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Jun 30, 2023
Century Casinos Q2 2023 Earnings Report
Second quarter results were announced with a revenue increase and the acquisition of Rocky Gap Casino Resort finalized.
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 Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comCanada Revenue
CapyFin.comPoland Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com 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