On Monday, March 27, Century Casinos Inc. announced that its proposed Century Mile Racing Entertainment Centre project near Edmonton, Alberta has been approved by the Alberta Gaming and Liquor Commission.
In September 2016, Century Casinos Inc. was selected as the successful applicant by Horse Racing Alberta to own, build and operate a horse racing facility in the Edmonton area., which Century will operate as Century Mile. Century Mile will be a one-mile horse racetrack, complete with barns, ample parking and a multi-level racing entertainment centre.
“We are thrilled about this opportunity and believe Century Mile has the potential to be even more successful than Century Downs, the racetrack and racing entertainment centre we opened two years ago in north Calgary,” Century’s Co-CEOs, Erwin Haitzmann and Peter Hoetzinger, said via release.
Horse Racing Alberta has commented on the approval, stating, in part, that, “Horse Racing Alberta is pleased that AGLC (Alberta Liquor and Gaming Commission) has provided approval for Century Casinos Inc. to move forward in the Racing Entertainment Centre Licensing process. This decision provides for security and stability for ‘A’ Track Horse Racing in the Edmonton Market area.”
Both Century and HRA have issued press releases on the approval, and the contents of those releases appear below.
CENTURY CASINOS RECEIVES APPROVAL OF PROPOSED CENTURY MILE RACING ENTERTAINMENT CENTRE IN NORTHERN ALBERTA
Century Casinos Inc. (NASDAQ Capital Market: CNTY) announced today that the Alberta Gaming and Liquor Commission has approved the Company’s proposed Century Mile Racing Entertainment Centre project near Edmonton, Alberta, Canada. This is one of the key approvals needed for the Company to move forward with the project.
In September 2016, the Company was selected as the successful applicant by Horse Racing Alberta to own, build and operate a horse racing facility in the Edmonton area., which the Company will operate as Century Mile. Century Mile will be a one-mile horse racetrack, complete with barns, ample parking and a multi-level racing entertainment centre. The racing entertainment centre will include a gaming floor with initially 550 slot machines, an off-track betting area, food and beverage outlets, indoor and outdoor viewing areas as well as a grandstand. The proposed location is on Edmonton International Airport land, just south of Edmonton and positioned off Queen Elizabeth II Highway close to the City of Leduc. This highway is the main corridor between Edmonton and Calgary and one of the most heavily used highways in western Canada. It is also next to a regional shopping centre, retail markets, the RedTail Landing Golf Club and close to hotels, which are either already completed or under construction. The location has the potential to capture the south Edmonton and Leduc County markets.
The Company estimates that the project will cost approximately CAD 50.0 million ($37.5 million based on the current exchange rate) and construction will take approximately 15 months to complete. Commencement of construction of the Century Mile project is subject to the receipt of development and other permits.
The Company is now seeking to obtain financing for construction and may use a combination of available cash, bank borrowings, project financing, joint venture or other debt or equity financing to fund the project.
“We are thrilled about this opportunity and believe Century Mile has the potential to be even more successful than Century Downs, the racetrack and racing entertainment centre we opened two years ago in north Calgary,” the Company’s Co CEOs Erwin Haitzmann and Peter Hoetzinger said. “We thank the Alberta Gaming and Liquor Commission as well as Horse Racing Alberta for their trust and approval and will work diligently with them and other authorities to begin and complete construction as soon as reasonably possible,” they continued.
HORSE RACING ALBERTA STATEMENT
CENTURY CASINOS INC. RACING ENTERTAINMENT CENTRE LICENCE APPLICATION
Horse Racing Alberta is pleased that AGLC (Alberta Liquor and Gaming Commission) has provided approval for Century Casinos Inc. to move forward in the Racing Entertainment Centre Licensing process. This decision provides for security and stability for ‘A’ Track Horse Racing in the Edmonton Market area.
The horse racing industry in Alberta has struggled with uncertainty over the past several years compounded by the decision of Northlands to exit racing. While June 30, 2018, closes a door on a long and proud history of racing at Northlands Park, it opens a door for a first class racing facility and growth for the Alberta Horse Racing and Breeding Industry.
Century Casinos Inc., the successful applicant to build, own and operate an ‘A’ Track racing facility, is a proven operator with great success at Century Downs in the Calgary Market. The Alberta Horse Racing and Breeding Industry looks forward with excitement and anticipation of the opening of Century Mile in 2018.