Century Casinos Faces Net Loss in 2023 Due to Rising Costs
During the 2023 financial year, Century Casinos experienced a net loss of $28.2 million as increased expenses outweighed a substantial 27.9% rise in net operating revenue.
Revenue growth was evident across all markets for Century in 2023, with the US operations driving the upward trend. Additionally, Century expanded its portfolio through strategic acquisitions, including obtaining the remaining 50% stake in Nevada’s Nugget Casino Resort and finalizing the acquisition of Rocky Gap Casino in Maryland.
Despite facing challenges such as unanticipated licensing delays in Poland, which led to the temporary closure of three casinos in Q4, Century remained optimistic about its future prospects. Co-CEOs Erwin Haitzmann and Peter Hoetzinger viewed 2023 as a transitional period that sets the stage for growth in the coming years.
However, higher operating expenses, totaling $487.3 million, and increased non-operating costs, amounting to $87.9 million, resulted in a pre-tax loss of $23.8 million. Consequently, Century incurred a net loss of $28.2 million for the year, compared to an $8.0 million profit in the previous year.
Despite the challenging financial landscape, Century reported a positive EBITDAR of $114.0 million, indicating underlying operational strength.
In the fourth quarter, Century's revenue surged by 38.5%, primarily driven by robust performance in the US and Canada. However, challenges persisted in Poland due to licensing issues, leading to a significant revenue decline in that region.
Despite the revenue growth, higher operating and non-operating expenses led to a pre-tax loss of $12.4 million for the quarter. Century reported a net loss of $10.8 million, more than double the previous year's figure.
Despite the financial setbacks, Century remained optimistic about its future, focusing on leveraging its operational strengths to navigate the challenges and capitalize on growth opportunities.
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The challenges Century Casinos faced in 2023 highlight the volatility of the gaming industry. Despite the setbacks, their strategic acquisitions and optimistic outlook signal resilience and potential for future growth. Here's to a brighter financial year ahead!
It's unfortunate to see Century Casinos facing a net loss in 2023, especially after their significant revenue growth. Hopefully, they can address their rising costs and bounce back stronger in the coming years.