What caused CNTY's earnings to miss forecasts in Q2 2024?
4/4/2025 12:31am
Century Casinos' (CNTY) earnings fell short of forecasts in Q2 2024 due to a combination of factors:
1. **Construction Disruptions and Casino Closures**: The company experienced disruptions from construction at the majority of its US casinos and had to close three of its casinos in Poland for part or all of the quarter. These disruptions negatively impacted revenue and profitability.
2. **Severe Weather**: Weather conditions were severe at most of the company's US casinos, which likely contributed to the decline in operating revenue and earnings.
3. **Land-Based Facility Completion**: Although the completion of a significant land-based facility in Caruthersville, Missouri, is a positive development, it may have temporarily strained financials due to the completion costs and the initial setup expenses for the new facility.
In summary, CNTY's missed earnings can be attributed to a combination of construction-related disruptions, severe weather conditions, and the initial costs associated with completing major land-based facilities. These factors collectively contributed to the company's underperformance in Q2 2024.