Century Casinos holds a 49% equity interest in the joint venture company
and entered into a 10-year casino
services agreement for the provision of casino management services against a fee based on total casino revenues.
The brand new 300-room Marriott Hotel and the Millennium Plaza with
its office complex, shops and business
center, have direct access to the public subway system located in the heart of Prague and are directly opposite to
one of the existing leading upscale hotels, the Renaissance Prague. The casino is centrally located within the
hotel, with direct access to and from all other entertainment facilities, including a shopping mall, restaurants and
|WASHINGTON, D.C. -- April 1997 -- Marriott Lodging will
manage a new 290-room hotel in Prague, the Czech Republic. Construction
is expected to start later this year with a mid 1999 opening scheduled.
The Prague Marriott will be developed and constructed by Bau Holding and will be owned by itsCzech subsidiary, B.H.Centrum. It will be part of a mixed-use development consisting of office and retail space, apartments and 540 underground parking spaces, located in the center of the city’s historic district. Within walking distance are the city’s numerous landmarks, restaurants, retail shops and open markets.
The Prague Marriott will be easily accessible from Wilsonovva Street, the primary north-south corridor through Prague. To the east of the site is the central railway station, and to the west is Old Town Square. Ruzyne International Airport is located approximately 15 miles away.
"We are very excited about this new hotel," said Ed Fuller, executive vice president and managing director of Marriott Lodging International. "Prague is the political, cultural and economic center of the Czech Republic. It is one of the truly great cities of Europe with a history dating back to the 10th century. We are confident that the Prague Marriott will be popular with both business and leisure travelers to the city."
For dining and entertainment, the Prague Marriott will have a restaurant and lobby lounge offering an all-day Viennese-style buffet.
Amenities will include a fitness center, indoor swimming pool, business center, room service, in-room mini-bar, hair salon, gift shop and airline/car rental/tour desk.
For meetings and social events, the Prague Marriott will have 9,593 square feet of meeting space, including a 6,000-square-foot ballroom that is divisible into eight sections, as well as a 1,580-square-foot boardroom and two additional meeting rooms, each of which is divisible into two sections.
"This joint venture with a 100% subsidiary of such a well established
company such as Bau Holding AG for the
operation of a premier casino in the heart of Prague is a great opportunity for Century Casinos to enter this
growing market, which our management team is so familiar with," said Erwin Haitzmann, Chairman of Century
Gernot Leuthmetzer, managing director of Bau Holding's Czech subsidiary
and chairman of the supervisory board
of Century Casinos Praha a.s., said: "We have known Century's management team for many years and look
forward to this strategic partnership." The opening of the hotel and the casino is scheduled for the second
quarter of 1999.
Century's management team gained valuable experience in successfully
developing the first casinos in the Czech
republic and other Eastern European countries during their prior involvement with a European casino company.
Century Casinos is an international casino company led by a team of gaming industry professionals with
experience developing and operating casinos in 25 different countries. The Company owns and operates the
Womacks/Legends Casino in Cripple Creek, Colorado and currently has several projects in various stages of
Information herein contains forward-looking information within the meaning
of the Private Securities Litigation
Reform Act of 195, which can be identified by words such as "may," "will", "expect," "anticipate," "estimate," or
"continue," or comparable words. In addition, all statements other than statements of historical facts that address
activities of the Company expects or anticipates will or may occur in the future are forward-looking statements.
Readers are encouraged to read the reports of the Company filed with the Securities and Exchange Commission,
particularly the Company's Form 10-KSB for the year ended December 31, 1996, for meaningful cautionary
language disclosing why actual results may vary materially from those anticipated by management.