Century Casinos Reports Strong Q4 and 2023 Results

Century Casinos, the leading gaming and hospitality operator, released details regarding its fourth quarter and full year 2023 financial results, pointing to a strong increase in adjusted EBITDAR and operating revenues. The latest financial update emerged Thursday with the company highlighting key metrics of its performance for the year and three months ended December 31, 2022.

In 2023, Century Casinos posted a net operating revenue of $550.2 million. This result, showed a solid growth of 28% when compared to the corresponding period the prior year. Not unexpectedly adjusted EBITDAR for 2023 increased as well, hitting $114.0 million. When compared to the 2022 results, adjusted EBITDAR in 2023 jumped by a solid 10%.

The leading gaming company revealed that earnings from operations marked a slight dip in 2023. Compared to 2022, earnings from operations posted by Century Casinos in 2023 decreased by 5% halting at $64.0 million.

Speaking about last year, Century’s co-CEOs, Erwin Haitzmann and Peter Hoetzinger, acknowledged that it represented a transitional year for the company. They highlighted that in 2023, Century Casinos expanded its US portfolio to seven casinos after completing two important acquisitions. “We continued our large construction projects in Missouri, which remain on time and on budget to open in early April for the Cape Girardeau hotel and late 2024 for the Caruthersville casino and hotel,” added Haitzmann and Hoetzinger.

Future Looks Bright for Century Casinos

According to the executives, an unexpected delay in the licensing of the company resulted in three casinos shutting their doors in Poland. As a result, Century’s Q4 earnings took a hit in the country when compared to the same period in 2022.

Still, Haitzmann and Hoetzinger confirmed that Century cleared up the regulatory hurdle and secured all three licenses. Subsequently, the company reopened one of its shuttered Polish venues last month, while another reopening is planned for this month as well. The duo confirmed that the third affected casino is expected to resume its operations at a new location at some point in Q3 this year.

In conclusion, the co-CEOs explained: “We are excited to look forward to 2025, when our newly acquired casinos are fully integrated into the company and to what we anticipate will be our first year since 2022 with no significant construction or renovation disruptions at our properties.”

When it comes to the Q4 2023 results, Century posted net operating revenue of $143.8 million, up by 39% year-over-year. The adjusted EBITDAR for the period increased as well, hitting $25.4 million, a result that represented year-over-year growth of 17%. Despite the aforementioned increases, earnings from operations took a 9% dip when compared to Q4 2022, halting at $12.6 million.