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Mar 31, 2023
Century Casinos Q1 2023 Earnings Report
Century Casinos reported a net operating revenue increase of 5% and earnings from operations increase of 41% compared to the same period last year.
Key Takeaways
Century Casinos announced its Q1 2023 financial results, which showed an increase in net operating revenue by 5% and a significant increase in earnings from operations by 41%. However, the company experienced a net loss attributable to shareholders, and a loss per share.
Net operating revenue increased by 5% to $108.5 million.
Earnings from operations increased by 41% to $18.4 million.
Net loss attributable to Century Casinos, Inc. shareholders was ($1.2) million.
Loss per share was ($0.04).
Revenue by Geographic Location
Forward Guidance
The company anticipates meaningful growth from the Nugget Casino Resort acquisition and expects it to have an immediate impact on net income.
Positive Outlook
- Each reportable segment had revenue growth for Q1 2023 compared to Q1 2022.
- Construction of the hotel in Cape Girardeau, Missouri and the land-based casino and hotel in Caruthersville, Missouri continues with good progress.
- The acquisition of the Nugget Casino Resort was completed on April 3, 2023.
- The company has begun to integrate the Nugget operations.
- The company anticipates an immediate impact to net income from the Nugget Casino Resort acquisition.
Challenges Ahead
- Interest expense increased by $6.8 million due to additional debt under the Goldman Credit Agreement.
- Approximately $2.6 million of additional interest expense was incurred from interest on the $100.0 million in escrow to fund the OpCo Acquisition without the benefit of net income from the Nugget Casino.
- Net loss attributable to Century Casinos, Inc. shareholders decreased by ($1.5) million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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