Century Casinos net loss increases to $41.6m in Q2
The company underlined that the first half of the year was a challenging one.
Century Casinos has released its second quarter results for 2024, underlining a difficult period for the company.
While there were difficulties for the business, net operating revenue did grow 7% year-on-year in Q2, reaching $146.4m, with operations in the US and Canada seeing increases, while Poland saw a 15% decrease.
During the period, earnings from operations were valued at $14.3m, a drop off from the $18.6m seen in Q2 2023. Meanwhile, net loss rose by a staggering 2024% to $41.6m and net loss per share also went up, by 2167%, to $1.36.
The bulk of the net loss came from the US, which made net earnings of $7.3m in Q2 2023 but a net loss of $27.6m in Q2 2024.
Looking at adjusted EBITDAR, this was set at $27.4m during the second quarter, a drop of 6% from the same period last year.
Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger said: “Results for the second quarter of 2024 were impacted by a valuation allowance on our US deferred tax assets, a disappointing performance at the Nugget Casino Resort as well as temporary closures of two casinos in Poland. The Nugget has undergone a leadership change and is implementing right-sizing and cost-cutting initiatives to improve its performance.
“We have completed the majority of our elevated capital expenditure projects and are projecting total capital expenditures to be approximately $12.6m for the remainder of 2024 and $12.0m in 2025.
“We look forward to opening our new land-based casino in Caruthersville, Missouri ahead of schedule later this year. The casino will increase gaming positions and hotel rooms in Caruthersville by approximately 50%.”
In other results-based news, Light & Wonder has released its 2024 Q2 report, showing consolidated revenue growth of 12%.
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