American casino operator, Century Casinos Incorporated, has released its second-quarter financial results showing that it had experienced a 73% drop year-on-year in operational earnings to $996,000 in spite of chalking up a 6% increase in operating revenues to just over $39.6 million.
Colorado Springs-based Century Casinos Incorporated used an official Wednesday press release to additionally detail that its adjusted earnings before interest, tax, depreciation and amortization for the three months to the end of June had fallen by some 27% year-on-year to stand at approximately $4.6 million.
Net debt improves slightly:
Century Casinos Incorporated is responsible for two properties in Colorado including the Century Casino and Hotel Cripple Creek while its Canadian portfolio encompasses six venues such as the Century Casino St Albert and the Century Casino Calgary. The firm stated that the value of its cash and equivalents had decreased by just over 27% since the start of the year to $54.4 million, though its net debt had improved by a little over 4% to stand at $54.3 million.
Similar six-month picture:
For the six months since the start of 2018, Century Casinos Incorporated declared that its operational earnings had declined by 48% year-on-year to $4.2 million while its associated operating revenues had posted a 9% improvement to stand at $80.2 million.
Via its Century Resorts Management GmbH subsidiary, the firm moreover holds a 66.6% stake in eight Polish casinos operated by Casinos Poland Limited and explained that its half-year adjusted earnings before interest, tax, depreciation and amortization had dropped by 15% to $11.2 million.
Important for ‘long-term success’:
Far from being downhearted about its most recent financial results, the firm proclaimed via a joint statement from its Co-Chief Executive Officers, Peter Hoetzinger and Erwin Haitzmann, that the second quarter had signified ‘an important period for the long-term success of the company.’ It announced that the three-month cycle had seen it open its Century Casino Bath venue in England, stabilize operations in Poland and lay the foundations ‘for a presence in Asia with our Vietnam project.’
Read the statement from Hoetzinger and Haitzmann…
“We are pleased with the growth of net operating revenues driven by strong performances in Canada, which increased 5% in local currency, and Colorado, which increased 7%. Adjusted earnings before interest, tax, depreciation and amortization were lower compared to prior year results due to additional non-recurring expenses related to the licensing situation in Poland and the opening of the casino in Bath.”