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Posting date: 6 April 2024 06:52h
Updated on April 6, 2020, 6:52 a.m.
Century Casinos, Inc. (NASDAQ: CNTY), announced Friday the opening of its Riverview Hotel in Cape Girardeau.
It was announced that the company would consider a 2021 expansion. The addition of a new hotel Cape Girardeau Casino. This could help make the gaming facility more attractive and allow the operator to better leverage its geographical advantages. Southeast Missouri State University is located in the town, which is only 100 miles from St. Louis. Memphis is 150 miles away.
The Riverview, a six-story building of 69 rooms and 68,000 square foot is located adjacent to Century Casino Cape Girardeau. A statement from the Colorado-based casino operator stated that cash was used to finance a $30.5 million project.
Century’s Missouri gaming property is named after a Caruthersville location..
Century Casinos Caruthersville Update
Century Casinos Caruthersville The last riverboat casinos in Missouri. It won approval in 2021 from the Missouri Gaming Commission for it to be ashore.
Century began a $51.9 million renovation of the stadium in 2022 with funding from VICI Properties, NYSE: VICI.
The press release states that “the company also is constructing a brand new casino in Caruthersville Missouri with a hotel of 38 rooms.” The project is still on schedule and within budget, with an estimated cost of $51.9million. The construction began in December 2022 and is expected to be completed in the fourth quarter 2024.
When comparing the Caruthersville construction project to other projects, it is impressive that they were able to keep their budgets and schedules on track. High inflation Due to a shortage of workers, there have been delays in completing regional casino upgrades and higher costs.
Century Casinos Expands Relationship With VICI
Caruthersville is another example of Century’s relationship with VICI in New York, the biggest owner of gambling real estate in America.
The statement said that “after completion, VICI would own the real property improvements associated with Caruthersville, and these will form part of VICI’s triple-net lease agreement” with its subsidiaries.
VICI is also the owner of Cape Girardeau’s property. Century and VICI have been involved in the Missouri casino industry for more than three-years. In 2019, the companies acquired the real estate and operating rights of the casinos.
VICI owns real estate in West Virginia, including the Mountaineer Casino Racetrack & Resort and Rocky Gap Casino Resort (both operated by Century), and Maryland.
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