Century Casinos shares drop following 2Q results

Century Casinos shares dropped 21 cents, or 6.7 percent, to $2.91 in afternoon trading but recovered to end the day down 9 cents, or 2.9 percent at $3.03. The stock has traded between $2.19 and $7.52 during the past 52 weeks.

On Monday, Century Casinos reported that earnings for the quarter ended June 30 fell to $835,000, or 4 cents per share, from $1 million, or 4 cents per share, a year ago.

Analysts surveyed by Thomson Reuters forecast earnings of 3 cents per share.

Quarterly revenue fell 5 percent to $21.5 million, from $22.7 million in the second quarter of 2007.

Century Casinos said operating revenue declines at its casinos in Colorado were partially offset by a 29 percent surge in operating revenue at its Edmonton, Canada property.

Quarterly operating revenue dropped 36 percent at the company's Womacks Casino in Cripple Creek, Colo. due in part to a renovation and competition from a larger casino that opened in May.

Century Casinos said its top-line was also hurt by a decline in consumer discretionary income, increased fuel prices and a smoking ban that went into effect this year. The company said it has replaced the casino's property manager and reduced staffing levels.