UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of
1934
Date
of Report: October 4, 2006
(Date
of
earliest event reported: September 28, 2006)
CENTURY
CASINOS, INC.
(Exact
Name of Registrant as specified in its charter)
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Delaware
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0-22290
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84-1271317
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
Number)
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1263
Lake Plaza Drive Suite A, Colorado Springs, CO
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80906
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code:
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719-527-8300
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
On
September 28, 2006, Century Casinos, Inc. (“CCI”) announced the closing of the
previously announced agreement to sell its interest in the Gauteng, South Africa
development project to the Akani Group for a cash payment in the amount of
approximately
$5.7
million (ZAR 43.3 million). CCI’s interest in the project included a 30-year
casino and resort management agreement, as well as certain rights to buy equity
stakes in Silver Star Development Ltd., the company licensed for the casino
development project.
Should
the Akani Group not obtain approval of this transaction from the Gauteng
Gambling Board (“Board”) for this transaction by June 30, 2007, the casino
and resort management agreement with CCI will be reinstated at a reduced scope
of services and fees. If such Board approval is not obtained by September 30,
2007, CCI retains the right to either continue enforcing the amended management
fee agreement or to have
CCI’s
interests in the project restored for approximately $5.3 million (ZAR 40.3
million).
Item
7.01 Regulation FD Disclosure.
The
disclosure contained in "Item 1.01 Entry into a Material Definitive Agreement"
of this Current Report on Form 8-K is incorporated in this Item 7.01 by
reference.
Item
9.01
Financial Statements and Exhibits.
(c)
Exhibits
99.1 Press
Release Announcing the Sale of Century Casinos’ Interest
in Gauteng, South Africa Project
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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Century
Casinos, Inc.
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(Registrant)
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Date:
October 4, 2006
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By
: /s/ Ray Sienko
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Ray
Sienko
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Chief
Accounting Officer
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