Colorado-based gaming operator Century Casinos Inc. announced that the majority stake it has in United Horsemen of Alberta has been risen to 75%. The latter company is known to be in charge of the development of the so-called Century Downs Racetrack and Casino, a venue which is located north of Calgary, Canada.
Paul Ryneveld, who has been appointed as general manager of the gambling facility, explained that under the loan agreements Century has signed with United Horsemen, the first company granted the latter the total amount of CA$24 million in two different loans. The first one amounted to CA$13 million and it secured Century with a 60% stake in the developer.
The other CA$11 million, too, were converted into equity in United Horsemen. Thus, Century has raised its stake in the company to a total of 75%. With that said, the gambling operator is now a majority owner of the developer.
Century said in a special press release on the matter that the conversion of the above-mentioned debts was in line with the Alberta Gaming and Liquor Commission conditions, placed when the license had been granted.
Holly Gray, a spokesperson for the gaming regulator, explained that Century had to fulfill certain requirements, in order to be awarded a license for the launch and the operation of the venue. However, no further information was provided by the AGLC.
The United Horsemen could not be reached for comment on the matter.
Century Downs Racetrack and Casino is located pretty close to the city of Calgary and its international airport. It can be easily reached by residents of both Calgary and Edmonton. Furthermore, the venue is not far from the so-called CrossIron Mills, a shopping venue, which is considered to be one of the most popular local attractions. Century Downs Racetrack and Casino is also expected to attract players from cities located north and northwest of Calgary itself, as some of those do not have their own gambling facilities at present.
The property will feature a casino with as many as 550 gaming machines. It is expected to open doors on April 1. The first horse racing events are to be held on April 25.
Century Downs Racetrack and Casino was proposed to open doors back in 2007. Its launch, however, was postponed several times, as developers had to cope with certain financial issues.
