Century Casinos had a robust rebound in March despite a challenging first quarter, pointing to expansion in Caruthersville and changing player preferences toward higher visitation spending.
During the quick (32-minute) first-quarter earnings call with Century Casinos, there were few questions and succinct replies. There were no dissenting investors, in contrast to a contentious fourth-quarter call.
CEO Peter Hoetzinger began by attributing the company’s poor performance on “much more weather-impacted days” and the demise of Century’s Colorado sportsbook operator. To support his argument, he highlighted a sequential rise in cash flow, going from $3 million in January and $6.5 million in February to $10.5 million in March.
“You see the positive trend, and you feel good about the results when you sort through the noise,” Hoetzinger stated.
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Overall, income from rated players increased by 1%, while revenue from unrated players decreased by 2.5%. Hoetzinger observed fewer senior clients, more young ones, and fewer trips to Century locations, but more spending each visit (4% increase).
Century Caruthersville “has exceeded our initial expectations,” according to Hoetzinger. There, carded play increased by 12 percent, while uncarded play increased by 21 percent. High-end gaming at the Missouri casino increased by 19%, while low-end gambling increased by 18%.
During the quarter, visits to Century Caruthersville from more than 75 miles away increased by 34%. Within that radius, it was up 20%.
Courtesy: https://igamingexpert.com/, https://www.igbnorthamerica.com/
