As the curtains of dawn swept over the quaint town of Cape Girardeau, Missouri, a new beacon of light shimmered alongside the water’s edge. Century Casinos, a revered name on the NASDAQ streets as CNTY, unveiled the Riverview Hotel, a promising addition to its existing gaming venue.
Last year, Century Casinos expressed an intention to supplement its Cape Girardeau casino with a hotel establishment. The chess move has been well-calculated to leverage the built-in geographic advantages of the area, opening the doors for the hotel-casino blend to become a more captivating destination. Nestled in the town housing Southeast Missouri State University, at a reachable distance of 100 miles from St. Louis and 150 miles from Memphis, the location was primed for success.
The Riverview stands as a grand six-story edifice, boasting 69 lavishly-appointed rooms across its vast 68,000 square feet. The property, erected with Century Casino Cape Girardeau at its side, speaks of a substantial investment, tallying to an impressive $30.5 million, financed entirely from the company’s coffers. The announcement stemmed from the Colorado-based casino operator’s headquarters, kindling anticipation among future patrons and stakeholders alike.
Meanwhile, the company boasts another feather in its cap with its namesake property in Caruthersville, Missouri, which stood as the last riverboat casino in the state until it received the nod from the Missouri Gaming Commission in 2021 to establish ashore.
In collaboration with its landlord and partner in progress, VICI Properties, Century Casinos undertook formidable enhancements at the venue in late 2022, amounting to $51.9 million. In a surging wave of development, the company set wheels in motion for constructing a land-based casino with a 38-room hotel in Caruthersville. Despite the prevalent challenges of high inflation and labor scarcity causing hitches in many regional casino enhancements nationwide, Century’s project sails smoothly on course, with its expected completion in the fourth quarter of 2024.
This particular venture is yet another testament to Century’s flourishing alliance with the New York-based VICI, the largest owner of gaming real estate on American soil. Upon completion, the real estate improvements related to the Caruthersville project will fold into VICI’s portfolio, complementing the company’s triple net lease agreement with the VICI subsidiaries.
The professional camaraderie between the two giants is rooted in a shared history, dating back to 2019 when they joined hands to acquire the operating rights and real estate of these Missouri-based assets. It’s worth noting that this collaboration also extends to other properties owned by VICI, including West Virginia’s Mountaineer Casino Racetrack and Resort and the Rocky Gap Casino Resort in Maryland, both of which are operated under the skilled handling of Century Casinos.
