entury Casinos continues to have a strong balance sheet, outperforming its peers with a debt to equity ratio of 0.63 as of June 30, 2007 compared to an industry average of 2.63, and a price to cash flow of 9.85 for the 12 months ended June 30, 2007 compared to an industry average of 19.31.
In the past year, the company opened two new casinos and constructed a new facility for an acquired operation. In addition, we acquired a one-third stake in Casinos Poland, the owner and operator of seven casinos and one slot arcade in Poland, which we believe is the market leader in the Polish casino industry.
In the second quarter 2007, the company’s established casino resorts in Cripple Creek and Caledon, South Africa, both reported revenue growth when compared to the same prior year period.
Likewise, we believe our recently opened properties in Central City, CO, Edmonton, Canada, and Newcastle, South Africa are progressing well. Adjusted EBITDA (which we define as earnings before interest, income taxes, depreciation, amortization and minority interest), one measure by which the company evaluates the success of its ventures, has been very strong in 2007 increasing by 113% in the first six months of the current year over the same prior year period.
Additional recent actions or developments are: Womacks Casino in Cripple Creek, which is undergoing an approximately us$ 2 million renovation. Besides, the Alberta Gaming Commission recently added 56 slot machines at their property in Edmonton.
The hotels on our two South African properties in Caledon and Newcastle were awarded superior 4-star ratings.
Additionally, the company plans to release third quarter results on Friday November 9th. Historically, the company does not give earnings guidance.
The company is actively managing its growth and always targeting improvements that are intended to increase shareholder value. It believes that its diversification is one of its strengths because operating on multiple continents effectively distributes risk and gives the company and its investors opportunities in emerging international markets.