Century Casinos said on Wednesday that its Austrian unit, Century Casinos Europe GmbH, has acquired 100% of Saw Close Casino Ltd. (SCCL), the holder of a small casino premises license, to develop and operate a casino in Bath, England. The deal to acquire SCCL is final, but the development and operation of the casino is subject to certain regulatory and governmental approvals, the company said in a press release.
The purchase price for the deal amounts to GBP600,000 ($766,000), of which GBP100,000 was paid at closing and the balance is payable in tranches when regulatory and governmental approvals are obtained and when the casino opens. In addition, SCCL has debt to the landlord of the Bath property in the amount of GBP154,000 that is repayable subject to certain performance criteria once the casino is in operation. SCCL has agreed to a 30 year lease for the casino space and intends to invest approx. GBP 5 million to design, fit-out and equip the 15,000 sq. ft. gaming floor. The casino will offer about 18 gaming tables, 35 slot machines and 24 automated live gaming terminals and will form part of a mixed leisure development, which will also include a 147 bedroom four-star hotel and two restaurants.