Century Casino opens hotel in Missouri, says other projects in state are within budget
Century Casino (Nasdaq: CNTY) announced Friday that it has opened a Riverview hotel at its namesake casino in Cape Girardeau, Missouri.
The company announced in 2021 that it was considering adding a hotel to its Cape Girardeau casino. Additional accommodation there could make venues in the area a more attractive destination and help operators better capitalize on some of the inherent geographical advantages. The city is home to Southeast Missouri State University and is just 100 miles from St. Louis and 150 miles from Memphis.
The Riverview Hotel is a six-story, 69-room, 68,000-square-foot building adjacent to and connected to the Century Casino in Cape Girardeau. โThe project costs $30.5 million and is funded with cash resources,โ the Colorado-based regional casino operator said in a statement.
Century Hotels' other Missouri location is the hotel of the same name in Caruthersville.
Century Casino Caruthersville Update
Century Casino Caruthersville is the last riverboat casino in Missouri. In 2021, it received approval to land from the Missouri Gaming Commission.
Century began work on a $51.9 million site expansion in late 2022, with financing from landlord VICI Properties (NYSE: VICI ).
"The company is also constructing a new land-based casino and 38-room hotel in Caruthersville, Missouri," the release said. "The project remains on time and on budget with an estimated project cost of $51.9 million. Construction begins in December 2022 and is expected to be completed in the fourth quarter of 2024.โ
Keeping the Caruthersville project within budget and on schedule is an impressive achievement considering high inflation and labor shortages have caused delays and increased costs for casino expansions across the United States.
Century Casinos Expands Partnership with VICI
The Caruthersville project is another sign of Centuryโs ongoing partnership with New York-based VICI, the largest gaming property owner in the United States.
"Upon completion, VICI will own the property improvements associated with the Caruthersville project, which will form part of the company's triple-net lease agreement with a VICI subsidiary," the statement said.
VICI also owns Cape Girardeau properties. Century and VICI's involvement in two Missouri casinos dates back more than three years, with the companies acquiring the operating rights and real estate for the properties in 2019.
VICI also owns properties at Mountaineer Casino Racetrack and Resort in West Virginia and Rocky Gap Casino Resort in Maryland, both operated by Century.
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Source: www.casino.org
