Century Casinos has released its Q4 2023 preliminary financial results. The company estimates that the quarter yielded between $140m and $145m in net operating revenue.
The report reflected that Century Casinos currently holds $171m in cash and cash equivalents for the end of the fourth quarter.
The company has posted a possible net loss that could range between $10m and $14m.
According to the report, estimated adjusted EBITDA for the fourth quarter could total in the range of $24m to $26m.
Company Co-CEOs Erwin Haitzmann and Peter Hoetzinger took a moment to discuss what Century Casinos wants to accomplish during the year by saying, "We expect 2024 to be a transitional year for the Company as we continue to integrate the Nugget and Rocky Gap operations into our portfolio and complete our two large construction projects in Missouri.
“We estimate our company-wide capital expenditures, excluding the Caruthersville project that we are financing through VICI, to be approximately $46m in 2024. We look forward to 2025, when we can see everything we are working towards in 2023 and 2024 coming to fruition without the disruptions we are currently experiencing.”
They went on to add that the company has plans in place to streamline its operations.
Haitzmann and Hoetzinger said in closing, "We feel comfortable with our cash position and capex plan, and we continue to look for every opportunity to reduce operating costs going forward to maximize earnings and cash flow.
“In addition, we are evaluating ways to reduce our non-operating costs going forward.”
