Century Casinos generates $146.4m in Q2 net operating revenue
The operator is gearing up to open its Missouri casino ahead of schedule.
Century Casinos has published its financial results for the second quarter of 2024. Though the company reported some growth when compared to this year’s first quarter, year-over-year results reflected several declines.
The company’s net operating revenue reached $146.4m during the second quarter, up nearly $10m when to revenue during the first quarter of this year. First-quarter revenue rose by 7% when compared to last year’s Q1 total.
Second-quarter earnings from operations fell by 23% year-over-year in Q2, with the total for the period reaching $14.3m.
Century reported a net loss of $41.6m. Its EBITDAR fell by 6% year-over-year and totaled $27.4m.
Company Co-CEOs Erwin Haitzmann and Peter Hoetzinger explained the factors that influenced this quarter’s results.
They said in a statement, “Results for the second quarter of 2024 were impacted by a valuation allowance on our US deferred tax assets, a disappointing performance at the Nugget Casino Resort as well as temporary closures of two casinos in Poland.
“The Nugget has undergone a leadership change and is implementing right-sizing and cost-cutting initiatives to improve its performance.”
The Co-CEOs went on to note that the company is preparing to open another location and is excited to celebrate the new casino’s debut.
Haitzmann and Hoetzinger commented, “We have completed the majority of our elevated capital expenditure projects and are projecting total capital expenditures to be approximately $12.6m for the remainder of 2024 and $12m in 2025.
“We look forward to opening our new land-based casino in Caruthersville, Missouri ahead of schedule later this year. The casino will increase gaming positions and hotel rooms in Caruthersville by approximately 50%.”
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