Century Casinos is closing its Canadian gaming properties in line with new coronavirus quarantine mandates issued by the Alberta provincial government. Century Mile Racetrack near Edmonton is included. The shutdown should last a month.
Virus cases and deaths are rising in Alberta which holds the dubious honor of having the third largest totals in Canada, behind Ontario and Quebec.
A lot is at stake for the Colorado-based regional gaming company as operates two casinos near Edmonton, a pair of pari-mutuel facilities in the region, and a network of off-track betting sites throughout the province of Alberta. Of note, its namesake property in Calgary has sold for $7.5 million.
Century owns casinos in Colorado and Missouri, along with the Mountaineer Casino, Racetrack & Resort in New Cumberland, W.Va.
Last month, Colorado officials ordered a shutdown of table games. Policymakers in Teller County that Cripple Creek are contemplating full-scale closure of gaming properties in the face of the virus’ surge.
Despite a grim picture, Century’s share price is stable after a previous slump back in March when the stock dropped from $9 to $1.01. The stock has now rallied, with help from eight open Polish casinos in which the company holds stakes.
The question arises as to the future and a possible negative forecast. According to one Century operator,
“COVID-19 continues to evolve rapidly… it appears that due to the pandemic’s current scope, it will adversely impact the Company at least through the first half of 2021.”
No word is out yet about Century’s upcoming earnings and revenues if the pandemic lingers. For now, we do know that the stock is higher by 24.54 percent over the past month and 15.25 percent over the past week.