Century Casinos has announced its financial results for the three and six months ended June 30, with net operating revenue of $146.4m, an increase of seven per cent.
Earnings from operations were $14.3m, a decrease of 23 per cent, and.net loss attributable to Century Casinos shareholders was $41.6m and basic loss per share was $1.36. Adjusted EBITDAR was $27.4m, a decrease of six per cent.
“Results for the second quarter of 2024 were impacted by a valuation allowance on our US deferred tax assets, a disappointing performance at the Nugget Casino Resort as well as temporary closures of two casinos in Poland," said co-CEOs Erwin Haitzmann and Peter Hoetzinger.
"The Nugget has undergone a leadership change and is implementing right-sizing and cost-cutting initiatives to improve its performance.
“We have completed the majority of our elevated capital expenditure projects and are projecting total capital expenditures to be approximately $12.6m for the remainder of 2024 and $12m in 2025.
“We look forward to opening our new land-based casino in Caruthersville, Missouri, ahead of schedule later this year. The casino will increase gaming positions and hotel rooms in Caruthersville by approximately 50 per cent."
