Colorado-based gambling operator Century Casinos, Inc. published its financial results for the quarter ended December 31, 2015 and the full calendar year. Net operating revenue for the fourth quarter of 2015 amounted to $32.6 million, up 4% as compared to what was posted for the same period of 2014.
Quarterly adjusted EBITDA totaled $5.2 million, up 31% from the $4 million reported for the three months ended December 31, 2014.
Full-year net operating revenue increased 12% year-on-year to reach $134.4 million. In comparison, the amount of $120 million was reported for the twelve months ended December 31, 2014. Annual adjusted EBITDA totaled $23.5 million, representing an 83% growth from the $12.9 million posted for 2014.
Generally speaking, Century Casinos’ operations spread in Canada, the United States, and Poland. In Canada, the company operates three casinos and Century Bets!, an exclusive off-track betting network provider for Southern Alberta. Century Casinos also runs two gambling venues in the United States and nine casinos across Poland. Last but not least, the Colorado-headquartered operator manages cruise ships, offering gambling options on those.
Quarterly net operating revenue from the company’s Canadian operations amounted to $12 million, up 32% as compared to the amount of $9.1 million reported for the same period of 2014. Adjusted EBITDA for the fourth quarter of the year totaled $3.7 million, up 26% year-on-year.
Annual net operating revenue from Canada increased 33% year-on-year to reach $45.9 million. Adjusted EBITDA for the twelve months ended December 31, 2015 amounted to $15.4 million, up 49% from the previous year.
The company’s two US casinos generated net operating revenue of $6.5 million for the fourth quarter of the year, up 4% year-on-year. Adjusted EBITDA was up 10% to $1.1 million. Full-year net operating revenue rose 7% to $28.4 million. Adjusted EBITDA totaled $6.4 million, up 41%.
The nine Poland-based gambling venues posted quarterly net operating revenue of $13.3 million, down 5% year-on-year. Adjusted EBITDA also decreased 6% to $1.7 million. Net operating revenue was up 2% for the year ended December 31, 2015 to reach $52.2 million. Adjusted EBITDA for the period increased 92% and the amount of $7.1 million was posted.
Quarterly net operating revenue from other corporate operations totaled $851,000, down 54% year-on-year. Adjusted EBITDA loss of $1.2 million was posted for the period, compared to loss of $1.7 million reported for the same three months a year ago. Annual net operating revenue from other operations grew 4% to $7.9 million. Adjusted EBITDA loss of $5.4 million was posted, up 6% from the loss of $5.7 million in 2014.
