Latest News

Century Casinos Incorporated Announces Preliminary Fourth-Quarter 2023 Financial Results and Operational Updates

Published

1 year ago

February 9, 2024

Century Casinos Incorporated. (Nasdaq Capital Market: CNTY) has provided preliminary financial results for its fiscal fourth quarter ended December 31, 2023, and an update on the company’s projects.

Approximately $171 million in cash and cash equivalents as of December 31, 2023 (compared to $102 million at December 2022)
Approximately $140 million – $145 million in net operating revenues (compared to $104 million in fourth quarter 2022)
Approximately ($10) million – ($14) million in net loss attributable to Century Casinos Incorporated shareholders (compared to ($4) million in fourth quarter 2022)
Approximately $24 million – $26 million in Adjusted EBITDAR * (compared to $22 million in fourth quarter 2022)

As reported in the company’s third-quarter filings, the $30 million revolving facility with Goldman Sachs Bank USA (Goldman) that the company borrowed in July of 2023 in connection with the Rocky Gap acquisition was repaid on September 21, 2023. The full amount of the revolving facility is currently available for the company to borrow.

The company has agreed to buy back $3.5 million of its term loan with Goldman at 97% of the cost of the debt. The transaction is expected to occur in February of 2024.

In Poland, the company was granted licenses for the two casinos that it had closed in October of 2023 due to the expiration of the casino licenses. The anticipated reopening of the casinos is the end of February of 2024 for the casino in Bielsko-Biala and in mid-March of 2024 for the casino in Katowice. In November of 2023, the company closed its Wroclaw casino due to the expiration of the casino license. The company was granted a new license for Wroclaw in December of 2023 and anticipates reopening the casino in a new location in mid-2024.

In Missouri, the construction projects of the hotel in Cape Girardeau (to be called the The Riverview) and the new land-based casino and hotel in Caruthersville continue to be on time and on budget. The company anticipates opening the hotel in Cape Girardeau the first week of April of 2024 and the land-based casino and hotel in Caruthersville by the end of 2024. The Caruthersville project is being financed by VICI Properties Incorporated (VICI) inclusive of approximately $19 million of cash on hand that was previously funded by VICI but has not yet been spent on the project and is included in the company’s consolidated balance sheet as of December 31, 2023.

“We expect 2024 to be a transitional year for the company as we continue to integrate the Nugget and Rocky Gap operations into our portfolio and complete our two large construction projects in Missouri,” the Co-Chief Executive Officers for Century Casinos Incorporated, Erwin Haitzmann and Peter Hoetzinger, said. “We estimate our company-wide capital expenditures excluding the Caruthersville project that we are financing through VICI to be approximately $46 million in 2024. We look forward to 2025 when we can see everything we are working towards in 2023 and 2024 coming to fruition without the disruptions we are currently experiencing.

“We feel comfortable with our cash position and capex plan and we continue to look for every opportunity to reduce operating costs going forward to maximize earnings and cash flow. In addition, we are evaluating ways to reduce our non-operating costs going forward.”

Preliminary Results:

Our audited consolidated financial statements for the year ended December 31, 2023, are not yet available; however, certain of our estimated preliminary unaudited financial results for the three months ended December 31, 2023, are set forth above and in the reconciliations below. With respect to certain presented results, we have provided ranges rather than specific amounts because these results are preliminary estimates and subject to change. These results are based on the information available to us as of the date of this release. Our actual results may vary from the estimated preliminary results presented in this release, including due to the completion of our financial closing and other operational procedures, final adjustments and other developments that may arise between now and the time the company releases its financial results for the fourth quarter and year ended December 31, 2023, which is currently scheduled for March 14, 2024. These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with United States generally accepted accounting principles (GAAP). Further, our preliminary estimated results are not necessarily indicative of the results to be expected for any future period. Accordingly, undue reliance should not be placed on this preliminary data.

Supplemental Information:

Stake - Best Online Casino & Sports Betting Platform

* Adjusted EBITDAR. We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos Incorporated shareholders before interest expense (income) (including interest expense related to the company’s triple net lease with VICI (the ‘master lease’)), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The ‘master lease’ is accounted for as a financing obligation. As such, a portion of the periodic payment under the ‘master lease’ is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos Incorporated shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP.

Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our ‘master lease’ since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.

Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos Incorporated shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos Incorporated shareholders because it excludes the rent expense associated with our ‘master lease’ and several other items.

A reconciliation of the estimated net loss attributable to Century Casinos Incorporated shareholders to estimated Adjusted EBITDAR is presented below.

	(Unaudited) For the three months ended
	December 31, 2023				December 31, 2022
in millions		Low Estimate		High Estimate Advertisement		Actuals
Net loss attributable to Century Casinos, Inc. shareholders	$	(13.6)	$	(9.8)	$	(4.0)
Interest expense (income), net		25.5 Advertisement		24.5		17.0
Income tax benefit		(5.0)		(3.0)		0.5
Depreciation and amortization		12.0		11.0		6.8 Advertisement
Net earnings attributable to non-controlling interests		3.0		2.0		0.9
Non-cash stock-based compensation		1.0		0.8		0.7
Loss (gain) on foreign currency transactions, cost recovery income and other		0.4 Advertisement		0.2		(0.7)
Loss on disposition of fixed assets		0.3		0.1		0.1
Acquisition costs		0.4		0.2		0.4 Advertisement
Adjusted EBITDAR	$	24.0	$	26.0	$	21.7

The company estimates that approximately $15 million of interest expense for the three months ended December 31, 2023, relates to rent on the ‘master lease’.

Up Next

Salsa Technology Powers NossaBet’s Launch in Paraná

Don't Miss

Gun Lake Casino Announces $10 Million Interior Renovation Project

Latest News

Casino Kings Knocks Out Partnership with Boxing Powerhouse BoxNation

Published

13 hours ago

May 9, 2025

Zoltan Tundik

Two titans of entertainment are joining forces! UK-licensed casino and sportsbook, Casino Kings, and the legendary boxing platform, BoxNation, have announced a dynamic new partnership, set to deliver a knockout blow of exclusive content, promotions and responsible betting experiences for fans. Becoming their official boxing betting partner, Casino Kings is stepping into the ring with one of the most respected names in the fight game, promising fans a ringside seat to even better betting.

This isn’t just a bell ringing for another sponsorship deal; it’s a knockout partnership designed to bring you closer to the action than ever before. Casino Kings branding will be engrained into the boxing industry, prominent across BoxNation’s popular YouTube channel through branding and content, where the biggest names and personalities in boxing step into the spotlight for exclusive interviews.

For you savvy fight fans, Casino Kings will be rolling out a series of exclusive offers, adding even more thrill to 2025’s already-explosive boxing schedule. And here’s a great way to kick things off: Casino Kings is welcoming new members with a £35 Free Bet! Just deposit a minimum of £10 and place bets of £10 or more to grab yours. Don’t miss out!

Given BoxNation’s powerful presence in the boxing arena and Casino Kings’ reputation as a premier UK online casino and sports betting platform, this partnership is bound to be a knockout you won’t want to miss.

“We’re buzzing to partner with BoxNation—this really puts Casino Kings in the heart of the action.” Says Jack Dunn, COO of Casino Kings. “The team have been absolutely brilliant, and we’re excited to get stuck into some top-tier behind-the-scenes boxing content for the fans!”

“BoxNation is delighted to announce our partnership with Casino Kings. Casino Kings has a great reputation for delivering sports and entertainment options for users. We look forward to working together with Casino Kings to create a safe and enjoyable experience for fans.” adds Umar Ahmed, BoxNation Channel Lead.

Want to be the first to know? Follow Casino Kings and BoxNation on social media now for instant updates, special offers, and all the ringside action!

About BoxNation:

BoxNation is a dedicated boxing news and media outlet, providing fans exclusive interviews and behind the content featuring the boxing’s biggest names and personalities. With over 95k YouTube subscribers and 50 million plus views, BoxNation is delivering the best boxing content from all around the world. To find out more about BoxNation, visit: www.youtube.com/@BoxNationOfficial

About Casino Kings:

Casino Kings isn’t just another UK-licensed online casino and sportsbook – it’s a platform that puts player well-being first. Deeply committed to responsible gambling, they offer a secure environment equipped with robust tools to empower users to manage their play effectively. Beyond this dedication, Casino Kings delivers consistently fair and competitive odds across a thrilling selection of sports. Plus, the king casino team consistently provides their players with the best welcome bonuses, weekly promotions, daily offers, and much more!

Let’s keep the fun in the game. Please remember to gamble responsibly. 18+ only. For more information, visit: www.gambleaware.org.

Latest News

Grand View Research: Global Sports Betting Market Size is Estimated to Reach USD 187.39 Billion by 2030

Published

16 hours ago

May 9, 2025

Niji Narayan

The global online gambling market size is estimated to reach USD 153.57 billion by 2030, registering a CAGR of 11.9% from 2025 to 2030, according to a new report by Grand View Research.

Sports Betting Market Report Highlights:

• The offline segment accounts for a significant revenue share in the sports betting industry in 2024, particularly in regions with a mature gambling infrastructure such as Europe and Australia.

• Based on the sports type football segment dominated the sports betting market, holding the largest share due to its vast international fan base and the continuous presence of domestic and international tournaments.

• Live/In-Play Betting emerged as the leading segment in the sports betting market in 2024, thanks to its real-time and interactive nature.

• Europe sports betting market accounts for the largest revenue share of around 48% in 2024. The sports betting market in Europe is continually evolving, bolstered by established regulations in several countries and increasing digital engagement.

The growth of the global sports betting market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world. In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market. Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.

Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the UK Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

Latest News

CANJ Launches “Casinos United Against Hunger” Campaign

Published

16 hours ago

May 9, 2025

Niji Narayan

In an effort to address food insecurity in New Jersey, the Casino Association of New Jersey (CANJ) has launched the Casinos United Against Hunger campaign in partnership with the Community FoodBank of New Jersey (CFBNJ). Atlantic City casinos collectively are donating more than $170,000 to support CFBNJ’s mission.

“Ending hunger will take all of us stepping up to do more for our neighbors. Atlantic City casinos are coming together to form Casinos United Against Hunger, a new campaign dedicated to strengthening our efforts to combat food insecurity in New Jersey. By supporting important organizations like the Community FoodBank of New Jersey, we will help address hunger by providing meals to families throughout the state,” said Mark Giannantonio, president of the Casino Association of New Jersey.

The donation was presented at CFBNJ’s Night of 300,000 Meals on May 1, 2025, a culinary event that brings together local chefs, restaurants and community members to help provide 300,000 meals for neighbors in need. Chefs from Atlantic City casinos participated in the annual event.

“Atlantic County has some of the highest rates of food insecurity in the state. We’re grateful to the Casino Association of New Jersey for helping to honor the FoodBank’s 50th anniversary with their generous support and for uniting the Atlantic City casino community to help address hunger. Through this partnership, we can provide more meals to local families in need and make a lasting impact in the area,” said Elizabeth McCarthy, president & CEO of the Community FoodBank of New Jersey.

In addition to the CFBNJ’s 50th anniversary, the partnership between the CANJ and CFBNJ comes at an especially crucial time given the level of food insecurity in New Jersey. Nearly 1 million people in the state, including more than 260,000 children, are at risk of hunger. Atlantic County, home to Atlantic City’s casinos, has some of the highest rates of food insecurity in the state, with 12.2% of residents and 17.4% of children affected.

The casinos involved in the Casinos United Against Hunger initiative – Bally’s Atlantic City Casino Resort, Borgata Hotel Casino & Spa, Caesars Entertainment’s Atlantic City Resorts, Golden Nugget Atlantic City, Hard Rock Hotel & Casino Atlantic City, Ocean Casino Resort and Resorts Casino Hotel – are joining a long-standing tradition of support for CFBNJ. Many properties in Atlantic City are longtime supporters of CFBNJ, and this collective effort demonstrates their commitment to addressing this critical issue. Through this partnership, CFBNJ will be able to distribute more meals to families in need, especially in areas that are most impacted. The $170,000 donation is a total of all financial, grant and in-kind contributions from each Atlantic City casino to the CFBNJ this year.