 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Century Casinos enters Vietnamese gaming market25 April 2018(PRESS RELEASE) -- Century Casinos announced today that the company’s Austrian subsidiary, Century Resorts Management, has acquired 51% of the outstanding common stock of Golden Hospitality Limited, a Hong Kong company, for a total consideration of $560,000. Golden has entered into agreements with Minh Chau, the owner of a small hotel and international entertainment and gaming club in the Cao Bang province of Vietnam, just 300 feet from the Vietnamese-Chinese border station. These agreements allow Golden to manage the hotel and international entertainment and gaming club for a management fee and to acquire a minimum of 51% of Minh Chau over the next three years for approximately $3,570,000. Golden plans to start managing the operations of Minh Chau within the next two months against a management fee of 26% of Minh Chau’s profit. The hotel offers 30 low-standard rooms and the international entertainment and gaming club currently offers seven electronic (table) games for non-Vietnamese passport holders under a provincial investment certificate that allows for up to 26 electronic games. Golden’s intent is to upgrade and expand the hotel and gaming entertainment facilities. Minority shareholders of Golden include a set of Asian investors with many years of experience in the gaming and hospitality industry in IndoChina. “We are excited about this opportunity to enter the Asian land-based gaming market with a relatively small initial investment but great upside development and investment potential,” said the company’s co-CEOs Erwin Haitzmann and Peter Hoetzinger. |