Century Casinos Inc. on Tuesday released in its Q1 2023 results, highlighted by year-over-year increases in net operating revenue and earnings from operations.
Compared to the three months ended March 31, 2022, the company’s net operating revenue was $108.5 million, an increase of five percent, and earnings from operations were $18.4 million, an increase of 41 percent. In Q4 2022, ended Dec. 31, 2022, those numbers were $103.8 million and $13.8 million, respectively.
Century’s U.S. properties generated just over $66.3 million of net operating revenue in Q1, while its four Canadian properties accounted for just over $16.5 million. Earnings from operations from the U.S. properties were just over $14.2 million and the Canadian properties were just over $4 million.
“Each of our reportable segments had revenue growth for the first quarter of 2023 compared to the first quarter of 2022. Construction of our hotel in Cape Girardeau, Missouri, and our land-based casino and hotel in Caruthersville, Missouri, continues to make progress,” said Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos in a statement. “We completed our acquisition of the Nugget Casino Resort [in Nevada] on April 3. We have begun to integrate the Nugget operations and expect to see meaningful growth from this acquisition in the future. We anticipate an immediate impact to net income, because we had been paying interest on the $100 million in escrow that we borrowed in April 2022 to finance the OpCo Acquisition without net income from the Nugget to support it.”
The company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and Edmonton; the Century Casino in Cape Girardeau and Caruthersville, Missouri and in St. Albert, Alberta; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; and the Century Mile Racetrack and Casino in Edmonton. The company also has a 66.6 percent ownership interest in Casinos Poland Ltd., which owns and operates eight casinos in that country, and a 75 percent ownership interest in CDR in Calgary.
Through its United States subsidiary, Century Nevada Acquisition Inc., the company owns the Nugget in Sparks, Nevada, and a 50 percent membership interest in Smooth Bourbon, which owns the land and building of the Nugget. Century has an agreement to purchase 100 percent of the operations of the Rocky Gap Casino Resort in Flintstone, Maryland.
In the statement, the company said it continues to pursue other projects in various stages of development.
