Gambling in the USA
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2019 Results
Century Casinos, Inc. announced its financial results for the three months and year ended December 31, 2019.
Fourth Quarter 2019 Highlights*
- Net operating revenue was $67.2 million, an increase of 49% from the three months ended December 31, 2018.
- Loss from operations was ($14.7) million, a decrease of 846% from the three months ended December 31, 2018.
- Net loss attributable to Century Casinos, Inc. shareholders was ($20.1) million, a decrease of 4080% from the three months ended December 31, 2018.
- Adjusted EBITDA** was $9.8 million, an increase of 69% from the three months ended December 31, 2018.
- Loss per share was ($0.68).
2019 Highlights*
- Net operating revenue was $218.2 million, an increase of 29% from the year ended December 31, 2018.
- Loss from operations was ($5.2) million, a decrease of 155% from the year ended December 31, 2018.
- Net loss attributable to Century Casinos, Inc. shareholders was ($19.2) million, a decrease of 664% from the year ended December 31, 2018.
- Adjusted EBITDA** was $30.3 million, an increase of 30% from the year ended December 31, 2018.
- Basic loss per share was ($0.65), a decrease of 642% from the year ended December 31, 2018.
- Diluted loss per share was ($0.65), a decrease of 691% from the year ended December 31, 2018.
- Book value per share*** at December 31, 2019 was $5.54.
In December 2019, the Company determined that the intangible and tangible assets at Century Casino Bath were impaired. The impairment, which totaled $16.5 million, was determined after evaluating losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England.
On December 6, 2019, the Company completed its acquisition (the “Acquisition”) of the operations of Isle Casino Cape Girardeau, located in Cape Girardeau, Missouri, Lady Luck Caruthersville, located in Caruthersville, Missouri, and Mountaineer Casino, Racetrack and Resort located in New Cumberland, West Virginia (collectively, the “Acquired Casinos”), from Eldorado Resorts, Inc. for an aggregate purchase price of approximately $110.6 million. Immediately prior to the Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affiliate of VICI Properties Inc. (“VICI PropCo”). On the closing date, the Company and VICI PropCo entered into a triple net lease agreement (the “Master Lease”) for the three Acquired Casino properties. The Master Lease has an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options.
The consolidated results for the three months and year ended December 31, 2019 and 2018 are as follows:
For the three months |
For the year |
|||||||||||||||
Amounts in thousands, except per share data |
ended December 31, |
ended December 31, |
||||||||||||||
Consolidated Results: |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
Net Operating Revenue |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
(Loss) Earnings from Operations |
(14,745) |
1,976 |
(846%) |
(5,220) |
9,459 |
(155%) |
||||||||||
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
Adjusted EBITDA** |
$ |
9,776 |
$ |
5,801 |
69% |
$ |
30,281 |
$ |
23,377 |
30% |
||||||
(Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders: |
||||||||||||||||
Basic |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.12 |
(642%) |
||||||
Diluted |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.11 |
(691%) |
“We are pleased with the fourth quarter results and the immediate impact the addition of the three casinos acquired from Eldorado Resorts had on our operating results,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “The acquired casinos have had very encouraging initial results, and we are excited to continue integrating the operations into the Century brand and to see anticipated meaningful growth from this acquisition on Century Casinos in the future,” Messrs. Haitzmann and Hoetzinger concluded.
The Company is carefully monitoring the situation caused by the coronavirus (COVID-19) pandemic. Although the entire situation is unpredictable, our management teams are prepared to control what they can control. Our casinos are following and implementing the recommendations from the US Centers for Disease Control and Prevention, which include everyday preventative actions to help prevent the spread of respiratory viruses, such as washing your hands often with soap and water, avoiding touching your eyes, nose, and mouth with unwashed hands, covering your cough or sneeze with a tissue, cleaning and disinfecting frequently touched objects and surfaces and of course staying home when you are sick. We are also putting an extra effort into straight-forward and realistic guest messaging and have stepped-up employee trainings to ensure strict compliance with our policies and procedures. We are in constant communication with our employees to reinforce our sanitation safety procedures in both guest-facing and back-of-house areas. We are sanitizing high-traffic public areas at an increased frequency. Proper procedures are posted in all back-of-house work areas.
To date, COVID-19 has not had a significant impact on our US or Canadian markets, while the market in Poland has been weakening by approximately ten percent. Our customer base is very diversified within North America. Our casinos are ‘local’ casinos in urban and suburban locations, with the vast majority of our business from customers who live within an hour from our facilities. Our casinos have negligible meeting and convention business and few of our customers travel by air to visit us. This may temper the impact of COVID-19 on our business, but this situation continues to evolve and could adversely impact us until the virus runs its course.
Reportable Segment Results*
The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of December 31, 2019:
Reportable Segment |
Operating Segment |
Reporting Unit |
United States |
Colorado |
Century Casino & Hotel – Central City |
Century Casino & Hotel – Cripple Creek |
||
West Virginia |
Mountaineer Casino, Racetrack & Resort |
|
Missouri |
Century Casino Cape Girardeau |
|
Century Casino Caruthersville |
||
Canada |
Edmonton |
Century Casino & Hotel – Edmonton |
Century Casino St. Albert |
||
Century Mile Racetrack and Casino |
||
Calgary |
Century Casino Calgary |
|
Century Downs Racetrack and Casino |
||
Century Bets! Inc. |
||
Poland |
Poland |
Casinos Poland |
Corporate and Other |
Corporate and Other |
Cruise Ships & Other |
Century Casino Bath |
||
Corporate Other |
The Company’s net operating revenue increased by $22.1 million, or 49%, and by $49.3 million, or 29%, for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
Net Operating Revenue |
||||||||||||||||||||||
For the three months |
For the year |
|||||||||||||||||||||
ended December 31, |
ended December 31, |
|||||||||||||||||||||
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
United States |
$ |
23,926 |
$ |
7,938 |
$ |
15,988 |
201% |
$ |
49,998 |
$ |
33,483 |
$ |
16,515 |
49% |
||||||||
Canada |
20,291 |
15,678 |
4,613 |
29% |
80,650 |
61,361 |
19,289 |
31% |
||||||||||||||
Poland |
21,675 |
19,514 |
2,161 |
11% |
81,894 |
68,209 |
13,685 |
20% |
||||||||||||||
Corporate and Other |
1,344 |
1,976 |
(632) |
(32%) |
5,685 |
5,885 |
(200) |
(3%) |
||||||||||||||
Consolidated |
$ |
67,236 |
$ |
45,106 |
$ |
22,130 |
49% |
$ |
218,227 |
$ |
168,938 |
$ |
49,289 |
29% |
The Company’s earnings from operations decreased by ($16.7) million, or (846%), and by ($14.7) million, or (155%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
Earnings (Loss) from Operations |
||||||||||||||||||||||
For the three months |
For the year |
|||||||||||||||||||||
ended December 31, |
ended December 31, |
|||||||||||||||||||||
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
United States |
$ |
4,685 |
$ |
1,033 |
$ |
3,652 |
354% |
$ |
9,478 |
$ |
5,882 |
$ |
3,596 |
61% |
||||||||
Canada |
4,000 |
3,675 |
325 |
9% |
16,115 |
14,633 |
1,482 |
10% |
||||||||||||||
Poland |
1,627 |
460 |
1,167 |
254% |
5,915 |
145 |
5,770 |
3979% |
||||||||||||||
Corporate and Other |
(25,057) |
(3,192) |
(21,865) |
(685%) |
(36,728) |
(11,201) |
(25,527) |
(228%) |
||||||||||||||
Consolidated |
$ |
(14,745) |
$ |
1,976 |
$ |
(16,721) |
(846%) |
$ |
(5,220) |
$ |
9,459 |
$ |
(14,679) |
(155%) |
Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($20.6) million, or (4080%), and by ($22.5) million, or (664%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders |
||||||||||||||||||||||
For the three months |
For the year |
|||||||||||||||||||||
ended December 31, |
ended December 31, |
|||||||||||||||||||||
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
United States |
$ |
2,261 |
$ |
767 |
$ |
1,494 |
195% |
$ |
5,825 |
$ |
4,373 |
$ |
1,452 |
33% |
||||||||
Canada |
948 |
2,077 |
(1,129) |
(54%) |
6,669 |
7,715 |
(1,046) |
(14%) |
||||||||||||||
Poland |
1,352 |
179 |
1,173 |
655% |
3,466 |
(153) |
3,619 |
2365% |
||||||||||||||
Corporate and Other |
(24,701) |
(2,517) |
(22,184) |
(881%) |
(35,115) |
(8,541) |
(26,574) |
(311%) |
||||||||||||||
Consolidated |
$ |
(20,140) |
$ |
506 |
$ |
(20,646) |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
$ |
(22,549) |
(664%) |
Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.
The Company’s Adjusted EBITDA** increased by $4.0 million, or 69%, and by $6.9 million, or 30%, for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018:
Adjusted EBITDA** |
||||||||||||||||||||||
For the three months |
For the year |
|||||||||||||||||||||
ended December 31, |
ended December 31, |
|||||||||||||||||||||
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
United States |
$ |
5,441 |
$ |
1,582 |
$ |
3,859 |
244% |
$ |
11,825 |
$ |
8,061 |
$ |
3,764 |
47% |
||||||||
Canada |
5,378 |
4,991 |
387 |
8% |
21,212 |
19,522 |
1,690 |
9% |
||||||||||||||
Poland |
2,484 |
1,733 |
751 |
43% |
9,392 |
4,890 |
4,502 |
92% |
||||||||||||||
Corporate and Other |
(3,527) |
(2,505) |
(1,022) |
(41%) |
(12,148) |
(9,096) |
(3,052) |
(34%) |
||||||||||||||
Consolidated |
$ |
9,776 |
$ |
5,801 |
$ |
3,975 |
69% |
$ |
30,281 |
$ |
23,377 |
$ |
6,904 |
30% |
Balance Sheet and Liquidity
As of December 31, 2019, the Company had $54.8 million in cash and cash equivalents and $179.0 million in outstanding debt on its balance sheet compared to $45.6 million in cash and cash equivalents and $59.5 million in outstanding debt at December 31, 2018. The outstanding debt as of December 31, 2019 included the following: $170.0 million related to the Company’s credit agreement with a group of lenders led by Macquarie Capital that the Company entered into in December 2019 in connection with the Acquisition, replacing the Company’s credit agreement with the Bank of Montreal; $2.0 million of bank debt related to Casinos Poland; $2.0 million of bank debt related to Century Casino Bath; and $15.0 million related to a long-term land lease for CDR, net of $10.0 million in deferred financing costs.
Conference Call Information
Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019 on its website at www.cnty.com/investor/financials/sec-filings. The Company will also post a presentation on the year end results on its website at www.cnty.com/investor/presentations.
The Company will host its fourth quarter 2019 earnings conference call today, Friday, March 13th, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at www.centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until March 31, 2020 at www.cnty.com/investor/financials/sec-filings.
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
Condensed Consolidated Statements of (Loss) Earnings |
||||||||||||
For the three months |
For the year |
|||||||||||
ended December 31, |
ended December 31, |
|||||||||||
Amounts in thousands, except for per share information |
2019 |
2018 |
2019 |
2018 |
||||||||
Operating revenue: |
||||||||||||
Net operating revenue |
$ |
67,236 |
$ |
45,106 |
$ |
218,227 |
$ |
168,938 |
||||
Operating costs and expenses: |
||||||||||||
Total operating costs and expenses |
81,981 |
43,152 |
223,446 |
159,502 |
||||||||
Earnings (loss) from equity investment |
— |
22 |
(1) |
23 |
||||||||
(Loss) earnings from operations |
(14,745) |
1,976 |
(5,220) |
9,459 |
||||||||
Non-operating income (expense), net |
(3,569) |
(1,053) |
(6,747) |
(3,536) |
||||||||
(Loss) earnings before income taxes |
(18,314) |
923 |
(11,967) |
5,923 |
||||||||
Income tax provision |
(955) |
(133) |
(4,174) |
(1,917) |
||||||||
Net (loss) earnings |
(19,269) |
790 |
(16,141) |
4,006 |
||||||||
Net earnings attributable to non-controlling interests |
(871) |
(284) |
(3,014) |
(612) |
||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
$ |
(20,140) |
$ |
506 |
$ |
(19,155) |
$ |
3,394 |
||||
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
Basic |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
Diluted |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
Weighted average common shares |
||||||||||||
Basic |
29,474 |
29,439 |
29,452 |
29,401 |
||||||||
Diluted |
29,474 |
29,861 |
29,452 |
29,962 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||
Condensed Consolidated Balance Sheets |
||||||
December 31, |
December 31, |
|||||
Amounts in thousands |
2019 |
2018 |
||||
Assets |
||||||
Current assets |
$ |
79,366 |
$ |
54,974 |
||
Property and equipment, net |
503,933 |
187,017 |
||||
Other assets |
143,601 |
36,834 |
||||
Total assets |
$ |
726,900 |
$ |
278,825 |
||
Liabilities and Equity |
||||||
Current liabilities |
$ |
56,570 |
$ |
50,020 |
||
Non-current liabilities |
498,255 |
45,422 |
||||
Century Casinos, Inc. shareholders’ equity |
163,306 |
176,321 |
||||
Non-controlling interests |
8,769 |
7,062 |
||||
Total liabilities and equity |
$ |
726,900 |
$ |
278,825 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||||||
Constant Currency* Results (unaudited) |
||||||||||||||||
For the three months |
For the year |
|||||||||||||||
ended December 31, |
ended December 31, |
|||||||||||||||
Amounts in thousands |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
Net operating revenue as reported (GAAP) |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
Foreign currency impact vs. 2018 |
559 |
7,207 |
||||||||||||||
Net operating revenue constant currency (non-GAAP)* |
$ |
67,795 |
$ |
45,106 |
50% |
$ |
225,434 |
$ |
168,938 |
33% |
||||||
(Loss) earnings from operations (GAAP) |
$ |
(14,745) |
$ |
1,976 |
(846%) |
$ |
(5,220) |
$ |
9,459 |
(155%) |
||||||
Foreign currency impact vs. 2018 |
934 |
955 |
||||||||||||||
(Loss) earnings from operations constant currency (non-GAAP)* |
$ |
(13,811) |
$ |
1,976 |
(799%) |
$ |
(4,265) |
$ |
9,459 |
(145%) |
||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders as reported (GAAP) |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
Foreign currency impact vs. 2018 |
339 |
(40) |
||||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)* |
$ |
(19,801) |
$ |
506 |
(4013%) |
$ |
(19,195) |
$ |
3,394 |
(666%) |
Gains and losses on foreign currency transactions are added back to net (loss) earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.
Adjusted EBITDA Margins *** (unaudited) |
||||
For the three months |
For the year |
|||
ended December 31, |
ended December 31, |
|||
2019 |
2018 |
2019 |
2018 |
|
United States |
23% |
20% |
24% |
24% |
Canada |
27% |
32% |
26% |
32% |
Poland |
11% |
9% |
11% |
7% |
Corporate and Other |
(262%) |
(127%) |
(214%) |
(155%) |
Consolidated Adjusted EBITDA Margin |
15% |
13% |
14% |
14% |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
For the three months ended December 31, 2019 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
2,261 |
$ |
948 |
$ |
1,352 |
$ |
(24,701) |
$ |
(20,140) |
|||||
Interest expense (income), net |
1,635 |
1,456 |
55 |
1,020 |
4,166 |
||||||||||
Income taxes (benefit) |
789 |
1,375 |
222 |
(1,431) |
955 |
||||||||||
Depreciation and amortization |
756 |
1,356 |
781 |
254 |
3,147 |
||||||||||
Net earnings attributable to non-controlling interests |
— |
195 |
676 |
— |
871 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
324 |
324 |
||||||||||
Loss (gain) on foreign currency transactions, cost recovery income and other |
— |
26 |
(678) |
16,704 |
16,052 |
||||||||||
Loss on disposition of fixed assets |
— |
22 |
76 |
1 |
99 |
||||||||||
Acquisition costs |
— |
— |
— |
4,302 |
4,302 |
||||||||||
Adjusted EBITDA |
$ |
5,441 |
$ |
5,378 |
$ |
2,484 |
$ |
(3,527) |
$ |
9,776 |
|||||
For the three months ended December 31, 2018 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
767 |
$ |
2,077 |
$ |
179 |
$ |
(2,517) |
$ |
506 |
|||||
Interest expense (income), net |
— |
1,084 |
50 |
65 |
1,199 |
||||||||||
Income taxes (benefit) |
266 |
435 |
280 |
(848) |
133 |
||||||||||
Depreciation and amortization |
548 |
779 |
1,025 |
402 |
2,754 |
||||||||||
Net earnings attributable to non-controlling interests |
— |
174 |
89 |
21 |
284 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
255 |
255 |
||||||||||
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(95) |
(138) |
94 |
(139) |
||||||||||
Loss on disposition of fixed assets |
1 |
4 |
27 |
23 |
55 |
||||||||||
Pre-opening expenses |
— |
533 |
221 |
— |
754 |
||||||||||
Adjusted EBITDA |
$ |
1,582 |
$ |
4,991 |
$ |
1,733 |
$ |
(2,505) |
$ |
5,801 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
For the Year ended December 31, 2019 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
5,825 |
$ |
6,669 |
$ |
3,466 |
$ |
(35,115) |
$ |
(19,155) |
|||||
Interest expense (income), net |
1,635 |
5,312 |
197 |
1,085 |
8,229 |
||||||||||
Income taxes (benefit) |
2,018 |
3,278 |
1,617 |
(2,739) |
4,174 |
||||||||||
Depreciation and amortization |
2,330 |
4,539 |
3,064 |
910 |
10,843 |
||||||||||
Net earnings (loss) attributable to non-controlling interests |
— |
1,295 |
1,731 |
(12) |
3,014 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
1,303 |
1,303 |
||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other |
— |
(439) |
(1,096) |
16,709 |
15,174 |
||||||||||
Loss on disposition of fixed assets |
17 |
20 |
413 |
345 |
795 |
||||||||||
Acquisition costs |
— |
— |
— |
5,366 |
5,366 |
||||||||||
Pre-opening expenses |
— |
538 |
— |
— |
538 |
||||||||||
Adjusted EBITDA |
$ |
11,825 |
$ |
21,212 |
$ |
9,392 |
$ |
(12,148) |
$ |
30,281 |
|||||
For the Year ended December 31, 2018 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
4,373 |
$ |
7,715 |
$ |
(153) |
$ |
(8,541) |
$ |
3,394 |
|||||
Interest expense (income), net |
1 |
3,895 |
206 |
12 |
4,114 |
||||||||||
Income taxes (benefit) |
1,508 |
2,536 |
595 |
(2,722) |
1,917 |
||||||||||
Depreciation and amortization |
2,178 |
3,211 |
3,065 |
945 |
9,399 |
||||||||||
Net earnings (loss) attributable to non-controlling interests |
— |
722 |
(75) |
(35) |
612 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
868 |
868 |
||||||||||
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(235) |
(428) |
2 |
(661) |
||||||||||
Loss on disposition of fixed assets |
1 |
10 |
1,054 |
25 |
1,090 |
||||||||||
Pre-opening expenses |
— |
1,668 |
626 |
350 |
2,644 |
||||||||||
Adjusted EBITDA |
$ |
8,061 |
$ |
19,522 |
$ |
4,890 |
$ |
(9,096) |
$ |
23,377 |
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
* The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period financial information compared to prior period financial information using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, (loss) earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2019 and 2018 are presented below.
For the three months |
||||||
ended December 31, |
||||||
Average Rates |
2019 |
2018 |
% Change |
|||
Canadian dollar (CAD) |
1.3199 |
1.3218 |
0.1% |
|||
Euros (EUR) |
0.9032 |
0.8763 |
(3.1%) |
|||
Polish zloty (PLN) |
3.8702 |
3.7668 |
(2.7%) |
|||
British pound (GBP) |
0.7766 |
0.7773 |
0.1% |
|||
Source: Pacific Exchange Rate Service |
||||||
Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, (loss) earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.
SOURCE Century Casinos, Inc.
Gambling in the USA
Mohegan Digital Launches New Online Casino Experience in Pennsylvania: Play.MoheganPAcasino.com
Mohegan Digital, which is the iGaming division for Mohegan, fully launched a new online gaming experience in Pennsylvania. Play.MoheganPAcasino.com and associated mobile apps are now live and offering an advantageous sign-up bonus. Like all Mohegan Digital online gaming offerings, MoheganPAcasino.com has no shortage of thrilling slots, table games and more.
“This is an exciting moment for Mohegan Digital as we expand our very own online gaming brand to Pennsylvania, in close coordination with Mohegan Pennsylvania,” said Rich Roberts, president of Mohegan Digital. “Our growth with the MoheganSunCasino.com app in Connecticut and New Jersey continues to surpass expectations, as does our PlayFallsView app in Ontario, CA. To now have our fourth launch in the great state of Pennsylvania marks another great opportunity for Mohegan Digital!”
PA residents and visitors can now visit Play.MoheganPAcasino.com or download the MoheganPAcasino.com iPhone app on the App Store, or through Google Play for Androids users as well. Navigation to the new online casino experience is also available through MoheganPA.com.
Play.MoheganPAcasino.com offers players daily jackpots, along with more than 500 total games across Slots, Table Games and Live Dealer offerings. Some popular games at launch are Vegas Nights, BlackJack Diamond Series, Cash Machine, Wheel of Fortune PowerWedges, Cleopatra, Ultimate Fire Link, 88 Fortunes, Deal or No Deal Slingo, Live Dealer games, Baccarat and much more. By this summer, Mohegan Digital is expected to increase the total number of games to 700.
Additionally, Mohegan Pennsylvania’s popular Momentum program, which is a free to sign-up loyalty rewards program allowing members to earn perks, points, tournament invites and leveling up opportunities, will be synced in with online accounts later this spring as part of this exciting roll out of MoheganPAcasino.com. This means that whether guests are playing online or in person at the premier gaming destination in Pennsylvania (Mohegan PA), the benefits build in the same account.
“We’re dedicated to offering an unmatched online gaming platform in the fast-growing iGaming industry,” said Guy Greene VP of Marketing, Mohegan Digital. “Creating a fun, immersive and user-friendly experience, combined with reliability and great guest service are features that Mohegan Digital have become synonymous with, and we’re thrilled to bring it all to Pennsylvania.”
A rebrand of the on-site Sportsbook inside Mohegan Pennsylvania in Wilkes-Barre, PA, which is currently known as the Unibet Sportsbook, will also soon take place. Located near the entrance of Mohegan PA, this popular venue which offers plenty of prop bets, same game parlays, futures and much more, will soon be known as the Mohegan Pennsylvania Sportsbook. Guests can stay tuned to moheganPA.com for details, as this rebrand will also take place at Mohegan Pennsylvania’s off-track wagering locations in Lehigh Valley and Allentown.
Gambling in the USA
Games Global Launches Custom Slot Game Caesars Palace Frenzy with Caesars Digital
Launch marks the first bespoke game launch in the partnership between gaming operator and premier gaming provider
Games Global today announced the exclusive launch of Caesars Palace Frenzy, a Caesars-branded slot title that marks the first bespoke game launch on behalf of Games Global’s partnership with premier gaming operator Caesars Digital. Caesars Palace Frenzy is now exclusively live on Caesars Palace Online Casino in New Jersey with plans to expand to Michigan and Pennsylvania, offering players another highly engaging, operator-specific gaming experience with iconic Caesars Palace branding.
Caesars Palace Frenzy combines the excitement of the Las Vegas Strip’s iconic casino with innovative gaming dynamics crafted by Games Global. Designed exclusively for Caesars Digital online casino players, this game delivers an online slot experience with engaging gameplay, sophisticated graphics and dynamic features like scatter pays, multiplied free spins selected by a concentric wheel and a seven-tier jackpot line-up.
This launch demonstrates Games Global’s continued emphasis on partnering with top iGaming operators to deliver exclusive and custom gaming products to players.
“Working closely with Caesars Digital to create Caesars Palace Frenzy has been an exciting journey,” the Chief Executive Officer for Games Global, Walter Bugno, said. “This game is more than just an online slot experience, it is an adventure that mirrors the thrill and grandeur of one of the world’s most iconic destinations. We’re thrilled to see it come to life and deliver a unique blend of entertainment and gaming.”
“We’re committed to collaborating with top gaming providers to launch custom online casino experiences for our players that can’t be found anywhere else,” the Senior Vice-President and Chief iGaming Officer for Caesars Digital, Matt Sunderland, said. “Caesars Palace Frenzy delivers on that commitment by providing an elevated gaming experience that we’re certain our players will enjoy.”
Gambling in the USA
Alabama-Coushatta Tribe of Texas Announces Plans to Build New Casino Resort
The Alabama-Coushatta Tribe of Texas has announced the plans to build a brand-new casino resort on its Tribal lands in Polk County.
“We are incredibly excited to embark on this new chapter. This new casino resort will not only provide significant economic benefits for those living and working in the region, but it will also become a vibrant destination for visitors,” Ricky Sylestine, Chairman of the Tribal Council, said.
While specific details are still being finalized, the new resort may offer a variety of amenities including a state-of-the-art casino floor, hotel accommodations, and diverse dining and entertainment options.
The Tribe has engaged the architectural firm FFKR to design the new resort. FFKR is known for its innovative and creative designs. The Tribe is confident the firm will create a truly exceptional destination.
In addition to the new casino resort, the Tribe is planning an extensive remodel to its existing Ischoopa/One Stop Convenience Store and Truck Stop. The remodel will include adding electronic bingo machines.
The Alabama-Coushatta Tribe of Texas will be releasing news related to the new resort and any additional developments in the coming months.
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