Century Casinos reports 21% Q2 revenue increase

By Gambling Insider

Colorado-based Century Casinos has published its Q2 2022 financial results, reporting strong revenue and earnings performance.

Net operating revenue amounted to $111.1m, representing an increase of 21% year-on-year.

This result puts Century among some of the quarter’s best performers when compared to competitors. Bally’s saw revenue almost double, while Caesars reported an 11% increase, MGM Resorts 44%, Penn Entertainment 5% and Boyd Gaming just 0.1%.

Earnings from operations stood at $20.8m, equating to a 15% increase.

Net earnings attributable to Century shareholders amounted to $8.9m, an increase of 29%.

Meanwhile, adjusted EBITDA stood at $29.8m, representing an increase of 18%.

Basic earnings per share attributable to shareholders were $0.30, with diluted earnings per share at $0.28 and book value per share of $5.00 as of 30 June.

Century went on to comment on the impact Covid-19 and related restrictions have had on the business, detailing operational changes based on government health and safety guidance. Lockdown closures of Century’s Canada and Poland properties affected results in H1 2021.

While Century confirmed that the operator currently has little-to-no current Covid-19-related restrictions in place, “the duration and ultimate impact of the Covid-19 pandemic otherwise remains uncertain.”

Century went on to detail the $195m deal to acquire the Reno Nugget Casino Resort. The company purchased 50% of the membership interest in Smooth Bourbon, the subsidiary company responsible for the resort’s real estate, and 100% of Nugget Sparks LLC, which manages the property’s operations.

Finally, Century confirmed its credit agreement with Goldman Sachs Bank USA, which provides for a $350m term loan and a $30m revolving credit facility.

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