As previously announced, Century reported plans to develop
and operate a casino and hotel in Edmonton, Alberta, Canada. On February
24, 2005, the transaction closed with the company, through a wholly owned
subsidiary, having contributed cash in the amount of $3.0 million Canadian
dollars ($2.4 million) in return for a controlling 56.4% interest. The
company’s local partner, 746306 Alberta Ltd., contributed the 7.25 acre
facility site and the 40 room hotel for a 43.6% interest. Century’s
subsidiary, Century Resorts Alberta, Inc., is in the process of finalizing
funding arrangements for the project. Century Resorts Alberta, Inc. has already received a development permit
from the City of Edmonton. The project is expected to cost $27.5 million
Canadian dollars ($22.2 million) and includes a casino with 600 slot
machines and approximately 31 table games, food and beverage amenities, a
dinner theater, a 300 space underground parking garage and an existing
40-room hotel. Pre-demolition and pre-construction works have commenced
and construction is expected to take approximately fourteen months from
finalization of funding arrangements.

The company is currently in the final step of the eight step licensing
process. As customary, the issuance of the license will occur at the
completion of construction and after all federal and provincial
legislation, regulation and policies, and municipal requirements, permits,
licenses and/or authorizations have been met.
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