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Dec 31, 2020
Century Casinos Q4 2020 Earnings Report
Century Casinos' Q4 2020 results showed revenue and earnings growth, driven by US properties despite closures in Canada and Poland.
Key Takeaways
Century Casinos, Inc. reported a 26% increase in net operating revenue and a 227% increase in earnings from operations for the fourth quarter of 2020, compared to the same period in 2019. The results were primarily driven by the company's US properties, which generated 82% of the Adjusted EBITDA for the quarter, even with closures in Canada and Poland impacting the results.
Net operating revenue increased by 26% to $84.8 million.
Earnings from operations increased by 227% to $18.7 million.
Net earnings attributable to shareholders increased by 133% to $6.7 million.
Adjusted EBITDA increased by 87% to $18.3 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
The COVID-19 pandemic is expected to continue to have an adverse impact on the company's results in 2021, and the company is taking measures to mitigate the impact, including reducing marketing and operating expenditures and evaluating capital expenditure projects.
Positive Outlook
- Company plans to continue to reduce marketing and operating expenditures where possible.
- Company's 2021 planned capital expenditure projects will be evaluated throughout the year and postponed to 2022 if necessary and permitted under its agreements.
- Revolving Facility was repaid in July 2020 except for a $50,000 letter of credit that the Company cash collateralized.
- US properties generated 82% of Adjusted EBITDA in Q4 2020.
- Company has been able to achieve operating margins that it believes will continue to be attainable.
Challenges Ahead
- COVID-19 pandemic had an adverse effect on the Company’s 2020 results of operations and financial condition, and the Company expects this situation will continue to have an adverse impact on its results in 2021.
- The duration and impact of the COVID-19 pandemic otherwise remains uncertain.
- The Company’s casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operation.
- Company cannot predict whether future casino closures will be required.
- Company continues to monitor its liquidity in light of the uncertainty resulting from COVID-19.
Revenue & Expenses
Visualization of income flow from segment revenue to net income