Century Casinos, for the fiscal fourth quarter ending December 31, 2023, has reported a net operating revenue for the fourth quarter of 2023 estimated to be between $140 million and $145 million, marking a rise from $104 million reported in the same quarter of 2022.
It has also recorded approximately $171 million in cash and cash equivalents, an increase from $102 million recorded at the end of December 2022.
However, Century Casinos anticipates a net loss attributable to its shareholders to be in the range of $10 million to $14 million, compared to a $4 million loss in the fourth quarter of 2022. Adjusted EBITDAR for the period is estimated to be approximately $24 million to $26 million, up from $22 million in the fourth quarter of 2022.
Century Casino Calgary
During the quarter, Century Casinos repaid a $30.0 million revolving facility borrowed from Goldman Sachs Bank USA in July 2023, which was utilized for the Rocky Gap acquisition. Additionally, the company has agreed to repurchase $3.5 million of its term loan with Goldman at 97% of the debt’s cost, with the transaction expected to take place in February 2024.
In Poland, Century Casinos received licenses for two casinos that were closed in October 2023 due to the expiration of their licenses. The company plans to reopen the casinos in Bielsko-Biala by the end of February 2024 and in Katowice by mid-March 2024. Furthermore, the Wroclaw casino, which was closed in November 2023, has been granted a new license, and Century Casinos aims to reopen it in a new location by mid-2024.
Construction projects in Missouri, including the hotel in Cape Girardeau and the new land-based casino and hotel in Caruthersville, are progressing as scheduled and within budget. The hotel in Cape Girardeau is expected to open in the first week of April 2024, while the land-based casino and hotel in Caruthersville are slated for completion by the end of 2024.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, expressed their outlook for the company, stating: “We expect 2024 to be a transitional year for the Company as we continue to integrate the Nugget and Rocky Gap operations into our portfolio and complete our two large construction projects in Missouri.”
They added, “We feel comfortable with our cash position and capex plan, and we continue to look for every opportunity to reduce operating costs going forward to maximize earnings and cash flow.”
The company’s audited consolidated financial statements for the year ended December 31, 2023, are not yet available. However, based on preliminary unaudited financial results for the fourth quarter, Century Casinos anticipates significant growth and strategic developments in the upcoming fiscal year.
Original article: https://www.yogonet.com/international/noticias/2024/02/12/70769-century-casinos-39-q4-net-operating-revenue-estimated-between-140-145-million
