Century Casinos has announced a 25% year-on-year increase in revenues for the first quarter of 2024. According to its financial reports, operating revenue was $136Million.
However, operational earnings fell 55% to $8.3m and net loss attributable to Century Casinos shareholders jumped 990% to $13.5m.
In terms of net loss, that grew 485% to $11.7m and adjusted EBITDAR decreased by 18% to $21.3m. The net loss per share increased to $0.45.
Century Casinos Revenue
Erwin Haitzmann and Peter Hoetzinger, the co-CEO’s said on Century Casinos revenue: “We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter.
“The quarter was further impacted by disruptions from severe weather at the majority of our US casinos. Cash payments of $12.2m for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4m one-time principal paydown of debt as well as $18.4m in property and equipment purchases decreased our overall cash balance,” they added.
With individual jurisdictions in mind, the revenue from US operations grew 45% to $96m. Furthermore, the Canadian operations increased by 11% to $18.3m.
Naturally, the closure of their Polish venues saw a decrease of 15% to $21.6m. There was a 77% fall of Cooperate and Other to $13,000.
In terms of earnings, they avoided the above trend. Loss from the US changed 41% to $8.5m, Poland fell 101% to $22,000 and Corporate and Other by 67%, equating to $4.2m.
Haitzmann and Hoetzinger went on to say: “Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer.”
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