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CENTRAL CITY, CO-Wells Fargo Gaming Capital, a funding unit of Wells Fargo Bank, is committing $35 million in financing to Colorado Springs-based Century Casinos for a new casino in this mountain town. Wells Fargo formed a syndicate of institutional lenders for a $32.5-million construction loan and $2.5 million in a revolving loan.

The funds, combined with a $4.5-million loan from a private lender, will be used to fund the Central City project. It also will be used to refinance an existing loan form the Colorado Business Bank. That loan matures on Jan. 4. The new loan will also be used to purchase gaming equipment.

Century Casino, through a subsidiary, WMCK Venture Corp., amended its existing revolving credit facility with Wells Fargo. As part of its amendment, Wells Fargo agrees to eliminate the covenant limiting its ability to guaranty debt, providing more flexible financing options, according to Century. Erwin Haitzmann, CEO and chairman of Century, also notes it has reached an agreement with Canadian Western Bank for about $17.1 million in US dollars, for a casino in Alberta, Canada.

“We are extremely pleased to reach agreement with our lending partners on the financing of our projects,” Haitzmann says. “We believe that the steps remaining precedent to construction draws are routine and will be completed expeditiously. This marks another very important milestone that will help fuel our growth.”

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