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Century Casinos, Inc. Announces Fourth Quarter 2018 Results

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6 years ago

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Century Casinos, Inc. Announces Fourth Quarter 2018 ResultsReading Time: 14 minutes

 

Century Casinos, Inc. today announced its financial results for the three months and year ended December 31, 2018.

Fourth Quarter 2018 Highlights*

  • Net operating revenue was $45.1 million, an increase of 15% from the three months ended December 31, 2017.
  • Earnings from operations were $2.0 million, an increase of 16% from the three months ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $0.5 million, an increase of 110% from the three months ended December 31, 2017.
  • Adjusted EBITDA** was $5.8 million, an increase of 7% from the three months ended December 31, 2017.
  • Basic and diluted earnings per share were $0.02, an increase of 110% from the three months ended December 31, 2017.

2018 Highlights*

  • Net operating revenue was $168.9 million, an increase of 10% from the year ended December 31, 2017.
  • Earnings from operations were $9.5 million, a decrease of 35% from the year ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $3.4 million, a decrease of 46% from the year ended December 31, 2017.
  • Adjusted EBITDA** was $23.4 million, a decrease of 10% from the year ended December 31, 2017.
  • Basic earnings per share were $0.12, a decrease of 52% from the year ended December 31, 2017.
  • Diluted earnings per share were $0.11, a decrease of 54% from the year ended December 31, 2017.
  • Book value per share*** at December 31, 2018 was $6.00.

The consolidated results for the three months and year ended December 31, 2018 and 2017 are as follows:









































Amounts in thousands, except per share data

For the three months

ended December 31,

For the year

ended December 31,

Consolidated Results:



2018



2017

% Change





2018



2017

% Change

Net Operating Revenue

$

45,106

$

39,293

15%



$

168,938

$

154,069

10%

Earnings from Operations



1,976



1,706

16%





9,459



14,615

(35%)

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders

$

506

$

(5,334)

110%



$

3,394

$

6,259

(46%)




































Adjusted EBITDA**

$

5,801

$

5,408

7%



$

23,377

$

26,086

(10%)




































Earnings (Loss) Per Share:

































Basic

$

0.02

$

(0.20)

110%



$

0.12

$

0.25

(52%)

Diluted

$

0.02

$

(0.19)

111%



$

0.11

$

0.24

(54%)

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, 2018 for a discussion of the impact of the Tax Act.

“This quarter we continued to see revenue growth in each of our segments and ended the year growing revenue by 10%. We are pleased with this growth, especially with the longer-than-expected casino closures in Poland due to licensing delays, which we estimate negatively impacted net operating revenue by $9.8 million,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We are excited for the upcoming year with the opening of Century Mile Racetrack and Casino on April 1st and a Grand Opening celebration planned for April 28th, the first day of live horse racing,” Messrs. Haitzmann and Hoetzinger concluded.

Reportable Segment Results*

The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of December 31, 2018:

Reportable Segment

Operating Segment

Canada

Century Casino & Hotel – Edmonton

Canada

Century Casino St. Albert

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

Canada

Century Mile Racetrack and Casino

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Century Casino Bath

Corporate and Other

Corporate Other

The Company’s net operating revenue increased by $5.8 million, or 15%, and by $14.9 million, or 10%, for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Net Operating Revenue




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

15,678

$

15,247

$

431

3%

$

61,361

$

57,732

$

3,629

6%

United States



7,938



7,671



267

4%



33,483



32,154



1,329

4%

Poland



19,514



15,414



4,100

27%



68,209



59,796



8,413

14%

Corporate and Other



1,976



961



1,015

106%



5,885



4,387



1,498

34%

Consolidated



$

45,106

$

39,293

$

5,813

15%

$

168,938

$

154,069

$

14,869

10%

The Company’s earnings from operations increased by $0.3 million, or 16%, and decreased by ($5.2) million, or (35%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017.  Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Earnings (Loss) from Operations




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

3,675

$

4,012

$

(337)

(8%)

$

14,633

$

14,608

$

25

—

United States



1,033



1,041



(8)

(1%)



5,882



5,599



283

5%

Poland



460



(648)



1,108

171%



145



2,587



(2,442)

(94%)

Corporate and Other



(3,192)



(2,699)



(493)

(18%)



(11,201)



(8,179)



(3,022)

(37%)

Consolidated



$

1,976

$

1,706

$

270

16%

$

9,459

$

14,615

$

(5,156)

(35%)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $5.8 million, or 110%, and decreased by ($2.9) million, or (46%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

2,077

$

1,751

$

326

19%

$

7,715

$

7,681

$

34

—

United States



767



646



121

19%



4,373



3,469



904

26%

Poland



179



(704)



883

125%



(153)



1,280



(1,433)

(112%)

Corporate and Other



(2,517)



(7,027)



4,510

64%



(8,541)



(6,171)



(2,370)

(38%)

Consolidated



$

506

$

(5,334)

$

5,840

110%

$

3,394

$

6,259

$

(2,865)

(46%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

The Company’s Adjusted EBITDA** increased by $0.4 million, or 7%, and decreased by ($2.7) million, or (10%), for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017:















































Adjusted EBITDA**




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

4,991

$

4,930

$

61

1%

$

19,522

$

18,171

$

1,351

7%

United States



1,582



1,622



(40)

(3%)



8,061



8,005



56

1%

Poland



1,733



987



746

76%



4,890



6,406



(1,516)

(24%)

Corporate and Other



(2,505)



(2,131)



(374)

(18%)



(9,096)



(6,496)



(2,600)

(40%)

Consolidated



$

5,801

$

5,408

$

393

7%

$

23,377

$

26,086

$

(2,709)

(10%)

*

Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

**

Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

***

The Company defines book value per share as total Century Casinos, Inc. shareholders’ equity divided by outstanding common shares.

Balance Sheet and Liquidity

As of December 31, 2018, the Company had $45.6 million in cash and cash equivalents and $59.5 million in outstanding debt on its balance sheet compared to $74.7 million in cash and cash equivalents and $56.7 million in outstanding debt at December 31, 2017. The outstanding debt as of December 31, 2018 included $40.5 million related to the Company’s credit agreement with the Bank of Montreal, $2.6 million of bank debt related to Casinos Poland, $2.4 million of bank debt related to Century Casino Bath, $0.2 million related to capital leases for Century Resorts Alberta, Century Casino Calgary, Century Casino St. Albert, Century Downs Racetrack and Casino (“CDR”) and Century Mile Racetrack and Casino, and $14.3 million related to a long-term land lease for CDR, net of $0.5 million in deferred financing costs.

Conference Call Information

Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018 on its website at https://www.cnty.com/corporate/investor-relations/sec-filings. The Company will also post a presentation on the year end results on its website at https://www.cnty.com/corporate/investor-relations/presentations-and-interviews.

The Company will host its fourth quarter 2018 earnings conference call today, Monday, March 11th, at 8:00 am MDT; 3:00 pm CET, respectively. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until March 31, 2019 at https://www.cnty.com/corporate/investor-relations/sec-filings.

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Earnings (Loss)




























For the three months

For the year


ended December 31,

ended December 31,

Amounts in thousands, except for per share information

2018

2017

2018

2017

Operating revenue:























Net operating revenue

$

45,106

$

39,293

$

168,938

$

154,069

Operating costs and expenses:























Total operating costs and expenses



43,152



37,587



159,502



139,454

Earnings from equity investment



22



—



23



—

Earnings from operations



1,976



1,706



9,459



14,615

Non-operating income (expense), net



(1,053)



(122)



(3,536)



(2,164)

Earnings before income taxes





923



1,584



5,923



12,451

Income tax provision



(133)



(6,614)



(1,917)



(4,560)

Net earnings (loss)



790



(5,030)



4,006



7,891

Net earnings attributable to non-controlling interests



(284)



(304)



(612)



(1,632)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

506

$

(5,334)

$

3,394

$

6,259


























Earnings (loss) per share attributable to Century Casinos, Inc.:























  Basic



$

0.02

$

(0.20)

$

0.12

$

0.25

  Diluted



$

0.02

$

(0.19)

$

0.11

$

0.24


























Weighted average common shares























  Basic





29,439



26,863



29,401



25,068

  Diluted





29,861



27,479



29,962



25,559

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Balance Sheets













(Amounts in thousands)















December 31,



December 31,





2018

2017

Assets











Current assets

$

54,974

$

84,321

Property and equipment, net



187,017



152,778

Other assets



36,834



37,777

Total assets

$

278,825

$

274,876














Liabilities and Equity











Current liabilities

$

50,020

$

34,438

Non-current liabilities



45,422



53,120

Century Casinos, Inc. shareholders’ equity



176,321



179,897

Non-controlling interests



7,062



7,421

Total liabilities and equity

$

278,825

$

274,876

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Constant Currency* Results (unaudited)






































For the three months







For the year







ended December 31,





ended December 31,



Amounts in thousands



2018



2017

% Change



2018



2017

% Change

Net operating revenue as reported (GAAP)

$

45,106

$

39,293

15%

$

168,938

$

154,069

10%

Foreign currency impact vs. 2017



1,600













(2,985)









Net operating revenue constant currency (non-GAAP)*

$

46,706

$

39,293

19%

$

165,953

$

154,069

8%


































Earnings from operations (GAAP)

$

1,976

$

1,706

16%

$

9,459

$

14,615

(35%)

Foreign currency impact vs. 2017



151













27









Earnings from operations constant currency (non-GAAP)*

$

2,127

$

1,706

25%

$

9,486

$

14,615

(35%)


































Net earnings (loss) attributable to Century Casinos, Inc. shareholders as reported (GAAP)

$

506

$

(5,334)

110%

$

3,394

$

6,259

(46%)

Foreign currency impact vs. 2017



79













90









Net earnings (loss) attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*

$

585

$

(5,334)

111%

$

3,484

$

6,259

(44%)

Gains and losses on foreign currency transactions are added back to net earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.

Adjusted EBITDA Margins *** (unaudited)












For the three months

For the year


ended December 31,

ended December 31,


2018

2017

2018

2017

Canada

32%

32%

32%

31%

United States

20%

21%

24%

25%

Poland

9%

6%

7%

11%

Corporate and Other

(127%)

(222%)

(155%)

(148%)

Consolidated Adjusted EBITDA Margin

13%

14%

14%

17%

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.



































For the three months ended December 31, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

2,077

$

767

$

179

$

(2,517)

$

506

Interest expense (income), net



1,084



—



50



65



1,199

Income taxes (benefit)



435



266



280



(848)



133

Depreciation and amortization



779



548



1,025



402



2,754

Net earnings attributable to non-controlling interests



174



—



89



21



284

Non-cash stock-based compensation



—



—



—



255



255

(Gain) loss on foreign currency transactions, cost recovery income and other



(95)



—



(138)



94



(139)

Loss on disposition of fixed assets



4



1



27



23



55

Pre-opening expenses



533



—



221



—



754

Adjusted EBITDA

$

4,991

$

1,582

$

1,733

$

(2,505)

$

5,801


































For the three months ended December 31, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

1,751

$

646

$

(704)

$

(7,027)

$

(5,334)

Interest expense (income), net



942



—



34



(4)



972

Income taxes





1,308



395



510



4,401



6,614

Depreciation and amortization



898



581



1,045



91



2,615

Net earnings (loss) attributable to non-controlling interests



655



—



(351)



—



304

Non-cash stock-based compensation



—



—



—



250



250

Gain on foreign currency transactions and cost recovery income



(644)



—



(137)



(26)



(807)

Loss on disposition of fixed assets



4



—



278



—



282

Acquisition costs



—



—



—



6



6

Pre-opening expenses



16



—



312



178



506

Adjusted EBITDA

$

4,930

$

1,622

$

987

$

(2,131)

$

5,408


































For the Year ended December 31, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

7,715

$

4,373

$

(153)

$

(8,541)

$

3,394

Interest expense (income), net



3,895



1



206



12



4,114

Income taxes (benefit)



2,536



1,508



595



(2,722)



1,917

Depreciation and amortization



3,211



2,178



3,065



945



9,399

Net earnings (loss) attributable to non-controlling interests



722



—



(75)



(35)



612

Non-cash stock-based compensation



—



—



—



868



868

(Gain) loss on foreign currency transactions and cost recovery income



(235)



—



(428)



2



(661)

Loss on disposition of fixed assets



10



1



1,054



25



1,090

Pre-opening expenses



1,668



—



626



350



2,644

Adjusted EBITDA

$

19,522

$

8,061

$

4,890

$

(9,096)

$

23,377


































For the Year ended December 31, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

7,681

$

3,469

$

1,280

$

(6,171)

$

6,259

Interest expense (income), net



3,487



2



105



(25)



3,569

Income taxes (benefit)



3,008



2,128



1,388



(1,964)



4,560

Depreciation and amortization



3,427



2,405



2,747



366



8,945

Net earnings attributable to non-controlling interests



996



—



636



—



1,632

Non-cash stock-based compensation



—



—



—



669



669

(Gain) loss on foreign currency transactions and cost recovery income



(564)



—



(822)



24



(1,362)

Loss on disposition of fixed assets



83



1



535



3



622

Acquisition costs



28



—



—



327



355

Pre-opening expenses



25



—



537



275



837

Adjusted EBITDA

$

18,171

$

8,005

$

6,406

$

(6,496)

$

26,086

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

*  The impact of foreign exchange rates is highly variable and difficult to predict.  The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period financial information compared to prior period financial information using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2018 and 2017 are presented below.

















For the three months











ended December 31,







Average Rates

2018

2017

% Change

Canadian dollar (CAD)

1.3218

1.2708

(4.0%)

Euros (EUR)

0.8763

0.8491

(3.2%)

Polish zloty (PLN)

3.7668

3.5922

(4.9%)

British pound (GBP)

0.7773

0.7534

(3.2%)

Source: Pacific Exchange Rate Service





























Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.

**  The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation and amortization, non-controlling interests net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time items, such as acquisition and disposition costs and gain or loss. 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 (loss) and Adjusted EBITDA reported for each segment. 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 GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. 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. Adjusted EBITDA 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 within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company’s casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH (“CRM”), formerly Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner of eight casino licenses throughout Poland, seven of which are operating. The Company, through CRM, also holds a 75% ownership interests in CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada; a 75% ownership interest in Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada; and a 51% ownership interest in Golden Hospitality Ltd., a company that manages a hotel and entertainment and gaming club in Vietnam. The Company operates 10 ship-based casinos under agreements with three cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.

Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities 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, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Bermuda and Vietnam projects, debt repayment, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. 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, 2018 and in subsequent periodic and current SEC filings we may make. 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.

SOURCE Century Casinos, Inc.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Century Casinos, Inc. Announces Fourth Quarter 2018 Results

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The Untapped Potential of Localised Support January 2024

Published

2 months ago

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February 17, 2025

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Reading Time: 3 minutes

 

Objective: Examine how customer experience shapes player retention and brand loyalty in iGaming, placing emphasis on the role of localised, high-quality support.

Outline:

  • Introduction: The growing focus on customer experience as a differentiator in iGaming.
  • The Value of Localised Support: Exploring how cultural nuances and language fluency enhance player satisfaction.
  • Flexibility in Resource Allocation: Meeting fluctuating demand without compromising quality.
  • Future Trends: How advancements in technology and localization will shape the next era of player engagement.

Questions for Exploration:

  1. How does high-quality, localised support impact player satisfaction and retention?
  2. What role does cultural understanding play in shaping effective customer interactions?
  3. How can operators balance flexibility with consistency in customer support?
  4. What emerging trends in customer experience should iGaming businesses prepare for?

Answer:

In the rapidly evolving iGaming industry, players have more choice than ever before—whether it’s brands, slots, game types, payment options, the list goes on. With so much competition, customer experience is quickly becoming a significant differentiator for operators. The ability to deliver a seamless, player-centric experience across multiple jurisdictions is not just a competitive advantage but a necessity in retaining players in this growingly saturated market.

Customer experience today goes far beyond just problem-solving for players. It encompasses proactive, personalised engagement, meaningful recommendations, and a culturally resonant approach. The operators that succeed in this space are those who maintain high standards across these elements, delivering them in a timely and localised manner. Localisation, in particular, is a key factor in turning good customer service into exceptional customer experiences.

So, why is localisation so important? At its core, successful customer support is built on trust. But building trust across diverse jurisdictions is not something that can be achieved through a single, uniform strategy. Methods of communication are a prime example. In Brazil, where the newly regulated market is flourishing, players may expect warm and conversational interactions. In contrast, many European players often favour more concise and formal communication. Recognising and adapting to these cultural nuances allows operators to foster a stronger connection with their entire player base.

Beyond communication style, localisation also plays a critical role in regulatory compliance. The iGaming industry is highly fragmented in terms of regulations, and players are increasingly aware of their rights. A customer service team that understands local legislation implicitly adds immense value, ensuring compliance while delivering tailored support. This not only reinforces trust but also strengthens the player’s respect for the brand.

At the same time, operators face the challenge of balancing high-quality customer support with the flexibility needed to respond to fluctuating demand. This is where RokkerX delivers measurable value. By offering scalable resource allocation and rigorous cross-functional training, we ensure our teams can adapt to surges in demand; whether it’s a major sporting event in a specific jurisdiction or global-scale activity, without compromising on quality. Our teams remain aligned with the core values of our clients’ brands, ensuring a customer-centric approach at all times.

Looking ahead, the iGaming industry is poised for further transformation, driven by advancements in technology and localisation. At RokkerX, we are committed to staying at the forefront of these changes to help our clients deliver exceptional experiences. Trends like the growing prominence of omnichannel communication, including social media and in-app messaging, and advancements in natural language processing (NLP) will enable operators to communicate with even greater precision and cultural nuance. Yet, the future will demand more than just technology. The ability to strike the right balance between tech-driven solutions and the human touch will be essential in creating meaningful connections with players.

As the industry evolves, the blend of cutting-edge technology, cultural understanding, and human expertise will define the next era of player engagement. By staying ahead of these trends, RokkerX ensures our clients are not only prepared for the future but thrive in it.

The post The Untapped Potential of Localised Support January 2024 appeared first on European Gaming Industry News.

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Innovations Redefining iGaming: What Operators Need to Know

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5 months ago

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November 27, 2024

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Reading Time: 3 minutes

 

The iGaming industry is advancing at breakneck speed, driven by technological innovation and evolving player expectations. Itai Zak, Executive Director of iGaming at Digicode, emphasizes the importance of bridging client aspirations with customized business solutions. Key trends shaping the future of iGaming include live dealer games, blockchain integration, artificial intelligence (AI) and machine learning (ML), enhanced personalization, and shifting regulatory environments. Let’s delve into how these trends influence the industry, presenting new opportunities while paving the way for future growth.

A Closer Look at Emerging Trends

  • Live Dealer Games

Live dealer games are revolutionizing the online gaming experience, blending the best aspects of land-based casinos with the convenience of virtual gaming. Players can now engage with real-life dealers via high-definition video streams, enhancing the social component of online gambling. This bridge between physical and virtual casinos introduces interactive features like live chat and immersive gameplay. Industry leaders like Evolution Gaming and NetEnt are setting new standards in player engagement with innovative game formats and top-tier studio setups, redefining the realism and appeal of live gaming.

  • Blockchain and Cryptocurrency Integration

Blockchain technology is transforming iGaming by offering unparalleled transparency and security. With blockchain’s ability to enable provably fair gaming, players can verify that each round is fair via an immutable ledger. Cryptocurrencies like Bitcoin and Ethereum facilitate faster, more secure transactions, catering to tech-savvy players who value privacy. Platforms like Bitcasino.io are leading the way, leveraging blockchain to ensure fairness and seamless payments. However, the rise of blockchain also attracts regulatory attention, requiring operators to balance innovation with compliance as governments navigate this new technology.

  • Artificial Intelligence and Machine Learning

AI and ML are instrumental in enhancing player experience and operational efficiency. AI algorithms analyze player behavior in real-time, offering personalized game recommendations and promotions. Additionally, AI-powered chatbots provide instant customer support, improving user satisfaction. AI-driven predictive analytics also help operators fine-tune marketing strategies based on player preferences. Companies like Bet365 are already using these technologies to stay ahead of the competition, offering more personalized and efficient gaming experiences.

  • Richer Personalization and Engagement

Personalization has become crucial for iGaming operators looking to boost player satisfaction and retention. By leveraging data analytics, companies can offer tailored game recommendations, dynamic bonuses, and individualized promotional offers. This level of engagement enhances the player experience and strengthens loyalty. Industry pioneers like DraftKings and FanDuel push the envelope by offering highly customized features, such as personalized fantasy sports leagues and bespoke betting options.

  • Regulatory Changes and Market Expansion

The constantly evolving regulatory landscape offers both challenges and opportunities for iGaming operators. As more regions legalize various forms of online gambling, companies gain access to new markets. With their large populations and increasing internet penetration, emerging markets like Brazil and Nigeria represent lucrative opportunities. However, navigating the diverse regulations in these markets requires agility and strict compliance with local laws to succeed.

  • Enhanced Payment Solutions

With digital transactions becoming the norm, the demand for fast, secure, and flexible payment methods is skyrocketing. From digital wallets to instant banking and cryptocurrencies, players expect payment solutions that offer convenience and security. This growing demand is driving innovation in payment processing, giving operators more opportunities to streamline the transaction process while building trust with users.

Future Implications

The Expanding Role of AI and Blockchain

AI and blockchain are not just current trends, but they are poised to play an even more significant role in iGaming’s future. As AI technology evolves, more sophisticated algorithms will emerge, enabling real-time adaptation to player behavior and preferences. Blockchain’s application may extend beyond transparency and security, transforming game mechanics and player interactions potentially redefining how games are designed and played.

Shifting Player Preferences

Player expectations will continue to evolve toward immersive, interactive experiences. As Virtual Reality (VR) and Augmented Reality (AR) become more mainstream, they will significantly influence the future of iGaming. Players will demand more engaging, lifelike environments, pushing the industry to create innovative game formats and features that offer deeper immersion and entertainment value.

Regulatory Developments

The regulatory environment will continue to evolve, and iGaming operators must stay agile to navigate future changes. New regulations may increasingly emphasize responsible gaming and player protection, influencing platform design and operational practices. A more harmonized regulatory framework across jurisdictions could provide stability while requiring operators to prioritize compliance.

Integrating Emerging Technologies

Technologies like 5G and edge computing are set to revolutionize iGaming by enabling faster, more reliable connectivity. This will allow for more complex game designs and real-time player interactions, opening new avenues for innovative gaming experiences. As these technologies mature, operators will have greater opportunities to differentiate their offerings. The potential of these emerging technologies to revolutionize iGaming is truly exciting and promising for the industry’s future.

Final Thoughts

The iGaming industry is on the cusp of significant transformations, driven by technological advancements and shifting player demands. Innovations like live dealer games, blockchain integration, AI, ML, and enhanced personalization are just the beginning. As the industry evolves, staying ahead of these trends will be critical for operators looking to thrive in an increasingly dynamic environment.

At Digicode, we are constantly exploring new technologies and refining our solutions to meet the evolving needs of our clients. Our focus on adaptability and foresight ensures that our clients are not just keeping pace with the industry—they’re leading it.

The post Innovations Redefining iGaming: What Operators Need to Know appeared first on European Gaming Industry News.

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What makes Turbo Games’ provably fair games so special?

Published

2 years ago

on

June 16, 2023

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Reading Time: 4 minutes

 

A partnership between game developer Turbo Games and iGaming solution provider and aggregator Slotegrator began in November 2022 via the APIgrator game integration solution. Since then, the collaboration has been developing successfully — and now it’s time to analyze what made it successful.

Turbo Games has noticed how the new technologies spreading throughout the industry can work for the good of brand transparency and player loyalty: “We can already see how blockchain technology has made it possible to make betting checks more accessible to players. All you need is a blockchain-hash and a decoder service. We think we will continue to move in this direction. Many traditional online casinos do not offer the possibility to check the bet. Sooner or later we all have to come to this. Perhaps the development of artificial intelligence will help here, because we are already seeing its involvement in all spheres of human life.”

Turbo Games specializes in provably fair games. Provable fairness is a concept where players can verify their wins or losses using blockchain technology — the outcome of the game is dictated by a smart contract and is absolutely random, barring the possibility of any human involvement. Using cryptographic hashing algorithms, the gambling site and the player’s device both generate seeds (random strings of numbers). Players receive a key that allows them to check the results; if the results are the same as the game round they witnessed, it proves that there was no foul play.

According to statistics from Turbo Games, the audience for provably fair games is mostly between 18 and 25 years old. However, there are also players aged 35-40 who prefer traditional games but would like to try something new, and have turned their attention to provably fair games.

There are good odds that the technology of provably fair games will become more popular, if not even commonplace, because it gives players a feeling of transparency and proves that the business is trustworthy without the need to search through dozens of reviews. Whereas many innovations in iGaming simply add entertainment, provable fairness addresses security concerns and reassures players that they’re not being exploited, which is invaluable.

Provably fair games are beneficial for both players and online casinos. Vadim Potapenko, Head of Sales at Turbo Games, comments: “It often happens that the users are not satisfied with the result, because gambling is not only about big wins, but also possible losses. By allowing them to check the fairness of a bet, we make life easier for platforms and players. Of course, this allows us to communicate with partners and users that we work honestly and that’s why they should trust our games.”

Ayvar Gabidullin, Business Development Manager at Slotegrator, adds that “this type of game is now becoming more and more popular and has great potential for both players and game providers in the future. On the part of the player, the advantage is that the player can always be sure that his game is fair and he can independently check any of his bets. And for the game provider, this also simplifies the process of implementing casino games, since now it will not be necessary to obtain the appropriate certificates from independent laboratories before launching new games, they can immediately enter the market with these games and where anyone can check the result and make sure that that there is no cheating with players. Many game providers are starting to look towards this type of game. And as far as I see, many operators are starting to think about adding these games.”

What do players in 2023 need? The iGaming industry is all about reputation and trust. Players have a huge number of platforms to choose from, making them pickier and pickier. There’s an abundance of forums where players leave reviews, so if players view a brand as untrustworthy, there are plenty of places they can share their opinion. Provable fairness not only stops that from happening, it provides evidence to the contrary, giving players something else to talk about.

Slotegrator also recommends investing time and effort into localization and creating an effective and detailed marketing strategy — before trying provably fair technology players need to get to the platform, and there is no acquisition without marketing.

 

 ABOUT SLOTEGRATOR

Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.

The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.

The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.

Slotegrator also provides consulting services in gambling license acquisition and business incorporation.

More information: https://slotegrator.pro/

 

ABOUT TURBO GAMES

Turbo Games — a provably fair games provider that belongs to Turbo Stars company — has an ambitious goal to establish widespread recognition throughout the iGaming world. Even though it is young, the company consists of professionals who have been working on the brand for over five years and are even planning to introduce a new brand for a wider audience soon.

Turbo Games also works in Europe, India, and South Africa, where the company sees the most potential and expects the same “hype” as in Brazil.

The portfolio of Turbo Games consists of 21 titles, including well-known games like Mines, Crash X, DoubleRoll, Hi-Lo, and Plinko. The studio releases a game every month. However, not all games are developed from scratch. Wicket Blast and Spin Strike, the last two releases, are based on cricket and the Indian Premier League. Crash X remains the most popular fast game in the Turbo Games portfolio, and the studio reports that crash games enjoy stable levels of popularity. Overall, the main focus of the brand is provably fair games.

More information: https://turbogames.io/

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