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Century Casinos Receives Green Signal for Casino Acquisitions

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Century Casinos, Inc. (CNTY - Free Report) has received a go-ahead from the Missouri Gaming Commission for the acquisitions of the Isle Casino Cape Girardeau ("Cape Girardeau") and Lady Luck Caruthersville ("Caruthersville").

In June, Century Casinos had entered into an agreement with Eldorado Resorts to acquire the operations of Isle Casino Cape Girardeau (“Cape Girardeau”), Lady Luck Caruthersville (“Caruthersville”) and Mountaineer Casino, Racetrack and Resort (“Mountaineer”) for nearly $107 million. The acquisition is likely to be sealed this December.

Isle Casino Cape Girardeau, established in 2012, has 41,500 square feet of casino space, 851 gaming machines, 24 table games, three dining venues, a pavilion as well as an entertainment center.

Lady Luck Caruthersville has 21,000 square feet of casino space, 513 slot machines, nine table games, two dining venues, a 40,000 square foot pavilion as well as a 28-space RV park.

Year to date, Century Casinos, which shares space with Boyd Gaming Corporation BYD,  Caesars Entertainment Corporation CZR and Las Vegas Sands Corp. LVS, has increased 7.3% compared with the industry’s 17.2% growth.

Century Casinos has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bottom Line

Legalization of sports betting outside Nevada has given the industry a new lease of life. In May 2018, the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) that banned sports betting outside Nevada.

The scope for casino operators will grow, as illegally the activity is valued at billions of dollars annually in the United States. Sports betting has been legalized in Delaware, Mississippi, New Jersey, New Mexico, West Virginia, Pennsylvania, Rhode Island, Montana, Indiana, Tennessee, Illinois and New Hampshire. Moreover, Connecticut, Kentucky, Michigan, Massachusetts. Maryland, Minnesota, Missouri, Kansas, Louisiana, Oklahoma, South Carolina, California, Oregon, Arizona and other states are also likely to tread the same path in the coming months.

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