Century Casinos Q3 Earnings Fall

(RTTNews) - Century Casinos, Inc. (CNTY), a gaming company based in Colorado, Thursday reported a drop in earnings for the third quarter, despite growth in revenue, as operating costs were significantly higher year-over-year.

"We posted solid results in the third quarter, even though both our Colorado operations and our casino in Calgary were significantly impacted by severe floods in their feeder markets," said the company.

Earnings of the company declined to $1.07 million, or $0.04 per share, from $1.19 million, or $0.05 per share, a year ago. Operating costs and expenses for the third quarter increased to $27.46 million from $17.05 million a year earlier.

For the three months to September, adjusted EBITDA rose to $3.34 million from $2.79 million a year ago. Operating revenue rose 54 percent to $28.83 million from $18.72 million a year earlier. The rise in EBITDA and operating revenue mostly stems from the inclusion of operating results from Casinos Poland, Ltd., a company in which Century Casinos has a contolling interest of 66 percent.

Wednesday, the stock closed at $6.26 on the Nasdaq.