Century Casino saw a 4% reduction in net operating income during the recent quarter, as per the organization’s most recent earnings statement.
The statement discloses that Century Casino generated $112.6 million in net operating income for Q3. Modified EBITDA for the quarter reached $28.1 million, signifying a 15% decline contrasted with the corresponding period last year. Operational earnings also witnessed a decrease, falling 22% year-on-year to hit $2 million for the three months concluding in September.
This information followed a 1.33% drop in Century Casino’s share value over the preceding five days.
Joint CEOs Erwin Haitzmann and Peter Hoetzinger ascribed the downturn to robust results in 2021 and inflationary forces, as clarified in an accompanying announcement.
“Both net operating income and Modified EBITDA lessened in the third quarter of 2022 compared to the third quarter of 2021,” they stated.
“This reduction was propelled, partially, by the exceptional outcomes we attained in 2021 (which profited from the easing of COVID-19 related limitations in Missouri) and the effect of inflation and the supplementary expenses incurred due to the low water levels on the Mississippi River for our Caruthersville riverboat.”
Notwithstanding these obstacles, the firm made a substantial move in August by entering into a contract with Lakes Maryland Development, Golden Entertainment, and Vici Properties. This transaction will see Century Casino purchase the Rocky Gap Casino Resort for a considerable $56.1 million.
In their third quarter earnings statement, Hetzmann and Herchinger revealed some thrilling developments. The firm disclosed plans to broaden its reach into Maryland through the acquisition of the Rocky Gap Casino Resort. A definitive purchase contract was inked earlier in August, and the company eagerly anticipates integrating this establishment into its burgeoning American portfolio.