Century Casinos reported revenue and adjusted EBITDA growth for the seventh quarter in a row. The operating revenue noted a 6% jump, while the adjusted EBITDA went up for 5%.
However, the net operating revenue of $35.2 million was for 7% lower than the one noted during the same period last year. If these two periods are compared in terms of operations earnings, it can be seen that the $4.5 million in 2016 have dropped for 42% in comparison to the three months ended June 30, 2015.
It should be noted that the period over period declines are related to the $4 million payment Century Casinos received in the second 2015 quarter by Norwegian Cruise Line Holdings and which was recorded as operating revenue net. Norwegian Cruise Line Holding paid the operator for termination of a concession deal with subsidiaries Norwegian.
Peter Hoetzinger, the company’s Co Chief Executive Officer, commented that the strongest segment of the company was Canada and its 62% share of the consolidated EBITDA. He pointed out that their operations in Canada witnessed a 4% revenue increase, whereas the adjusted EBITDA dropped for 3% as a result of “higher marketing cost and property taxes.”
In terms of the company’s US operations, Hoetzinger revealed that it also recorded impressive results with a 7% revenue jump and a 16% improvement of the adjusted EBITDA. Century Casinos US properties generated a total of 22% of the consolidated adjusted EBITDA. He also mentioned Poland operations as having a successful quarter with a 10% revenue growth and 16% adjusted EBITDA increase.
In addition to commenting on the financial results of the quarter, Hoetzinger, alongside Erwin Haitzmann, revealed that the company was looking forward to completing the CA$29.9 million acquisition of Apex Casino in the fourth quarter of the year.