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Century Casinos, Inc. is a global casino entertainment company operating in the United States, Canada, and several European countries. The company started to operate in the early 1990s from a Colorado Springs HQ. Now it operates various facilities, including casinos, race tracks, and hotels. Moreover, they hold a valid Nevada Gaming Commission license.
The company’s portfolio includes over 20 properties, which offer a range of gaming options such as slot machines, table games, and sports betting. Besides gaming, they also offer dining, entertainment, and event facilities at many of its properties. Online betting is one of their key focus areas.
The owner partnered with several online gaming providers to offer sports betting and online games in the United States and Europe. This has become an essential part of their strategy as casino gambling continues to grow in popularity. The brand finished 2022 with record net operating revenue of $430.5 million and is preparing to launch new operations. We analyzed this success with experts from NJCasimile.com and will tell you about it in detail in our article.
Century Casinos’ History
The brand was founded in 1992 by two Austrian entrepreneurs, Erwin Haitzmann and Peter Hoetzinger. The company’s first property was the Century Casino & Hotel in Cripple Creek, which opened in 1994. Over the next several years, Century expanded its operations from Colorado to other parts of the United States. In 2003, the company made its foray into the European market by acquiring a casino in Poland.
Since then, the brand has continued to expand both in the United States and internationally. In 2015, the company acquired a casino in Bath, England. In 2016, they opened the casino at the Ritz Carlton in St. Maarten. Finally, Century also has a casino on a cruise ship that sails in the Mediterranean.
Century has also made significant moves into online gambling in recent years. In 2018, the company launched a sports betting platform in Colorado and expanded into other states. Moreover, Century recently partnered with bet365 to launch a sports betting and online casino platform in New Jersey.
Today, players can pursue their gambling passions at multiple locations. Besides Century Casino online, it is possible to play landline. West Virginia, Missouri, and Alberta, Canada casinos are open 24/7. Also, try your luck at the Century Mile Racetrack and Casino near Edmonton.
The Century Casinos’ Yearly Business Report
In 2022, Century Casinos reported revenue of more than $430 million. Compared to 2021, revenue the company reported increased by 11%, driven by growth in its North American operations. The company’s adjusted earnings per share (EPS) also increased, demonstrating positive growth in shareholder value. Thus, the net operating revenue and adjusted EBITDA increased by 6%. But, earnings from operations decreased by 1% to $67.7 million. Also, compared to December 2021, earnings from operations dropped in the fourth quarter of 2022.
In Poland, the company experienced a whopping 54.8% increase in operating revenue, bringing in $90.1 million. Canada also saw a surge in income, with operating revenue reaching $71.5 million, a 54.1% increase. Yet, the company’s corporate and other earnings from operations amounted to only $206,000. The figure decreased compared to the previous period.
But, the company reported a significant increase in net operating revenue for 2022, with a growth of 11%. Although the income from operations decreased by 1%, adjusted EBITDA increased by 6% compared to the previous year. Net earnings attributable to shareholders decreased by 61% in 2022 compared to the previous year. The company’s basic and diluted income per share decreased by 61% and 62%. Despite the decrease for the quarter and the year, Century reported a book value per share of $4.82 at the end of December 2022.
The outstanding debt increased to $349.6 million as of December 31, 2022, from the $181.5 million reported at the end of the previous year. This amount included $347.4 million related to a term loan under the Goldman Sachs Bank USA credit agreement. A $4.7 million bank debt relates to Century Resorts Management GmbH. The company has $14.4 million for a long-term land lease for Century Downs Racetrack and Casino. However, the outstanding debt amount was net of $16.8 million in deferred financing costs.
Based on their most recent reports, Century Casinos’ revenue growth in the past has been driven by a combination of factors. First, they expanded their North American businesses. Second, their Polish sites recorded strong performances. Finally, net earnings increased through online games. A strong performance in the most recent fiscal year suggests the company is well-positioned for continued growth and success in the competitive casino-entertainment industry.
Feedback to the Operating Revenue Report
The presented results state that the company faced some challenges in the fourth quarter of 2022. Still, they achieved solid net operating revenue growth for the entire year. Despite these mixed results, Century remains optimistic about its prospects. The company plans to expand its businesses in North America and Europe, focusing on gambling and sports betting online. Additionally, they plan to complete the acquisition of Nugget Sparks, LLC, further strengthening its presence in the US market.
Century continued to rank cost control measures and efficiency improvements to maximize profitability. The company has implemented several cost-reduction initiatives in response to the pandemic. They will likely continue prioritizing cost control.
Looking ahead, Century aims to continue its growth trajectory by expanding into new markets and investing in developing its existing properties. This includes plans to open new casinos and broaden its online offerings. According to Hoetzinger and Haitzmann’s statements, “the Century Casino, despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River, finished the last year with net earnings.” The Co-Chief Executive Officers expect “the positive answer of Nevada Gaming Commission of our applications for opening the Nugget Casino.”
It’s important to note that the casino and poker industry is subject to various market and regulatory factors. Combined, they impact the company’s income and performance. Factors beyond those mentioned here may influence future operating revenue growth.
FAQ for Century Casinos Record Revenue In Financial Year
How has Century Casinos responded to the COVID-19 pandemic and its impact on the gambling industry?
Century’s response to the COVID-19 pandemic has focused on protecting its employees’ and customers’ health and safety while adapting to the changing circumstances. By focusing on online games and cost reduction measures, Century has been able to weather the impact of the pandemic and position itself for continued success in the future.
How does Century Casinos plan to maintain its record revenue in the future?
The strategy for maintaining its record income in the future will likely involve expanding its online businesses, expanding its presence in key markets, exploring new markets, and prioritizing cost control measures. Century aims to position itself for continued success in the competitive casino industry by focusing on these critical areas.
What are Century Casinos and what do they do?
It’s an entertainment company that operates in many markets around the world. The company owns and operates several land-based and online platforms. Some of the company’s facilities also offer hotel and resort amenities.
