August 5, 2022 Land Based, Finance, Results

Century Casinos reports strong second quarter results

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Both its adjusted EBITDA and net operating revenue figures reached company highs.

Century Casinos has published its financial report for the second quarter of 2022. The company posted its highest Q2 net operating revenue and adjusted EBITDA figures to date.

During the second quarter, net operating revenue grew by 21% when compared to results from last year’s period, reaching $111.1m. The report reflected a 15% increase in company earnings from its operations, totaling $20.8m during the quarter.

Net earnings attributed to the company’s shareholders also rose during the second quarter by 29%, compared to the previous year’s period. Total shareholder net earnings reached $8.9m as of June 30.

Adjusted EBITDA was $29.8m for Q2, reflecting an 18% boost from Q2 2021.

Century Casinos Co-Chief Executive Offers Erwin Haitzmann and Peter Hoetzinger released a joint statement regarding the company’s progress during the quarter.

Haitzmann and Hoetzinger commented: “We achieved the highest net operating revenue and adjusted EBITDA during a second quarter in the history of the company. We are pleased with the strong contribution from our operations in Canada which have continued to improve after Alberta removed Covid-19 restrictions.”

Both spoke about the company’s North American growth throughout the period as well.

"As we announced in April, we have completed the first portion of our acquisition of the Nugget Casino Resort,” they said in a joint statement.

“We are excited to enter the growing Reno/Sparks Nevada market with this transaction.”

Century Casinos has continued to adjust its operating procedures during the ongoing pandemic. The company said it has varied its operations “based on the governmental health and safety requirements in the jurisdictions in which they are located.”

At this time, Century said it does have any safety or health requirements to enter its operations and has few Covid-19 restrictions in place.

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