Century Casinos reports its financial performance in Q2
The second quarter of the year delivered healthy revenue growth for Century Casinos.
The operator’s latest financial performance report started off with the period’s most important figures, with the firm’s net revenue reaching just under 137 million dollars. This amounted to an increase of 23% in comparison to the same period last year, throughout which the company had generated 111 million dollars in revenue.
Despite the revenue increase, Century Casinos’ EBITDA figure saw a slight decline of 2% in the period, going from 29.8 million dollars to 29.3 million dollars. The operator’s operational earnings experienced a larger decline of 10%, going from 20.8 million dollars to 18.6 million dollars. The company’s earnings per share figures also turned negative, going from 30 cents earned to a loss of 6 cents per share.
One of the main reasons for the decline is the company’s acquisition of the Nugget Casino in Nevada, which cost Century Casinos 104 million dollars in the quarter. The company had also previously purchased a 50% share in the company that owns the land on which Nugget operates, Smooth Bourbon LLC.
The report also mentioned one of the company’s other major developments in the period, the sale of its Canadian properties in Alberta. Century Casinos sold its establishments to VICI Properties as part of a leaseback deal, which expanded the two companies’ existing lease agreement and extended it by 15 years.