entury Casinos on Friday reported fourth-quarter net income of $6.7 million, a 133% growth after reporting a loss in the same period a year earlier.
The Colorado-based company posted revenue of $84.8 million in the period, an increase of 26% year-over-year, and adjusted EBITDA was $18.3 million, up 87%. The firm had net income of 22 cents per share.
For the year, the company reported that its loss widened to $48 million, or $1.62 per share. Revenue was reported as $304.3 million, up 39% from the previous year. Adjusted EBITDA was $48.4 million, an increase of 60% from the year ended December 31, 2019.
The company said its 2020 results were significantly impacted by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville in December 2019.
Moreover, Century estimates that the pandemic-related closures during the first and second quarters of 2020 adversely impacted net operating revenue and Adjusted EBITDA by approximately $91.3 million and $34.3 million, respectively, and that the closures in Canada and Poland in December 2020 adversely impacted fourth quarter net operating revenue and Adjusted EBITDA by approximately $9.2 million and $1.7 million, respectively.
On December 1, 2020, the company sold the casino operations of Century Casino Calgary. The firm recorded a gain on sale of casino operations of $6.5 million in the fourth quarter of 2020, and it continues to own the underlying real estate, which it leases to the casino operator, and operates Century Sports, a sports bar, bowling and entertainment facility located on the property. Century said it intends to sell the real estate in 2021.
"We are pleased with the strong Adjusted EBITDA for the fourth quarter even though our casinos in Canada and Poland were closed in December over the busy holiday season. These results were driven primarily by our properties in the US, which generated 82% of our Adjusted EBITDA in the fourth quarter," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos said in a press release. "We have been able to achieve operating margins that we believe will continue to be attainable. We look forward to our casinos and racetracks reopening in Canada and to a busy summer season in North America if the pandemic subsides."
Century Casinos shares have climbed 44% since the beginning of the year. The stock has more than doubled in the last 12 months.