COLORADO SPRINGS, Colo., Feb. 25 /PRNewswire-FirstCall/ -- Century Casinos, Inc. (Nasdaq and Vienna Stock Exchange: CNTY) announced today that the Company and UK based London & Regional Properties ("L&R") have decided not to submit a firm offer for the entire issued ordinary share capital of Peermont Global Limited ("PGL").
Century and L&R continue to believe that PGL represents a strong company with many quality assets. We committed significant resources during our due diligence process to better understand not only the unique position and trading prospects for each asset, but also the complex legal and corporate structure under which PGL operates. Ultimately, Century and L&R were unable to sufficiently verify and support some of the key assumptions underpinning our initial, non-binding proposal. As a result, we are not in a position to put forward a superior unconditional offer given the existing time constraints.
We would like to thank the PGL board and senior management for the opportunity to conduct due diligence and for the time and effort that the management team and its advisers committed to the process.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino and Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic; operates the casinos aboard the Silver Wind, Silver Cloud, The World of ResidenSea, and the vessels of Oceania Cruises; owns a 65% interest in, and has a management contract for, Century Casino & Hotel in Central City, Colorado. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. Furthermore, the Company's Austrian subsidiary, Century Casinos Europe GmbH, entered into an agreement to acquire a 33.3% ownership interest in Casinos Poland Ltd. The closing of this transaction is subject to due diligence. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our new website at http://www.centurycasinos.com/. Century Casinos' common stock trades on The NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.
This release may contain forward-looking statements that involve risks and uncertainties. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, and governmental factors affecting the Company's operations, markets, services and prices, as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-K, 10-Q, and 8-K. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
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