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Century Casinos Africa Now Managing Monte Vista Casino

One of South Africa's leading gaming operators, Century Casinos Africa (a subsidiary of Century Casinos), has entered into an agreement with Balele Leisure to buy 60% of Balele's shares, as well as manage their Monte Vista Casino in Newcastle for an initial price of $8.6 million.  The deal should be finalized in the first quarter of 2006.

If revenue from 2006 exceeds $14.2 million, Century will pay an additional $370,000 to Balele.  As for the negotiations regulating management of the Newcastle casino, Century will receive 3.75% of revenues, with an additional 7.5% of Balele's earnings before interest and taxes.  The casino, which is actually operating in a temporary locale, will be moved to what is more accurately the greater Newcastle area between Johannesburg and Durban.  This is near one of the most heavily populated areas in South Africa, which both gaming companies are excited about tapping into.  Balele has already acquired an additional seventy acres of land, and plans to add more slot machines and casino table games.

CEO of Century Casinos, Peter Hoetzinger, attributed the purchase to the great success the company has achieved with the Caledon Casino Hotel and Spa in the Cape Town area.  Now that Century Casinos will be taking a stake in the Balele establishment, the company is predicting that overall company growth of the Century family will receive a nice boost.  The companies portfolio of casino establishments is already filling up quite fast.

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