Century Casinos, Inc. Announces Third Quarter 2019 Results

About this update from Century Casinos, Inc.

[{"type":"text","content":" COLORADO SPRINGS, Colo., Nov. 4, 2019 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2019. \n\n \nThird Quarter 2019 Highlights*\nNet operating revenue was $52.9 million, an increase of 22% from the three months ended September 30, 2018. Earnings from operations were $3.5 million, an increase of 8% from the three months ended September 30, 2018. Net earnings attributable to Century Casinos, Inc. shareholders was $0.5 million, a decrease of (71%) from the three months ended September 30, 2018. Adjusted EBITDA** was $7.1 million, an increase of 12% from the three months ended September 30, 2018. Basic and diluted earnings per share attributable to Century Casinos, Inc. shareholders were $0.02, decreases of (67%) and (60%), respectively, from the three months ended September 30, 2018. Book value per share*** at September 30, 2019 was $6.09.The consolidated results for the three and nine months ended September 30, 2019 and 2018 are as follows:\nOn June 17, 2019, the Company entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts, Inc. (\"Eldorado Resorts\") for approximately $107.0 million (the \"Acquisition\"), which it expects to finance through a new credit facility. Simultaneous with the closing of the Acquisition, VICI Properties Inc. (\"VICI\") will acquire the real estate assets of the three properties for approximately $278.0 million and the Company will enter into a triple net lease agreement with VICI for the three casino properties. The lease will have an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options. The transaction, which is expected to close by year end, is subject to approval of the Missouri Gaming Commission as well as other customary closing conditions. On a pro-forma basis giving effect to the Acquisition as if it had occurred on October 1, 2018, the Company's last twelve months (\"LTM\") net operating revenue and Adjusted EBITDA with the acquired properties were $415.3 million and $58.1 million, respectively. See a reconciliation of the LTM results in Supplemental Information below****.\n\"Operations at Ce...

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