Century Casinos has highlighted growth for net operating revenue and adjusted EBITDA in 2022, achieving new records in both reporting segments.
The operator’s co-CEOs Erwin Haitzmann and Peter Hoetzinger also added that it expects to close its acquisition of Nugget Casino Resort of Reno, Nevada in April, once the purchase has been approved by the Nevada Gaming Commission.
Publishing its fourth quarter and 2022 financial results, Century Casinos reported a Q4 net operating revenue of $103.8m, a 3 per cent decrease year-over-year (Q4 2021: $107.3m). For the year, revenue improved by 11 per cent to $430.5m (2021: $388.5m).
Earnings from operations were $13.8m for Q4 (16 per cent decrease YoY, 2021: $16.4m) and $67.6m for the full year (1 per cent decline, 2021: $68.5m).
Century Casinos’ adjusted EBITDA for Q4 was $21.7m (13 per cent drop, 2021: $24.9m) and $103.3m for 2022 (6 per cent, 2021: $97.9m).
The operator’s net income for Q4 came in at a loss of $4m (202 per cent decline, 2021: $3.96m) and a net earnings of $7.98m for the full year (61 per cent decline, 2021: $20.6m).
“We finished 2022 with record net operating revenue and Adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River,” commented co-CEOs Haitzmann and Hoetzinger.
Century Casinos US operations see declines
Per region, US operations earned the most in revenue but saw declines during both reporting periods. Meanwhile, Canada and Poland both saw annual revenue grow by over half compared to the previous year.
For the US – Central City and Cripple Creek in Colorado, Mountaineer in West Virginia, and Cape Girardeau and Caruthersville in Missouri – revenue for Q4 came in at $62.3m (9 per cent decrease, 2021: $68.3m) and $268.6m for the full year (5 per cent drop, 2021: $283.3m).
Century Casinos noted that Colorado is ‘well-positioned’ for long-term growth, Missouri is benefiting from a loyal local customer base, and Reno-Sparks is also in a good spot for future development.
For Canada – Edmonton, St. Albert and Century Mile in Edmonton and Century Downs in Calgary – Q4 revenue stayed near consistent at $16.5m (2021: $16.4m) but rose by 54 per cent over the full year to $71.6m (2021: $46.4m).
For Poland operations – Casino Poland – revenues during Q4 rose by 11 per cent to $24.9m (2021: $22.5m) while 2022 revenue came in at $90.2m (55 per cent increase, 2021: $58.2m).
Century Casinos also commented on its acquisition of Nugget Casino Resort in Reno Nevada, which it expects to be completed in April following a meeting of the Nevada Gaming Commission at the end of March. The venue has 892 slot machines, 29 table games, and 1,382 hotel rooms.
Haitzmann and Hoetzinger added: “The Nevada Gaming Control Board has unanimously recommended approval to the Nevada Gaming Commission of our applications to acquire the Nugget Casino Resort and related approvals and findings of suitability.
“Our applications must still be approved by the Nevada Gaming Commission at its meeting on March 23, 2023. If approved, we plan to close the Nugget acquisition in early April 2023.”
Century Casinos is also in the process of acquiring Rocky Gap Casino Resorts operations in Maryland and is improving its position in Missouri with funding for several projects in the state from Vici Properties.
The co-CEOs noted: “In December 2022, we completed the relocation of the Caruthersville casino from the riverboat and barge to the land-based pavilion where we will operate the casino until the casino and hotel development project is complete.
“Construction on this project and our Cape Girardeau hotel project are on schedule to be completed in 2024.”
