Century Casinos receives approval for proposed racetrack in Canada

(PRESS RELEASE) -- Century Casinos, Inc. announced today that the Alberta Gaming and Liquor Commission has approved the company's proposed Century Mile Racing Entertainment Centre project near Edmonton, Alberta, Canada.

In September 2016, the company was selected as the successful applicant by Horse Racing Alberta to own, build and operate a horse racing facility in the Edmonton area, which the company will operate as Century Mile. Century Mile will be a one-mile horse racetrack, complete with barns, ample parking and a multi-level racing entertainment center. The racing entertainment center will include a gaming floor with initially 550 slot machines, an off-track betting area, food and beverage outlets, indoor and outdoor viewing areas, and a grandstand. The proposed location is on Edmonton International Airport land, just south of Edmonton and positioned off Queen Elizabeth II Highway close to the City of Leduc. This highway is the main corridor between Edmonton and Calgary and one of the most heavily used highways in western Canada. It is also next to a regional shopping center, retail markets, the RedTail Landing Golf Club and close to hotels, which are either already completed or under construction. The location has the potential to capture the south Edmonton and Leduc County markets.

The company estimates that the project will cost approximately CA$50.0 million ($37.5 million based on the current exchange rate), and construction will take approximately 15 months to complete. Commencement of construction of the Century Mile project is subject to the receipt of development and other permits.

The company is now seeking to obtain financing for construction and may use a combination of available cash, bank borrowings, project financing, joint venture or other debt or equity financing to fund the project.

"We are thrilled about this opportunity and believe Century Mile has the potential to be even more successful than Century Downs, the racetrack and racing entertainment center we opened two years ago in north Calgary," the company's Co-CEOs Erwin Haitzmann and Peter Hoetzinger said. "We thank the Alberta Gaming and Liquor Commission as well as Horse Racing Alberta for their trust and approval and will work diligently with them and other authorities to begin and complete construction as soon as reasonably possible."