Published: May 15, 2013
Century Casinos reported its biggest quarterly profit in nearly four years Wednesday despite nearly flat revenue.
The Colorado Springs-based gaming company said first-quarter profits jumped 46.7 percent from a year earlier to $1.66 million, or 7 cents a share, even as revenue edged up just 2.4 percent to $18 million. The quarterly profit was the most since the company earned $19.7 million, or 80 cents a share, in the second quarter of 2009, mostly from selling its casinos in South Africa.
Century generated most of the profits during the January-to-March quarter from reducing operating and interest expenses from the same quarter a year ago.
Gaming revenues at the company's Central City casino increased during the first quarter ending March 31, Peter Hoetzinger, Century's president and co-CEO, told stockholders and analysts during a conference call on the results. However, he added that the increased gaming revenues were offset by lower hotel and food sales. He said he expects Cripple Creek's revenues to increase this summer, as weather improves and weekend promotions draw gamblers to the mountain town.
Century owns and operates casinos and hotels in Cripple Creek and Central City, Edmonton, and Calgary, Alberta, Canada. It also operates casinos aboard 12 cruise ships and has co-owership in nine casinos in Poland.
Century boosted earnings in 2012 by 35 percent despite nearly flat revenue, mostly from expanded marketing and better cost controls.
Contact Ned Hunter: 636-0275.