Century Casinos, Inc. Announces Third Quarter 2024 Results
2025 Looks Promising After Opening of New Land-Based Casino in Missouri and Reopening of the Wroclaw Casino in Poland
COLORADO SPRINGS, Colo., Nov. 4, 2024 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2024.
Third Quarter 2024 Highlights*Compared to the three months ended September 30, 2023:
Net operating revenue was $155.7 million, a decrease of 3%.
Earnings from operations were $17.9 million, an increase of 24%.
Net loss attributable to Century Casinos, Inc. shareholders was ($8.1) million, a decrease in net loss of 43%, and basic net loss per share was ($0.26).
Adjusted EBITDAR** was $32.9 million, a decrease of (1%).
"Earnings from operations were in line with our expectations for the third quarter and grew 24% compared to the third quarter of 2023. This past Friday we opened the new land-based casino and hotel in Caruthersville, Missouri. We are excited for the potential of this new casino and hotel to expand our customer base further into Arkansas and the north Memphis area of Tennessee," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We have also reopened the Wroclaw casino in Poland. This will decrease the disruptions we have had in our Poland segment," they continued.
UPDATES
Caruthersville Project – The Company opened its new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024. The new Century Casino & Hotel Caruthersville has 599 slot machines and nine live table games, a 50% increase in gaming positions compared with the temporary casino location. The number of hotel rooms doubled to 74. The project cost an estimated $51.9 million. The Company funded this project through VICI Properties Inc. ("VICI"). VICI owns the real estate improvements associated with the Caruthersville project, which becomes a part of the Company's triple net master lease ("Master Lease") with subsidiaries of VICI.
Poland – The Company reopened the Wroclaw casino at its new location on October 24, 2024. The Company was notified in October 2024 that it had not received new licenses for its Krakow casino or LIM Center casino in Warsaw.
RESULTS
The consolidated results for the three and nine months ended September 30, 2024 and 2023 are as follows:
For the three months
For the nine months
Amounts in thousands, except per share data
ended September 30,
%
ended September 30,
%
Consolidated Results:
2024
2023
Change
2024
2023
Change
Net Operating Revenue
$
155,701
$
161,179
(3 %)
$
438,147
$
406,448
8 %
Earnings from Operations
17,918
14,467
24 %
40,466
51,494
(21 %)
Net Loss Attributable to CenturyCasinos, Inc. Shareholders
$
(8,119)
$
(14,175)
43 %
$
(63,276)
$
(17,377)
(264 %)
Adjusted EBITDAR**
$
32,902
$
33,347
(1 %)
$
81,598
$
88,686
(8 %)
Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders:
Basic
$
(0.26)
$
(0.47)
45 %
$
(2.07)
$
(0.57)
(264 %)
Diluted
$
(0.26)
$
(0.47)
45 %
$
(2.07)
$
(0.57)
(264 %)
RESULTS BY REPORTABLE SEGMENT*
Following is a summary of the changes in net operating revenue by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:
Net Operating Revenue
For the three months
For the nine months
Amounts in
ended September 30,
$
%
ended September 30,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
117,139
$
116,861
$
278
—
$
319,680
$
277,636
$
42,044
15 %
Canada
20,275
20,921
(646)
(3 %)
58,425
56,262
2,163
4 %
Poland
18,287
23,397
(5,110)
(22 %)
60,029
72,489
(12,460)
(17 %)
Corporate andOther
—
—
—
—
13
61
(48)
(79 %)
Consolidated
$
155,701
$
161,179
$
(5,478)
(3 %)
$
438,147
$
406,448
$
31,699
8 %
Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:
Earnings (Loss) from Operations
For the three months
For the nine months
Amounts in
ended September 30,
$
%
ended September 30,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
18,195
$
19,812
$
(1,617)
(8 %)
$
40,760
$
51,614
$
(10,854)
(21 %)
Canada
3,811
2,080
1,731
83 %
12,203
10,727
1,476
14 %
Poland
(1,214)
1,271
(2,485)
(196 %)
(1,416)
5,138
(6,554)
(128 %)
Corporate andOther
(2,874)
(8,696)
5,822
67 %
(11,081)
(15,985)
4,904
31 %
Consolidated
$
17,918
$
14,467
$
3,451
24 %
$
40,466
$
51,494
$
(11,028)
(21 %)
Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders
For the three months
For the nine months
Amounts in
ended September 30,
$
%
ended September 30,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
4,701
$
5,273
$
(572)
(11 %)
$
(25,066)
$
17,026
$
(42,092)
(247 %)
Canada
1,134
(1,730)
2,864
166 %
3,276
2,865
411
14 %
Poland
(681)
788
(1,469)
(186 %)
(716)
3,066
(3,782)
(123 %)
Corporate andOther
(13,273)
(18,506)
5,233
28 %
(40,770)
(40,334)
(436)
(1 %)
Consolidated
$
(8,119)
$
(14,175)
$
6,056
43 %
$
(63,276)
$
(17,377)
$
(45,899)
(264 %)
Items deducted from or added to earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense and a valuation allowance on net deferred tax assets in the United States negatively impacted net loss attributable to Century Casinos, Inc. shareholders. Interest expense increased primarily due to additional properties added to the Master Lease. The Company recorded a valuation allowance on its net deferred tax assets related to the United States, resulting in $23.8 million of tax expense during the second quarter of 2024. Based on the analysis of future realization of the United States deferred tax assets, the Company concluded that it is more likely than not that the benefit from certain deferred tax assets will not be realized and therefore recorded the valuation allowance.
Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023:
Adjusted EBITDAR**
For the three months
For the nine months
Amounts in
ended September 30,
$
%
ended September 30,
$
%
thousands
2024
