Law firm Howard Kennedy has advised Saw Close Casino on its sale to Century Casinos Europe – a European casino operator whose parent company is listed on NASDAQ. The ca. €677,000 (£600,000) sale completed on 20 June.
Saw Close Casino has agreed a 30-year lease for a €5.6m (£5m), 15,000 ft² casino development in the centre of Bath, with the scheme to include a 147-bedroom hotel and two restaurants.
Colorado-based Century Casinos, owns and manages 45 casinos across the globe and on cruise liners, together with hotels, restaurants, bowling alleys, a racetrack, and music and sporting venues.
The Howard Kennedy team was led by M&A Partner Jonathan Polin, who joined the firm on 12 June from Dentons.
Jonathan said: “Saw Close Casinos have an exciting scheme to develop the only casino in the greater Bath area. This sale will enable the scheme to move forward at pace. I am thrilled to have played a part in this sale and to bring this client to Howard Kennedy.”
Tony Wollenberg, the seller of Saw Close Casino, said: “I have worked with Jonathan for many years and therefore moved this transaction with him to Howard Kennedy. I am pleased with the result which we have achieved in an extremely short timeframe and look forward to working with Jonathan and his new firm in the future.”
The casino is scheduled to start operations in the first quarter of 2018, subject to regulatory and governmental approvals.
Law firm Faegre Baker Daniels acted for Century, with Fladgate and Harris Hagan also advising Saw Close Casino Limited on real estate and regulatory aspects respectively.
