Nov. 02--Colorado Springs-based Century Casinos Inc. on Tuesday blamed remodeling at its largest casino in Edmonton, Alberta, for a 30.8 percent decline in third-quarter profits.
Profits in the July-to-September quarter fell to $1.89 million, or 8 cents a share, from $2.73 million, or 11 cents a share, in the same quarter a year ago despite a 3 percent increase in revenue to $34.5 million. The company said it completed "extensive construction and remodel of the gaming floor, restaurants and bars. Earnings for the first nine months of the year were down 46 percent to $6.03 million, or 25 cents a share, from $11.2 million, or 46 cents a share, while revenue was up less than 1 percent to $102.3 million.
Century's co-CEOs Erwin Haitzmann and Peter Hoetzinger said in a news release that the company has opened three more casinos aboard cruise ships, acquired another casino in the Edmonton area, and was selected to build and operate a new horse track and casino, also in the Edmonton area.
Century's revenue fell short of analysts forecasts by $1.6 million and earnings missed their estimates by 2 cents a share. As a result, Century shares fell 25 cents, or 4 percent, to $6.09 Tuesday on the Nasdaq Stock Market.
Contact Wayne Heilman: 636-0234
(c)2016 The Gazette (Colorado Springs, Colo.)
Visit The Gazette (Colorado Springs, Colo.) at www.gazette.com
Distributed by Tribune Content Agency, LLC.
© Tribune Content Agency, source Regional News