casinosnewshubb
Advertisement
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact
No Result
View All Result
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact
No Result
View All Result
casinosnewshubb
No Result
View All Result
Home Gambling

Century Casinos reports all-time-high Q2 revenues with 21% growth, boosted by Alberta’s restrictions lift

admin by admin
August 6, 2022
in Gambling


Century Casinos announced Friday its financial results for the second quarter of 2022. The company reported a 21% increase in its net operating revenue in a year-over-year comparison to $111,1 million during the period.

The brand’s earnings from operations were $208 million, an increase of 15% from the same period in 2021. Net earnings attributable to Century Casinos’ shareholders were up 29% to $8.9 million, and Adjusted EBITDA was $29.8 million, an increase of 18% from 2021.

Peter Hoetzinger (left) and Erwin Haitzmann, Co-Chief Executive Officers of Century Casinos.

In a press release, Erwin Haitzmann, and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked: “We achieved the highest net operating revenue and Adjusted EBITDA during a second quarter in the history of the company. We are pleased with the strong contribution from our operations in Canada which have continued to improve after Alberta removed COVID-19 restrictions“.

The company’s US operations delivered most of the quarter’s revenue at $70.3 million, down from 2021’s $76.7 million. Meanwhile, Canadian operations were up to $19.03 million from $6.6 million one year earlier; and the group’s Polish properties also saw a significant increase to $21.7 million from $8.6 million in the same period last year.

With very few COVID-19 restrictions left, and as all properties are operating without any health and safety requirements, the company has maintained the same 27% EBITDA margin, although it has faced higher costs compared to last year.

In April, the company completed its previously announced acquisition of 50% of the membership interests in Smooth Bourbon from Marnell Gaming for $95 million, as part of its agreement to acquire Nugget Casino Resort in Sparks, near Reno in Nevada. Pursuant to a definitive agreement and subject to approval from the Nevada Gaming Commission, the company will purchase 100% of the membership interests in Nugget Sparks for $100 million. The acquisition is expected to occur within one year. 

On the same day, the company also entered into a Credit Agreement with Goldman Sachs Bank USA, which will provide for a $350 million term loan and a $30 million revolving credit facility. 

See the full Q2 report here.





Source link

Tags: Nugget Casino Resorts
Previous Post

Synalogik Receives Queen’s Award for Innovation

Next Post

Evolution brings live craps to Pennsylvania

Next Post

Evolution brings live craps to Pennsylvania

Recommended Post

Casino News

Illegal Gaming Operation Raided in Southern California, Cash Seized

August 13, 2022
Casino News

Robert Lewandowski looks to Revive & Rebuild Barcelona F. C.

August 13, 2022
Gambling

AskGamblers adds new responsible gambling feature for greater transparency

August 13, 2022
Gambling

N1 Partners Group sees a new Mystery Drops winner of a MEGA $56K prize at Slot Hunter

August 13, 2022

© 2022 Casinos News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy

Navigate Site

  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Casino News
  • Gambling
  • Online Casino
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In