Century Casinos' Strong Q4 and 2023 Performance Revealed
Date: 2024-03-15 Author: Dima Zakharov Categories: GAMING
Century Casinos Thrives in 2023
Century Casinos, a significant name in the gaming and hospitality sector, has recently disclosed its financial results for the fourth quarter of 2023 and the full fiscal year, showcasing a notable surge in adjusted EBITDAR and operating revenues. This update, released on Thursday, sheds light on the company's key performance metrics for the period ending December 31, 2023.
Solid Growth in Revenue
In 2023, Century Casinos achieved a net operating revenue of $550.2 million, marking a substantial growth of 28% compared to the previous year. The adjusted EBITDAR for 2023 also saw a remarkable increase, reaching $114.0 million, reflecting a solid 10% jump from 2022.
Operational Earnings
Despite the overall positive trend, earnings from operations experienced a slight decline in 2023, dropping by 5% to $64.0 million compared to 2022.
Expansion and Challenges
Co-CEOs Erwin Haitzmann and Peter Hoetzinger acknowledged 2023 as a transitional year for Century Casinos. The company expanded its US portfolio to seven casinos through strategic acquisitions and continued significant construction projects in Missouri.
Bright Prospects Ahead
Looking ahead, the executives expressed optimism for 2025, anticipating seamless integration of newly acquired casinos into the company's operations and a year free from major construction disruptions.
Q4 2023 Highlights
For the fourth quarter of 2023, Century Casinos reported a net operating revenue of $143.8 million, a notable increase of 39% year-over-year. The adjusted EBITDAR for the period also grew by 17%, reaching $25.4 million. However, earnings from operations experienced a slight downturn, declining by 9% compared to Q4 2022, amounting to $12.6 million.
