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Posted on: January 17, 2021, 12:40h.
Final up to date on: January 17, 2021, 02:12h.
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Lower than three weeks after asserting one other momentary closure of its Poland gaming venues, Century Casinos mentioned these properties will stay closed via Jan. 31.
A Century Casinos venue in Canada. Its properties there and in Poland stay shuttered by COVID-19. (Picture: Colorado Springs Gazette)
Late final month, the Colorado-based gaming firm mentioned it was shuttering its casinos in Poland to adjust to government-ordered coronavirus protocols. At the moment, the plan was to reopen the properties on Jan. 18.
The Polish casinos would stay closed via January 31, 2021, topic to potential extensions, to adjust to prolonged quarantines issued by the Polish authorities to include the unfold of COVID-19,” in response to a press release issued by the operator.
Century owns a a 66.6 % stake in in Casinos Poland Ltd., the operator of its eight gaming properties within the nation.
Lower than two weeks earlier than asserting the Poland shutdown, the corporate quickly closed its Canadian casinos and racetracks on Dec. 12 on the behest of the Alberta provincial authorities. That situation was presupposed to be reassessed in 4 weeks, however Century hasn’t offered an replace to that impact.
Monetary Pinch, However Shares Climbing
Poland often isn’t regarded as a marquee gaming market. However the eight casinos are vital contributors to Century’s total monetary image.
Within the September quarter, these venues contributed 4 % of the operator’s adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA). As such, the corporate is warning that the COVID-19 pandemic will plague monetary outcomes via the primary half of this yr.
“The COVID-19 scenario continues to evolve quickly, and it at present seems that because of the pandemic’s present scope, it should adversely affect the Firm a minimum of via the primary half of 2021,” mentioned the operator.
That’s according to commentary provided up by the corporate final month, however the inventory stays favored by Wall Avenue analysts. Moreover, the shares aren’t being bothered by the prolonged Poland shutdown. Final week, Century inventory gained 11.28 %, and is larger by 14.24 % year-to-date, making it one of many best-performing gaming equities to start out 2021.
Defraying Poland Strain
Century has levers to tug to ease the sting of the prolonged Poland shutdown. For instance, the corporate reached a December settlement with Rush Avenue Interactive (RSI) to launch iGaming in West Virginia. Century runs Mountaineer Park in New Cumberland. RSI is predicted to launch within the Mountaineer State this spring.
Along with Mountaineer and its two namesake properties in Colorado, Century operates the Isle On line casino Cape Girardeau and Girl Luck On line casino, each in Missouri. These are the corporate’s home venues.
With a administration staff heralded for sensible acquisitions and the tempo of gaming trade consolidation anticipated to be busy this yr, Wall Avenue is wagering Century might be an lively purchaser of smaller regional property within the second half of the yr.
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