The March Of Century Casinos
Century Casinos has partnered with real estate giants Vici properties to expand their property portfolios.
Colorado based Century Casinos along with Vici properties snapped up three properties from Eldorada resorts earlier this month.
Expansion into Missouri and West Virginia for the gambling company which has 7,185 gaming machines and 285 table games, took over the operations of Isle Casino Cape Girardeau and Lady Luck Caruthersville in Missouri and West Virginia’s Mountaineer Casino, Racetrack and Resort for $107m. While Vici, the real estate investment trust acquired the land and real estate assets of each for $278m.
Vici also secured a triple-net master lease agreement with Century with an initial annual rent of $25m and term of 15 years, with four five-year renewal options.
President and Chief Operating Officer of Vici Properties said that the deal will expand the company’s geographic footprint into the new market of West Virginia. He added that he is excited to work with Century who are experts in operating small to mid-size casinos.
Isle Casino Cape Girardeau, located in Cape Girardeau, Missouri, features 41,500 square feet of casino space, 863 gaming machines and 20 table games. The casino also has an enormous event space with room for 500 guests and has four restaurants on site. Century’s future plans include building a hotel at the casino.
The Lady Luck Casino Caruthersville is a 21,000 sq. ft riverboat in Caruthersville, Missouri, offering a dockside casino, 507 slot machines and nine table games.
Mountaineer Casino, Racetrack and Resort Mountaineer Casino, Racetrack and Resort is a thoroughbred racetrack and casino resort located on the Ohio River north of New Cumberland, West Virginia. It is notable for being the first race track in the United States to get slot machines and become a racino. The resort offers 14,86 slot machines, 36 table games and a poker room.
Co-chief executive offers of Century Casinos, Erwin Haitzmann and Peter Hoetzinger said they are looking forward to working with the staff and communities to continue the success of the newly acquired casinos.
The deal comes as part of a plan to reduce debt by casino entertainment company, Eldorado and ahead of a merger with Caesars Entertainment, set to happen in the first half of 2020.
Eldorado also agreed to sell Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million.
