Century Casinos sells Calgary casino land

After selling the casino operations of Century Casino Calgary for $10 million in December 2020, Century Casinos has ended its association with the location by selling the land that houses the casino facility.

Prior to the sale of the casino, Century Casinos Calgary had accounted for seven per cent of the North American gaming group’s total net operating revenue in 2020 and 10 per cent of adjusted earnings.

Now, the company’s Century Resorts Alberta (CRA) subsidiary has entered into a definitive agreement to sell the land and building it owns in the Canadian city to real estate business Rowanwood Financial Properties for $8.1 million.

The buyer has paid $700,000 related to the sale, with the remaining $7.4m to be paid upon closing, subject to adjustments for property taxes and other revenues and expenses relating to the property. The transaction, expected to close within 30 days, comes 12 years after Century paid $10.5 million for what was previously the Silver Dollar Casino.

Since then, CRA had continued to operate Century Sports, a sports bar, bowling, and entertainment facility located on a portion of the property. Upon closing, CRA will stop operating that facility.

Elsewhere in Alberta, Century Casinos will retain ownership of Century Casino Edmonton, Century Casino St. Albert, and the Century Mile Racetrack and Casino (“CMR”) in Edmonton. It also holds a 75 per cent ownership interest in Century Downs Racetrack and Casino in Calgary.

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