Colorado Springs, Colorado – May 9, 2023 – Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2023.
First Quarter 2023 Highlights*
Compared to the three months ended March 31, 2022:
- Net operating revenue was $108.5 million, an increase of 5%.
- Earnings from operations were $18.4 million, an increase of 41%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($1.2) million, a decrease of (670%).
- Adjusted EBITDA** was $26.1 million, an increase of 9%.
- Loss per share was ($0.04).
- Book value per share*** at March 31, 2023 was $4.70.
NUGGET CASINO RESORT ACQUISITION
On April 3, 2023, the Company completed its previously announced acquisition of 100% of the membership interests in Nugget Sparks, LLC (“Nugget”) for $100.0 million (subject to certain adjustments) (the “OpCo Acquisition”). On April 1, 2022, the Company purchased 50% of the membership interests in Smooth Bourbon, LLC (“Smooth Bourbon”) for approximately $95.0 million (the “Smooth Bourbon Acquisition” and together with the OpCo Acquisition, the “Nugget Acquisition”).
Nugget owns and operates the Nugget Casino Resort in Sparks, Nevada, and Smooth Bourbon owns the real property on which the casino is located and leases the real property to Nugget for an annual rent of $15.0 million. The Company funded the acquisition with $100.0 million from an escrow account that was established under its Credit Agreement with Goldman Sachs Bank USA (the “Goldman Credit Agreement”).
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