Century Casinos sees 155% revenue increase in Q2 results
Company also saw record quarterly adjusted EBITDA.
Entertainment company Century Casinos has today announced its results for Q2 2021, the period ending June 30.
Net operating revenue is recorded at $92.2m, which is a year-on-year increase of 155% or $56.1m.
The casino group also saw large gains in its earnings from operations, which saw a year-on-year increase of 957% at a total of $18.1m. These large increases are primarily due to Covid-19 preventing casino activity during Q2 of 2020.
In its statement, Century Casinos highlighted that, due to Covid-19, its Canadian properties remained closed until June 2021, and its US properties, despite being open since June 2020, remained restricted by safety guidelines.
For this reason adjusted EBITDA also saw a percentage increase of 1,532% in Q2, at a total of $25.2m. And net earnings loss attributable to Century Casinos shareholders increased by $19.5 million, or 154%.
“With all of our properties now open, we continue to show strong results and momentum,” said Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, in a joint statement. “In the second quarter, we achieved our highest quarterly adjusted EBITDA in the company’s history and a consolidated adjusted EBITDA margin of 27.4%. We continue to have a strong balance sheet and no substantial debt maturities before 2026.”
Century Casinos owns and operates properties in a number of locations throughout North America and Europe. The company are owners of Century Casino & Hotels in Cripple Creek and Central City, Colorado, as well as the Century Casinos in Edmonton and Alberta, Canada. It also owns land-based properties in West Virginia.
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