VICI to Fund Century Casinos Caruthersville Project
- VICI Properties will finance the $51.9 expansion project at Century Casinos Caruthersville.
- The project will build a new-land based casino and adjacent 38-room hotel tower.
- Century Casinos Caruthersville is the last remaining riverboat casino in the state.
VICI Properties, Inc. announced last Monday that it will use its Partner Property Growth Fund to provide the capital for Century Casinos Caruthersville’s new land-based casino and hotel development.
Construction on the projects has started and is expected to be completed in late 2024 with the openings still subject to the final approval of the Missouri Gaming Commission and state and local authorities.
Century Casinos breaks ground on Caruthersville, Missouri expansion project https://t.co/6pYdSkfU6g
— Gaming America (@_GamingAmerica) December 5, 2022
Per VICI Properties Chief Operation Officer John Payne:
Century Casinos Caruthersville
The new land-based Century Casinos in Caruthersville will feature 650 slot machines with the possibility of expanding to up to 140 more slots. It will also offer table games, a deli, and a bar. The hotel project will have 38 rooms and will be constructed between the existing pavilion and the new casino. The new hotel tower will have a scenic view of the Mississippi River and the city of Caruthersville.
Expansion cost is estimated to be at $51.9 million and as stated earlier, will be financed by VICI Properties Inc which Century Casinos has an existing Master Lease Agreement. That Master Lease will be amended and the annual rent will be increased by $4.2 million per annum after the addition of the Caruthersville project while VICI will own the real estate improvements at the Caruthersville casino.
After breaking ground in Caruthersville, Century Casinos proceeded to open the Farmstead, a 36-room hotel whose land and building the company acquired in 2021. Century Casinos renovated the entire building into a contemporary Missouri farmhouse-style hotel at an estimated cost of $3.7 million. Farmstead will be the only hotel to operate in Caruthersville until the Century Casinos’ new tower will be up and running.
Moving the Las Missouri Riverboat Casino to Land
Century Casinos Caruthersville opened in 1995 as the Casino Aztar as a riverboat casino docked in a 37-acre site that also contains a pavilion that hosts various events. Century Casinos brought the property in 2019 and sold the real property assets to VICI Properties Inc.
Since the Mississippi hit record-low waters last October, the riverboat could no longer be accessed from the barge. Because of that, Missouri’s riverboat casinos began moving their gambling areas to land. Century Casinos Caruthersville is the last remaining riverboat casino in the state.
The Missouri Gaming Commission approved the temporary relocation of Century Casinos Caruthersville that same month. Century is targeting the end of this year to relocate the casino floor from the riverboat and barge to a new temporary location inside the pavilion. That will serve as the temporary casino until the new land-based casino is completed.
About Century Casinos Inc.
Century Casinos Inc is a casino entertainment company that owns and operates various gambling properties including Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino (“CMR”) in Edmonton, Alberta, Canada; and Century Bets! Inc. (“CBS”). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively.
It also owns a 66.6% ownership of Casinos Poland Ltd via its Australian subsidiary Century Resorts Management. Casinos Poland owns a total of 8 casinos in the Central European country. Century Casinos is also the parent company of Century Nevada Aquisition Inc. which owns a 50% stake in Smooth Bourbon LLC, the owner of the land and building of the Nugget Casino Resort in Sparks, Nevada.
Century Casinos also has an existing agreement to acquire 100% of the membership interests related to the Nugget Casino Resorts and an agreement to purchase 100% of the equity interest at Rock Gap Casino Resort Operations. Century also has one agreement to operate a ship-based casino and continues to pursue other projects in various locations.
