Century Casinos, Inc. Announces Fourth Quarter 2017 Results

2017 Highlights*

• Net operating revenue was $154.1 million, an increase of 11% from the year ended December 31, 2016.


• Earnings from operations were $14.6 million, a decrease of 10% from the year ended December 31, 2016.


• Net earnings attributable to Century Casinos, Inc. shareholders were $6.3 million, a decrease of 32% from the year ended December 31, 2016.


• Adjusted EBITDA** was $26.1 million, an increase of 1% from the year ended December 31, 2016.


• Earnings per share were $0.25.


• Book value per share*** at December 31, 2017 was $6.13.

Fourth Quarter 2017 Highlights*

• Net operating revenue was $39.3 million, an increase of 8% from the three months ended December 31, 2016.


• Earnings from operations were $1.7 million, a decrease of 54% from the three months ended December 31, 2016.


• Net loss attributable to Century Casinos, Inc. shareholders was ($5.3) million, a decrease of 291% from the three months ended December 31, 2016.


• Adjusted EBITDA** was $5.4 million, a decrease of 15% from the three months ended December 31, 2016.


• Loss per share was ($0.20).

The Tax Cuts and Jobs Act (the "Tax Act"), enacted on December 22, 2017, increased the Company's income tax expense by $5.4 million during the fourth quarter of 2017 due to the tax law changes that were effective for the 2017 tax year. The increased income tax expense increased net loss attributable to Century Casinos, Inc. shareholders for the fourth quarter of 2017 and decreased net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2017. See Note 11 to the Company's Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data", of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a discussion of the impact of the Tax Act.

"2017 was a good year for Century Casinos. We generated record net operating revenue and Adjusted EBITDA," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said. "Our largest and most significant project to date, the Century Mile racetrack and casino development in Edmonton, Canada, is on budget and on track for an early 2019 opening," they continued.

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