News of Poland Reopening Help Century Casinos Stock Soar

News of Poland Reopening Help Century Casinos Stock Soar

The shares of Century Casinos rose up on Monday after news that its Poland properties are reopening. This made it one of the best performing small-cap stock of the day.

Eight gaming properties reopen

Century Casinos has eight gaming properties in Poland which have been closed since March 13 owing to the coronavirus pandemic. The Colorado based company controls Casinos Poland Sp. Z o.o., which operates its polish business. According to a statement from the company’s co-CEO- Erwin Haitzmann and Petter Hoetzinger,

“This is a first but very important step to lead our company back to normal operations.”

News of Poland Reopening Help Century Casinos Stock Soar

Poland is not a globally important gambling hub like Macau or Las Vegas. However, it is important for the Century’s bottom line in Eastern Europe. In March, the company said that the pandemic has hampered its polish revenue by 10%. At the time, the company’s stock tanked by 39% in a single trading session. A few days later, the company had to shut down its domestic businesses as well, after which its stock lost 37% of its value.

Century has been one of the most popular names in the small-cap sector on NASDAQ among gaming analysts. However, it has been registering constant issues because of the pandemic as revenue streams dry up and two important months of the year passed without income.

Losses upon losses

In March alone, Century witnessed five losses that were at least 6%. In early February, the stock was trading at $9 which fell to a measly $1.01 in March. The company operates Central City and Century Casino & Hotels in Cripple Creek. The operator has also received sports betting licenses in the state but the properties haven’t opened yet. However, there are signs of recovery in the market which means that the company could be ready to take advantage of its sports betting licenses soon. According to Gov. Jared Polis, the governor of Colorado said that the public schools in the country will likely reopen by fall for in-person classes.

Century has three other casinos in the US, which include the Mountaineer Casino, Racetrack & Report in West Virginia, and two properties in Missouri. All three properties were acquired from Eldorado Resorts last year. It confirmed that it’s Cape Girardeau property will open on June 1 and another 13 gaming venues in the state could be back on track on the same date.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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