PRESS RELEASE
NOVEMBER 8, 2011
Century Casinos, Inc. Announces Third Quarter 2011 Results
Colorado Springs, Colorado – November 8, 2011 – Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial results for the three and nine months ended September 30, 2011.
Third Quarter 2011 Highlights
| · | Net operating revenue was $18.1 million, a 14% increase compared to the three months ended September 30, 2010. |
| · | Adjusted EBITDA* was $3.1 million, a 27% increase from the three months ended September 30, 2010. |
| · | Net earnings per share was $0.06 compared to $0.01 for the three months ended September 30, 2010. |
| | | For the Three Months | | | For the Nine Months | |
| Amounts in thousands, except share and per share data | | Ended September 30, | | | Ended September 30, | |
| Consolidated Results: | | 2011 | | | 2010 | | | % Change | | | 2011 | | | 2010 | | | % Change | |
| Net operating revenue | | $ | 18,146 | | | $ | 15,984 | | | | 14 | % | | $ | 53,263 | | | $ | 45,061 | | | | 18 | % |
| Earnings from operations | | | 1,548 | | | | 744 | | | | 108 | % | | | 3,281 | | | | 1,433 | | | | 129 | % |
| Net earnings | | | 1,423 | | | | 321 | | | | 343 | % | | | 2,431 | | | | 191 | | | | 1173 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted EBITDA* | | $ | 3,081 | | | $ | 2,424 | | | | 27 | % | | $ | 8,364 | | | $ | 6,528 | | | | 28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.06 | | | $ | 0.01 | | | | 500 | % | | $ | 0.10 | | | $ | 0.01 | | | | 900 | % |
| Diluted | | $ | 0.06 | | | $ | 0.01 | | | | 500 | % | | $ | 0.10 | | | $ | 0.01 | | | | 900 | % |
| Weighted-average common shares: | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic | | | 23,877,362 | | | | 23,678,795 | | | | | | | | 23,715,224 | | | | 23,584,079 | | | | | |
| Dilutive | | | 24,191,252 | | | | 23,851,110 | | | | | | | | 24,015,139 | | | | 23,771,930 | | | | | |
“We are very pleased to report another quarter with growth in revenue, adjusted EBITDA and net earnings. Our strategies to continuously elevate the guest experience at our properties and to improve operating efficiencies are generating positive results. By leveraging management expertise across multiple properties in Colorado, USA and Alberta, Canada, we are starting to create synergies that should drive even higher levels of operational performance,” said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. “We remain focused on operational improvements and the pursuit of potential new opportunities to create additional value for shareholders,” they continued.
*See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.
Three and Nine Months Ended September 30, 2011 Results
Net operating revenue increased by $2.2 million, or 13.5%, and $8.2 million, or 18.2%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Net operating revenue increased at all properties except Central City for the three months ended September 30, 2011 compared to the three months ended September 30, 2010. Net operating revenue increased at all properties for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010. Following is a summary of net operating revenue increases and decreases by property for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively:
| | | Net Operating Revenue | |
| | | For the three months ended September 30, | | | For the nine months ended September 30, | |
| Amounts in millions | | Change | | | % Change | | | Change | | | % Change | |
| Century Casino & Hotel, Edmonton | | $ | 0.6 | | | | 10.6 | % | | $ | 1.6 | | | | 10.2 | % |
| Century Casino, Calgary | | | 0.5 | | | | 24.5 | % | | | 1.7 | | | | 29.3 | % |
| Century Casino & Hotel, Central City | | | (0.1 | ) | | | (2.0 | %) | | | 0.4 | | | | 3.3 | % |
| Century Casino & Hotel, Cripple Creek | | | 0.5 | | | | 16.5 | % | | | 1.7 | | | | 21.0 | % |
| Cruise Ships & Other | | | 0.7 | | | | 82.5 | % | | | 2.8 | | | | 138.8 | % |
Total operating costs and expenses increased by $1.6 million, or 10.8%, and $6.8 million, or 15.4%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Total operating costs increased at all of our properties for both the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010. Following is a summary of total operating costs and expenses increases by property for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively:
| | | Total Operating Costs | |
| | | For the three months ended September 30, | | | For the nine months ended September 30, | |
| Amounts in millions | | Change | | | % Change | | | Change | | | % Change | |
| Century Casino & Hotel, Edmonton | | $ | 0.3 | | | | 8.4 | % | | $ | 0.9 | | | | 7.2 | % |
| Century Casino, Calgary | | | 0.4 | | | | 19.4 | % | | | 1.8 | | | | 31.0 | % |
| Century Casino & Hotel, Central City | | | 0.1 | | | | 0.8 | % | | | 0.5 | | | | 4.3 | % |
| Century Casino & Hotel, Cripple Creek | | | 0.3 | | | | 11.2 | % | | | 0.9 | | | | 11.5 | % |
| Cruise Ships & Other | | | 0.6 | | | | 75.8 | % | | | 2.5 | | | | 130.2 | % |
| Corporate | | | (0.1 | ) | | | (5.8 | %) | | | 0.2 | | | | 4.9 | % |
*See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.
Net earnings increased by $1.1 million, or 343%, and $2.2 million, or 1173%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Net earnings increased at all of our properties except Central City for the three months ended September 30, 2011 compared to the three months ended September 30, 2010. Net earnings increased at all of our properties except for Central City and Calgary for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010. Following is a summary of net earnings increases and decreases by property for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively:
| | | Net Earnings | |
| | | For the three months ended September 30, | | | For the nine months ended September 30, | |
| Amounts in millions | | Change | | | % Change | | | Change | | | % Change | |
| Century Casino & Hotel, Edmonton | | $ | 0.4 | | | | 49.4 | % | | $ | 0.9 | | | | 38.5 | % |
| Century Casino, Calgary | | | 0.2 | | | | 162.2 | % | | | (0.1 | ) | | | (74.7 | %) |
| Century Casino & Hotel, Central City | | | (0.1 | ) | | | (19.9 | %) | | | (0.0 | ) | | | (6.0 | %) |
| Century Casino & Hotel, Cripple Creek | | | 0.1 | | | | 57.1 | % | | | 0.5 | | | | 178.5 | % |
| Cruise Ships & Other | | | 0.1 | | | | 275.9 | % | | | 0.3 | | | | 311.7 | % |
Property Results
(in thousands)
| | | Net Operating Revenue | | | Adjusted EBITDA* | | | Net Operating Revenue | | | Adjusted EBITDA* | |
| | | For the Three Months | | | For the Three Months | | | For the Nine Months | | | For the Nine Months | |
| | Ended September 30, | | | Ended September 30, | | | Ended September 30, | | | Ended September 30, | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| Century Casino & Hotel, Edmonton | | | 5,852 | | | | 5,291 | | | | 1,936 | | | | 1,693 | | | | 17,791 | | | | 16,147 | | | | 5,939 | | | | 5,107 | |
| Century Casino, Calgary | | | 2,446 | | | | 1,964 | | | | 96 | | | | (90 | ) | | | 7,503 | | | | 5,804 | | | | 318 | | | | 62 | |
| Century Casino & Hotel, Central City | | | 4,754 | | | | 4,849 | | | | 1,010 | | | | 1,283 | | | | 13,674 | | | | 13,231 | | | | 2,919 | | | | 3,152 | |
| Century Casino & Hotel, Cripple Creek | | | 3,506 | | | | 3,010 | | | | 804 | | | | 639 | | | | 9,554 | | | | 7,893 | | | | 2,019 | | | | 1,322 | |
| Cruise Ships & Other | | | 1,588 | | | | 870 | | | | 223 | | | | 113 | | | | 4,741 | | | | 1,986 | | | | 768 | | | | 350 | |
| Corporate | | | - | | | | - | | | | (988 | ) | | | (1,214 | ) | | | - | | | | - | | | | (3,599 | ) | | | (3,465 | ) |
| Consolidated | | | 18,146 | | | | 15,984 | | | | 3,081 | | | | 2,424 | | | | 53,263 | | | | 45,061 | | | | 8,364 | | | | 6,528 | |
*See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.
Balance Sheet and Liquidity
As of September 30, 2011, the Company had $21.3 million in cash and cash equivalents and $9.4 million in debt obligations on its balance sheet compared to $21.5 million in cash and cash equivalents and $13.5 million in debt obligations at December 31, 2010.
Conference Call Information
Today the Company will post a copy of the Form 10-Q filed with the SEC for the third quarter of 2011 on its website at http://corporate.cnty.com/investor-relations/sec-filings.
Century Casinos will host its third quarter 2011 earnings conference call today at 10:00 am MDT; 6:00 pm CET, respectively. U.S. domestic participants should dial 1-800-862-9098. For 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 the Company’s website at http://corporate.cnty.com/investor-relations/sec-filings.
(continued)
*See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.
CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS
| | | For the three months ended September 30, | | | For the nine months ended September 30, | |
| Amounts in thousands, except for per share information | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| Operating revenue: | | | | | | | | | | | | |
| Gaming | | $ | 16,236 | | | $ | 14,348 | | | $ | 46,989 | | | $ | 40,169 | |
| Hotel, bowling, food and beverage | | | 3,152 | | | | 2,789 | | | | 9,536 | | | | 8,311 | |
| Other | | | 956 | | | | 773 | | | | 2,895 | | | | 2,122 | |
| Gross revenue | | | 20,344 | | | | 17,910 | | | | 59,420 | | | | 50,602 | |
| Less: Promotional allowances | | | (2,198 | ) | | | (1,926 | ) | | | (6,157 | ) | | | (5,541 | ) |
| Net operating revenue | | | 18,146 | | | | 15,984 | | | | 53,263 | | | | 45,061 | |
| Operating costs and expenses: | | | | | | | | | | | | | | | | |
| Gaming | | | 7,543 | | | | 6,289 | | | | 21,815 | | | | 17,578 | |
| Hotel, bowling, food and beverage | | | 2,565 | | | | 2,404 | | | | 7,629 | | | | 6,742 | |
| General and administrative | | | 5,213 | | | | 4,986 | | | | 16,429 | | | | 15,082 | |
| Depreciation | | | 1,526 | | | | 1,529 | | | | 4,832 | | | | 4,542 | |
| Total operating costs and expenses | | | 16,847 | | | | 15,208 | | | | 50,705 | | | | 43,944 | |
| Earnings from equity investment | | | 249 | | | | (32 | ) | | | 723 | | | | 316 | |
| Earnings from operations | | | 1,548 | | | | 744 | | | | 3,281 | | | | 1,433 | |
| Non-operating income (expense): | | | | | | | | | | | | | | | | |
| Interest income | | | 6 | | | | 17 | | | | 13 | | | | 39 | |
| Interest expense | | | (186 | ) | | | (280 | ) | | | (629 | ) | | | (861 | ) |
| (Losses) gains on foreign currency transactions & other | | | (27 | ) | | | 14 | | | | 162 | | | | 26 | |
| Non-operating income (expense), net | | | (207 | ) | | | (249 | ) | | | (454 | ) | | | (796 | ) |
| Earnings before income taxes | | | 1,341 | | | | 495 | | | | 2,827 | | | | 637 | |
| Income tax provision | | | (82 | ) | | | 174 | | | | 396 | | | | 446 | |
| Net earnings | | $ | 1,423 | | | $ | 321 | | | $ | 2,431 | | | $ | 191 | |
| | | | | | | | | | | | | | | | | |
| Earnings per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.06 | | | $ | 0.01 | | | $ | 0.10 | | | $ | 0.01 | |
| Diluted | | $ | 0.06 | | | $ | 0.01 | | | $ | 0.10 | | | $ | 0.01 | |
CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS
Century Casinos, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
| | | September 30, | | | December 31, | |
| | | 2011 | | | 2010 | |
| Assets | | | | | | |
| Current Assets | | $ | 23,804 | | | $ | 23,467 | |
| Property and equipment, net | | | 99,357 | | | | 103,956 | |
| Other Assets | | | 9,339 | | | | 9,303 | |
| Total Assets | | $ | 132,500 | | | $ | 136,726 | |
| | | | | | | | | |
| Liabilities and Shareholders’ Equity | | | | | | | | |
| Current Liabilities | | $ | 11,325 | | | $ | 14,057 | |
| Non-Current Liabilities | | | 9,394 | | | | 11,171 | |
| Shareholders’ Equity | | | 111,781 | | | | 111,498 | |
| Total Liabilities and Shareholders’ Equity | | $ | 132,500 | | | $ | 136,726 | |
CENTURY CASINOS, INC. AND SUBSIDIARIES
Century Casinos, Inc.
Adjusted EBITDA Margins ** by Property (Unaudited)
| | | For the Three Months | | | For the Nine Months | |
| | | Ended September 30, | | | Ended September 30, | |
| | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
| Century Casino & Hotel, Edmonton | | | 33 | % | | | 32 | % | | | 33 | % | | | 32 | % |
| Century Casino, Calgary | | | 4 | % | | | -5 | % | | | 4 | % | | | 1 | % |
| Century Casino & Hotel, Central City | | | 21 | % | | | 26 | % | | | 21 | % | | | 24 | % |
| Century Casino & Hotel, Cripple Creek | | | 23 | % | | | 21 | % | | | 21 | % | | | 17 | % |
| Cruise Ships & Other | | | 14 | % | | | 13 | % | | | 16 | % | | | 18 | % |
| Consolidated Adjusted EBITDA Margin | | | 17 | % | | | 15 | % | | | 16 | % | | | 14 | % |
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property (Unaudited)
For the Three Months Ended September 30, 2011 and 2010
Amounts In thousands
| | | Three Months Ended September 30, 2011 | |
| | | Edmonton | | | Calgary | | | Central City | | | Cripple Creek | | | Cruise Ships & Other | | | Corporate | | | Total | |
| |
| Earnings (loss) | | | 1,149 | | | | 74 | | | | 302 | | | | 341 | | | | 109 | | | | (552 | ) | | | 1,423 | |
| Interest income | | | (6 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (6 | ) |
| Interest expense | | | 185 | | | | - | | | | - | | | | - | | | | - | | | | 1 | | | | 186 | |
| Income taxes (benefit) | | | 234 | | | | (170 | ) | | | 173 | | | | 208 | | | | 2 | | | | (529 | ) | | | (82 | ) |
| Depreciation | | | 373 | | | | 194 | | | | 535 | | | | 255 | | | | 112 | | | | 57 | | | | 1,526 | |
| Non-cash stock based compensation | | | - | | | | - | | | | - | | | | - | | | | - | | | | 4 | | | | 4 | |
| Foreign currency losses (gains) | | | 1 | | | | (2 | ) | | | - | | | | - | | | | - | | | | 29 | | | | 28 | |
| Loss on disposition of fixed assets | | | - | | | | - | | | | - | | | | - | | | | - | | | | 2 | | | | 2 | |
| Adjusted EBITDA* | | | 1,936 | | | | 96 | | | | 1,010 | | | | 804 | | | | 223 | | | | (988 | ) | | | 3,081 | |
| | | Three Months Ended September 30, 2010 | | | | | | | | | | |
| | | Edmonton | | | Calgary | | | Central City | | | Cripple Creek | | | Cruise Ships & Other | | | Corporate | | | Total | |
| Earnings (loss) | | | 769 | | | | (119 | ) | | | 377 | | | | 217 | | | | 29 | | | | (952 | ) | | | 321 | |
| Interest income | | | (4 | ) | | | - | | | | - | | | | - | | | | - | | | | (13 | ) | | | (17 | ) |
| Interest expense | | | 280 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 280 | |
| Income taxes (benefit) | | | 296 | | | | (45 | ) | | | 219 | | | | 134 | | | | 1 | | | | (431 | ) | | | 174 | |
| Depreciation | | | 350 | | | | 77 | | | | 677 | | | | 288 | | | | 83 | | | | 54 | | | | 1,529 | |
| Non-cash stock based compensation | | | - | | | | - | | | | - | | | | - | | | | - | | | | 98 | | | | 98 | |
| Foreign currency (gains) | | | (4 | ) | | | (3 | ) | | | - | | | | - | | | | - | | | | (15 | ) | | | (22 | ) |
| Property write-down and other write offs | | | - | | | | - | | | | 10 | | | | - | | | | - | | | | (10 | ) | | | - | |
| Loss on disposition of fixed assets | | | 6 | | | | - | | | | - | | | | - | | | | - | | | | 55 | | | | 61 | |
| Adjusted EBITDA* | | | 1,693 | | | | (90 | ) | | | 1,283 | | | | 639 | | | | 113 | | | | (1,214 | ) | | | 2,424 | |
CENTURY CASINOS, INC. AND SUBSIDIARIES
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property (Unaudited)
For the Nine Months Ended September 30, 2011 and 2010
| | | Nine Months Ended September 30, 2011 | |
| | | Edmonton | | | Calgary | | | Central City | | | Cripple Creek | | | Cruise Ships & Other | | | Corporate | | | Total | |
| Earnings (loss) | | | 3,242 | | | | (152 | ) | | | 673 | | | | 777 | | | | 387 | | | | (2,496 | ) | | | 2,431 | |
| Interest income | | | (13 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (13 | ) |
| Interest expense | | | 626 | | | | 1 | | | | - | | | | - | | | | - | | | | 2 | | | | 629 | |
| Income taxes (benefit) | | | 975 | | | | (144 | ) | | | 377 | | | | 476 | | | | 7 | | | | (1,295 | ) | | | 396 | |
| Depreciation | | | 1,114 | | | | 577 | | | | 1,854 | | | | 771 | | | | 331 | | | | 185 | | | | 4,832 | |
| Non-cash stock based compensation | | | - | | | | - | | | | - | | | | - | | | | - | | | | 196 | | | | 196 | |
| Foreign currency (gains) losses | | | (5 | ) | | | 36 | | | | - | | | | - | | | | - | | | | (192 | ) | | | (161 | ) |
| Loss (Gain) on disposition of fixed assets | | | - | | | | - | | | | 15 | | | | (5 | ) | | | 43 | | | | 2 | | | | 55 | |
| Adjusted EBITDA* | | | 5,939 | | | | 318 | | | | 2,919 | | | | 2,019 | | | | 768 | | | | (3,598 | ) | | | 8,365 | |
| | | Nine Months Ended September 30, 2010 | |
| | | Edmonton | | | Calgary | | | Central City | | | Cripple Creek | | | Cruise Ships & Other | | | Corporate | | | Total | |
| |
| Earnings (loss) | | | 2,340 | | | | (87 | ) | | | 723 | | | | 279 | | | | 94 | | | | (3,158 | ) | | | 191 | |
| Interest income | | | (20 | ) | | | (1 | ) | | | - | | | | - | | | | - | | | | (18 | ) | | | (39 | ) |
| Interest expense | | | 857 | | | | - | | | | - | | | | - | | | | - | | | | 4 | | | | 861 | |
| Income taxes (benefit) | | | 856 | | | | (33 | ) | | | 405 | | | | 171 | | | | 3 | | | | (956 | ) | | | 446 | |
| Depreciation | | | 1,047 | | | | 185 | | | | 2,023 | | | | 871 | | | | 253 | | | | 163 | | | | 4,542 | |
| Non-cash stock based compensation | | | - | | | | - | | | | - | | | | - | | | | - | | | | 386 | | | | 386 | |
| Foreign currency losses (gains) | | | 18 | | | | (2 | ) | | | - | | | | - | | | | - | | | | 57 | | | | 73 | |
| Loss on disposition of fixed assets | | | 9 | | | | - | | | | 1 | | | | 1 | | | | - | | | | 57 | | | | 68 | |
| Adjusted EBITDA* | | | 5,107 | | | | 62 | | | | 3,152 | | | | 1,322 | | | | 350 | | | | (3,465 | ) | | | 6,528 | |
* The Company defines Adjusted EBITDA as earnings (loss) 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. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the United States of America. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of its properties and the Company. 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 (loss) above.
** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Management uses this margin as one of several measures to evaluate the efficiency of the Company’s casino operations.
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary, Alberta, Canada. The Company also operates casinos aboard twelve luxury cruise vessels (Regatta, Insignia, Nautica, Marina, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator) and signed a contract for an additional casino on board Oceania Cruises’ Riviera that is expected to start operations in 2012. Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 33.3% ownership interest in Casinos Poland Ltd., the owner and operator of seven casinos in Poland. The Company also manages the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. Century Casinos, Inc. continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our website at www.centurycasinos.com. Century Casinos’ common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.
This release may contain “forward-looking statements” within the meaning of Section 27A of the Security Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and 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, statements regarding future results of operations, operating efficiencies, synergies and operational performance, expected competition, the impact of new gaming laws and plans for our casinos. 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 section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2010. 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.
