Century Casinos, a group headed up by Peter Hoetzinger and Erwin Haitzmann, has entered into a new $27m credit agreement with Bank of Montreal.
The deal is through its subsidiaries Century Alberta and Century Casino Calgary in Canada.
The company drew down $4m from the proceeds of the agreement and used $3m of cash in hand to repay in full the outstanding balance of the company’s third-party mortgage debt related to its Edmonton property.
The remaining $23m is available to finance the development or acquisition of new gaming opportunities.
“This credit agreement is part of our strategy to increase long-term shareholder value through expansion and growth in domestic as well as international gaming markets,” said Haitzmann and Hoetzinger. “In addition, with the early repayment of the Edmonton mortgage, the company has significantly decreased its interest rate and outstanding debt.”
In addition to its Canadian casino properties, Century Casinos owns and operates casinos in the US state of Colorado, as well as operating casinos on board 12 cruise ships. It also holds a 33.3 per cent interest in Casinos Poland and manages the operation of the casino at Radisson Aruba Resort in the Caribbean.
