Century Casinos has reported growth in net operating revenue and operational earnings in its financial results for the three and six months ended June 30, 2019. Announcing the Q2 highlights, the firm cited net operating revenue of $52.4m, up 32% year-on-year, with earnings from operations of $2.6m, ahead 161% on the same basis.
Net loss attributable to the firm’s shareholders was $0.6m, a change of (278%) from the three months ended June 30, 2018. Adjusted EBITDA, meanwhile, was $6.7m, representing an increase of 44% year-on-year.
In a joint statement Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers, said: “We are pleased with the results of the second quarter. Excluding non-recurring expenses related to the write-down in connection with the Glory Sea casino, adjusted EBITDA for the quarter was $7.6m, or 62% higher than in the second quarter of last year.
“The newly opened Century Mile Racetrack and Casino is performing to our expectations and we look forward to the continuing ramp-up of that property. We also look forward to completing our pending acquisition of three US casinos from Eldorado Resorts. This acquisition is transformational and will be a big milestone for Century.”
In an update on other developments, the firm noted that on June 17, 2019, it entered into a definitive agreement to acquire the operations of Isle Casino Cape Girardeau, Lady Luck Caruthersville and Mountaineer Casino, Racetrack and Resort from Eldorado Resorts for approximately $107m, which it expects to finance through a new credit facility.
Simultaneous with the closing of the acquisition, VICI Properties will acquire the real estate assets of the three properties for approximately $278m and the company will enter into a triple net lease agreement with VICI for the three casino properties. The transaction, which is expected to close in early 2020, is subject to approval from the Missouri Gaming Commission and the West Virginia Lottery as well as other customary closing conditions.
