Century Casinos has sold its single property in Prague, Czech Republic, to Viva Group. The sale of the Millennium Casino, situated inside the Marriott Hotel in Prague, will bring Colorado-based Century approximately $2.3 million.

The terms of the deal call for Viva to pay CZK22 million, equal to about $1.1 million, plus $400,000 at closing, with another $800,000 payable over the ensuing 12 months.

“The Czech market remains interesting, but with only one operation in a jurisdiction, the overhead necessary makes achieving high margins difficult,” Peter Hoetzinger, co-CEO and president of Century Casinos, said of the reason for the sale. “It makes more sense to either exit or establish additional operations in that same jurisdiction.”

In a separate deal, Century Casinos completed an exclusive, long-term agreement with German cruise ship company TUI Cruises to operate the casinos on all TUI ships put into service before 2013. The first cruise is scheduled for May.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.