Century Casinos (NASDAQ: CNTY) mentioned its new land-based on line casino resort in Caruthersville, Mo. will open on Friday, November 1.
The Century On line casino in Caruthersville, Mo. The brand new model of the on line casino resort will open on November 1. (Picture: KFVS12)
On Wednesday, the Missouri Gaming Fee (MGC) permitted the transfer for what was the final riverboat on line casino within the state, paving the best way for the November 1 opening. The fee signed off on the switch of Century’s license from a brief venue to the brand new everlasting on line casino resort.
The brand new Century On line casino & Resort Caruthersville can have 599 slot machines and 9 dwell desk video games, a 50% improve in gaming positions in contrast with the non permanent location. The variety of resort rooms will double to 74,” in keeping with a press release issued by the regional on line casino operator.
Century acquired the Caruthersville venue and its namesake property in Cape Girardeau in 2019, partnering with gaming actual property funding belief (REIT) VICI Properties on the offers.
Missouri Changing into a Key Marketplace for Century Casinos
Along with two gaming venues in its house state of Colorado, Rocky Hole in Maryland, the Nugget in Sparks, Nev., and the Mountaineer in West Virginia, Century runs the aforementioned duo of Present Me State casinos, and Missouri is an more and more outstanding a part of the operator’s long-term development story.
Earlier this yr, the gaming firm opened the Riverview Resort at its Cape Girardeau venue. The addition of lodging there may make the regional gaming institution a extra interesting vacation spot and assist the operator higher capitalize on some built-in geographic benefits. The city is house to Southeast Missouri State College and is simply 100 miles away from St. Louis, and 150 miles from Memphis.
Shares of Century have tumbled almost 41% yr so far — one of many worst performances amongst gaming shares — however some analysts level to the inventory being a 2025 story with the 2 Missouri properties rounding into type.
The Cape Girardeau on line casino has carried out properly because the debut of the resort. Particular to Century On line casino Caruthersville, historical past reveals favorable economics, and in some instances, improved earnings for casinos that executed the boat-to-land transfer.
Century On line casino Caruthersville Beating Headwinds
Century was capable of preserve the Caruthersville mission on time and on finances, that are spectacular accomplishments at a time of persistent inflation, nonetheless excessive rates of interest, and labor shortages.
Building on the venue commenced in December 2022 with VICI offering $51.9 million in financing.
“VICI will personal the true property enhancements related to the Caruthersville mission, which is able to change into a part of the Firm’s triple-net grasp lease settlement with subsidiaries of VICI. Annual lease underneath the lease will improve by roughly $4.2 million,” mentioned the gaming firm within the press launch.
