Century Casinos opens The Riverview hotel in Missouri

The leading casino entertainment company with a strong presence in North America, Century Casinos, announced the opening of The Riverview, its hotel in Cape Girardeau, Missouri. The new six-story hotel building is located next to Century Casino Cape Girardeau. Besides being in close proximity to the casino, the hotel is also connected to the gaming floor, allowing guests easy access.

The Riverview offers 69 hotel rooms and uses 68,000 square feet. The price tag of the project was $30.5m and according to a statement released by Century Casinos, was financed with cash on hand. The opening of The Riverview further strengthened the operator's presence in the region, offering its customers convenient hotel accommodation options.

Upon confirming the opening of The Riverview, Century Casinos released an Investor Presentation, uncovering details regarding the company's position across North America. The report highlighted some of the opportunities the new hotel brings, such as accommodation for customers who live within 75 miles of the casino. The company estimated that approximately 85% of the visitors to Cape Girardeau arrive from such a distance. This means that the new hotel will now be able to cater to such visitors. Additionally, The Riverview is expected to attract "additional, high-value customers to the property."

Focusing on the financial part of the project, the company acknowledged The Riverview's price tag of nearly $31m, revealing that the project's annualized incremental revenue is expected to be in the range of $10m to $12m. The projected annualized incremental adjusted EBITDAR is between $3m and $5m while the projected return on investment is 16.2%.

Peter Hoetzinger, Century Casinos' co-CEO and President, presented the aforementioned Investor Presentation, engaging in one-on-one meetings with different investors on Friday. The event took place at the company's Cape Girardeau venue. With that in mind, Century Casinos shed light on another project that is currently in the works.

The company disclosed details regarding the ongoing construction of its new hotel and land-based casino in Caruthersville, Missouri. Besides world-class gaming entertainment, the new retail venue will offer 38 rooms. Overall, Century Casinos' new project is estimated to cost just short of $52 million.

The company started the construction work back in December 2022. The Caruthersville venue is expected to be completed at some point in the fourth quarter of this year. According to Century Casinos, the project was funded through VICI Properties. Once the new hotel and casino are completed, Century Casinos said that VICI will be the owner of the real estate improvements in the Caruthersville project, "which will become a part of the Company's triple net lease agreement with subsidiaries of VICI."

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