Century Casinos completes a ‘transitional’ 2023

Home » Century Casinos completes a ‘transitional’ 2023

Century Casinos has released its end-of-year financial report, calling 2023 a “transitional year.”

Net operating revenue for the year ending December 31, 2023 was $550.2m, an increase of 28 per cent over the previous year.

Earnings from operations decreased five per cent to $64m, while Adjusted EBITDAR increased 10 per cent to $114m.

“We completed two major acquisitions to expand our US portfolio to seven casinos,” said co-CEOs Erwin Haitzmann and Peter Hoetzinger. “We continued our large construction projects in Missouri, which remain on time and on budget to open in early April for the Cape Girardeau hotel and late 2024 for the Caruthersville casino and hotel.”

Net operating revenue for Q4 2023 alone was $143.8m, a year-on-year increase of 39 per cent, while earnings from operations decreased nine per cent to $12.6m. Adjusted EBITDAR was up 17 per cent to $25.4m.

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“Unanticipated licensing delays that resulted in closures of three of our casinos in Poland in the fourth quarter caused earnings from operations in Poland to decrease compared to 2022,” continued Haitzmann and Hoetzinger. “We have been awarded all three licenses, we reopened one casino in February 2024 and anticipate reopening the second casino this month and the final casino in a new location in the third quarter of 2024.

“We are excited to look forward to 2025, when our newly acquired casinos are fully integrated into the company and to what we anticipate will be our first year since 2022 with no significant construction or renovation disruptions at our properties.”

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