{"id":68602,"date":"2022-05-06T09:16:19","date_gmt":"2022-05-06T12:16:19","guid":{"rendered":"https:\/\/igamingbrazil.com\/uncategorized\/2022\/05\/06\/century-casinos-reports-103-million-in-first-quarter-revenue\/"},"modified":"2022-05-06T09:19:41","modified_gmt":"2022-05-06T12:19:41","slug":"century-casinos-reports-103-million-in-first-quarter-revenue","status":"publish","type":"post","link":"https:\/\/igamingbrazil.com\/en\/casino-en\/2022\/05\/06\/century-casinos-reports-103-million-in-first-quarter-revenue\/","title":{"rendered":"Century Casinos reports $103 million in first-quarter revenue"},"content":{"rendered":"\n

Century Casinos reported operating income of $103.1 million for the first quarter of 2022, achieving an increase of 42%. The company’s operating profit was also up 58% from the same financial period last year, at $13 million, while net income was up 115%.<\/p>\n\n\n\n

In addition, adjusted EBITDA was US$ 23.8 million, an increase of 62%. Century Casinos attributes this improvement in financial results to the easing of lockdown restrictions in its key markets, including the reopening of properties in Canada and Poland.<\/p>\n\n\n\n

The company is expected to complete its acquisition of Nugget Sparks LLC, which will involve $100 million for 100% of the company’s shares. The deal follows Century’s decision to buy a 50% stake in Smooth Bourbon for $95 million.<\/p>\n\n\n\n

Century Casinos expect considerable returns from new acquisitions<\/h2>\n\n\n\n

The operator expects to realize a considerable return on investment in these acquisitions, having entered into a credit agreement with Goldman Sachs for a loan of US$350 million.<\/p>\n\n\n\n

The company’s joint CEOs, Erwin Haitzmann and Peter Hoetzinger, commented: \u201cWe are very pleased with the results for the first quarter. Revenue grew in each of our three segments, with an overall increase of 42% over the first quarter of 2021.\u201d<\/p>\n\n\n\n

\u201cAll of our gambling<\/a> properties are now operating with few restrictions regarding Covid-19. We maintained the adjusted EBITDA margin of 23% that we had in the fourth quarter of 2021 and increased that margin compared to the first quarter of 2019 by 15%.\u201d<\/p>\n\n\n\n

\u201cAs we announced in April, we have completed the first part of our acquisition of Nugget Casino<\/a> Resort and are excited to enter the growing Reno\/Sparks Nevada market with this transaction. We expect the addition of Nugget to increase adjusted EBITDA for our US businesses by approximately 80% of our total adjusted EBITDA.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Century Casinos reported operating income of $103.1 million for the first quarter of 2022, achieving an increase of 42%. 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