Century Casinos Enters Canadian Gambling Market
The Silver Dollar Casino, one of Calgary's most prominent gambling establishments has been sold to Century Casinos, Inc.
Century Casinos announced last week that its Austrian subsidiary, Century Casinos Europe would be taking over 100% of the stock owned by Frank Sisson and 100% of the outstanding common stock from Evergreen Gaming Corporation (EGC), the majority owner and operator of the Silver Dollar in Alberta.
Evergreen bought the casino in 2007 and filed for protection from creditors under Canadian business law earlier this year.
"We are excited about expanding to Alberta, Canada by entering the Calgary gaming market with the addition of the Silver Dollar to Century's portfolio of casino hotels," said the Chief Executive Officers of Century Casinos, Erwin Haitzmann and Peter Hoetzinger.
"Once we have made certain improvements at the property and refined its market position, we believe the Silver Dollar has the potential to substantially contribute to our overall performance," they added.
The Silver Dollar boasts 93 feet of casino floor and facilities on a property of seven acres.
There are currently over 500 slot machines, 16 gaming tables, 15 video lottery terminals, a players lounge, two restaurants, 18,000 square feet of convention center floor and a massive 5000 square foot showroom.
Century Casinos paid $10.6 million for the Silver Dollar. The deal will be complete upon the receipt of standard government approvals, and should be finalized within the first quarter of the new year.
