Business
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2020 Results
COLORADO SPRINGS, Colo., March 12, 2021 /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 12, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2020. \n\n \n \n \n \n \n \n\n \nFourth Quarter 2020 Highlights*\nNet operating revenue was $84.8 million, an increase of 26% from the three months ended December 31, 2019. Earnings from operations were $18.7 million, an increase of 227% from the three months ended December 31, 2019. Net earnings attributable to Century Casinos, Inc. shareholders were $6.7 million, a change of 133% from the three months ended December 31, 2019. Adjusted EBITDA** was $18.3 million, an increase of 87% from the three months ended December 31, 2019. Basic earnings per share were $0.23, an increase of 134% from the three months ended December 31, 2019. Diluted earnings per share were $0.22, an increase of 132% from the three months ended December 31, 2019.2020 Highlights*\nNet operating revenue was $304.3 million, an increase of 39% from the year ended December 31, 2019. Loss from operations was ($0.1) million, a change of 98% from the year ended December 31, 2019. Net loss attributable to Century Casinos, Inc. shareholders was ($48.0) million, a decrease of (151%) from the year ended December 31, 2019. Adjusted EBITDA** was $48.4 million, an increase of 60% from the year ended December 31, 2019. Basic and diluted loss per share was ($1.62), a decrease of (149%) from the year ended December 31, 2019. Book value per share*** at December 31, 2020 was $3.99.The Company's 2020 results 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. \nTemporary closures of the Company's facilities throughout 2020 due to the worldwide coronavirus (\"COVID-19\") pandemic negatively impacted results for the three months and year ended December 31, 2020. The Company estimates that the closures during the first and second quarters of 2020 adversely impacted net operating revenue and Adjusted EBITDA by approximately $91.3 million and $34.3 million, respectively, and that the closures in Canada and Poland in December 2020 adversely impacted fourth quarter net operating revenue and Adjusted EBITDA by approximately $9.2 million and $1.7 mil...