This week Century Casinos Inc. introduced its financial results for the financial year ending on December 31, 2014 and explained clear details about earnings and operating revenues. According to the report, its net earnings attributed to shareholders declined by 80 percent since 2013 at $ 1.2 million, leading to earnings per share falling to $ 0.05 this year. Fortunately Century Casinos’ net operating revenue witnessed an increase of 15 percent since last year at $120.1 million. This was largely due to its new and more streamlined structure to manage costs better which helped in increase of adjusted EBITDA by 82 percent.
Fourth quarter results
Compared to the last quarter of 2013, this year has been better in every way and Century Casino is likely to improve their operating costs in casinos at Poland and Canada in forthcoming years. The net operating income during the fourth quarter of 2014 reported a healthy increase of 6 percent at $31.3 million. The firm’s adjusted EBITDA was at 4.0 million showing a whooping increase of 82 percent when compared to same period last year. There were a few shortfalls in equity per share due to investments in an Argentinian firm which cost Century casinos $1 million and will lease slot machines to single client Mendoza Casino and will also provide consulting services for a fee.
Future plans of expansion
This year, Century Casinos will form a 75 percent owned subsidiary named Century Bets Inc which will operate pair-mutual betting network in Alberta, Canada which will start operations in the second half of 2015. This Century Downs Racetrack and Casino is likely to attract a fairly large crowd of casual onlookers and also racing enthusiasts as it is just four and half miles from Calgary International Airport. It is also close to CrossIrons Mills, a local shopping centre which attracts around 12 million visitors every year.