Century Casinos Q2 2023 Earnings Report
Key Takeaways
Century Casinos, Inc. reported a 23% increase in net operating revenue, reaching $136.8 million, driven by the addition of the Nugget Casino Resort. However, earnings from operations decreased by 10% to $18.6 million, and the company experienced a net loss attributable to shareholders of $2.0 million. The company completed the acquisition of Rocky Gap Casino Resort and is in the process of selling its Canadian real estate assets.
Net operating revenue increased by 23% to $136.8 million.
Earnings from operations decreased by 10% to $18.6 million.
Net loss attributable to shareholders was $2.0 million, a decrease of 122%.
Adjusted EBITDA decreased by 2% to $29.3 million.
Century Casinos
Century Casinos
Century Casinos Revenue by Segment
Century Casinos Revenue by Geographic Location
Forward Guidance
Company expects growth from Nugget and contribution from Rocky Gap.
Positive Outlook
- Positive outlook for the Nugget Casino Resort.
- Record group bookings at the Nugget hotel for the second half of the year and continuing into 2024.
- Continuing growth from the Nugget Casino Resort.
- Contribution to results from Rocky Gap.
- Completed acquisition of Rocky Gap Casino Resort.
Challenges Ahead
- Construction disruption at Missouri properties partially offset revenue.
- Transitional stage taking over two properties in gaming jurisdictions new to the company.
- Incurred additional expenses related to acquisitions.
- Facing inflationary cost pressures from payroll wages and benefits.
- Facing inflationary cost pressures from insurance and utilities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income