During a Q3 earnings call on Nov. 9, Century Casinos Inc. lauded recently-acquired Rocky Gap Casino Resort as a primary driver of its revenue from July through September.
Century revealed a “record third-quarter net revenue of $161 million,” which was a whopping 128% increase over Q3 2022 ($70.7 million).
Undoubtedly, publicity surrounding the change in ownership of Rocky Gap helped draw customers to the casino. Century completed its purchase of the Flintstone resort in late July for $59.1 million.
Century CEO cites Rocky Gap for helping to fuel earnings in Q3
Rocky Gap is one of six casinos in the state. Maryland online casinos are still illegal, but voters could get a chance to change that in 2024.
Peter Hoetzinger, vice chairman, president and Co-CEO for Century Casinos, said the sunny Q3 report could be in large part attributed to “the additions of the Nugget in Nevada and Rocky Gap in Maryland.” He pointed out that with the purchase of Rocky Gap, the company now has “a US casino portfolio that reaches from east to west.” Century now owns and operates 11 casinos in five states and Canada.
Hoetzinger predicts that Rocky Gap will see even more growth in revenue as the casino increases the names in its customer database following upgrades to its customer loyalty program and booking system. Century intends to perform “upgrades to restaurants, various interior renovations, [and make] two more slot machine purchases” for Rocky Gap in the near future.
For the third quarter, EBITDA was $33 million, an impressive increase of 19% over last year’s third quarter, according to Century. In the US for the first nine months of 2023, Century Casinos reports $277.6 million in net revenue, which is more than a $70 million increase compared to the same period in 2022.
Century might want to add poker and a sportsbook at Rocky Gap
Rocky Gap Casino is one of the only casinos in Maryland that does not have poker tables. If Century wishes to add that gaming activity (several of their other properties do offer poker), it could increase revenues even more.
Rocky Gap also does not have a retail sportsbook as of yet. VICI Properties, which owns the land and leases it to Century, has had partnerships with Caesars Maryland at other locations.
Rocky Gap does have its own unique features, namely a beautiful, 18-hole Jack Nicklaus signature golf course (the only one of its kind in Maryland). The casino also sits on a gorgeous, 270-acre parcel on the banks of Lake Habeeb that affords several recreational opportunities, including hiking and water activities.