Century Casinos posts $58.9m H1 loss despite revenue growth
Century Casinos Inc. has reported a net loss of $58.9m for the first half of 2020, despite its US operations driving a 26.2% year-on-year increase in revenue for the period.
Net operating revenue for the six months through to June 30 totalled $123.8m, up from $98.1m in the first half of last year.
This increase was primarily down to growth within the US, with Century seeing its revenue in the country rocket 357.4% year-on-year to $77.3m. This was thanks in part to the acquisition of new casinos including the Isle Casino Cape Girardeau, Lady Luck Caruthersville and the Mountaineer Casino, Racetrack and Resort from the former Eldorado Resorts before Eldorado completed its merger with Caesars Entertainment.
Century runs five brick-and-mortar casinos properties across Colorado, Missouri and West Virginia, though all of these were forced to temporarily close in mid-March due to the novel coronavirus (Covid-19) pandemic and did not start to reopen until the start of June.
However, this growth was partially offset by declines in all other regions, with Canadian revenue slipping 45.4% to $20.9m and Polish revenue also falling by 38.9% to $24.5m. Like in the US, Canadian casinos were closed from mid-March to the start of June, while Polish properties began to reopen from May 18.
Corporate and other revenue, including cruise ships, was also down 62.3% to $1.1m for the period.