Century Casinos posted $12.3 million in red ink in the second quarter, a 70 percent reduction from the previous year. The company reported the data early on August 7.
Revenue increased three percent to $150.8 million, while operating revenue jumped 16 percent to $16.6 million. Cash flow grew 10 percent to $30.3 million.
Revenue from Century’s United States casinos slumped slightly to $106 million. But it grew one percent in Canada and 23 percent in Poland.
Hinting at asset sales and citing third-party expressions of interest, Century CEOs Erwin Haitzmann and Peter Hoetzinger announced the beginning of a strategic-review process for the company.
Stated a Century release, “The review will explore a range of potential strategic alternatives for the Company’s assets and businesses aimed at enhancing shareholder value and supporting long-term growth. These alternatives may include opportunities to unlock value within our existing property portfolio, optimize the Company’s capital structure, evaluate potential mergers, strategic partnerships, or the sale of the Company, and to analyze potential divestments of assets or other asset-level transactions.”
Macquarie Capital is advising Century on the review. Legal advisor is the firm of Faegre Drinker Biddle & Reath.
“The Board has not set a timetable for the conclusion of this review,” Century’s statement resumed. “At this stage, no commitments or decisions have been made and there can be no assurance that the review will result in any transaction or particular change to the Company’s business.” Century indicated that no further comments will be forthcoming until warranted by subsequent events.
Century subtracted one casino from its portfolio in the second quarter; after the license for its Hilton casino in Warsaw wasn’t renewed, it closed. However, the company will open a second casino in Wroclaw in the fourth quarter of 2025.
“We are proud of the strength and momentum we have built across our portfolio, which has shown solid year over year growth and generated positive cash flow in the quarter,” Hoetziner and Haitzmann said in a prepared statement.
Century ended the quarter with $338.1 million in debt and $85.5 million cash on hand.
