to commence operations in the second quarter of 2021.

The interactive gaming agreement with RSI is for an initial term of 10 years, with an option to extend for up to another 10 years, and includes minimum revenue guarantees and a percentage share of net gaming revenue payable to the Company each month, with a signing bonus being paid on contract signing.

About Century Casinos, Inc.:
Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta, Canada; and Century Bets! Inc. ("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, Century Resorts Management GmbH ("CRM"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company operates four ship-based casinos. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other projects in various stages of development.

About Rush Street Interactive:
Founded in 2012 by gaming industry veterans, RSI is a market leader in online casino and sports betting in the U.S. The Company launched its first online gaming casino site, PlaySugarHouse.com in New Jersey, in September 2016 and was the first gaming company to launch a regulated online gaming site in Pennsylvania.  With its BetRivers.com sites, Rush Street Interactive was also the first to launch regulated online gaming in the states of Indiana, Colorado and, most recently, Illinois. Rush Street Interactive was named the 2020 Global Gaming Awards Digital Operator of the Year, and the 2020 EGR North America Awards Casino Operator of the Year and Customer Service Operator of the Year. RSI has been an early mover in Latin America and was the first U.S.-based gaming operator to launch a legal and regulated online casino and sportsbook, RushBet.co, in the country of Colombia. For more information, visit www.rushstreetinteractive.com.

Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.

This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, including the impact of the acquisition of the Acquired Casinos on the Company's results, the impact of the current coronavirus (COVID-19) pandemic, the adequacy of cash flows from operations and available cash to meet our future liquidity needs, particularly if we cannot operate our casinos due to COVID-19 or their operations are restricted, operating efficiencies, synergies and operational performance, the integration of the Acquired Casinos into our business, the prospects for and timing and costs of new projects, projects in development and other opportunities, our credit agreement with Macquarie and obligations under our Master Lease and our ability to repay our debt and other obligations, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019, in Item 8.01 of our Form 8-K filed with the SEC on May 8, 2020, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

 

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SOURCE Century Casinos, Inc.

FAQ

What is the new partnership announced by Century Casinos on December 11, 2020?

Century Casinos announced a partnership with Rush Street Interactive to provide interactive gaming in West Virginia.

When will the interactive gaming operations under BetRivers commence?

The operations are expected to start in the second quarter of 2021.

What does the agreement with Rush Street Interactive include?

The agreement includes a 10-year term with revenue guarantees and a monthly share of net gaming revenue.

What is Century Casinos' stock symbol?

The company's stock symbol is CNTY.