Century Casinos has unveiled its financial results for the quarter ending September 30, showcasing robust performance with a remarkable 43% surge in net operating revenue compared to the same period last year. The company’s strategic acquisitions, including the Nugget Casino Resort and Rocky Gap Casino, Resort & Golf, played a pivotal role in achieving record-high figures.
Financial Highlights:
Net Operating Revenue: Century Casinos reported a substantial net operating revenue of $161.2 million, marking a noteworthy 43% increase from the corresponding quarter in the previous year.
Earnings from Operations: Despite an overall decrease of 28% in earnings from operations, the US market demonstrated resilience with a 21% increase, reaching $19.8 million. In Canada, earnings decreased by 47% to $2.1 million, while in Poland, a 52% decrease led to earnings of $1.3 million.
Adjusted EBITDA: Century Casinos recorded a robust 19% increase in Adjusted EBITDA, totaling $33.3 million, reflecting the company’s overall financial strength and operational efficiency.
CEO Perspectives:
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, expressed their satisfaction with the results. They highlighted the impact of strategic acquisitions, particularly the Nugget Casino Resort and Rocky Gap Casino, Resort & Golf, in achieving record-high net operating revenue and Adjusted EBITDA.
Operational Factors:
One-Time Expenses: The quarter saw one-time expenses associated with the Rocky Gap acquisition and the Canada sale leaseback transaction. While these impacted earnings from operations and net loss for the quarter, the company remains optimistic about future revenue and operating expense trends.
Debt Reduction: The completion of the Canada sale leaseback transaction contributed to a significant reduction in net debt, decreasing from $255.5 million as of June 30, 2023, to $158.9 million as of September 30, 2023.
Forward Outlook:
Century Casinos anticipates consistent revenue and operating expense trends based on the positive trajectory observed over the last several quarters. The company remains strategically positioned for sustained growth and success.
Century Casinos’ Q3 financial results underscore a period of significant growth and resilience, driven by strategic acquisitions and operational efficiency. The company’s focus on key markets, coupled with prudent financial management, has resulted in record-high net operating revenue and Adjusted EBITDA. As Century Casinos looks ahead, the successful completion of the Canada sale leaseback transaction positions the company for continued financial strength and operational excellence.