Century Casinos Reports Financial Results for First Quarter 2010
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<p><span class="xn-location">COLORADO SPRINGS</span>, Colo., <span class="xn-chron">May 10</span> /CNW/ -- Century Casinos, Inc. (Nasdaq and <span class="xn-location">Vienna</span> Stock Exchange: CNTY) announced today its financial results for the three months ended <span class="xn-chron">March 31, 2010</span>.</p>
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For the Three Months
Amounts in thousands,
except share data Ended March 31,
Consolidated Results: 2010 2009 % Change
---- ---- --------
Net operating revenue $14,137 $11,999 17.8%
Operating earnings from
continuing operations 350 176 98.9%
Earnings (loss) from
continuing operations 130 (1,459) 109.0%
Earnings from
discontinued operations - 1,902 NM
Net earnings 130 443 (70.7%)
Net earnings
attributable to Century
Casinos, Inc. 130 345 (62.3%)
Adjusted EBITDA* 1,984 2,099 (5.5%)
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Earnings per share:
Earnings (loss) from
continuing operations $0.01 $(0.07) NM
Net earnings $0.01 $0.01 -%
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<p> </p>
<pre>
Weighted-average common
shares, basic 23,542,576 23,524,067 0.1%
Weighted-average common
shares, diluted 23,759,999 23,524,067 1.0%
</pre>
<p>For the first quarter of 2010, net operating revenue from continuing operations was <span class="xn-money">$14.1 million</span> and consolidated Adjusted EBITDA* was <span class="xn-money">$2.0 million</span>. This represents a 17.8% increase in net operating revenue from continuing operations over the same quarter of last year (<span class="xn-money">$12.0 million</span> in the first quarter of 2009) and a 5.5% decrease in consolidated Adjusted EBITDA* (<span class="xn-money">$2.1 million</span> in the first quarter of 2009). The Silver Dollar Casino ("Silver Dollar"), which we acquired on <span class="xn-chron">January 13, 2010</span> (see Purchase of Silver Dollar below), contributed <span class="xn-money">$1.7 million</span> of net operating revenue and <span class="xn-money">$0.2 million</span> of Adjusted EBITDA* for the three months ended <span class="xn-chron">March 31, 2010</span>. Net operating revenue at the <span class="xn-location">Edmonton</span>, Alberta, <span class="xn-location">Canada</span> casino, as reported in U.S. dollars, was 11.8% higher than the same period in 2009. Management attributes the increase in net operating revenue in <span class="xn-location">Edmonton</span> to a 16.4% increase in the average exchange rate between the U.S. dollar and Canadian dollar in the first quarter of 2010 compared to the first quarter of 2009. In Canadian dollars, net operating revenue decreased by CAD 0.4 million, primarily due to decreased Baccarat revenue. Net operating revenue aboard the cruise ships on which we operate increased by <span class="xn-money">$0.1 million</span> for the three months ended <span class="xn-chron">March 31, 2010</span> compared to the three months ended <span class="xn-chron">March 31, 2009</span>, primarily due to the operation of an additional cruise ship that went into service in <span class="xn-chron">May 2009</span>. These increases in net operating revenue were partially offset by a decline in net operating revenue of <span class="xn-money">$0.3 million</span> at the Company's casino in Cripple Creek, Colorado.</p>
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<p>Operating earnings from continuing operations doubled to <span class="xn-money">$0.4 million</span> in the first quarter of 2010 compared to <span class="xn-money">$0.2 million</span> for the first quarter of 2009, primarily due to operating earnings of <span class="xn-money">$0.1 million</span> contributed by the Silver Dollar during the first quarter of 2010, an increase in earnings of <span class="xn-money">$0.1 million</span> recognized from the Company's equity investment in <span class="xn-location">Poland</span> and a decrease in share based compensation costs of <span class="xn-money">$0.2 million</span>. These items were partially offset by a decline in earnings from operations at our Colorado properties of <span class="xn-money">$0.2 million</span>.</p>
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<p>The Company reported net earnings from continuing operations of <span class="xn-money">$0.1 million</span>, or <span class="xn-money">$0.01</span> per share, for the first quarter of 2010, compared to a loss from continuing operations of <span class="xn-money">$1.5 million</span>, or <span class="xn-money">$0.07</span> per share, for the first quarter of 2009. This increase is due to the increase in operating earnings, the reduction of interest expense of <span class="xn-money">$0.6 million</span>, the recognition of <span class="xn-money">$0.1 million</span> in insurance proceeds related to damages at a property we formerly owned in Nevada and a reduction in recognized foreign currency losses of <span class="xn-money">$0.7 million</span> when comparing the first quarter of 2010 to the first quarter of 2009. During 2009, we repaid all of our third party debt relating to our Colorado casinos.</p>
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<p>Adjusted for foreign currency transaction gains and losses and the insurance revenue, the Company recognized a loss from continuing operations of $0.1 million*, or <span class="xn-money">$0.00</span> per share, for the first quarter of 2010 compared to a loss from continuing operations of <span class="xn-money">$0.9 million</span>, or <span class="xn-money">$0.04</span> per share, for the first quarter of 2009.</p>
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<p>Including discontinued operations, in the first quarter of 2009, the Company reported net earnings attributable to Century Casinos, Inc. and subsidiaries of <span class="xn-money">$0.3 million</span>, or <span class="xn-money">$0.01</span> per share. During the first quarter of 2009, the Company recorded a gain of <span class="xn-money">$0.9 million</span> on the sale of its casino in <span class="xn-location">Prague</span>, <span class="xn-location">Czech Republic</span>.</p>
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Purchase of Silver Dollar Casino
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<p>On <span class="xn-chron">January 13, 2010</span>, the Company acquired the Silver Dollar and related land for total consideration of <span class="xn-money">$11.5 million</span>, which included <span class="xn-money">$10.7 million</span> plus net working capital of <span class="xn-money">$0.8 million</span>. The Company paid a <span class="xn-money">$1.0 million</span> deposit towards the acquisition on <span class="xn-chron">November 6, 2009</span>, with the remainder paid on <span class="xn-chron">January 13, 2010</span>, using cash on hand.</p>
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<p>The Silver Dollar is a 93,000 square-foot casino facility located on approximately seven acres of land in <span class="xn-location">Calgary</span>. The casino facility includes 504 slot machines, 25 video lottery terminals, 16 table games, two restaurants, a lounge, a 5,000 square-foot showroom, an 18,000 square-foot convention center and a 30-lane bowling alley. We are in the process of rebranding the casino as the Century Casino <span class="xn-location">Calgary</span>.</p>
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Share Repurchases
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<p>In <span class="xn-chron">March 2000</span>, the Company's board of directors approved a discretionary program to repurchase up to <span class="xn-money">$5.0 million</span> of the Company's outstanding common stock. In <span class="xn-chron">November 2009</span>, the board of directors approved an increase of the amount available to be repurchased to <span class="xn-money">$15.0 million</span> under the repurchase program. The repurchase program has no set expiration or termination date. For the first quarter of 2010, the Company repurchased 57,330 shares of common stock at a weighted average price of <span class="xn-money">$2.46</span> per share. As of <span class="xn-chron">March 31, 2010</span>, <span class="xn-money">$14.7 million</span> remains available under the repurchase program.</p>
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Property Results (Continuing Operations)
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Property Highlights
(Amounts in thousands)
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Net Operating
Revenue Adjusted EBITDA*
For the Three For the Three
Months Months
Ended March 31, Ended March 31,
2010 2009 2010 2009
---- ---- ---- ----
Century Casino & Hotel,
Edmonton $5,360 $4,796 $1,649 $1,775
Silver Dollar Casino,
Calgary 1,742 - 179 -
Womacks Casino & Hotel,
Cripple Creek 2,265 2,572 192 494
Century Casino & Hotel,
Central City 4,172 4,163 921 1,063
Cruise Ships 598 468 157 58
Corporate - - (1,114) (1,291)
--- --- ------ ------
Consolidated net operating
revenue $14,137 $11,999 $1,984 $2,099
======= ======= ====== ======
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<p>Century Casino & Hotel (<span class="xn-location">Edmonton</span>, Alberta, <span class="xn-location">Canada</span>) - Net operating revenue at the Century Casino & Hotel in <span class="xn-location">Edmonton</span> increased by 11.8% to <span class="xn-money">$5.4 million</span> for the first quarter of 2010 compared to <span class="xn-money">$4.8 million</span> for the first quarter of 2009, primarily due to a 16.4% increase in the average exchange rate between the U.S. dollar and the Canadian dollar. In Canadian dollars, net operating revenue decreased 6.7% to CAD 5.6 million for the first quarter of 2010 compared to CAD 6.0 million for the first quarter of 2009, primarily due to a decrease of 22.3% in table revenue. Management attributes this decline to a decrease in player wagers at Baccarat and a decrease in hold percentage.</p>
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<p>In Canadian dollars, Adjusted EBITDA* decreased by 22.5% to CAD 1.7 million for the three months ended <span class="xn-chron">March 31, 2010</span> from CAD 2.2 million for the three months ended <span class="xn-chron">March 31, 2009</span>, which management attributes to a decline in gaming revenue. Despite the decline in CAD Adjusted EBITDA*, because of the favorable exchange rate, Adjusted EBITDA* in USD was <span class="xn-money">$1.7 million</span> for the first quarter of 2010 compared to Adjusted EBITDA* of <span class="xn-money">$1.8 million</span> for the first quarter of 2009.</p>
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<p>Womacks Casino (Cripple Creek, Colorado, USA) - Net operating revenue at Womacks Casino in Cripple Creek, Colorado decreased <span class="xn-money">$0.3 million</span>, or 11.9%, from <span class="xn-money">$2.6 million</span> for the first quarter of 2009 to <span class="xn-money">$2.3 million</span> for the first quarter of 2010, primarily due to a decrease in gaming revenue. Management attributes this decrease to a 2.2% decrease in coin-in and a 12.8% decrease in hold percentage. Womacks' Adjusted EBITDA* for the first quarter of 2010 was <span class="xn-money">$0.2 million</span>, compared to <span class="xn-money">$0.5 million</span> for the first quarter of 2009, a decrease of 61.1%. Management attributes this decrease to the decline in gaming revenue. Reduced variable gaming expenses were offset by an increase in payroll at the casino as the casino is now open for 24 hours and has new table games. On <span class="xn-chron">July 2, 2009</span>, gaming establishments in Colorado were permitted to raise the maximum betting limit to <span class="xn-money">$100</span>, be open for 24 hours and have roulette and craps tables. The Company has implemented these changes at its Colorado casinos. Management believes that any benefit achieved from the change in gaming laws was offset by the continued slow economy. The Cripple Creek gaming market as a whole increased by 4.2% when comparing the first quarter of 2010 to the first quarter of 2009. The Company's share of the Cripple Creek market decreased from 8.8% for the three months ended <span class="xn-chron">March 31, 2009</span> to 8.1% for the three months ended <span class="xn-chron">March 31, 2010</span>.</p>
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<p>Century Casino and Hotel (Central City, Colorado, USA) - Net operating revenue at the Century Casino and Hotel in Central City remained flat at <span class="xn-money">$4.2 million</span> when comparing the first quarter of 2010 to the first quarter of 2009. The combined Central City/Black Hawk gaming market as a whole increased 8.6%. The Company's share of Central City/Black Hawk gaming revenue decreased from 3.2% for the three months ended <span class="xn-chron">March 31, 2009</span> to 2.9% for the three months ended <span class="xn-chron">March 31, 2010</span>. During the fourth quarter 2009, our largest competitor in the market opened a 536-room hotel with pool and spa facilities in which we believe they invested approximately <span class="xn-money">$235 million</span>. Management believes that this negatively impacted the Century Casino and Hotel's revenue and offset any potential revenue growth from the new gaming laws in Colorado. Adjusted EBITDA* for the Century Casino and Hotel in Central City for the first quarter of 2010 decreased by 13.4% to <span class="xn-money">$0.9 million</span> compared to <span class="xn-money">$1.1 million</span> in the first quarter of 2009. The decrease is primarily due to increased payroll as the casino is now open 24 hours and also has new table games.</p>
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<p>Cruise Ships - The Company's ship-based casinos contributed net operating revenue of <span class="xn-money">$0.6 million</span> for the first quarter of 2010 compared to <span class="xn-money">$0.5 million</span> in the first quarter of 2009. Adjusted EBITDA* increased from <span class="xn-money">$58,000</span> for the first quarter of 2009 to <span class="xn-money">$0.2 million</span> for the first quarter of 2010. The increase in net operating revenue and adjusted EBITDA is primarily due to a new ship that went into service in <span class="xn-chron">May 2009</span>.</p>
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<p>On <span class="xn-chron">March 10, 2010</span>, the Company entered into an exclusive long-term agreement with Windstar Cruises ("Windstar"), under which it will operate casinos on all Windstar ships that Windstar currently operates and will place into service. Currently, Windstar operates three passenger cruise ships. As of <span class="xn-chron">April 24, 2010</span>, we have begun casino operations on all three of these ships.</p>
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<p>Corporate - Corporate operations reported negative Adjusted EBITDA* of <span class="xn-money">$1.1 million</span> for the first quarter of 2010 compared to negative Adjusted EBITDA* of <span class="xn-money">$1.3 million</span> for the first quarter of 2009. The lower negative Adjusted EBITDA* is primarily due to a decrease in share based compensation expenses when comparing the first quarter of 2010 to the first quarter of 2009.</p>
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Liquidity
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<p>Cash and cash equivalents totaled <span class="xn-money">$27.8 million</span> at <span class="xn-chron">March 31, 2010</span> and the Company had working capital (current assets minus current liabilities) of <span class="xn-money">$18.2 million</span>. During 2010, the Company paid <span class="xn-money">$10.5 million</span> for its acquisition of the Silver Dollar. In <span class="xn-chron">April 2010</span>, the Company paid <span class="xn-money">$2.2 million</span> for land in Cripple Creek, Colorado. The Company expects to incur approximately <span class="xn-money">$3.0 million</span> in capital expenditures at all its casinos over the next twelve months.</p>
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<p>The Company will post a copy of the 10-Q filed with the SEC for the first quarter of 2010 on its website at <a href="http://www.cnty.com/corporate/investor/sec-filings/">www.cnty.com/corporate/investor/sec-filings/</a> today.</p>
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<p>Century Casinos will host its Q1 2010 Earnings Conference Call today at <span class="xn-chron">10:30 am MDT</span>; <span class="xn-chron">6:30 pm CEST</span>, respectively. U.S. domestic participants please dial +1-800-862-9098; all other international participants please use +1-785-424-1051 to dial in. Participants may also listen to the call live or obtain a recording of the call on our website at <a href="http://www.cnty.com/corporate/investor/financial-results/">www.cnty.com/corporate/investor/financial-results/</a>.</p>
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<p>* See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.</p>
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CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
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Century Casinos, Inc.
Condensed Consolidated Statements of (Loss) Earnings (Unaudited)
(Amounts in thousands, except for share information)
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<p> </p>
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For the Three
Months
Ended March
31,
2010 2009
---- ----
Operating revenue:
Gaming $12,582 11,472
Hotel, food and beverage 2,765 1,899
Other 579 409
--- ---
Gross revenue 15,926 13,780
Less promotional
allowances 1,789 1,781
----- -----
Net operating revenue 14,137 11,999
------ ------
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Operating costs and
expenses:
Gaming 5,433 4,469
Hotel, food and beverage 2,110 1,540
General and
administrative 4,943 4,331
Depreciation 1,489 1,572
----- -----
Total operating costs and
expenses 13,975 11,912
Earnings from
unconsolidated
subsidiary 188 89
--- ---
Operating earnings from
continuing operations 350 176
--- ---
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Non-operating income
(expense):
Interest income 8 9
Interest expense (291) (900)
Gains (losses) on foreign
currency transactions
and other 243 (525)
--- ----
Non-operating (expense),
net (40) (1,416)
--- ------
Earnings (loss) from
continuing operations
before income taxes 310 (1,240)
Income tax provision 180 219
--- ---
Earnings (loss) from
continuing operations 130 (1,459)
--- ------
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<p> </p>
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Discontinued operations:
Earnings from
discontinued operations - 1,288
Gain on disposition of
Century Casino
Millennium - 877
Provision for income
taxes - 263
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Earnings from
discontinued operations - 1,902
--- -----
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Net earnings 130 443
Less: Net loss
attributable to the
noncontrolling interests
(continuing operations) - (18)
Less: Net earnings
attributable to the
noncontrolling interests
(discontinued
operations) - 116
--- ---
Net earnings attributable
to Century Casinos, Inc.
and subsidiaries $130 345
==== ===
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
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Century Casinos, Inc.
Earnings per Share
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For the Three
Months
Ended March 31,
2010 2009
---- ----
Basic earnings per
share:
Earnings (loss) from
continuing operations $0.01 $(0.07)
Earnings from
discontinued
operations - 0.08
--- ----
Net earnings $0.01 $0.01
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<p> </p>
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Diluted earnings per
share:
Earnings (loss) from
continuing operations $0.01 $(0.07)
Earnings from
discontinued
operations - 0.08
--- ----
Net earnings $0.01 $0.01
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Weighted Average
Shares Outstanding:
Basic 23,542,576 23,524,067
Diluted 23,759,999 23,524,067
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<p> </p>
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Amounts attributable
to Century Casinos,
Inc. and subsidiaries
common shareholders:
Earnings (loss) from
continuing operations $130 $(1,441)
Earnings from
discontinued
operations - 1,786
--- -----
Net earnings $130 $345
==== ====
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Century Casinos, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
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<p> </p>
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March 31, December 31,
2010 2009
---- ----
Assets
Current Assets $29,445 $39,627
Property and equipment, net 99,490 88,241
Other Assets 8,903 7,442
----- -----
Total Assets $137,838 $135,310
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<p> </p>
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Liabilities and Shareholders' Equity
Current Liabilities $11,196 $10,984
Non-Current Liabilities 17,591 16,037
Shareholders' Equity 109,051 108,289
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Total Liabilities and Shareholders'
Equity $137,838 $135,310
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CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
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Century Casinos, Inc.
Adjusted Net Loss (Unaudited)
(Amounts in thousands)
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For the Three
Months
Ended March 31,
2010 2009
---- ----
Earnings (loss) from
continuing operations $130 $(1,459)
Foreign currency (gains)
losses (135) 525
Other income - insurance
reimbursement (108) -
---- ---
Adjusted Net Loss $(113) $(934)
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<p>The Company defines Adjusted EBITDA margin as Adjusted EBITDA (see below) divided by net operating revenue. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.</p>
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Century Casinos, Inc.
Adjusted EBITDA Margins by Property (Unaudited)
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For the Three
Months
Ended March 31,
2010 2009
---- ----
Century Casino & Hotel
(Edmonton) 31% 33%
Silver Dollar Casino (Calgary) 10% -
Womacks Casino & Hotel
(Cripple Creek) 8% 19%
Century Casino & Hotel
(Central City) 22% 26%
Cruise Ships 26% 12%
Corporate - -
Consolidated Adjusted EBITDA
Margin 14% 17%
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
</pre>
<p>The Company defines Adjusted EBITDA as earnings (loss) from continuing operations 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. For the first quarter of 2010, the Company recognized revenue of <span class="xn-money">$0.1 million</span> for insurance proceeds received on damages to a property that the Company no longer owns. Intercompany transactions consisting primarily of management fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. These adjustments have no effect on the consolidated results. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the <span class="xn-location">United States</span> of America. Management believes that Adjusted EBITDA is a valuable measure of the relative performance among its operating segments. 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. Please see the reconciliation of Adjusted EBITDA to earnings from continuing operations below. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity.</p>
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<p> </p>
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Century Casinos, Inc.
Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing
Operations by Property (Unaudited)
For the Three Months Ended March 31, 2010
(Amounts in thousands)
</pre>
<p> </p>
<pre>
Cripple
Edmonton Calgary Creek Central
-------- ------- ------- -------
City
----
</pre>
<p> </p>
<pre>
Earnings (loss)
from continuing
operations $719 $94 $(60) $162
Interest income (8) - - -
Interest expense 289 - - -
Income taxes 281 39 (37) 86
Depreciation 343 41 289 672
Stock
compensation - - - -
Foreign currency
losses (gains) 25 5 - -
Loss on
disposition of
fixed assets - - - 1
Other one-time
items - - - -
--- --- --- ---
Adjusted EBITDA* $1,649 $179 $192 $921
====== ==== ==== ====
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<p> </p>
<p> </p>
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Cruise Corporate Total
------ --------- -----
Ships
-----
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<p> </p>
<pre>
Earnings (loss) from
continuing
operations $67 $(852) $130
Interest income - - (8)
Interest expense - 2 291
Income taxes 2 (191) 180
Depreciation 88 56 1,489
Stock compensation - 143 143
Foreign currency
losses (gains) - (165) (135)
Loss on disposition
of fixed assets - 1 2
Other one-time items - (108) (108)
--- ---- ----
Adjusted EBITDA* $157 $(1,114) $1,984
==== ======= ======
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
</pre>
<p> </p>
<p> </p>
<pre>
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA to Earnings (Loss) from Continuing
Operations by Property (Unaudited)
For the Three Months Ended March 31, 2009
(Amounts in thousands)
</pre>
<p> </p>
<pre>
Cripple
Edmonton Creek Central Cruise
-------- ------- ------- ------
City Ships
---- -----
</pre>
<p> </p>
<pre>
Earnings (loss)
from continuing
operations $881 $21 $(131) $-
Interest income (2) - (1) -
Interest expense 249 64 537 -
Income taxes 349 13 (93) -
Depreciation 299 396 751 58
Stock compensation - - - -
Foreign currency
losses (1) - - -
Impairments and
other write-offs - - - -
Loss on disposition
of fixed assets - - - -
--- --- --- ---
Adjusted EBITDA* $1,775 $494 $1,063 $58
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<p> </p>
<p> </p>
<pre>
Corporate Total
--------- -----
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<p> </p>
<pre>
Earnings (loss) from
continuing operations $(2,230) $(1,459)
Interest income (6) (9)
Interest expense 50 900
Income taxes (50) 219
Depreciation 68 1,572
Stock compensation 349 349
Foreign currency losses 526 525
Impairments and other
write-offs 2 2
Loss on disposition of
fixed assets - -
--- ---
Adjusted EBITDA* $(1,291) $2,099
======= ======
</pre>
<p> </p>
<p> </p>
<pre>
Century Resorts Alberta
Reconciliation of Adjusted EBITDA to Net Earnings (Unaudited)
in Canadian Dollars
(Amounts in thousands)
</pre>
<p> </p>
<pre>
For the three For the three
------------- -------------
months ended months ended
March 31, 2010 March 31, 2009
-------------- --------------
</pre>
<p> </p>
<pre>
Net earnings CAD 804 CAD 1,095
Interest income (8) (2)
Interest expense 301 310
Income taxes 291 432
Depreciation 357 373
Foreign currency (gains) (35) -
Loss on disposition of
fixed assets 1 -
--- ---
Adjusted EBITDA* CAD 1,711 CAD 2,208
============== ============
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
</pre>
<p> </p>
<p> </p>
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Silver Dollar Casino
Reconciliation of Adjusted EBITDA to Net Earnings (Unaudited)
in Canadian Dollars
(Amounts in thousands)
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<p> </p>
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January 13,
2010
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to
March 31, 2010
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<p> </p>
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Net earnings CAD 108
Interest income -
Interest expense -
Income taxes 41
Depreciation 43
Foreign currency
(gains) (3)
---
Adjusted EBITDA* CAD 189
==========
About Century Casinos, Inc.:
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<p>Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino & Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in <span class="xn-location">Edmonton</span>, <span class="xn-location">Canada</span> and the Silver Dollar Casino in <span class="xn-location">Calgary</span>, <span class="xn-location">Canada</span>. The Company also operates casinos aboard eight luxury cruise vessels (Silver Cloud, Regatta, Insignia, Nautica, Mein Schiff, Wind Surf, Wind Star, Wind Spirit). Through its Austrian subsidiary, Century Casinos <span class="xn-location">Europe</span> GmbH, the Company holds a 33.3% ownership interest in Casinos <span class="xn-location">Poland</span> Ltd., the owner and operator of seven full casinos and one slot casino in <span class="xn-location">Poland</span>. Century Casinos, Inc. continues to pursue other international projects in various stages of development.</p>
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<p>For more information about Century Casinos, visit our website at <a href="http://www.centurycasinos.com">www.centurycasinos.com</a>. Century Casinos' common stock trades on The NASDAQ Capital Market® and the <span class="xn-location">Vienna</span> Stock Exchange under the symbol CNTY.</p>
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<p>This release may contain "forward-looking statements" within the meaning of 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, expected competition, the impact of new gaming laws, plans for our casinos and the impact of the economic downturn. 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 sections entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K filed on <span class="xn-chron">March 15, 2010</span>. 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.</p>
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For further information: Peter Hoetzinger, Co CEO & President, +1-719-689-5813, +43 664 355 3935, [email protected], or Larry Hannappel, Senior Vice President, +1-719-229-6448, [email protected], both of Century Casinos, Inc. Web Site: http://www.centurycasinos.com
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