Caledon's casino revenue increased 2.3% to $4,070,000 for the first quarter of 2006 compared to $3,978,000 reported in the first quarter of 2005. The deterioration of the Rand quarter over quarter has had a negative impact on the results reported in dollars. Additionally, the Easter holiday, typically one of the busier weekends of the year, occurred in the first quarter of 2005 and in the second quarter of 2006. Casino revenue, in Rand, increased by 7.1% to R25,102,000 compared to R23,431,000 in the first quarter of 2005. This increase is attributable to a 14.3% increase in the number of slot machines and an increase in table win per day of 43.5%. Casino expenses in Rand increased 4.8% from the first quarter of 2006 to the first quarter of 2005, a direct result of the growth in casino revenues. General and administrative expense for Caledon increased 18.2% to $687,000 in this quarter when compared to the first quarter of 2005 due to the outsourcing of security services, continued maintenance expenditures and increased gaming taxes. Depreciation expense decreased $85,000 period over period. Net earnings in the first quarter of 2006 were $1,125,000 compared to $1,044,000 in the first quarter of 2005, or a 7.8% increase.
Womacks' net operating revenue increased to $3,836,000 for the first quarter of 2006 compared to $3,805,000 reported for the same period in 2005. Total operating expenses decreased $251,000, or 8.1%, to $2,853,000 in the first quarter of 2006 from $3,104,000 in the first quarter of 2005, primarily the result of the removal of poor performing slot machines from the gaming floor, which reduced the amount of gaming taxes and other gaming related fees for the quarter. Casino margins improved to 66.8% for the first quarter of 2006 compared to 63.7% for the same 2005 quarter. Hotel, food and beverage margins increased to 64.6% for the current quarter from 55.2% for the quarter ended March 31, 2005, due to the closure of a poorly performing restaurant in the third quarter of 2005. Net earnings reported for Womacks in the first quarter of 2006 were $553,000 compared to $439,000 in the first quarter of 2005, a 26.0% increase.
Net operating revenue increased $204,000, or 31.2%, to $857,000 in the first quarter of 2006 from $653,000 in the first quarter of 2005. The Nautica, which was not in operation during the first quarter of 2005, contributed approximately $179,000 of total operating revenue for the first quarter of 2006. Operating expenses increased $204,000, or 42.4%, to $685,000 in the first quarter of 2006, primarily due to travel costs associated with rotating ship personnel and higher concession and other contractual fees paid to ship operators. Net earnings were $167,000 for each of the quarters ended March 31, 2006 and 2005.
The Company will post a slide show presentation of the results of operations for the first quarter of 2006 on its web site at www.centurycasinos.com/presentations on Wednesday, May 10, 2006.
About Century Casinos, Inc:
Century Casinos, Inc. is an international casino entertainment company that owns and operates Womacks Casino and Hotel in Cripple Creek, Colorado; owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa; owns and operates the Casino Millennium in the Marriott Hotel in Prague, Czech Republic; owns (through its subsidiary Century Casinos Africa (Pty) Limited) 60% of, and provides technical casino services to, the Monte Vista Casino & Conference Center, Newcastle, South Africa; operates the casinos aboard the Silver Wind, Silver Cloud, Silver Whisper, The World of ResidenSea, and the vessels of Oceania Cruises; owns and has begun construction on a casino and hotel development in Edmonton, Alberta, Canada; and owns a majority interest in, and has begun construction on, a casino and hotel development in Central City, Colorado. The Company continues to pursue other international projects in various stages of development.
For more information about Century Casinos, visit our web site at www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.
|Century Casinos is an international casino company led by a team of gaming industry professionals who have developed and operated more than 100 casinos in 20 different countries.|
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