Century Casinos reports ‘record’ Q3 results
New acquisitions helped overcome COVID shutdowns
Colorado Springs-based operator Century Casinos, Inc., on Friday unveiled its financial results for the quarter ending Sept. 30.
The company said its net operating revenue for the third quarter of this year was $95.7m, an increase of 81% from the $52.9m it earned during Q3 2019. Earnings from operations for this year’s Q3 were $15m, a jump of 331% from $3.5m for the same quarter one year earlier.
Similarly, adjusted EBITDA for Q3 2020 was $22.2m, up 213% from $7.1m reported in Q3 2019.
Quarterly net earnings attributable to Century Casinos, Inc. shareholders were $3.7 million, up 678% from the $500,000 for the three months ended September 30, 2019, an increase of 678%. Earnings per share were $0.13.
The company said its third quarter 2020 results were “significantly impacted” by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville in December 2019.
On the negative impact side, Century Casinos noted in March it closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. Its Polish locations reopened on May 18, while its North American operations reopened between June 1 and June 17.
The company said its operations and cash flow “improved significantly” in Q3, but noted the pandemic has had an “adverse effect” on its results for the nine months ending Sept. 30.
“The Company expects this situation will continue to have an adverse impact on its results for the remainder of 2020 and perhaps into 2021,” Century said in a statement. “The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.”
Century Casinos owns and operates properties in Colorado, Missouri, West Virginia, and Edmonton, Alberta, Canada. Through a subsidiary, the company has a 66.6% ownership interest in eight casinos in Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The company also operates four ship-based casinos.
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