Century Casinos enjoyed a year of ‘strong results’ in 2021 as COVID-19 restrictions had a ‘lesser impact’ on the land-based company’s operations compared to 2020.
Publishing its fourth quarter and full-year financial results, Century noted that the easing of COVID-19 restrictions across all jurisdictions boosted its performance, with the firm posting fourth-quarter revenue of $107.3m, contributing to a full-year turnover of $388.5m.
Full-year revenue increased 28% year-on-year, attributable to the reopening of its casinos in Canada and Poland in May and June 2021 respectively. Meanwhile, its US casinos have been operational since June 2020.
Century’s fastest-growing jurisdiction during 2021 was in the US, where revenue increased by 43%, with Polish revenue increasing by 7% and Canadian revenue decreasing by 8%.
However, for the fourth quarter, Polish revenue increased by 67% and Canadian by 29%, indicating that Casinos in those jurisdictions are back on track after enforced closures.
Earnings from operations swung from a $127m loss to a $68.5m profit from the year’s operations, signaling a strong performance. This led to an adjusted EBITDA figure of 97.9m, a 102% increase in 2020.
Earnings were largely stemmed from a sharp increase in the US market, where they increased by 6567% from a $1.2m loss to a $77.0m profit.
“We would like to thank our team members for the enthusiasm and flexibility they have shown this year as we navigated operational restrictions and continuing changes brought about by COVID-19. Despite major restrictions at our Canada properties throughout the fourth quarter, we finished the year with strong results,” Erwin Haitzmann and Peter Hoetzinger, Co-CEOs of Century Casinos remarked.
Operationally, Century plans to relocate its Century Casino Caruthersville casino, currently the last remaining riverboat on open water in Missouri, to a land-based casino with an attached hotel, estimated to open in early 2024 at an estimated cost of $73m.
Additionally, the firm announced last month that it agreed to acquire 50% of Smooth Bourbon and 100% of Nugget Sparks, from Marnell Gaming, LLC for $195m. It also has a five-year option to purchase the remaining 50% of PropCo for $105m-plus 2% per annum.
“We look forward to 2022 and seeing the increased potential of our properties as most COVID-19 restrictions have now been lifted. We are also excited about our upcoming acquisition of the Nugget Casino Resort in Reno-Sparks, Nevada and the continued expansion of our US portfolio,” Heitzmann and Hoetzinger concluded.
