Despite a challenging start to the financial year, the CEOs of Century Casinos remained positive that revenues would pick up through the rest of 2025.
Net operating revenue for the quarter ending March 31, 2025 came in at US$130.4m, a decrease of four per cent year-on-year from $136m.
Earnings from operations was $7.1m, down 14 per cent year-on-year from $8.3m, and adjusted EBITDAR was $20,2m, down five percent year-on-year from $21.3m.
"We were able to maintain the adjusted EBITDAR margin from the first quarter of 2024 despite decreased revenue from weather impacts throughout North America, one fewer operating day compared to 2024 and the loss of high margin sports betting revenue in Colorado,” said Erwin Haitzmann and Peter Hoetzinger, co-CEOs of Century Casinos.
“This is due primarily to successful cost cutting strategies at the Nugget, which generated positive adjusted EBITDAR in what typically is the most challenging quarter for the property. We are also excited by the initial success of the new Caruthersville casino, which opened in November 2024.
"We expect quarterly capital expenditures to decrease for the remainder of 2025 as we spent proportionally more in the first quarter. With overall capital expenditures substantially lower in 2025 due to the completion of our capital projects and properties such as Caruthersville open and operating, we anticipate cash generation and our cash position to improve during the remainder of 2025 and into 2026."
