In a July 2, 2018 press release, Colorado-based Century Casinos, Inc. (Nasdaq: CNTY) announced that its 66.6 percent-owned Polish subsidiary, Casinos Poland Ltd., now holds eight casino licenses in Poland, further growing its footprint in the eastern European country’s gambling market.
The firm further communicated that the eight licenses have been awarded and renewed where applicable in the markets of Warsaw (three licenses), and one each in Katowice, Wroclaw, Krakow, Bielsko-Biala and Lodz. Five of the eight casinos are already operational, with the Krakow casino having opened on July 2 and the third Warsaw casino and the Lodz casino set to open next month, according to the official press release.
The renewals for Century’s seven casino licenses come despite criticism, most notably for its late timing, which in addition to several temporary closings of casinos throughout Poland, resulted in the loss of gaming tax revenue for the government and operators being burdened with additional costs and expenses, according to the operator.
Co-Chief Executive Officers for Century Casinos, Erwin Haitzmann and Peter Hoetzinger, said, “We are very pleased that the important license tenders in Poland have now been completed and we will soon operate a total of eight casinos in Poland. The Polish casino market continues to be robust and we look forward to generating solid and sustainable returns going forward.”
However, due to the previously noted temporary closure of casinos in Poland, the company issued a profit warning on Q2 2018 results. The firm communicated in a statement, “As reported previously, the results of the second quarter 2018 will be significantly impacted by the additional costs and expenses associated with the temporary closure of several of the company’s casinos in Poland.”
In addition to a controlling stake in Casinos Poland Ltd., Century Casinos, Inc. operates casinos in Bath, England, the U.S. and Canada and a number of casinos aboard luxury cruise lines. Additionally, the Colorado Springs-based company manages a horse track and casino in Balzac, Alberta and in September 2016, was chosen to open a racetrack in the Edmonton area.