Press Release: Century Casinos, Inc.
February 18, 2000
CRIPPLE CREEK, CO -- Century Casinos, Inc. (Nasdaq: CNTY) has announced that a Company joint venture has received
"successful applicant" status from the Western Cape Gambling and Racing Board (the "Gaming Board")
for a casino project development in Caledon, South Africa, located approximately one hour east of Cape Town. Successful
applicant status is awarded to the casino license applicant who meets the criteria set forth by the Gaming Board.
The final license is issued to the successful applicant upon the provision of the required financial guarantees
and further approval by the Gaming Board. The Company anticipates this process to be completed within approximately
60 days.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990614/CNTYLOGO )
"This is a significant development for us as we are now on the threshold of producing a fine gaming project
from our efforts in South Africa," said Erwin Haitzmann, Chairman and CEO of the Company.
Project Description: On October 15, 1999 Century Casinos and its local partners filed an application with the Gaming
Board for a casino development in the town of Caledon, South Africa. Phase one of the project provides for a casino,
(with approximately 250 machines and 12 gaming tables), the refurbishment of an existing 98-room hotel, a spa built
around the thermal waters on the site and includes restaurants and other entertainment facilities. The total cost
for this phase of the project is approximately $17 million (US Dollars). It is estimated that phase one of the
project can, if successful, generate revenues of up to $10-$15 million annually once fully developed. Plans for
phase two include a golf course and up to 350 residential units. In developing the project, Century has joined
forces with Fortes King Hospitality Group (a local hotel ownership and management group) and with two local empowerment
groups -- the Overberg Community Trust and the Overberg Empowerment Company. If the Gaming Board issues a license
for the development, Century will invest approximately $4.1 million for 50% of the project and will have a 10-year
casino management agreement with multiple extension rights.
About Century Casinos, Inc.
Century Casinos is an international casino company led by a team of gamingindustry professionals who have developed
and operated more than 100 casinosin 25 different countries. The Company owns and operates Womacks Casino inCripple
Creek, Colorado and manages the Millennium Casino in Prague, CzechRepublic, located in Prague's new Marriott Hotel.
The Company is currentlypursuing other international projects that are in various stages ofdevelopment. The address
for corporate headquarters is 200 E. Bennett Ave.(P.O. Box 1006), Cripple Creek, CO 80813. Telephone: (719) 689-9100.Fax:
(719) 689-9700. For more information about Century Casinos, visit theCompany's web site at http://www.cnty.com.
Century Casinos' common stocktrades on The Nasdaq Stock Market(R) under the symbol CNTY.
This release may contain forward-looking statements that involve risks and uncertainties. Among the other important
factors which could cause actual results to differ materially from those in the forward-looking statements are
economic, competitive, and governmental factors affecting the company's operations, markets, services and prices,
as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including
its recent filings on Forms 10-KSB and 10-QSB. Century Casinos disclaims any obligation to revise or update any
forward-looking statement that may be made from time to time by it or on its behalf.
SOURCE Century Casinos, Inc.