Century Casinos has published its financial report for the third quarter of 2022. The company experienced declines in both its operating revenue and shareholder net earnings.
During Q3, net operating revenue fell by 4% when compared to results from last year’s period and reached $112.6m. The report reflected a 22% decrease in company earnings from its operations when compared to results from Q2, totaling $20m during the third quarter.
Net earnings attributed to the company’s shareholders dropped by 74% this quarter, compared to results from the previous year’s period. Total shareholder net earnings reached $2.9m as of September 30.
Adjusted EBITDA was $28.1m for Q3, reflecting a 15% decline from Q3 2021.
Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger released a joint statement regarding the company’s results during the quarter. They attributed the company’s fiscal decline to more than one factor.
Haitzmann and Hoetzinger commented: “The decreases were due, in part, to our record results in 2021 (driven by reduced Covid-19 restrictions in Missouri) as well as some impact from inflation and additional expenses related to the riverboat in Caruthersville due to low water levels in the Mississippi River.”
Century Casinos also provided a Covid-19 procedures update as part of its quarterly report. It said the company has continued to adjust its operating procedures throughout the 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.
