Century Casino posts mixed Q1 results amid challenges
Century Casino, a leading global gaming company, has reported mixed financial results for the first quarter of 2021, facing challenges from the ongoing pandemic but also showing signs of resilience.
The company announced total revenue of $34.5 million for the quarter, a decrease of 18% compared to the same period last year. However, despite the decline in revenue, Century Casino managed to achieve positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $5.1 million, an increase of $1.1 million from the first quarter of 2020.
The company attributed the decrease in revenue to the impact of the Covid-19 pandemic, which forced many of its properties to temporarily close or operate at reduced capacity. However, Century Casino reported strong performance in its online gaming and sports betting segments, which helped offset some of the losses from its land-based operations.
“We are pleased with our performance in the first quarter, despite the challenging operating environment caused by the global pandemic,” said Peter Hoetzinger, Co-CEO of Century Casino. “Our online gaming and sports betting business continues to show strong growth, and we are optimistic about the future prospects of these segments.”
Century Casino also reported a significant decrease in operating expenses, which fell by $2.5 million compared to the first quarter of 2020. The company attributed this decrease to its cost-saving initiatives and efforts to improve operational efficiency in response to the ongoing challenges posed by the pandemic.
Despite the mixed results, Century Casino remains optimistic about its future prospects and is confident in its ability to navigate through the challenges ahead. The company is actively working to expand its online gaming and sports betting offerings and exploring new growth opportunities in markets across the globe.
“As we continue to adapt to the changing landscape of the gaming industry, we remain focused on delivering value to our shareholders and providing a safe and entertaining experience for our customers,” said Erwin Haitzmann, Co-CEO of Century Casino. “We are confident that our strategic initiatives will position us for long-term success and sustainable growth.”
In light of the challenges faced by the company, Century Casino has reaffirmed its commitment to maintaining a strong balance sheet and liquidity position. The company reported total cash and cash equivalents of $62.4 million as of March 31, 2021, providing a solid financial foundation to weather the ongoing uncertainties in the gaming industry.
As Century Casino looks ahead to the rest of 2021, the company remains cautiously optimistic about its prospects for growth and recovery. With a strong focus on innovation, operational efficiency, and customer experience, Century Casino is well-positioned to overcome the challenges posed by the pandemic and emerge stronger than ever.
