Century Casinos, Inc. Announces First Quarter 2021 Results

About this update from Century Casinos, Inc.

[{"type":"text","content":"COLORADO SPRINGS, Colo., May 7, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2021. \n\n \n \n \n \n \n \n\n \nFirst Quarter 2021 Highlights*\nNet operating revenue was $72.4 million, a decrease of 17% from the three months ended March 31, 2020. Earnings from operations was $8.2 million, an increase of 126% from the three months ended March 31, 2020. Net loss attributable to Century Casinos, Inc. shareholders was ($1.4) million, a change of 97% from the three months ended March 31, 2020. Adjusted EBITDA** was $14.7 million, an increase of 53% from the three months ended March 31, 2020. Loss per share was ($0.05). Book value per share*** at March 31, 2021 was $3.99.COVID-19 UPDATE\nIn late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company's 2020 and first quarter 2021 results of operations and financial condition and the Company expects this situation will continue to have an adverse impact on its results in 2021. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain. \nThe Company's Canada properties are currently closed. Its Poland casinos closed most recently on March 20, 2021 and are expected to reopen on May 8, 2021. The Company's casinos in the United States have been open since June 2020 but have been required to vary their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. \nThe consolidated results for the three months ended March 31, 2021 and 2020 are as follows:\nFor the three months \nAmounts in thousands, except per share data \nended March 31,\nConsolidated Results:\n2021\n2020\n% Change\nNet Operating Revenue\n$\n72,415\n$\n87,656\n(17%)\nEarnings (Loss) from Operations\n8,248\n(31,772)\n126%\nNet Loss Attributable to Century Casinos, Inc. Shareholders\n$\n(1,419)\n$\n(45,856)\n97%\nAdjusted EBITDA**\n$\n14,744\n$\n9,644\n53%\nLoss Per Share Attributable to Century Casinos, Inc. Shareholders:\nBasic and Diluted\n$\n(0.05)\n$\n(1.55)\n97%\n\"We are pleased with the strong Adjusted EBITDA for the first quarter, driven almost exclusively by our properties in the US because our properties in Canada were clo...

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