In the fourth quarter of 2024, operating revenues for Century Casinos declined four percent to $137.8 million. Losses grew 388 percent, reaching $36.2 million. Cash flow slimmed by 17 percent to $21.1 million. The Century quarterly results were released early on March 13.
Century took a one-time $43.7 million impairment on the value of its Nugget Casino Resort in Sparks, Nevada. The write down was attributed to “estimated market conditions and performance.”
In a joint statement, co-CEOs Erwin Haitzmann and Peter Hoetzinger said, “We continue to see weak trends from retail and low-end customers, which we believe are due to macro-economics impacting consumer spending in our markets.
“However, with no construction or renovation disruptions and the opportunity to realize returns from our recent growth capital initiatives, we believe … cash flow will improve in 2025 as compared to 2024.”
Century’s Canadian operations reported a profit of $3.6 million. All other geographic segments, especially the United States (negatively impacted by the Nugget write-off), were in the red.
The company ended the quarter with $99 million cash on hand and $340 million in long-term debt.
