Century Casinos has reported that it increased its net operating revenue by 32% in the second quarter to US$52.4 million.
US.- Century Casinos announced on Thursday its financial results for the three-month period ended June 30. The company generated net operating revenue of US$52.4 million, representing a 32% increase over the same period last year.
Century Casinos said that earnings from operations were US$2.6 million, a 161% rise from Q2 in 2018. Net loss attributable to Century Casinos’ shareholders was US$600k, a 278% change from last year. Moreover, Century Casinos’ adjusted EBITDA was US$6.7 million, which represents a 44% increase from 2018’s Q2.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said: “We are pleased with the results of the second quarter. Excluding non-recurring expenses related to the write-down in connection with the Glory Sea casino, Adjusted EBITDA for the quarter was US$7.6 million. This is 62% higher than in the second quarter of last year. The newly opened Century Mile Racetrack and Casino is performing to our expectations. We look forward to the continuing ramp-up of that property.”
“We also look forward to completing our pending acquisition of three US casinos from Eldorado Resorts. This acquisition is transformational and will be a big milestone for Century,” Haitzmann and Hoetzinger concluded.
In the first quarter of 2019, net operating revenue for Century Casinos was US$45.6 million. The figure is an increase of 12% from 1Q in 2018. The company revealed that earnings from operations were US$3.4 million, a 6% increase from the three months ended March 31, 2018. Net earnings attributable to Century Casinos’ shareholders were US$1.1 million in 1Q, an increase of 15% from the same period last year. Furthermore, adjusted EBITDA was US$6.7 million, a 2% rise from the first quarter of 2018.