{"id":275283,"date":"2023-05-30T10:06:09","date_gmt":"2023-05-30T15:06:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=275283"},"modified":"2023-06-01T16:37:48","modified_gmt":"2023-06-01T21:37:48","slug":"century-casinos-could-sell-more-real-estate-propel-stock","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/","title":{"rendered":"Century Casinos Real Estate Optionality Is Stock Catalyst, Says Analyst"},"content":{"rendered":"

Century Casinos (NASDAQ: CNTY) could capitalize on its owned real estate to unlock shareholder value and reduce debt.<\/p>\n

\"Century
The Sparks Nugget Casino in Sparks, Nev. It could be a second-half catalyst for Century Casinos. (Image: The Nevada Independent<\/em>)<\/figcaption><\/figure>\n

That\u2019s the take of Stifel analyst Jeffrey Stantial, who highlighted Century’s real estate optionality in a new report to clients. The regional casino operator recently signaled a willingness to part with real estate to raise capital.<\/p>\n

Earlier this month, Century announced the sale of the property assets of four<\/a> of its Canadian gaming venues to VICI Properties (NYSE: VICI) for $164.4 million. That transaction, scheduled to close in the second half of 2023, will generate an estimated $114.6 million in proceeds for the seller.<\/p>\n

Stantial believes there are possibilities with the real estate of Century\u2019s two Colorado casinos and its 50% stake in the property of the Nugget Sparks in Northern Nevada.<\/p>\n

This suggests further optionality, with CNTY unlikely to receive full credit for remaining real estate ownership in valuation. For CNTY’s CO assets, assuming 2x rent coverage and a cap-rate inline with the most recent deal struck with VICI implies >$100M of potential incremental capital,\u201d wrote the analyst.<\/p><\/blockquote>\n

Stantial added that, as is the case with many casino operators that own real estate, Century\u2019s adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) estimates imply the operator\u2019s property story isn\u2019t fully appreciated in the investment community.<\/p>\n

Casinos Poland Sale<\/h2>\n

For several years, it\u2019s been expected that Century would sell its two-thirds stake<\/a> in Casinos Poland. However, that transaction was delayed by the coronavirus pandemic, subsequent shutdowns of those venues, and Russia\u2019s 2022 invasion of Ukraine.<\/p>\n

That geopolitical headwind has turned into a tailwind. Ukrainian refugees to Poland have contributed to improving performance at Casinos Poland venues, indicating Century doesn\u2019t need to rush to divest its interest in that operator.<\/strong><\/p>\n

On the other hand, rising revenue at the Polish casinos could imply Century could take advantage of good timing to divest that stake and raise capital. Stantial sees advantages in such a move.<\/p>\n

\u201cLonger-term, we see likely further roll-up opportunities, while an eventual sale of CNTY’s Poland assets should simplify the story for US-focused investors,\u201d added the analyst.<\/p>\n

Century Could Have Second-Half Momentum<\/h2>\n

Beyond asset sales, Century\u2019s fundamentals could be boosted<\/a> in the second half of this year as improvements take shape at its two Missouri gaming venues and the operator capitalizes on synergies at Nugget Sparks.<\/p>\n

As Stantial observed, there\u2019s ample room for Century to wring benefits from Nugget Sparks, its first Nevada venue, because a property developer previously operated the venue, and the slot floor didn\u2019t receive proper investment.<\/strong><\/p>\n

The analyst also pointed out that Reno\/Lake Tahoe casino resorts were hampered by unusually large snowfall in January and February, something that won\u2019t be an issue over the next several months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Century Casinos (NASDAQ: CNTY) could capitalize on its owned real estate to unlock shareholder value and reduce debt. That\u2019s the take of Stifel analyst Jeffrey Stantial, who highlighted Century’s real estate optionality in a new report to clients. The regional casino operator recently signaled a willingness to part with real estate to raise capital. Earlier […]<\/p>\n","protected":false},"author":46,"featured_media":225254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,32093],"tags":[81897,81903,81966],"acf":[],"yoast_head":"\nCentury Casinos Could Sell More Real Estate, Propel Stock<\/title>\n<meta name=\"description\" content=\"Century Casinos real estate advantages not fully appreciated, says analyst.\" \/>\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-could-sell-more-real-estate-propel-stock\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Century Casinos Could Sell More Real Estate, Propel Stock\" \/>\n<meta property=\"og:description\" content=\"Century Casinos real estate advantages not fully appreciated, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/\" \/>\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=\"2023-05-30T15:06:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-01T21:37:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sparks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1800\" \/>\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-could-sell-more-real-estate-propel-stock\/\",\"url\":\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/\",\"name\":\"Century Casinos Could Sell More Real Estate, Propel Stock\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sparks.jpg\",\"datePublished\":\"2023-05-30T15:06:09+00:00\",\"dateModified\":\"2023-06-01T21:37:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Century Casinos real estate advantages not fully appreciated, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/century-casinos-could-sell-more-real-estate-propel-stock\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sparks.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/sparks.jpg\",\"width\":2400,\"height\":1800,\"caption\":\"The Sparks Nugget Casino in Sparks, Nevada. 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