Colorado-based gambling operator Century Casinos Inc. announced its financial results for the third quarter of the year and the nine months ended September 30, 2015. Net operating revenue amounted to $33.5 million in the three months ended September 30, up 19% year-on-year. Net operating revenue for the first nine months of the year totaled $101.8 million, up 15% as compared to the results posted for the same period a year ago.
Adjusted EBITDA for the third quarter amounted to $6.7 million, up 133% year-on-year. In comparison, the amount of $2.9 million was posted for the same period a year ago. During the nine months ended September 30, the company generated adjusted EBITDA of $18.3 million, posting a 108% increase compared to the $8.8 million reported for the nine months ended September 30, 2014.
Century Casinos also reported net earnings attributable to its shareholders of $2.7 million for the third quarter of the year, up 243% year-on-year. Net earnings attributable to shareholders for the nine months ended September 30 amounted to $11.8 million, up the impressive 664% year-on-year.
The gambling operator attributed the significant increases in revenue, adjusted EBITDA, and net earnings attributable to its shareholders to the operating results posted by its newest entities – Century Downs Racetrack and Casino and Century Bets!, Inc.
Century Downs Racetrack and Casino opened doors in Calgary, Alberta on April 25. Century Casinos owns a 75% stake in the gambling establishment. As for Century Bets!, it launched its network of pari-mutuel venues across Southern Alberta on May 4.
Apart from those two, Century Casinos also operates two more gambling establishments in Canada – Century Casino & Hotel in Edmonton and Century Casino Calgary, two in the United States – Century Casino & Hotel in Central City, Colorado and Century Casino & Hotel in Cripple Creek, Colorado, nine casinos in Poland through subsidiary Casinos Poland, as well as a number of cruise ships.
Commenting on the gambling operator’s quarterly results, Century Casinos Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger said that this has been the fourth consecutive quarter when it posted growth in revenue and adjusted EBITDA. The two executives also noted that they are pleased with the company’s momentum and with the fact that their business spreads across “all geographies and all customer demographics.”
