Company Press Release: Century Casinos, Inc.
March 29, 2000
CRIPPLE CREEK, CO -- Century Casinos, Inc. (Nasdaq: CNTY) yesterday announced that it has executed an agreement
extending its option to purchase a strategic property on Bennett Avenue -- the street upon which all 15 Cripple
Creek casinos currently operate -- by an additional four years to March 31, 2004. The property is located between
and adjacent to two competing casinos across Bennett Avenue from the Company's flagship operation, Womacks Casino.
Under the terms of the option extension agreement, the Company will pay certain monthly and lump sum payments.
Should the Company decide to exercise its option to purchase the property, 50% of such payments will be applied
to the purchase price.
``Extending our option to purchase this property further exemplifies our strategy of property control in Cripple
Creek as a means to strengthening our position in this market,'' said Chairman and CEO Erwin Haitzmann. ``Clearly,
the primary benefit of such option agreements is that we are able to control such properties with minimum initial
capital outlays, allowing us to use funds from our strong cash flows for further investment in our existing operations
and new project pursuits.''
Currently, the Company controls over 106,000 square feet of land zoned for gaming in Cripple Creek, making it one
of the largest landowners in the city. The Company believes that strategic control and use of this land has given
it certain competitive advantages, contributing to the Company's ability to currently command more than 18% of
the Cripple Creek gaming market.
About Century Casinos, Inc.
Century Casinos is an international casino company led by a team of gaming industry professionals who have developed
and operated more than 100 casinos in 25 different countries. The Company owns and operates Womacks Casino in Cripple
Creek, Colorado and manages the Millennium Casino in Prague, Czech Republic, located in Prague's new Marriott Hotel.
The Company is currently pursuing other international projects including a casino development in Caledon (a hot
springs/spa resort), South Africa, located one driving hour east of Cape Town, where the Company has recently received
successful applicant status. 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
the Company's web site at http://www.cnty.com or listen to the March 16, 2000
conference call via at www.vcall.com. Century Casinos' common stock trades on
The Nasdaq Stock Market® 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.