Business
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2023 Results
2024 To Continue Company's Transition as Acquisition Integration Proceeds and Construction Projects Near Completion COLORADO SPRINGS, Colo., March 14, 2024
About this update from Century Casinos, Inc.
[{"type":"text","content":"2024 To Continue Company's Transition as Acquisition Integration Proceeds and Construction Projects Near Completion\nCOLORADO SPRINGS, Colo., March 14, 2024 /PRNewswire/ -- Century Casinos, Inc. (the \"Company\", \"we\", \"us\", or \"our\") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2023 Highlights*Compared to the three months ended December 31, 2022:\nNet operating revenue was $143.8 million, an increase of 39%.Earnings from operations were $12.6 million, a decrease of (9%).Net loss attributable to Century Casinos, Inc. shareholders was ($10.8) million, a change of (168%), and basic loss per share was ($0.36).Adjusted EBITDAR** was $25.4 million, an increase of 17%.2023 Highlights*Compared to the year ended December 31, 2022:\nNet operating revenue was $550.2 million, an increase of 28%.Earnings from operations were $64.0 million, a decrease of (5%).Net loss attributable to Century Casinos, Inc. shareholders was ($28.2) million, a change of (454%), and basic loss per share was ($0.93).Adjusted EBITDAR** was $114.0 million, an increase of 10%.\"2023 was a transitional year for Century. We completed two major acquisitions to expand our US portfolio to seven casinos. We continued our large construction projects in Missouri, which remain on time and on budget to open in early April for the Cape Girardeau hotel and late 2024 for the Caruthersville casino and hotel,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. \"Unanticipated licensing delays that resulted in closures of three of our casinos in Poland in the fourth quarter caused earnings from operations in Poland to decrease compared to 2022. We have been awarded all three licenses, we reopened one casino in February 2024 and anticipate reopening the second casino this month and the final casino in a new location in the third quarter of 2024. We are excited to look forward to 2025, when our newly acquired casinos are fully integrated into the company and to what we anticipate will be our first year since 2022 with no significant construction or renovation disruptions at our properties,\" Messrs. Haitzmann and Hoetzinger concluded.\nRESULTS\nThe consolidated results for the three months and years ended December 3...