Century Casinos, Inc. Announces First Quarter 2020 Results

About this update from Century Casinos, Inc.

[{"type":"text","content":"COLORADO SPRINGS, Colo., May 20, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2020. \n\n \n \n \n \n \n \n\n \nFirst Quarter 2020 Highlights*\nNet operating revenue was $87.7 million, compared to $45.6 million for the three months ended March 31, 2019, an increase of 92%. Loss from operations was ($31.8) million, compared to earnings of $3.4 million for the three months ended March 31, 2019, a decrease of (1022%). Net loss attributable to Century Casinos, Inc. shareholders was ($45.9) million, compared to net earnings attributable to Century Casinos, Inc. shareholders of $1.1 million for the three months ended March 31, 2019, a decrease of (4394%). Adjusted EBITDA** was $9.6 million, compared to $6.7 million for the three months ended March 31, 2019, an increase of 44%. Loss per share was ($1.55). Book value per share*** at March 31, 2020 was $3.54.The Company's first quarter 2020 net operating revenue and Adjusted EBITDA were significantly impacted by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville (the \"Acquired Casinos\") in December 2019. The coronavirus (COVID-19) pandemic discussed below significantly impacted the Company's first quarter 2020 results of operations, which included a $33.0 million impairment of goodwill and casino licenses.\nCOVID-19 Update\nIn late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company's first quarter 2020 results of operations and financial condition, and we expect this situation will have an adverse impact on our second quarter 2020 results. The trends below are not the only items that could impact the Company's future performance, and the views of management are preliminary based on currently available information. Between March 14, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company anticipates a phased approach to reopening will be recommended by government officials in the jurisdictions where it operates, which could include reduced levels of gaming space, social ...

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