Century Casinos Announces Polish Casino Closures for Three Weeks in Response to COVID-19 Pandemic

Rhea-AI Summary

Century Casinos (CNTY) announced its Polish casinos will temporarily close from December 28, 2020, to January 18, 2021, in compliance with government quarantines aimed at curbing COVID-19 spread. This closure impacts approximately 4% of the Company's Adjusted EBITDA for the third quarter of 2020. The ongoing pandemic is expected to adversely affect the Company through at least the first half of 2021.

Positive

• The Polish operating segment contributes 4% of Adjusted EBITDA.

Negative

• Temporary closure of Polish casinos could reduce revenues significantly.
• The COVID-19 pandemic is expected to impact operations into the first half of 2021.

COLORADO SPRINGS, Colo., Dec. 28, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company") announced today that it will temporarily close its Polish casinos at 11:59 p.m. on Monday, December 28, 2020 through Monday, January 18, 2021 to comply with quarantines issued by the Polish government to contain the spread of COVID-19.

The Poland operating segment contributed 4% of the Company's Adjusted EBITDA for the three months ended September 30, 2020.

The COVID-19 situation continues to evolve rapidly, and it currently appears that due to the pandemic's current scope it will adversely impact the Company at least through the first half of 2021.

About Century Casinos, Inc.:

Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta, Canada; and Century Bets! Inc. ("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, Century Resorts Management GmbH ("CRM"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company operates four ship-based casinos. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other projects in various stages of development.

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.

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 future results of operations, including the impact of the current coronavirus (COVID-19) pandemic on its reporting and operating segments and the Company overall. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019, in Item 8.01 of our Form 8-K filed with the Securities and Exchange Commission ("SEC") on May 8, 2020, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

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SOURCE Century Casinos, Inc.

FAQ

What is the impact of the temporary closure of Century Casinos' Polish casinos on earnings?

The Polish casinos' closure may reduce revenues significantly as this segment contributed 4% of Adjusted EBITDA in Q3 2020.

How long will Century Casinos' Polish casinos be closed?

The casinos will be closed from December 28, 2020, until January 18, 2021.

What is Century Casinos doing in response to the COVID-19 pandemic?

Century Casinos is temporarily closing its Polish casinos to comply with government quarantines to contain the spread of COVID-19.

What percentage of Century Casinos' EBITDA comes from Polish operations?

Polish operations contributed 4% of the Company's Adjusted EBITDA for the three months ended September 30, 2020.

How is the COVID-19 pandemic affecting Century Casinos' operations?

The pandemic is expected to adversely affect the Company at least through the first half of 2021.