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Century Casinos, Inc. Announces Fourth Quarter 2018 Results

George Miller

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Century Casinos, Inc. Announces Fourth Quarter 2018 Results
Reading Time: 14 minutes

 

Century Casinos, Inc. today announced its financial results for the three months and year ended December 31, 2018.

Fourth Quarter 2018 Highlights*

  • Net operating revenue was $45.1 million, an increase of 15% from the three months ended December 31, 2017.
  • Earnings from operations were $2.0 million, an increase of 16% from the three months ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $0.5 million, an increase of 110% from the three months ended December 31, 2017.
  • Adjusted EBITDA** was $5.8 million, an increase of 7% from the three months ended December 31, 2017.
  • Basic and diluted earnings per share were $0.02, an increase of 110% from the three months ended December 31, 2017.

2018 Highlights*

  • Net operating revenue was $168.9 million, an increase of 10% from the year ended December 31, 2017.
  • Earnings from operations were $9.5 million, a decrease of 35% from the year ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $3.4 million, a decrease of 46% from the year ended December 31, 2017.
  • Adjusted EBITDA** was $23.4 million, a decrease of 10% from the year ended December 31, 2017.
  • Basic earnings per share were $0.12, a decrease of 52% from the year ended December 31, 2017.
  • Diluted earnings per share were $0.11, a decrease of 54% from the year ended December 31, 2017.
  • Book value per share*** at December 31, 2018 was $6.00.

The consolidated results for the three months and year ended December 31, 2018 and 2017 are as follows:













































Amounts in thousands, except per share data

For the three months

ended December 31,



For the year

ended December 31,

Consolidated Results:





2018





2017



% Change







2018





2017



% Change

Net Operating Revenue



$

45,106



$

39,293



15%





$

168,938



$

154,069



10%

Earnings from Operations





1,976





1,706



16%







9,459





14,615



(35%)

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders



$

506



$

(5,334)



110%





$

3,394



$

6,259



(46%)





































Adjusted EBITDA**



$

5,801



$

5,408



7%





$

23,377



$

26,086



(10%)





































Earnings (Loss) Per Share:



































Basic



$

0.02



$

(0.20)



110%





$

0.12



$

0.25



(52%)

Diluted



$

0.02



$

(0.19)



111%





$

0.11



$

0.24



(54%)

The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, increased the Company’s income tax expense by $5.4 million during the fourth quarter of 2017 due to the tax law changes that were effective for the 2017 tax year. The increased income tax expense increased net loss attributable to Century Casinos, Inc. shareholders for the fourth quarter of 2017 and decreased net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2017. See Note 11 to the Company’s Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data”, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for a discussion of the impact of the Tax Act.

“This quarter we continued to see revenue growth in each of our segments and ended the year growing revenue by 10%. We are pleased with this growth, especially with the longer-than-expected casino closures in Poland due to licensing delays, which we estimate negatively impacted net operating revenue by $9.8 million,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We are excited for the upcoming year with the opening of Century Mile Racetrack and Casino on April 1st and a Grand Opening celebration planned for April 28th, the first day of live horse racing,” Messrs. 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 December 31, 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 $5.8 million, or 15%, and by $14.9 million, or 10%, for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:



















































Net Operating Revenue





For the three months













For the year















ended December 31,













ended December 31,











Amounts in thousands



2018



2017



$ Change



% Change



2018



2017



$ Change



% Change

Canada



$

15,678



$

15,247



$

431



3%



$

61,361



$

57,732



$

3,629



6%

United States





7,938





7,671





267



4%





33,483





32,154





1,329



4%

Poland





19,514





15,414





4,100



27%





68,209





59,796





8,413



14%

Corporate and Other





1,976





961





1,015



106%





5,885





4,387





1,498



34%

Consolidated



$

45,106



$

39,293



$

5,813



15%



$

168,938



$

154,069



$

14,869



10%

The Company’s earnings from operations increased by $0.3 million, or 16%, and decreased by ($5.2) million, or (35%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017.  Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:



















































Earnings (Loss) from Operations





For the three months













For the year















ended December 31,













ended December 31,











Amounts in thousands



2018



2017



$ Change



% Change



2018



2017



$ Change



% Change

Canada



$

3,675



$

4,012



$

(337)



(8%)



$

14,633



$

14,608



$

25



United States





1,033





1,041





(8)



(1%)





5,882





5,599





283



5%

Poland





460





(648)





1,108



171%





145





2,587





(2,442)



(94%)

Corporate and Other





(3,192)





(2,699)





(493)



(18%)





(11,201)





(8,179)





(3,022)



(37%)

Consolidated



$

1,976



$

1,706



$

270



16%



$

9,459



$

14,615



$

(5,156)



(35%)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $5.8 million, or 110%, and decreased by ($2.9) million, or (46%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:



















































Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders





For the three months













For the year















ended December 31,













ended December 31,











Amounts in thousands



2018



2017



$ Change



% Change



2018



2017



$ Change



% Change

Canada



$

2,077



$

1,751



$

326



19%



$

7,715



$

7,681



$

34



United States





767





646





121



19%





4,373





3,469





904



26%

Poland





179





(704)





883



125%





(153)





1,280





(1,433)



(112%)

Corporate and Other





(2,517)





(7,027)





4,510



64%





(8,541)





(6,171)





(2,370)



(38%)

Consolidated



$

506



$

(5,334)



$

5,840



110%



$

3,394



$

6,259



$

(2,865)



(46%)

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** increased by $0.4 million, or 7%, and decreased by ($2.7) million, or (10%), for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017:



















































Adjusted EBITDA**





For the three months













For the year















ended December 31,













ended December 31,











Amounts in thousands



2018



2017



$ Change



% Change



2018



2017



$ Change



% Change

Canada



$

4,991



$

4,930



$

61



1%



$

19,522



$

18,171



$

1,351



7%

United States





1,582





1,622





(40)



(3%)





8,061





8,005





56



1%

Poland





1,733





987





746



76%





4,890





6,406





(1,516)



(24%)

Corporate and Other





(2,505)





(2,131)





(374)



(18%)





(9,096)





(6,496)





(2,600)



(40%)

Consolidated



$

5,801



$

5,408



$

393



7%



$

23,377



$

26,086



$

(2,709)



(10%)

*

Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

**

Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

***

The Company defines book value per share as total Century Casinos, Inc. shareholders’ equity divided by outstanding common shares.

Balance Sheet and Liquidity

As of December 31, 2018, the Company had $45.6 million in cash and cash equivalents and $59.5 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 December 31, 2018 included $40.5 million related to the Company’s credit agreement with the Bank of Montreal, $2.6 million of bank debt related to Casinos Poland, $2.4 million of bank debt related to Century Casino Bath, $0.2 million related 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 $14.3 million related to a long-term land lease for CDR, net of $0.5 million in deferred financing costs.

Conference Call Information

Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018 on its website at https://www.cnty.com/corporate/investor-relations/sec-filings. The Company will also post a presentation on the year end results on its website at https://www.cnty.com/corporate/investor-relations/presentations-and-interviews.

The Company will host its fourth quarter 2018 earnings conference call today, Monday, March 11th, at 8:00 am MDT; 3:00 pm CET, 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 March 31, 2019 at https://www.cnty.com/corporate/investor-relations/sec-filings.

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Earnings (Loss)





























For the three months

For the year



ended December 31,

ended December 31,

Amounts in thousands, except for per share information



2018



2017



2018



2017

Operating revenue:

























Net operating revenue



$

45,106



$

39,293



$

168,938



$

154,069

Operating costs and expenses:

























Total operating costs and expenses





43,152





37,587





159,502





139,454

Earnings from equity investment





22









23





Earnings from operations





1,976





1,706





9,459





14,615

Non-operating income (expense), net





(1,053)





(122)





(3,536)





(2,164)

Earnings before income taxes





923





1,584





5,923





12,451

Income tax provision





(133)





(6,614)





(1,917)





(4,560)

Net earnings (loss)





790





(5,030)





4,006





7,891

Net earnings attributable to non-controlling interests





(284)





(304)





(612)





(1,632)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders



$

506



$

(5,334)



$

3,394



$

6,259



























Earnings (loss) per share attributable to Century Casinos, Inc.:

























  Basic



$

0.02



$

(0.20)



$

0.12



$

0.25

  Diluted



$

0.02



$

(0.19)



$

0.11



$

0.24



























Weighted average common shares

























  Basic





29,439





26,863





29,401





25,068

  Diluted





29,861





27,479





29,962





25,559

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Balance Sheets













(Amounts in thousands)

















December 31,



December 31,





2018



2017

Assets













Current assets



$

54,974



$

84,321

Property and equipment, net





187,017





152,778

Other assets





36,834





37,777

Total assets



$

278,825



$

274,876















Liabilities and Equity













Current liabilities



$

50,020



$

34,438

Non-current liabilities





45,422





53,120

Century Casinos, Inc. shareholders’ equity





176,321





179,897

Non-controlling interests





7,062





7,421

Total liabilities and equity



$

278,825



$

274,876

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Constant Currency* Results (unaudited)







































For the three months







For the year









ended December 31,







ended December 31,





Amounts in thousands





2018





2017



% Change





2018





2017



% Change

Net operating revenue as reported (GAAP)



$

45,106



$

39,293



15%



$

168,938



$

154,069



10%

Foreign currency impact vs. 2017





1,600















(2,985)











Net operating revenue constant currency (non-GAAP)*



$

46,706



$

39,293



19%



$

165,953



$

154,069



8%



































Earnings from operations (GAAP)



$

1,976



$

1,706



16%



$

9,459



$

14,615



(35%)

Foreign currency impact vs. 2017





151















27











Earnings from operations constant currency (non-GAAP)*



$

2,127



$

1,706



25%



$

9,486



$

14,615



(35%)



































Net earnings (loss) attributable to Century Casinos, Inc. shareholders as reported (GAAP)



$

506



$

(5,334)



110%



$

3,394



$

6,259



(46%)

Foreign currency impact vs. 2017





79















90











Net earnings (loss) attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*



$

585



$

(5,334)



111%



$

3,484



$

6,259



(44%)

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 year



ended December 31,

ended December 31,



2018

2017

2018

2017

Canada

32%

32%

32%

31%

United States

20%

21%

24%

25%

Poland

9%

6%

7%

11%

Corporate and Other

(127%)

(222%)

(155%)

(148%)

Consolidated Adjusted EBITDA Margin

13%

14%

14%

17%

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.



































For the three months ended December 31, 2018

Amounts in thousands



Canada



United States



Poland



Corporate and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders



$

2,077



$

767



$

179



$

(2,517)



$

506

Interest expense (income), net





1,084









50





65





1,199

Income taxes (benefit)





435





266





280





(848)





133

Depreciation and amortization





779





548





1,025





402





2,754

Net earnings attributable to non-controlling interests





174









89





21





284

Non-cash stock-based compensation

















255





255

(Gain) loss on foreign currency transactions, cost recovery income and other





(95)









(138)





94





(139)

Loss on disposition of fixed assets





4





1





27





23





55

Pre-opening expenses





533









221









754

Adjusted EBITDA



$

4,991



$

1,582



$

1,733



$

(2,505)



$

5,801



































For the three months ended December 31, 2017

Amounts in thousands



Canada



United States



Poland



Corporate and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders



$

1,751



$

646



$

(704)



$

(7,027)



$

(5,334)

Interest expense (income), net





942









34





(4)





972

Income taxes





1,308





395





510





4,401





6,614

Depreciation and amortization





898





581





1,045





91





2,615

Net earnings (loss) attributable to non-controlling interests





655









(351)









304

Non-cash stock-based compensation

















250





250

Gain on foreign currency transactions and cost recovery income





(644)









(137)





(26)





(807)

Loss on disposition of fixed assets





4









278









282

Acquisition costs

















6





6

Pre-opening expenses





16









312





178





506

Adjusted EBITDA



$

4,930



$

1,622



$

987



$

(2,131)



$

5,408



































For the Year ended December 31, 2018

Amounts in thousands



Canada



United States



Poland



Corporate and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders



$

7,715



$

4,373



$

(153)



$

(8,541)



$

3,394

Interest expense (income), net





3,895





1





206





12





4,114

Income taxes (benefit)





2,536





1,508





595





(2,722)





1,917

Depreciation and amortization





3,211





2,178





3,065





945





9,399

Net earnings (loss) attributable to non-controlling interests





722









(75)





(35)





612

Non-cash stock-based compensation

















868





868

(Gain) loss on foreign currency transactions and cost recovery income





(235)









(428)





2





(661)

Loss on disposition of fixed assets





10





1





1,054





25





1,090

Pre-opening expenses





1,668









626





350





2,644

Adjusted EBITDA



$

19,522



$

8,061



$

4,890



$

(9,096)



$

23,377



































For the Year ended December 31, 2017

Amounts in thousands



Canada



United States



Poland



Corporate and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders



$

7,681



$

3,469



$

1,280



$

(6,171)



$

6,259

Interest expense (income), net





3,487





2





105





(25)





3,569

Income taxes (benefit)





3,008





2,128





1,388





(1,964)





4,560

Depreciation and amortization





3,427





2,405





2,747





366





8,945

Net earnings attributable to non-controlling interests





996









636









1,632

Non-cash stock-based compensation

















669





669

(Gain) loss on foreign currency transactions and cost recovery income





(564)









(822)





24





(1,362)

Loss on disposition of fixed assets





83





1





535





3





622

Acquisition costs





28













327





355

Pre-opening expenses





25









537





275





837

Adjusted EBITDA



$

18,171



$

8,005



$

6,406



$

(6,496)



$

26,086

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

*  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 financial information compared to prior period financial information 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 and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2018 and 2017 are presented below.





















For the three months











ended December 31,







Average Rates



2018



2017



% Change



Canadian dollar (CAD)



1.3218



1.2708



(4.0%)



Euros (EUR)



0.8763



0.8491



(3.2%)



Polish zloty (PLN)



3.7668



3.5922



(4.9%)



British pound (GBP)



0.7773



0.7534



(3.2%)



Source: Pacific Exchange Rate Service































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 (loss) 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 and amortization, non-controlling interests 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, cost recovery income 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

SUPPLEMENTAL INFORMATION

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, seven of which are operating. The Company, through CRM, also holds a 75% ownership interests in CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada; a 75% ownership interest in Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada; and a 51% ownership interest in Golden Hospitality Ltd., a company that manages a hotel and entertainment and gaming club in Vietnam. The Company operates 10 ship-based casinos under agreements with three 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

SUPPLEMENTAL INFORMATION

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, 2018 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.

SOURCE Century Casinos, Inc.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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European Casino Association to Conduct their Annual Industry Forum in Cannes

Niji Narayan

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European Casino Association to Conduct their Annual Industry Forum in Cannes
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The European Casino Association’s annual Industry Forum is going to be held in the stunning waterfront Royal Casino JOA de Mandelieu in Cannes on 25 and 26 of June. The two-day event brings together members, partners and high-level experts in order to exchange views and discuss the latest trends in the casino industry.

The participants will be able to attend seminars covering innovation in the industry, the role of casinos in promoting destination tourism and the use of technology in a modern casino environment. The main topics on the agenda will be the issue of gambling advertising regulation and new developments and research in responsible gambling.

“We are delighted to welcome our members, partners, and stakeholders to the stunning venue of the Royal Casino JOA in Mandelieu-Cannes. The event represents a great opportunity to exchange views and discuss topics of interest to our industry. Moreover, we will have a seminar dedicated to the very relevant regulatory issue of gambling advertising, for which we envisage a cooperative approach with the ultimate purpose of protecting consumers and fighting illegal gambling,” Per Jaldung, ECA Chairman said.

“The licensed land-based casino industry in France is continuously innovating and improving the entertainment offer to our customers and local economies. The focus of the Industry Forum on innovation and technology is therefore great to discuss best practices and future trends. We very much look forward to welcoming the key people in Europe’s land-based casino industry to one of JOA’s newest and most exciting casinos in the South of France,” Laurent Lassiaz, President and CEO of JOA Group said.

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Rapid growth leads to office move for Altenar

George Miller

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Rapid growth leads to office move for Altenar
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Leading sportsbook platform provider Altenar on June 12 celebrated the opening of its new office in Malta with a party attended by a large number of the island’s gaming professionals.

The event featured a jazz band and was catered by restaurant Ali Baba.

Altenar’s relocation to the Pendergardens Business Centre from its previous office in Sliema became necessary due to the company’s outstanding growth over the past few years.

Its headcount has risen from just 26 employees in 2016 to more than 100 today across its three locations in Malta, Greece and Russia.

Altenar has also doubled its revenues each year from 2016 to 2018, and already 2019 has seen a number of exciting launches for the company. These include its first regulated Swedish client launch with Lucky Casino in May, as well as its entry into Romania with Red Sevens in January.

Domenico Mazzola, Commercial Director at Altenar, said: “We are very proud of our phenomenal success over the past few years and look forward to expanding further in future. Our new office in Malta gives us space to continue to grow and we will shortly start the hiring process to ensure we have the right people to help us do so.

“This year has seen a number of exciting developments for Altenar and we have a number of new launches coming up imminently.”

 

About Altenar:
Altenar is a leading provider of sportsbook software and services to gaming operators. Its clients include Wplay.co, the dominant sportsbook operator in the regulated Colombian market, Betrebels in Greece, Winbet in Bulgaria and Betbiga in Nigeria.
It offers an extensive range of markets and sports, with its premium data package from Betradar enhanced further by the recent addition of the Betgenius live events portfolio.

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Yggdrasil games debut in Spain with Casino Barcelona Online

George Miller

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Yggdrasil games debut in Spain with Casino Barcelona Online
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Supplier’s games portfolio available in Spanish market for the first time

 

Yggdrasil’s premium portfolio of casino games are live in the Spanish market with Casino Barcelona Online.

The launch marks the first time that Yggdrasil’s popular casino games are available to Spanish players, including Golden Fish Tank, Valley of the Gods, as well as the blockbuster games Vikings go Berzerk and Vikings go Wild.

Casino Barcelona, the leading brand in the Spanish casino market, will bring Yggdrasil’s exciting content portfolio to its players via its online platform at CasinoBarcelona.es.

Xavier Ballester, Director of Casino Barcelona Online, said: “We are really proud to be the first operator to offer Yggdrasil’s games in Spain and we are certain that their products will help accelerate the growth of our brand as a market leader in the country. “

“We are very impressed with the Yggdrasil games and the outstanding graphics, maths and gamification tools which we are sure will be a hit with our customers.”

Fredrik Elmqvist, CEO, Yggdrasil, said: “We are thrilled to go live in Spain and to offer our games to local players together with such a significant brand as Casino Barcelona.

“The Spanish gaming market has shown consistently strong growth and an increase in popularity over the last few years and we are excited about the upcoming opportunities.

“We are looking forward to a long and successful partnership that will see us continue to bring new and innovative content to the Spanish market with Casino Barcelona.”

 

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