Century Reports seventh quarter of growth NORTH AMERICA
Century Casinos reported its second quarter financial results with net operating revenue growing six per cent and adjusted EBITDA increased by five per cent
Century Casinos has marked its seventh consecutive quarter of both revenue and adjusted EBITDA growth
CANADA CASINO OPERATIONS
US – The Trump Taj Mahal casino is to become the fifth casino to close in Atlantic City, with management saying they could no longer run a loss making casino in the middle of continued strikes by workers. The Unite-HERE workers union had called a strike in an attempt to restore health insurance and pension benefits to previous levels. The casino’s billionaire owner Carl Icahn had offered to restore health insurance, but at a level less than that received by workers at the city's other casinos.
Tony Rodio, President of Tropicana Entertainment, which runs the Taj Mahal, said: “Currently the Taj is losing multi-millions a month, and now with this strike, we see no path to profitability. Our directors cannot just allow the Taj to continue burning through tens of millions of dollars when the union has singlehandedly blocked any path to profitability. Unfortunately we've reached the point where we will have to close the Taj.”
The Taj Maha, opened 26 years ago, by Donald Trump, has faced ongoing strikes since July 1. Its closure will see around 3,000 people lose their jobs.
US – Gaming Partners International has reported revenues of $20.3m for the second quarter of 2016, compared to revenues of $16.2m in the second quarter of 2015. The increase in net income for the three months ended June 30, 2016 was primarily due to an increase in casino currency sales in the United States and an increase in sales of RFID solutions in Asia.
During the first six months of 2016, the company had revenues of $36.4m, compared to revenues of $34.9m in the same period of the prior year.
"We are quite pleased with our sales and net income for the second quarter of 2016. Increased sales of casino currency, RFID solutions and consumables compared to the same period last year drove these improved results," commented Gregory Gronau, GPIC President and Chief Executive Officer.
"Our recent acquisition of Dolphin's gaming currency assets will help further strengthen our market position in Asia. We have a backlog of $13.1m in orders from the Asia market, up from $9.1m at the same time last year.
“In the United States, the rapid growth of our playing card business is helping to produce higher revenues but has generated operational challenges. In response, we have invested significantly in additional equipment and anticipate the opening of our expanded facilities in the second half of 2016,” commented Mr. Gronau of the latest results from Gaming Partners International.
P30 NEWSWIRE / INTERACTIVE /
247.COM
Century Casinos reported its second quarter financial results for the three and six months ended June 30, 2016 with net operating revenue growing six per cent and adjusted EBITDA increased by five per cent, marking the seventh consecutive quarter of both revenue and adjusted EBITDA growth.
Net operating revenue was $35.2m, a seven per cent decrease from the three months ended June 30, 2015. Earnings from operations were $4.5m, a 42 per cent decrease from the three months ended June 30, 2015. Te period over period decreases relate to $4m paid to Century in the second quarter of 2015 by Norwegian Cruise Line Holdings for the termination of its concession agreements with subsidiaries of Norwegian. Te $4m was recorded in the second quarter of 2015 under operating revenue net of $0.6m related to assets that were sold to Norwegian as part of the termination.
Peter Hoetzinger, Co CEO of Century Casinos, said: “Our strongest segment Canada which
provides 62 per cent of our consolidated EBITDA saw a revenue increase of four per cent but due to higher marketing cost and property taxes, it resulted in a small three per cent decline in adjusted EBITDA. Our US operations performed even stronger revenue up seven per cent and adjusted EBITDA up 16 per cent.
In June 2016, Century announced that its subsidiary Century Casinos Europe had entered into an agreement to acquire 100 per cent of the issued and outstanding shares and related land of entities operating the Apex Casino in suburban Edmonton, Alberta, Canada.
Apex is a 34,500 sq.ft casino facility located on approximately seven acres of land. Te casino facility includes 382 slot machines, 11 live table games, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests. In June 2016, Century began operating the ship-based casinos onboard the Mein Schiff 5, a new 2,500 passenger cruise ship, and the TUI Discovery, a 2,067 passenger cruise ship.
companies before selecting Scientific Games to be our casino systems solutions partner,” said Jeff Babinski, Executive Vice president and General Manager at del Lago.
Scientific to provide systems solutions to del Lago Resort Casino
US
Scientific Games is to provide its casino systems solutions to del Lago Resort & Casino in Tyre, Seneca County, the heart of New York’s Finger Lakes region, for its early 2017 opening.
After a competitive evaluation and selection process, Scientific Games was awarded the contract to provide an integrated suite of its industry- leading systems solutions for this $440 million casino, which will feature 2,000 slot games and 85 table games, which includes a 10-table poker room. “We evaluated several other
“A robust, secure, and
integrated system was a necessity, but beyond that, we were most excited about Scientific Games’ industry leadership in innovative marketing and bonusing solutions that will help us attract, retain, and keep our guests engaged.”
Derik Mooberry, Scientific Games Group Chief Executive, Gaming, said:”We are proud that del Lago’s management team has chosen to leverage the marketing, business intelligence, and operational power of Scientific Games’ end-to-end integrated casino solutions for their new casino resort. We are confident our technologies and professional expertise will help drive player engagement and operational efficiencies to enhance del Lago’s business in the beautiful Finger Lakes region.”
US
Scientific Games has confirmed that Kevin Sheehan, former CEO and President of Norwegian Cruise Line, has joined Scientific Games as CEO and President. Additionally, he will serve on the Company's Board of Directors. Current Scientific Games CEO and President Gavin Isaacs will become Vice Chairman of the Board of Directors. "Today we are one company with three strong businesses – gaming, lottery and interactive. Our integration is behind us and our business strategies are delivering solid results. With our momentum building, I'm moving from an operational leadership position to a more strategic role, Vice Chairman of the Board of Directors. On behalf of my colleagues and the Board, we welcome our new CEO and President, Kevin Sheehan. Tis is the right time to grow our leadership team and have someone of Kevin's talent, and experience take us to the next phase of growth and innovation," said Gavin Isaacs, SG Board Vice Chairman.
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