Century Casinos first quarter revenue reaches $136m
Operating revenue increased 25 per cent year-on-year.
US.- Century Casinos has reported financial results for the quarter ended March 31. The company has reported net operating revenue of $136m, up 25 per cent compared to the same period last year.
Earnings from operations fell 55 per cent to $8.3m while the net loss attributable to shareholders rose 990 per cent to $13.5m. the Net loss grew 485 per cent to $11.7m and adjusted EBITDAR decreased by 18 per cent to $21.3m.
Century Casinos Co-CEO’s, Erwin Haitzmann and Peter Hoetzinger, said: “We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter. The quarter was further impacted by disruptions from severe weather at the majority of our US casinos.
“Cash payments of $12.2m for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4m one-time principal paydown of debt as well as $18.4m in property and equipment purchases decreased our overall cash balance.”
Revenue from US operations grew 45 per cent to $96m while Canada revenue increased by 11 per cent to $18.3m and Poland fell 15 per cent to $21.6m. ‘Corporate and Other’ fell 77 per cent to $13,000.
Haitzmann and Hoetzinger said: “Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year.
“By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far.”
