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September 17 - A number of South Africa's top gambling locations are owned and operated by the US based global gambling company, Century Casinos.
This week it was learned that Century Casinos has indicated that it may be willing to sell part or all of its South African casino interests after it received several verbal indications of interests by more than one party.
Taking the sales process a step closer to reality, Century Casinos has announced that interested parties are now invited to submit their expressions of interest in writing to the board and they will be considered seriously.
Century Casinos said that as more details of a potential sale are formulated, they will be made public to all those interested.
Century Casinos owns 100% of the Caledon Hotel, Spa and Casino located in the Western Cape. It also has majority holdings - 60% - in Century Casino and Hotel in Newcastle in the province of KwaZulu-Natal.
Last month, the Colorado Springs based Century Casinos announced a decline in second quarter net income on lower revenue. While last year the company reported net earnings of $1.041 million, this year those figures dropped to $835,000.
While analysts had previously posted $22.26 million net operating revenue expectations for Century Casinos, the company also fell short here. Century Casinos saw its net operating revenues decline 5% from $22.673 million last year to $21.546 million this year.
Gaming revenues, in particular, were disappointing, with a drop from $21.489 million last year to $19.533 million this year.
Century Casinos holds third party debts totaling $4.2 million on the Caledon Hotel, Spa and Casino, and $6.4 million for Century Casino in Newcastle.
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