Century Casinos, Inc. Announces Second Quarter 2024 Results
Challenging First Half of the Year but Maintain Positive Outlook
Second Quarter 2024 Highlights*
Compared to the three months ended
- Net operating revenue was
$146.4 million , an increase of 7%. - Earnings from operations were
$14.3 million , a decrease of (23%). - Net loss attributable to Century Casinos, Inc. shareholders was
($41.6) million and basic loss per share was ($1.36 ). - Adjusted EBITDAR** was
$27.4 million , a decrease of (6%).
"Results for the second quarter of 2024 were impacted by a valuation allowance on our US deferred tax assets, a disappointing performance at the Nugget Casino Resort as well as temporary closures of two casinos in
UPDATES
Valuation Allowance
– During the second quarter of 2024, the Company recorded a valuation allowance on its net deferred tax assets related to
RESULTS
The consolidated results for the three and six months ended
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For the three months |
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For the six months |
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Amounts in thousands, except per share data |
ended |
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% |
ended |
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% |
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Consolidated Results: |
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2024 |
|
|
2023 |
|
Change |
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|
2024 |
|
|
2023 |
|
Change |
Net Operating Revenue |
|
$ |
146,435 |
|
$ |
136,761 |
|
7 % |
|
$ |
282,451 |
|
$ |
245,268 |
|
15 % |
Earnings from Operations |
|
|
14,261 |
|
|
18,629 |
|
(23 %) |
|
|
22,547 |
|
|
37,028 |
|
(39 %) |
Net Loss Attributable to |
|
$ |
(41,613) |
|
$ |
(1,959) |
|
(2024 %) |
|
$ |
(55,157) |
|
$ |
(3,202) |
|
(1623 %) |
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Adjusted EBITDAR** |
|
$ |
27,448 |
|
$ |
29,288 |
|
(6 %) |
|
$ |
48,697 |
|
$ |
55,340 |
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(12 %) |
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Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders: |
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Basic |
|
$ |
(1.36) |
|
$ |
(0.06) |
|
(2167 %) |
|
$ |
(1.81) |
|
$ |
(0.11) |
|
(1546 %) |
Diluted |
|
$ |
(1.36) |
|
$ |
(0.06) |
|
(2167 %) |
|
$ |
(1.81) |
|
$ |
(0.11) |
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(1546 %) |
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RESULTS BY REPORTABLE SEGMENT*
Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended
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Net Operating Revenue |
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For the three months |
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For the six months |
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Amounts in |
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ended |
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$ |
|
% |
|
ended |
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|
$ |
|
% |
||||||||
thousands |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
|
2024 |
|
2023 |
|
|
Change |
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Change |
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|
$ |
106,515 |
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$ |
94,408 |
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$ |
12,107 |
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13 % |
|
$ |
202,543 |
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$ |
160,772 |
|
$ |
41,771 |
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26 % |
|
|
|
19,827 |
|
|
18,834 |
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|
993 |
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5 % |
|
|
38,153 |
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|
35,342 |
|
|
2,811 |
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8 % |
|
|
|
20,093 |
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23,515 |
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(3,422) |
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(15 %) |
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41,742 |
|
|
49,093 |
|
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(7,351) |
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(15 %) |
Corporate and Other |
|
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— |
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|
4 |
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|
(4) |
|
(100 %) |
|
|
13 |
|
|
61 |
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|
(48) |
|
(79 %) |
Consolidated |
|
$ |
146,435 |
|
$ |
136,761 |
|
$ |
9,674 |
|
7 % |
|
$ |
282,451 |
|
$ |
245,268 |
|
$ |
37,183 |
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15 % |
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Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended
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Earnings (Loss) from Operations |
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For the three months |
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For the six months |
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Amounts in |
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ended |
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$ |
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% |
|
ended |
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$ |
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% |
||||||||
thousands |
|
2024 |
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2023 |
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|
Change |
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Change |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
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|
|
$ |
14,102 |
|
$ |
17,531 |
|
$ |
(3,429) |
|
(20 %) |
|
$ |
22,561 |
|
$ |
31,801 |
|
$ |
(9,240) |
|
(29 %) |
|
|
|
4,362 |
|
|
4,645 |
|
|
(283) |
|
(6 %) |
|
|
8,398 |
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|
8,652 |
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(254) |
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(3 %) |
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|
(181) |
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|
1,224 |
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|
(1,405) |
|
(115 %) |
|
|
(202) |
|
|
3,867 |
|
|
(4,069) |
|
(105 %) |
Corporate and Other |
|
|
(4,022) |
|
|
(4,771) |
|
|
749 |
|
16 % |
|
|
(8,210) |
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|
(7,292) |
|
|
(918) |
|
(13 %) |
Consolidated |
|
$ |
14,261 |
|
$ |
18,629 |
|
$ |
(4,368) |
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(23 %) |
|
$ |
22,547 |
|
$ |
37,028 |
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$ |
(14,481) |
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(39 %) |
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Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended
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Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
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For the three months |
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For the six months |
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Amounts in |
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ended |
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$ |
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% |
|
ended |
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|
$ |
|
% |
||||||||
thousands |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
||||
|
|
$ |
(27,593) |
|
$ |
7,252 |
|
$ |
(34,845) |
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(480 %) |
|
$ |
(29,137) |
|
$ |
12,627 |
|
$ |
(41,764) |
|
(331 %) |
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|
1,009 |
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|
2,729 |
|
|
(1,720) |
|
(63 %) |
|
|
2,146 |
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|
4,602 |
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|
(2,456) |
|
(53 %) |
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|
(40) |
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|
704 |
|
|
(744) |
|
(106 %) |
|
|
(35) |
|
|
2,277 |
|
|
(2,312) |
|
(102 %) |
Corporate and Other |
|
|
(14,989) |
|
|
(12,644) |
|
|
(2,345) |
|
(19 %) |
|
|
(28,131) |
|
|
(22,708) |
|
|
(5,423) |
|
(24 %) |
Consolidated |
|
$ |
(41,613) |
|
$ |
(1,959) |
|
$ |
(39,654) |
|
(2024 %) |
|
$ |
(55,157) |
|
$ |
(3,202) |
|
$ |
(51,955) |
|
(1623 %) |
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Items deducted from or added to earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense and a valuation allowance on net deferred tax assets in
Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and six months ended
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Adjusted EBITDAR** |
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For the three months |
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For the six months |
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||||||||
Amounts in |
|
ended |
|
|
$ |
|
% |
|
ended |
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|
$ |
|
% |
||||||||
thousands |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
|
2024 |
|
2023 |
|
|
Change |
|
Change |
||||
|
|
$ |
25,037 |
|
$ |
25,824 |
|
$ |
(787) |
|
(3 %) |
|
$ |
44,175 |
|
$ |
45,595 |
|
$ |
(1,420) |
|
(3 %) |
|
|
|
5,451 |
|
|
5,114 |
|
|
337 |
|
7 % |
|
|
10,599 |
|
|
9,676 |
|
|
923 |
|
10 % |
|
|
|
450 |
|
|
1,885 |
|
|
(1,435) |
|
(76 %) |
|
|
1,208 |
|
|
5,163 |
|
|
(3,955) |
|
(77 %) |
Corporate and Other |
|
|
(3,490) |
|
|
(3,535) |
|
|
45 |
|
1 % |
|
|
(7,285) |
|
|
(5,094) |
|
|
(2,191) |
|
(43 %) |
Consolidated |
|
$ |
27,448 |
|
$ |
29,288 |
|
$ |
(1,840) |
|
(6 %) |
|
$ |
48,697 |
|
$ |
55,340 |
|
$ |
(6,643) |
|
(12 %) |
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BALANCE SHEET AND LIQUIDITY
As of
CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the
The Company will host its second quarter 2024 earnings conference call today,
* |
Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported. |
** |
Adjusted EBITDAR, Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below. |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
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Condensed Consolidated Statements of Loss |
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For the three months |
For the six months |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands, except for per share information |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Net operating revenue |
|
$ |
146,435 |
|
$ |
136,761 |
|
$ |
282,451 |
|
$ |
245,268 |
Operating costs and expenses: |
|
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|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
132,174 |
|
|
118,162 |
|
|
259,904 |
|
|
209,361 |
Earnings from equity investment |
|
|
— |
|
|
30 |
|
|
— |
|
|
1,121 |
Earnings from operations |
|
|
14,261 |
|
|
18,629 |
|
|
22,547 |
|
|
37,028 |
Non-operating (expense) income, net |
|
|
(23,655) |
|
|
(18,170) |
|
|
(47,621) |
|
|
(31,915) |
(Loss) earnings before income taxes |
|
|
(9,394) |
|
|
459 |
|
|
(25,074) |
|
|
5,113 |
Income tax expense |
|
|
(29,619) |
|
|
(96) |
|
|
(25,633) |
|
|
(1,719) |
Net (loss) earnings |
|
|
(39,013) |
|
|
363 |
|
|
(50,707) |
|
|
3,394 |
Net earnings attributable to non-controlling interests |
|
|
(2,600) |
|
|
(2,322) |
|
|
(4,450) |
|
|
(6,596) |
Net loss attributable to Century Casinos, Inc. shareholders |
|
$ |
(41,613) |
|
$ |
(1,959) |
|
$ |
(55,157) |
|
$ |
(3,202) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
Basic |
|
$ |
(1.36) |
|
$ |
(0.06) |
|
$ |
(1.81) |
|
$ |
(0.11) |
Diluted |
|
$ |
(1.36) |
|
$ |
(0.06) |
|
$ |
(1.81) |
|
$ |
(0.11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,683 |
|
|
30,335 |
|
|
30,551 |
|
|
30,196 |
Diluted |
|
|
30,683 |
|
|
30,335 |
|
|
30,551 |
|
|
30,196 |
|
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Condensed Consolidated Balance Sheets |
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||
Amounts in thousands |
|
2024 |
|
2023 |
||
Assets |
|
|
|
|
|
|
Current assets |
|
$ |
161,992 |
|
$ |
207,017 |
Property and equipment, net |
|
|
919,799 |
|
|
913,561 |
Other assets |
|
|
219,903 |
|
|
239,084 |
Total assets |
|
$ |
1,301,694 |
|
$ |
1,359,662 |
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities |
|
$ |
82,661 |
|
$ |
93,619 |
Non-current liabilities |
|
|
1,062,020 |
|
|
1,051,602 |
|
|
|
64,579 |
|
|
121,392 |
Non-controlling interests |
|
|
92,434 |
|
|
93,049 |
Total liabilities and equity |
|
$ |
1,301,694 |
|
$ |
1,359,662 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
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|
|||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
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|
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|
For the three months ended |
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Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net (loss) earnings attributable to |
|
$ |
(27,593) |
|
$ |
1,009 |
|
$ |
(40) |
|
$ |
(14,989) |
|
$ |
(41,613) |
Interest expense (income), net (1) |
|
|
11,694 |
|
|
3,152 |
|
|
(20) |
|
|
10,257 |
|
|
25,083 |
Income tax expense |
|
|
28,225 |
|
|
456 |
|
|
87 |
|
|
851 |
|
|
29,619 |
Depreciation and amortization |
|
|
10,803 |
|
|
1,088 |
|
|
515 |
|
|
43 |
|
|
12,449 |
Net earnings (loss) attributable to non-controlling interests |
|
|
1,776 |
|
|
843 |
|
|
(19) |
|
|
— |
|
|
2,600 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
343 |
|
|
343 |
(Gain) loss on foreign currency transactions, cost recovery income and other (2) |
|
|
— |
|
|
(1,098) |
|
|
(189) |
|
|
5 |
|
|
(1,282) |
Loss on disposition of fixed assets |
|
|
132 |
|
|
1 |
|
|
116 |
|
|
— |
|
|
249 |
Adjusted EBITDAR |
|
$ |
25,037 |
|
$ |
5,451 |
|
$ |
450 |
|
$ |
(3,490) |
|
$ |
27,448 |
|
|
(1) |
See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Includes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
7,252 |
|
$ |
2,729 |
|
$ |
704 |
|
$ |
(12,644) |
|
$ |
(1,959) |
Interest expense (income), net (1) |
|
|
7,299 |
|
|
547 |
|
|
(117) |
|
|
10,501 |
|
|
18,230 |
Income tax expense (benefit) |
|
|
1,188 |
|
|
1,145 |
|
|
388 |
|
|
(2,625) |
|
|
96 |
Depreciation and amortization |
|
|
8,326 |
|
|
1,146 |
|
|
661 |
|
|
57 |
|
|
10,190 |
Net earnings attributable to non-controlling interests |
|
|
1,792 |
|
|
177 |
|
|
353 |
|
|
— |
|
|
2,322 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
928 |
|
|
928 |
Gain on foreign currency transactions and cost recovery income (2) |
|
|
— |
|
|
(630) |
|
|
(104) |
|
|
(3) |
|
|
(737) |
Gain on disposition of fixed assets |
|
|
(33) |
|
|
— |
|
|
— |
|
|
— |
|
|
(33) |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
251 |
|
|
251 |
Adjusted EBITDAR |
|
$ |
25,824 |
|
$ |
5,114 |
|
$ |
1,885 |
|
$ |
(3,535) |
|
$ |
29,288 |
|
|
(1) |
See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Includes |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
|||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
|
|||||||||||||||
|
For the six months ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net (loss) earnings attributable to |
|
$ |
(29,137) |
|
$ |
2,146 |
|
$ |
(35) |
|
$ |
(28,131) |
|
$ |
(55,157) |
Interest expense (income), net (1) |
|
|
23,440 |
|
|
6,061 |
|
|
(55) |
|
|
20,765 |
|
|
50,211 |
Income tax expense (benefit) |
|
|
24,705 |
|
|
1,184 |
|
|
238 |
|
|
(494) |
|
|
25,633 |
Depreciation and amortization |
|
|
21,093 |
|
|
2,237 |
|
|
1,053 |
|
|
97 |
|
|
24,480 |
Net earnings (loss) attributable to non-controlling interests |
|
|
3,553 |
|
|
914 |
|
|
(17) |
|
|
— |
|
|
4,450 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
846 |
|
|
846 |
Gain on foreign currency transactions, cost recovery income and other (2) |
|
|
— |
|
|
(1,907) |
|
|
(333) |
|
|
(350) |
|
|
(2,590) |
Loss (gain) on disposition of fixed assets |
|
|
521 |
|
|
(36) |
|
|
357 |
|
|
1 |
|
|
843 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
(19) |
|
|
(19) |
Adjusted EBITDAR |
|
$ |
44,175 |
|
$ |
10,599 |
|
$ |
1,208 |
|
$ |
(7,285) |
|
$ |
48,697 |
|
|
(1) |
See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Includes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
12,627 |
|
$ |
4,602 |
|
$ |
2,277 |
|
$ |
(22,708) |
|
$ |
(3,202) |
Interest expense (income), net (1) |
|
|
14,418 |
|
|
1,070 |
|
|
(211) |
|
|
20,455 |
|
|
35,732 |
Income tax expense (benefit) |
|
|
2,964 |
|
|
2,779 |
|
|
1,020 |
|
|
(5,044) |
|
|
1,719 |
Depreciation and amortization |
|
|
13,357 |
|
|
2,272 |
|
|
1,295 |
|
|
120 |
|
|
17,044 |
Net earnings attributable to non-controlling interests |
|
|
1,792 |
|
|
3,665 |
|
|
1,139 |
|
|
— |
|
|
6,596 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
1,664 |
|
|
1,664 |
(Gain) loss on foreign currency transactions, cost recovery income and other (2) |
|
|
— |
|
|
(4,715) |
|
|
(358) |
|
|
5 |
|
|
(5,068) |
Loss on disposition of fixed assets |
|
|
437 |
|
|
3 |
|
|
1 |
|
|
5 |
|
|
446 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
409 |
|
|
409 |
Adjusted EBITDAR |
|
$ |
45,595 |
|
$ |
9,676 |
|
$ |
5,163 |
|
$ |
(5,094) |
|
$ |
55,340 |
|
|
(1) |
See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Includes |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||
|
|||||||||||||
Net Income (Loss) Margins** and Adjusted EBITDAR Margins*** |
|||||||||||||
|
|||||||||||||
|
|
|
|
For the three months |
|
|
For the six months |
||||||
|
|
|
|
ended |
|
|
ended |
||||||
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net Operating Revenue |
|
$ |
106,515 |
|
$ |
94,408 |
|
$ |
202,543 |
|
$ |
160,772 |
|
Net Income (Loss) Margin |
|
|
(26 %) |
|
|
8 % |
|
|
(14 %) |
|
|
8 % |
|
Adjusted EBITDAR Margin |
|
|
24 % |
|
|
27 % |
|
|
22 % |
|
|
28 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue |
|
$ |
19,827 |
|
$ |
18,834 |
|
$ |
38,153 |
|
$ |
35,342 |
|
Net Income (Loss) Margin |
|
|
5 % |
|
|
15 % |
|
|
6 % |
|
|
13 % |
|
Adjusted EBITDAR Margin |
|
|
28 % |
|
|
27 % |
|
|
28 % |
|
|
27 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue |
|
$ |
20,093 |
|
$ |
23,515 |
|
$ |
41,742 |
|
$ |
49,093 |
|
Net Income (Loss) Margin |
|
|
— |
|
|
3 % |
|
|
— |
|
|
5 % |
|
Adjusted EBITDAR Margin |
|
|
2 % |
|
|
8 % |
|
|
3 % |
|
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other |
Net Operating Revenue |
|
$ |
— |
|
$ |
4 |
|
$ |
13 |
|
$ |
61 |
|
Net Income (Loss) Margin |
|
|
NM (1) |
|
|
NM |
|
|
NM |
|
|
NM |
|
Adjusted EBITDAR Margin |
|
|
NM |
|
|
NM |
|
|
NM |
|
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
Net Operating Revenue |
|
$ |
146,435 |
|
$ |
136,761 |
|
$ |
282,451 |
|
$ |
245,268 |
|
Net Income (Loss) Margin |
|
|
(28 %) |
|
|
(1 %) |
|
|
(20 %) |
|
|
(1 %) |
|
Adjusted EBITDAR Margin |
|
|
19 % |
|
|
21 % |
|
|
17 % |
|
|
23 % |
|
|
(1) |
Not meaningful. |
Summary of Interest Expense (Income), Net |
||||||||||||
|
||||||||||||
|
For the three months |
For the six months |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Interest income |
|
$ |
(673) |
|
$ |
(119) |
|
$ |
(1,359) |
|
$ |
(265) |
Interest expense - Credit Agreements |
|
|
9,821 |
|
|
9,742 |
|
|
19,720 |
|
|
18,999 |
Interest expense - VICI Financing Obligation |
|
|
15,175 |
|
|
7,299 |
|
|
30,374 |
|
|
14,418 |
Interest expense - CDR Land Lease (1) |
|
|
— |
|
|
538 |
|
|
— |
|
|
1,052 |
Interest expense - Deferred Financing Costs |
|
|
674 |
|
|
674 |
|
|
1,348 |
|
|
1,347 |
Interest expense - Misc |
|
|
86 |
|
|
96 |
|
|
128 |
|
|
181 |
Interest expense (income), net |
|
$ |
25,083 |
|
$ |
18,230 |
|
$ |
50,211 |
|
$ |
35,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The CDR Land Lease ended on |
Cash Rent Payments |
||||||||||||
|
||||||||||||
|
For the three months |
For the six months |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
$ |
15,195 |
|
$ |
6,866 |
|
$ |
24,639 |
|
$ |
13,731 |
CDR Land Lease |
|
|
— |
|
|
486 |
|
|
— |
|
|
983 |
Nugget Lease (1) |
|
|
1,913 |
|
|
1,900 |
|
|
3,175 |
|
|
1,900 |
|
|
(1) |
Represents payments with respect to the 50% interest in the Nugget Lease owned by |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||
|
||
The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of |
||
|
||
Reportable Segment |
Operating Segment |
Reporting Unit |
|
East |
|
|
|
|
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
West |
|
|
|
|
|
|
|
|
|
Century |
|
|
Century Downs Racetrack and Casino |
|
|
Casinos |
Corporate and Other |
Corporate and Other |
Cruise Ships & Other (1) |
|
|
Corporate Other (2) |
|
|
(1) |
The Company operated on ship-based casinos through |
(2) |
The Company's equity interest in Smooth Bourbon was included in the Corporate Other reporting unit until |
* We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP.
Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our
Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our
** The Company defines net income (loss) margin as net income (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue.
*** The Company defines Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of the Company's casino operations.
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. In
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
FORWARD-LOOKING STATEMENTS, BUSINESS ENVIRONMENT AND RISK FACTORS
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding projects in development and other opportunities, including our
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