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Overview of Century Casinos, Inc.
Century Casinos, Inc. (NASDAQ: CNTY) is a globally diversified casino entertainment company that develops, owns, and operates gaming establishments and related facilities. With a presence in the United States, Canada, and Poland, the company offers a comprehensive range of services, including casino gaming, hotel accommodations, dining, live entertainment, and horse racing. Its operations are geographically segmented, allowing it to cater to diverse markets while mitigating regional risks.
Core Business Model
The company generates revenue primarily through its casino gaming operations, which include slot machines, table games, and sports betting. Complementing its gaming offerings, Century Casinos operates hotels, restaurants, and entertainment venues, creating a holistic guest experience. Additionally, the company manages racetracks and off-track betting facilities, further diversifying its revenue streams. Century Casinos employs an asset-light strategy by partnering with VICI Properties for real estate financing, enabling it to focus on operational efficiency and customer experience.
Geographic Footprint
In the United States, Century Casinos operates properties in key regions, including Colorado, Missouri, West Virginia, Nevada, and Maryland. Notable properties include the recently developed land-based casino and hotel in Caruthersville, Missouri, which replaced the last riverboat casino on the Mississippi River. In Canada, the company operates multiple casinos and racetracks in Alberta, including Century Mile Racetrack and Casino. In Poland, it operates six casinos through its subsidiary, Casinos Poland Ltd., despite facing licensing challenges in some locations.
Strategic Growth Initiatives
Century Casinos is actively expanding its portfolio through strategic acquisitions and property developments. Recent projects, such as the construction of a new land-based casino in Caruthersville and the addition of The Riverview Hotel in Cape Girardeau, Missouri, demonstrate its commitment to enhancing customer experience and increasing gaming capacity. The company also focuses on modernizing its facilities to attract a broader customer base, including tourists and local patrons.
Operational Challenges
While Century Casinos has demonstrated resilience, it faces challenges such as licensing delays in Poland and construction-related disruptions in the U.S. These issues have impacted short-term earnings but are being mitigated through proactive management and strategic planning. The company’s reliance on partnerships for real estate financing, while advantageous for capital allocation, introduces fixed-cost obligations that require careful management.
Competitive Positioning
Century Casinos differentiates itself through its geographically diverse portfolio and its ability to integrate gaming with hospitality and entertainment. Its partnerships with VICI Properties provide access to capital for expansion projects, positioning the company for long-term growth. By focusing on customer-centric amenities and leveraging its expertise in casino management, Century Casinos competes effectively in the highly fragmented gaming industry.
Conclusion
Century Casinos, Inc. is a dynamic player in the global gaming and entertainment industry. Its strategic focus on geographic diversification, operational efficiency, and customer experience positions it as a compelling entity within its sector. Through ongoing investments in property enhancements and market expansions, the company aims to sustain growth and navigate industry challenges effectively.
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.
Century Casinos, Inc. (CNTY) has entered a 10-year agreement with Rush Street Interactive (RSI) to offer interactive gaming in West Virginia. The deal, which includes minimum revenue guarantees and a monthly share of net gaming revenue, is set to begin in Q2 2021. Century has already acquired its master license for the state, facilitating the launch of the BetRivers brand. This partnership enhances Century's market presence and revenue potential in the growing online gaming sector.
Century Casinos (CNTY) announced the temporary closure of its Canadian casinos and racetracks effective December 12, 2020, due to COVID-19 restrictions mandated by the Alberta government. This closure will impact the Company at least through the first half of 2021 as the situation evolves. Century Casinos operates various gaming establishments across North America and holds stakes in international gaming companies. The government plans to reassess the mandate in four weeks.
Century Casinos reported significant growth in its third quarter 2020 financial results, with net operating revenue increasing by 81% to $95.7 million compared to the previous year. Earnings from operations rose by 331% to $15.0 million, while net earnings attributable to shareholders soared by 678% to $3.7 million. Adjusted EBITDA experienced a 213% increase, reaching $22.2 million. The positive results were largely driven by the acquisition of several properties. However, the ongoing COVID-19 pandemic continues to impose challenges on operations.
Century Casinos, Inc. (Nasdaq: CNTY) will release its Q3 2020 earnings on November 6, 2020. A conference call will be held at 8:00 a.m. MST to discuss the results, with participants encouraged to dial in 15 minutes early. The company has a broad portfolio of casinos in the U.S., Canada, and Poland, and is actively pursuing further development projects. The upcoming earnings report will provide insights into the company's performance amidst the ongoing impacts of the COVID-19 pandemic.
Century Casinos, Inc. (CNTY) has finalized a 10-year agreement with Tipico to launch internet sports betting in Colorado. The partnership will provide a one-time market access fee, a minimum annual revenue guarantee, and a percentage of net gaming revenue for Century Casinos. The company already holds a master license in Colorado and has previously partnered with Circa Sports and bet365. Tipico, a leading sports betting provider founded in Europe, aims to leverage this partnership to enhance its market presence in the U.S.
On September 14, 2020, Century Casinos (CNTY) announced the successful reopening of live table games at multiple locations in Canada and Colorado, including Century Casino in Edmonton and Central City. The reopening occurred between September 7 and September 11, 2020, with strict health protocols in place based on Alberta Health Services guidelines. Additionally, Century Casino and Hotel in Central City was recognized as Denver's Best Casino in 2020. These developments may enhance customer engagement and revenue potential as operations resume amid COVID-19 restrictions.
Century Casinos, Inc. (NASDAQ: CNTY) reported significant financial declines for Q2 2020, with a net operating revenue of $36.1 million, down from $52.4 million in Q2 2019, marking a 31% decrease. The company posted a net loss attributable to shareholders of $12.6 million, a stark contrast to a loss of $0.6 million the previous year, equating to a 2131% decline. Adjusted EBITDA also saw a decline of 126%, amounting to a loss of $1.8 million. The COVID-19 pandemic severely impacted operations, prompting temporary closures and subsequent cost-saving measures. Cash reserves decreased to $51.6 million by quarter-end.
Century Casinos, Inc. (Nasdaq: CNTY) has finalized an agreement to sell its Calgary casino operations for CAD 10.0 million ($7.5 million). The sale, effective immediately, includes a three-year quarterly earn-out. CRA will continue operating its Century Sports venue and retain ownership of the real estate. The annual lease for the premises will be approximately CAD 480,000 ($358,102). In 2019, the Calgary casino generated $8.4 million in net operating revenue and $1.2 million in Adjusted EBITDA.
Century Casinos (CNTY) will release its Q2 2020 earnings on August 7, 2020, and will host a conference call at 8:00 a.m. MDT. Participants should dial in 15 minutes early: US/Canada +1 844-244-9160, International +1 330-931-4670 with conference ID 'Quarter2'. The company's operations include casinos in Colorado, Alberta, Missouri, and West Virginia, and they hold stakes in international gaming ventures. For further details, visit Century Casinos Financials.
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