Century Casinos reports 4% Q3 revenue decline

Earnings from operations were down 22 per cent.
Earnings from operations were down 22 per cent.

Century Casinos reported $112.6m revenue in Q3, down 4 per cent year-on-year.

US.- Century Casinos has announced its financial results for the three and nine months ended September 30, 2022. Net operating revenue for Q3 totalled $112.6m, down 4 per cent year-on-year, while adjusted EBITDA was $28.1m, down 15 per cent. Earnings from operations were down 22 per cent annually, at $20m.

In a statement accompanying the report, Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, attributed the marginal decline to strong financial performance in 2021 and the impact of inflation.

They said: “Net operating revenue and adjusted EBITDA decreased in the third quarter of 2022 compared to 2021. The decreases were due, in part, to our record results in 2021 (driven by reduced Covid-19 restrictions in Missouri) as well as some impact from inflation and additional expenses related to the riverboat in Caruthersville due to low water levels in the Mississippi River.”

Net earnings attributable to shareholders came in at $2.9m, a decrease of 74 per cent from the three months ended September 30, 2021. Basic earnings per share were $0.10.

On August 24, Century Casinos entered into a definitive agreement with Lakes Maryland Development, Golden Entertainment, and VICI Properties to acquire the operations of Rocky Gap Casino Resort for approximately $56.1m.

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