Gambling in the USA
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2019 Results
Century Casinos, Inc. announced its financial results for the three months and year ended December 31, 2019.
Fourth Quarter 2019 Highlights*
- Net operating revenue was $67.2 million, an increase of 49% from the three months ended December 31, 2018.
- Loss from operations was ($14.7) million, a decrease of 846% from the three months ended December 31, 2018.
- Net loss attributable to Century Casinos, Inc. shareholders was ($20.1) million, a decrease of 4080% from the three months ended December 31, 2018.
- Adjusted EBITDA** was $9.8 million, an increase of 69% from the three months ended December 31, 2018.
- Loss per share was ($0.68).
2019 Highlights*
- Net operating revenue was $218.2 million, an increase of 29% from the year ended December 31, 2018.
- Loss from operations was ($5.2) million, a decrease of 155% from the year ended December 31, 2018.
- Net loss attributable to Century Casinos, Inc. shareholders was ($19.2) million, a decrease of 664% from the year ended December 31, 2018.
- Adjusted EBITDA** was $30.3 million, an increase of 30% from the year ended December 31, 2018.
- Basic loss per share was ($0.65), a decrease of 642% from the year ended December 31, 2018.
- Diluted loss per share was ($0.65), a decrease of 691% from the year ended December 31, 2018.
- Book value per share*** at December 31, 2019 was $5.54.
In December 2019, the Company determined that the intangible and tangible assets at Century Casino Bath were impaired. The impairment, which totaled $16.5 million, was determined after evaluating losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England.
On December 6, 2019, the Company completed its acquisition (the “Acquisition”) of the operations of Isle Casino Cape Girardeau, located in Cape Girardeau, Missouri, Lady Luck Caruthersville, located in Caruthersville, Missouri, and Mountaineer Casino, Racetrack and Resort located in New Cumberland, West Virginia (collectively, the “Acquired Casinos”), from Eldorado Resorts, Inc. for an aggregate purchase price of approximately $110.6 million. Immediately prior to the Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affiliate of VICI Properties Inc. (“VICI PropCo”). On the closing date, the Company and VICI PropCo entered into a triple net lease agreement (the “Master Lease”) for the three Acquired Casino properties. The Master Lease has an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options.
The consolidated results for the three months and year ended December 31, 2019 and 2018 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: |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
|
Net Operating Revenue |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
|
(Loss) Earnings from Operations |
(14,745) |
1,976 |
(846%) |
(5,220) |
9,459 |
(155%) |
||||||||||
|
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
|
Adjusted EBITDA** |
$ |
9,776 |
$ |
5,801 |
69% |
$ |
30,281 |
$ |
23,377 |
30% |
||||||
|
(Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders: |
||||||||||||||||
|
Basic |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.12 |
(642%) |
||||||
|
Diluted |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.11 |
(691%) |
||||||
“We are pleased with the fourth quarter results and the immediate impact the addition of the three casinos acquired from Eldorado Resorts had on our operating results,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “The acquired casinos have had very encouraging initial results, and we are excited to continue integrating the operations into the Century brand and to see anticipated meaningful growth from this acquisition on Century Casinos in the future,” Messrs. Haitzmann and Hoetzinger concluded.
The Company is carefully monitoring the situation caused by the coronavirus (COVID-19) pandemic. Although the entire situation is unpredictable, our management teams are prepared to control what they can control. Our casinos are following and implementing the recommendations from the US Centers for Disease Control and Prevention, which include everyday preventative actions to help prevent the spread of respiratory viruses, such as washing your hands often with soap and water, avoiding touching your eyes, nose, and mouth with unwashed hands, covering your cough or sneeze with a tissue, cleaning and disinfecting frequently touched objects and surfaces and of course staying home when you are sick. We are also putting an extra effort into straight-forward and realistic guest messaging and have stepped-up employee trainings to ensure strict compliance with our policies and procedures. We are in constant communication with our employees to reinforce our sanitation safety procedures in both guest-facing and back-of-house areas. We are sanitizing high-traffic public areas at an increased frequency. Proper procedures are posted in all back-of-house work areas.
To date, COVID-19 has not had a significant impact on our US or Canadian markets, while the market in Poland has been weakening by approximately ten percent. Our customer base is very diversified within North America. Our casinos are ‘local’ casinos in urban and suburban locations, with the vast majority of our business from customers who live within an hour from our facilities. Our casinos have negligible meeting and convention business and few of our customers travel by air to visit us. This may temper the impact of COVID-19 on our business, but this situation continues to evolve and could adversely impact us until the virus runs its course.
Reportable Segment Results*
The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of December 31, 2019:
|
Reportable Segment |
Operating Segment |
Reporting Unit |
|
United States |
Colorado |
Century Casino & Hotel – Central City |
|
Century Casino & Hotel – Cripple Creek |
||
|
West Virginia |
Mountaineer Casino, Racetrack & Resort |
|
|
Missouri |
Century Casino Cape Girardeau |
|
|
Century Casino Caruthersville |
||
|
Canada |
Edmonton |
Century Casino & Hotel – Edmonton |
|
Century Casino St. Albert |
||
|
Century Mile Racetrack and Casino |
||
|
Calgary |
Century Casino Calgary |
|
|
Century Downs Racetrack and Casino |
||
|
Century Bets! Inc. |
||
|
Poland |
Poland |
Casinos Poland |
|
Corporate and Other |
Corporate and Other |
Cruise Ships & Other |
|
Century Casino Bath |
||
|
Corporate Other |
The Company’s net operating revenue increased by $22.1 million, or 49%, and by $49.3 million, or 29%, for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
|
Net Operating Revenue |
||||||||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
23,926 |
$ |
7,938 |
$ |
15,988 |
201% |
$ |
49,998 |
$ |
33,483 |
$ |
16,515 |
49% |
||||||||
|
Canada |
20,291 |
15,678 |
4,613 |
29% |
80,650 |
61,361 |
19,289 |
31% |
||||||||||||||
|
Poland |
21,675 |
19,514 |
2,161 |
11% |
81,894 |
68,209 |
13,685 |
20% |
||||||||||||||
|
Corporate and Other |
1,344 |
1,976 |
(632) |
(32%) |
5,685 |
5,885 |
(200) |
(3%) |
||||||||||||||
|
Consolidated |
$ |
67,236 |
$ |
45,106 |
$ |
22,130 |
49% |
$ |
218,227 |
$ |
168,938 |
$ |
49,289 |
29% |
||||||||
The Company’s earnings from operations decreased by ($16.7) million, or (846%), and by ($14.7) million, or (155%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
|
Earnings (Loss) from Operations |
||||||||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
4,685 |
$ |
1,033 |
$ |
3,652 |
354% |
$ |
9,478 |
$ |
5,882 |
$ |
3,596 |
61% |
||||||||
|
Canada |
4,000 |
3,675 |
325 |
9% |
16,115 |
14,633 |
1,482 |
10% |
||||||||||||||
|
Poland |
1,627 |
460 |
1,167 |
254% |
5,915 |
145 |
5,770 |
3979% |
||||||||||||||
|
Corporate and Other |
(25,057) |
(3,192) |
(21,865) |
(685%) |
(36,728) |
(11,201) |
(25,527) |
(228%) |
||||||||||||||
|
Consolidated |
$ |
(14,745) |
$ |
1,976 |
$ |
(16,721) |
(846%) |
$ |
(5,220) |
$ |
9,459 |
$ |
(14,679) |
(155%) |
||||||||
Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($20.6) million, or (4080%), and by ($22.5) million, or (664%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:
|
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders |
||||||||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
2,261 |
$ |
767 |
$ |
1,494 |
195% |
$ |
5,825 |
$ |
4,373 |
$ |
1,452 |
33% |
||||||||
|
Canada |
948 |
2,077 |
(1,129) |
(54%) |
6,669 |
7,715 |
(1,046) |
(14%) |
||||||||||||||
|
Poland |
1,352 |
179 |
1,173 |
655% |
3,466 |
(153) |
3,619 |
2365% |
||||||||||||||
|
Corporate and Other |
(24,701) |
(2,517) |
(22,184) |
(881%) |
(35,115) |
(8,541) |
(26,574) |
(311%) |
||||||||||||||
|
Consolidated |
$ |
(20,140) |
$ |
506 |
$ |
(20,646) |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
$ |
(22,549) |
(664%) |
||||||||
Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.
The Company’s Adjusted EBITDA** increased by $4.0 million, or 69%, and by $6.9 million, or 30%, for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018:
|
Adjusted EBITDA** |
||||||||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
5,441 |
$ |
1,582 |
$ |
3,859 |
244% |
$ |
11,825 |
$ |
8,061 |
$ |
3,764 |
47% |
||||||||
|
Canada |
5,378 |
4,991 |
387 |
8% |
21,212 |
19,522 |
1,690 |
9% |
||||||||||||||
|
Poland |
2,484 |
1,733 |
751 |
43% |
9,392 |
4,890 |
4,502 |
92% |
||||||||||||||
|
Corporate and Other |
(3,527) |
(2,505) |
(1,022) |
(41%) |
(12,148) |
(9,096) |
(3,052) |
(34%) |
||||||||||||||
|
Consolidated |
$ |
9,776 |
$ |
5,801 |
$ |
3,975 |
69% |
$ |
30,281 |
$ |
23,377 |
$ |
6,904 |
30% |
||||||||
Balance Sheet and Liquidity
As of December 31, 2019, the Company had $54.8 million in cash and cash equivalents and $179.0 million in outstanding debt on its balance sheet compared to $45.6 million in cash and cash equivalents and $59.5 million in outstanding debt at December 31, 2018. The outstanding debt as of December 31, 2019 included the following: $170.0 million related to the Company’s credit agreement with a group of lenders led by Macquarie Capital that the Company entered into in December 2019 in connection with the Acquisition, replacing the Company’s credit agreement with the Bank of Montreal; $2.0 million of bank debt related to Casinos Poland; $2.0 million of bank debt related to Century Casino Bath; and $15.0 million related to a long-term land lease for CDR, net of $10.0 million in deferred financing costs.
Conference Call Information
Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019 on its website at www.cnty.com/investor/financials/sec-filings. The Company will also post a presentation on the year end results on its website at www.cnty.com/investor/presentations.
The Company will host its fourth quarter 2019 earnings conference call today, Friday, March 13th, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at www.centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until March 31, 2020 at www.cnty.com/investor/financials/sec-filings.
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
|
Condensed Consolidated Statements of (Loss) Earnings |
||||||||||||
|
For the three months |
For the year |
|||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||
|
Amounts in thousands, except for per share information |
2019 |
2018 |
2019 |
2018 |
||||||||
|
Operating revenue: |
||||||||||||
|
Net operating revenue |
$ |
67,236 |
$ |
45,106 |
$ |
218,227 |
$ |
168,938 |
||||
|
Operating costs and expenses: |
||||||||||||
|
Total operating costs and expenses |
81,981 |
43,152 |
223,446 |
159,502 |
||||||||
|
Earnings (loss) from equity investment |
— |
22 |
(1) |
23 |
||||||||
|
(Loss) earnings from operations |
(14,745) |
1,976 |
(5,220) |
9,459 |
||||||||
|
Non-operating income (expense), net |
(3,569) |
(1,053) |
(6,747) |
(3,536) |
||||||||
|
(Loss) earnings before income taxes |
(18,314) |
923 |
(11,967) |
5,923 |
||||||||
|
Income tax provision |
(955) |
(133) |
(4,174) |
(1,917) |
||||||||
|
Net (loss) earnings |
(19,269) |
790 |
(16,141) |
4,006 |
||||||||
|
Net earnings attributable to non-controlling interests |
(871) |
(284) |
(3,014) |
(612) |
||||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
$ |
(20,140) |
$ |
506 |
$ |
(19,155) |
$ |
3,394 |
||||
|
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
|
Basic |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
|
Diluted |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
|
Weighted average common shares |
||||||||||||
|
Basic |
29,474 |
29,439 |
29,452 |
29,401 |
||||||||
|
Diluted |
29,474 |
29,861 |
29,452 |
29,962 |
||||||||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||
|
Condensed Consolidated Balance Sheets |
||||||
|
December 31, |
December 31, |
|||||
|
Amounts in thousands |
2019 |
2018 |
||||
|
Assets |
||||||
|
Current assets |
$ |
79,366 |
$ |
54,974 |
||
|
Property and equipment, net |
503,933 |
187,017 |
||||
|
Other assets |
143,601 |
36,834 |
||||
|
Total assets |
$ |
726,900 |
$ |
278,825 |
||
|
Liabilities and Equity |
||||||
|
Current liabilities |
$ |
56,570 |
$ |
50,020 |
||
|
Non-current liabilities |
498,255 |
45,422 |
||||
|
Century Casinos, Inc. shareholders’ equity |
163,306 |
176,321 |
||||
|
Non-controlling interests |
8,769 |
7,062 |
||||
|
Total liabilities and equity |
$ |
726,900 |
$ |
278,825 |
||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||||||
|
Constant Currency* Results (unaudited) |
||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
|
Net operating revenue as reported (GAAP) |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
|
Foreign currency impact vs. 2018 |
559 |
7,207 |
||||||||||||||
|
Net operating revenue constant currency (non-GAAP)* |
$ |
67,795 |
$ |
45,106 |
50% |
$ |
225,434 |
$ |
168,938 |
33% |
||||||
|
(Loss) earnings from operations (GAAP) |
$ |
(14,745) |
$ |
1,976 |
(846%) |
$ |
(5,220) |
$ |
9,459 |
(155%) |
||||||
|
Foreign currency impact vs. 2018 |
934 |
955 |
||||||||||||||
|
(Loss) earnings from operations constant currency (non-GAAP)* |
$ |
(13,811) |
$ |
1,976 |
(799%) |
$ |
(4,265) |
$ |
9,459 |
(145%) |
||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders as reported (GAAP) |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
|
Foreign currency impact vs. 2018 |
339 |
(40) |
||||||||||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)* |
$ |
(19,801) |
$ |
506 |
(4013%) |
$ |
(19,195) |
$ |
3,394 |
(666%) |
||||||
Gains and losses on foreign currency transactions are added back to net (loss) earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.
|
Adjusted EBITDA Margins *** (unaudited) |
||||
|
For the three months |
For the year |
|||
|
ended December 31, |
ended December 31, |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
United States |
23% |
20% |
24% |
24% |
|
Canada |
27% |
32% |
26% |
32% |
|
Poland |
11% |
9% |
11% |
7% |
|
Corporate and Other |
(262%) |
(127%) |
(214%) |
(155%) |
|
Consolidated Adjusted EBITDA Margin |
15% |
13% |
14% |
14% |
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
|
For the three months ended December 31, 2019 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
2,261 |
$ |
948 |
$ |
1,352 |
$ |
(24,701) |
$ |
(20,140) |
|||||
|
Interest expense (income), net |
1,635 |
1,456 |
55 |
1,020 |
4,166 |
||||||||||
|
Income taxes (benefit) |
789 |
1,375 |
222 |
(1,431) |
955 |
||||||||||
|
Depreciation and amortization |
756 |
1,356 |
781 |
254 |
3,147 |
||||||||||
|
Net earnings attributable to non-controlling interests |
— |
195 |
676 |
— |
871 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
324 |
324 |
||||||||||
|
Loss (gain) on foreign currency transactions, cost recovery income and other |
— |
26 |
(678) |
16,704 |
16,052 |
||||||||||
|
Loss on disposition of fixed assets |
— |
22 |
76 |
1 |
99 |
||||||||||
|
Acquisition costs |
— |
— |
— |
4,302 |
4,302 |
||||||||||
|
Adjusted EBITDA |
$ |
5,441 |
$ |
5,378 |
$ |
2,484 |
$ |
(3,527) |
$ |
9,776 |
|||||
|
For the three months ended December 31, 2018 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
767 |
$ |
2,077 |
$ |
179 |
$ |
(2,517) |
$ |
506 |
|||||
|
Interest expense (income), net |
— |
1,084 |
50 |
65 |
1,199 |
||||||||||
|
Income taxes (benefit) |
266 |
435 |
280 |
(848) |
133 |
||||||||||
|
Depreciation and amortization |
548 |
779 |
1,025 |
402 |
2,754 |
||||||||||
|
Net earnings attributable to non-controlling interests |
— |
174 |
89 |
21 |
284 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
255 |
255 |
||||||||||
|
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(95) |
(138) |
94 |
(139) |
||||||||||
|
Loss on disposition of fixed assets |
1 |
4 |
27 |
23 |
55 |
||||||||||
|
Pre-opening expenses |
— |
533 |
221 |
— |
754 |
||||||||||
|
Adjusted EBITDA |
$ |
1,582 |
$ |
4,991 |
$ |
1,733 |
$ |
(2,505) |
$ |
5,801 |
|||||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
|
For the Year ended December 31, 2019 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
5,825 |
$ |
6,669 |
$ |
3,466 |
$ |
(35,115) |
$ |
(19,155) |
|||||
|
Interest expense (income), net |
1,635 |
5,312 |
197 |
1,085 |
8,229 |
||||||||||
|
Income taxes (benefit) |
2,018 |
3,278 |
1,617 |
(2,739) |
4,174 |
||||||||||
|
Depreciation and amortization |
2,330 |
4,539 |
3,064 |
910 |
10,843 |
||||||||||
|
Net earnings (loss) attributable to non-controlling interests |
— |
1,295 |
1,731 |
(12) |
3,014 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
1,303 |
1,303 |
||||||||||
|
(Gain) loss on foreign currency transactions, cost recovery income and other |
— |
(439) |
(1,096) |
16,709 |
15,174 |
||||||||||
|
Loss on disposition of fixed assets |
17 |
20 |
413 |
345 |
795 |
||||||||||
|
Acquisition costs |
— |
— |
— |
5,366 |
5,366 |
||||||||||
|
Pre-opening expenses |
— |
538 |
— |
— |
538 |
||||||||||
|
Adjusted EBITDA |
$ |
11,825 |
$ |
21,212 |
$ |
9,392 |
$ |
(12,148) |
$ |
30,281 |
|||||
|
For the Year ended December 31, 2018 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
4,373 |
$ |
7,715 |
$ |
(153) |
$ |
(8,541) |
$ |
3,394 |
|||||
|
Interest expense (income), net |
1 |
3,895 |
206 |
12 |
4,114 |
||||||||||
|
Income taxes (benefit) |
1,508 |
2,536 |
595 |
(2,722) |
1,917 |
||||||||||
|
Depreciation and amortization |
2,178 |
3,211 |
3,065 |
945 |
9,399 |
||||||||||
|
Net earnings (loss) attributable to non-controlling interests |
— |
722 |
(75) |
(35) |
612 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
868 |
868 |
||||||||||
|
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(235) |
(428) |
2 |
(661) |
||||||||||
|
Loss on disposition of fixed assets |
1 |
10 |
1,054 |
25 |
1,090 |
||||||||||
|
Pre-opening expenses |
— |
1,668 |
626 |
350 |
2,644 |
||||||||||
|
Adjusted EBITDA |
$ |
8,061 |
$ |
19,522 |
$ |
4,890 |
$ |
(9,096) |
$ |
23,377 |
|||||
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
* The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period financial information compared to prior period financial information using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, (loss) earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2019 and 2018 are presented below.
|
For the three months |
||||||
|
ended December 31, |
||||||
|
Average Rates |
2019 |
2018 |
% Change |
|||
|
Canadian dollar (CAD) |
1.3199 |
1.3218 |
0.1% |
|||
|
Euros (EUR) |
0.9032 |
0.8763 |
(3.1%) |
|||
|
Polish zloty (PLN) |
3.8702 |
3.7668 |
(2.7%) |
|||
|
British pound (GBP) |
0.7766 |
0.7773 |
0.1% |
|||
|
Source: Pacific Exchange Rate Service |
||||||
Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, (loss) earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.
SOURCE Century Casinos, Inc.
Bettors in Arizona wagered approximately $791 million on sports in October of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 22% increase when compared to October of 2023.
The state collected approximately $2.35 million in privilege fees in the month.
The post Arizona Department of Gaming Releases October Sports Betting Figures appeared first on Gaming and Gambling Industry in the Americas.
Betting Hero
Neosurf & Betting Hero to reveal results of their in-depth study into US online gambling and payment habits in exclusive two-part webinar series
Neosurf, the globally trusted provider of swift and secure cash-to-digital payment solutions, has announced it will be sharing the findings of a recent study into the online betting habits, preferences and frustrations of US players in an exclusive two-part webinar series beginning on January 14th.
Neosurf commissioned the research via Betting Hero – a leading US-based iGaming portal with expertise in casino, sports betting and DFS. The webinars will see Neosurf CEO Americas, Sue Page, Betting Hero’s Co-Founder and President, Jai Maw, and Senior Director of Product and Research, Ernie Ropas, dive into the report’s key findings and discuss what some of the more surprising results could mean for operators.
The survey, which featured respondents from New Jersey, Colorado and North Carolina, aimed to help operators and regulators within the gambling industry better understand the typical US bettor – how and why they bet, what tools they use to manage their budget and what Responsible Gaming means to them. The findings will be revealed in the webinars and used to identify areas where Neosurf’s products can help operators provide a better user experience.
The research highlighted several aspects of payments and responsible gaming that bettors felt could be improved. Problems with payments remain an issue – 52% of respondents said that they’d experienced payment issues in the past year, and with over 50% depositing and withdrawing multiple times each month, there is a significant cost impact to the operators.
Additionally, respondents indicated they’d be in favour of using a service that could share pre-verified ID information with operators, with ease of use for new payment methods and seamless integration across multiple platforms identified as important factors in their choosing and remaining loyal to a single sports betting platform.
Sue Page, Neosurf CEO Americas, said: “It was important to us to gain a more detailed insight into the US sports bettor. We wanted to talk to the players and ask questions that no one else is asking, and through our collaboration with Betting Hero I’m delighted that we now have a comprehensive piece of research.
“Offering valuable insights into player habits – how and why they bet, the ongoing pain points they’re experiencing with payments and their thoughts on Responsible Gaming—we’ll be taking a deep dive into the results of the survey in our two-part webinar series starting at 10:00 ET on January 14th, and we encourage all US-focused operators and regulators to join us.”
The post Neosurf & Betting Hero to reveal results of their in-depth study into US online gambling and payment habits in exclusive two-part webinar series appeared first on Gaming and Gambling Industry in the Americas.
Gambling in the USA
Saracen Casino Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions
Saracen Casino Resort has selected Quick Custom Intelligence’s (QCI) Chatalytics, an integrated AI-driven suite, to revolutionize its casino operations and elevate guest experiences. The QCI Chatalytics solution, which includes Slot Copilot, Player Copilot, Dashboard, and the Robot Button, leverages OpenAI integration to provide real-time insights and streamlined decision-making across the casino floor.
QCI Chatalytics offers a powerful blend of AI-powered tools designed to optimize both player and slot management. With Slot Copilot, operators gain enhanced capabilities for real-time slot performance monitoring, predictive analytics, and dynamic task assignment. Player Copilot delivers personalized player engagement by analyzing customer data to inform service decisions and reward recommendations. The Dashboard component offers an intuitive, real-time display of key metrics, enabling data-driven insights at a glance. Additionally, the innovative Robot Button automates routine processes, allowing staff to focus on higher-value tasks and improve overall efficiency.
Clayton Mason, Senior Director of Marketing of Saracen Casino Resort, expressed enthusiasm about the partnership: “Integrating QCI Chatalytics into our operations marks a significant step in our strategy to harness the power of AI. With advanced tools like the Robot button, Slot Copilot and Player Copilot, we can deliver a more tailored and efficient experience for our guests while gaining deeper insights into our gaming operations.”
Dr. Ralph Thomas, CEO of QCI, shared his vision for the collaboration: “We’re excited to bring the capabilities of QCI Chatalytics to Saracen Casino Resort. By integrating OpenAI technology, our solution provides unprecedented levels of automation and insight. We believe Chatalytics will play a crucial role in optimizing floor operations and enhancing guest satisfaction through real-time, data-driven decision-making.”
The QCI Chatalytics platform is part of Quick Custom Intelligence’s commitment to driving innovation in the gaming industry, offering a comprehensive suite of solutions to streamline operations and enhance the player experience.
The post Saracen Casino Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions appeared first on Gaming and Gambling Industry in the Americas.
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