Business
Century Casinos, Inc. Announces Third Quarter 2023 Results
Record Quarterly Net Operating Revenue and Adjusted EBITDA** Completion of Rocky Gap Acquisition and Canada Real Estate Sale COLORADO SPRINGS, Colo., Nov. 9,
About this update from Century Casinos, Inc.
[{"type":"text","content":"Record Quarterly Net Operating Revenue and Adjusted EBITDA**\nCompletion of Rocky Gap Acquisition and Canada Real Estate Sale\nCOLORADO SPRINGS, Colo., Nov. 9, 2023 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nTHIRD QUARTER 2023 HIGHLIGHTS*\nCompared to the three months ended September 30, 2022:\nNet operating revenue was $161.2 million, an increase of 43%.Earnings from operations were $14.5 million, a decrease of 28%.Net loss attributable to Century Casinos, Inc. shareholders was ($14.2) million, a change of (582%), and basic loss per share was ($0.47).Adjusted EBITDA** was $33.3 million, an increase of 19%.\"With our acquisitions of the Nugget Casino Resort and Rocky Gap Casino, Resort & Golf we achieved record high net operating revenue and Adjusted EBITDA**. One time expenses related to the Rocky Gap acquisition and Canada sale leaseback transaction negatively impacted our earnings from operations and net loss for the quarter. Looking ahead we anticipate revenue and operating expense trends to remain consistent with what we have seen the last several quarters,\" Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. \"The completion of the Canada sale leaseback reduced our Net Debt** from $255.5 million as of June 30, 2023 to $158.9 million as of September 30, 2023,\" Messrs. Haitzmann and Hoetzinger concluded.\nPROJECT UPDATES\nRocky Gap Casino Resort Acquisition – On July 25, 2023, the Company completed its previously announced acquisition of the operations of Rocky Gap Casino Resort in Flintstone, Maryland, (\"Rocky Gap\") for $59.1 million (subject to certain adjustments) (the \"Rocky Gap Acquisition\"). Simultaneous with the closing of the transaction, an affiliate of VICI Properties, Inc. (\"VICI\") acquired a related interest in the land and building associated with Rocky Gap for approximately $203.9 million and the Company amended its triple net master lease agreement (\"Master Lease\") with subsidiaries of VICI to add the Rocky Gap property.\nCanada Real Estate Sale – On September 6, 2023, the Company completed its previously announced agreement for subsidiaries of VICI to acquire the real estate assets of Century Casino & Hotel Edmont...