Century Casinos revenue rises 23% in Q2 2023
Century Casinos has reported that its second-quarter net operating revenue increased to $136.8m.
US.- Century Casinos has reported financial results for the quarter ended June 30. The company has reported net operating revenue of $136.8m, up 23 per cent compared to the same period last year. However, it saw a 10 per cent decrease in earnings to $18.6m.
The net loss for the second quarter was $2m. This result, when compared to the Q2 2022 period showed a decrease of 122 per cent. Adjusted EBITDA for the second quarter was down by 2 per cent at $29.3m.
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos stated: “We are pleased with the results of this quarter, generating record revenue due to the addition of the Nugget Casino Resort, partially offset by construction disruption at our Missouri properties. We believe the outlook for the Nugget is positive with record group bookings at the hotel for the second half of this year and continuing into 2024.”
They added: “We are in a transitional stage taking over two properties in gaming jurisdictions new to us, and we incurred additional expenses related to the acquisitions while facing inflationary cost pressures from payroll wages and benefits, insurance and utilities. We look forward to continuing growth from the Nugget and contribution to our results from Rocky Gap, our newest acquisition in Maryland.”
In July, Century Casinos completed its previously announced acquisition of the operations of Rocky Gap Casino Resort in Flintstone, Maryland, for $61.2m (subject to certain adjustments). An affiliate of VICI Properties acquired a related interest in the land and building associated with Rocky Gap for approximately $203.9m and Century Casinos amended its triple net master lease agreement with subsidiaries of VICI to add the Rocky Gap property.
