Century Casinos Inc - CNTY STOCK NEWS

Century Casinos has opened its new land-based casino and hotel in Caruthersville, Missouri. The 26,000 square feet facility features 599 slot machines and nine live tables, representing a 50% increase in gaming positions compared to the temporary location. The development includes a restaurant, bar, and 74 hotel rooms, with a total development cost of $51.9 million funded through VICI Properties. The project transforms the last remaining riverboat casino on the Mississippi River into a full destination resort, aiming to attract customers from Missouri, Tennessee, and Arkansas.

Century Casinos (CNTY) has announced its upcoming third quarter 2024 earnings release and conference call schedule. The company will release its Q3 2024 earnings on Monday, November 4, 2024, followed by an earnings conference call at 8:00 am MST (10:00 am EST) on the same day. Participants should dial in 15 minutes early using 1-888-999-5318 for US and Canadian callers, or +1 848-280-6460 for international participants, with conference ID 'Casinos'. The call can be accessed live at the provided webinar link or recorded version at the company's website.

Century Casinos announced the opening of its new land-based Century Casino & Hotel Caruthersville in Missouri on November 1, 2024, following Missouri Gaming Commission's approval. The new facility represents a significant expansion with 599 slot machines and nine live table games, marking a 50% increase in gaming positions. The hotel capacity will double to 74 rooms. The $51.9 million project, funded by VICI Properties, was completed on time and on budget since construction began in December 2022. The property will be part of a triple net master lease agreement with VICI, increasing annual rent by $4.2 million.

Century Casinos (NASDAQ: CNTY) reported its Q2 2024 financial results, revealing a mixed performance. Net operating revenue increased by 7% to $146.4 million compared to Q2 2023, driven by gains in the U.S. and Canada. However, earnings from operations declined by 23% to $14.3 million, and there was a net loss of $41.6 million, translating to a basic loss per share of $1.36.

Adjusted EBITDAR decreased by 6% to $27.4 million. The company cited a valuation allowance on U.S. deferred tax assets, underperformance at the Nugget Casino Resort, and temporary closures in Poland as key challenges. Despite these setbacks, Century Casinos maintains a positive outlook, with significant capital projects nearing completion, including a new casino in Caruthersville, Missouri, and renovations in Poland.

As of June 30, 2024, the company had $123.2 million in cash and $341.6 million in outstanding debt. The company’s capital expenditures for the remainder of 2024 and 2025 are projected at $12.6 million and $12.0 million, respectively.

Century Casinos (NASDAQ: CNTY) has announced the dates for its Q2 2024 earnings release and conference call. The company will release its second quarter 2024 earnings on Thursday, August 8, 2024. On the same day, Century Casinos will host its Q2 2024 Earnings Conference Call at 8:00 am MDT (10:00 am EDT).

Participants are advised to dial in 15 minutes before the call. US domestic and Canadian participants should dial 1-800-343-4136, while all other international participants should use +1 203-518-9843. The conference ID is 'Casinos'. Investors can listen to the call live at the provided link or obtain a recording of the call on the company's website.

Century Casinos (NASDAQ: CNTY) has appointed Eric Rose as Senior Vice President and General Manager of the Nugget Casino Resort in Sparks, Nevada. Rose, a 32-year veteran in gaming and hospitality, succeeds the previous general manager who has left the company. This appointment comes after a challenging first half of the year at the Nugget with lower-than-expected revenue.

The Nugget has undergone right-sizing and cost-cutting initiatives, along with property upgrades including new slot machines, a high-limit room, restaurant refreshes, and exterior improvements. Century Casinos' Co-CEOs believe these changes, combined with Rose's leadership, will set the Nugget up for future success.

Century Casinos (NASDAQ: CNTY) announced its participation in Stifel's 2024 Cross Sector Insight Conference in Boston, Massachusetts, on June 4-5, 2024.

Peter Hoetzinger, President & Co-CEO, will present the company and conduct one-on-one meetings with selected institutional investors.

The presentation used for these meetings is available on the company's website.

Century Casinos, Inc. reported a challenging first quarter in 2024 with net operating revenue increasing by 25% to $136.0 million. However, earnings from operations decreased by 55% to $8.3 million, and the net loss attributable to shareholders was ($13.5) million, a change of (990%). Adjusted EBITDAR declined by 18% to $21.3 million. The company cited construction disruptions, casino closures in Poland, and severe weather impacting its US casinos as key challenges. Despite these setbacks, Century Casinos remains optimistic about the second half of 2024 and beyond, with ongoing capital projects expected to improve operations by 2025.

Century Casinos, Inc. announced the release date for its first-quarter 2024 earnings and conference call. The earnings will be released on May 9, 2024, with a conference call at 8:00 am MDT. Participants can dial in 15 minutes early, with different numbers for domestic, Canadian, and international participants.