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Dec 31, 2023
Century Casinos Q4 2023 Earnings Report
Century Casinos experienced a mixed Q4 2023, with revenue increasing but earnings declining due to licensing delays in Poland.
Key Takeaways
Century Casinos reported a 39% increase in net operating revenue to $143.8 million for Q4 2023. However, earnings from operations decreased by 9% to $12.6 million, and the company experienced a net loss attributable to shareholders of $10.8 million. Adjusted EBITDAR increased by 17% to $25.4 million. Unanticipated licensing delays in Poland negatively impacted earnings.
Net operating revenue increased by 39% to $143.8 million.
Earnings from operations decreased by 9% to $12.6 million.
Net loss attributable to shareholders was $10.8 million, a 168% change.
Adjusted EBITDAR increased by 17% to $25.4 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.com Forward Guidance
The company anticipates reopening the second casino this month and the final casino in a new location in the third quarter of 2024 and looks forward to 2025, when newly acquired casinos are fully integrated and there are no significant construction or renovation disruptions.
Positive Outlook
- Completion of two major acquisitions to expand the US portfolio to seven casinos.
- Construction projects in Missouri remain on time and on budget.
- All three licenses in Poland have been awarded.
- One casino in Poland reopened in February 2024.
- Newly acquired casinos will be fully integrated into the company.
Challenges Ahead
- Unanticipated licensing delays resulted in closures of three casinos in Poland in Q4.
- Closures of the casinos in Poland caused earnings from operations in Poland to decrease compared to 2022.
- Net loss attributable to Century Casinos, Inc. shareholders decreased by ($6.8) million.
- Increased interest expense negatively impacted net loss attributable to Century Casinos, Inc. shareholders for the 2023 periods.
- There is a $658.0 million long-term financing obligation under the Master Lease.
Revenue & Expenses
Visualization of income flow from segment revenue to net income