Century Casinos has released its financial and business results for the fourth quarter and full year of 2022. The company experienced declines in both operating revenue and shareholder net earnings.
During Q4, net operating revenue fell by 3% when compared to results from last year’s period and reached $103.8m. The report reflected a 16% decrease in company earnings from its year-over-year and totaled $13.8m during the fourth quarter.
Net earnings attributed to the company’s shareholders dropped by 202% this quarter, compared to results from the previous year’s period. Total shareholder net loss reached $4m as of December 31.
Adjusted EBITDA was $21.7m for Q4, reflecting an 13% decline from Q4 2021.
However, the company report reflected significant growth for the year. Net operating revenue climbed by 11% and reached $430.5m for 2022. The company posted $67.6m in earning from operations for the year.
Adjusted EBITDA grew by 6% for the year to a total of $103.3m.
Century Casinos Co-CEOs Erwin Haitzmann and Peter Hoetzinger released a joint statement regarding the company’s results during the year and spoke on the company’s future projects.
Haitzmann and Hoetzinger commented: "We finished 2022 with record net operating revenue and adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River.
“In December 2022, we completed the relocation of the Caruthersville casino from the riverboat and barge to the land-based pavilion where we will operate the casino until the casino and hotel development project is complete. Construction on this project and our Cape Girardeau hotel project are on schedule to be completed in 2024.”