It has been announced that global casino operator Century Casinos has experienced a significant improvement in its operations as the firm releases its third quarter financial results, which revealed a record net operating revenue.
Today the company announced its financial results for the third quarter along with a nine month update on overall operation activity through to the end of September 2020.
Century Casinos’ net operating revenue for the third quarter was almost $100 million; – practically double compared with the same period last year.
Earnings from operations were up approximately fourfold to $15 million and net earnings attributable to shareholders were up almost 700% to $3.7 million from half a million dollars in 2019.
Although the company has been affected by the recent and ongoing Covid-19 pandemic, the general consensus for the report was positive, despite the impact of venue acquisitions that took place less than twelve months ago, including Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville.
Generally, Century Casinos has experienced variable disruption relating to the Coronavirus crisis, which saw all of its casinos closed in March 2020 and phased reopenings of properties in May 2020 through to June 2020.
The corporation experienced a strong third quarter of this year, but due to the impact of Covid-19, operations and cash flow, including financial condition were affected for the entire nine months on average.
In addition, there are still restrictions and measures in place at many Century Casinos’ venues due to the ongoing pandemic, including reduced capacity and less operating gaming machines, which in turn are still impacting business activity.
Co-Chief Executive Officers of Century Casinos Erwin Haitzmann and Peter Hoetzinger commented on the company update and financial report:
“Following the reopening of our casinos in June 2020, our results of operations and cash flow improved significantly in the third quarter of 2020.
We are very pleased to report all-time records in quarterly net operating revenue and Adjusted EBITDA driven by our recent acquisition of the Eldorado properties.
The record results confirm the transformational nature the acquisition has had on the Company, with 79% of our Adjusted EBITDA coming from operations in the United States.
In the third quarter, we also continued to focus on streamlining our cost structure and were able to achieve additional operational efficiencies, resulting in significant operating margin expansion”