Century Casinos Re-Opens Casinos in Poland

Rhea-AI Summary

Century Casinos (CNTY) has reopened its eight casinos in Poland as of February 12, 2021, following a mandatory closure since December 28, 2020, due to COVID-19 restrictions. The reopening is contingent on government mandates and is set to be reassessed by February 28, 2021. Social distancing and health protocols will be enforced. Century Casinos holds a 66.6% interest in its Polish subsidiary, Casinos Poland Ltd. The company warns of potential future closures depending on government regulations.

Positive

• Casinos Poland Ltd. reopening could enhance revenue.
• 66.6% ownership in Casinos Poland provides significant operational control.

Negative

• Future operational uncertainties exist due to potential government-mandated closures.
• No assurance that casinos will remain open past February 28, 2021, could impact financial forecasts.

COLORADO SPRINGS, Colo., Feb. 12, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company") announced that its subsidiary Casinos Poland Ltd., in which the Company holds a 66.6% ownership interest, reopened its eight casinos today. The government mandate allowing casinos to reopen is limited until February 28, 2021 and expected to be reassessed by then.

Casinos throughout Poland were closed on December 28, 2020 to comply with a quarantine imposed by the Polish government to contain the spread of COVID-19. The regulation lifting the lockdown for casinos includes social distancing practices and enhanced health and safety protocols.

There is no assurance that the casinos will be allowed to remain open past February 28, 2021; if the casinos are required to close again at that time, the Company will report such closures in its Form 10-K for the year ended December 31, 2020. 

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.

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 current coronavirus (COVID-19) pandemic, 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 8.1 in our Current Report on Form 8-K filed on May 8, 2020, in our Quarterly Report on Form 10-Q for the quarter ended September 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 reopening status of Century Casinos in Poland as of February 12, 2021?

Century Casinos has reopened its eight casinos in Poland on February 12, 2021, after being closed since December 28, 2020.

What conditions have been set for the reopening of Century Casinos' Polish locations?

The reopening of the casinos is subject to government mandates including social distancing and health protocols.

What is the significance of the February 28, 2021 date for Century Casinos?

The government will reassess the situation regarding the casinos' operations by February 28, 2021, which may impact their ability to remain open.

What percentage of Casinos Poland does Century Casinos own?

Century Casinos holds a 66.6% ownership interest in Casinos Poland Ltd.

What could affect Century Casinos' operations following the reopening in Poland?

The potential for future closures mandated by the government could significantly impact operations and financial performance.