According to the Co-Chief Executive Officers of Century Casinos, Erwin Haitzmann, and Peter Hoetzinger, their first-quarter net operating revenue has increased 5.2% in the year 2023, compared to the same period in the year gone by. They have managed a total revenue of $108.5 million. Both of the CEOs attribute this to the construction activities being carried out at the Century Casinos area, along with the acquisition of the Nugget Casino Resort.
In their collective opinion, there is also the factor of the construction work being carried out regarding their hotel in Cape Girardeau, Missouri, as well as the hotel in Caruthersville, Missouri. Where the Nugget Casino Resort is concerned, the entire acquisition process was completed on April 3, 2023. The general operations are presently underway at the resort; for them, this is a moment of great expectation from the property.
According to the latest Casino News, gaming revenue accounted for the largest portion of the organization’s total operating revenue, amounting to $94.2 million. In the case of other revenue-generating avenues, the amount remained less significant. The total amount received from the food and beverage industry was $5.7 million, while the total amount received from pari-mutuel wagering, sports betting, and iGaming was $3.3 million. The remainder came from the hotel and various other sources.
It is also true that the majority of its revenue comes from its operations in the United States. This amounted to a total of $66.3 million. It was Poland, where the second-highest amount of revenue was generated, amounting to $25.5 million. Through the Canadian division of Century Casinos, the total amount was $16.5 million. In addition to the corporation and other sources, $57,000 was managed.
In contrast, total operating costs and expenses increased to $91.1 million. This included gaming-related expenses, which totaled $48 million. In addition, there were costs associated with administrative activities and general works, bringing the total to $26.7 million. The costs increased to $6.8 million due to depreciation and amortization. What remained on the expense list were operating costs, food and beverage, pari-mutuel, sports wagering, and iGaming expenses, as well as hotel-related costs.
In the first quarter, $574,000 in revenue was generated due to the completed acquisition. Considering all operating expenses and money earned from equity investments of $1 million, the total amount of earnings attained rose to $18.4 million, equivalent to a 41% increase annually. In addition, there were non-operational expenses totaling $13.7 million and a pre-tax profit of $4.6 million. The income tax provision of $1.6 million drove net earnings to a record high of $3 million, an increase of 11.8%. The total earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter amounted to $26 million, representing an increase of 13%.