Austrian Company Buys Polish Casino

Century Casinos Europe, an Austrian company has given the go ahead to enter into an agreement to buy 100 per cent of G5 Sp. z o.o., a Polish company, which at the moment holds 33.3 per cent of all issued and outstanding shares of the Casinos Poland Ltd., agreements for the sale are for EUR 3.83 million. Century Casino then plans to expand and enter the Polish market.

In 2005, ,an Austrian subsidiary of Century Casinos, Century Casinos Europe noted a EUR 9.25 million rise in revenues, 4.7 percent increase from 2004.

Even if the Century Casinos takes over 33 percent of the shares, this does not involve a significant change for the company because such a small number of shares do not grant Century Casinos control over Casinos Poland, according to the president of Casinos Poland.

This transaction has to be yet approved by The Office of Consumer Protection for the European Union, and is waiting for approval pending further acquisition of information.

Casinos Poland runs seven casinos and one major slot arcade, situated in several major cities in four and five star hotels throughout Poland, generating net operating revenues of more than EUR 31,750,000 in 2005.