Century Casinos revenue up for Q3 after acquisition announcements
Century Casinos saw its net operating revenue rise to $52.9m for Q3, a jump of 22% year-on-year.
The Colorado-based operator improved its earnings from operations by 8% to $3.5m.
Century’s EBITDA was $7.1m, up 12%.
Net earnings attributable to Century shareholders totaled $0.5m, a decrease of 71%.
Century announced its agreement to acquire three gambling assets from Eldorado Resorts in June: Mountaineer Casino Racetrack & Resort (West Virginia) and two Missouri operations; Isle Casino Cape Girardeau and Lady Luck Caruthersville.
The deal was worth approximately $385m. Century will pay $107m, while real-estate investment trust VICI Properties will take on $278m to acquire the properties.
Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Casinos, said: “We look forward to closing the Eldorado Acquisition and see some short-term low-cost measures that we can implement to improve performance.”
The acquisition gives Century five US casino operations, including Colorado-based Central City and Cripples Creek.
Century opened Century Mile Racetrack and Casino in Edmonton, Canada in April 2019.
Haitzmann and Hoetzinger said: “Operations at Century Mile continue to ramp up and we are pleased with the revenue generated at the property, which is in line with our expectations.
“We continue to analyze the cost structure, staffing levels and efficiencies of Century Mile to achieve the margins we expect, which is normal during the first phase of operations.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
