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COLORADO SPRINGS -On Thursday, Century Casinos Inc. (NASDAQ:CNTY) reported fourth quarter results that fell short of analyst expectations, with revenue declining and losses widening significantly.
The casino operator’s shares plunged -9.47% in premarket trading after the release.
The company posted a net loss of $64.9 million, or $2.11 per share, in the fourth quarter, compared to a loss of $10.8 million, or $0.36 per share, in the same period last year. The loss was much wider than the $0.46 per share loss analysts were expecting.
Revenue dropped 4% year-over-year to $137.8 million, missing the consensus estimate of $142.62 million.
Century Casinos said it continues to see weak trends from retail and low-end customers, which it believes is due to macroeconomic factors impacting consumer spending in its markets.
The company recorded a $43.7 million impairment charge related to goodwill at its Nugget Casino (EPA:CASP) Resort property in Nevada, citing estimated market conditions and performance.
"With no construction or renovation disruptions and the opportunity to realize returns from our recent growth capital initiatives, we believe Adjusted EBITDAR and cash flow will improve in 2025 as compared to 2024," said Co-CEOs Erwin Haitzmann and Peter Hoetzinger.
Century Casinos opened a new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024, which it highlighted as a key development in the quarter.
The company ended the year with $98.8 million in cash and cash equivalents, down from $171.3 million at the end of 2023.
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