Colorado Springs, Colorado - Century Casinos, Inc. (the 'Company', 'we', 'us', or 'our') (Nasdaq Capital Market: CNTY) today announced its financial results for the three months ended March 31, 2024.
First Quarter 2024 Highlights*
Compared to the three months ended March 31, 2023:
Net operating revenue was $136.0 million, an increase of 25%.
Earnings from operations were $8.3 million, a decrease of (55%).
Net loss attributable to Century Casinos, Inc. shareholders was ($13.5) million, a change of (990%), and basic loss per share was ($0.45).
Adjusted EBITDAR** was $21.3 million, a decrease of (18%).
?'We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter. The quarter was further impacted by disruptions from severe weather at the majority of our US casinos. Cash payments of $12.2 million for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4 million one-time principal paydown of debt as well as $18.4 million in property and equipment purchases decreased our overall cash balance,' Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. 'Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year. By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far,' Messrs. Haitzmann and Hoetzinger concluded.
UPDATES
The Riverview - On April 4, 2024, the Company opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.
Caruthersville Project - The Company is constructing a new land-based casino with a 38 room hotel in Caruthersville, Missouri. The project continues to be on time and on budget with an estimated project cost of $51.9 million. Construction started in December 2022 with completion expected in the fourth quarter of 2024. The Company is funding this project through VICI Properties, Inc. ('VICI'). Following completion, VICI will own the real estate improvements associated with the Caruthersville project, which will become a part of the Company's triple net lease ('Master Lease') with subsidiaries of VICI.
Poland - The Company reopened its casinos in Bielsko-Biala in February 2024 and Katowice in March 2024 following temporary closures due to licensing delays. Renovations on the new casino location in Wroclaw continue, and the Company expects to open the casino in the third quarter of 2024.
Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR, Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
RESULTS
The consolidated results for the three months ended March 31, 2024 and 2023 are as follows:
See full release at: https://www.cnty.com/investor/press-releases/details/detail/century-casinos-inc-announces-first-quarter-2024-results/
About Century Casinos, Inc.:
Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casino & Hotel in Cape Girardeau and Century Casino Caruthersville, Missouri, and Century Casino & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates seven casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
FORWARD-LOOKING STATEMENTS, BUSINESS ENVIRONMENT AND RISK FACTORS
This release may contain 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding projects in development and other opportunities, including our Caruthersville construction project, reopening our Poland casinos, the Goldman Credit Agreement and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company including expectations regarding 2024, 2025 and later results. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled 'Risk Factors' under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2023, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
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CENTURY CASINOS, INC. 
