Century Casinos Slumps on Soft Q4 Results, Updates Poland Sale Prospects
Shares of Century Casinos (NASDAQ: CNTY) tumbled Friday after the small-cap regional casino operator posted fourth-quarter results that missed analysts’ estimates.
The Colorado-based keep company said it lost 14 cents a divvy up on revenue of $103.8 meg inward the finally ternion months of 2022. Analysts expected a gain of 2 cents on sales of $104.2 million. As a result, marketplace participants are taking the gillyflower to task. In later(a) trading, the shares are sour to a greater extent than 15% on intensity that’s nearly quadruple the day-to-day average. Earlier today, the carry slipped past to a greater extent than 22%.
While the operator didn’t directly accost wherefore its fourth-quarter results missed Wall Street forecasts, co-CEOs Erwin Haitzmann and St. Peter Hoetzinger noted inward a statement Century concluded 2022 with record familiarized earnings before interest, taxes, wear and tear and amortization (EBITDA) and sack up operating revenue.
The executives added that mental synthesis at the company’s two Show Me State casino-hotels inward Cape Girardeau and Caruthersville is slated to live completed inward 2024. In the Dec quarter, in that respect were some disruptions at the Caruthersville locale owing to low irrigate levels in the MS River, but that shouldn’t live a long-term occupy because the riverboat cassino is moving ashore.
Century Nevada Update
Haitzmann and Hoetzinger also noted that the Silver State Gaming Control Board (NGCB) lately recommended that the Battle Born State Gaming Commission (NGC) subscribe away on Century’s $195 billion acquisition of Sparks Nugget.
It’s possible those approvals could make it next month, pavage the path for the operator’s initial raid into Nevada.
Our practical application must ease be approved by the Gaming Commission inward Sagebrush State at its encounter on Mar 23. If approved, we project to tight the market place acquisition inward the first-class honours degree week of April, less than 4 weeks from today. We are finalizing our plans for initial investments and upgrades, and I’m to a greater extent excited than ever almost the potentiality for improvements,” said Hoetzinger on a conference phone call before today with analysts.
He added that Century’s immediate centering inwards Sparks testament follow on the Nugget’s cassino level and identifying cost-saving opportunities crosswise the venue.
The co-CEO also observed that the operator expects to tightlipped its purchase of the operating rights of Rocky Gap Casino Resort inwards Flinstone, Md. in June or July. Golden Entertainment (NASDAQ: GDEN), the electric current manipulator of that venue, proclaimed the $260 jillion sale of the prop utmost Aug with VICI Properties (NYSE: VICI) acquiring the tangible estate.
Poland Sale Update
Prior to Russia’s intrusion of Ukraine, it was expected that Century would looking to sell its two-thirds wager inward Casinos Polska and use majuscule for possible enlargement opportunities in the US.
The state of war delayed that process, but due to an influx if Ukrainian nationals to Poland, casinos there are thriving and Century may not be in a upsurge to parting with those operations.
“Our casinos inwards Poland continued their self-colored performance. Revenue was up 11%. As our results in Polska are consistently strong, it may as comfortably hold off for another certify excited to kickstart the sales process. We don’t have any clip pressure,” observed Hoetzinger. “That timing is non an issue for us. As you know, we feature an splendid direction team up in that respect inward place, and in that location is no want for any investiture or CapEx from our side. It’s quite a the opposite. Johnny Cash is flowing from Republic of Poland to us.”
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