Posted on: December 5, 2022, 06:02h.
Final up to date on: December 5, 2022, 06:02h.
VICI Properties (NYSE:VICI) is offering financing to Century Casinos (NASDAQ:CNTY) in order that gaming operator can refurbish its eponymous Caruthersville, Mo. casino-hotel.
The Century On line casino in Caruthersville, Mo. The operator is enhancing the venue with financing from VICI Properties. (Picture: KFVS12)
Century broke floor on the enhancements, that are anticipated to value $51.9 million, final Friday. To finance the venture, is amending its grasp lease settlement with VICI. That settlement will improve by $4.2 million following completion of the enhancements and when the renovations are completed, the owner will personal the brand new property belongings.
Century Casinos Caruthersville is the final riverboat on line casino in Missouri and final 12 months acquired approval from the Missouri Gaming Fee to come back ashore. It’s considered one of two gaming venues within the state operated by Century with the opposite being in Cape Girardeau.
Via these developments, Century Casinos is remodeling Century On line casino Caruthersville from the final remaining riverboat on line casino on the Mississippi River to a full vacation spot resort with the flexibility to draw prospects from even additional into Missouri, Tennessee and Arkansas, whereas offering present prospects with a good higher on line casino expertise,” in accordance with an announcement issued by the operator.
The brand new casino-hotel is scheduled to open in 2024.
Century and VICI Have Historical past
The involvement of Century and VICI on the 2 Missouri casinos goes again greater than three years with the corporations buying the working rights and actual property of these belongings in 2019.
These belongings have been acquired from the corporate beforehand referred to as Eldorado Resorts. It was a part of that agency’s plan to dump some smaller venues main as much as its acquisition of Caesars Leisure. These gaming properties, together with the Mountaineer On line casino Racetrack and Resort in West Virginia have been included in a single transaction.
The whole buy value was $385 million, with Century doling out $107 million for working rights. The Caruthersville on line casino “consists of a dockside on line casino that includes 21,000 sq. ft of on line casino house, 513 slot machines, 9 desk video games, two eating venues, a 40,000 sq. foot pavilion, and a 28-space RV park,” in accordance with Century.
Century additionally bought land adjoining to the Caruthersville, later shelling out $3.7 million to renovate a constructing there into the Farmstead — a farmhouse type lodge. That’s at the moment the one lodge within the metropolis till the aforementioned venture funded by VICI is accomplished.
Century Missouri Plans
When Century’s Caruthersville enhancements are accomplished, the on line casino will function 650 slot machines with the potential of including one other 140 gaming units. There can even be desk video games, a bar, a deli and the brand new lodge will function 38 rooms.
Final 12 months, information broke that the corporate is mulling the addition of a lodge to its Cape Girardeau on line casino. The addition of lodging there may make the regional gaming venue a extra interesting vacation spot, and assist the operator higher capitalize on some built-in geographic benefits. The city is dwelling to Southeast Missouri State College, and is simply 100 miles away from St. Louis and 150 miles from Memphis.
Within the US, Century additionally operates casinos in its dwelling state of Colorado and West Virginia and is within the technique of buying a casino-resort in Sparks, Nevada in addition to one in Maryland.