Century Casinos revenue rises 5.3% in Q1 2023
Century Casinos has reported that its first-quarter net operating revenue increased to $108.5m.
US.- Century Casinos has reported financial results for the quarter ended March 31. The company has reported net operating revenue of $108.5m, up 5.3 per cent compared to the same period last year. Adjusted EBITDA rose by 9 per cent to $26.1m while the net loss attributable to shareholders was $1.2m, a decrease of 670 per cent. Earnings from operations were $18.4m, up 41 per cent.
Gaming revenue made up a majority of Century’s operating revenue at $94.2m. Food and beverages generated $5.7m, while parti-mutuel, sports betting and igaming generated $3.3m. The remaining revenue was made up of hotel and other revenue.
Most of Century’s revenue came from its US operations, which totalled $66.3m. Poland followed with $25.5m, while Century’s Canadian operations generated $16.5m. Corporate and other revenues accounted for $57,000. Total operating costs and expenses hit $91.1m.
In a statement accompanying the report, Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, said: “We are pleased that each of our reportable segments had revenue growth for the first quarter of 2023 compared to the first quarter of 2022. Construction of our hotel in Cape Girardeau, Missouri and our land-based casino and hotel in Caruthersville, Missouri continues, and we are excited to see the progress made at these properties.”
They added: “We completed our acquisition of the Nugget Casino Resort on April 3, 2023. We have begun to integrate the Nugget operations and expect to see meaningful growth from this acquisition in the future. We anticipate an immediate impact to net income because we had been paying interest on the $100m in escrow that we borrowed in April 2022 to finance the OpCo Acquisition without net income from the Nugget to support it.”