entury Casinos announced Thursday its financial results for the three and six months ended June 30, 2019.
The company's net operating revenue increased by $12.8 million, or 32%, and by $17.8 million, or 22%, for the three and six months ended June 30, 2019, compared to the three and six months ended June 30, 2018.
Earnings from operations increased by $1.6 million, or 161%, and by $1.8 million, or 42%, for the three and six months ended June 30, 2019, compared to the three and six months ended June 30, 2018.
"We are pleased with the results of the second quarter. Excluding non-recurring expenses related to the write-down in connection with the Glory Sea casino, Adjusted EBITDA for the quarter was $7.6 million, or 62% higher than in the second quarter of last year. The newly opened Century Mile Racetrack and Casino is performing to our expectations and we look forward to the continuing ramp-up of that property," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers remarked.
On June 17, 2019, the company entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, and Racetrack and Resort from Eldorado Resorts for approximately $107.0 million
Simultaneous with the closing of the acquisition, VICI Properties will acquire the real estate assets of the three properties for approximately $278.0 million and Century will enter into a triple net lease agreement with VICI for the three casino properties.
That is why Net (loss) earnings attributable to Century Casinos' shareholders for the three and six months ended June 30, 2019 compared to the three and six months ended June 30, 2018, were impacted by $0.9 million in costs related to the acquisition, decreasing by 278%.
"We also look forward to completing our pending acquisition of three US casinos from Eldorado Resorts. This acquisition is transformational and will be a big milestone for Century," Haitzmann and Hoetzinger concluded.