2023-03-10 11:06:18 ET
Century Casinos ( NASDAQ: CNTY ) slumped in morning trading on Friday after the company fell short of expectations with its Q4 earnigns report.
Revenue fell 3% during the quarter, while earnings from operations was off 16% and adjusted EBITDA declined 13%.
The casino operator did not directly address the quarterly drops in its earnings release, but noted it finished 2022 with record net operating revenue and adjusted EBITDA despite disruptions and temporary closures at the Caruthersville property due to low water levels in the Mississippi River. In December, CNTY completed the relocation of the Caruthersville casino from the riverboat and barge to the land-based pavilion where it will operate the casino until the casino and hotel development project is complete. Construction on that project and the Cape Girardeau hotel project were noted to be on schedule to be completed in 2024.
Looking ahead, the Nevada Gaming Control Board has unanimously recommended approval to the Nevada Gaming Commission for the applications to acquire the Nugget Casino Resort and related approvals and findings of suitability. The Nugget acquisition could close in early April if the approvals come in.
Shares of Century Casinos ( CNTY ) slumped 22.12% are appeared to be closing in on the 52-week low of $6.10. The stock is the 3rd worst performer in the casino and resorts sector over the last 52 weeks with a 41% decline.
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Century Casinos peels off 22% after weak Q4 earnings report