Century Casinos Reports Strong Revenue for Q2 2023

The leading hospitality and gaming operator, Century Casinos, released its latest trading update, revealing details regarding its financial performance for the second quarter and first half of 2023. The company announced Tuesday the latest unaudited financial figures, revealing that its net operating revenue for the three months ended June 30, 2023, hit $136.8 million. When compared to the same period in 2022, this result represented an increase of 23%.

On the other hand, the latest financial update reveals that Century Casinos’ earnings from operations in Q2 this year decreased slightly. When compared to the Q2 2022 result, earnings from operations this year halted at $18.6 million, representing a decrease of 10% year-over-year.

Judging by the latest report, the net loss for the second quarter of this year was $2 million. This result, when compared to the Q2 2022 period showed a decrease of 122%, considering that the net loss last year was $8.9 million.

Adjusted EBITDA for the second quarter of this year marked a slight decrease when compared to Q2 2022. This year, adjusted EBITDA halted at $29.3 million, marking a decrease of only 2% when compared to the $29.8 million result from the same period last year.

The Company Enjoys Strong Positive Momentum

Erwin Haitzmann and Peter Hoetzinger, Century Casinos’ co-CEOs, said that the company is delighted with the latest results and record revenue. The duo noted that the increase in revenue was impacted positively by the addition of the Nugget Casino Resort. Haitzmann and Hoetzinger predicted a bright future for the Nugget Casino Resort, considering its record bookings. They outlined that the positive momentum accumulated by the property will likely remain in 2024.

“We are pleased with the results of this quarter, generating record revenue due to the addition of the Nugget Casino Resort, partially offset by construction disruption at our Missouri properties.“

Erwin Haitzmann and Peter Hoetzinger, co-CEOs at Century Casinos

Additional details released by Century Casinos reveal that the company’s net operating revenue for the first six months of this year soared. Overall, the revenue for the period hit $245.3 million, representing a 15% increase when compared to the $214.2 million result from the first half of 2022. Similarly, Century’s earnings from operations for the first six months of 2023 increased as well, hitting $37 million, up by 9% year-over-year.

A breakdown of the $245.3 million in total revenue reported for the six months ended June 30, 2023, reveals that the company’s US and Polish operations saw a significant increase in their revenues. In the US, Century’s revenues hit $160.8 million, up by 19% year-over-year, while in Poland, the company saw revenue of $49.1 million, up by 13%. When it comes to Canada, the revenue increased by 1% to $35.3 million for the first half of 2023.