The agreement is for an initial period of 49 years, but grants Queenco the option to extend the terms for a further 24 years. The UK company will pay gross annual royalties of EUR 140,000 to the Constanta Municipality.
The building covers an area of 801 sqm and is located on Constanta's seafront. It was built in 1909 and declared a national architectural treasure in 1956.
Queenco plans to open Casino Constanta in the second half of 2009, which will operate approximately 24 gaming tables and 250 slot machines. The company also intends to add restaurants and other entertainment facilities. In addition to local visitors, Queenco hopes to benefit from the volume of tourists visiting the destination each year, and will also focus on developing a VIP customer base as part of its high-roller strategy.
Queenco owns the controlling stake in Casino Palace in Bucharest. Currently the company is at various stages of planning in a number of development projects in Romania, Bulgaria and Cambodia. It started floating on the London Stock Exchange in the middle of this year.