Century Casinos, Inc. Announces Third Quarter 2012 Results
COLORADO SPRINGS, Colorado,
Nov. 7, 2012 /PRNewswire/ -- Century
Casinos, Inc. (NASDAQ Capital MarketĀ® and Vienna Stock Exchange:
CNTY) today announced its financial results for the three and nine
months ended September 30, 2012.
Third Quarter 2012 Highlights*
- Net operating revenue was $18.7
million, a 3% increase from the three months ended
September 30, 2011.
- Earnings from operations were $1.6
million, a 4% increase from the three months ended
September 30, 2011.
- Adjusted EBITDA** was $2.8
million, a 9% decrease from the three months ended
September 30, 2011.
- Net earnings were $1.2 million, a
17% decrease from the three months ended September 30, 2011.
- Earnings per share were $0.05, a
$0.01 per share decrease from the
three months ended September 30,
2011.
|
|
|
For the
Three Months
|
For the Nine
Months
|
|
Amounts in thousands, except
share and per share data
|
Ended
September 30,
|
Ended
September 30,
|
|
Consolidated
Results:
|
2012
|
2011
|
%
Change
|
2012
|
2011
|
%
Change
|
|
Net operating
revenue
|
$18,723
|
$18,146
|
3%
|
$54,082
|
$53,263
|
2%
|
|
Earnings from
operations
|
1,615
|
1,548
|
4%
|
4,882
|
3,281
|
49%
|
|
Net earnings
|
1,186
|
1,423
|
-17%
|
3,467
|
2,431
|
43%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA**
|
$2,795
|
$3,081
|
-9%
|
$8,440
|
$8,365
|
1%
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$0.05
|
$0.06
|
-17%
|
$0.14
|
$0.10
|
40%
|
|
Diluted
|
$0.05
|
$0.06
|
-17%
|
$0.14
|
$0.10
|
40%
|
|
Weighted-average common
shares:
|
|
|
|
|
|
|
|
Basic
|
24,117,362
|
23,877,362
|
|
24,117,362
|
23,715,224
|
|
|
Dilutive
|
24,139,603
|
24,191,252
|
|
24,317,548
|
24,015,139
|
|
|
|
|
|
|
|
|
|
| |
*Amounts presented are rounded. As such, rounding differences
could occur in period over period changes and percentages
reported.
**Adjusted EBITDA is a Non-GAAP financial measure. See
discussion and reconciliation of Non-GAAP financial measures in
Supplemental Information below.
"We are pleased to report another quarter with growth in
revenue. All our properties posted solid results in the third
quarter, with the single exception of Calgary, Canada. Even though that casino saw
table drop increase significantly, by 58%, and also slot coin-in by
8%, lower hold percentages as well as a decrease in food and
beverage and bowling revenues, coupled with higher marketing costs,
led to a decline in Adjusted EBITDA at the property. Nevertheless,
we are optimistic about the Calgary market and are focusing on
implementing changes that will raise guests' gaming experience and
promote further operating efficiencies to improve the results at
our property in Calgary," said
Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers
of Century Casinos. "We are pleased to announce the potential
purchase of an additional 33% share of Casinos Poland Ltd and we
continue to actively pursue domestic and international casino
opportunities," they continued.
Three and Nine Months Ended September
30, 2012 Results*
Net operating revenue increased by $0.6
million, or 3.2%, and $0.8
million, or 1.5%, for the three and nine months ended
September 30, 2012 compared to the
three and nine months ended September 30,
2011. Following is a breakout of net operating revenue
changes by property or category for the three and nine months ended
September 30, 2012 compared to the
three and nine months ended September 30,
2011:
|
|
|
Net
Operating Revenue
|
|
|
|
|
|
For the
Three Months
Ended September 30,
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
|
|
|
|
2012
|
vs.
2011
|
2012
|
vs.
2011
|
|
Amounts in
millions
|
Change
|
%
Change
|
Change
|
%
Change
|
|
Century Casino & Hotel,
Edmonton
|
$0.2
|
4%
|
$0.2
|
1%
|
|
Century Casino,
Calgary
|
(0.1)
|
(5%)
|
(0.2)
|
(2%)
|
|
Century Casino & Hotel,
Central City
|
0.3
|
6%
|
0.5
|
4%
|
|
Century Casino & Hotel,
Cripple Creek
|
(0.1)
|
(4%)
|
(0.1)
|
(2%)
|
|
Cruise Ships &
Other
|
0.3
|
17%
|
0.4
|
9%
|
|
Total
|
$0.6
|
3%
|
$0.8
|
2%
|
|
|
|
|
|
|
| |
Earnings from operations increased by $0.1 million, or 4.3%, and $1.6 million, or 48.8%, for the three and nine
months ended September 30, 2012
compared to the three and nine months ended September 30, 2011. Following is a summary of
earnings from operations changes by property or category for the
three and nine months ended September 30,
2012 compared to the three and nine months ended
September 30, 2011:
|
|
|
Earnings
from Operations
|
|
|
|
|
|
For the
Three Months
Ended September 30,
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
|
|
|
|
2012
|
vs.
2011
|
2012
|
vs.
2011
|
|
Amounts in
millions
|
Change
|
%
Change
|
Change
|
%
Change
|
|
Century Casino & Hotel,
Edmonton
|
$0.1
|
9%
|
$0.2
|
5%
|
|
Century Casino,
Calgary
|
(0.3)
|
(340%)
|
(0.3)
|
(117%)
|
|
Century Casino & Hotel,
Central City
|
0.4
|
87%
|
1.1
|
103%
|
|
Century Casino & Hotel,
Cripple Creek
|
0.1
|
10%
|
0.1
|
9%
|
|
Cruise Ships &
Other
|
0.1
|
96%
|
0.1
|
18%
|
|
Corporate Other
|
(0.3)
|
(29%)
|
0.4
|
10%
|
|
Total
|
$0.1
|
4%
|
$1.6
|
49%
|
|
|
|
|
|
|
| |
Net earnings decreased by $0.2
million, or 16.7%, and increased by $1.0 million, or 42.6%, for the three and nine
months ended September 30, 2012
compared to the three and nine months ended September 30, 2011. Following is a breakout of
net earnings changes by property or category for the three and nine
months ended September 30, 2012
compared to the three and nine months ended September 30, 2011:
|
|
|
Net
Earnings
|
|
|
|
|
|
For the
Three Months
Ended September 30,
|
For the Nine
Months
Ended September 30,
|
|
|
|
|
|
|
|
|
2012
|
vs.
2011
|
2012
|
vs.
2011
|
|
Amounts in
millions
|
Change
|
%
Change
|
Change
|
%
Change
|
|
Century Casino & Hotel,
Edmonton
|
$0.0
|
(2%)
|
$0.0
|
1%
|
|
Century Casino,
Calgary
|
(0.5)
|
(639%)
|
(0.3)
|
(220%)
|
|
Century Casino & Hotel,
Central City
|
0.3
|
82%
|
0.6
|
97%
|
|
Century Casino & Hotel,
Cripple Creek
|
0.0
|
10%
|
0.1
|
9%
|
|
Cruise Ships &
Other
|
0.1
|
82%
|
0.0
|
9%
|
|
Corporate Other
|
(0.1)
|
(21%)
|
0.6
|
23%
|
|
Total
|
($0.2)
|
(17%)
|
$1.0
|
43%
|
|
|
|
|
|
|
| |
Items deducted from or added to earnings from operations to
arrive at net earnings include interest income, interest expense
and gains/losses on foreign currency transactions.
Overall, the increase in earnings from operations for the three
and nine months ended September 30,
2012 compared to the three and nine months ended
September 30, 2011 is due to
increased efforts to attract customers, generate additional revenue
and control costs and a decrease in depreciation expense due to
fully depreciated assets in Edmonton and Central
City.
Property and Category Results
(in thousands)
The following table shows net operating revenue and Adjusted
EBITDA** by property or category for the three and nine months
ended September 30, 2012 and
September 30, 2011.
|
|
|
Net
Operating Revenue
|
Adjusted
EBITDA*
|
Net
Operating Revenue
|
Adjusted
EBITDA*
|
|
|
For the
Three Months
Ended
September 30,
|
For the
Three Months
Ended
September 30,
|
For the
Nine Months
Ended
September 30,
|
For the
Nine Months
Ended
September 30,
|
|
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|
Century Casino & Hotel,
Edmonton
|
$6,091
|
$5,852
|
$1,958
|
$1,936
|
$18,035
|
$17,791
|
$5,817
|
$5,939
|
|
Century Casino,
Calgary
|
2,337
|
2,446
|
(213)
|
96
|
7,336
|
7,503
|
69
|
318
|
|
Century Casino & Hotel,
Central City
|
5,057
|
4,754
|
1,202
|
1,010
|
14,147
|
13,674
|
3,160
|
2,919
|
|
Century Casino & Hotel,
Cripple Creek
|
3,377
|
3,506
|
860
|
804
|
9,406
|
9,554
|
2,121
|
2,019
|
|
Cruise Ships &
Other
|
1,861
|
1,588
|
313
|
223
|
5,158
|
4,741
|
773
|
768
|
|
Corporate
|
0
|
0
|
(1,325)
|
(988)
|
0
|
0
|
(3,500)
|
(3,598)
|
|
Consolidated
|
$18,723
|
$18,146
|
$2,795
|
$3,081
|
$54,082
|
$53,263
|
$8,440
|
$8,365
|
|
|
|
|
|
|
|
|
|
|
| |
Balance Sheet and Liquidity
As of September 30, 2012, the
Company had $22.9 million in cash and
cash equivalents and $3.7 million in
debt obligations on its balance sheet compared to $25.2 million in cash and cash equivalents and
$9.1 million in debt obligations at
December 31, 2011.
On October 11, 2012, our
subsidiary Century Casinos Europe GmbH ("CCE"), signed an agreement
with LOT Polish Airlines to acquire an additional 33.3% ownership
interest in Casinos Poland Ltd ("CPL"). Upon closing of the
transaction, CCE will own a 66.6% ownership interest in CPL. The
purchase price is approximately $6.8
million, and the Company intends to pay for the investment
with cash on hand. The transaction is subject to approval from the
Polish Minister of Finance and the co-shareholder in CPL. There is
no assurance that CCE will obtain the needed approvals or as to the
timing of such approvals.
Conference Call Information
Today the Company will post a copy of the Form 10-Q filed with
the SEC for the quarter ended September 30,
2012 on its website at
http://corporate.cnty.com/investor-relations/sec-filings.
Century Casinos will host its third quarter 2012 earnings
conference call November 7, 2012 at
11:00 am MST; 7:00 pm CET, respectively. U.S. domestic
participants should dial 1-866-952-1906. For all other
international participants, please use +1-785-424-1825 to dial-in.
Participants may also listen to the call live or obtain a recording
of the call on the Company's website until November 21, 2012 at
http://corporate.cnty.com/investor-relations/financial-results/
|
|
|
|
|
|
CENTURY CASINOS, INC. AND
SUBSIDIARIES
|
|
FINANCIAL INFORMATION ā US GAAP
BASIS
|
|
|
|
Century Casinos, Inc.
|
|
Condensed Consolidated
Statements of Earnings (unaudited)
|
|
|
|
|
|
|
For the Three
Months
Ended September
30,
|
For the Nine
Months
Ended September
30,
|
|
Amounts in thousands, except for
per share information
|
2012
|
2011
|
2012
|
2011
|
|
Operating
revenue:
|
|
|
|
|
|
Gaming
|
$16,778
|
$16,236
|
$47,746
|
$46,989
|
|
Hotel, bowling, food and
beverage
|
3,189
|
3,152
|
9,645
|
9,536
|
|
Other
|
1,041
|
956
|
3,086
|
2,895
|
|
Gross
revenue
|
21,008
|
20,344
|
60,477
|
59,420
|
|
Less: Promotional
allowances
|
(2,285)
|
(2,198)
|
(6,395)
|
(6,157)
|
|
Net operating revenue
|
18,723
|
18,146
|
54,082
|
53,263
|
|
Operating costs and
expenses:
|
|
|
|
|
|
Gaming
|
7,954
|
7,543
|
22,645
|
21,815
|
|
Hotel, bowling, food and
beverage
|
2,534
|
2,565
|
7,391
|
7,629
|
|
General and
administrative
|
5,385
|
5,213
|
16,010
|
16,429
|
|
Depreciation
|
1,178
|
1,526
|
3,535
|
4,832
|
|
Total operating costs and
expenses
|
17,051
|
16,847
|
49,581
|
50,705
|
|
Earnings from equity
investment
|
(57)
|
249
|
381
|
723
|
|
Earnings from
operations
|
1,615
|
1,548
|
4,882
|
3,281
|
|
Non-operating income
(expense):
|
|
|
|
|
|
Interest
income
|
7
|
6
|
36
|
13
|
|
Interest
expense
|
(57)
|
(186)
|
(600)
|
(629)
|
|
(Losses) gains on foreign
currency transactions & other
|
(36)
|
(27)
|
(19)
|
162
|
|
Non-operating income (expense),
net
|
(86)
|
(207)
|
(583)
|
(454)
|
|
Earnings before income
taxes
|
1,529
|
1,341
|
4,299
|
2,827
|
|
Income tax provision
|
343
|
(82)
|
832
|
396
|
|
Net earnings
|
$1,186
|
$1,423
|
$3,467
|
$2,431
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
$0.05
|
$0.06
|
$0.14
|
$0.10
|
|
Diluted
|
$0.05
|
$0.06
|
$0.14
|
$0.10
|
|
|
|
|
| |
|
|
|
|
CENTURY CASINOS, INC. AND
SUBSIDIARIES
|
|
FINANCIAL INFORMATION ā US GAAP
BASIS
|
|
|
|
Century Casinos, Inc.
|
|
Condensed Consolidated Balance
Sheets
|
|
(Amounts in
thousands)
|
|
|
September
30,
|
December
31,
|
|
2012
(unaudited)
|
2011
|
|
Assets
|
|
|
|
Current Assets
|
$24,974
|
$27,286
|
|
Property and equipment,
net
|
100,038
|
99,605
|
|
Other Assets
|
11,020
|
9,836
|
|
Total Assets
|
$136,032
|
$136,727
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
Current Liabilities
|
$11,339
|
$21,359
|
|
Non-Current
Liabilities
|
6,695
|
2,828
|
|
Shareholders' Equity
|
117,998
|
112,540
|
|
Total Liabilities and
Shareholders' Equity
|
$136,032
|
$136,727
|
|
|
|
|
| |
|
|
|
|
|
|
CENTURY CASINOS, INC. AND
SUBSIDIARIES
|
|
SUPPLEMENTAL
INFORMATION
|
|
|
|
The following tables show
Adjusted EBITDA margins and Adjusted EBITDA to net earnings
reconciliations by property or category. The Company defines
Adjusted EBITDA margin as Adjusted EBITDA divided by net operating
revenue. Management uses this margin as one of several measures to
evaluate the efficiency of the Company's casino operations. A
discussion of Adjusted EBITDA follows the tables.
|
|
|
|
Century Casinos, Inc.
|
|
Adjusted EBITDA Margins by
Property or Category
|
|
|
|
|
For the
Three Months
|
For the Nine
Months
|
|
Ended
September 30,
|
Ended
September 30,
|
|
|
2012
|
2011
|
2012
|
2011
|
|
Century Casino & Hotel,
Edmonton
|
32%
|
33%
|
32%
|
33%
|
|
Century Casino,
Calgary
|
(9%)
|
4%
|
1%
|
4%
|
|
Century Casino & Hotel,
Central City
|
24%
|
21%
|
22%
|
21%
|
|
Century Casino & Hotel,
Cripple Creek
|
25%
|
23%
|
23%
|
21%
|
|
Cruise Ships &
Other
|
17%
|
14%
|
15%
|
16%
|
|
Consolidated Adjusted EBITDA
Margin
|
15%
|
17%
|
16%
|
16%
|
|
|
|
|
| |
Reconciliation of Adjusted
EBITDA * to Net Earnings (Loss) by Property or Category
|
|
For the three months ended
September 30, 2012
|
|
|
|
Amounts in
thousands
|
|
|
|
|
|
Three Months
Ended September 30, 2012
|
|
|
Edmonton
|
Calgary
|
Central
City
|
Cripple
Creek
|
Cruise Ships
& Other
|
Corporate
|
Total
|
|
Net earnings (loss)
|
$1,127
|
($399)
|
$550
|
$375
|
$198
|
($665)
|
$1,186
|
|
Interest income
|
(3)
|
(1)
|
0
|
0
|
0
|
(3)
|
(7)
|
|
Interest expense
|
57
|
0
|
0
|
0
|
0
|
0
|
57
|
|
Income taxes
(benefit)
|
485
|
(50)
|
336
|
230
|
20
|
(678)
|
343
|
|
Depreciation
|
260
|
217
|
319
|
255
|
96
|
31
|
1,178
|
|
Non-cash stock based
compensation
|
0
|
0
|
0
|
0
|
0
|
2
|
2
|
|
Foreign currency losses
(gains)
|
30
|
19
|
0
|
0
|
(1)
|
(12)
|
36
|
|
Loss (gain) on disposition of
fixed assets
|
2
|
1
|
(3)
|
0
|
0
|
0
|
0
|
|
Adjusted EBITDA*
|
$1,958
|
($213)
|
$1,202
|
$860
|
$313
|
($1,325)
|
$2,795
|
|
|
|
|
|
|
|
|
|
| |
Century Casinos, Inc.
|
|
Reconciliation of Adjusted
EBITDA * to Net Earnings (Loss) by Property or Category
|
|
For the three months ended
September 30, 2011
|
|
|
|
Amounts in
thousands
|
|
|
|
|
|
Three Months
Ended September 30, 2011
|
|
|
Edmonton
|
Calgary
|
Central
City
|
Cripple
Creek
|
Cruise Ships
& Other
|
Corporate
|
Total
|
|
Net earnings (loss)
|
$1,149
|
$74
|
$302
|
$341
|
$109
|
($552)
|
$1,423
|
|
Interest income
|
(6)
|
0
|
0
|
0
|
0
|
0
|
(6)
|
|
Interest expense
|
185
|
0
|
0
|
0
|
0
|
1
|
186
|
|
Income taxes
(benefit)
|
234
|
(170)
|
173
|
208
|
2
|
(529)
|
(82)
|
|
Depreciation
|
373
|
194
|
535
|
255
|
112
|
57
|
1,526
|
|
Non-cash stock based
compensation
|
0
|
0
|
0
|
0
|
0
|
4
|
4
|
|
Foreign currency losses
(gains)
|
1
|
(2)
|
0
|
0
|
0
|
29
|
28
|
|
Loss on disposition of fixed
assets
|
0
|
0
|
0
|
0
|
0
|
2
|
2
|
|
Adjusted EBITDA*
|
$1,936
|
$96
|
$1,010
|
$804
|
$223
|
($988)
|
$3,081
|
|
|
|
|
|
|
|
|
|
| |
Reconciliation of Adjusted
EBITDA * to Net Earnings (Loss) by Property or Category
|
|
For the nine months ended
September 30, 2012
|
|
|
|
Amounts in
thousands
|
|
|
|
|
Nine Months
Ended September 30, 2012
|
|
|
Edmonton
|
Calgary
|
Central
City
|
Cripple
Creek
|
Cruise Ships
& Other
|
Corporate
|
Total
|
|
Net earnings (loss)
|
$3,281
|
($486)
|
$1,323
|
$844
|
$420
|
($1,915)
|
$3,467
|
|
Interest income
|
(12)
|
(1)
|
0
|
0
|
0
|
(23)
|
(36)
|
|
Interest expense
|
598
|
0
|
0
|
0
|
0
|
2
|
600
|
|
Income taxes
(benefit)
|
1,178
|
(80)
|
812
|
517
|
44
|
(1,639)
|
832
|
|
Depreciation
|
746
|
631
|
1,021
|
760
|
291
|
86
|
3,535
|
|
Non-cash stock based
compensation
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Foreign currency losses
(gains)
|
24
|
4
|
0
|
0
|
2
|
(11)
|
19
|
|
Loss on disposition of fixed
assets
|
2
|
1
|
4
|
0
|
16
|
0
|
23
|
|
Adjusted EBITDA*
|
$5,817
|
$69
|
$3,160
|
$2,121
|
$773
|
($3,500)
|
$8,440
|
|
|
|
|
|
|
|
|
|
| |
Century Casinos, Inc.
|
|
Reconciliation of Adjusted
EBITDA * to Net Earnings (Loss) by Property or Category
|
|
For the nine months ended
September 30, 2011
|
|
|
|
Amounts in
thousands
|
|
|
|
|
Nine Months
Ended September 30, 2011
|
|
|
Edmonton
|
Calgary
|
Central
City
|
Cripple
Creek
|
Cruise Ships
& Other
|
Corporate
|
Total
|
|
Net earnings (loss)
|
$3,242
|
($152)
|
$673
|
$777
|
$387
|
($2,496)
|
$2,431
|
|
Interest income
|
(13)
|
0
|
0
|
0
|
0
|
0
|
(13)
|
|
Interest expense
|
626
|
1
|
0
|
0
|
0
|
2
|
629
|
|
Income taxes
(benefit)
|
975
|
(144)
|
377
|
476
|
7
|
(1,295)
|
396
|
|
Depreciation
|
1,114
|
577
|
1,854
|
771
|
331
|
185
|
4,832
|
|
Non-cash stock based
compensation
|
0
|
0
|
0
|
0
|
0
|
196
|
196
|
|
Foreign currency (gains)
losses
|
(5)
|
36
|
0
|
0
|
0
|
(192)
|
(161)
|
|
Loss (gain) on disposition of
fixed assets
|
0
|
0
|
15
|
(5)
|
43
|
2
|
55
|
|
Adjusted EBITDA*
|
$5,939
|
$318
|
$2,919
|
$2,019
|
$768
|
($3,598)
|
$8,365
|
|
|
|
|
|
|
|
|
|
| |
* The Company defines Adjusted EBITDA as net earnings
(loss) before interest, income taxes, depreciation, amortization,
pre-opening expenses, non-cash stock based compensation charges,
asset impairment costs, gains (losses) on disposition of fixed
assets, discontinued operations, realized foreign currency gains
(losses) and certain other one-time items. Intercompany
transactions consisting primarily of management and royalty fees
and interest, along with their related tax effects, are excluded
from the presentation of net earnings and Adjusted EBITDA reported
for each property. Not all of the aforementioned items occur in
each reporting period, but have been included in the definition
based on historical activity. These adjustments have no effect on
the consolidated results as reported under accounting principles
generally accepted in the United States
of America ("US GAAP"). Adjusted EBITDA is not considered a
measure of performance recognized under US GAAP. Management
believes that Adjusted EBITDA is a valuable measure of the relative
performance of its properties and the Company. The gaming industry
commonly uses Adjusted EBITDA as a method of arriving at the
economic value of a casino operation. Management uses Adjusted
EBITDA to compare the relative operating performance of separate
operating units by eliminating the above mentioned items associated
with the varying levels of capital expenditures for infrastructure
required to generate revenue, and the often high cost of acquiring
existing operations. EBITDA (Earnings before interest, taxes,
depreciation and amortization) is used by the Company's lending
institution to gauge operating performance. The Company's
computation of Adjusted EBITDA may be different from, and therefore
may not be comparable to, similar measures used by other companies
within the gaming industry. Please see the reconciliation of
Adjusted EBITDA to net earnings (loss) above.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment
company that owns and operates Century Casino & Hotels in
Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century
Casino in Calgary, Alberta,
Canada. The Company also operates casinos aboard twelve
luxury cruise vessels (Regatta, Nautica, Marina, Riviera,
Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind
Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas
Navigator). Through its Austrian subsidiary, Century Casinos Europe
GmbH, the Company holds a 33.3% ownership interest in Casinos
Poland Ltd., the owner and operator of eight casinos in
Poland. The Company also manages
the operations of the casino at the Radisson Aruba Resort, Casino
& Spa in Aruba, Caribbean. Century Casinos, Inc. continues to
pursue other international projects in various stages of
development.
For more information about Century Casinos, visit our website at
www.centurycasinos.com. Century Casinos' common stock trades on The
NASDAQ Capital MarketĀ® and the Vienna Stock Exchange under the
symbol CNTY.
This release may contain "forward-looking statements" within
the meaning of Section 27A of the Security Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. These
statements are based on the beliefs and assumptions of the
management of Century Casinos based on information currently
available to management. Such forward-looking statements include,
but are not limited to, statements regarding approvals required for
the CPL transaction, future results of operations, operating
efficiencies, synergies and operational performance, economic
improvements in 2012 and plans for our casinos and our Company.
Such forward-looking statements are subject to risks, uncertainties
and other factors that could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements. Important factors that could cause
actual results to differ materially from the forward-looking
statements include, among others, the risks described in the
section entitled "Risk Factors" under Item 1A in our Annual Report
on Form 10-K for the year ended December 31,
2011. Century Casinos disclaims any obligation to revise or
update any forward-looking statement that may be made from time to
time by it or on its behalf.