Century Casinos ( (CNTY) ) has released its Q4 earnings. Here is a breakdown of the information Century Casinos presented to its investors.
Century Casinos, Inc. is a casino entertainment company operating in the United States, Canada, and Poland, known for its diverse portfolio of gaming properties and ongoing development projects.
In its latest earnings report, Century Casinos announced a challenging financial performance for the fourth quarter and full year of 2024, highlighted by a significant net loss and decreased operating revenue. Despite these setbacks, the company successfully launched a new land-based casino in Caruthersville, Missouri, which is expected to contribute positively in the future.
The company’s net operating revenue for the year increased by 5% to $575.9 million, while earnings from operations saw a steep decline of 93%. The net loss attributable to shareholders reached $128.2 million, a 355% increase from the previous year. The results were negatively impacted by a $43.7 million goodwill impairment at the Nugget Casino Resort and increased interest expenses. Adjusted EBITDAR also decreased by 10% year-over-year.
Looking ahead, Century Casinos’ management remains optimistic about 2025, anticipating improvements in Adjusted EBITDAR and cash flow, driven by the absence of construction disruptions and the potential returns from recent growth initiatives. The company is focused on leveraging its new Missouri property and addressing macroeconomic challenges affecting consumer spending.