COLORADO SPRINGS, Colo. - Century Casinos , Inc. (NASDAQ:CNTY) disclosed its financial outcomes for the fourth quarter ended December 31, 2023, revealing a net operating revenue of $143.8 million, marking a 39% increase compared to the same period last year.
However, the company reported a wider loss than anticipated, with a fourth-quarter EPS of -$0.36, which was $0.03 below the analyst estimate of -$0.33. The revenue for the quarter also slightly missed the consensus estimate of $144.58 million.
The company experienced a decrease in earnings from operations, which dropped by 9% to $12.6 million. The net loss attributable to Century Casinos' shareholders significantly expanded to -$10.8 million, a stark contrast to the previous year, representing a 168% change. Adjusted EBITDAR saw a rise of 17% to $25.4 million.
Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger commented on the year as a transitional period, highlighting the completion of two major acquisitions and continued progress on construction projects in Missouri. They also noted the challenges faced in Poland, where licensing delays led to the temporary closure of three casinos, impacting earnings from operations in that region. The licenses have since been awarded, with one casino reopening in February 2024 and the others expected to follow suit in the coming months.
The United States segment was a significant contributor to the revenue increase, with a 65% surge to $102.9 million for the quarter, while the Canada and Poland segments saw more modest changes. The company's earnings from operations were negatively affected by increased interest expenses, particularly due to additional properties added to the Master Lease and increased borrowings under the Goldman Credit Agreement.
While the company did not provide specific guidance for the upcoming quarters, the focus remains on the integration of the newly acquired casinos and the anticipation of a year free from significant construction or renovation disruptions.
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