{"id":162872,"date":"2021-01-29T09:30:23","date_gmt":"2021-01-29T17:30:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=162872"},"modified":"2021-07-19T01:00:04","modified_gmt":"2021-07-19T08:00:04","slug":"century-casinos-in-talks-to-divest-poland-operations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/","title":{"rendered":"Century Casinos in Talks For Poland Gaming Venues Sale, Could Fuel Domestic Acquisitions"},"content":{"rendered":"

Century Casinos (NASDAQ:CNTY) revealed it’s in discussions to sell its Poland gaming venues. These properties are currently shuttered in accordance with the government’s COVID-19 protocols.<\/p>\n

\"Century
The entrance to one of Century’s Colorado casinos. The company may sell its Poland business. (Image: Colorado Springs Gazette<\/em>)<\/figcaption><\/figure>\n

The Colorado-based gaming company owns 66.6 percent of an entity known as Casinos Poland Ltd., which runs eight gaming properties in that country. The operator announced the talks yesterday in a Form 8-K filing with the Securities and Exchange Commission (SEC).<\/p>\n

Century Casinos disclosed that it is in preliminary discussions with Totalizator Sportowy, Poland’s state-run gambling operator<\/a>, regarding a potential sale of its interest in Casinos Poland,\u201d<\/strong> according to the regulatory document.<\/p><\/blockquote>\n

The company said a definitive agreement hasn’t been reached, and that there are no assurances a transaction will be consummated.<\/p>\n

In December, the gaming company said it was shuttering its casinos<\/a> in Poland, with the expectation that the venues would reopen on Jan. 18. A day before the properties were to reopen, Century announced the casinos would remain closed through Jan. 31<\/a>.<\/p>\n

Removing Overhang, Potential Catalyst for Century<\/h2>\n

Should the gaming company divest its Poland interests, it could be a catalyst for the stock and remove negative overhang, according to one analyst.<\/p>\n

\u201cNot only would a Poland exit remove a long-standing perception overhang, but we believe proceeds could also be put back into use acquiring assets in the higher multiple and more shareholder-friendly US regional market,\u201d said Stifel analyst Steven Wieczynski in a note. \u201cWe estimate a sale of CNTY’s Poland exposure could be 15 percent accretive to the shares, assuming a 5x sale multiple and 0.5x of core multiple appreciation.\u201d<\/p>\n

\n

In the third quarter, the Poland operations accounted for four percent of Century’s earnings before interest, taxes, depreciation and amortization (EBITDA). However, the company still warned property closures would adversely impact its results through the first half of 2021.<\/p>\n<\/div>\n

Wieczynski forecast that the Poland casinos would account for just eight percent of Century’s earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (<\/span><\/span><\/strong>EBITDAR) in 2022<\/strong>.<\/span><\/p>\n

Tough Operating Environment<\/span><\/h2>\n

While the coronavirus pandemic appears to be an impetus for Century to exit Poland, there are other factors beyond the health crisis that make operating in the country difficult.<\/span><\/p>\n

For example, its 50 percent tax on gaming revenue is among the highest in the world, and operators can’t market to customers outside of casinos. Additionally, gaming licenses there aren’t renewed. Upon expiration, companies must rebid for the permits as if they’re new on the scene.<\/span><\/strong><\/p>\n

Wieczynski notes Poland has been a drag on what’s an otherwise compelling story<\/a> at Century, suppressing valuations and making the stock cheap relative to other regional gaming names.<\/span><\/p>\n

\u201cWe estimate a sale of CNTY’s Poland assets could imply -6 percent to +37 percent (15% midpoint) of equity value accretion, assuming the Poland assets are sold for 4-6x Adj. EBITDAR (we believe 5x is reasonable, given the market structure) and CNTY’s blended multiple re-rates zero to one turn higher to 6-7x,\u201d said the analyst.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Century Casinos (NASDAQ:CNTY) revealed it’s in discussions to sell its Poland gaming venues. These properties are currently shuttered in accordance with the government’s COVID-19 protocols. The Colorado-based gaming company owns 66.6 percent of an entity known as Casinos Poland Ltd., which runs eight gaming properties in that country. The operator announced the talks yesterday in […]<\/p>\n","protected":false},"author":46,"featured_media":162873,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,32093],"tags":[],"acf":[],"yoast_head":"\nCentury Casinos in Talks to Divest Poland Operations<\/title>\n<meta name=\"description\" content=\"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Century Casinos in Talks to Divest Poland Operations\" \/>\n<meta property=\"og:description\" content=\"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-29T17:30:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-19T08:00:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/\",\"url\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/\",\"name\":\"Century Casinos in Talks to Divest Poland Operations\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg\",\"datePublished\":\"2021-01-29T17:30:23+00:00\",\"dateModified\":\"2021-07-19T08:00:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg\",\"width\":1200,\"height\":675,\"caption\":\"The entrance to one of Century's Colorado casinos. The company may sell its Poland business. (Image: Colorado Springs Gazette)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Century Casinos in Talks For Poland Gaming Venues Sale, Could Fuel Domestic Acquisitions\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Century Casinos in Talks to Divest Poland Operations","description":"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/","og_locale":"en_US","og_type":"article","og_title":"Century Casinos in Talks to Divest Poland Operations","og_description":"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.","og_url":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-01-29T17:30:23+00:00","article_modified_time":"2021-07-19T08:00:04+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/","url":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/","name":"Century Casinos in Talks to Divest Poland Operations","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg","datePublished":"2021-01-29T17:30:23+00:00","dateModified":"2021-07-19T08:00:04+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Century may sell its stake in eight Poland casinos, a move an analyst says would benefit the stock.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/01\/cc.jpg","width":1200,"height":675,"caption":"The entrance to one of Century's Colorado casinos. The company may sell its Poland business. (Image: Colorado Springs Gazette)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/century-casinos-in-talks-to-divest-poland-operations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Century Casinos in Talks For Poland Gaming Venues Sale, Could Fuel Domestic Acquisitions"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/162872"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=162872"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/162872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/162873"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=162872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=162872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=162872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}