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Mar 31, 2024
Century Casinos Q1 2024 Earnings Report
Century Casinos experienced a challenging first quarter of 2024 due to construction disruptions, casino closures in Poland, and severe weather, but maintains a positive outlook for the second half of the year.
Key Takeaways
Century Casinos reported a 25% increase in net operating revenue to $136.0 million for Q1 2024, but experienced a net loss of $13.5 million, a significant decrease in earnings from operations, and an 18% decrease in Adjusted EBITDAR due to various disruptions and increased expenses.
Net operating revenue increased by 25% to $136.0 million.
Earnings from operations decreased by 55% to $8.3 million.
Net loss attributable to shareholders was ($13.5) million, a (990%) change.
Adjusted EBITDAR decreased by 18% to $21.3 million.
Century Casinos
Century Casinos
Century Casinos Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comCanada Revenue
CapyFin.comPoland Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
Century Casinos anticipates improved performance in the second half of 2024 and into 2025, expecting the completion of capital projects and the full operation of its casinos in Poland to drive growth.
Positive Outlook
- Increased spend on capital projects expected to end over the summer.
- Land-based casino in Caruthersville, Missouri, expected to be completed by the end of the year.
- All operations expected to be in great shape by 2025 with no more construction disruptions.
- All casinos in Poland expected to be fully operational by 2025.
- The Riverview hotel at Century Casino Cape Girardeau exceeding expectations.
Challenges Ahead
- Continuing construction disruptions.
- Closure of three casinos in Poland for some or all of the quarter.
- Disruptions from severe weather at the majority of US casinos.
- Cash payments for taxes related to the sale and leaseback of Canada properties.
- One-time principal paydown of debt and property and equipment purchases decreased overall cash balance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income