The Austrian arm of Century Casinos, Century Casinos Europe GmbH, bought Monday a 33.3-per-cent stake in Polish peer...
The Austrian arm of Century Casinos, Century Casinos Europe GmbH, bought Monday a 33.3-per-cent stake in Polish peer Casinos Poland Ltd.
The share transfer took place indirectly, via the takeover of stake owner, G5 of Poland. Century Casinos Europe agreed to pay USD 8.69 million for the share package, USD 7.946 million of which have been paid and the remainder to be cashed out within six months.
Casinos Poland ended last year with PLN 158 million (USD 53.7 million) in operating revenues, an increase by 24 per cent on the year.
The company operates seven casinos and a slot arcade in five-star hotels in regional centres.
"We are very happy to have closed this acquisition and look forward to participating in and further improving Casinos Polands success together with the two other 33.3-per-cent shareholders of the company, LOT Polish Airlines and the Polish Airport Authority," said Peter Hoetzinger, Co CEO & President, Century Casinos, Inc.
The acquisition marks Century Casinos step into a second East European market. Currently, it operates a casino in Marriott Hotel in Prague, the Czech Republic.