Century Casinos announced Friday its financial results for the second quarter of 2022. The company reported a 21% increase in its net operating revenue in a year-over-year comparison to $111,1 million during the period.
The brand’s earnings from operations were $208 million, an increase of 15% from the same period in 2021. Net earnings attributable to Century Casinos’ shareholders were up 29% to $8.9 million, and Adjusted EBITDA was $29.8 million, an increase of 18% from 2021.
Peter Hoetzinger (left) and Erwin Haitzmann, Co-Chief Executive Officers of Century Casinos.
In a press release, Erwin Haitzmann, and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked: “We achieved the highest net operating revenue and Adjusted EBITDA during a second quarter in the history of the company. We are pleased with the strong contribution from our operations in Canada which have continued to improve after Alberta removed COVID-19 restrictions“.
The company’s US operations delivered most of the quarter’s revenue at $70.3 million, down from 2021’s $76.7 million. Meanwhile, Canadian operations were up to $19.03 million from $6.6 million one year earlier; and the group’s Polish properties also saw a significant increase to $21.7 million from $8.6 million in the same period last year.
With very few COVID-19 restrictions left, and as all properties are operating without any health and safety requirements, the company has maintained the same 27% EBITDA margin, although it has faced higher costs compared to last year.
In April, the company completed its previously announced acquisition of 50% of the membership interests in Smooth Bourbon from Marnell Gaming for $95 million, as part of its agreement to acquire Nugget Casino Resort in Sparks, near Reno in Nevada. Pursuant to a definitive agreement and subject to approval from the Nevada Gaming Commission, the company will purchase 100% of the membership interests in Nugget Sparks for $100 million. The acquisition is expected to occur within one year.
On the same day, the company also entered into a Credit Agreement with Goldman Sachs Bank USA, which will provide for a $350 million term loan and a $30 million revolving credit facility.
See the full Q2 report here.