Key points:
- First quarter 2025 revenue declined 4% to $130.4m due to weather impacts and operational challenges
- Despite revenue decline, the company maintained Adjusted EBITDAR margins through effective cost management strategies
- Recent expansion includes a new Missouri casino opened in November 2024 and an upcoming Wroclaw casino in Poland scheduled for Q4 2025
Century Casinos has announced its financial results for Q1 2025, reporting a net operating revenue of $130.4m – a 4% decrease year-over-year.
The company also posted a net loss of $20.6m – or $0.67 per share – widening from a $13.5m loss in Q1 2024. Additionally, adjusted EBITDAR for the quarter was $20.2m, down 5%.
Company co-CEOs Erwin Haitzmann and Peter Hoetzinger attributed the revenue decline to adverse weather conditions across North America, the loss of a high-margin sports betting stream in Colorado and one fewer operating day compared to the prior year.
Despite these challenges, cost-cutting measures – particularly at the Nugget Casino Resort in Nevada – enabled the company to maintain margin levels and generate positive EBITDAR in what is typically a seasonally difficult quarter.
Good to know: Cash and cash equivalents stood at $84.7m at the end of March 2025, down from $98.8m in December 2024, primarily due to investments in property and equipment
The company’s US operations, contributing over 70% of total revenue, saw a 3% decline to $93.3m, while Canada and Poland experienced drops of 10% and 5%, respectively.
However, Century highlighted growth prospects from its newly opened Caruthersville casino in Missouri and the upcoming reopening of a second licensed casino in Wroclaw, Poland, expected later in 2025.
Looking forward, Century therefore forecasts a stronger remainder of the year with lower capital expenditures now that several major projects are operational.
