Century Casinos’s second-quarter FY 2024 results (ended June 30) were highlighted by a seven percent year-over-year increase in net operating revenue ($146.4 million).
Earnings from operations were $14.3 million, a 23 per cent year-over-year decrease. Adjusted EBITDAR was $27.4 million, a decrease of six percent.
A statement from Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, pointed to a “disappointing performance” at the company’s Nugget Casino Resort, as well as the temporary closures of two casinos in Poland as two of the factors impacting 2Q results.
“We have completed the majority of our elevated capital expenditure projects and are projecting total capital expenditures to be approximately $12.6 million for the remainder of 2024 and $12.0 million in 2025,” the statement said. “We look forward to opening our new land-based casino in Caruthersville, Missouri, ahead of schedule later this year. The casino will increase gaming positions and hotel rooms in Caruthersville by approximately 50 percent.”
Century Casinos operates the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia, and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri; Century Casinos & Hotels in Cripple Creek and Central City, Colorado; and the Nugget Casino Resort, in Reno-Sparks, Nevada.
In Alberta, the company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton, and Century Downs Racetrack and Casino in Calgary.
In Poland, Century operates six casinos through its subsidiary Casinos Poland Ltd.
The project in Caruthersville will feature a 38-room hotel at a total cost of $51.9 million. Construction started in December 2022 and the company is looking at an estimated completion date of mid-November 2024. When it’s done, VICI Properties will own the real estate, which will become part of Century Casino’s master lease with subsidiaries of VICI.
In Poland, renovations are proceeding on the new casino location in Wroclaw, expected to open this October. The company closed its Krakow casino in May 2024 and its LIM Center casino in Warsaw in July 2024 after the license expired at each location. The company applied for licenses at both locations prior to their expirations.
In terms of net operating revenue in 2Q, the Canadian properties saw a five percent year-over-year increase.
The company also released its six-month results for the 2024 fiscal year, highlighted by a 15 percent year-over-year increase in net operating revenue ($282 million).
