Century Casinos releases Q1 2024: Revenue up 25% to $136m

With closures in Europe and construction underway in the US, it’s been an interesting time for Century Casinos.

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Century Casinos has published its Q1 2024 report for the period ending 31 March 2024.

Operating revenue was $136m, an increase of 25% year-on-year.

Earnings from operations fell 55% to $8.3m and net loss attributable to Century Casinos shareholders jumped 990% to $13.5m.

Net loss also grew 485% to $11.7m and adjusted EBITDAR decreased by 18% to $21.3m.

Net loss per share also increased several times over to $0.45.

Century Casinos Co-CEO’s, Erwin Haitzmann and Peter Hoetzinger, said: "We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter.

“The quarter was further impacted by disruptions from severe weather at the majority of our US casinos.

“Cash payments of $12.2m for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4m one-time principal paydown of debt as well as $18.4m in property and equipment purchases decreased our overall cash balance.”

When looking at individual jurisdictions, the revenue from US operations grew 45% to $96m and Canada increased by 11% to $18.3m.

However, Poland fell 15% to $21.6m and ‘Corporate and Other’ fell 77% to $13,000.

The earnings didn’t follow this trend, however.

Loss from US changed 41% to $8.5m, Poland fell 101% to $22,000 and Corporate and Other by 67% translating to $4.2m.

Haitzmann and Hoetzinger continued: "Our positive outlook for the second half of 2024 into 2025 remains unchanged.

“Our increased spend on capital projects throughout our properties is expected to end over the summer.

“Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year.

By the end of March 2024, Century Casinos has $136.5m in cash, $342m in debt and $654.8m in long-term financing obligation under its Master Lease.

Haitzmann and Hoetzinger concluded: “By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational.

“We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far."

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