Century Casinos announced on Monday, March 23 via press release that it now owns 75 per cent of United Horsemen of Alberta Inc., the company developing the Century Downs Racetrack and Casino.
The release states that pursuant to an amended credit agreement with United Horsemen of Alberta in connection with the development of the Century Downs project, the company had agreed to loan to United Horsemen of Alberta a total of CAD $24 million in two separate loans, to acquire 15 per cent in United Horsemen of Alberta, to control the board of directors, to manage the development and operation of the Century Downs Racetrack and Casino project and the company had the right to convert CAD $11 million of one loan into an additional 60 per cent ownership interest in United Horsemen of Alberta.
The conversion of the CAD $11 million loan to a total of 75 per cent ownership of Century in United Horsemen of Alberta is now effective.
With the conversion, a condition of licensing imposed by AGLC, has been satisfied.
(With files from Century Casinos)