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Sep 30, 2021
Century Casinos Q3 2021 Earnings Report
Century Casinos achieved record revenue and earnings, driven by strong performance across its segments.
Key Takeaways
Century Casinos reported record net operating revenue of $116.6 million and net earnings attributable to shareholders of $11.2 million for the third quarter of 2021. The company's performance was driven by strong results across its United States, Canada, and Poland segments. They are planning to relocate the Caruthersville casino and build a hotel in Cape Girardeau.
Net operating revenue increased by 22% to $116.6 million compared to Q3 2020.
Earnings from operations increased by 71% to $25.7 million compared to Q3 2020.
Net earnings attributable to Century Casinos, Inc. shareholders increased by 200% to $11.2 million compared to Q3 2020.
Adjusted EBITDA increased by 49% to $33.1 million compared to Q3 2020.
Revenue by Geographic Location
Forward Guidance
Century Casinos is planning to relocate its Century Casino Caruthersville casino to a land-based casino with an attached hotel, estimated to open in early 2024, and to build a hotel that will attach onto Century Casino Cape Girardeau, estimated to open in late 2023.
Positive Outlook
- New land-based casino in Caruthersville will attract more customers.
- Hotel in Caruthersville will provide additional revenue streams.
- Hotel in Cape Girardeau will offer guests a more complete experience.
- Projects will be financed with cash on hand, financing, or a combination of the two.
- Company has a strong balance sheet with cash over $100 million.
Challenges Ahead
- Project costs estimated at $68.3 million.
- Relocation of Caruthersville casino will disrupt operations.
- Construction of hotels will take time and may be subject to delays.
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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