Century to Open New Missouri Casino on Nov. 1
- 24 Oct 2024
- Gambling News
Century Casinos (NASDAQ: CNTY) announced that its new physical casino hotel in Caruthersville, Mo. is set to open on Friday, November 1.
On Wednesday, the Missouri Gaming Commission (MGC) sanctioned the transition for what was the final riverboat casino in the state, setting the stage for the opening on November 1. The commission approved the move of Century’s license from a temporary location to the newly established casino resort.
"The new Century Casino & Hotel Caruthersville will have 599 slot machines and nine live table games, a 50% increase in gaming positions compared with the temporary location. The number of hotel rooms will double to 74,” according to a statement issued by the regional casino operator.
In 2019, Century purchased the Caruthersville venue along with its namesake property located in Cape Girardeau, collaborating with gaming real estate investment trust (REIT) VICI Properties for the transactions.
Missouri Transforming into an Important Market for Century Casinos
Besides its two gaming locations in Colorado, Rocky Gap in Maryland, the Nugget in Sparks, Nevada, and the Mountaineer in West Virginia, Century operates the previously mentioned pair of casinos in the Show Me State, making Missouri a growing element of the operator’s future expansion narrative.
Earlier this year, the gaming firm inaugurated the Riverview Hotel at its Cape Girardeau location. The inclusion of accommodations there could enhance the attractiveness of the local gaming venue and assist the operator in leveraging certain inherent geographic benefits. The town hosts Southeast Missouri State University and lies 100 miles from St. Louis and 150 miles from Memphis.
Century's shares have dropped almost 41% so far this year — ranking among the poorest performances in the gaming sector — yet some analysts believe the stock will become relevant in 2025 as the two Missouri properties improve.
The Cape Girardeau casino has been thriving since the hotel opened. Particular to Century Casino Caruthersville, historical data indicates positive economics, and in certain instances, enhanced profits for casinos that made the transition from boat to land.
Century Casino Caruthersville Facing Challenges
Century managed to maintain the Caruthersville project within its timeline and budget, impressive feats considering the ongoing inflation, elevated interest rates, and workforce shortages.
Work on the venue began in December 2022, with VICI supplying $51.9 million in funding.
“VICI will own the real estate improvements associated with the Caruthersville project, which will become part of the Company’s triple-net master lease agreement with subsidiaries of VICI. Annual rent under the lease will increase by approximately $4.2 million,” said the gaming company in the press release.
