Century Casinos receives approval of proposed Century Mile Racing Entertainment Centre in Northern Alberta
March 27, 2017 | General
COLORADO SPRINGS, Colorado, – Century Casinos, Inc. (NASDAQ Capital
Market®: CNTY) announced today that the Alberta Gaming and Liquor Commission has approved
the Company’s proposed Century Mile Racing Entertainment Centre project near Edmonton,
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 centre. The racing entertainment centre will
include a gaming floor with initially 550 slot machines, an off-track betting area, food and beverage
outlets, indoor and outdoor viewing areas as well as 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 centre, 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 CAD 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 centre 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”, they continued.