Century Casinos posts full year 2020 revenue of $304m, up 39% y-o-y

Temporary closures to the operator’s venues in Canada and Poland heavily impacted revenue

Century Casinos has posted net operating revenue of $304.3m (£219m) for full year 2020, a 39% increase from the prior-year period.

Adjusted EBITDA for the period was $48.4m, a 60% increase from full year 2019.

Net operating revenue for the fourth quarter of 2020 meanwhile was $84.8m, a 26% rise from the prior year period. Earnings from operations improved 227% year-on-year to $18.7m, with adjusted EBITDA growing 87% to $18.3m.

Century Casinos said closures of its properties worldwide due to the Covid-19 pandemic had a major impact on results, estimating that closures in Canada and Poland impacted fourth quarter 2020 revenue and adjusted EBITDA by $9.2m and $1.7m respectively.

“We are pleased with the strong adjusted EBITDA for the fourth quarter even though our casinos in Canada and Poland were closed in December over the busy holiday season,” said Erwin Haitzmann and Peter Hoetzinger, co-CEOs of Century Casinos. 

“These results were driven primarily by our properties in the US, which generated 82% of our adjusted EBITDA in the fourth quarter.

“We have been able to achieve operating margins that we believe will continue to be attainable. We look forward to our casinos and racetracks reopening in Canada and to a busy summer season in North America if the pandemic subsides.”

Peter Lynch

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