Century Casinos Inc. (CNTY) recently held its Q2 2024 earnings call, and despite facing several challenges in the current economic climate, the company reported impressive revenue growth. The earnings call, which took place on August 13, 2024, was attended by investors, analysts, and members of the media who were eager to hear about the company’s performance during the second quarter of the year.
During the call, Century Casinos Inc. CEO, Peter Hoetzinger, highlighted the company’s strong financial performance in the face of ongoing challenges such as rising inflation and supply chain disruptions. Hoetzinger began by announcing that the company had generated total revenue of $118 million during the second quarter, representing a 15% increase compared to the same period last year. This growth was driven by solid performance across all of the company’s business segments, including its casinos, hotels, and online gaming platforms.
One of the key factors contributing to Century Casinos Inc.’s revenue growth was the strong performance of its brick-and-mortar casinos. Despite continued pressure from the pandemic and increasing competition, the company’s casinos saw a 12% increase in revenue during the second quarter, with particularly strong performance in key markets such as Colorado and Alberta. Hoetzinger attributed this success to the company’s focus on customer experience and its ability to adapt to changing market conditions.
In addition to its brick-and-mortar casinos, Century Casinos Inc. also saw significant growth in its online gaming segment. The company’s online gaming platforms, which include both real money gaming and social gaming options, experienced a 20% increase in revenue during the second quarter. This growth was driven by increased customer engagement and the successful launch of new games and promotions.
Looking ahead, Hoetzinger expressed optimism about the company’s future prospects, despite the challenges that lie ahead. He highlighted Century Casinos Inc.’s strong balance sheet and diversified business portfolio as key strengths that will help the company weather any potential market disruptions. Hoetzinger also emphasized the company’s continued focus on innovation and customer satisfaction as key drivers of future growth.
Overall, Century Casinos Inc.’s Q2 2024 earnings call showcased the company’s resilience and ability to thrive in a challenging business environment. With strong revenue growth across all business segments and a focus on customer experience and innovation, Century Casinos Inc. is well-positioned for continued success in the months and years ahead.