Casino operator Century Casinos Inc. announced on Friday its financial results for the first quarter of the year. Net operating revenue amounted to $32.5 million, up 7% from the figure posted for the three-month period ended March 31, 2015.
Adjusted EBITDA stood at $5.6 million, up 18% year-on-year. Earnings from operations increased 61% year-on-year to reach $3.4 million. Net earnings attributable to the company’s shareholders totaled $1.9 million, up 3% from what was reported for the third quarter of the previous year.
Century Casinos said that the increases in its key performance indicators was mainly due to the operating results of the company’s Century Downs Racetrack and Casino property as well as its subsidiary Century Bets! Inc. The horse racing and casino venue opened doors on April 1, 2015 and hosted its first horse race about three weeks later. As for Century Bets!, it commenced the operation of a network of pari-mutuel off-track betting facilities across Southern Alberta on May 4, 2015.
Century Casinos currently operates in Canada, the United States, and Poland. Apart from that, the gambling operator also manages cruise ships that offer casino games, among other things. To be more precise, the company runs three casino venues across Canada as well as the Century Bets! network. It also owns two casinos in the US and a network of gambling venues across Poland.
Net operating revenue from the company’s facilities across Canada amounted to $12.3 million in the first quarter of the year, up 46% year-on-year. Adjusted EBITDA totaled $3.5 million, up 17%.
Century Casinos’ US operations generated net operating revenue of $7.1 million during the period in review, up 4% as compared to the same quarter of the previous year. Adjusted EBITDA amounted to $1.5 million, up 2%.
Net operating revenue from Casinos Poland decreased 9% during this year’s first quarter to $12.3 million. Adjusted EBITDA was down 8% to $1.7 million. Net operating revenue from other operations totaled $888,000 in the three months ended March 31, 2016, down 46%. Adjusted EBITDA from those same operations was up 29% year-on-year to a negative of $1.1 million.
Century Casinos was founded in 1992. Since then the company has opened a number of gambling venues in three different jurisdictions and has been operating casinos on board of several luxury sailing vessels.
