Century Casinos reported an operating revenue of $430.5m for the 12 months ending 31 December 2022 (PS355.8m/EUR402.2m), a record for the operator.
The total was 10.8% more than full-year 2021.
Century Casinos’ co-chief executives officers Peter Hoetzinger and Erwin Haitzmann said the record was achieved, along with record adjusted earnings before interest tax depreciation, amortization (EBITDA), despite a challenging year.
The co-CEOs stated that they had record net operating revenues and adjusted EBITDA for 2022 despite temporary closures at Caruthersville due to low water levels in Mississippi River.
The adjusted EBITDA for the year was $103.3 million.
Century Casinos, in partnership with Vici Properties, announced that it would open a new Missouri casino property. Century Casinos had its second encounter with Vici in the past year. They previously made a deal with Vici to acquire Maryland’s Rocky Gap Casino and the property entity in August.
In September 2013, Bet365 was launched in Colorado as part of a partnership between Century Casinos.
Results for the full year
Century Casinos made a large portion of its revenue from US operations. This was down 5.1%.
However, the company’s Canadian and Polish operations saw a significant increase. Polish operating revenue reached $90.1m, an increase 54.8% year on year, while Canadian operating revenue jumped to $71.5m (an increase 54.1%). Rest of the $206,000 came from corporate and other revenue.
The total operating expenses for the year reached $366.1m. This is an increase of 14.4%. Century didn’t provide a breakdown of these expenses. The earnings from operations were $67.6m after accounting for earnings from equity investments of $3.2m. This is a 1.3% decrease year-on-year.
After $61.6m in operating expenses, for which there was no full-year breakdown, the pre-tax income was $6.0m. This is a significant drop of 78.6% year on year.
The net profit for the year, after taking into account the $7.6m income tax benefit, was $13.6m. This is a 37.2% decrease.
Fourth quarter
The operating revenue for the three-months ended 31 December 2022 was $103.7m. This is 3.3% less than last year.
The highest revenue came from the US, which was $62.3m. This was an 8.7% decrease.
Canada’s operations remained stable, with a slight increase in revenue from $16.3m to $16.4m during Q4 2021 and Q4 2022. Operating revenue in Poland also increased by 10.7% to $24.9m.
Total revenue from corporate and other sources was $72,000
The quarter’s total operating expenses and costs were $91.1m. This is an increase of $90.8m in Q4 2021.
These earnings, along with earnings from equity investments at $1.1m, brought operations earnings to $13.7m. This is a 16.2% decrease.
The increase in non-operating expenses was almost twice that of Q4 2021, which totaled $8.8m. It now totals at $16.3m.
The pre-tax loss was $2.6m. This is a $10.2 million annual drop.
After income tax at $470,000 the net loss for quarter was $3.1m. This is a significant decrease of 8$.1m.
