Century Casinos, Inc. Announces Second Quarter 2021 Results

Rhea-AI Summary

Century Casinos, Inc. (CNTY) reported second-quarter 2021 financial results, showing a 155% increase in net operating revenue to $92.2 million compared to Q2 2020. Earnings from operations surged 957% to $18.1 million, and net earnings attributable to shareholders rose 154% to $6.9 million. Adjusted EBITDA reached a record $25.2 million, a remarkable increase of 1532%. The company's properties have reopened fully post-COVID-19, contributing to these strong results. As of June 30, 2021, Century Casinos held $80.2 million in cash with no substantial debt due before 2026.

Positive

• Net operating revenue increased by 155% to $92.2 million.
• Earnings from operations surged 957% to $18.1 million.
• Net earnings attributable to shareholders rose 154% to $6.9 million.
• Adjusted EBITDA reached $25.2 million, up 1532%.
• The company has a strong balance sheet, holding $80.2 million in cash.

Negative

• Canadian casinos saw a revenue decrease of 59% for six months compared to 2020.
• Poland casinos reported a 40% decline in revenue for the six months.

COLORADO SPRINGS, Colo., Aug. 6, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2021.

Second Quarter 2021 Highlights*

• Net operating revenue was $92.2 million, an increase of 155% from the three months ended June 30, 2020.
• Earnings from operations was $18.1 million, an increase of 957% from the three months ended June 30, 2020.
• Net earnings attributable to Century Casinos, Inc. shareholders was $6.9 million, a change of 154% from the three months ended June 30, 2020.
• Adjusted EBITDA** was $25.2 million, an increase of 1532% from the three months ended June 30, 2020.
• Basic and diluted earnings per share were $0.23 and $0.22, respectively.
• Book value per share*** at June 30, 2021 was $4.31.

COVID-19 UPDATE
In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic had an adverse effect on the Company's 2020 results of operations and financial condition, and impacted the Company's results of operations to a lesser extent in the first half of 2021 because the Company's United States properties were open and operating during this period.

The Company's Canada properties reopened on June 10, 2021, and its Poland casinos reopened on May 28, 2021. The Company's casinos in the United States have been open since June 2020 but have been required to vary their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.

The consolidated results for the three and six months ended June 30, 2021 and 2020 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:			2021			2020		% Change			2021			2020		% Change
Net Operating Revenue		$	92,185		$	36,103		155%		$	164,599		$	123,760		33%
Earnings (Loss) from Operations			18,112			(2,114)		957%			26,361			(33,887)		178%
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders		$	6,855		$	(12,607)		154%		$	5,436		$	(58,463)		109%
Adjusted EBITDA**		$	25,238		$	(1,762)		1532%		$	39,983		$	7,822		411%
Earnings (Loss) Per Share Attributable to Century Casinos, Inc. Shareholders:
Basic		$	0.23		$	(0.43)		154%		$	0.18		$	(1.98)		109%
Diluted		$	0.22		$	(0.43)		151%		$	0.18		$	(1.98)		109%

"With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly Adjusted EBITDA** in the Company's history and a consolidated Adjusted EBITDA margin** of 27.4%," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We continue to have a strong balance sheet and no substantial debt maturities before 2026," Messrs. Haitzmann and Hoetzinger concluded.

REPORTABLE SEGMENT RESULTS*
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 June 30, 2021:

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary	Century Downs Racetrack and Casino
		Century Sports
		Century Bets! Inc.
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other

The Company's net operating revenue increased by $56.1 million, or 155%, and by $40.8 million, or 33%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:

		Net Operating Revenue
		For the three months											For the six months
		ended June 30,							$		%		ended June 30,							$		%
Amounts in thousands		2021			2020				Change		Change		2021			2020				Change		Change
United States		$	76,700		$	23,832		$	52,868		222%		$	141,072		$	77,262		$	63,810		83%
Canada			6,658			4,719			1,939		41%			8,666			20,902			(12,236)		(59%)
Poland			8,689			7,390			1,299		18%			14,599			24,453			(9,854)		(40%)
Corporate and Other			138			162			(24)		(15%)			262			1,143			(881)		(77%)
Consolidated		$	92,185		$	36,103		$	56,082		155%		$	164,599		$	123,760		$	40,839		33%

The Company's earnings (loss) from operations increased by $20.2 million, or 957%, and by $60.2 million, or 178%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:

		Earnings (Loss) from Operations
		For the three months											For the six months
		ended June 30,							$		%		ended June 30,							$		%
Amounts in thousands		2021			2020				Change		Change		2021			2020				Change		Change
United States		$	23,529		$	(3,317)		$	26,846		809%		$	41,058		$	(28,401)		$	69,459		245%
Canada			(612)			(1,229)			617		50%			(4,436)			(2,917)			(1,519)		(52%)
Poland			(1,810)			(2,201)			391		18%			(5,170)			(1,910)			(3,260)		(171%)
Corporate and Other			(2,995)			4,633			(7,628)		(165%)			(5,091)			(659)			(4,432)		(673%)
Consolidated		$	18,112		$	(2,114)		$	20,226		957%		$	26,361		$	(33,887)		$	60,248		178%

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $19.5 million, or 154%, and by $63.9 million, or 109%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:

		Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders
		For the three months											For the six months
		ended June 30,							$		%		ended June 30,							$		%
Amounts in thousands		2021			2020				Change		Change		2021			2020				Change		Change
United States		$	16,502		$	(10,271)		$	26,773		261%		$	27,096		$	(43,659)		$	70,755		162%
Canada			(1,525)			(1,781)			256		14%			(5,040)			(5,987)			947		16%
Poland			(1,038)			(1,246)			208		17%			(2,873)			(1,218)			(1,655)		(136%)
Corporate and Other			(7,084)			691			(7,775)		(1125%)			(13,747)			(7,599)			(6,148)		(81%)
Consolidated		$	6,855		$	(12,607)		$	19,462		154%		$	5,436		$	(58,463)		$	63,899		109%

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

Adjusted EBITDA** increased by $27.0 million, or 1532%, and by $32.2 million, or 411%, for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020:

		Adjusted EBITDA**
		For the three months											For the six months
		ended June 30,							$		%		ended June 30,							$		%
Amounts in thousands		2021			2020				Change		Change		2021			2020				Change		Change
United States		$	28,247		$	2,086		$	26,161		1254%		$	50,376		$	10,850		$	39,526		364%
Canada			639			(1)			640		64000%			(1,850)			3,025			(4,875)		(161%)
Poland			(1,042)			(1,466)			424		29%			(3,608)			(407)			(3,201)		(787%)
Corporate and Other			(2,606)			(2,381)			(225)		(9%)			(4,935)			(5,646)			711		13%
Consolidated		$	25,238		$	(1,762)		$	27,000		1532%		$	39,983		$	7,822		$	32,161		411%

BALANCE SHEET AND LIQUIDITY
As of June 30, 2021, the Company had $80.2 million in cash and cash equivalents and $183.9 million in outstanding debt on its balance sheet compared to $63.4 million in cash and cash equivalents and $184.6 million in outstanding debt at December 31, 2020. The outstanding debt as of June 30, 2021 included $167.5 million related to the Company's credit agreement with Macquarie Capital ("Macquarie"), $0.8 million of bank debt related to Casinos Poland, $8.4 million of bank debt related to Century Resorts Management GmbH ("CRM"), and $15.7 million related to a long-term land lease for Century Downs Racetrack and Casino ("CDR"), net of $8.5 million in deferred financing costs. The Company also has a $280.1 million long-term financing obligation under its triple net master lease ("Master Lease").

CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2021 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the second quarter results on its website at www.cnty.com/investor/presentations/.

The Company will host its second quarter 2021 earnings conference call today, Friday, August 6, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company's website until August 31, 2021 at www.cnty.com/investor/financials/sec-filings/.

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDA and Adjusted EBITDA margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
*** The Company defines book value per share as total Century Casinos, Inc. shareholders' equity divided by outstanding common shares.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS
Condensed Consolidated Statements of Earnings (Loss)
	For the three months						For the six months
	ended June 30,						ended June 30,
Amounts in thousands, except for per share information		2021			2020			2021			2020
Operating revenue:
Net operating revenue		$	92,185		$	36,103		$	164,599		$	123,760
Operating costs and expenses:
Total operating costs and expenses			74,073			38,217			138,238			157,647
Earnings (loss) from operations			18,112			(2,114)			26,361			(33,887)
Non-operating (expense) income, net			(10,720)			(10,501)			(20,773)			(21,865)
Earnings (loss) before income taxes			7,392			(12,615)			5,588			(55,752)
Income tax provision			(1,120)			(582)			(1,219)			(3,106)
Net earnings (loss)			6,272			(13,197)			4,369			(58,858)
Net loss attributable to non-controlling interests			583			590			1,067			395
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	6,855		$	(12,607)		$	5,436		$	(58,463)
Earnings (loss) per share attributable to Century Casinos, Inc. shareholders:
Basic		$	0.23		$	(0.43)		$	0.18		$	(1.98)
Diluted		$	0.22		$	(0.43)		$	0.18		$	(1.98)
Weighted average common shares
Basic			29,579			29,576			29,578			29,541
Diluted			30,935			29,576			30,708			29,541

Condensed Consolidated Balance Sheets
		June 30,			December 31,
Amounts in thousands		2021			2020
Assets
Current assets		$	110,001		$	94,622
Property and equipment, net			480,503			485,248
Other assets			98,294			100,890
Total assets		$	688,798		$	680,760
Liabilities and Equity
Current liabilities		$	56,266		$	60,163
Non-current liabilities			497,911			493,614
Century Casinos, Inc. shareholders' equity			127,514			118,154
Non-controlling interests			7,107			8,829
Total liabilities and equity		$	688,798		$	680,760

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Adjusted EBITDA Margins **
	For the three months		For the six months
	ended June 30,		ended June 30,
	2021	2020	2021	2020
United States	37%	9%	36%	14%
Canada	10%	—	(21%)	15%
Poland	(12%)	(20%)	(25%)	(2%)
Corporate and Other	(1888%)	(1470%)	(1884%)	(494%)
Consolidated	27%	(5%)	24%	6%

Reconciliation of Adjusted EBITDA* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the three months ended June 30, 2021
Amounts in thousands			United States			Canada			Poland			Corporate and Other			Total
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	16,502		$	(1,525)		$	(1,038)		$	(7,084)		$	6,855
Interest expense (income), net (1)			7,027			396			11			3,253			10,687
Income taxes (benefit)			—			572			(283)			831			1,120
Depreciation and amortization			4,509			1,251			768			105			6,633
Net loss attributable to non-controlling interests			—			(65)			(518)			—			(583)
Non-cash stock-based compensation			—			—			—			323			323
Loss on foreign currency transactions, cost recovery income and other			—			10			18			5			33
Loss (gain) on disposition of fixed assets			209			—			—			(39)			170
Adjusted EBITDA		$	28,247		$	639		$	(1,042)		$	(2,606)		$	25,238

(1)

Expense of $7.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.3 million and $0.6 million, respectively, for the period presented.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the three months ended June 30, 2020
Amounts in thousands			United States			Canada			Poland			Corporate and Other			Total
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(10,271)		$	(1,781)		$	(1,246)		$	691		$	(12,607)
Interest expense (income), net (1)			6,954			435			(14)			3,204			10,579
Income (benefit) taxes			—			(44)			(292)			918			582
Depreciation and amortization			4,246			1,289			735			135			6,405
Net earnings (loss) attributable to non-controlling interests			—			34			(624)			—			(590)
Non-cash stock-based compensation			—			—			—			249			249
Loss (gain) on foreign currency transactions and cost recovery income			—			135			(25)			(7,631)			(7,521)
Impairment - intangible and tangible assets (2)			1,157			—			—			—			1,157
Gain on disposition of fixed assets			—			(69)			—			—			(69)
Acquisition costs			—			—			—			53			53
Adjusted EBITDA		$	2,086		$	(1)		$	(1,466)		$	(2,381)		$	(1,762)

(1)	Expense of $7.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.4 million, respectively, for the period presented.
(2)	Expense of $1.2 million is included in the United States segment related to the impairment of goodwill and intangible assets.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the six months ended June 30, 2021
Amounts in thousands			United States			Canada			Poland			Corporate and Other			Total
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	27,096		$	(5,040)		$	(2,873)		$	(13,747)		$	5,436
Interest expense (income), net (1)			13,962			703			15			6,530			21,210
Income taxes (benefit)			—			163			(889)			1,945			1,219
Depreciation and amortization			9,036			2,473			1,562			205			13,276
Net earnings (loss) attributable to non-controlling interests			—			367			(1,434)			—			(1,067)
Non-cash stock-based compensation			—			—			—			582			582
(Gain) loss on foreign currency transactions, cost recovery income and other			—			(548)			11			(411)			(948)
Loss (gain) on disposition of fixed assets			282			32			—			(39)			275
Adjusted EBITDA		$	50,376		$	(1,850)		$	(3,608)		$	(4,935)		$	39,983

(1)

Expense of $14.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.7 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $10.5 million and $0.9 million, respectively, for the period presented.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the six months ended June 30, 2020
Amounts in thousands			United States			Canada			Poland			Corporate and Other			Total
Net loss attributable to Century Casinos, Inc. shareholders		$	(43,659)		$	(5,987)		$	(1,218)		$	(7,599)		$	(58,463)
Interest expense (income), net (1)			14,235			979			17			6,713			21,944
Income taxes (benefit)			1,023			1,813			(247)			517			3,106
Depreciation and amortization			8,505			2,628			1,501			265			12,899
Net earnings (loss) attributable to non-controlling interests			—			214			(609)			—			(395)
Non-cash stock-based compensation			—			—			—			236			236
Loss (gain) on foreign currency transactions and cost recovery income			—			72			147			(7,046)			(6,827)
Impairment - intangible and tangible assets (2)			30,746			3,375			—			1,000			35,121
(Gain) loss on disposition of fixed assets			—			(69)			2			2			(65)
Acquisition costs			—			—			—			266			266
Adjusted EBITDA		$	10,850		$	3,025		$	(407)		$	(5,646)		$	7,822

(1)	Expense of $14.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.9 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $10.4 million and $0.9 million, respectively, for the period presented.
(2)	Expense of $30.7 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets. Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the Company's investment in Mendoza Central Entretenimientos S.A.

 

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
*  The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation and amortization, non-controlling interests net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss 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. Expense related to the Master Lease and CDR land lease is included in the interest expense (income), net line item. 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 EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other as the expense is not allocated to reportable segments when reviewed by the Company's chief operating decision makers. 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 US GAAP. Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above-mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-US GAAP measure. Management uses this margin 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. 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, 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 has an agreement to operate two 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.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
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 statements about operating margins, the impact of the current coronavirus (COVID-19) pandemic, estimates of the financial impact of COVID-19, the adequacy of cash flows from operations and available cash to meet our future liquidity needs, particularly if we cannot operate our casinos due to COVID-19 or their operations are restricted, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, our credit agreement with Macquarie and obligations under our Master Lease and our ability to repay our debt and other obligations, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. 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, 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 are the second quarter 2021 financial results for CNTY?

Century Casinos reported a 155% increase in net operating revenue to $92.2 million and earnings from operations of $18.1 million.

How much did CNTY earn in net income in Q2 2021?

The net income attributable to Century Casinos' shareholders was $6.9 million for Q2 2021.

What was CNTY's Adjusted EBITDA for the second quarter of 2021?

Adjusted EBITDA for CNTY reached $25.2 million, which is a 1532% increase from Q2 2020.

What is the current cash position of Century Casinos?

As of June 30, 2021, Century Casinos had $80.2 million in cash and cash equivalents.

What impact did the COVID-19 pandemic have on CNTY's Q2 results?

The COVID-19 pandemic negatively affected results in 2020, but all properties were operational during Q2 2021, contributing to improved performance.