Century Casinos' earnings soar 957% in Q2 with all properties now open

Century Casinos announced Friday its financial results for the second quarter 2021: net operating revenue was $92.2 million, an increase of 155% from the same period 2020; and earnings from operations reached $18.1 million, soaring 957% from June 30, 2020.

Other highlights include net earnings attributable to Century Casinos shareholders of $6.9 million, a change of 154% from last year. Adjusted EBITDA was $25.2 million, an increase of 1532% from 2020.

On the positive results when compared to 2020, the company remarks the importance of its United States properties being open and operating throughout 2021. They initially reopened on June 2020, but under strict requirements in the initial phase.

Since then, Century Casinos has also reopened its Canada properties on June 10, 2021, and its Poland casinos on May 28, 2021.

"With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly Adjusted EBITDA in the company's history and a consolidated Adjusted EBITDA margin of 27.4%," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We continue to have a strong balance sheet and no substantial debt maturities before 2026," Haitzmann and Hoetzinger concluded.

Century Casinos currently has plans to further extend its operations in the United States. Recent changes in Missouri’s law now enable Century Casino Caruthersville, the state’s last remaining riverboat casino, to be moved inland. The company has already started developing plans and will refurbish the existing hotel to reopen by early 2022.

On July, it was announced that Century Casino Caruthersville acquired parcels of land between land already leased by the company and the land-based Pavilion building, which contains a restaurant, multifunctional spaces and an entrance to the walkway to the riverboat casino.