Century Casinos submits license application for casino in Bermuda
Century Casinos submitted a license application for a casino at the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda jointly with the company, which owns the property. At this time there are no casinos in Bermuda. In total, there is the potential for four licenced integrated resort casinos to operate on the island. The next step will be a hearing of the application on September 22. This second stage may end with the award of a provisional casino license by the Commission. The Company believes that its application for the casino at the Hamilton Princess hotel is the only casino license application in Bermuda at this time. The company, through its Austrian subsidiary Century Casinos Europe GmbH, entered in a long-term management agreement with Hamilton Properties Limited, a Bermudan company which owns the Hamilton Princess Hotel & Beach Club. Pursuant to the management agreement, CCE assisted with the license application and would manage the operations of the casino, should a license be awarded. In addition, CCE would also provide loan funding in the amount of $5M for casino equipment.