Century Casinos are hampered by ongoing casino closures in Canada and Poland in the first quarter of the year, but the company is looking forward to a “busy summer season in North America as the pandemic subsides.”
Century Casinos recorded revenue of $72.41 million in the first quarter of 2021, down 17 percent from $87.65 million the previous year.
Revenue at the group’s gaming establishments in the United States increased by 20 percent over the time period to $64.37 million (2020: $53.42 million); however, the aforementioned shutdown mandates in Canada and Poland resulted in decreases of 88 percent and 65 percent, respectively, to $2 million (2020: $16.1 million) and $5.9 million (2020: $17 million).
Earnings from operations were $8.24 million, compared to a loss of $31.77 million a year ago, thanks to a gain of $17.52 million (2020: -$25 million) in the United States, which reversed losses in Canada and Poland.
Adjusted EBITDA increased 53 percent year over year from $9.64 million to $14.74 million, owing to a 153 percent increase in the US to $22.12 million (2020: $8.75 million).
Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos said: “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 $6.7m.
“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.”