PRAGUE-Strabag AG of Austria has sold its 50% stake in locally based Casino Millennium to Century Casinos of Colorado Springs. Casino Millennium owns a single casino in the 600-room Marriott and Renaissance hotel, office and shopping complex in the heart of Prague. Publicly held Century Casinos now controls 100% of all issued and outstanding stock in the company.

The total consideration paid was $680,000. The price includes the buyout of a security deposit for Casino Millennium’s casino license, the takeover of loans previously granted to CM by Strabag, and the purchase price for the 50% equity interest.

Century Casinos owns and operates casinos in Colorado, South Africa and, now, the Czech Republic. It also has a casino under construction in Canada and another under construction in Central City, CO. Its second South Africa facility came earlier this month when it 60% of all issued and outstanding shares of Balele Leisure Pty Ltd.

Balele owns the Monte Vista Casino, which operates in a temporary location in Newcastle. Construction of a permanent casino resort is underway. The 70-acre resort will include a minimum of 220 slot machines, eight table games, and a 40-room hotel with conference center, restaurants, bars and spa facilities.

The purchase price for the 60% controlling stake was $9.3 million (R57.5 million). An additional $405,000 (R2.5 million) would be due if casino revenue during the first 12 months of operation in the new location exceeds $15.4 million (R95 million).

Century Casinos also entered into an agreement to manage the property. The agreement provides for a payment to Century Casinos of 3.75% of total revenues, plus 7.5% of Balele’s EBITDA.

Century Casinos’ other properties include the Womacks Casino and Hotel in Cripple Creek, CO; Caledon Hotel, Spa & Casino near Cape Town, South Africa; and the casinos aboard the Silver Wind, Silver Cloud, Silver Whisper, the World of ResidenSea, and the vessels of Oceania Cruises.

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