Century Casinos Posts Third-Quarter Loss

11 November 2008

Century Casinos Inc., operator of casinos in Canada, the United States, South Africa and the Czech Republic, posted a net loss of $14 million in the third-quarter. During that same period last year, the company reported net earnings of $1.9 million.

Operating revenue declined 12 percent to $21.8 million. Consolidated adjusted earnings before interest, taxes, depreciation and amortization slid 16 percent to $4.9 million.

In the report, the company pointed out that declines in operating revenue at the properties in Colorado and Caledon, South Africa, were partially offset by an increase in net operating revenue at properties in Edmonton, Canada, and Newcastle, South Africa.

“In light of the deterioration of the U.S. and Colorado economies, the company decided to take a conservative approach and has written-off the goodwill of the two Colorado properties,” Century Casinos said in the report.