2025 Looks Promising After Opening of New Land-Based Casino in Missouri
COLORADO SPRINGS, Colo., March 13, 2025 /PRNewswire/ — Century Casinos, Inc. (the “Company”, “we”, “us”, or “our”) (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2024.
Fourth Quarter 2024 Results*
Compared to the three months ended December 31, 2023:
Net operating revenue was $137.8 million, a decrease of (4%).
Loss from operations was ($36.2) million, a change of (388%).
Net loss attributable to Century Casinos, Inc. shareholders was ($64.9) million, a change of (500%), and basic net loss per share was ($2.11).
Adjusted EBITDAR** was $21.1 million, a decrease of (17%).
2024 Results*
Compared to the year ended December 31, 2023:
Net operating revenue was $575.9 million, an increase of 5%.
Earnings from operations were $4.3 million, a decrease of (93%).
Net loss attributable to Century Casinos, Inc. shareholders was ($128.2) million, a change of (355%), and basic net loss per share was ($4.19).
Adjusted EBITDAR** was $102.7 million, a decrease of (10%).
“The highlight of the fourth quarter 2024 was the successful opening of the new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We continue to see weak trends from retail and low-end customers, which we believe is due to macro-economics impacting consumer spending in our markets. However, with no construction or renovation disruptions and the opportunity to realize returns from our recent growth capital initiatives, we believe Adjusted EBITDAR and cash flow will improve in 2025 as compared to 2024,” Messrs. Haitzmann and Hoetzinger concluded.
UPDATES
Nugget Goodwill Impairment – The Company impaired goodwill at its Nugget Casino Resort (the “Nugget”) property based on estimated market conditions and performance, resulting in $43.7 million recorded to impairment – goodwill for the three months and year ended December 31, 2024. The impairment negatively impacted (loss) earnings from operations and net loss attributable to Century Casinos, Inc. shareholders for the three months and year ended December 31, 2024.
RESULTS
The consolidated results for the three months and years ended December 31, 2024 and 2023 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:
2024
2023
Change
2024
2023
Change
Net Operating Revenue
$
137,766
$
143,760
(4 %)
$
575,919
$
550,206
5 %
(Loss) Earnings from
Operations
(36,154)
12,551
(388 %)
4,316
64,046
(93 %)
Net Loss Attributable to
Century Casinos, Inc.
Shareholders
$
(64,894)
$
(10,821)
(500 %)
$
(128,170)
$
(28,198)
(355 %)
Adjusted EBITDAR**
$
21,078
$
25,358
(17 %)
$
102,678
$
114,047
(10 %)
Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders:
Basic
$
(2.11)
$
(0.36)
(486 %)
$
(4.19)
$
(0.93)
(351 %)
Diluted
$
(2.11)
$
(0.36)
(486 %)
$
(4.19)
$
(0.93)
(351 %)
RESULTS BY REPORTABLE SEGMENT*
The Company’s net operating revenue decreased by ($6.0) million, or (4%), and increased by $25.7 million, or 5%, for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023:
Net Operating Revenue
For the three months
For the year
Amounts in
ended December 31,
$
%
ended December 31,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
99,981
$
102,957
$
(2,976)
(3 %)
$
419,668
$
380,591
$
39,077
10 %
Canada
17,894
19,187
(1,293)
(7 %)
76,317
75,449
868
1 %
Poland
19,870
21,616
(1,746)
(8 %)
79,900
94,105
(14,205)
(15 %)
Corporate and
Other
21
—
21
100 %
34
61
(27)
(44 %)
Consolidated
$
137,766
$
143,760
$
(5,994)
(4 %)
$
575,919
$
550,206
$
25,713
5 %
The Company’s earnings from operations decreased by ($48.7) million, or (388%), and by ($59.7) million, or (93%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in (loss) earnings from operations by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023:
(Loss) Earnings from Operations
For the three months
For the year
Amounts in
ended December 31,
$
%
ended December 31,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
(34,507)
$
12,386
$
(46,893)
(379 %)
$
6,257
$
63,998
$
(57,741)
(90 %)
Canada
3,630
4,344
(714)
(16 %)
15,832
15,074
758
5 %
Poland
(2,310)
413
(2,723)
(659 %)
(3,726)
5,549
(9,275)
(167 %)
Corporate and
Other
(2,967)
(4,592)
1,625
35 %
(14,047)
(20,575)
6,528
32 %
Consolidated
$
(36,154)
$
12,551
$
(48,705)
(388 %)
$
4,316
$
64,046
$
(59,730)
(93 %)
(Loss) earnings from operations was impacted by the impairment of goodwill at the Nugget, resulting in $43.7 million of expense during the fourth quarter of 2024.
Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($54.1) million, or (500%), and by ($100.0) million, or (355%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders
For the three months
For the year
Amounts in
ended December 31,
$
%
ended December 31,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
(50,756)
$
483
$
(51,239)
(10608 %)
$
(76,422)
$
18,036
$
(94,458)
(524 %)
Canada
117
6,087
(5,970)
(98 %)
3,390
8,626
(5,236)
(61 %)
Poland
(1,194)
385
(1,579)
(410 %)
(1,909)
3,446
(5,355)
(155 %)
Corporate and Other
(13,061)
(17,776)
4,715
27 %
(53,229)
(58,306)
5,077
9 %
Consolidated
$
(64,894)
$
(10,821)
$
(54,073)
(500 %)
$
(128,170)
$
(28,198)
$
(99,972)
(355 %)
Items deducted from or added to (loss) earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense negatively impacted net loss (earnings) attributable to Century Casinos, Inc. shareholders. In 2024, interest expense increased primarily due to additional properties added to the Company’s triple net master lease (“Master Lease”) with subsidiaries of VICI Properties Inc. Net loss (earnings) attributable to Century Casinos, Inc. shareholders also was impacted by the recording of a valuation allowance on our net deferred tax assets related to the United States resulting in additional income tax expense and, as stated above, the impairment of goodwill at the Nugget during the fourth quarter of 2024.
Adjusted EBITDAR** decreased by ($4.3) million, or (17%), and by ($11.4) million, or (10%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023:
Adjusted EBITDAR**
For the three months
For the year
Amounts in
ended December 31,
$
%
ended December 31,
$
%
thousands
2024
2023
Change
Change
2024
2023
Change
Change
United States
$
20,436
$
22,109
$
(1,673)
(8 %)
$
93,791
$
98,190
$
(4,399)
(4 %)
Canada
4,681