Colorado-based Century Casinos continues its funk
By Bob Garcia
The casino operator sees a drop in third-quarter revenue
Another quarter has just ended and Century Casinos is reporting exorbitant loses at its casinos. Last Monday, the group reported a drop for 71% in the third-quarter profits, due to a deal that has not closed yet, but that required a big investment and the closure of a casino that runs aboard a cruise ship. A total of $482,000, which represents $0.02 per share, was announced.
This gaming company based in Colorado Springs announced that their earnings for the period from July to September decreased to $482,000 or $0.02 a share, in comparison to the $1.64 million, or $0.05 a share, they had last year. The profits for the first nine months of the year were down 66% to $985,000, or $0.03 a share. According to Century Casinos, they spent nearly $800,000 in the previews and planning for the acquisition of casinos located in Missouri and West Virginia. This deal is expected to be bigger than the Colorado Springs facilities and they expect the deal to be completed by the beginning of next year.
Peter Hoetzinger, CEO of Century, stated that actions are being taken already on a conference call to the stock analysts. Currently, they are evaluating strategic alternatives to treat the Bath Casino in the UK and, on top of the purchase in progress of those two casinos in Missouri and West Virginia, this year the company also reported that the casino running on the cruise ship Glory Sea has closed a few months ago.