Unprecedented Growth for Century Casinos
LISTEN TO THIS ARTICLE:Century Casinos has confirmed that its EBITDA (Earnings Before Interest Tax and Depreciative Assets) and net operating revenue set a new record in 2022, leaving much to be speculated about the forthcoming year.
News of this comes following a potentially industry-reckoning announcement that the operator could be set to complete a buyout of Nugget Casino Resort in Reno, Nevada, reportedly leaving industry insiders potentially flummoxed about the implications of the sequence of the possible events that are yet to unfold.
Of course, by the nature of the procedure, this has yet to be approved by the Nevada Gaming Commission (NGC). What follows may prove to be the catalyst for such a possible achievement and open significant eyes in important positions across the industry.
Do the Numbers Actually Add Up?
While fourth-quarter results of a $103.8 million operating revenue may go some way to explaining how this could be possible, there is always the fact that this represents a three percent year-on-year decline. Meanwhile, revenue increased 11 percent to $430.5m (2021: $388.5m). Go figure. Meanwhile, the official boardroom line was largely positive.
We finished 2022 with record net operating revenue and Adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River.
However, there could well be regional differences that help to explain the numbers. In Canada, Edmonton, St. Albert, and Century Mile in Edmonton and Century Downs in Calgary reported Q4 revenue figures of $16.5m (2021: $16.4m), despite this rising by 54 percent over the year to $71.6m (2021: $46.4m).
In Poland, meanwhile, revenues for Q4 increased 11 percent up to $24.9m (2021: $22.5m), while 2022 revenue was recorded at $90.2m (55 percent increase, 2021: $58.2m).
Other Deals to Have an Effect?
It could well be the case that the company’s acquisition of the Nugget Casino Resort in Reno, Nevada, could well have a positive effect on the potential power of the future balance sheet.
With reports indicating that this deal could be completed in its entirety by April of this year, there is optimism in the air, especially given the venue’s capacity, which plays host to 892 slot machines, 29 table games, and well in excess of 1,000 hotel rooms.
The co-CEOs added: “The Nevada Gaming Control Board has unanimously recommended approval to the Nevada Gaming Commission of our applications to acquire the Nugget Casino Resort and related approvals and findings of suitability.
“Our applications must still be approved by the Nevada Gaming Commission at its meeting on March 23, 2023. If approved, we plan to close the Nugget acquisition in early April 2023.”
Despite possible underlying confusion over the numbers, it appears there is confidence that Century Casinos is staking its claim in a market that is prime for growth and could well have an effect in its space over the next few months at least.
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