Century Casinos, Inc. Announces Preliminary Fourth Quarter 2023 Financial Results and Operational Updates
Preliminary fourth quarter 2023 (unaudited) estimates are:
- Approximately
$171 million in cash and cash equivalents as ofDecember 31, 2023 (compared to$102 million at December 2022); - Approximately
$140 million -$145 million in net operating revenue (compared to$104 million in fourth quarter 2022); - Approximately
($10) million –($14) million in net loss attributable to Century Casinos, Inc. shareholders (compared to($4) million in fourth quarter 2022); and - Approximately
$24 million -$26 million in Adjusted EBITDAR* (compared to$22 million in fourth quarter 2022).
As reported in the Company's third quarter filings, the
The Company has agreed to buy back
In
In
"We expect 2024 to be a transitional year for the Company as we continue to integrate the Nugget and
PRELIMINARY RESULTS:
Our audited consolidated financial statements for the year ended
SUPPLEMENTAL INFORMATION:
* Adjusted EBITDAR. We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company's triple net lease with VICI (the "
Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our
Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our
A reconciliation of the estimated net loss attributable to Century Casinos, Inc. shareholders to estimated Adjusted EBITDAR is presented below.
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(Unaudited) For the three months ended |
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in millions |
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Low |
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High |
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Actuals |
Net loss attributable to |
|
$ |
(13.6) |
|
$ |
(9.8) |
|
$ |
(4.0) |
Interest expense (income), net |
|
|
25.5 |
|
|
24.5 |
|
|
17.0 |
Income tax benefit |
|
|
(5.0) |
|
|
(3.0) |
|
|
0.5 |
Depreciation and amortization |
|
|
12.0 |
|
|
11.0 |
|
|
6.8 |
Net earnings attributable to non-controlling interests |
|
|
3.0 |
|
|
2.0 |
|
|
0.9 |
Non-cash stock-based compensation |
|
|
1.0 |
|
|
0.8 |
|
|
0.7 |
Loss (gain) on foreign currency transactions, cost recovery income and other |
|
|
0.4 |
|
|
0.2 |
|
|
(0.7) |
Loss on disposition of fixed assets |
|
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0.3 |
|
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0.1 |
|
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0.1 |
Acquisition costs |
|
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0.4 |
|
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0.2 |
|
|
0.4 |
Adjusted EBITDAR |
|
$ |
24.0 |
|
$ |
26.0 |
|
$ |
21.7 |
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The Company estimates that approximately
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. In
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.
This release may contain certain "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 2023 results, debt repurchases, timing for opening certain casinos in
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