Century Casinos Q4 2019 Earnings Report
Key Takeaways
Century Casinos reported a 49% increase in net operating revenue for Q4 2019, driven by the acquisition of three casinos from Eldorado Resorts. However, the company experienced a significant decrease in earnings from operations and a net loss attributable to shareholders, mainly due to an impairment loss at Century Casino Bath.
Net operating revenue increased by 49% to $67.2 million.
Loss from operations decreased by 846% to ($14.7) million.
Net loss attributable to shareholders decreased by 4080% to ($20.1) million.
Adjusted EBITDA increased by 69% to $9.8 million.
Century Casinos
Century Casinos
Century Casinos Revenue by Segment
Century Casinos Revenue by Geographic Location
Forward Guidance
The Company is carefully monitoring the situation caused by the coronavirus (COVID-19) pandemic. Although the entire situation is unpredictable, our management teams are prepared to control what they can control.
Positive Outlook
- Casinos are following and implementing the recommendations from the US Centers for Disease Control and Prevention.
- Putting an extra effort into straight-forward and realistic guest messaging.
- Stepped-up employee trainings to ensure strict compliance with our policies and procedures.
- In constant communication with our employees to reinforce our sanitation safety procedures in both guest-facing and back-of-house areas.
- Sanitizing high-traffic public areas at an increased frequency.
Challenges Ahead
- The entire situation is unpredictable.
- The market in Poland has been weakening by approximately ten percent.
- COVID-19 has not had a significant impact on our US or Canadian markets, while the market in Poland has been weakening by approximately ten percent.
- This situation continues to evolve and could adversely impact us until the virus runs its course.
- Our casinos have negligible meeting and convention business and few of our customers travel by air to visit us.
Revenue & Expenses
Visualization of income flow from segment revenue to net income