Century Casinos acquisitions boost Q3 figures
The Colorado-based casino operator saw revenue earnings rise in the third quarter despite Covid-19 restrictions.
US.- Century Casinos has seen revenue rocket for the third quarter due to the acquisition of four casinos in June.
Net operating revenue for the Colorado-based company increased by 81 per cent year-on-year from $52.9m to $95.7m.
Earnings rose by 331 per cent, from $3.5m in the second quarter to $15m in the three months ending September 30.
Century took ownership of four casinos this year; Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville.
While the Covid-19 pandemic has led to various government-imposed restrictions on casinos, Century Casino’s acquisitions mean the company saw revenue grow significantly despite the restrictions.
Executives at Century, Erwin Haitzmann and Peter Hoetzinger, said in a statement: “We are very pleased to report all-time records in quarterly net operating revenue and Adjusted EBITDA driven by our recent acquisition of the Eldorado properties.
“The record results confirm the transformational nature the acquisition has had on the company, with 79 per cent of our adjusted EBITDA coming from operations in the United States.
“In the third quarter, we also continued to focus on streamlining our cost structure and were able to achieve additional operational efficiencies, resulting in significant operating margin expansion.”
