Century Casinos 16Q4 earnings surge

Century Casinos, which operates properties in the U.S., Canada and on a cruise ship in Asia, reported strong 16Q4 results, boosted by higher revenue in all operating segments.

Net operating revenue gained 14 percent from the same period a year earlier to $36.3 million. Net earnings attributable to shareholders spiked 695 percent to $2.8 million, while adjusted EBITDA was up 40 percent to $6.3 million.

Century Casinos owns and/or manages 45 casinos and off-track betting sites on three continents as well as on-board luxury cruise ships, offering over 4,500 gaming machines and 200 gaming tables.

Under an agreement with Diamond Cruise International Co., Ltd., the company began operating the ship-based casino onboard Glory Sea, a 1,200 passenger cruise ship from July 2016. Glory Sea operates in the Chinese cruise market with four-day trips between China, South Korea and Japan. The Glory Sea casino has 50 slot machines and 17 table games.

“2016 was a tremendous year for Century Casinos with net operating revenue and adjusted EBITDA reaching all-time record levels. The year ended with a strong fourth quarter, with all major operating regions posting solid increases in net operating revenue and Adjusted EBITDA” Erwin Haitzmann and Peter Hoetzinger, co CEOs. “The refurbishment of the VIP rooms at Century Casino & Hotel Edmonton, the acquisition of Century Casino St. Albert and the addition of three ship-based casinos have already generated positive results and will help us grow further,” they added.