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Poland – Increased ownership in Poland drives Century’s revenue

By - 16 August 2013

Century Casinos recorded a 59 per cent increase in net revenue, taking its net operating revenue to $28.3m for the three months ended June 30, 2013.

Net earnings were $3.7m, a 219 per cent increase from the three months ended June 30, 2012, primarily due to the inclusion of operating results from Casinos Poland in the second quarter of 2013. In April 2013, the company completed the purchase of an additional 33.3 per cent ownership interest in Casinos Poland, meaning it now owns a 66.6 per cent interest in the Polish operator.

Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said: “We posted excellent results in the second quarter. The Casinos Poland acquisition is complete and has been immediately accretive to net operating revenue. Even when excluding the one-time gain associated with the Casinos Poland acquisition, net earnings increased by 38 per cent and earnings per share increased from 5 cents to 7 cents for the quarter. With a solid balance sheet, a book value per share of $4.98 and borrowing capacity under the credit agreement with the Bank of Montreal we are well positioned for further growth.”

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