PRNewswire-FirstCall CRIPPLE CREEK, Colo. Oct. 20 :
Century Casinos, Inc. today announced that judgment had been handed down
in the High Court of South Africa compelling the Gauteng Gambling Board to
award a casino license to Silverstar Development Limited (“Silverstar”)
for the western periphery of metropolitan Johannesburg in terms of its
original 1997 application.
Through its South African subsidiaries, Century Casinos is contracted to
Silverstar by a resort management agreement and retains a right of long
standing to take up a minority equity interest in the venture although its
final level of equity interest remains to be determined.
Silverstar has informed Century Casinos that Silverstar believes that this
action of the High Court renders the award of the casino license incapable
of further legal challenge although the Gauteng Gambling Board has the
right to seek leave to appeal the judgment within approximately the next
This project is the sixth, and final, casino license that may be awarded
for the province under existing legislation while the five casinos
currently serving the greater Johannesburg area are believed to be
generating gaming revenues of in excess of $400 million on an annualized
Pursuant to its 1997 application, the Silverstar project provides for up
to 1,350 slot machines and 50 gaming tables in a phased development that
includes a hotel and other entertainment, dining, and recreational
activities with a first phase of 950 slot machines and 30 gaming tables.
The projected final development cost is approximately $65 million at the
current rate of exchange.
Said Erwin Haitzmann, Chairman & CEO of Century Casinos, “After a series
of disappointments for our partners and ourselves in respect of the
Johannesburg project, this court ruling vindicates the commitment and
effort we have made in pursuit of this casino license opportunity over the
past seven years.”
Silverstar, together with Century Casinos, will now review the steps
required to secure the remaining development approvals and re-establish
the ownership and funding structures that will enable it to proceed
further with this project.
About Century Casinos, Inc:
Century Casinos is an international casino company that owns and operates
Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The
Caledon Casino, Hotel & Spa near Cape Town, South Africa; operates the
casinos aboard the ultra-luxury vessels of Silversea Cruises, The World of
ResidenSea, and Oceania Cruises; and owns 10% of, and manages the
Millennium Casino in the Marriott Hotel in Prague, Czech Republic. The
Company continues to pursue other international projects in various stages
The address for the U.S. offices is 157 E. Warren Ave.. (P.O. Box 1006),
Cripple Creek, CO, 80813. Telephone: (719) 689-9100. Fax: (719) 689-5782.
E-Mail: [email protected] For more information about Century Casinos,
visit the Company`s web site at http://www.centurycasinos.com/. Century
Casinos` common stock trades on The NASDAQ Stock Market(R) under the