Century Casinos Eye August Reopening

Century Casinos is undergoing a staggered reopening of its entire property portfolio, a move that started this week with its affiliate Casinos Poland, in which the group owns a 66.6 percent controlling stake, swinging the doors open to its eight establishments.

The company expects more sites to continue returning to service in June, with all assets set to reopen by August. This excludes Century Casinos Bath which was permanently closed in March, as well as four of the ship-based casinos operated by the company as a result of concession agreements expiring.

The reopening will be conducted in line with government recommendations and could include reduced levels of gaming space, social distance at slot machines and table games or reduced capacity within the casino, limited restaurant operating hours or continued closure of restaurants, requirements for wearing face masks, the prospect of allowing visitors to wear face masks, increased duration of disinfecting surfaces and other steps to compensate for changing demand rates.

Century, which this week inked a sports betting deal with bet365 related to its Colorado home market, saw net operating revenue rise 92 percent to $87.7 m (2019: $45.6 m) for the first quarter of the year. Adjusted EBITDA increased 44 percent from $6.7 m to $9.6 m, with net loss swinging to $45.8 m a year earlier from a profit of $1.06 m.

Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, remarked: “During these unprecedented times, our primary focus is the health, safety and well-being of our team members, guests and communities.

“Through the end of February, we were encouraged by the strength of our operations and the significant growth in net operating revenue and adjusted EBITDA driven in part by our recent acquisition of properties in Missouri and West Virginia. We look forward to reopening our properties, and we plan to meet or exceed all safety requirements set forth by health officials.”