Fintech PR
Century Casinos, Inc. Announces Preliminary Fourth Quarter 2023 Financial Results and Operational Updates
COLORADO SPRINGS, Colo., Feb. 8, 2024 /PRNewswire/ — Century Casinos, Inc. (the “Company”, “we”, “us”, or “our”) (Nasdaq Capital Market®: CNTY) provided preliminary financial results for its fiscal fourth quarter ended December 31, 2023 and an update on the Company’s projects.
Preliminary fourth quarter 2023 (unaudited) estimates are:
- Approximately $171 million in cash and cash equivalents as of December 31, 2023 (compared to $102 million at December 2022);
- Approximately $140 million – $145 million in net operating revenue (compared to $104 million in fourth quarter 2022);
- Approximately ($10) million – ($14) million in net loss attributable to Century Casinos, Inc. shareholders (compared to ($4) million in fourth quarter 2022); and
- Approximately $24 million – $26 million in Adjusted EBITDAR* (compared to $22 million in fourth quarter 2022).
As reported in the Company’s third quarter filings, the $30.0 million revolving facility with Goldman Sachs Bank USA (“Goldman”) that the Company borrowed in July 2023 in connection with the Rocky Gap acquisition was repaid on September 21, 2023. The full amount of the revolving facility is currently available for the Company to borrow.
The Company has agreed to buy back $3.5 million of its term loan with Goldman at 97% of the cost of the debt. The transaction is expected to occur in February 2024.
In Poland, the Company was granted licenses for the two casinos that it had closed in October 2023 due to the expiration of the casino licenses. The anticipated reopening of the casinos is the end of February 2024 for the casino in Bielsko-Biala and in mid-March 2024 for the casino in Katowice. In November 2023, the Company closed its Wroclaw casino due to the expiration of the casino license. The Company was granted a new license for Wroclaw in December 2023 and anticipates reopening the casino in a new location in mid-2024.
In Missouri, the construction projects of the hotel in Cape Girardeau (to be called the “The Riverview“) and the new land-based casino and hotel in Caruthersville continue to be on time and on budget. The Company anticipates opening the hotel in Cape Girardeau the first week of April 2024 and the land-based casino and hotel in Caruthersville by the end of 2024. The Caruthersville project is being financed by VICI Properties Inc. (“VICI”), inclusive of approximately $19 million of cash on hand that was previously funded by VICI but has not yet been spent on the project and is included in the Company’s consolidated balance sheet as of December 31, 2023.
“We expect 2024 to be a transitional year for the Company as we continue to integrate the Nugget and Rocky Gap operations into our portfolio and complete our two large construction projects in Missouri. We estimate our company-wide capital expenditures, excluding the Caruthersville project that we are financing through VICI, to be approximately $46 million in 2024. We look forward to 2025, when we can see everything we are working towards in 2023 and 2024 coming to fruition without the disruptions we are currently experiencing,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. “We feel comfortable with our cash position and capex plan, and we continue to look for every opportunity to reduce operating costs going forward to maximize earnings and cash flow. In addition, we are evaluating ways to reduce our non-operating costs going forward,” they concluded.
PRELIMINARY RESULTS:
Our audited consolidated financial statements for the year ended December 31, 2023 are not yet available; however, certain of our estimated preliminary unaudited financial results for the three months ended December 31, 2023 are set forth above and in the reconciliations below. With respect to certain presented results, we have provided ranges, rather than specific amounts, because these results are preliminary estimates and subject to change. These results are based on the information available to us as of the date of this release. Our actual results may vary from the estimated preliminary results presented in this release, including due to the completion of our financial closing and other operational procedures, final adjustments, and other developments that may arise between now and the time the Company releases its financial results for the fourth quarter and year ended December 31, 2023, which is currently scheduled for March 14, 2024. These estimates should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”). Further, our preliminary estimated results are not necessarily indicative of the results to be expected for any future period. Accordingly, undue reliance should not be placed on this preliminary data.
SUPPLEMENTAL INFORMATION:
* Adjusted EBITDAR. We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company’s triple net lease with VICI (the “Master Lease”)), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) 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 transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. 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) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR 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 EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.
Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items.
A reconciliation of the estimated net loss attributable to Century Casinos, Inc. shareholders to estimated Adjusted EBITDAR is presented below.
|
(Unaudited) For the three months ended |
|||||||||
|
December 31, 2023 |
December 31, 2022 |
||||||||
|
in millions |
Low |
High |
Actuals |
||||||
|
Net loss attributable to Century Casinos, Inc. shareholders |
$ |
(13.6) |
$ |
(9.8) |
$ |
(4.0) |
|||
|
Interest expense (income), net |
25.5 |
24.5 |
17.0 |
||||||
|
Income tax benefit |
(5.0) |
(3.0) |
0.5 |
||||||
|
Depreciation and amortization |
12.0 |
11.0 |
6.8 |
||||||
|
Net earnings attributable to non-controlling interests |
3.0 |
2.0 |
0.9 |
||||||
|
Non-cash stock-based compensation |
1.0 |
0.8 |
0.7 |
||||||
|
Loss (gain) on foreign currency transactions, cost recovery income and other |
0.4 |
0.2 |
(0.7) |
||||||
|
Loss on disposition of fixed assets |
0.3 |
0.1 |
0.1 |
||||||
|
Acquisition costs |
0.4 |
0.2 |
0.4 |
||||||
|
Adjusted EBITDAR |
$ |
24.0 |
$ |
26.0 |
$ |
21.7 |
|||
The Company estimates that approximately $15 million of interest expense for the three months ended December 31, 2023 relates to rent on the Master Lease.
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos in Cape Girardeau and Caruthersville, Missouri, and Century Casino & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno/Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company holds eight casino licenses and currently operates five casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other 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.
This release may contain certain “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 2023 results, debt repurchases, timing for opening certain casinos in Poland, projects in development and other opportunities, including the completion of our Missouri construction projects, and plans for our casinos and our Company including expectations regarding 2024, 2025 and later results, 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 forward-looking statements include, among others, risks described in the section entitled “Risk Factors” under Item 1A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and in subsequent periodic and current SEC filings the Company 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.
Logo – https://mma.prnewswire.com/media/682293/Century_Casinos_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/century-casinos-inc-announces-preliminary-fourth-quarter-2023-financial-results-and-operational-updates-302057496.html
Fintech PR
Enabling Regenerative Agriculture for Independent Smallholders in Indonesia: The BIPOSC Project, in Collaboration with Musim Mas, L3F, SNV Indonesia, and ICRAF
JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Musim Mas Group, the Livelihoods Fund for Family Farming (L3F), SNV Indonesia, and World Agroforestry (ICRAF) are collaborating to improve the knowledge and capacity of independent oil palm smallholders through the Biodiverse & Inclusive Palm Oil Supply Chain (BIPOSC) project.
The project began in 2021 and takes a long-term approach to sustain a deforestation-free supply chain, regenerate degraded land, restore local biodiversity, and improve the livelihoods of independent smallholder farmers in Labuhanbatu, North Sumatra. BIPOSC will achieve this through implementing regenerative agriculture, locally adapted agroforestry models, capacity-building for sustainable businesses, and others.
The independent palm smallholders taking part previously received complementary training from Musim Mas. Following the training, these smallholders formed a smallholder’s association, Labuhanbatu Independent Oil Palm Smallholders Association (APSKS LB), North Sumatra. Musim Mas encourages smallholders to form associations to get better access to resources and obtain certification by the Roundtable on Sustainable Palm Oil (RSPO) and Indonesian Sustainable Palm Oil (ISPO).
“Musim Mas has long saw that smallholders are key to achieving palm oil sustainability, and that’s why we lead Indonesia’s most extensive smallholder program. We believe that the way forward is to collaborate with more partners to achieve a wider impact. With our BIPOSC partners, we hope to advance the skills and knowledge of smallholders through regenerative agriculture and related techniques. Regenerative agriculture and agroforestry have the potential to help smallholders be part of a sustainable palm oil supply chain. It could help them develop alternative sources of income, especially during the replanting period where their palm oil crops are unproductive, typically for three years,” said Rob Nicholls, General Manager, Projects & Programs, Musim Mas Group.
In the face of climate change and threatened biodiversity, regenerative agriculture can play a role for small farms because it maintains soil health, prevents erosion and water runoff, and can potentially reduce greenhouse gas emissions and nitrogen leakage.
“As a global development partner organization, SNV aims to support Indonesia in achieving its Sustainable Development Goals (SDGs). To achieve this, we need to implement effective and impactful programs to transform agricultural and food systems, energy, and water. In the BIPOSC program, we promote a comprehensive regenerative agriculture and agroforestry model to maintain soil fertility and biodiversity, providing maximum benefits for farmers’ livelihoods and economy,” said Rizki Pandu Permana, Country Director of SNV Indonesia.
The key regenerative agriculture techniques taught include the application of bio-input, mulching to protect topsoil, planting cover crops, integrated pest management that reduces the need for chemical pesticides, and application of compost that reduces the amount of chemical fertilizers needed. To date, 1,032 independent smallholders received training and implement these techniques on their farms, representing a total land with a total area of 1,063.68 hectares. The project trained 25 village facilitators to provide hands-on assistance to smallholders, and seven demo plots established as pilot areas and learning facilities for regenerative agriculture.
“When I visited palm oil smallholders a few years ago in the area, their biggest concern was access to more fertilizers. While fertilizers play a key role in boosting yields, there was a noticeable gap in understanding how to protect the soil from long-term degradation. Smallholders needed more knowledge about maintaining soil health, preserving soil structure, and other critical factors. This is exactly what the BIPOSC project aimed to address, and we’re pleased to see that the farmers involved are now reporting not only higher yields but also healthier soils on their plots,” said Bernard Giraud, President & Co-Founder, Livelihoods.
The projectalso looks into capacity-building. In addition to home composting, the project enabled the local farmer association, APSKS LB, to develop and manage a composting unit with a capacity of 100-150 tons/month. Producing compost at scale with inputs from nearby mills and farmer plots, the unit offers compost to member farmers at half of typical market prices. In 2023, its first year of operation, the unit produced 588 tons of compost, and generated a profit of IDR 421 million. The project partners believe it is a model that can be replicated elsewhere.
“One of the most impactful outcomes of this project for smallholders is the Composting Unit as the business model around it. It enables smallholders to obtain compost affordably, and the profits are shared among member farmers. This is a practical solution to promote the adoption of composting, and all ASPKS-LB smallholders are now using compost in their plots,” said Syahrianto, Chairman of the Labuanbatu Independent Oil Palm Smallholders Association.
As of 2023, independent smallholders manage about 41% of oil palm planted areas in Indonesia, representing 6.94 million hectares. This figure is expected to increase to 60% by 2030, making projects like BIPOSC critical in shaping the future of sustainable palm oil production.
Devane Sharma
[email protected]
Photo – https://mma.prnewswire.com/media/2533466/DSCF9193.jpg
Photo – https://mma.prnewswire.com/media/2533468/DSC07760.jpg
Photo – https://mma.prnewswire.com/media/2533467/DSCF0748.jpg
View original content:
JAKARTA, Indonesia, Oct. 18, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, is thrilled to announce a partnership with Bank Rakyat Indonesia (BRI) to provide Indonesian customers with real-time international money transfer capabilities. This collaboration aims to enhance the cross-border offerings for BRI’s individual and corporate customers, delivering more accessible and cost-effective financial services across Indonesia.
This partnership empowers more than 150 million BRI account holders, including those in remote regions of Indonesia, to access modern, real-time cross-border payment services. The offering includes a variety of real-time payment mechanisms, supporting bank account destinations, a global electronic card network, and digital wallets. These innovations are closely aligned with BRI’s ongoing mission to provide affordable and customer-focused financial products, particularly for traditionally underserved communities.
BRI’s Corporate Secretary, Agustya Hendy Bernadi, emphasized BRI’s dedication to constantly improving customer convenience through innovations in its global network and cross-border transaction services. “This collaboration reflects BRI’s continuous efforts to enhance productivity and efficiency by expanding its digital payment channel network to meet the growing demand for global transactions,” he said. Agustya added that the partnership with Nium aligns perfectly with BRI’s vision to be Southeast Asia’s most valuable banking group and a champion of financial inclusion by 2025. “With Nium’s global transaction network, BRI strengthens the digitalization of its business processes and enhances retail banking capabilities in line with our 2025 strategic vision.”
Anupam Pahuja, General Manager and Executive Vice President for Asia Pacific, Middle East, and Africa at Nium, shared his excitement about the partnership, highlighting BRI’s extensive presence across Indonesia’s 17,000 islands. “By integrating Nium’s advanced technology into BRI’s platform, we are dedicated to providing BRI’s customers, no matter where they are, with access to exceptional financial services. This partnership will remove the risks associated with cash handling and provide faster, more cost-effective transactions—whether individuals are sending money to family members abroad or businesses are making international payments.”
Cross-border payments are projected to grow significantly in Indonesia, with a forecasted year-on-year increase of 15% through 2025, driven largely by the digital transformation in financial services (Statista, 2024).
This partnership between BRI and Nium is expected to transform the way Indonesians engage with global financial services, meeting the rising demand for modern payment infrastructure and enhancing the overall experience for BRI’s customers in their international transactions.
About Nium
Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Logo – https://mma.prnewswire.com/media/1678669/4973639/Nium_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bri-partners-with-nium-to-expand-real-time-cross-border-payment-solutions-302279138.html
Fintech PR
Grexie Signchain Launches on November 1st, 2024: Enabling Smart Contract Developers to Bring Off-Chain Data On-Chain with Seamless Gas-Paid Signing
Grexie Signchain enables developers to sign off-chain data into smart contracts, with self-hosted or secure vault signer wallet management.
MANCHESTER, England, Oct. 17, 2024 /PRNewswire/ — Grexie Limited proudly announces the launch of its innovative smart contract solution, Signchain, on November 1st, 2024. Designed specifically for developers, Signchain introduces a powerful way to bring off-chain data on-chain through user-paid gas fees and secure signing of data into smart contract methods using its extendable smart contract, Signable.
In the growing landscape of blockchain technology, securely managing off-chain data and integrating it into on-chain smart contracts has posed significant challenges for developers. Signchain eliminates these hurdles by offering a robust, gas-efficient system for signing and authenticating data in real-time.
Key Features of Signchain:
1. Seamless Off-Chain to On-Chain Data Integration
Signchain enables developers to securely bring off-chain data on-chain by signing it directly into smart contract methods through user-paid gas fees. This integration ensures that data authenticity is preserved, and its entry into the blockchain remains tamper-proof, streamlining processes for industries relying on real-world data verification. Signchain also supports integration with Google Sheets, AWS, and Firebase, making it easy to pull data from popular off-chain data sources.
2. Extendable Smart Contract – Signable
The core of Signchain’s technology is its extendable smart contract, Signable, which allows developers to customize and build upon existing smart contracts. With Signable, developers can easily implement contract signatures for any data type, offering flexibility across industries from finance to logistics and beyond.
3. Signer Wallet Management
Signchain offers comprehensive signer wallet management as part of its service, empowering developers to manage and authenticate signers effectively. Wallets can either be self-hosted using Signchain’s Docker container for those who prefer their own infrastructure, or they can leverage Signchain’s network of secure vaults for maximum security.
4. Self-Hosted or Managed Service
For developers who want full control of their infrastructure, Signchain provides a self-hosted option via Docker containers, allowing them to deploy the platform on their own servers. Alternatively, developers can opt to use Signchain’s secure vault network, offering a hassle-free solution with enterprise-grade security and wallet management.
5. User-Paid Gas Fees
By integrating a user-paid gas fee model, Signchain allows users to cover the costs of signing and authenticating their data, ensuring the signing process is efficient and doesn’t overburden developers with additional expenses. This makes Signchain an ideal solution for dApps and platforms handling high transaction volumes.
6. Google Sheets, AWS, Firebase Integration with Serverless Model
Signchain supports integration with Google Sheets, AWS, and Firebase in a serverless model, powered by a hosted Sign In With Ethereum (SIWE) implementation provided by Signchain’s API. Developers can simply connect their Google Sheets and configure the contract parameters associated with each column. Signchain will automatically look up the user’s wallet address in the spreadsheet, sign the transaction data, and execute it in the blockchain along with any user-supplied parameters. This creates an easy, efficient way to manage data inputs from off-chain sources without heavy infrastructure setup.
Revolutionizing Smart Contract Workflows
With Signchain, developers now have the tools to handle the complexities of integrating off-chain data into smart contracts. The extendable nature of Signable offers flexibility, allowing developers to cater to various use cases, whether it’s automating financial transactions, supply chain data, or verifying legal agreements.
Tim Behrsin, CEO of Grexie Limited, said, “Signchain is more than just a signing solution—it’s a platform that empowers developers to securely integrate off-chain data into their smart contracts with minimal effort. The flexibility of Signable and our focus on signer wallet management offers developers control and security at every stage of the process.”
Why Signchain Matters
Signchain addresses critical challenges faced by developers, particularly those dealing with off-chain data. By signing data into smart contracts and enabling user-paid gas fees, the platform significantly reduces friction in managing secure, scalable smart contracts. Whether developers need to manage high volumes of data transactions or create bespoke smart contracts, Signchain offers a scalable and secure solution.
In industries like DeFi, real estate, and supply chain management, data integrity and security are paramount. Signchain’s secure vault network and customizable signing workflows allow businesses to handle sensitive information with confidence.
Launch Event and Future Developments
The official launch of Signchain will take place on November 1st, 2024, alongside a virtual event. The event will showcase live demonstrations of Signable, with detailed walkthroughs of the Docker-based self-hosted solution and signer wallet management features. Attendees will also get an exclusive preview of future enhancements, including multi-signature workflows and advanced blockchain network integrations.
About Signchain
Signchain is a cutting-edge platform developed by Grexie Limited, based in Manchester, Cheshire, United Kingdom. Signchain simplifies smart contract development by offering a secure, scalable, and customizable solution for signing and authenticating off-chain data on-chain. Developers can either self-host the solution using Signchain’s Docker container or rely on the network’s secure vault infrastructure. With an emphasis on security, flexibility, and developer experience, Signchain is set to transform how smart contracts handle off-chain data.
For more information, visit signchain.net.
Logo – https://mma.prnewswire.com/media/2533672/Signchain_Logo.jpg
Photo – https://mma.prnewswire.com/media/2533843/Signchain_flow.jpg
PDF – https://mma.prnewswire.com/media/2533539/Signchain_Whitepaper.pdf
View original content:SOURCE Grexie Limited
-
Fintech PR7 days agoBybit Doubles Down on Rewards for Late Entrants of WSOT 2024 With New 100,000 Prize Pool
-
Fintech PR7 days agoVantage Markets Adds Another Feather to its Cap: Wins Best Forex Affiliate Program at Global Brand Awards 2024
-
Fintech PR7 days agoRSM US and RSM UK pursue transatlantic merger to strengthen global client offering and deliver long-term growth
-
Fintech PR7 days agoBybit x Block Scholes Derivatives Report Uncovers BTC Call Option Boom Amidst Election Uncertainty
-
Fintech PR7 days agoOCI to Close Divestment of Controlling Stake in Fertiglobe
-
Fintech PR7 days agoBitget Launches Telegram App Centre, Featuring Over 600 TON Trending Mini-Apps
-
Fintech PR7 days agoBingX Launches Telegram Mini App for Seamless Copy Trading
-
Fintech PR6 days agoStatement regarding revised possible cash offer from ABC Technologies Inc. and extension of Rule 2.6 deadline