Century Casinos, the global gaming operator with casino operations in UK, Poland and USA, has announced its first quarter results, which shows that the firm has been significantly impacted by the Covid-19 pandemic.
The firm has released its financial figures for the first three months of 2020 and although net operating revenue was up more than ninety percent compared with last year, the company made a loss from operations of just over 31 million dollars.
In comparison, last year Century Casinos earned more than three million, meaning the latest figure is a decrease of more than one thousand percent.
Executives at the organisation have stated that the company’s first quarter results, including net operating revenue, have been impacted by the acquisition of three gaming establishments towards the end of last year along with the ongoing Coronavirus pandemic.
Century Casinos released the statement:
‘In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s first quarter 2020 results of operations and financial condition, and we expect this situation will have an adverse impact on our second quarter 2020 results.’
Century Casinos currently operates eleven casinos in multiple US states, including one in England, UK and eight casinos in Poland. For the past 2 months all of the firm’s venues have been shuttered due to the crisis.
Executives at Century Casinos commented on the first quarter results:
“During these unprecedented times, our primary focus is the health, safety and well-being of our team members, guests and communities. Through the end of February, we were encouraged by the strength of our operations and the significant growth in net operating revenue and Adjusted EBITDA driven in part by our recent acquisition of properties in Missouri and West Virginia. We look forward to reopening our properties, and we plan to meet or exceed all safety requirements set forth by health officials”
In addition to the Covid-19 update provided by Century Casinos, the firm has provided details of its balance sheet and liquidity, EBITDA and loss per share.
More information can be found here.