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Century Casinos 2nd Quarter Earnings Drop By 20%

The market shares of Century Casinos Incorporated slide down drastically on August 12th, 2008, a day after the casino gaming operator from Colorado Springs, Colorado reported that their 2nd quarter profit slide down by twenty percent but surpassed the gaming analysts' expectations. Century Casinos shares slide down by twenty-one cent or 6.7 percent to $2.91 during the afternoon dealing but recovered during the end of the day down nine cents or 2.9% at $3.03.

The stock has dealt between $2.19 and $7.52 during the past fifty-two weeks. On Monday, Century Casinos states that earnings for the quarter ended June 30th dropped to $835,000 or four percent share, from $1 million or four cents per share, a year ago. Gaming analysts surveyed by Thomson Reuters predicted earnings of three cents per share. Quarterly revenue fell by five percent to $21.5 million, from $22.7 million during the 2nd quarter of 2007.

Century Casinos commented that operating profit drops at its casinos in Colorado were offset by the twenty-nine percent increase in operating revenue from its property in Edmonton, Canada. Quarterly operating revenue slide down by thirty-six percent at the company's Womacks Casino in Cripple Creek, Colorado due to their ongoing renovation and competition coming from a bigger casino that opened to the public in May.

Century Casinos commented their top line was also affected by the drop in consumer discretionary income, increased in gasoline prices and the smoking ban that were enforced this year. The company also said that it has replaced the property manager of the casino and decreased their staffing levels.


31 August 2008
News Submitted by:
Jessica Kellerman

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