Century Casinos' revenue dips slightly by 4% to $112.6m in Q3

Century Casinos, a North American casino entertainment company, released its third quarter results last week. The company's newly released trading update revealed details regarding its performance for the three months ended September 30, 2022 or the third quarter.

In the third quarter this year, Century Casinos' revenue halted at $112.6m, marking a 4% decrease when compared to the corresponding period in 2021, a statement released by the company reveals. Not unexpectedly, the company's earnings from operations decreased as well. For the third quarter of this year, Century reported $20.0m in earnings, down 22% when compared to the result from the third quarter of last year.

The third quarter results revealed details regarding shareholders' earnings. For the three months ended September 30, 2022, Century's net earnings attributable to shareholders decreased by 74% to $2.9m, when compared to the third quarter of last year. Adjusted EBITDA for the third quarter this year decreased as well. The company reported $28.1m in adjusted EBITDA for Q3, 2022, down 15% when compared to the same period in 2021.

Upon releasing its Q3, 2022 results, Century acknowledged the impact of the global COVID pandemic since its start back in March 2020. The company said that different health and safety measures impacted its operations in different jurisdictions.

What's more, Century said that its first half of 2021 results were impacted by the closures of operations in Canada and Poland. Century said that currently there are no health and safety requirements that impact its operations. Still, the company revealed that the "duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain."

A notable achievement completed by Century in Q3 this year was the definitive agreement to acquire the Rocky Gap Casino Resort. In a deal with a price tag of approximately $56.1m, the company agreed to acquire the operations of the resort from Golden Entertainment, Lakes Maryland Development and VICI Properties L.P.

Erwin Haitzmann and Peter Hoetzinger, Century's Co-Chief Executive Officers, acknowledged that the company agreed to acquire the operations of Rocky Gap Casino Resort in August. The duo added: "We are excited to enter the Maryland market and to add this property to our growing US portfolio."

Speaking about the company's latest results, the duo pointed out: "The decreases were due, in part, to our record results in 2021 (driven by reduced COVID-19 restrictions in Missouri) as well as some impact from inflation and additional expenses related to the riverboat in Caruthersville due to low water levels in the Mississippi River."

It was early in October when the company's riverboat property on the Mississippi River was impacted due to low water levels. Since then, the property operated from the barge with a reduced number of slots. However, late in October, the gambling regulator in Missouri allowed Century to relocate its Caruthersville operations from the barge and riverboat to a land-based pavilion. The relocation is expected to be completed by the end of the year and the company anticipates no further negative impact from the operation.

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