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Century Casinos Inc. (CNTY) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net operating revenue of $575.9 million, an increase from $550.2 million in 2023. The increase was driven by growth in gaming and food and beverage revenue.
The company recorded a net loss of $128.2 million attributable to Century Casinos, Inc. shareholders, compared to a net loss of $28.2 million in the previous year. The increase in net loss was primarily due to a $43.7 million goodwill impairment related to the Nugget Casino Resort.
Century Casinos completed the acquisition of Rocky Gap Casino Resort in July 2023 and the Nugget Casino Resort in April 2023. These acquisitions contributed to the company's increased revenue but also added to its operating expenses.
The company reported an increase in operating costs and expenses to $571.6 million from $487.3 million in 2023. This increase was due to higher gaming expenses, general and administrative expenses, and the goodwill impairment.
Interest expense increased to $103.4 million, primarily due to additional properties added to the Master Lease and increased borrowings under the Goldman Credit Agreement.
Century Casinos' cash and cash equivalents decreased to $98.8 million as of December 31, 2024, from $171.3 million in the previous year, primarily due to capital expenditures and acquisition-related payments.
The company continues to explore additional gaming projects and acquisition opportunities, with a focus on expanding its operations in North America.
Century Casinos faces competition from other casinos in its operating regions, which could impact its market share and profitability. The company also noted potential risks from changes in gaming laws and economic conditions.
The filing highlights the company's reliance on its gaming operations for revenue, with additional contributions from hotel, food and beverage, and other services.
Century Casinos has a shelf registration statement with the SEC, allowing it to issue up to $100 million of securities, providing flexibility for future capital raising activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Century Casinos Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.