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Century Casinos Nears Licensing Approval for Project in South Africa17 February 2000Century Casinos Inc. (Nasdaq: CNTY) said today that its joint venture has received "successful applicant" status from the Western Cape Gambling and Racing Board for a casino project in Caledon, South Africa, located about one hour east of Cape Town. Successful applicant status is awarded to the casino license applicant who meets the criteria set forth by the Gaming Board. The final license is issued upon the provision of the required financial guarantees, subject to further approval by the Gaming Board. The company hopes the process will be completed within 60 days. Phase one of the project involves a casino with 250 slot machines and 12 tables, the refurbishing of an existing 98-room hotel, restaurants and a spa built around the thermal waters on the site. This phase will cost about US$17 million. Century estimates annual revenue from this phase of $10-$15 million. Phase two includes a golf course and up to 350 residential units. Century plans to invest $4.1 million for a 50 percent stake in the project. The company will also have a 10-year management agreement. The application was filed in October by Century and its local partners: Fortes King Hospitality Group (a local hotel ownership and management group) and two "empowerment groups'' -- the Overberg Community Trust and the Overberg Empowerment Company. Based in Cripple Creek, Colorado, Century owns Womacks Casino in that town and manages the Millennium Casino in Prague, Czech Republic. The company said it's pursuing other international projects. |