Century Casinos has announced net operating revenue of $108.5m for the first quarter of 2023, 5.2% higher than in the same period in 2022.
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, noted that the quarter had been an eventful one with ongoing construction at Century Casinos’ properties and its acquisition of Nugget Casino Resort.
“We are pleased that each of our reportable segments had revenue growth for the first quarter of 2023 compared to the first quarter of 2022,” said Haitzmann and Hoetzinger in a joint statement. “Construction of our hotel in Cape Girardeau, Missouri and our land-based casino and hotel in Caruthersville, Missouri continues, and we are excited to see the progress made at these properties.”
“We completed our acquisition of the Nugget Casino Resort on April 3, 2023. We have begun to integrate the Nugget operations and expect to see meaningful growth from this acquisition in the future.”
Century’s first quarter results
Gaming revenue made up a majority of Century’s operating revenue, at $94.2m. Other revenues were significantly lower – food and beverages generated $5.7m in revenue, while parti-mutuel, sports betting and igaming hit $3.3m.
The remaining revenue was made up of hotel and other revenue.
Most of Century’s revenue came from its US operations, which totaled at $66.3m. Poland generated the second highest revenues, at $25.5m, while Century’s Canadian operations added up to $16.5m.
Corporate and other revenues accounted for $57,000.
Total operating costs and expenses hit $91.1m, a slight uptick of 1.3%. This was mostly made up of gaming costs, which totaled at $48m. General and administrative costs totaled at $26.7m, while depreciation and amortization costs came to $6.8m. The remaining operating costs spanned food and beverage, pari-mutuel, sports betting and igaming and hotel revenues.
A total of $574,000 was gained through Century’s acquisition activities in Q1.
After accounting for the operating costs and earnings from equity investment at $1m, the total earnings from operations was $18.4m, a rise of 41.0% yearly.
Following non-operating expenses at $13.7m, the pre-tax profit was $4.6m, up by 12.3%.
Income tax provision of $1.6m brought the total net earnings for the quarter to $3m, a rise of 11.8%.
Consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit $26m for the quarter, up by 13.0%.
