Century Casinos has released its financial and business results for the second quarter of 2023. The company’s net operating revenue rose by 23% to reach $136.8m.
Earnings from operations fell by 10% during the second quarter to $18.6m. Adjusted EBITDA reached $29.3m, representing a 2% decrease when compared to results from the previous year’s second quarter.
Century Casinos also highlighted its Q2 business results and achievements. During the second quarter, the company 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 is a full-service resorts that gives its guest easy access to both Interstate 80 and to the Reno-Tahoe International Airport. The destination 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.
Century’s most recent acquisition involves closing a previously announced deal for the acquisition of Rocky Gap Casino Resort’s operations in Flintstone, Maryland for $61.2m.
Company Co-CEOs Erwin Haitzmann and Peter Hoetzinger said in a joint statement, "We are pleased with the results of this quarter, generating record revenue due to the addition of the Nugget Casino Resort, partially offset by construction disruption at our Missouri properties.
“We believe the outlook for the Nugget is positive with record group bookings at the hotel for the second half of this year and continuing into 2024.”
Haitzmann and Hoetzinger went on to discuss future projects by saying, "We are in a transitional stage taking over two properties in gaming jurisdictions new to us, and we incurred additional expenses related to the acquisitions while facing inflationary cost pressures from payroll wages and benefits, insurance and utilities.
“We look forward to continuing growth from the Nugget and contribution to our results from Rocky Gap, our newest acquisition in Maryland.”
