Casinos of the Century announced on Friday its financial results for the first quarter 2022who saw the the company’s net operating income increased by 40.2% over the previous year to reach $103.1 million during the period. The company now expects an increase in performance through the end of 2022, thanks to recent acquisitions.
That of the brand operating profit was $13 milliona 58% increase over the same period in 2021. Net income attributable to Century Casinos shareholders was $0.2 million, and Adjusted EBITDA was $25.8 million, a 62% increase over 2021.
Along with the publication of the financial report, Erwin Haitzmann and Peter Hoetzinger, co-CEOs of Century Casinos spoke about the first quarter 2022 results and said, “We are very pleased with the first quarter results. Revenue increased in each of our three reportable segments with overall growth of 42% compared to the first quarter of 2021.”
The company’s US operations generated the bulk of the quarter’s revenue at $65.28 million, up just 1% from $64.37 million in 2021.. Meanwhile, Canadian operations hit $15.99 million, up from $2 million a year earlier; and the group’s Polish properties posted a 269% increase to $21.82 million.
Additionally, now that all properties are operating with very few COVID-19 restrictions, the company maintained the 23% Adjusted EBITDA margin it had in the fourth quarter of 2021 and increased that margin by 800 basis points. compared to the first quarter of 2019. Adjusted EBITDA margin of 15%.
“As we announced in April, we have completed the first part of our acquisition of the Nugget Casino Resort and are excited to enter the growing Reno/Sparks Nevada market with this transaction. The addition of the Nugget is expected to grow our US segment Adjusted EBITDA to approximately 80% of our total Adjusted EBITDA,” the co-founders concluded.
One day after the end of the first quarter of the year, on April 1, 2022, the company bought the members’ 50% stake in Smooth Bourbonthe company that owns the Nugget Casino Resort, for approximately $95 million.
Nugget Casino Resort
Under definitive agreement and subject to Nevada Gaming Commission approvalthe company will buy 100% of the shares of Nugget Sparks for $100 million. The acquisition is expected to take place within a year.
The same day, the company has also entered into a credit agreement with Goldman Sachs Bank USAwhich includes a $350 million term loan and a $30 million revolving credit facility.