Business
Century Casinos, Inc. Announces First Quarter 2024 Results
Challenging Start to the Year but Maintain Positive Outlook for the Second Half of 2024 COLORADO SPRINGS, Colo., May 9, 2024 /PRNewswire/ -- Century Casinos,
About this update from Century Casinos, Inc.
[{"type":"text","content":"Challenging Start to the Year but Maintain Positive Outlook for the Second Half of 2024 \nCOLORADO SPRINGS, Colo., May 9, 2024 /PRNewswire/ -- Century Casinos, Inc. (the \"Company\", \"we\", \"us\", or \"our\") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2024.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2024 Highlights*Compared to the three months ended March 31, 2023:\nNet operating revenue was $136.0 million, an increase of 25%.Earnings from operations were $8.3 million, a decrease of (55%).Net loss attributable to Century Casinos, Inc. shareholders was ($13.5) million, a change of (990%), and basic loss per share was ($0.45).Adjusted EBITDAR** was $21.3 million, a decrease of (18%).\"We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter. The quarter was further impacted by disruptions from severe weather at the majority of our US casinos. Cash payments of $12.2 million for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4 million one-time principal paydown of debt as well as $18.4 million in property and equipment purchases decreased our overall cash balance,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. \"Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year. By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far,\" Messrs. Haitzmann and Hoetzinger concluded.\nUPDATES\nThe Riverview – On April 4, 2024, the Company opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $3...