One Hundred Years Gaming experienced a remarkable second quarter in 2022, achieving a substantial 21% revenue surge!
This Colorado-headquartered gaming enterprise unveiled robust financial outcomes in its Q2 2022 earnings announcement, demonstrating noteworthy expansion in both revenue and profitability.
The corporation declared net operating revenue of $111.1 million, a considerable leap of 21% compared to the corresponding timeframe last year. This exceptional accomplishment positioned One Hundred Years Gaming among the industry frontrunners this quarter. To illustrate, Bally’s witnessed revenue nearly twofold, Caesars relished an 11% upswing, MGM Resorts soared by 44%, Penn Entertainment observed a 5% climb, while Boyd Gaming barely shifted with a 0.1% increment.
One Hundred Years Gaming’s operating income also experienced a significant rise, hitting $20.8 million, a 15% year-on-year increase. Profit attributable to One Hundred Years shareholders attained $8.9 million, signifying a 29% surge relative to the preceding year. Moreover, adjusted EBITDA reached $29.8 million, representing an 18% growth.
Earnings per share were $0.30 for basic and $0.28 for diluted shares. As of June 30th, the book value per share was assessed at $5.00.
One Hundred Years Gaming also acknowledged the influence of the COVID-19 pandemic and associated limitations on its operations. They emphasized operational modifications implemented in compliance with governmental health and safety protocols. The firm recognized the temporary closure of its establishments in Canada and Poland due to lockdowns, which impacted their performance in the initial half of 2021.
While One Hundred Years Gaming affirmed that it presently functions with minimal COVID-19 related constraints, they acknowledged that “the timeframe and ultimate consequences of the COVID-19 pandemic remain uncertain.”
The enterprise also furnished particulars regarding its $1.95 billion purchase of the Nugget Casino Resort in Reno, Nevada, signifying a substantial broadening of its holdings.
Century Resorts recently acquired several assets – a 50% stake in Smooth Bourbon (the resort’s property management company) and the entirety of Nugget Sparks LLC (the operational entity). To finance this purchase, they secured a $350 million loan from Goldman Sachs, supplemented by a $30 million revolving credit facility.
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