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Century Casinos, Inc. Announces Second Quarter 2021 Results

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COLORADO SPRINGS, Colo., Aug. 6, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2021.

Century Casinos Logo (PRNewsfoto/Century Casinos, Inc.)
Century Casinos Logo (PRNewsfoto/Century Casinos, Inc.)

Second Quarter 2021 Highlights*

  • Net operating revenue was $92.2 million, an increase of 155% from the three months ended June 30, 2020.

  • Earnings from operations was $18.1 million, an increase of 957% from the three months ended June 30, 2020.

  • Net earnings attributable to Century Casinos, Inc. shareholders was $6.9 million, a change of 154% from the three months ended June 30, 2020.

  • Adjusted EBITDA** was $25.2 million, an increase of 1532% from the three months ended June 30, 2020.

  • Basic and diluted earnings per share were $0.23 and $0.22, respectively.

  • Book value per share*** at June 30, 2021 was $4.31.

COVID-19 UPDATE
In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic had an adverse effect on the Company's 2020 results of operations and financial condition, and impacted the Company's results of operations to a lesser extent in the first half of 2021 because the Company's United States properties were open and operating during this period.

The Company's Canada properties reopened on June 10, 2021, and its Poland casinos reopened on May 28, 2021. The Company's casinos in the United States have been open since June 2020 but have been required to vary their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.

The consolidated results for the three and six months ended June 30, 2021 and 2020 are as follows:



















For the three months



For the six months

Amounts in thousands, except per share data

ended June 30,



ended June 30,

Consolidated Results:



2021



2020


% Change



2021



2020


% Change

Net Operating Revenue


$

92,185


$

36,103


155%


$

164,599


$

123,760


33%

Earnings (Loss) from Operations



18,112



(2,114)


957%



26,361



(33,887)


178%

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders


$

6,855


$

(12,607)


154%


$

5,436


$

(58,463)


109%


















Adjusted EBITDA**


$

25,238


$

(1,762)


1532%


$

39,983


$

7,822


411%


















Earnings (Loss) Per Share Attributable to Century Casinos, Inc. Shareholders:

Basic


$

0.23


$

(0.43)


154%


$

0.18


$

(1.98)


109%

Diluted


$

0.22


$

(0.43)


151%


$

0.18


$

(1.98)


109%


















"With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly Adjusted EBITDA** in the Company's history and a consolidated Adjusted EBITDA margin** of 27.4%," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We continue to have a strong balance sheet and no substantial debt maturities before 2026," Messrs. Haitzmann and Hoetzinger concluded.

REPORTABLE SEGMENT RESULTS*
The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of June 30, 2021:




Reportable Segment

Operating Segment

Reporting Unit

United States

Colorado

Century Casino & Hotel - Central City



Century Casino & Hotel - Cripple Creek


West Virginia

Mountaineer Casino, Racetrack & Resort


Missouri

Century Casino Cape Girardeau



Century Casino Caruthersville

Canada

Edmonton

Century Casino & Hotel - Edmonton



Century Casino St. Albert



Century Mile Racetrack and Casino


Calgary

Century Downs Racetrack and Casino



Century Sports



Century Bets! Inc.

Poland

Poland

Casinos Poland

Corporate and Other

Corporate and Other

Cruise Ships & Other



Corporate Other

The Company's net operating revenue increased by $56.1 million, or 155%, and by $40.8 million, or 33%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:


























Net Operating Revenue



For the three months







For the six months








ended June 30,



$


%


ended June 30,



$


%

Amounts in thousands


2021


2020



Change


Change


2021


2020



Change


Change

United States


$

76,700


$

23,832


$

52,868


222%


$

141,072


$

77,262


$

63,810


83%

Canada



6,658



4,719



1,939


41%



8,666



20,902



(12,236)


(59%)

Poland



8,689



7,390



1,299


18%



14,599



24,453



(9,854)


(40%)

Corporate and Other



138



162



(24)


(15%)



262



1,143



(881)


(77%)

Consolidated


$

92,185


$

36,103


$

56,082


155%


$

164,599


$

123,760


$

40,839


33%
























The Company's earnings (loss) from operations increased by $20.2 million, or 957%, and by $60.2 million, or 178%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:


























Earnings (Loss) from Operations



For the three months







For the six months








ended June 30,



$


%


ended June 30,



$


%

Amounts in thousands


2021


2020



Change


Change


2021


2020



Change


Change

United States


$

23,529


$

(3,317)


$

26,846


809%


$

41,058


$

(28,401)


$

69,459


245%

Canada



(612)



(1,229)



617


50%



(4,436)



(2,917)



(1,519)


(52%)

Poland



(1,810)



(2,201)



391


18%



(5,170)



(1,910)



(3,260)


(171%)

Corporate and Other



(2,995)



4,633



(7,628)


(165%)



(5,091)



(659)



(4,432)


(673%)

Consolidated


$

18,112


$

(2,114)


$

20,226


957%


$

26,361


$

(33,887)


$

60,248


178%
























Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $19.5 million, or 154%, and by $63.9 million, or 109%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:


























Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders



For the three months







For the six months








ended June 30,



$


%


ended June 30,



$


%

Amounts in thousands


2021


2020



Change


Change


2021


2020



Change


Change

United States


$

16,502


$

(10,271)


$

26,773


261%


$

27,096


$

(43,659)


$

70,755


162%

Canada



(1,525)



(1,781)



256


14%



(5,040)



(5,987)



947


16%

Poland



(1,038)



(1,246)



208


17%



(2,873)



(1,218)



(1,655)


(136%)

Corporate and Other



(7,084)



691



(7,775)


(1125%)



(13,747)



(7,599)



(6,148)


(81%)

Consolidated


$

6,855


$

(12,607)


$

19,462


154%


$

5,436


$

(58,463)


$

63,899


109%
























Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

Adjusted EBITDA** increased by $27.0 million, or 1532%, and by $32.2 million, or 411%, for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020:


























Adjusted EBITDA**



For the three months







For the six months








ended June 30,



$


%


ended June 30,



$


%

Amounts in thousands


2021


2020



Change


Change


2021


2020



Change


Change

United States


$

28,247


$

2,086


$

26,161


1254%


$

50,376


$

10,850


$

39,526


364%

Canada



639



(1)



640


64000%



(1,850)



3,025



(4,875)


(161%)

Poland



(1,042)



(1,466)



424


29%



(3,608)



(407)



(3,201)


(787%)

Corporate and Other



(2,606)



(2,381)



(225)


(9%)



(4,935)



(5,646)



711


13%

Consolidated


$

25,238


$

(1,762)


$

27,000


1532%


$

39,983


$

7,822


$

32,161


411%
























BALANCE SHEET AND LIQUIDITY
As of June 30, 2021, the Company had $80.2 million in cash and cash equivalents and $183.9 million in outstanding debt on its balance sheet compared to $63.4 million in cash and cash equivalents and $184.6 million in outstanding debt at December 31, 2020. The outstanding debt as of June 30, 2021 included $167.5 million related to the Company's credit agreement with Macquarie Capital ("Macquarie"), $0.8 million of bank debt related to Casinos Poland, $8.4 million of bank debt related to Century Resorts Management GmbH ("CRM"), and $15.7 million related to a long-term land lease for Century Downs Racetrack and Casino ("CDR"), net of $8.5 million in deferred financing costs. The Company also has a $280.1 million long-term financing obligation under its triple net master lease ("Master Lease").

CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2021 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the second quarter results on its website at www.cnty.com/investor/presentations/.

The Company will host its second quarter 2021 earnings conference call today, Friday, August 6, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company's website until August 31, 2021 at www.cnty.com/investor/financials/sec-filings/.

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDA and Adjusted EBITDA margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
*** The Company defines book value per share as total Century Casinos, Inc. shareholders' equity divided by outstanding common shares.



CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Earnings (Loss)















For the three months

For the six months


ended June 30,

ended June 30,

Amounts in thousands, except for per share information


2021


2020


2021


2020

Operating revenue:













Net operating revenue


$

92,185


$

36,103


$

164,599


$

123,760

Operating costs and expenses:













Total operating costs and expenses



74,073



38,217



138,238



157,647

Earnings (loss) from operations



18,112



(2,114)



26,361



(33,887)

Non-operating (expense) income, net



(10,720)



(10,501)



(20,773)



(21,865)

Earnings (loss) before income taxes



7,392



(12,615)



5,588



(55,752)

Income tax provision



(1,120)



(582)



(1,219)



(3,106)

Net earnings (loss)



6,272



(13,197)



4,369



(58,858)

Net loss attributable to non-controlling interests



583



590



1,067



395

Net earnings (loss) attributable to Century Casinos, Inc. shareholders


$

6,855


$

(12,607)


$

5,436


$

(58,463)














Earnings (loss) per share attributable to Century Casinos, Inc. shareholders:

Basic


$

0.23


$

(0.43)


$

0.18


$

(1.98)

Diluted


$

0.22


$

(0.43)


$

0.18


$

(1.98)














Weighted average common shares













Basic



29,579



29,576



29,578



29,541

Diluted



30,935



29,576



30,708



...

29,541





















Condensed Consolidated Balance Sheets









June 30,


December 31,

Amounts in thousands


2021


2020

Assets







Current assets


$

110,001


$

94,622

Property and equipment, net



480,503



485,248

Other assets



98,294



100,890

Total assets


$

688,798


$

680,760








Liabilities and Equity







Current liabilities


$

56,266


$

60,163

Non-current liabilities



497,911



493,614

Century Casinos, Inc. shareholders' equity



127,514



118,154

Non-controlling interests



7,107



8,829

Total liabilities and equity


$

688,798


$

680,760




CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Adjusted EBITDA Margins **







For the three months

For the six months


ended June 30,

ended June 30,


2021

2020

2021

2020

United States

37%

9%

36%

14%

Canada

10%

(21%)

15%

Poland

(12%)

(20%)

(25%)

(2%)

Corporate and Other

(1888%)

(1470%)

(1884%)

(494%)

Consolidated

27%

(5%)

24%

6%








Reconciliation of Adjusted EBITDA* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


















For the three months ended June 30, 2021

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders


$

16,502


$

(1,525)


$

(1,038)


$

(7,084)


$

6,855

Interest expense (income), net (1)



7,027



396



11



3,253



10,687

Income taxes (benefit)





572



(283)



831



1,120

Depreciation and amortization



4,509



1,251



768



105



6,633

Net loss attributable to non-controlling interests





(65)



(518)





(583)

Non-cash stock-based compensation









323



323

Loss on foreign currency transactions, cost recovery income and other





10



18



5



33

Loss (gain) on disposition of fixed assets



209







(39)



170

Adjusted EBITDA


$

28,247


$

639


$

(1,042)


$

(2,606)


$

25,238

















(1)

Expense of $7.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.3 million and $0.6 million, respectively, for the period presented.




CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


















For the three months ended June 30, 2020

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net (loss) earnings attributable to Century Casinos, Inc. shareholders


$

(10,271)


$

(1,781)


$

(1,246)


$

691


$

(12,607)

Interest expense (income), net (1)



6,954



435



(14)



3,204



10,579

Income (benefit) taxes





(44)



(292)



918



582

Depreciation and amortization



4,246



1,289



735



135



6,405

Net earnings (loss) attributable to non-controlling interests





34



(624)





(590)

Non-cash stock-based compensation









249



249

Loss (gain) on foreign currency transactions and cost recovery income





135



(25)



(7,631)



(7,521)

Impairment - intangible and tangible assets (2)



1,157









1,157

Gain on disposition of fixed assets





(69)







(69)

Acquisition costs









53



53

Adjusted EBITDA


$

2,086


$

(1)


$

(1,466)


$

(2,381)


$

(1,762)

















(1)

Expense of $7.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.4 million, respectively, for the period presented.

(2)

Expense of $1.2 million is included in the United States segment related to the impairment of goodwill and intangible assets.




CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


















For the six months ended June 30, 2021

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders


$

27,096


$

(5,040)


$

(2,873)


$

(13,747)


$

5,436

Interest expense (income), net (1)



13,962



703



15



6,530



21,210

Income taxes (benefit)





163



(889)



1,945



1,219

Depreciation and amortization



9,036



2,473



1,562



205



13,276

Net earnings (loss) attributable to non-controlling interests





367



(1,434)





(1,067)

Non-cash stock-based compensation









582



582

(Gain) loss on foreign currency transactions, cost recovery income and other





(548)



11



(411)



(948)

Loss (gain) on disposition of fixed assets



282



32





(39)



275

Adjusted EBITDA


$

50,376


$

(1,850)


$

(3,608)


$

(4,935)


$

39,983

















(1)

Expense of $14.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.7 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $10.5 million and $0.9 million, respectively, for the period presented.




CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


















For the six months ended June 30, 2020

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net loss attributable to Century Casinos, Inc. shareholders


$

(43,659)


$

(5,987)


$

(1,218)


$

(7,599)


$

(58,463)

Interest expense (income), net (1)



14,235



979



17



6,713



21,944

Income taxes (benefit)



1,023



1,813



(247)



517



3,106

Depreciation and amortization



8,505



2,628



1,501



265



12,899

Net earnings (loss) attributable to non-controlling interests





214



(609)





(395)

Non-cash stock-based compensation









236



236

Loss (gain) on foreign currency transactions and cost recovery income





72



147



(7,046)



(6,827)

Impairment - intangible and tangible assets (2)



30,746



3,375





1,000



35,121

(Gain) loss on disposition of fixed assets





(69)



2



2



(65)

Acquisition costs









266



266

Adjusted EBITDA


$

10,850


$

3,025


$

(407)


$

(5,646)


$

7,822

















(1)

Expense of $14.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.9 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $10.4 million and $0.9 million, respectively, for the period presented.

(2)

Expense of $30.7 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets. Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the Company's investment in Mendoza Central Entretenimientos S.A.


CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
* The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation and amortization, non-controlling interests net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease and CDR land lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other as the expense is not allocated to reportable segments when reviewed by the Company's chief operating decision makers. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above-mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-US GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.

ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta, Canada; and Century Bets! Inc. ("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, CRM, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company has an agreement to operate two ship-based casinos. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other projects in various stages of development.

Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, including statements about operating margins, the impact of the current coronavirus (COVID-19) pandemic, estimates of the financial impact of COVID-19, the adequacy of cash flows from operations and available cash to meet our future liquidity needs, particularly if we cannot operate our casinos due to COVID-19 or their operations are restricted, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, our credit agreement with Macquarie and obligations under our Master Lease and our ability to repay our debt and other obligations, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2020, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

Cision
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SOURCE Century Casinos, Inc.