Century Casinos Q3 report: revenue up by 22%
Report comes amidst continued growth as the effects of the pandemic subside.
Century Casinos has released its quarter three results for the period ending September 30, 2021. It was a time of growth in which revenue was up by 22% year-over-year
Across the board, numbers were up for the Colorado Springs-based company, though the report did concede that 2020 numbers were so abysmal on account of the pandemic that the only direction in which to go was up.
The aforementioned increase of 22% brought net operating revenue to $116.6m. In the same period, earnings from operations saw a 71% increase, reaching $25.7m. Adjusted EBITDA increased by 49% to $33.1m.
Shareholders are in line for net earnings $11.2m, up 200% from the year before. Book value per share on September 30 was $4.59.
The adverse effects from the pandemic have continued to let up since the Century’s Canada properties opened in June 2021. Other news from the quarter includes the decision to move Century Casino Caruthersville casino, Missouri’s last riverboat casino, to a land-based operation. This project, due to open in 2024, has an estimated price tag of $68.3m.
Co-CEOs, Erwin Haitzmann and Peter Hoetzinger, struck a bullish tone when remarking on Century’s performance: “In the third quarter we achieve outstanding results. We achieved our highest quarterly net operating revenue and adjusted EBITDA in the company’s history and a consolidated adjusted EBITDA margin of 28.3%. We continue to have a strong balance sheet, with cash over $100m and no substantial debt maturities before 2026.”
And with an eye to the future, the co-CEOs finished: “We are exploring exciting growth opportunities at our two Missouri properties with plans to build a hotel at each property and a land-based casino in Caruthersville.”
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