Colorado-based gaming enterprise, Century Casino, announced impressive financial performance for the second quarter of 2022, demonstrating substantial growth in both earnings and profitability. The company truly excelled this quarter, surpassing projections and outpacing numerous rivals.
Century Casino generated $111.1 million in net operating revenue, a surge of 21% compared to the corresponding period last year. For comparison, Bally’s revenue nearly doubled, Caesars witnessed an 11% rise, MGM Resorts expanded by 44%, Penn Entertainment climbed by 5%, and Boyd Gaming remained virtually flat with a minuscule 0.1% increase.
Century’s operating income also experienced a notable upswing, hitting $20.8 million, a 15% year-over-year increase. Their net income, the funds remaining after deducting all expenditures, soared by a robust 29% to reach $8.9 million. Furthermore, their adjusted EBITDA, an indicator of profitability, ascended 18% to hit $29.8 million. All of this culminated in a solid $0.30 in basic earnings per share.
While the company recognized the influence of the COVID-19 pandemic and associated limitations, particularly the temporary closures of their venues in Canada and Poland, they stressed that they are presently functioning with minimal COVID-19 related constraints. Nevertheless, they did acknowledge the persistent ambiguity surrounding the pandemic’s timeframe and ultimate consequences.
Century Casino also furnished an update on their purchase of the Nugget Casino Resort in Reno for $1.95 billion, underscoring their strategic growth initiatives.
Century Resorts recently acquired a fifty percent stake in Smooth Bourbon, a firm possessing a resort establishment. Furthermore, they procured the entirety of Nugget Sparks LLC, the entity responsible for the location’s operations.
In addition to this acquisition, Century obtained a substantial financial package from Goldman Sachs, consisting of a $350 million term loan and a $30 million revolving credit facility at their disposal.
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