Century Casinos, Inc. Announces Fourth Quarter and Full Year 2023 Results
2024
Fourth Quarter 2023 Highlights*
Compared to the three months ended
- Net operating revenue was
$143.8 million , an increase of 39%. - Earnings from operations were
$12.6 million , a decrease of (9%). - Net loss attributable to Century Casinos, Inc. shareholders was
($10.8) million , a change of (168%), and basic loss per share was ($0.36 ). - Adjusted EBITDAR** was
$25.4 million , an increase of 17%.
2023 Highlights*
Compared to the year ended
- Net operating revenue was
$550.2 million , an increase of 28%. - Earnings from operations were
$64.0 million , a decrease of (5%). - Net loss attributable to Century Casinos, Inc. shareholders was
($28.2) million , a change of (454%), and basic loss per share was ($0.93 ). - Adjusted EBITDAR** was
$114.0 million , an increase of 10%.
"2023 was a transitional year for Century. We completed two major acquisitions to expand our US portfolio to seven casinos. We continued our large construction projects in
RESULTS
The consolidated results for the three months and years ended
|
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For the three months |
|
|
For the year |
|
|
||||||||||
Amounts in thousands, except per share data |
ended |
|
% |
ended |
|
% |
||||||||||
Consolidated Results: |
|
|
2023 |
|
|
2022 |
|
Change |
|
|
2023 |
|
|
2022 |
|
Change |
Net Operating Revenue |
|
$ |
143,760 |
|
$ |
103,754 |
|
39 % |
|
$ |
550,206 |
|
$ |
430,529 |
|
28 % |
Earnings from Operations |
|
|
12,551 |
|
|
13,757 |
|
(9 %) |
|
|
64,046 |
|
|
67,612 |
|
(5 %) |
Net (Loss) Earnings Attributable to |
|
$ |
(10,821) |
|
$ |
(4,042) |
|
(168 %) |
|
$ |
(28,198) |
|
$ |
7,976 |
|
(454 %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAR** |
|
$ |
25,358 |
|
$ |
21,666 |
|
17 % |
|
$ |
114,047 |
|
$ |
103,340 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders: |
||||||||||||||||
Basic |
|
$ |
(0.36) |
|
$ |
(0.14) |
|
(157 %) |
|
$ |
(0.93) |
|
$ |
0.27 |
|
(444 %) |
Diluted |
|
$ |
(0.36) |
|
$ |
(0.14) |
|
(157 %) |
|
$ |
(0.93) |
|
$ |
0.25 |
|
(472 %) |
|
|
|
|
|
|
|
|
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|
|
RESULTS BY REPORTABLE SEGMENT*
The Company's net operating revenue increased by
|
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Net Operating Revenue |
||||||||||||||||||||
|
|
For the three months |
|
|
|
|
|
|
For the year |
|
|
|
|
|
||||||||
Amounts in |
|
ended |
|
|
$ |
|
% |
|
ended |
|
|
$ |
|
% |
||||||||
thousands |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
||||
|
|
$ |
102,957 |
|
$ |
62,311 |
|
$ |
40,646 |
|
65 % |
|
$ |
380,591 |
|
$ |
268,582 |
|
$ |
112,009 |
|
42 % |
|
|
|
19,187 |
|
|
16,467 |
|
|
2,720 |
|
17 % |
|
|
75,449 |
|
|
71,572 |
|
|
3,877 |
|
5 % |
|
|
|
21,616 |
|
|
24,904 |
|
|
(3,288) |
|
(13 %) |
|
|
94,105 |
|
|
90,169 |
|
|
3,936 |
|
4 % |
Corporate and Other |
|
|
— |
|
|
72 |
|
|
(72) |
|
(100 %) |
|
|
61 |
|
|
206 |
|
|
(145) |
|
(70 %) |
Consolidated |
|
$ |
143,760 |
|
$ |
103,754 |
|
$ |
40,006 |
|
39 % |
|
$ |
550,206 |
|
$ |
430,529 |
|
$ |
119,677 |
|
28 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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The Company's earnings from operations decreased by
|
|
Earnings (Loss) from Operations |
|||||||||||||||||||||||||||||||||||||
|
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For the three months |
|
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|
|
|
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For the year |
|
|
|
|
|
|||||||||||||||||||||||||
Amounts in |
|
ended |
|
$ |
|
% |
|
ended |
|
$ |
|
% |
|||||||||||||||||||||||||||
thousands |
|
|
2023 |
|
2022 |
|
Change |
|
Change |
|
2023 |
2022 |
|
|
Change |
|
Change |
||||||||||||||||||||||
|
|
$ |
12,386 |
|
$ |
11,401 |
|
$ |
985 |
|
9 % |
|
$ |
63,998 |
|
$ |
60,884 |
|
$ |
3,114 |
|
5 % |
|||||||||||||||||
|
|
|
4,344 |
|
|
2,621 |
|
|
1,723 |
|
66 % |
|
|
15,074 |
|
|
11,461 |
|
|
3,613 |
|
32 % |
|||||||||||||||||
|
|
|
413 |
|
|
2,536 |
|
|
(2,123) |
|
(84 %) |
|
|
5,549 |
|
|
9,205 |
|
|
(3,656) |
|
(40 %) |
|||||||||||||||||
Corporate and Other |
|
|
(4,592) |
|
|
(2,801) |
|
|
(1,791) |
|
(64 %) |
|
|
(20,575) |
|
|
(13,938) |
|
|
(6,637) |
|
(48 %) |
|||||||||||||||||
Consolidated |
|
$ |
12,551 |
|
$ |
13,757 |
|
$ |
(1,206) |
|
(9 %) |
|
$ |
64,046 |
|
$ |
67,612 |
|
$ |
(3,566) |
|
(5 %) |
|||||||||||||||||
|
Net earnings attributable to Century Casinos, Inc. shareholders decreased by
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
||||||||||||||||||||
|
|
For the three months |
|
|
|
|
|
|
For the year |
|
|
|
|
|
||||||||
Amounts in |
|
ended |
|
|
$ |
|
% |
|
ended |
|
|
$ |
|
% |
||||||||
thousands |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
||||
|
|
$ |
483 |
|
$ |
3,355 |
|
$ |
(2,872) |
|
(86 %) |
|
$ |
18,036 |
|
$ |
24,759 |
|
$ |
(6,723) |
|
(27 %) |
|
|
|
6,087 |
|
|
1,274 |
|
|
4,813 |
|
378 % |
|
|
8,626 |
|
|
6,070 |
|
|
2,556 |
|
42 % |
|
|
|
385 |
|
|
1,526 |
|
|
(1,141) |
|
(75 %) |
|
|
3,446 |
|
|
5,811 |
|
|
(2,365) |
|
(41 %) |
Corporate and Other |
|
|
(17,776) |
|
|
(10,197) |
|
|
(7,579) |
|
(74 %) |
|
|
(58,306) |
|
|
(28,664) |
|
|
(29,642) |
|
(103 %) |
Consolidated |
|
$ |
(10,821) |
|
$ |
(4,042) |
|
$ |
(6,779) |
|
(168 %) |
|
$ |
(28,198) |
|
$ |
7,976 |
|
$ |
(36,174) |
|
(454 %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Items deducted from or added to earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests. Increased interest expense negatively impacted net loss attributable to Century Casinos, Inc. shareholders for the 2023 periods. For the year ended
Adjusted EBITDAR** increased by
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAR** |
||||||||||||||||||||
|
|
For the three months |
|
|
|
|
|
|
For the year |
|
|
|
|
|
||||||||
Amounts in |
|
ended |
|
|
$ |
|
% |
|
ended |
|
|
$ |
|
% |
||||||||
thousands |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
|
2023 |
|
2022 |
|
|
Change |
|
Change |
||||
|
|
$ |
22,109 |
|
$ |
16,365 |
|
$ |
5,744 |
|
35 % |
|
$ |
98,190 |
|
$ |
80,297 |
|
$ |
17,893 |
|
22 % |
|
|
|
5,617 |
|
|
3,748 |
|
|
1,869 |
|
50 % |
|
|
20,003 |
|
|
18,396 |
|
|
1,607 |
|
9 % |
|
|
|
952 |
|
|
3,195 |
|
|
(2,243) |
|
(70 %) |
|
|
8,062 |
|
|
11,874 |
|
|
(3,812) |
|
(32 %) |
Corporate and Other |
|
|
(3,320) |
|
|
(1,642) |
|
|
(1,678) |
|
(102 %) |
|
|
(12,208) |
|
|
(7,227) |
|
|
(4,981) |
|
(69 %) |
Consolidated |
|
$ |
25,358 |
|
$ |
21,666 |
|
$ |
3,692 |
|
17 % |
|
$ |
114,047 |
|
$ |
103,340 |
|
$ |
10,707 |
|
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
BALANCE SHEET AND LIQUIDITY
As of
CONFERENCE CALL INFORMATION
Today the Company will post a copy of its Annual Report on Form 10-K filed with the
The Company will host its fourth quarter 2023 earnings conference call today,
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR is a Non-US GAAP financial measure. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
Condensed Consolidated Statements of (Loss) Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months |
For the year |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands, except for per share information |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Net operating revenue |
|
$ |
143,760 |
|
$ |
103,754 |
|
$ |
550,206 |
|
$ |
430,529 |
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
131,209 |
|
|
91,111 |
|
|
487,281 |
|
|
366,166 |
Earnings from equity investment |
|
|
— |
|
|
1,114 |
|
|
1,121 |
|
|
3,249 |
Earnings from operations |
|
|
12,551 |
|
|
13,757 |
|
|
64,046 |
|
|
67,612 |
Non-operating (expense) income, net |
|
|
(24,963) |
|
|
(16,388) |
|
|
(87,878) |
|
|
(61,602) |
(Loss) earnings before income taxes |
|
|
(12,412) |
|
|
(2,631) |
|
|
(23,832) |
|
|
6,010 |
Income tax benefit (expense) |
|
|
3,994 |
|
|
(470) |
|
|
5,343 |
|
|
7,660 |
Net (loss) earnings |
|
|
(8,418) |
|
|
(3,101) |
|
|
(18,489) |
|
|
13,670 |
Net earnings attributable to non-controlling interests |
|
|
(2,403) |
|
|
(941) |
|
|
(9,709) |
|
|
(5,694) |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
|
$ |
(10,821) |
|
$ |
(4,042) |
|
$ |
(28,198) |
|
$ |
7,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
Basic |
|
$ |
(0.36) |
|
$ |
(0.14) |
|
$ |
(0.93) |
|
$ |
0.27 |
Diluted |
|
$ |
(0.36) |
|
$ |
(0.14) |
|
$ |
(0.93) |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,360 |
|
|
29,866 |
|
|
30,274 |
|
|
29,809 |
Diluted |
|
|
30,360 |
|
|
29,866 |
|
|
30,274 |
|
|
31,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
||
Amounts in thousands |
|
2023 |
|
2022 |
||
Assets |
|
|
|
|
|
|
Current assets |
|
$ |
207,017 |
|
$ |
228,019 |
Property and equipment, net |
|
|
913,561 |
|
|
464,650 |
Other assets |
|
|
239,084 |
|
|
192,298 |
Total assets |
|
$ |
1,359,662 |
|
$ |
884,967 |
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities |
|
$ |
93,619 |
|
$ |
65,413 |
Non-current liabilities |
|
|
1,051,602 |
|
|
665,355 |
|
|
|
121,392 |
|
|
144,028 |
Non-controlling interests |
|
|
93,049 |
|
|
10,171 |
Total liabilities and equity |
|
$ |
1,359,662 |
|
$ |
884,967 |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net Earnings (Loss) Attributable to |
|||||||||||||||
|
|||||||||||||||
|
For the three months ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
483 |
|
$ |
6,087 |
|
$ |
385 |
|
$ |
(17,776) |
|
$ |
(10,821) |
Interest expense (income), net (1) |
|
|
11,653 |
|
|
1,747 |
|
|
(60) |
|
|
11,369 |
|
|
24,709 |
Income tax (benefit) expense |
|
|
(1,471) |
|
|
(3,962) |
|
|
135 |
|
|
1,304 |
|
|
(3,994) |
Depreciation and amortization |
|
|
9,675 |
|
|
1,214 |
|
|
534 |
|
|
57 |
|
|
11,480 |
Net earnings attributable to non-controlling interests |
|
|
1,721 |
|
|
491 |
|
|
192 |
|
|
— |
|
|
2,404 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
864 |
|
|
864 |
Loss (gain) on foreign currency transactions, cost recovery income and other (2) |
|
|
1 |
|
|
35 |
|
|
(239) |
|
|
444 |
|
|
241 |
Loss on disposition of fixed assets |
|
|
47 |
|
|
5 |
|
|
5 |
|
|
108 |
|
|
165 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
310 |
|
|
310 |
Adjusted EBITDAR |
|
$ |
22,109 |
|
$ |
5,617 |
|
$ |
952 |
|
$ |
(3,320) |
|
$ |
25,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Included in the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
3,355 |
|
$ |
1,274 |
|
$ |
1,526 |
|
$ |
(10,197) |
|
$ |
(4,042) |
Interest expense (income), net (1) |
|
|
7,221 |
|
|
547 |
|
|
(100) |
|
|
9,373 |
|
|
17,041 |
Income tax expense (benefit) |
|
|
826 |
|
|
636 |
|
|
788 |
|
|
(1,780) |
|
|
470 |
Depreciation and amortization |
|
|
4,946 |
|
|
1,123 |
|
|
627 |
|
|
63 |
|
|
6,759 |
Net earnings attributable to non-controlling interests |
|
|
— |
|
|
178 |
|
|
763 |
|
|
— |
|
|
941 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
697 |
|
|
697 |
Gain on foreign currency transactions and cost recovery income |
|
|
(1) |
|
|
(14) |
|
|
(441) |
|
|
(197) |
|
|
(653) |
Loss on disposition of fixed assets |
|
|
18 |
|
|
4 |
|
|
32 |
|
|
— |
|
|
54 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
399 |
|
|
399 |
Adjusted EBITDAR |
|
$ |
16,365 |
|
$ |
3,748 |
|
$ |
3,195 |
|
$ |
(1,642) |
|
$ |
21,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net Earnings (Loss) Attributable to |
|||||||||||||||
|
|||||||||||||||
|
For the year ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
18,036 |
|
$ |
8,626 |
|
$ |
3,446 |
|
$ |
(58,306) |
|
$ |
(28,198) |
Interest expense (income), net (1) |
|
|
38,024 |
|
|
11,527 |
|
|
(345) |
|
|
42,605 |
|
|
91,811 |
Income tax expense (benefit) |
|
|
2,654 |
|
|
(4,256) |
|
|
1,534 |
|
|
(5,275) |
|
|
(5,343) |
Depreciation and amortization |
|
|
33,739 |
|
|
4,590 |
|
|
2,482 |
|
|
232 |
|
|
41,043 |
Net earnings attributable to non-controlling interests |
|
|
5,284 |
|
|
2,701 |
|
|
1,724 |
|
|
— |
|
|
9,709 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
3,610 |
|
|
3,610 |
(Gain) loss on foreign currency transactions, cost recovery income and other (2) |
|
|
(84) |
|
|
(3,195) |
|
|
(810) |
|
|
401 |
|
|
(3,688) |
Loss on disposition of fixed assets |
|
|
537 |
|
|
10 |
|
|
31 |
|
|
113 |
|
|
691 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
4,412 |
|
|
4,412 |
Adjusted EBITDAR |
|
$ |
98,190 |
|
$ |
20,003 |
|
$ |
8,062 |
|
$ |
(12,208) |
|
$ |
114,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Included in the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended |
||||||||||||||
Amounts in thousands |
|
|
United |
|
|
|
|
|
|
|
|
Corporate |
|
|
Total |
Net earnings (loss) attributable to |
|
$ |
24,759 |
|
$ |
6,070 |
|
$ |
5,811 |
|
$ |
(28,664) |
|
$ |
7,976 |
Interest expense (income), net (1) |
|
|
28,531 |
|
|
2,281 |
|
|
(686) |
|
|
34,854 |
|
|
64,980 |
Income tax expense (benefit) |
|
|
7,595 |
|
|
2,354 |
|
|
2,326 |
|
|
(19,935) |
|
|
(7,660) |
Depreciation and amortization |
|
|
19,364 |
|
|
4,754 |
|
|
2,606 |
|
|
385 |
|
|
27,109 |
Net earnings attributable to non-controlling interests |
|
|
— |
|
|
2,787 |
|
|
2,907 |
|
|
— |
|
|
5,694 |
Non-cash stock-based compensation |
|
|
— |
|
|
— |
|
|
— |
|
|
3,335 |
|
|
3,335 |
(Gain) loss on foreign currency transactions, cost recovery income and other (2) |
|
|
(1) |
|
|
123 |
|
|
(1,153) |
|
|
(205) |
|
|
(1,236) |
Loss (gain) on disposition of fixed assets |
|
|
49 |
|
|
27 |
|
|
63 |
|
|
(121) |
|
|
18 |
Acquisition costs |
|
|
— |
|
|
— |
|
|
— |
|
|
3,124 |
|
|
3,124 |
Adjusted EBITDAR |
|
$ |
80,297 |
|
$ |
18,396 |
|
$ |
11,874 |
|
$ |
(7,227) |
|
$ |
103,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) |
Loss of |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||
Adjusted EBITDAR Margins *** |
||||
|
||||
|
For the three months |
For the year |
||
|
ended |
ended |
||
|
2023 |
2022 |
2023 |
2022 |
|
22 % |
26 % |
26 % |
30 % |
|
29 % |
23 % |
27 % |
26 % |
|
4 % |
13 % |
9 % |
13 % |
Corporate and Other |
NM (1) |
NM |
NM |
NM |
Consolidated |
18 % |
21 % |
21 % |
24 % |
|
|
|
|
|
(1) |
Not meaningful. |
Reconciliation of Interest Expense (Income), Net |
||||||||||||
|
||||||||||||
|
For the three months |
For the year |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Interest income |
|
$ |
(1,775) |
|
$ |
(152) |
|
$ |
(2,114) |
|
$ |
(851) |
Interest expense - Credit Agreements |
|
|
10,649 |
|
|
8,687 |
|
|
39,703 |
|
|
25,089 |
Interest expense - VICI Financing Obligation |
|
|
15,081 |
|
|
7,221 |
|
|
42,426 |
|
|
28,533 |
Interest expense - CDR Land Lease |
|
|
— |
|
|
537 |
|
|
1,450 |
|
|
2,254 |
Interest expense - Deferred Financing Costs |
|
|
673 |
|
|
674 |
|
|
2,695 |
|
|
2,412 |
Interest expense - Misc |
|
|
81 |
|
|
74 |
|
|
327 |
|
|
239 |
Interest expense - Other (1) |
|
|
— |
|
|
— |
|
|
7,324 |
|
|
7,304 |
Interest expense (income), net |
|
$ |
24,709 |
|
$ |
17,041 |
|
$ |
91,811 |
|
$ |
64,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Interest expense – Other consists of |
Cash Rent Payments |
||||||||||||
|
||||||||||||
|
For the three months |
For the year |
||||||||||
|
ended |
ended |
||||||||||
Amounts in thousands |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
$ |
15,085 |
|
$ |
6,539 |
|
$ |
40,739 |
|
$ |
25,666 |
CDR land lease |
|
|
— |
|
|
507 |
|
|
1,258 |
|
|
2,088 |
Nugget lease (50%) |
|
|
2,513 |
|
|
— |
|
|
6,313 |
|
|
— |
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||
The table below shows the Company's reporting units and operating segments that are included |
||
|
||
Reportable Segment |
Operating Segment |
Reporting Unit |
|
East |
|
|
|
|
|
Midwest |
|
|
|
|
|
|
|
|
|
|
|
West |
|
|
|
|
|
|
|
|
|
Century |
|
|
Century Downs Racetrack and Casino |
|
|
Casinos |
Corporate and Other |
Corporate and Other |
Cruise Ships & Other (2) |
|
|
Corporate Other (3) |
(1) |
The Company operated the |
(2) |
The Company operated on ship-based casinos through |
(3) |
The Company's equity interest in |
** 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
*** The Company defines Adjusted EBITDAR margins as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of the Company's casino operations.
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 "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 projects in development and other opportunities, including our
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