The company reported revenue of $84.8 million in the period, up 26 percent increase year-over-year, and adjusted EBITDA of $18.3 million, up 87 percent. The operator’s loss for the year widened to $48 million, significantly impacted by the acquisition of three casinos in December 2019.
Century Casinos reported a 133 percent increase in a fourth-quarter net income to $6.7 million on Friday, compared to a loss in the same period a year ago.
The Colorado-based company reported revenue of $84.8 million in the period, up 26% year over year, and adjusted EBITDA of $18.3 million, up 87 percent. The company made a profit of 22 cents per share.
The company’s annual loss widened to $48 million, or $1.62 per share, for the year. The company reported $304.3 million in revenue, up 39% from the previous year. Adjusted EBITDA for the year ended December 31, 2019, was $48.4 million, increasing 60% from the previous year.
The acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau, and Century Casino Caruthersville in December 2019 had a significant impact on the company’s 2020 results, according to the company.
Furthermore, Century estimates that pandemic-related closures in the first and second quarters of 2020 reduced net operating revenue and Adjusted EBITDA by $91.3 million and $34.3 million, respectively, and that closures in Canada and Poland in December 2020 reduced net operating revenue and Adjusted EBITDA by $9.2 million and $9.2 million, respectively.
Century Casino Calgary’s casino operations were sold by the company on December 1, 2020. The company made a $6.5 million profit on the sale of casino operations in the fourth quarter of 2020, and it still owns the underlying real estate, which it leases to the casino operator, as well as Century Sports, a sports bar, bowling, and entertainment facility on the property. Century has stated that it plans to sell real estate in 2021.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos said in a press release that “We are pleased with the strong Adjusted EBITDA for the fourth quarter even though our casinos in Canada and Poland were closed in December over the busy holiday season. These results were driven primarily by our properties in the US, which generated 82% of our Adjusted EBITDA in the fourth quarter. We have been able to achieve operating margins that we believe will continue to be attainable. We look forward to our casinos and racetracks reopening in Canada and to a busy summer season in North America if the pandemic subsides.”
Since the beginning of the year, Century Casinos’ stock has risen 44 percent. In the last year, the stock has more than doubled in value.