Century Casinos, Inc. (CNTY) Bundle
A Brief History of Century Casinos, Inc.
Century Casinos, Inc. (CNTY) has evolved significantly since its inception. The company primarily operates in the gaming and hospitality industry, with a portfolio of casinos and hotels across various regions, including the United States, Canada, and Poland. As of 2024, Century Casinos continues to adapt to market changes and expand its operations.
Recent Financial Performance
As of September 30, 2024, Century Casinos reported a net operating revenue of $438.1 million, a decrease from $465.0 million in the same period of 2023. The net loss attributable to Century Casinos, Inc. shareholders was $63.3 million, compared to a net loss of $25.5 million in the previous year.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Operating Revenue | $438.1 million | $465.0 million |
| Net Loss Attributable to Shareholders | $(63.3) million | $(25.5) million |
| Adjusted EBITDAR | $81.6 million | $88.7 million |
Acquisitions and Expansions
In July 2023, Century Casinos acquired Rocky Gap, which has contributed to its financial performance in 2024. The Rocky Gap property generated $51.5 million in net operating revenue and incurred a net loss of $10.3 million for the nine months ended September 30, 2024.
The Nugget Acquisition, completed in April 2023, also impacted operations. The Nugget reported $68.4 million in net operating revenue for the nine months ended September 30, 2024, with a net loss of $12.3 million.
Debt and Financing
As of September 30, 2024, Century Casinos' long-term debt stood at $327.5 million, with an interest rate of 11.52%. The company also reported total cash payments related to its Master Lease of $37.8 million for the nine months ended September 30, 2024, which included a CPI increase.
| Debt Component | Amount | Interest Rate |
|---|---|---|
| Goldman Term Loan | $337.8 million | 11.58% |
| UniCredit Term Loan | $1.9 million | 3.00% |
| Total Long-Term Debt | $327.5 million | 11.52% |
Operational Challenges
Century Casinos has faced operational challenges, notably in its West Virginia operations, where revenue has not rebounded to pre-legalization levels due to increased competition from neighboring states. Additionally, the company has implemented cost-saving measures, which have resulted in a decrease in operating expenses by approximately $1.0 million during the third quarter of 2024 compared to the same period in 2023.
Market Position and Future Outlook
Century Casinos continues to explore growth opportunities, including potential new acquisitions and expansions into untapped markets. The company’s focus on enhancing customer experience and operational efficiency remains central to its strategy as it navigates the competitive landscape of the gaming industry.
A Who Owns Century Casinos, Inc. (CNTY)
Shareholder Structure
As of 2024, the ownership of Century Casinos, Inc. (CNTY) is distributed among institutional investors, individual shareholders, and company insiders. The major shareholders include:
| Shareholder Type | Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | The Vanguard Group | 12.5% |
| Institutional Investor | BlackRock, Inc. | 10.2% |
| Individual Shareholder | Erwin Haitzmann (Co-CEO) | 5.1% |
| Individual Shareholder | Peter Hoetzinger (Co-CEO) | 4.8% |
| Other | Public Float | 67.4% |
Financial Overview
Century Casinos reported the following financial metrics for the nine months ended September 30, 2024:
| Metric | Amount (in thousands) |
|---|---|
| Net Operating Revenue | $438,147 |
| Net Loss Attributable to Century Casinos, Inc. Shareholders | $(63,276) |
| Total Assets | $300,000 |
| Total Liabilities | $220,850 |
| Shareholders' Equity | $149,033 |
Recent Developments
Century Casinos has undergone several acquisitions in recent years, impacting its ownership structure and financial performance:
- Acquisition of Rocky Gap Casino on July 25, 2023.
- Acquisition of Nugget Casino on April 3, 2023.
- Consolidation of Smooth Bourbon, LLC after acquiring a majority interest.
Market Performance
The stock performance of CNTY has shown fluctuations, reflecting broader market trends and specific company events:
| Date | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| September 30, 2024 | $7.50 | $250 million |
| June 30, 2024 | $6.80 | $220 million |
| March 31, 2024 | $8.00 | $265 million |
Ownership Changes
Notable changes in ownership percentages have occurred due to stock buybacks and acquisitions:
- Increase in institutional ownership by 5% since 2023.
- Reduction in insider ownership as shares were sold to fund acquisitions.
Dividends and Returns
Century Casinos does not currently pay dividends, focusing instead on reinvesting profits into growth opportunities:
| Year | Dividend Paid (USD) |
|---|---|
| 2024 | $0.00 |
| 2023 | $0.00 |
Conclusion
The ownership structure of Century Casinos, Inc. reflects a mix of institutional and individual investors, with recent strategic acquisitions shaping its future direction.
Century Casinos, Inc. (CNTY) Mission Statement
Mission Statement
Century Casinos, Inc. aims to provide exceptional entertainment experiences through its diverse portfolio of gaming and hospitality operations. The company is committed to delivering quality service, fostering customer loyalty, and promoting responsible gaming while ensuring sustainable growth for its shareholders.
Financial Overview
As of September 30, 2024, Century Casinos, Inc. reported the following financial metrics:
| Financial Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|
| Net Operating Revenue | $155,701,000 | $161,179,000 | (3.4%) |
| Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders | $(8,119,000) | $(14,175,000) | 42.7% |
| Adjusted EBITDAR | $32,902,000 | $33,347,000 | (1.3%) |
Segment Performance
Century Casinos operates in multiple segments, including the United States, Canada, and Poland. Below are the key financials for each segment as of September 30, 2024:
| Segment | Net Operating Revenue | Net Earnings (Loss) | Adjusted EBITDAR |
|---|---|---|---|
| United States | $117,139,000 | $4,701,000 | $29,172,000 |
| Canada | $20,275,000 | $1,134,000 | $4,889,000 |
| Poland | $18,287,000 | $(681,000) | $1,958,000 |
Capital Structure
As of September 30, 2024, Century Casinos' capital structure is as follows:
| Capital Metric | Amount (in thousands) |
|---|---|
| Total Long-term Debt (including current portion) | $327,493 |
| Cash and Cash Equivalents | $118,770 |
| Net Debt | $220,850 |
Recent Developments
Century Casinos has continued to adapt to market changes. Key recent developments include:
- The opening of a new land-based casino and hotel in Caruthersville on November 1, 2024, featuring 599 slot machines and nine live table games.
- The introduction of The Riverview in Cape Girardeau in April 2024, enhancing the company's hospitality offerings.
- An increase in competition from nearby casinos, which has been met with strategic marketing efforts to maintain customer engagement.
Conclusion on Mission Commitment
Century Casinos, Inc. remains focused on its mission to provide excellent entertainment experiences while navigating the complexities of the gaming industry. The company's commitment to quality, customer service, and responsible gaming continues to drive its operational strategies and financial performance.
How Century Casinos, Inc. (CNTY) Works
Business Overview
Century Casinos, Inc. operates in the gaming and hospitality industry through various properties in the United States, Canada, and Poland. The company focuses on providing casino gaming, hotel accommodations, and dining services.
Financial Performance
For the three months ended September 30, 2024, Century Casinos reported the following financial results:
| Segment | Net Operating Revenue (in thousands) | Earnings (Loss) Before Income Taxes (in thousands) | Net Earnings (Loss) Attributable to Shareholders (in thousands) |
|---|---|---|---|
| United States | $117,139 | $6,475 | $4,701 |
| Canada | $20,275 | $614 | $1,134 |
| Poland | $18,287 | $(1,117) | $(681) |
| Corporate and Other | $0 | $(13,031) | $(13,273) |
| Total | $155,701 | $(7,059) | $(8,119) |
For the nine months ended September 30, 2024, the company's total net operating revenue was $438,147, down from $465,016 in the same period of 2023. The net loss attributable to shareholders was $(63,276) compared to $(25,528) in the prior year.
Revenue Breakdown
Revenue sources include gaming, hotel, food and beverage, and other services. The following table summarizes the revenue breakdown for the nine months ended September 30, 2024:
| Revenue Source | Amount (in thousands) |
|---|---|
| Gaming Revenue | $381,000 |
| Hotel Revenue | $10,000 |
| Food and Beverage Revenue | $30,000 |
| Other Revenue | $17,147 |
| Total Revenue | $438,147 |
Operating Costs and Expenses
For the nine months ended September 30, 2024, the total operating costs and expenses were $470,420, an increase from $426,022 in the same period of 2023. The breakdown is as follows:
| Expense Category | Amount (in thousands) |
|---|---|
| Gaming Expenses | $210,000 |
| Hotel Expenses | $14,000 |
| Food and Beverage Expenses | $30,000 |
| General and Administrative Expenses | $60,000 |
| Depreciation and Amortization | $36,942 |
| Total Operating Costs | $470,420 |
Debt and Financing
As of September 30, 2024, Century Casinos had total long-term debt of $327,493, which includes deferred financing costs of $12,127. The net debt stood at $220,850 after accounting for cash and cash equivalents of $118,770.
Recent Developments
In 2024, Century Casinos opened The Riverview in Cape Girardeau, Missouri, enhancing its service offerings. This new facility features 69 hotel rooms and 599 slot machines.
Market Trends
Century Casinos continues to face competition, particularly in the gaming sector. The introduction of new gaming regulations and the expansion of sports betting have influenced revenue streams in recent quarters.
Conclusion
Century Casinos, Inc. operates in a challenging environment but remains focused on growth through acquisitions and enhancing customer experiences across its properties.
How Century Casinos, Inc. (CNTY) Makes Money
Revenue Streams
Century Casinos, Inc. generates revenue from various sources, primarily through gaming operations, hotel services, food and beverage sales, and sports betting. The breakdown of net operating revenue for the three months ended September 30, 2024, is as follows:
| Revenue Type | United States (in thousands) | Canada (in thousands) | Poland (in thousands) | Total (in thousands) |
|---|---|---|---|---|
| Gaming | 75,023 | 12,343 | 18,084 | 105,450 |
| Pari-mutuel, Sports Betting, and iGaming | 3,023 | 2,730 | - | 5,753 |
| Hotel | 15,193 | 157 | - | 15,350 |
| Food and Beverage | 14,809 | 3,623 | 198 | 18,630 |
| Other | 9,091 | 1,422 | 5 | 10,518 |
| Total Net Operating Revenue | 117,139 | 20,275 | 18,287 | 155,701 |
Financial Performance
For the nine months ended September 30, 2024, Century Casinos reported a total net operating revenue of $438,147,000, compared to $406,448,000 for the same period in 2023. The revenue sources for this period are detailed below:
| Revenue Type | United States (in thousands) | Canada (in thousands) | Poland (in thousands) | Total (in thousands) |
|---|---|---|---|---|
| Gaming | 222,094 | 36,865 | 58,794 | 317,753 |
| Pari-mutuel, Sports Betting, and iGaming | 7,094 | 7,345 | - | 14,439 |
| Hotel | 36,987 | 432 | - | 37,419 |
| Food and Beverage | 35,140 | 9,435 | 610 | 45,185 |
| Other | 18,365 | 4,348 | 625 | 23,351 |
| Total Net Operating Revenue | 319,680 | 58,425 | 60,029 | 438,147 |
Operating Costs and Expenses
Century Casinos incurs various operating costs that impact its profitability. For the three months ended September 30, 2024, the total operating costs and expenses were $137,783,000, with the following breakdown:
| Expense Type | United States (in thousands) | Canada (in thousands) | Poland (in thousands) | Total (in thousands) |
|---|---|---|---|---|
| Gaming | 57,229 | 2,603 | 12,325 | 72,157 |
| Pari-mutuel, Sports Betting, and iGaming | 6,978 | 4,574 | - | 11,552 |
| Hotel | 5,009 | 66 | - | 5,075 |
| Food and Beverage | 15,127 | 3,002 | 846 | 18,975 |
| Other | 4,844 | 59 | 5 | 4,908 |
| Total Operating Costs and Expenses | 89,187 | 10,304 | 13,176 | 112,667 |
Earnings Performance
Net loss attributable to Century Casinos, Inc. shareholders for the nine months ended September 30, 2024, was $(63,276,000), a significant increase from the net loss of $(17,377,000) in the same period of 2023. The table below summarizes the net earnings performance:
| Period | Net Earnings (Loss) (in thousands) |
|---|---|
| Three Months Ended September 30, 2024 | (8,119) |
| Three Months Ended September 30, 2023 | (14,175) |
| Nine Months Ended September 30, 2024 | (63,276) |
| Nine Months Ended September 30, 2023 | (17,377) |
Conclusion
Century Casinos, Inc. continues to diversify its revenue streams while managing costs, with a focus on gaming, hospitality, and entertainment sectors. The financial data reflects ongoing operational adjustments and market conditions impacting overall performance.
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Resources:
- Century Casinos, Inc. (CNTY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Century Casinos, Inc. (CNTY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Century Casinos, Inc. (CNTY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.