Why Century Casinos (CNTY) Shares Are Plunging Today - Century Casinos (NASDAQ:CNTY)

Century Casinos Inc CNTY reported a fourth-quarter FY22 sales decline of 3% year-on-year to $103.75 million, missing the consensus of $104.18 million.
The operating income for the quarter decreased 16% to $13.7 million, and the operating margin was 13.3%.
Total operating cost and expenses rose 0.3% to $91.1 million.
As of Dec. 31, 2022, the current assets totaled $228 million. It held $101.8 million in cash and equivalents.
Adjusted EBITDA decreased 13% to $21.7 million.
EPS loss of $(0.14) missed the analyst consensus of $0.02.
"We finished 2022 with record net operating revenue and Adjusted EBITDA despite disruptions and temporary closures at our Caruthersville property due to low water levels in the Mississippi River," said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos.
"In December 2022, we completed the relocation of the Caruthersville casino from the riverboat and barge to the land-based pavilion where we will operate the casino until the casino and hotel development project is complete. Construction on this project and our Cape Girardeau hotel project are on schedule to be completed in 2024."
Price Action: CNTY shares are trading lower by 20.69% at $6.67 on the last check Friday.
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Why Century Casinos Shares Are Plunging Today