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NEWS 9 August 2018
Mixed results for Century Casinos during Q2 period
By Jake Patel

Century Casinos has reported a 6% year-on-year increase in net operating revenue totalling $39.6m in the Q2 period.

Operations in Canada generated $15.3m in net operating revenue, the most during that quarter, posting a year-on-year increase of 9%.

While US operations also saw a 7% increase accounting for $8.4m of net operating revenue.

Overseas, operations in Poland accounted for $14.5m of the total revenue, a 2% increase from the same period a year prior.

Nonetheless, despite an increase in revenue, there was a 73% decrease in earnings from operations with Century only earning $1m from its operations.

Century also reported an EBITDA $4.6m which was down by 27% compared to last year.

According to the report the decrease in EBITDA can be attributed to “non-recurring expenses” which include licensing in Poland and the opening of the Bath casino.

Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos said: “This quarter represented an important period for the long-term success of the Company.

“We opened our casino in Bath, England in May; we laid the foundation of a land-based presence in Asia with our Vietnam project; and we are finally seeing stability in Poland where we now hold eight casino licenses."

Earnings per share also took an 86% hit coming in at$0.01.

RELATED TAGS: Financial
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