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Century Casinos sees Q2 revenue increase by 23%, despite earnings fall

Century Casinos has released its results for the second financial quarter, which saw a number of key acquisitions.

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Key highlights and comparisons year-on-year:

- Century Casinos reports revenue increase of 23%

- Earnings from operations down 10%

- Net loss of $2m, down from a net profit of $8m

- Sale of real estate assets in Canada

- Completed acquisition of Nugget Sparks

Century Casinos has published its Q2 2023 report, revealing its financial figures for the period, as well as detailing its recent acquisitions.

For the Q2 fiscal quarter, net operating revenue totalled $136.8m, which is an increase of 23% year-on-year.

However, the operations run by Century Casinos saw a 10% decrease in earnings, with the total figure at $18.6m.

This could be offset somewhat by the net loss earnings attributable to Century Casinos shareholders, with the $2m loss being 122% down year-on-year.

As for adjusted EBITDA, this also saw a decrease of 2% to $29.3m.

The above graph shows Q2 revenue for Century Casinos in US dollars.

Erwin Haitzmann and Peter Hoetzinger, Century Casinos Co-CEOs, said: “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.

"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" Haitzmann and Hoetzinger

"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.”

Notably, Century Casinos committed to two major transactions during this period, the first of which was the sale of its four properties in Alberta, Canada, to Vici Propco Buyer on 16 May.

This sale was reported to reach an aggregate price of CA$221.7m (US$167.3m) for Century Casino & Hotel Edmonton in Edmonton, Alberta, Century Casino St. Albert in Edmonton, Alberta, Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino.

The above graphs show the distribution of revenue across the international casinos owned and operated by Century Casinos, 2022 (left) and 2023 (right).

Secondly, on 3 April, Century Casinos completed its acquisition of Nugget Sparks for $104.7m, with an additional 50% share in Smooth Bourbon purchased for $95m only a few days before.

Despite being strictly outside of the Q2 jurisdiction, it’s worth mentioning that on 25 July, Century Casinos also completed its acquisition of Rocky Gap Casino Resort in Flintstone, Maryland, for $61.2m.

As for its share price, this stood at $7.93 on the day prior to the Q2 results being published.


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