Business
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2019 Results
COLORADO SPRINGS, Colo., March 13, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the
About this update from Century Casinos, Inc.
[{"type":"text","content":"COLORADO SPRINGS, Colo., March 13, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2019. \n\n \n \n \n \n \n \n\n \nFourth Quarter 2019 Highlights*\nNet operating revenue was $67.2 million, an increase of 49% from the three months ended December 31, 2018. Loss from operations was ($14.7) million, a decrease of 846% from the three months ended December 31, 2018. Net loss attributable to Century Casinos, Inc. shareholders was ($20.1) million, a decrease of 4080% from the three months ended December 31, 2018. Adjusted EBITDA** was $9.8 million, an increase of 69% from the three months ended December 31, 2018. Loss per share was ($0.68). 2019 Highlights*\nNet operating revenue was $218.2 million, an increase of 29% from the year ended December 31, 2018. Loss from operations was ($5.2) million, a decrease of 155% from the year ended December 31, 2018. Net loss attributable to Century Casinos, Inc. shareholders was ($19.2) million, a decrease of 664% from the year ended December 31, 2018. Adjusted EBITDA** was $30.3 million, an increase of 30% from the year ended December 31, 2018. Basic loss per share was ($0.65), a decrease of 642% from the year ended December 31, 2018. Diluted loss per share was ($0.65), a decrease of 691% from the year ended December 31, 2018. Book value per share*** at December 31, 2019 was $5.54.In December 2019, the Company determined that the intangible and tangible assets at Century Casino Bath were impaired. The impairment, which totaled $16.5 million, was determined after evaluating losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England.\nOn December 6, 2019, the Company completed its acquisition (the \"Acquisition\") of the operations of Isle Casino Cape Girardeau, located in Cape Girardeau, Missouri, Lady Luck Caruthersville, located in Caruthersville, Missouri, and Mountaineer Casino, Racetrack and Resort located in New Cumberland, West Virginia (collectively, the \"Acquired Casinos\"), from Eldorado Resorts, Inc. for an aggregate purchase price of approximately $110.6 million. Immediately prior to the Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affili...