PR Newswire
COLORADO SPRINGS, Colorado, August 7, 2017
COLORADO SPRINGS, Colorado, August 7, 2017 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2017.
Second Quarter 2017 Highlights*
In June 2017, the Company acquired 100% of the outstanding common stock and the casino license held by Saw Close Casino Ltd. ("SCCL"). The Company will utilize the casino licenses to develop and operate a casino in Bath, England. The Company estimates that the project will cost approximately $7.5 million and that the casino will open in the first half of 2018, subject to the receipt of certain regulatory and governmental approvals.
In June 2017, the Company opened the casino in the Hilton Warsaw Hotel and Conference Centre in Warsaw, Poland.
In May 2017, the Company began operating the ship-based casino onboard the Mein Schiff 6.
In October 2016, the Company acquired the Apex Casino in suburban Edmonton, Alberta, Canada. Century Casino St. Albert contributed $2.1 million in net operating revenue and $0.3 million in net earnings for the three months ended June 30, 2017 and $4.1 million in net operating revenue and $0.3 million in net earnings for the six months ended June 30, 2017.
In September 2016, the Company was selected as the successful applicant by Horse Racing Alberta to own, build and operate a horse racing facility in the Edmonton market area, which the Company will operate as Century Mile Racetrack and Casino. Century Mile will be a one-mile horse racetrack and multi-level racing and entertainment center, which will include a gaming floor with slot machines as well as food and beverage outlets. The project is located on Edmonton International Airport land close to the city of Leduc, just south of Edmonton and positioned off Queen Elizabeth II Highway. The Company estimates that the project will cost approximately $46.2 million. Construction on the Century Mile project began in July 2017. The Company estimates that construction of this project will take approximately 15 months and that it will be completed by the fourth quarter of 2018. The Company is seeking to obtain financing for the Century Mile project.
The consolidated results for the three and six months ended June 30, 2017 and 2016 are as follows:
| | | | | | | | | | | | | | | | |
| For the three months | | | For the six months | ||||||||||||
Amounts in thousands, except per share data | ended June 30, | | | ended June 30, | ||||||||||||
Consolidated Results: | | | 2017 | | | 2016 | | % Change | | | 2017 | | | 2016 | | % Change |
Net Operating Revenue | | $ | 37,330 | | $ | 35,201 | | 6% | | $ | 73,729 | | $ | 68,428 | | 8% |
Earnings from Operations | | | 3,641 | | | 4,541 | | (20%) | | | 8,133 | | | 8,621 | | (6%) |
Net Earnings Attributable to Century Casinos, Inc. Shareholders | | $ | 1,802 | | $ | 2,249 | | (20%) | | $ | 3,962 | | $ | 4,529 | | (13%) |
| | | | | | | | | | | | | | | | |
Adjusted EBITDA** | | $ | 6,412 | | $ | 6,858 | | (7%) | | $ | 13,131 | | $ | 13,166 | | (0%) |
| | | | | | | | | | | | | | | | |
Earnings Per Share: | | | | | | | | | | | | | | | | |
Basic | | $ | 0.07 | | $ | 0.09 | | (22%) | | $ | 0.16 | | $ | 0.18 | | (11%) |
Diluted | | $ | 0.07 | | $ | 0.09 | | (22%) | | $ | 0.16 | | $ | 0.18 | | (11%) |
"In local currencies, net operating revenue increased by 11% in Canada, 3% in the United States and 4% in Poland. While those increases were in line with our expectations, earnings and operating margins declined overall. Earnings were impacted by one-time expenses related to the opening of the new casino at the Hilton Warsaw Hotel and the acquisition of Saw Close Casino Ltd. for our new casino in Bath, England," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said. "We are very pleased with the development progress at Century Mile Racetrack and Casino in Edmonton, Canada as well as at the Saw Close Casino project," they continued.
Reportable Segment Results*
The table below shows the Company's operating segments that are included in each of the Company's reportable segments as of June 30, 2017:
Reportable Segment | Operating Segment |
Canada | Century Casino & Hotel - Edmonton |
Canada | Century Casino St. Albert |
Canada | Century Casino Calgary |
Canada | Century Downs Racetrack and Casino |
Canada | Century Bets! |
United States Werbung Mehr Nachrichten zur Century Casinos Inc Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |