Century Casinos' revenue hits $111.1m, up 21% for Q2
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Casino entertainment company, Century Casinos, released its financial results for the six months and three months ended June 30, 2022. The company said Friday that it has seen a double-digit increase in revenue for the six months and the three months ended June 30 this year.
Overall, Century Casinos' net operating revenue for the three months until June 30 this year hit $111.1m. When compared to the $92.2m reported during the same period in 2021, an increase of 21% was observed. Earnings from operations for the three months until June 30, 2022, this year hit $20.8m, marking an increase of 15% when compared to the $18.1m reported during the same period last year.
Similarly, net earnings attributable to Century Casinos shareholders increased by 29% for the three months until June 30, 2022, to $8.9m. Adjusted EBITDA for the period increased as well. For the three months until June 30, 2022, adjusted EBITDA hit $29.8m, up 18% when compared to the same period in 2021 when it halted at $25.2m.
Focusing on the results for the six months until June 30, 2022, Century Casinos reported an increase of 30% in net operating revenue to $214.2m. Earnings from operations increased from $26.4m for the six months until June 30 last year, to $33.8m this year. This result marked a strong growth of 28%.
Net earnings for Century Casinos shareholders for the six months until June 30 this year hit $9.1m, marking an increase of 67% when compared to the $5.4m reported for the same period in 2021. Adjusted EBITDA for the period hit $53.6m, marking a 34% increase.
Century Casinos acknowledged the impact of the global COVID-19 pandemic. According to the company, its operations were impacted in the first half of 2021, primarily due to COVID-related closures in Poland and Canada. With that in mind, Century pointed out that its operations aren't currently impacted by pandemic restrictions. However, the company said that the "duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain."
Erwin Haitzmann and Peter Hoetzinger, the Co-Chief Executive Officers at Century Casinos, commented on the topic in a statement released on August 5, 2022. They said: "We achieved the highest net operating revenue and Adjusted EBITDA during a second quarter in the history of the Company. We are pleased with the strong contribution from our operations in Canada which have continued to improve after Alberta removed COVID-19 restrictions."
The duo acknowledged that the company has completed the "first portion" of the acquisition of the Nugget Casino Resort. In conclusion, Haitzmann and Hoetzinger pointed out that Century Casinos is "excited to enter the growing Reno/Sparks Nevada market with this transaction."
