Century Casinos has released its financial and business results for the first quarter of 2023. The company reported substantial growth during the quarter in its net operating revenue, earnings from operations and in its adjusted EBITDA.
Net operating revenue during Q1 grew by 5% to reach $108.5m. Company earnings from its operations rose to $18.4m, an increase of 41% when compared to the previous year’s period.
Adjusted EBITDA climbed by 9% during the first quarter, reaching a total of $26.1m.
Company Co-CEOs Erwin Haitzmann and Peter Hoetzinger said in a joint statement: "We are pleased that each of our reportable segments had revenue growth for the first quarter of 2023 compared to the first quarter of 2022.
“Construction of our hotel in Cape Girardeau, Missouri and our land-based casino and hotel in Caruthersville, Missouri continues, and we are excited to see the progress made at these properties.”
During the quarter, Century Casinos completed its agreement with Marnell Gaming to purchase the operations of Nugget Casino Resorts, located in Sparks Nevada for close to $100m.
Nugget Casino Resort features two hotel towers, 114,500 square feet of convention space and a large gaming floor. Its 71,200 square-foot casino space is home to 892 slot machines and 29 table games.
Haitzmann and Hoetzinger commented on the acquisition by saying: "We completed our acquisition of the Nugget Casino Resort on April 3, 2023. We have begun to integrate the Nugget operations and expect to see meaningful growth from this acquisition in the future.
“We anticipate an immediate impact to net income because we had been paying interest on the $100m in escrow that we borrowed in April 2022 to finance the OpCo Acquisition without net income from the Nugget to support it.”
