Century Casinos hits record revenue in FY while net profit dips

The total was 10.8% higher than in Century Casinos' full-year 2021 results.

Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, said that the record had been achieved – alongside record adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) – despite a difficult end to the year.

“We finished 2022 with record net operating revenue and adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River,” said the co-CEOs.

Adjusted EBITDA was $103.3m for the year.

In December, Century Casinos announced it was to open a new casino property in Missouri, in partnership with Vici Properties. This was Century Casinos’ second run-in with Vici during the year, after striking a deal to acquire Maryland’s Rocky Gap Casino with the property entity in August.

Three months earlier, in September, Bet365 went live in the state of Colorado through a partnership with Century Casinos.

Full-year results

A large amount of Century Casinos’ revenue came from its US operations, which totaled at $268.5m – down by 5.1%.

In contrast, its Polish and Canadian operations shot up. Operating revenue Poland hit $90.1m, a rise of 54.8% year-on-year, while operating revenue in Canada shot up to $71.5m, an increase of 54.1%. Corporate and other revenues made up the remaining $206,000.

Total operating expenses for the year totaled at $366.1m, a rise of 14.4%. Century did not provide a full breakdown of these costs. This total, combined with earnings from equity investment at $3.2m, left the earnings from operations at $67.6m – a slight dip of 1.3% year-on-year.

Following $61.6m in non-operating expenses – for which there was also no full-year breakdown – the pre-tax income was $6.0m, a significant fall of 78.6% year-on-year.

After considering income tax benefit of $7.6m, the net profit for the year was $13.6m, a decrease of 37.2%.

Fourth quarter

Operating revenue for the three months ended 31 December 2022 hit $103.7m, down by 3.3% year-on-year.

As expected, US operations made up the highest amount of the revenue, at $62.3m. This was a decline of 8.7%.

Operations remained largely stable in Canada – growing slightly from $16.3m in Q4 2021 to $16.4m in Q4 2022. In Poland, operating revenue also grew, by 10.7% to $24.9m.

Corporate and other revenue totaled at $72,000.

Total operating costs and expenses for the quarter came to $91.1m, ticking up from $90.8m in Q4 2021.

This, alongside earnings from equity investment at $1.1m, brought the earnings from operations to $13.7m, a fall of 16.2%.

Non-operating expenses increased by almost double – from totaling at $8.8m in Q4 2021 to totaling at $16.3m in Q4 2022.

This left the pre-tax total at a loss of $2.6m, a drop of $10.2m yearly.

Following income tax at $470,000, the net loss for the quarter was $3.1m, down significantly by 8$.1m.