Shares of Century Casinos (NASDAQ: CNTY) surged nearly 36% this month, but some analysts believe the stock could have more upside ahead of it thanks to contributions from the operator’s Missouri and Nevada gaming venues.

In a note to clients today, Stifel analyst Jeffrey Stantial reiterated a “buy” rating on the stock with a $5 price target, implying upside of 10.1% from the Nov. 29 close. He pointed to a strong start for Century’s revamped property in Caruthersville, Mo. and revenue normalization at the Nugget in Sparks, Nevada as potential catalysts for the shares. The analyst recently met with Century Co-CEO & Vice Chairman, Peter Hoetzinger.

CNTY’s recently completed $52 million Caruthersville boat-to-land conversion was a key focus across meetings attended, with management citing stronger than expected visitation/spending trends during the first three weeks post-opening,” observed Stantial.

Last month, the Missouri Gaming Commission (MGC) approved the move for what was the last riverboat casino in the state, paving the way for the refreshed property to gaming venue, including a new hotel, to open on Nov. 1.

Signs of Normalization for Century in Nevada

Century acquired the Nugget Sparks casino in early 2022, marking the operator’s initial foray into Nevada. Initially, Century struggled with the property, encountering headwinds via periods of bad weather and heavy promotional activity by rivals.