Century Casinos is projecting an increased loss for the fourth quarter of 2023, despite expecting a surge in revenue, the company has revealed. The preliminary results for the fourth quarter indicate a potential revenue increase to between $140 million and $145 million, up from $104 million in the same quarter of 2022. This represents a 37% year-on-year increase. However, due to higher costs across the business, Century anticipates that the net loss for the quarter will rise to between $9.8 million and $13.6 million, compared to $4.0 million in the previous year.

The company highlighted recent developments, such as obtaining new licenses for its casinos in Poland, which are set to reopen. The construction projects at its locations in Missouri are also progressing as planned. Additionally, Century’s co-CEOs, Erwin Haitzmann and Peter Hoetzinger, expressed optimism about the upcoming year, describing 2024 as a “transitional” year for the company before expected growth in 2025.

Despite the anticipated higher costs and net loss, Century expects adjusted EBITDAR to increase to between $24.0 million and $26.0 million, up from $21.7 million in the fourth quarter of 2022. The company is also evaluating strategies to reduce operating and non-operating costs while looking to maximize earnings and cash flow. Overall, despite the projected loss for the fourth quarter, Century Casinos remains focused on managing costs and positioning itself for future growth.

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