An international casino company, Century Casinos, Inc. operates a channel of casinos in Colorado announced that it has come into an amendment to the sale agreement for its South African subsidiary Century Casinos Africa Limited. According to the amendment, Tsogo Sun Gaming Limited is the buyer who surrenders its rights under the material adverse event clause and decided to close the sale on June 30, 2009, in spite of that the last and final regulatory approval (from the KwaZulu-Natal Gambling Board) has not yet been received.
Upon closing of the sale on June 30, 2009, Century Casinos will receive a net cash amount of approx. ZAR 254 million (approx. $31 million). Once the approval of the KwaZulu-Natal Gambling Board has been obtained, an additional net cash amount of approx. ZAR 103 million (approx. $13 million) becomes payable to Century Casinos.
On the other hand, their Austrian subsidiary, Century Casinos Europe GmbH, holds another ownership interest of 33.3% in Casinos Poland Ltd, the owner and operator of seven full casinos and one slot casino in Poland. The Company continues to pursue other international projects in various stages of development.
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Nowadays most gambling has been reverted to online casinos as people simply cannot afford to take time off travelling or even pay for the flights to their favourite casino, with this in mind it is likely that many other casinos will be closed within the next 5 years.
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