Century Casinos is planning to open all of its properties by August. The decision was incentivised by its Poland subsidiary (in which the group has 67% interest), opening eight of its properties.
Overall, Century Casinos had a successful first quarter, earning $87.7m in net operating revenue. It’s a 92% increase compared to the last year’s $45.6m. The group’s adjusted EBITDA increased to $9.6m, a 44% growth from $6.7m in 2019.
The company’s net loss is $45.8m, compared to the net profit of $1.06m the previous year.
The current plan centres on re-opening more locations in June, with the rest of the properties following suit for complete resumption on work in August.
The plan doesn’t apply to the four ship-based casinos the group operated because the concession agreements expired. One more exception is Century Casinos Bath that was permanently closed in March.
The re-openings will be done according to government recommendations, such as strict health regulations (a requirement for face masks or disinfection of surfaces) and additional safety measures like social distancing between game tables, reduced visitor capacity, and limited opening hours.
“During these unprecedented times, our primary focus is the health, safety and well-being of our team members, guests and communities,” said CEOs Erwin Haitzmann and Peter Hoetzinger in a joint statement.
The company was encouraged by net revenue and recent acquisitions of new properties in Missouri and West Virginia and is looking forward to a full re-opening.