Business
Century Casinos, Inc. Announces Second Quarter 2020 Results
COLORADO SPRINGS, Colo., Aug. 7, 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., Aug. 7, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2020. \n\n \n \n \n \n \n \n\n \nSecond Quarter 2020 Highlights*\nNet operating revenue was $36.1 million, compared to $52.4 million for the three months ended June 30, 2019, a decrease of (31%). Losses from operations were ($2.1) million, compared to earnings of $2.6 million for the three months ended June 30, 2019, a decrease of (181%). Net loss attributable to Century Casinos, Inc. shareholders was ($12.6) million, compared to ($0.6) million for the three months ended June 30, 2019, a decrease of (2131%). Adjusted EBITDA** was ($1.8) million, compared to $6.7 million for the three months ended June 30, 2019, a decrease of (126%). Loss per share was ($0.43). Book value per share*** at June 30, 2020 was $3.31.The coronavirus (COVID-19) pandemic discussed below significantly impacted the Company's second quarter 2020 results of operations, which included an additional $1.2 million impairment of goodwill and casino licenses as discussed below. The Company's second quarter 2020 net operating revenue and Adjusted EBITDA also 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. \nCOVID-19 Update\nIn late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. Between March 13, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company's Polish locations reopened on May 18, 2020 and its North American operations reopened between June 1, 2020 and June 17, 2020.\nThe COVID-19 pandemic has had an adverse effect on the Company's first and second quarter 2020 results of operations and financial condition, and the Company expects this situation will continue to have an adverse impact on its results for the remainder of 2020. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain. The trends below are not the only items that could impact the Company's future performance, and the views of management are bas...