Century Casinos reports Q3 revenue decline of 4%
Century Casinos has posted its Q3 results, which show the operator saw a 4% decline in net operating revenue.
In its report, Century’s net operating revenue for Q3 totalled $112.6m, while adjusted EBITDA was $28.1m – 15% down on Q3 2021. Additionally, its earnings from operations were down 22% annually, finishing at $20m for the three months ending September.
In anticipation of the report being published, Century Casinos’ share price dropped 1.33% over the past five days.
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.”
Meanwhile, in August, the business reached an agreement with Lakes Maryland Development, Golden Entertainment and Vici Properties to buy the Rocky Gap Casino Resort for $56.1m.
This is a deal Haitzmann and Hoetzinger commented on in their Q3 remarks, adding: “As we announced in August, we have entered into a definitive agreement to acquire Rocky Gap Casino Resort operations.
“We are excited to enter the Maryland market and to add this property to our growing US portfolio.”
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