Century Casinos anticipates sustained growth with strong 1Q

Century Casinos anticipates sustained growth with strong 1Q

Following a strong first quarter led by Canadian operations, Century Casinos expects a strong second-quarter assisted by recent acquisitions. Century Casinos is the world’s largest casino group.

Century Casinos

Century Casinos expects a rebound in the second quarter

The United States accounted for the majority of the gain, finishing at $65.28 million, an increase of only one percentage point over the previous year’s $64.37 million. 

However, the group’s Canadian companies gained 269 percent to $15.99 million from $2 million, and its Polish properties grew 269 percent to $21.82 million (from $5.91 million in 2020). 

The COVID-19 pandemic had a negative impact on business in 2020 and a minor one in 2021, according to Century, because US outlets were open and functioning during this time period. 

The group’s Canadian and Polish venues will reopen on June 10, 2021 and May 28, 2021, respectively. Casinos in the US have been open since June 2020.

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Press Release Statement 

Century also transformed a $1.9 million deficit into a $2.9 million profit for the current year, with adjusted EBITDA rising 62 percent year on year to $23.82 million (2021: $4.74 million). The corporation was ecstatic with the first quarter’s performance. 

The company’s sales climbed 42 percent from the first quarter of 2020 to the first quarter of 2021. Their properties now work with just a few COVID-19 restrictions, which is a big improvement. CEOs Erwin Haitzmann and Peter Hoetzinger explained their company’s strategy in a news release.

He said that the company maintained its 23% adjusted EBITDA margin from the fourth quarter of 2021 and increased it by 800 basis points from the first quarter of 2019. The business also reported an expected uptick in the future months due to the $95 million purchase of a 50% share in Smooth Bourbon from Marnell Gaming as part of a wider arrangement. Century Gaming announced in February 2022 that it has signed an agreement with Marnell Gaming to buy a 50% ownership in Smooth Bourbon and the Nugget Casino Resort in Nevada for $195 million.

Looking Forward in a Successful Partnership 

The casino and entertainment company also has a five-year option to purchase the remaining 50% of Marnell Gaming for $105 million plus 2% annually. Following the completion of the first phase of their acquisition of the Nugget Casino Resort, they look forward to increasing their footprint in the growing Reno/Sparks Nevada market. Haitzmann and Hoetzinger also pitched in.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.