Century Casinos has posted net operating revenue up by 5% for the first quarter of the year, reaching $108.5 million. However, the casino operator also reported a loss of $1.2 million, or 4 cents per share, missing Wall Street expectations of earnings of 1 cent per share. Still, officials remained optimistic about the company’s start to the year, with co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger noting the period was an eventful one for the firm.
During the quarter, the Colorado-based company completed its previously announced acquisition of the operations of Nugget Casino Resort in Sparks, Nevada. Looking forward, the firm has plans to update the facade, signages, slot floor and food and beverage venues of the resort, which now becomes the largest in the company’s portfolio and its flagship property.
Additionally, the company is making progress on ongoing construction at some of its properties. "We are pleased that each of our reportable segments had revenue growth for the first quarter of 2023 compared to the first quarter of 2022. Construction of our hotel in Cape Girardeau, Missouri and our land-based casino and hotel in Caruthersville, Missouri continues, and we are excited to see the progress made at these properties," Haitzmann and Hoetzinger stated.
Co-CEOs Peter Hoetzinger and Erwin Haitzmann
The executives also announced the firm has begun to integrate the Nugget Casino Resort operations, and Century expects to see “meaningful growth” from the acquisition in the future. “We anticipate an immediate impact to net income because we had been paying interest on the $100 million in escrow that we borrowed in April 2022 to finance the OpCo Acquisition without net income from the Nugget to support it," the co-CEOs added.
Gaming revenue made up a majority of the company’s operating revenue for Q1 at $94.2 million. Food and beverages generated $5.7 million in revenue and pari-mutuel sports betting and iGaming reported $3.3 million. The remaining revenue was made up of hotel and other revenue.
Most of Century’s revenue for the quarter came from its US operations, which continue growing their footprint and amounted to $66.3 million. Poland, where Century holds a 66.6% ownership interest in operator Casinos Poland, placed second at $25.5 million. Century Casinos’ Canadian operations contributed $16.5 million to the mix.
See Century Casinos' full Q1 report here.