entury Casinos reported net operating revenue of $72.4 million in the first quarter of 2021, a decrease of 17% year-over-year.
Earnings from operations was $8.2 million, an increase of 126%. Net loss was $1.4 million, a change of 97%. Adjusted EBITDA climbed 53% to $14.7 million from the prior-year period.
"We are pleased with the strong Adjusted EBITDA for the first quarter, driven almost exclusively by our properties in the US because our properties in Canada were closed for the entire quarter and our casinos in Poland were closed for most of the quarter. We estimate the negative impact of these closures to Adjusted EBITDA was at least $6.7 million," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos stated.
"For the third quarter in a row, we have been able to achieve high operating margins and we believe that will continue to be attainable. We look forward to the reopening of our casinos in Poland on May 8, our casinos and racetracks reopening in Canada and to a busy summer season in North America as the pandemic subsides," they concluded.
After that statement, the company announced Friday that its Polish casinos, which closed most recently on March 20, 2021, would remain closed through June 6, subject to potential extensions, to comply with extended quarantines issued by the Polish government to contain the spread of COVID-19.
The company's Canada properties are currently closed. In the United States, they have been open since June 2020 but have been required to vary their operations based on the governmental health and safety requirements in the jurisdictions in which they are located.
The company said the COVID-19 pandemic has had an adverse effect on its 2020 and first quarter 2021 results of operations and financial condition, and Century expects this situation will continue to have an adverse impact on its results in 2021.