European casino operator Trans World Corporation has released its financial results for the final three months of 2016 showing that improvements in business volumes led to a 14.2% increase year-on-year in total revenues to $14.4 million.
New York-based Trans World Corporation operates three American Chance Casinos-branded casinos in the Czech Republic and explained that its fourth-quarter earnings before interest, tax, depreciation and amortization rose by 25% year-on-year to $3 million while its net income swelled by 33% to hit $2.4 million.
For the twelve months to the end of December, the publicly-listed firm, which runs its American Chance Casinos venues in the Czech border communities of Ceska Kubice, Dolni Dvoriste and Znojmo, reported a 25.7% boost year-on-year in total revenues to $53.2 million while earnings before interest, tax, depreciation and amortization improved by 56.1% to $11.4 million.
All of this saw the firm report annual net income of $6.3 million, which represented an advance of 65.7% year-on-year, while the value of its assets including the recently-acquired Hotel Kranichhohe in Much, Germany, expanded by 19.7% to reach $66.1 million.
“The increase in revenues in 2016 was the result of on-going improvements to our operations, entertainments and amenities as well as continued commitments to providing our patrons with the highest levels of customer service,” said Rami Ramadan, Chief Executive Officer for Trans World Corporation. “2016 was a landmark year for the company. Trans World Corporation remains well-positioned for further expansion and growth. We continually strive to improve our existing casino and hotel properties in response to the needs of our growing clientele while simultaneously searching for acquisition opportunities in both the gaming and hospitality industries. This approach will strengthen the company’s foundation and our position in the markets we serve.”