{"id":98,"date":"2024-06-14T03:57:09","date_gmt":"2024-06-14T00:57:09","guid":{"rendered":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/14\/century-gaming-reports-soaring-earnings-despite-divestitures\/"},"modified":"2024-06-17T12:58:05","modified_gmt":"2024-06-17T09:58:05","slug":"century-gaming-reports-soaring-earnings-despite-divestitures","status":"publish","type":"post","link":"https:\/\/secretnodepositbonuscodes.icu\/2024\/06\/14\/century-gaming-reports-soaring-earnings-despite-divestitures\/","title":{"rendered":"Century Gaming Reports Soaring Earnings Despite Divestitures"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/7w8u2ov_QJ0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Century Gaming, a firm managing casinos across the United States and Canada, recently published its fiscal report for the 2023 third quarter. Their net operating earnings experienced a substantial surge, rising by 43% year-over-year, reaching $161.2 million. This expansion was primarily fueled by the corporation&#8217;s calculated move to divest a considerable portion of its property assets.<\/p>\n<p>Nevertheless, this divestiture also influenced their operating earnings, which witnessed a reduction of 28%, settling at $14.5 million. The decline was mainly attributed to their activities beyond US borders. While their US operations actually enjoyed a 21% growth in operating earnings, reaching $19.8 million, their Canadian operations took a blow with a 47% decrease, plummeting to $2.1 million.  Likewise, their operations in Poland also saw a downturn of 52%, arriving at $1.3 million.<\/p>\n<p>This transformation in operating earnings is directly linked to Century Gaming&#8217;s choice to offload its Canadian portfolio. This portfolio, encompassing four casino establishments, was sold to a subsidiary of Vici Properties for a total of CA$221.7 million (roughly US$162.6 million at the transaction date) on September 6, 2023.<\/p>\n<p>Despite the reduction in operating earnings, Century Gaming declared a net loss attributable to stockholders of $1.42 million, a substantial enhancement compared to the corresponding period last year, signifying a 582% decrease.  Their adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), a crucial metric of financial health, displayed positive growth, climbing by 19% to hit $33.3 million. <\/p>\n<p>Century Casinos&#8217; co-CEOs, Erwin Haitzmann and Peter Hoetzinger, declared unprecedented financial results for the firm.  &#8220;After integrating the Nugget Casino Resort and Rocky Gap Casino Resort, including its golf course, we reached historic peaks in both net operating revenue and Adjusted EBITDA,&#8221; they proclaimed.<\/p>\n<p>They did concede, though, that &#8220;Non-recurring expenses associated with the Rocky Gap purchase and the Canadian sale-leaseback agreement negatively affected our operating income and net loss for the period.&#8221;<\/p>\n<p>The executives maintained a hopeful stance regarding the future: &#8220;Moving forward, we project revenue and operating cost patterns to align with those observed in previous quarters.&#8221;<\/p>\n<p>This bullish sentiment follows the company&#8217;s latest $59.1 million purchase of the Rocky Gap Casino Resort situated in Maryland. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Century Gaming, a firm managing casinos across the United States and Canada, recently published its fiscal report for the 2023 third quarter. Their net operating earnings experienced a substantial surge,&hellip;<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Century Gaming Reports Soaring Profits in Q3 2023<\/title>\n<meta name=\"description\" content=\"Century Gaming saw a massive 43% jump in net operating earnings this quarter, hitting $161.2 million! 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