Online Casino Silver Dollar Sold for $10.6 Million
Calgary’s one-time gambling hot-spot, the Silver Dollar Casino, looks set to begin the New Year under new management following the news that Century Casinos Inc. have agreed to purchase the property.
The Colorado-based Century company are thought to have agreed a transaction worth some $10.6 million to acquire the Silver Dollar, with their Austrian subsidiary taking over all of the casino and their parent company’s outstanding common stock.
Century, who already own and operate Edmonton’s Century Casino and Hotel as well as several properties in Colorado, are looking forward to expanding their operations in Alberta, according to the company’s senior-vice president, Larry Hannappel.
“All of Alberta is a good market for us,” explained Hannappel in a recent interview. “We feel like this casino in Calgary is a good fit for the company.”
The value of the transaction is under half of what former Silver Dollar owner Frank Sisson commanded two years ago when he sold his casino to the Richmond-based Evergreen Gaming Corp. for $22 million, with the buyers falling into dire financial straits soon afterwards as the casino gaming economy collapsed.
No doubt the Silver Dollar’s new owners will be hoping that their latest purchase can buck the current economic trend and return to its former glories in a profitable 2010.