Century Casinos has released its financial report for Q1 2022. The report reflected substantial company growth and an update on its progress since Covid-19 restrictions were lifted.
For the period ending March 31, 2022, Century Casinos reported a 42% rise in net operating revenue, which reached a total of $103.1m.
Company earnings from operations climbed to $13m, reflecting a 58% boost from last year’s first quarter.
The company also reported an increase of 62% in its adjusted EBITDA compared to the same period last year. Adjusted EBITDA for Q1 climbed to $23.8m.
Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger took a moment to comment on the company report.
“We are very pleased with the results of the first quarter. Revenue grew in each of our three reportable segments with overall growth of 42% compared to the first quarter of 2021. All of our properties are now operating with very few Covid-19 restrictions. We maintained the 23% adjusted EBITDA margin that we had in the fourth quarter of 2021 and increased that margin by 800 basis points compared to our first quarter 2019 adjusted EBITDA margin of 15%,” the two said in a joint statement.
They finished by commenting: “As we announced in April, we have completed the first portion of our acquisition of the Nugget Casino Resort and are excited to enter the growing Reno/Sparks Nevada market with this transaction. The addition of the Nugget is expected to grow adjusted EBITDA of our United States segment to approximately 80% of our total adjusted EBITDA.”
Century Casinos runs casino hotels in Colorado, Missouri and West Virginia. It also owns and operates facilities in the Canadian province of Alberta.
The company also holds a 66.6% ownership interest in Casinos Poland, as well as 75% ownership interest in Century Downs Racetrack and Casino in Canada and 50% ownership interest in PropCo in Nevada through its Australian subsidiary, Century Resorts Management GmbH.
Century Casinos is listed for trading on the Nasdaq Capital Market under the symbol CNTY.
