Century Casinos Inc has announced its financial results for the second quarter of 2021, declaring a significant increase in net operating revenue compared to the same period last year.
For the three-month period ended June 30, 2021, net operating revenue came in at $92.2m, a 155% improvement on the previous year (Q2 2020: $36.1m).
The company noted that revenue had not been impacted by the COVID-19 pandemic as much during this financial period due to its properties in the US opening and operating once more.
Its earnings from operations came in at $18.1m, a 957% rise year-over-year (Q2 2020: $2.1m loss), while net earnings attributable to its shareholders was $6.9m, a change of 154% on last year’s figures (Q2 2020: $12.6m loss).
Century Casinos’ adjusted EBITDA for the period was $25.2m, an increase of 1,532% on the previous year (Q2 2020: $1.8m loss), while its basic and diluted earnings per share were $0.23 and $0.22, respectively (Q2 2020: $0.43 loss and $0.43 loss respectively). Book value per share came in at $4.31.
Alongside the firm’s US properties opening and operating during this period, it also noted that its Canada properties reopened on June 10, 2021, while its Poland casinos reopened on May 28, 2021.
Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Casinos, commented: “With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly adjusted EBITDA in the company’s history and a consolidated adjusted EBITDA margin of 27.4%.
“We continue to have a strong balance sheet and no substantial debt maturities before 2026.”