At a July 2, 2018 press release, Colorado-based Century Casinos, Inc. (Nasdaq: CNTY) announced that its 66.6 percent-owned Polish subsidiary, Casinos Poland Ltd., currently holds eight casino licenses in Poland, further growing its footprint in the southern European nation ’s gambling market.
The firm further communicated that the eight permits are awarded and renewed where relevant in the markets of Warsaw (three licenses), and one each in Katowice, Wroclaw, Krakow, Bielsko-Biala and Lodz. Five of the eight casinos are already operational, with the Krakow casino having opened on July 2 and the third Warsaw casino and the Lodz casino set to start next month, according to the official press launch .
The renewals for Century’s seven match permits come despite criticism, most notably for its late timing, which in addition to several temporary closings of casinos during Poland, led to the loss of gaming tax revenue for the authorities and operators becoming burdened with additional expenses and costs, according to the operator.
Co-Chief Executive Officers for Century Casinos, Erwin Haitzmann and Peter Hoetzinger, said, “We are extremely pleased that the major license tenders in Poland have now been completed and we will soon operate a total of eight casinos in Poland. The Polish casino market continues to be strong and we anticipate creating solid and sustainable yields going forward. ”
However, due to the previously mentioned temporary closing of casinos in Poland, the company issued a profit warning on Q2 2018 outcomes. The firm communicated in a statement, “As reported earlier, the outcomes of the next quarter 2018 will be considerably impacted by the additional expenses and expenses related to the temporary closing of several of the business ’s casinos in Poland. ”
In addition to a controlling stake in Casinos Poland Ltd., Century Casinos, Inc. operates casinos in Toilet, England, the U.S. and Canada and a number of casinos aboard luxury cruise lines. Furthermore, the Colorado Springs-based firm manages a horse track and casino in Balzac, Alberta and in September 2016, was chosen to start a racetrack in the Edmonton region.