Challenging Start to the Year but Maintain Positive Outlook for the Second Half of 2024 COLORADO SPRINGS, Colo., May 9, 2024 /CNW/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2024. First Quarter 2024 Highlights*Compared to the three months ended March 31, 2023: Net operating revenue was $136.0 million, an increase of 25%. Earnings from operations were $8.3 million, a decrease of (55%). Net loss attributable to Century Casinos, Inc. shareholders was ($13.5) million, a change of (990%), and basic loss per share was ($0.45). Adjusted EBITDAR** was $21.3 million, a decrease of (18%). "We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter. The quarter was further impacted by disruptions from severe weather at the majority of our US casinos. Cash payments of $12.2 million for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4 million one-time principal paydown of debt as well as $18.4 million in property and equipment purchases decreased our overall cash balance," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year. By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far," Messrs. Haitzmann and Hoetzinger concluded. UPDATES The Riverview – On April 4, 2024, the Company opened its hotel in Cape Girardeau, Missouri, The Riverview. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand. Caruthersville Project – The Company is constructing a new land-based casino with a 38 room hotel in Caruthersville, Missouri. The project continues to be on time and on budget with an estimated project cost of $51.9 million. Construction started in December 2022 with completion expected in the fourth quarter of 2024. The Company is funding this project through VICI Properties, Inc. ("VICI"). Following completion, VICI will own the real estate improvements associated with the Caruthersville project, which will become a part of the Company's triple net lease ("Master Lease") with subsidiaries of VICI. Poland – The Company reopened its casinos in Bielsko-Biala in February 2024 and Katowice in March 2024 following temporary closures due to licensing delays. Renovations on the new casino location in Wroclaw continue, and the Company expects to open the casino in the third quarter of 2024. RESULTS The consolidated results for the three months ended March 31, 2024 and 2023 are as follows: For the three months Amounts in thousands, except per share data ended March 31, % Consolidated Results: 2024 2023 Change Net Operating Revenue $ 136,017 $ 108,508 25 % Earnings from Operations 8,287 18,400 (55 %) Net Loss Attributable to Century Casinos, Inc. Shareholders $ (13,544) $ (1,243) (990 %) Adjusted EBITDAR** $ 21,250 $ 26,054 (18 %) Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders: Basic $ (0.45) $ (0.04) (1025 %) Diluted $ (0.45) $ (0.04) (1025 %) RESULTS BY REPORTABLE SEGMENT* Following is a summary of the changes in net operating revenue by reportable segment for the three months ended March 31, 2024, compared to the three months ended March 31, 2023: Net Operating Revenue For the three months Amounts in ended March 31, $ % thousands 2024 2023 Change Change United States $ 96,034 $ 66,369 $ 29,665 45 % Canada 18,321 16,503 1,818 11 % Poland 21,649 25,579 (3,930) (15 %) Corporate and Other 13 57 (44) (77 %) Consolidated $ 136,017 $ 108,508 $ 27,509 25 % Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months ended March 31, 2024, compared to the three months ended March 31, 2023: Earnings (Loss) from Operations For the three months Amounts in ended March 31, $ % thousands 2024 2023 Change Change United States $ 8,468 $ 14,270 $ (5,802) (41 %) Canada 4,029 4,001 28 1 % Poland (22) 2,643 (2,665) (101 %) Corporate and Other (4,188) (2,514) (1,674) (67 %) Consolidated $ 8,287 $ 18,400 $ (10,113) (55 %) Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months ended March 31, 2024, compared to the three months ended March 31, 2023: Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders For the three months Amounts in ended March 31, $ % thousands 2024 2023 Change Change United States $ (2,782) $ 5,375 $ (8,157) (152 %) Canada 1,132 1,867 (735) (39 %) Poland 3 1,574 (1,571) (100 %) Corporate and Other (11,897) (10,059) (1,838) (18 %) Consolidated $ (13,544) $