Century Casinos has published its financial results for the third quarter of 2021, revealing expansion plans within Missouri, as well as reflecting on ‘outstanding results’.
For Q3, ending September 30, 2021, Century Casinos’ revenue came in at a quarterly high of $116.61m, a 22% increase year-on-year (Q3 2020: $95.7m), with improvements in all of the company’s geographical divisions.
The operator’s US properties brought in the most with $73.89m, an 18% increase (Q3 2020: $62.64m), ahead of Canada’s $21.36m, up 29% (Q3 2020: $16.57m), and Poland’s $21.15m, up 30% (Q3 2020: $16.33m).
Group-wide earnings from operations closed at $25.72m, a 71% improvement (Q3 2020: $15m), with adjusted EBITDA rising by 49% to $33m (Q3 2020: $22.21m).
Century Casinos has also revealed plans to relocate its Century Casino Caruthersville, currently the last remaining riverboat on open water in Missouri, to a land-based casino with an attached hotel, estimated to open in the early stages of 2024. It is also set to build a hotel that will attach to Century Casino Cape Girardeau, estimated for completion in late 2023.
The company estimates project costs of $68.3m, which will be funded through cash on hand, financing, or a combination of the two.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger commented: “In the third quarter we achieved outstanding results. We achieved our highest quarterly net operating revenue and adjusted EBITDA in the company’s history and a consolidated Adjusted EBITDA margin of 28.3%.
“We continue to have a strong balance sheet, with cash over $100m and no substantial debt maturities before 2026. We are exploring exciting growth opportunities at our two Missouri properties with plans to build a hotel at each property and a land-based casino in Caruthersville.”