Century Casinos posts $136m in net operating revenue for Q1
However, its Co-CEOs described this quarter as a challenging one.
Century Casinos has published its financial results for the first quarter of 2024. Revenue rose 25% year-over-year.
The company’s net operating revenue reached $136m during the first quarter.
First-quarter earnings from operations reached $8.3m, reflecting a 55% decrease when compared to Q1 results from last year.
Century reported a Q1 net loss of $13.5m. Its EBITDAR fell by 18% and totaled $21.3m.
Company Co-CEOs Erwin Haitzmann and Peter Hoetzinger took a moment to discuss the company’s latest results by saying, “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 also shared the company’s goals for the rest of the year and going into 2025.
Haitzmann and Hoetzinger said in closing, “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. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year.
“By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far.”
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