Business
Century Casinos, Inc. Announces Second Quarter 2024 Results
Challenging First Half of the Year but Maintain Positive Outlook COLORADO SPRINGS, Colo., Aug. 8, 2024 /PRNewswire/ -- Century Casinos, Inc. (the "Company",
About this update from Century Casinos, Inc.
[{"type":"text","content":"Challenging First Half of the Year but Maintain Positive Outlook \nCOLORADO SPRINGS, Colo., Aug. 8, 2024 /PRNewswire/ -- Century Casinos, Inc. (the \"Company\", \"we\", \"us\", or \"our\") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2024 Highlights*\nCompared to the three months ended June 30, 2023:\nNet operating revenue was $146.4 million, an increase of 7%.Earnings from operations were $14.3 million, a decrease of (23%).Net loss attributable to Century Casinos, Inc. shareholders was ($41.6) million and basic loss per share was ($1.36).Adjusted EBITDAR** was $27.4 million, a decrease of (6%).\"Results for the second quarter of 2024 were impacted by a valuation allowance on our US deferred tax assets, a disappointing performance at the Nugget Casino Resort as well as temporary closures of two casinos in Poland. The Nugget has undergone a leadership change and is implementing right-sizing and cost-cutting initiatives to improve its performance,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. \"We have completed the majority of our elevated capital expenditure projects and are projecting total capital expenditures to be approximately $12.6 million for the remainder of 2024 and $12.0 million in 2025,\" they continued. \"We look forward to opening our new land-based casino in Caruthersville, Missouri ahead of schedule later this year. The casino will increase gaming positions and hotel rooms in Caruthersville by approximately 50%,\" Messrs. Haitzmann and Hoetzinger concluded.\nUPDATES\nCaruthersville Project – The Company is constructing a new land-based casino with a 38 room hotel in Caruthersville, Missouri. The project continues to be on budget with an estimated project cost of $51.9 million. Construction started in December 2022 with estimated completion ahead of schedule in mid-November 2024. The Company is funding this project through VICI Properties, Inc. (\"VICI\"). Following completion, VICI will own the real estate improvements associated with the Caruthersville project, which will become a part of the Company's triple net lease (\"Master Lease\") with subsidiaries of VICI.\nPoland – Renovations on the new casino location in Wroclaw continue, and the Company e...