Published on: October 24, 2024, 12:17h.
Last modified on: October 24, 2024, 12:17h.
Century Casinos (NASDAQ: CNTY) announced the upcoming opening of its new land-based casino hotel in Caruthersville, Missouri on Friday, November 1.
The Missouri Gaming Commission (MGC) recently approved the relocation of the last riverboat casino in the state to its new permanent location, allowing Century Casinos to proceed with the November 1 opening. The commission granted approval for the transfer of Century’s license from its temporary venue to the new casino resort.
The new Century Casino & Hotel Caruthersville will feature 599 slot machines and nine live table games, marking a 50% increase in gaming positions compared to the temporary location. The number of hotel rooms will also double to 74, according to a statement from the regional casino operator.
Century acquired the Caruthersville venue and its property in Cape Girardeau in 2019, forming partnerships with gaming real estate investment trust (REIT) VICI Properties.
Missouri Emerging as Key Market for Century Casinos
Alongside its gaming venues in Colorado, Maryland, Nevada, and West Virginia, Century’s operations in Missouri are becoming increasingly significant for the company’s growth strategy.
Earlier this year, Century opened the Riverview Hotel at its Cape Girardeau venue, enhancing the resort’s appeal as a gaming destination. The proximity to Southeast Missouri State University, St. Louis, and Memphis positions the casino well to attract visitors.
Despite a 41% decline in share value year-to-date, analysts are optimistic about Century’s prospects in 2025, particularly with its Missouri properties showing promise.
The successful launch of the hotel at the Cape Girardeau casino has boosted performance, and historical trends suggest positive outcomes for casinos transitioning from riverboats to land-based facilities, such as Century Casino Caruthersville.
Century Casino Caruthersville Overcomes Challenges
Century’s ability to complete the Caruthersville project on time and within budget is commendable, considering current economic conditions marked by inflation, interest rates, and labor shortages.
Construction began in December 2022 with VICI’s financial support of $51.9 million.
Under a triple net master lease agreement, VICI will own the real estate improvements at the Caruthersville project, leading to an approximate $4.2 million increase in annual rent, as announced by Century in a press release.