Century Casinos reported a 71% drop in third-quarter profits Monday, citing mounting losses at its British casino, costs for a pending acquisition and costs of closing a casino aboard a cruise ship.
The Colorado Springs-based gaming company said earnings for the July-to-September period fell to $482,000, or 2 cents a share, from $1.64 million, or 5 cents a share, a year earlier. Revenue was up 21.5% to $52.9 million. Profits for the first nine months of the year were down 66% to $985,000, or 3 cents a share, from $2.89 million, or 10 cents a share, a year earlier. Revenue was up 22% to $151 million.
Century Co-CEO Peter Hoetzinger said on a conference call with stock analysts that the company is "evaluating strategic alternatives" for the Bath, England, casino. He also said Century plans to complete its purchase of three casinos in Missouri and West Virginia by early next year. The company closed its casino on the cruise ship Glory Sea earlier this year.