Century Casinos posts $130.4m in Q1 net operating revenue
The company was awarded a second license to open its Poland casino.
Key Points
- The company reported a decrease in adjusted EBITDAR, net operating revenue and earnings from operations
- Executives said Century Casinos expects its capital expenditures to decrease for the remainder of the year
Century Casinos has released its Q1 2025 financial and business results. The company reported its net operating revenue reached $130.4m in Q1.
This reflected a 4% decrease when compared to results posted in the first quarter of 2024.
Earnings from operations fell by 14% year-over-year and totaled $7.1m. Adjusted EBITDAR decreased by 5% year-over-year to reach $20.2m.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger discussed the quarterly results in a joint statement.
They commented, “We were able to maintain the Adjusted EBITDAR margin from the first quarter of 2024 despite decreased revenue from weather impacts throughout North America, one fewer operating day compared to 2024 and the loss of high margin sports betting revenue in Colorado. This is due primarily to successful cost cutting strategies at the Nugget, which generated positive Adjusted EBITDAR in what typically is the most challenging quarter for the property.
“We are also excited by the initial success of the new Caruthersville casino, which opened in November 2024.”
Haitzmann and Hoetzinger also shared a little about what the company hopes to accomplish for the rest of the year.
They said in closing, “We expect quarterly capital expenditures to decrease for the remainder of 2025 as we spent proportionally more in the first quarter.
“With overall capital expenditures substantially lower in 2025 due to the completion of our capital projects and properties such as Caruthersville open and operating, we anticipate cash generation and our cash position to improve during the remainder of 2025 and into 2026.”
In addition to its financial results, the company gave a business update on its pending casino project in Poland.
Century Casinos gained a second license in Wroclaw in March and plans to open its Poland casino in the fourth quarter of 2025.
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