Century Casinos Announces Appointment to Top Leadership Role at the Nugget

Rhea-AI Summary

Century Casinos (NASDAQ: CNTY) has appointed Eric Rose as Senior Vice President and General Manager of the Nugget Casino Resort in Sparks, Nevada. Rose, a 32-year veteran in gaming and hospitality, succeeds the previous general manager who has left the company. This appointment comes after a challenging first half of the year at the Nugget with lower-than-expected revenue.

The Nugget has undergone right-sizing and cost-cutting initiatives, along with property upgrades including new slot machines, a high-limit room, restaurant refreshes, and exterior improvements. Century Casinos' Co-CEOs believe these changes, combined with Rose's leadership, will set the Nugget up for future success.

Positive

• Appointment of experienced industry veteran Eric Rose to lead Nugget Casino Resort
• Implementation of cost-cutting initiatives at the Nugget
• Investments in property upgrades including 120 new slot machines and a high-limit room
• Refreshes of two restaurants and exterior improvements to enhance property appeal

Negative

• Lower-than-expected revenue at Nugget Casino Resort in the first half of the year
• Departure of previous general manager, indicating potential management issues

COLORADO SPRINGS, Colo., July 30, 2024 /PRNewswire/ -- Century Casinos, Inc. (the "Company" or "Century Casinos") (Nasdaq Capital Market®: CNTY) announced today that Eric Rose, a long-term regional Vice President and General Manager of the Company, will take over the top leadership role at the Nugget Casino Resort ("Nugget").

Eric Rose has been appointed Senior Vice President and General Manager of the Nugget, succeeding the previous general manager who is no longer with the Company.

Rose is a 32-year veteran in gaming and hospitality and previously served as Vice President of Operations in Colorado and General Manager of Century Casino Cripple Creek, Colorado. Rose's career began in Stateline, Nevada, and has included leadership roles in food and beverage, marketing, and as General Manager in both Nevada and Colorado. Rose also played a pivotal role in the Company's acquisition of three properties from Caesars Entertainment in 2019. Throughout his career, Rose has proven himself as a leader dedicated to evolving outstanding hospitality paired with exceptional financial discipline in highly competitive casino markets. He has an established track record, unparalleled consistency, and deep knowledge of the hospitality and gaming industries.

"We encountered a challenging first half of the year at the Nugget with lower-than-expected revenue," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked. "The Nugget has undergone right-sizing and cost-cutting initiatives. The property has also been further upgraded with investments in more than 120 new slot machines, a high-limit room, refreshes of two restaurants, a repaint of the exterior, exterior and interior signage and display packages. With the appointment of Eric Rose to the top leadership role, we are finalizing the transition, setting the Nugget up for future success," they concluded.

Nugget Casino Resort is located in Sparks, Nevada, conveniently located on Interstate 80, with easy access from Reno-Tahoe International Airport (approximately three miles). The full-service resort includes a large gaming floor, two hotel towers, 114,500 square feet of convention space, an 8,555-seat outdoor amphitheater, a wide-variety of casual and fine dining options in addition to several on-site bars and lounges, and a five-story 1,200 space parking garage and additional 1,272 parking spaces. The property comprises 71,200 square feet of casino space, 929 slot machines, 25 table games, 1,382 hotel rooms, and five dining venues.

About Century Casinos, Inc.:
Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri, and Century Casinos & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno/Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.

Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.

This release and the presentation referenced therein may contain certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding prospects for the Nugget Casino Resort, the Company's timing and costs of new projects, projects in development and other opportunities. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from forward-looking statements include, among others, risks described in the section entitled "Risk Factors" under Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent periodic and current SEC filings the Company may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

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SOURCE Century Casinos, Inc.

FAQ

Who has been appointed as the new Senior Vice President and General Manager of Nugget Casino Resort?

Eric Rose, a long-term regional Vice President and General Manager of Century Casinos, has been appointed as the new Senior Vice President and General Manager of Nugget Casino Resort.

What challenges did Century Casinos (CNTY) face with the Nugget Casino Resort in 2024?

Century Casinos faced a challenging first half of the year at the Nugget Casino Resort with lower-than-expected revenue in 2024.

What improvements has Century Casinos made to the Nugget Casino Resort?

Century Casinos has invested in over 120 new slot machines, added a high-limit room, refreshed two restaurants, repainted the exterior, and upgraded exterior and interior signage and display packages at the Nugget Casino Resort.

How large is the Nugget Casino Resort operated by Century Casinos (CNTY)?

The Nugget Casino Resort comprises 71,200 square feet of casino space, 929 slot machines, 25 table games, 1,382 hotel rooms, and five dining venues.