Key points:
- The company opened a land-based casino in Missouri during the quarter
- Revenue for 2024 grew by 5% year-over-year
Century Casinos has published its financial and business results for the fourth quarter and full year of 2024. Company net operating revenue during the fourth quarter fell by 4% when compared to results from last year’s corresponding period.
Century Casinos posted $137.8m in net operating revenue for Q4. Loss from operations during the fourth quarter reached $36.2m.
The company posted a $64.9m net loss attributed to shareholders, along with a basic net loss of $2.11 per share.
Adjusted EBITDAR was $21.1m for Q4, reflecting a 17% decline when compared to Q4 2023.
The company report reflected growth for the year regarding its revenue. Net operating revenue climbed by 5% and reached $575.9m for 2024.
However, the company posted $4.3m in earnings from operations for the year and a net loss attributed to its shareholders of $128m for the fiscal year.
Adjusted EBITDAR fell by 10% for the year to a total of $102.7m.
Century Casinos Co-Chief Executive Offers Erwin Haitzmann and Peter Hoetzinger released a joint statement regarding the company’s results during the year and spoke on the company’s future goals.
Haitzmann and Hoetzinger commented: "The highlight of the fourth quarter 2024 was the successful opening of the new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024.
"We continue to see weak trends from retail and low-end customers, which we believe is due to macro-economics impacting consumer spending in our markets. However, with no construction or renovation disruptions and the opportunity to realize returns from our recent growth capital initiatives, we believe Adjusted EBITDAR and cash flow will improve in 2025 as compared to 2024.”
