UK – Slow start in Bath and Poland delays hit Century’s third quarterBy Phil - 9 November 2018
Century Casinos blamed an 80 per cent fall in its third-quarter earnings on a slow start at its new casino in Bath, England, and delays in reopening two of its casinos in Poland.
Net operating revenue for the operator came in at $43.6m, an increase of six per cent from the three months ended September 30, 2017.
“This quarter we had broad-based revenue growth in the United States, Canada and Poland. With the reopening of two casinos in Poland in the latter half of the quarter we anticipate strong Adjusted EBITDA performance will return to that segment,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “Although operations in Bath have ramped up slower than expected, which impacted Adjusted EBITDA for the third quarter, we look forward to a strong finish to the year for the company. We are excited for the 2019 outlook with the Century Mile project continuing to trend on-time and on-budget for an April 2019 opening,” Mr. Haitzmann and Mr. Hoetzinger concluded