International edition
September 27, 2021

Net earnings for the period were us$ 835,000

Century Casinos reports second quarter 2008 earnings

(US).- Century Casinos Inc. reported the financial results for the three and six months ended last June 30. For the second quarter, net operating revenue was us$ 21,546,000 and consolidated Adjusted EBITDA was us$ 4,550,000.

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his represents a 5% decrease in net operating revenue over the same quarter of last year (us$ 22,673,000 in the second quarter of 2007) and a 5% decrease in consolidated Adjusted EBITDA. Declines in net operating revenue at their properties in Colorado were partially offset by an increase in net operating revenue at the company's property in Edmonton.

The company reported net earnings of us$ 835,000 for the second quarter of 2008, while net earnings for the second quarter of 2007 were us$ 1,041,000. For the first six months of the current year, net operating revenue was us$ 42,526,000 and consolidated Adjusted EBITDA was us$ 8,943,000. This represents a 3% decrease in net operating revenue over the same period of last year and a 10% decrease in consolidated Adjusted EBITDA.

The company reported net earnings of us$ 1,376,000 fully diluted share for the six months ended June 30, 2008. Net earnings for the first six months of 2007 were us$ 2,583,000.

Net operating revenue at the Century Casino & Hotel in Edmonton increased 29% to us$ 5,795,000 for the second quarter of 2008 compared to us$ 4,480,000 for the second quarter of 2007. Adjusted EBITDA was us$ 2,262,000 for the second quarter of 2008 and us$ 1,165,000 for the second quarter of 2007, an increase of 94%.

In the second half of 2007, the company converted a dinner theater to a showroom venue that has drawn better attendance. The Alberta Gaming and Liquor Commission increased the number of slots at the casino from 600 to 650 in September 2007. In addition, the firm introduced 24-hour poker at the casino during the fourth quarter of 2007. Net operating revenue at the Century Casino & Hotel in Edmonton increased 32% to $11,352,000 for the six months ended June 30, 2008.

Net operating revenue at Womacks Casino in Cripple Creek, Colorado decreased 36% to us$ 2,859,000 for the second quarter of 2008 from us$ 4,440,000 for the second quarter of 2007. Gaming revenue in the Cripple Creek market as a whole declined 7.9% compared to a 35.4% decline at Womacks. The firm is reviewing strategies to improve revenue at Womacks.

Net operating revenue at the Century Casino and Hotel decreased 9% to us$ 4,617,000 for the second quarter of 2008 compared to us$ 5,060,000 reported for the second quarter of 2007. Adjusted EBITDA for the second quarter of 2008 increased to us$ 1,216,000 compared to us$ 1,078,000 in the second quarter of 2007.

Gaming revenue in the Central City market as a whole decreased 15.7% compared to a decrease of 10.8% for the Century Casino and Hotel. Its net operating revenue was us$ 9,024,000 for the six months ended June 30, 2008 compared to us$ 9,575,000 for the six months ended June 30, 2007, a decline of 5.8%.

Net operating revenue at the Caledon decreased 8% to us$ 4,071,000 for the second quarter of 2008 compared to us$ 4,414,000 reported for the second quarter of 2007,primarily due to a decline in the average exchange rate between the U.S. dollar and South Africa rand.

The Caledon Hotel, Spa and Casino's net operating revenue was us$ 8,289,000 for the six months ended June 30, 2008 compared to us$ 8,798,000 for the six months ended June 30, 2007.

The Century Casino and Hotel's net operating revenue was us$ 5,599,000 for the six months ended June 30, 2008 compared to us$ 5,710,000 for the first half ended June 30, 2007. The decrease is primarily due to the decline in the average exchange rate between the U.S. dollar and rand.

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