Gambling in the USA
Century Casinos, Inc. Announces Second Quarter 2018 Results
COLORADO SPRINGS, Colo., Aug. 8, 2018 – Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2018.
Second Quarter 2018 Highlights*
- Net operating revenue was $39.6 million, an increase of 6% from the three months ended June 30, 2017.
- Earnings from operations were $1.0 million, a decrease of 73% from the three months ended June 30, 2017.
- Net earnings attributable to Century Casinos, Inc. shareholders was $0.3 million, a decrease of 82% from the three months ended June 30, 2017.
- Adjusted EBITDA** was $4.7 million, a decrease of 27% from the three months ended June 30, 2017.
- Earnings per share were $0.01.
- Book value per share*** at June 30, 2018 was $6.02.
The consolidated results for the three and six months ended June 30, 2018 and 2017 are as follows:
For the three months |
For the six months |
|||||||||||||||
Amounts in thousands, except per share data |
ended June 30, |
ended June 30, |
||||||||||||||
Consolidated Results: |
2018 |
2017 |
% Change |
2018 |
2017 |
% Change |
||||||||||
Net Operating Revenue |
$ |
39,648 |
$ |
37,330 |
6% |
$ |
80,270 |
$ |
73,729 |
9% |
||||||
Earnings from Operations |
996 |
3,641 |
(73%) |
4,249 |
8,133 |
(48%) |
||||||||||
Net Earnings Attributable to Century Casinos, Inc. |
$ |
317 |
$ |
1,802 |
(82%) |
$ |
1,244 |
$ |
3,962 |
(69%) |
||||||
Adjusted EBITDA** |
$ |
4,661 |
$ |
6,412 |
(27%) |
$ |
11,226 |
$ |
13,131 |
(15%) |
||||||
Earnings Per Share: |
||||||||||||||||
Basic and Diluted |
$ |
0.01 |
$ |
0.07 |
(86%) |
$ |
0.04 |
$ |
0.16 |
(75%) |
“This quarter represented an important period for the long-term success of the Company. We opened our casino in Bath, England in May; we laid the foundation of a land-based presence in Asia with our Vietnam project; and we are finally seeing stability in Poland where we now hold eight casino licenses,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We are pleased with the growth of net operating revenue driven by strong performances in Canada, which increased 5% in local currency, and Colorado, which increased 7%,” they continued. “Adjusted EBITDA was lower compared to prior year results due to additional non-recurring expenses related to the licensing situation in Poland and the opening of the casino in Bath,” Haitzmann and Hoetzinger concluded.
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 June 30, 2018:
Reportable Segment |
Operating Segment |
Canada |
Century Casino & Hotel – Edmonton |
Canada |
Century Casino St. Albert |
Canada |
Century Casino Calgary |
Canada |
Century Downs Racetrack and Casino |
Canada |
Century Bets! |
Canada |
Century Mile Racetrack and Casino |
United States |
Century Casino & Hotel – Central City |
United States |
Century Casino & Hotel – Cripple Creek |
Poland |
Casinos Poland |
Corporate and Other |
Cruise Ships & Other |
Corporate and Other |
Century Casino Bath |
Corporate and Other |
Corporate Other |
The Company’s net operating revenue increased by $2.3 million, or 6%, and by $6.5 million, or 9%, for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:
Net Operating Revenue |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended june 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in |
2018 |
2017 |
$ Change |
% Change |
2018 |
2017 |
$ Change |
% Change |
||||||||||||||
Canada |
$ |
15,331 |
$ |
14,040 |
$ |
1,291 |
9% |
$ |
30,004 |
$ |
27,202 |
$ |
2,802 |
10% |
||||||||
United States |
8,476 |
7,943 |
533 |
7% |
16,183 |
15,443 |
740 |
5% |
||||||||||||||
Poland |
14,567 |
14,287 |
280 |
2% |
31,949 |
28,833 |
3,116 |
11% |
||||||||||||||
Corporate and |
1,274 |
1,060 |
214 |
20% |
2,134 |
2,251 |
(117) |
(5%) |
||||||||||||||
Consolidated |
$ |
39,648 |
$ |
37,330 |
$ |
2,318 |
6% |
$ |
80,270 |
$ |
73,729 |
$ |
6,541 |
9% |
The Company’s earnings from operations decreased by ($2.6) million, or (73%), and by ($3.9) million, or (48%), for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:
Earnings (Loss) from Operations |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in |
2018 |
2017 |
$ Change |
% Change |
2018 |
2017 |
$ Change |
% Change |
||||||||||||||
Canada |
$ |
3,785 |
$ |
3,647 |
$ |
138 |
4% |
$ |
7,340 |
$ |
6,694 |
$ |
646 |
10% |
||||||||
United States |
1,548 |
1,346 |
202 |
15% |
2,724 |
2,504 |
220 |
9% |
||||||||||||||
Poland |
(1,351) |
636 |
(1,987) |
(312%) |
(329) |
2,442 |
(2,771) |
(114%) |
||||||||||||||
Corporate and |
(2,986) |
(1,988) |
(998) |
(50%) |
(5,486) |
(3,507) |
(1,979) |
(56%) |
||||||||||||||
Consolidated |
$ |
996 |
$ |
3,641 |
$ |
(2,645) |
(73%) |
$ |
4,249 |
$ |
8,133 |
$ |
(3,884) |
(48%) |
Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($1.5) million, or (82%), and by ($2.7) million, or (69%), for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2018, compared to the three and six months ended June 30, 2017:
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in |
2018 |
2017 |
$ Change |
% Change |
2018 |
2017 |
$ Change |
% Change |
||||||||||||||
Canada |
$ |
1,947 |
$ |
1,823 |
$ |
124 |
7% |
$ |
3,972 |
$ |
3,306 |
$ |
666 |
20% |
||||||||
United States |
1,151 |
836 |
315 |
38% |
2,025 |
1,553 |
472 |
30% |
||||||||||||||
Poland |
(776) |
435 |
(1,211) |
(278%) |
(246) |
1,518 |
(1,764) |
(116%) |
||||||||||||||
Corporate and |
(2,005) |
(1,292) |
(713) |
(55%) |
(4,507) |
(2,415) |
(2,092) |
(87%) |
||||||||||||||
Consolidated |
$ |
317 |
$ |
1,802 |
$ |
(1,485) |
(82%) |
$ |
1,244 |
$ |
3,962 |
$ |
(2,718) |
(69%) |
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** decreased by ($1.8) million, or (27%), and by ($1.9) million, or (15%), for the three and six months ended June 30, 2018 compared to the three and six months ended June 30, 2017. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2018 compared to the three and six months ended June 30, 2017:
Adjusted EBITDA** |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in |
2018 |
2017 |
$ Change |
% Change |
2018 |
2017 |
$ Change |
% Change |
||||||||||||||
Canada |
$ |
4,992 |
$ |
4,502 |
$ |
490 |
11% |
$ |
9,702 |
$ |
8,381 |
$ |
1,321 |
16% |
||||||||
United States |
2,091 |
1,964 |
127 |
7% |
3,811 |
3,732 |
79 |
2% |
||||||||||||||
Poland |
153 |
1,574 |
(1,421) |
(90%) |
2,256 |
3,952 |
(1,696) |
(43%) |
||||||||||||||
Corporate and |
(2,575) |
(1,628) |
(947) |
(58%) |
(4,543) |
(2,934) |
(1,609) |
(55%) |
||||||||||||||
Consolidated |
$ |
4,661 |
$ |
6,412 |
$ |
(1,751) |
(27%) |
$ |
11,226 |
$ |
13,131 |
$ |
(1,905) |
(15%) |
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported. |
Balance Sheet and Liquidity
As of June 30, 2018, the Company had $54.4 million in cash and cash equivalents and $54.3 million in outstanding debt on its balance sheet compared to $74.7 million in cash and cash equivalents and $56.7 million in outstanding debt at December 31, 2017. The outstanding debt as of June 30, 2018included $34.0 million related to the Company’s BMO Credit Agreement, $2.8 million of bank debt related to Casinos Poland, $2.6 million of bank debt related to Century Casino Bath, $0.3 millionrelated to capital leases for Century Resorts Alberta, Century Casino Calgary, Century Casino St. Albert, Century Downs Racetrack and Casino (“CDR”) and Century Mile Racetrack and Casino, and $14.8 million related to a long-term land lease for CDR, net of $0.2 million in deferred financing costs.
Conference Call Information
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2018 on its website at http://corporate.cnty.com/investor-relations/sec-filings. The Company will also post a presentation on the second quarter results on its website at http://corporate.cnty.com/investor-relations/presentations-and-interviews.
The Company will host its second quarter 2018 earnings conference call tomorrow, Thursday, August 9th, at 8:00 am MDT; 4:00 pm CEST, respectively. 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 https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until August 31, 2018 at http://corporate.cnty.com/investor-relations/sec-filings.
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
Condensed Consolidated Statements of Earnings |
||||||||||||
For the three months |
For the six months |
|||||||||||
ended June 30, |
ended June 30, |
|||||||||||
Amounts in thousands, except for per share information |
2018 |
2017 |
2018 |
2017 |
||||||||
Operating revenue: |
||||||||||||
Net operating revenue |
$ |
39,648 |
$ |
37,330 |
$ |
80,270 |
$ |
73,729 |
||||
Operating costs and expenses: |
||||||||||||
Total operating costs and expenses |
38,651 |
33,689 |
76,020 |
65,596 |
||||||||
Loss from equity investment |
(1) |
— |
(1) |
— |
||||||||
Earnings from operations |
996 |
3,641 |
4,249 |
8,133 |
||||||||
Non-operating income (expense), net |
(885) |
(607) |
(1,838) |
(1,304) |
||||||||
Earnings before income taxes |
111 |
3,034 |
2,411 |
6,829 |
||||||||
Income tax provision |
(14) |
(864) |
(993) |
(1,859) |
||||||||
Net earnings |
97 |
2,170 |
1,418 |
4,970 |
||||||||
Net loss (earnings) attributable to non-controlling interests |
220 |
(368) |
(174) |
(1,008) |
||||||||
Net earnings attributable to Century Casinos, Inc. |
$ |
317 |
$ |
1,802 |
$ |
1,244 |
$ |
3,962 |
||||
Earnings per share attributable to Century Casinos, |
||||||||||||
Basic |
$ |
0.01 |
$ |
0.07 |
$ |
0.04 |
$ |
0.16 |
||||
Diluted |
$ |
0.01 |
$ |
0.07 |
$ |
0.04 |
$ |
0.16 |
||||
Weighted average common shares |
||||||||||||
Basic |
29,376 |
24,466 |
29,369 |
24,460 |
||||||||
Diluted |
29,974 |
24,962 |
29,984 |
24,911 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||
Condensed Consolidated Balance Sheets |
||||||
(Amounts in thousands) |
||||||
June 30, |
December 31, |
|||||
2018 |
2017 |
|||||
Assets |
||||||
Current assets |
$ |
63,188 |
$ |
84,321 |
||
Property and equipment, net |
169,809 |
152,778 |
||||
Other assets |
36,410 |
37,777 |
||||
Total assets |
$ |
269,407 |
$ |
274,876 |
||
Liabilities and Equity |
||||||
Current liabilities |
$ |
37,198 |
$ |
34,438 |
||
Non-current liabilities |
47,960 |
53,120 |
||||
Century Casinos, Inc. shareholders’ equity |
176,884 |
179,897 |
||||
Non-controlling interests |
7,365 |
7,421 |
||||
Total liabilities and equity |
$ |
269,407 |
$ |
274,876 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||||||
Constant Currency* Results (unaudited) |
||||||||||||||||
For the three months |
For the six months |
|||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||
Amounts in thousand |
2018 |
2017 |
% Change |
2018 |
2017 |
% Change |
||||||||||
Net operating revenue as reported (GAAP) |
$ |
39,648 |
$ |
37,330 |
6% |
$ |
80,270 |
$ |
73,729 |
9% |
||||||
Foreign currency impact vs. 2017 |
(1,608) |
(5,035) |
||||||||||||||
Net operating revenue constant currency |
$ |
38,040 |
$ |
37,330 |
2% |
$ |
75,235 |
$ |
73,729 |
2% |
||||||
Earnings from operations (GAAP) |
$ |
996 |
$ |
3,641 |
(73%) |
$ |
4,249 |
$ |
8,133 |
(48%) |
||||||
Foreign currency impact vs. 2017 |
(16) |
(230) |
||||||||||||||
Earnings from operations constant currency |
$ |
980 |
$ |
3,641 |
(73%) |
$ |
4,019 |
$ |
8,133 |
(51%) |
||||||
Net earnings attributable to Century Casinos, |
$ |
317 |
$ |
1,802 |
(82%) |
$ |
1,244 |
$ |
3,962 |
(69%) |
||||||
Foreign currency impact vs. 2017 |
(10) |
(61) |
||||||||||||||
Net earnings attributable to Century Casinos, |
$ |
307 |
$ |
1,802 |
(83%) |
$ |
1,183 |
$ |
3,962 |
(70%) |
Gains and losses on foreign currency transactions are added back to net 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 six months |
|||
ended June 30, |
ended June 30, |
|||
2018 |
2017 |
2018 |
2017 |
|
Canada |
33% |
32% |
32% |
31% |
United States |
25% |
25% |
24% |
24% |
Poland |
1% |
11% |
7% |
14% |
Corporate and Other |
(202%) |
(154%) |
(213%) |
(130%) |
Consolidated Adjusted EBITDA Margin |
12% |
17% |
14% |
18% |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable |
|||||||||||||||
For the three months ended June 30, 2018 |
|||||||||||||||
Amounts in thousands |
Canada |
United States |
Poland |
Corporate and Other |
Total |
||||||||||
Net earnings (loss) |
$ |
1,947 |
$ |
1,151 |
$ |
(776) |
$ |
(2,005) |
$ |
317 |
|||||
Interest expense (income), net |
1,020 |
— |
36 |
19 |
1,075 |
||||||||||
Income taxes (benefit) |
684 |
397 |
(210) |
(857) |
14 |
||||||||||
Depreciation and amortization |
798 |
546 |
673 |
153 |
2,170 |
||||||||||
Net earnings (loss) attributable to non- |
199 |
— |
(389) |
(30) |
(220) |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
232 |
232 |
||||||||||
Gain on foreign currency transactions |
(65) |
— |
(12) |
(113) |
(190) |
||||||||||
Loss (Gain) on disposition of fixed assets |
1 |
(3) |
831 |
— |
829 |
||||||||||
Pre-opening expenses |
408 |
— |
— |
26 |
434 |
||||||||||
Adjusted EBITDA |
$ |
4,992 |
$ |
2,091 |
$ |
153 |
$ |
(2,575) |
$ |
4,661 |
For the three months ended June 30, 2017 |
|||||||||||||||
Amounts in thousands |
Canada |
United States |
Poland |
Corporate and Other |
Total |
||||||||||
Net earnings (loss) |
$ |
1,823 |
$ |
836 |
$ |
435 |
$ |
(1,292) |
$ |
1,802 |
|||||
Interest expense (income), net |
867 |
— |
29 |
(8) |
888 |
||||||||||
Income taxes (benefit) |
794 |
510 |
198 |
(638) |
864 |
||||||||||
Depreciation and amortization |
845 |
618 |
472 |
83 |
2,018 |
||||||||||
Net earnings attributable to non- |
150 |
— |
218 |
— |
368 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
126 |
126 |
||||||||||
Loss (gain) on foreign currency |
13 |
— |
(244) |
(50) |
(281) |
||||||||||
Loss on disposition of fixed assets |
10 |
— |
241 |
— |
251 |
||||||||||
Acquisition costs |
— |
— |
— |
151 |
151 |
||||||||||
Pre-opening expenses |
— |
— |
225 |
— |
225 |
||||||||||
Adjusted EBITDA |
$ |
4,502 |
$ |
1,964 |
$ |
1,574 |
$ |
(1,628) |
$ |
6,412 |
For the six months ended June 30, 2018 |
|||||||||||||||
Amounts in thousands |
Canada |
United States |
Poland |
Corporate and Other |
Total |
||||||||||
Net earnings (loss) |
$ |
3,972 |
$ |
2,025 |
$ |
(246) |
$ |
(4,507) |
$ |
1,244 |
|||||
Interest expense (income), net |
1,959 |
— |
110 |
18 |
2,087 |
||||||||||
Income taxes (benefit) |
1,219 |
699 |
112 |
(1,037) |
993 |
||||||||||
Depreciation and amortization |
1,670 |
1,086 |
1,322 |
245 |
4,323 |
||||||||||
Net earnings (loss) attributable to non- |
328 |
— |
(124) |
(30) |
174 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
347 |
347 |
||||||||||
(Gain) loss on foreign currency |
(138) |
— |
(181) |
70 |
(249) |
||||||||||
Loss on disposition of fixed assets |
3 |
1 |
858 |
1 |
863 |
||||||||||
Pre-opening expenses |
689 |
— |
405 |
350 |
1,444 |
||||||||||
Adjusted EBITDA |
$ |
9,702 |
$ |
3,811 |
$ |
2,256 |
$ |
(4,543) |
$ |
11,226 |
For the six months ended June 30, 2017 |
|||||||||||||||
Amounts in thousands |
Canada |
United States |
Poland |
Corporate and Other |
Total |
||||||||||
Net earnings (loss) |
$ |
3,306 |
$ |
1,553 |
$ |
1,518 |
$ |
(2,415) |
$ |
3,962 |
|||||
Interest expense (income), net |
1,785 |
— |
16 |
(12) |
1,789 |
||||||||||
Income taxes (benefit) |
1,324 |
951 |
612 |
(1,028) |
1,859 |
||||||||||
Depreciation and amortization |
1,648 |
1,228 |
1,044 |
183 |
4,103 |
||||||||||
Net earnings attributable to non- |
248 |
— |
760 |
— |
1,008 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
235 |
235 |
||||||||||
Loss (gain) on foreign currency |
31 |
— |
(464) |
(52) |
(485) |
||||||||||
Loss on disposition of fixed assets |
11 |
— |
241 |
3 |
255 |
||||||||||
Acquisition costs |
28 |
— |
— |
152 |
180 |
||||||||||
Pre-opening expenses |
— |
— |
225 |
— |
225 |
||||||||||
Adjusted EBITDA |
$ |
8,381 |
$ |
3,732 |
$ |
3,952 |
$ |
(2,934) |
$ |
13,131 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
* 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 revenue compared to prior period revenue 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, 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 quarter and the prior year second quarter are reported in Item 1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. 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, earnings from operations or net earnings attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.
** The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination and certain other one-time items, such as acquisition and disposition costs and gain or loss. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDA is not considered a measure of performance recognized under GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company’s lending institution to gauge operating performance. The Company’s computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.
*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non- GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company’s casino operations.
CENTURY CASINOS, INC. AND SUBSIDIARIES |
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH (“CRM”), formerly Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner of eight casino licenses throughout Poland. Six of the casinos in Poland are operating as of August 8, 2018. The Company, through CRM, also holds 75% ownership interests in both CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada. The Company holds a 51% ownership interest in Golden Hospitality Ltd., a company that manages a hotel and international entertainment and gaming club in Vietnam. The Company operates 13 ship-based casinos under agreements with four cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.
Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY.
For more information about Century Casinos, visit our website at www.cnty.com.
CENTURY CASINOS, INC. AND SUBSIDIARIES |
This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Bermuda and Vietnam projects, debt repayment, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2017 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
Gambling in the USA
Gaming Americas Weekly Roundup – March 18-24
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
DraftKings unveiled My Stat Sheet, a gaming tool that gives players the ability to assess, track and interact with their personal stats through intuitive charts and information that will help empower players to make data-driven decisions on their own play and therefore promote responsible gaming. This new feature is now available across all DraftKings and Golden Nugget products.
Jackpocket announced the release of Super Pick, a new app feature that streamlines the lottery experience for Mega Millions and Powerball fans, offering an even more convenient way to participate as combined jackpots soar past $1.3 billion. Jackpocket’s new Super Pick feature gives users an easy way to pick every special and standard ball in the game with just one tap.
The Senate Tax Committee advanced legislation authored by Senator Matt Klein to legalise Sports Betting in Minnesota. This was the second time the bill has been heard in Taxes, after making a stop last year. The hearing focused on changes to tax rates and revenue disbursements.
The Arizona Department of Gaming announced that it has allocated an event wagering operator license to Fanatics Betting and Gaming as the designee for Tonto Apache Sports Betting, an organisation of the Tonto Apache Tribe, pursuant to A.R.S. § 5-1304 and A.A.C. R19-4-105 and 106.
The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino, MGM Springfield and Encore Boston Harbor generated approximately $100.57 million in Gross Gaming Revenue. Additionally, approximately $52.55 million in taxable sports wagering revenue was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.
Rebet, a new free-to-play social sportsbook, announced its official launch. The Rebet App, which is now available for download in the App Store across 47 U.S. states, is set to revolutionise the sports betting experience with first-of-its-kind features including an entire social sportsbook, peer-to-peer contests and dynamic user social feeds.
Partnerships
SPARKET announced an expanded partnership with the World Jai Alai League, solidifying their commitment to enhancing the fan experience and driving growth in the world of Jai Alai. Following the successful implementation of SPARKET’s innovative platform within the league, both entities have decided to deepen their collaboration. This strategic move aims to further revolutionise how fans interact with and enjoy Jai Alai, leveraging cutting-edge technology to increase engagement from at-home viewers.
Bragg Gaming Group announced the launch of a custom slot game developed for Caesars Digital, Boardwalk Slots Bankers & Cash, now exclusively live on Caesars Palace Online Casino and Caesars Sportsbook & Casino in Michigan and New Jersey. The bespoke release takes proven game features and artwork from Bragg’s popular slot title Bankers & Cash and combines it with the evocative Boardwalk Slots brand owned by Caesars Digital.
International Game Technology announced that its IGT PlayDigital iGaming content library is now available in Rhode Island via the Bally Casino Rhode Island app and on BallyCasino.com. This milestone content deployment makes IGT PlayDigital one of only two suppliers to offer content in all seven U.S. online gaming jurisdictions.
Gambling in the USA
Gaming Americas Weekly Roundup – March 11-17
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Scientific Games announced the consolidation of its legal and public policy teams into a new unified department, Global Legal and Public Policy. This team will be led by James D. Schultz who will assume the new title of Executive Vice President, Global Legal and Public Policy. Deputy General Counsel Phil Bauer, an indispensable 25-year veteran of the company, will be promoted to General Counsel and Corporate Secretary, and report to Schultz.
Sportradar Group AG announced that the North Carolina State Lottery Commission has granted Sportradar’s U.S. betting subsidiary, Sportradar Solutions LLC, a Supplier license in the state North Carolina. This license is valid for five years from its date of issuance on February 28.
The Office of Lottery and Gaming (OLG) announced that FanDuel is the new sports wagering subcontractor for Intralot Inc., OLG’s lottery and sports wagering system vendor. Under this agreement, residents of Washington, D.C. will gain access to FanDuel’s sports wagering app, which is the market leader nationally, as well as its website and retail platforms.
Elys BMG Group Inc. announced that Grand Central Sportsbook in Washington D.C. (Grand Central) has been granted provisional approval to open its H Street sportsbook by the DC Office of Lottery and Gaming, Regulation and Oversight Division.
BetMGM has officially launched its mobile sports betting service in North Carolina, giving customers in the Tar Heel state access to a wide variety of betting options as well as the opportunity to earn experiences at MGM Resorts’ properties nationwide.
Supremeland Gaming announced the approval of an interim Supplier License in West Virginia, further solidifying its position as a key player in the rapidly expanding iGaming industry. This milestone marks the company’s third approval following the successful acquisition of the first approvals in Pennsylvania and New Jersey.
Partnerships
Caesars Entertainment and National Hockey League (NHL) announced a renewal of their US partnership. The new, multiyear partnership extension retains Caesars’ status as a Sports Betting and Gaming Partner of the NHL and, for the first time, provides Caesars Digital with access to League-owned intellectual property to build and promote NHL-branded iCasino games for its online casino platforms in North America, including the recently launched Caesars Palace Online Casino.
SCCG Management announced the extension and significant expansion of its strategic partnership with SnapOdds, the revolutionary sports betting technology product from Snapscreen Inc. This expansion marks a pivotal shift towards a consumer-facing (B2C) strategy, leveraging SnapOdds’ unique TV and streaming content recognition software.
Hip-Hop icon Nas has partnered with Resorts World New York City on a $5 billion expansion plan for a casino in Queens. The vision of Aqueduct Park is to transform the casino in Nas’ hometown, into a full-fledged establishment that mirrors the company’s properties in Las Vegas.
SCCG Management, the leading advisory and management consultancy in the global gaming industry, headquartered in Las Vegas, announced the extension of its partnership with IDnow, a premier European provider of identity verification solutions. This strategic alliance is placing a focused effort on expanding its reach to encompass the broader Latin America (LATAM) region.
Gambling in the USA
Gaming Americas Weekly Roundup – March 4-10
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
NJ Attorney General Matthew J. Platkin announced the retirement of David L. Rebuck after serving 13 years as the Director of the Division of Gaming Enforcement (DGE), making him the longest-serving director in DGE’s history. In total, Director Rebuck is retiring with 36 years of service to the State.
Altenar’s status as a leading sportsbook provider in South America has been further boosted with the opening of a new office in Uruguay. The new hub, located in Costa Rica Street 1667, in Carrasco, Montevideo, will be the base for around 15 members of staff and strengthen the company’s support for iGaming operators in the LatAm region.
MGM Resorts International and BetMGM announced new groundbreaking initiatives in collaboration with Kindbridge designed to support problem gambling research and mental health services. Kindbridge Research Institute and Kindbridge Behavioural Health are organisations that aim to better understand the problems that exist within at-risk communities, delivering evidence-based treatment for gambling disorder.
Elray Resources has launched Kings of Sport, a state-of-the art online crypto casino that brings together the world of cryptocurrencies with the excitement of traditional casino games. Kings of Sport is expanding player options in the online gambling industry by providing users with a diverse selection of classic and modern casino games that can be played using popular cryptocurrencies like Bitcoin, Ethereum and others.
Supremeland Gaming, the new American iGaming challenger, announced its U.S. expansion, attaining a second gaming approval in the US, three weeks after its inaugural licensing announcement in neighbouring Pennsylvania. The New Jersey approval will allow Supremeland Gaming to build and release games in the Garden State through its partnership with EveryMatrix.
Churchill Downs Incorporated announced that Exacta Systems has completed the installation of 175 Exacta-technology driven terminals at The Brook in Seabrook, New Hampshire. Exacta, acquired by CDI in August 2023, is a leading provider of central determinate system technology for historical racing machines (HRMs). The Brook is a casino entertainment destination located in the easternmost part of the state next to the Massachusetts border.
Underdog announced an investment in idPair by GuardDog, Underdog’s responsible gaming innovation fund. idPair’s proprietary technology creates a centralised view of an individual’s play and gambling activity across all applications and operators in a jurisdiction for regulators, providing for universal responsible gaming limits.
Partnerships
Betfred USA and U.S. Integrity announced a partnership that will provide Betfred with monitoring software and tools that will play a pivotal role in preventing student-athletes, coaches and staff from engaging in prohibited sports wagering.
SCCG Management announced its sponsorship of the 10th Arnold South America Sports Festival in São Paulo, Brazil. This year’s festival, scheduled for April 5-7, 2024, will feature the Pillow Fight Championship (PFC) as its centrepiece, showcasing the thrilling world of professional pillow fighting in South America.
5WPR announced that it has been selected as the public relations Agency of Record for casino and sportsbook platform provider, Soft2Bet, which, after successfully growing its business throughout Europe, is launching in the US, targeting NJ as the first state where it will debut its offering.
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