Century Casinos Inc has published its financial results for the three months and year ended December 31, 2018. The Q4 highlights show net operating revenue at $45.1m, an increase of 15% from the three months ended December 31, 2017, with earnings from operations of $2m million, up by 16% year-on-year. Adjusted EBITDA for the period was $5.8m, ahead by 7% from the corresponding period in 2017.
For the full year, net operating revenue stood at $168.9m, an increase of 10% year-on-year, while earnings from operations came in at $9.5m, down 35% from the year ended December 31, 2017. Adjusted EBITDA was $23.4, showing a decline of 10% year-on-year.
The Colorado based operator achieved revenue growth across all of its key segments in advance of the opening of its Century Mile Racetrack and Casino in Alberta, Canada, next month. Within the US, which includes two Colorado based venues at Cripple Creek and Central City, four per cent rises were recorded in both Q4 and FY as revenues reached $7.9m and $33.4m.
In its Canadian business, meanwhile, the firm recorded growth of three and six per cent to hit $15.6m and $63.1m. The firm’s ‘corporate and other’ segment, which comprises cruise ship operations and Century Casino Bath, saw revenue rise 106 and 34 per cent for the two periods, reaching $1.9m (2017: $961m) and $5.8m ($4.3m).
In a joint statement Erwin Haitzmann and Peter Hoetzinger, co-chief executive officers of Century Casinos, noted: “This quarter we continued to see revenue growth in each of our segments, and ended the year growing revenue by 10 per cent. “We are excited for the upcoming year with the opening of Century Mile Racetrack and Casino on April 1, and a grand opening celebration planned for April 28, the first day of live horse racing.”