All key metrics for Century Casinos were down in the third quarter. The numbers were released prior to Century’s November 11 earnings call.
Operating revenue slipped one percent to $153.7 million and earnings from operations fell four percent, reaching $17.1 million. The company lost $10.5 million, a 30 percent widening of the prior-year loss. Cash flow slid six percent to $31.1 million.
Century brass blamed the cash-flow miss on costs associated with winding down operations at its Hilton-branded property in Poland. Without that, said co-CEO Peter Hoetzinger, Century would have been cash flow-positive for the quarter.
In a prepared statement, Hoetzinger and co-CEO Erwin Haitzmann said, “We are pleased with the growth in the East and Midwest regions of the United States. At the Nugget in the West region, we continue to focus on increasing local play and enhancing our concert and conference line up to improve results.”
Added the two men, “We look forward to opening the new Wroclaw casino early next year and for results to improve in Poland with no licensing disruptions for the next three years.”
The company also took a write down on Rocky Gap Resort in Maryland. It explained, “Previously issued audited financial statements for the year ending on December 31, 2024, contained a material error related to the calculation of the carrying value of invested capital used in the valuation of the Rocky Gap reporting unit, which resulted in an impairment of goodwill for this reporting unit and should be restated.”
Previewing the fourth quarter, Century looked forward to beginning online-sports-betting operations in Missouri in tandem with BetMGM. A December 1 inception is expected.
Canadian operations continued to be a bright spot for Century. They grossed $20.6 million, a two percent improvement over 2024’s third quarter.
Century ended the quarter with $77.7 million in cash on hand. The company is carrying $338.7 million in debt.
