Letter Of Commitment Promises to Fund New Casinos in Central City,Colorado
17 August 2005
An announcement has been made by Century Casinos Inc, declaring that Wells Fargo Gaming Capital sent a letter of commitment to Century Casinos' subsidiary, CC Tollgate Casino, LLC. The letter from Wells Fargo Gaming Capital, a funding unit at the Wells Fargo Bank, National Association, stated that it would finance $35 million, part of which would be funded by Wells Fargo itself, for Century Casinos' Colorado casino project.
This money, along with $45 million provided by a private lender, will contribute to the Central City, Colorado, project, funding tasks such as refinancing the Century Casinos' current loan from Colorado Business Bank. It will also be used to fund the development of the actual property, as well as to acquire equipment for the casinos.
The $35 million refinancing will be divided among a $32.5 million construction loan, as well as a $2.5 million dollar revolving line of credit.
Source: Authorized Online Casinos News Staff
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