Century Casinos posts $161.2m in Q3 net operating revenue
However, net loss has increased year-over-year.
Century Casinos has released its financial report for the third quarter of 2023, highlighting a 43.3% increase in net operating revenue to $161.2m.
In the US, there was a particular increase in net operating revenue, going from $70.7m in the third quarter of 2022, to $116.9m in the third quarter of 2023, representing a 65.3% increase.
There was also growth for its adjusted EBITDA, valued at $33.3m for the third quarter of 2023, up 18.5% from the same period in 2022, when the figure was $28.1m.
The company did, however, suffer a huge increase in its net loss, with the figure in Q3 2023 valued at ($14.2m) compared with $2.9m in Q3 2022, a change of nearly 600%.
Co-Chief Executive Officers of Century Casinos, Erwin Haitzmann and Peter Hoetzinger, gave some thoughts on the results: “Looking ahead we anticipate revenue and operating expense trends to remain consistent with what we have seen the last several quarters.
“The completion of the Canada sale-leaseback reduced our Net Debt from $255.5m as of June 30 2023 to $158.9m as of September 30, 2023,” they added.
During the period of the quarter, Century Casinos completed the acquisition of the operations of Rocky Gap Casino Resort in Flintstone, Maryland for $59.1m in July and in September, the company completed its previously announced agreement for subsidiaries of VICI to acquire the real estate assets of the Century Canadian Portfolio for an aggregate purchase price of CA$221.7m (US$160.8m).
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