Business
Century Casinos, Inc. Announces Preliminary Fourth Quarter 2023 Financial Results and Operational Updates
COLORADO SPRINGS, Colo., Feb. 8, 2024 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) provided
About this update from Century Casinos, Inc.
[{"type":"text","content":"COLORADO SPRINGS, Colo., Feb. 8, 2024 /PRNewswire/ -- Century Casinos, Inc. (the \"Company\", \"we\", \"us\", or \"our\") (Nasdaq Capital Market®: CNTY) provided preliminary financial results for its fiscal fourth quarter ended December 31, 2023 and an update on the Company's projects. \n\n \n \n \n \n \n \n\n \nPreliminary fourth quarter 2023 (unaudited) estimates are:\nApproximately $171 million in cash and cash equivalents as of December 31, 2023 (compared to $102 million at December 2022);Approximately $140 million - $145 million in net operating revenue (compared to $104 million in fourth quarter 2022);Approximately ($10) million – ($14) million in net loss attributable to Century Casinos, Inc. shareholders (compared to ($4) million in fourth quarter 2022); andApproximately $24 million - $26 million in Adjusted EBITDAR* (compared to $22 million in fourth quarter 2022).As reported in the Company's third quarter filings, the $30.0 million revolving facility with Goldman Sachs Bank USA (\"Goldman\") that the Company borrowed in July 2023 in connection with the Rocky Gap acquisition was repaid on September 21, 2023. The full amount of the revolving facility is currently available for the Company to borrow.\nThe Company has agreed to buy back $3.5 million of its term loan with Goldman at 97% of the cost of the debt. The transaction is expected to occur in February 2024.\nIn Poland, the Company was granted licenses for the two casinos that it had closed in October 2023 due to the expiration of the casino licenses. The anticipated reopening of the casinos is the end of February 2024 for the casino in Bielsko-Biala and in mid-March 2024 for the casino in Katowice. In November 2023, the Company closed its Wroclaw casino due to the expiration of the casino license. The Company was granted a new license for Wroclaw in December 2023 and anticipates reopening the casino in a new location in mid-2024.\nIn Missouri, the construction projects of the hotel in Cape Girardeau (to be called the \"The Riverview\") and the new land-based casino and hotel in Caruthersville continue to be on time and on budget. The Company anticipates opening the hotel in Cape Girardeau the first week of April 2024 and the land-based casino and hotel in Caruthersville by the end of 2024. The Caruthersville project is being financed by VICI Properties Inc. (\"VICI\...