Century Casinos publishes Q3 2023 report; net operating revenue up 43%

Century Casinos has explained the unfavourable earnings from operations and net loss on the multitude of property acquisitions and sales that were completed this Q3.

century casinos q3 report
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Century Casinos, a casino operator across the US and Canada, has revealed its financial results for the quarter ending 30 September 2023.

Starting with net operating revenue, this value totalled $161.2m, which marked an increase of 43% when compared to year-on-year figures.

However, earnings from operations decreased by 28% to $14.5m, with the biggest disparities coming from outside the US.

Earnings from operations within the US actually increased by 21% to $19.8m, but Canada decreased by 47% down to $2.1m and Poland fell 52% to $1.3m.

This could be due in part to the sale of the Century Canadian Portfolio, which featured four properties, to the subsidiaries of Vici.

The above graph shows the distribution of regional earnings from operations for Century Casinos in Q3 2023.

The sale was completed on 6 September 2023 for an aggregate purchase price of CA$221.7m (US$162.6m based on the exchange rate at the time).

The net loss attributable to shareholders of Century Casinos was -$14.2m, a change of -582% and a basic loss per share of -$0.47.

As for adjusted EBITDA, this saw an increase of 19% up to a tidy $33.3m.

Erwin Haitzmann and Peter Hoetzinger, Century Casinos Co-CEOs, said: "With our acquisitions of the Nugget Casino Resort and Rocky Gap Casino, Resort & Golf we achieved record high net operating revenue and Adjusted EBITDA.

“One-time expenses related to the Rocky Gap acquisition and Canada sale-leaseback transaction negatively impacted our earnings from operations and net loss for the quarter.

“Looking ahead we anticipate revenue and operating expense trends to remain consistent with what we have seen the last several quarters.”

Speaking of which, the company completed its acquisition of Rocky Gap Casino Resort in Maryland for $59.1m.

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