Canada – Century sees 15 per cent rise in revenue in 2014By Phil - 17 March 2015
Canadian-born operator Century Casinos reported a 15 per cent increase in net operating revenue in 2014’s figure coming in at $120.1m.
Adjusted EBITDA was $12.9m, marking a one per cent increase from the year ended December 31, 2013.
Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos, said: “We ended 2014 on a strong note. A combination of a more streamlined cost structure and better overall macro-trends resulted in a six increase in net operating revenue and an 82 per cent increase in Adjusted EBITDA in the fourth quarter of 2014 compared to the fourth quarter of 2013. We are happy with our good progress in further improving the operating margins at Casinos Poland as well as at both properties in Canada. Construction remains on budget and on schedule on the Century Downs Racetrack and Casino, which is located four-and-a-half miles from Calgary International Airport and next to CrossIrons Mills, a regional shopping center that attracts approximately 12m visitors annually. The facility is expected to open on April 1, 2015, with a 0.7 mile racetrack, 550 gaming machines, a restaurant, bars and an off-track betting lounge,” they continued.
In December 2014, the operator announced it would form a new 75 per cent-owned subsidiary, Century Bets! to operate the pari-mutuel off-track betting network in Southern Alberta, Canada. Horse Racing Alberta has awarded CBS a license to operate this network, and the company anticipates that CBS will begin operating this network in the second quarter of 2015.
In October 2014, a subsidiary of the company invested $1m in an Argentina company that leases slot machines and provides related services to Mendoza Casino, a casino located in Mendoza, Argentina that is owned by the Province of Mendoza. The company’s subsidiary, which also will receive a fee for providing consulting services to the venture, owns 7.5 per cent of the company and has a three year option to purchase up to 50 per cent of the company.