Century Casinos Commends Immediate Impact Of Acquisition

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Century Casinos has commended the “immediate impact” of Eldorado Resorts acquisitions worth $110.6 m, while the company says it continues to track the global coronavirus pandemic.

In December, the company purchased the operations of Missouri-based Isle Casino Cape Girardeau and Lady Luck Caruthersville, and West Virginia-based Mountaineer Casino, Racetrack and Spa, with Vici Properties securing the real estate assets.

The praise comes when the organisation releases its fourth quarter and full-year financial statements, with sales jumping from the former 49 percent to $67.2 m (2018: $45.1 m).

Net loss fell dramatically from a marginal gain a year ago to 20.1 m, with adjusted EBITDA rising 69 per cent to $9.7 m (2018: $5.8 m).

Revenues on a full-year basis rose 29 percent to $218.2 m (2018: $168.9 m), net loss dropped to $19.2 m from a $4 m gain, and adjusted EBITDA hit $30.3 m, up 30 percent from $23.3 m.

Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos remarked:

“We are pleased with the fourth quarter results and the immediate impact the addition of the three casinos acquired from Eldorado Resorts had on our operating results.

“The acquired casinos have had very encouraging initial results, and we are excited to continue integrating the operations into the Century brand and to see anticipated meaningful growth from this acquisition on Century Casinos in the future.”

Century Casinos also reports that its casinos are pursuing and enforcing US Centers for Disease Control and Prevention guidelines on COVID-19, as well as stepping up employee training to ensure strict adherence to policies and procedures.

In its report the company has added: “To date, COVID-19 has not had a significant impact on our US or Canadian markets, while the market in Poland has been weakening by approximately ten percent. Our customer base is very diversified within North America. Our casinos are ‘local’ casinos in urban and suburban locations, with the vast majority of our business from customers who live within an hour from our facilities.

“Our casinos have negligible meeting and convention business and few of our customers travel by air to visit us. This may temper the impact of COVID-19 on our business, but this situation continues to evolve and could adversely impact us until the virus runs its course.”

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