So how was the first quarter of 2019 for Canada’s Century Casinos. The international entertainment company is reporting a net operating revenue of $45.6 million. This is a nice 12% increase over the same time last year.
In addition, operations earnings came in 6% higher than 2018 at $3.4 million. Surely any level of profit is a win-win situation for the company. Providing further detail, Century Casinos had a net earnings of $1.1 million, or an increase of 15% for shareholders. Not forgetting EBITDA, the figure of $6.7 million is a modest jump of 2%. Then there is basic and diluted earnings per share rising a whopping 33% to $0.04. Someone is mighty pleased. Co-CEOs, Erwin Haitzmann and Peter Hoetzinger are two happy campers.
“We are pleased with the 12 per cent net operating revenue growth this quarter, with all reportable segments contributing to the increased results.”
There are reasons for the numbers. For example, adjusted EBITDA growth had to do with $0.7 million of non-recurring expenses incurred in opening the company’s newest property earlier this year. The new entity, Century Mile Racetrack and Casino, operates in the northern Alberta pari-mutuel network. The good news is that the casino contributed to $1.6 million in revenue growth for the region.
“We had a successful grand opening at Century Mile in April and are excited for the success this property has had in its first month of operation.”