Why did CNTY's Q4 2024 earnings decline?

Century Casinos Inc (CNTY) experienced a decline in Q4 2024 earnings due to a combination of factors:

1. Revenue Decline: The company's consolidated revenue decreased by 4% year-over-year, primarily due to a significant decline in uncarded revenue in Colorado, which dropped by 30%. Additionally, the revenue from sports betting was impacted as two of the three providers using CNTY's licenses ceased operations.
2. Operational Challenges: The East segment, comprising Mountaineer Casino in West Virginia and Rocky Gap Casino Resort in Maryland, faced challenges with revenue down 7% and EBITDA down 29%. This was partly due to a decline in low-end customer spending and non-rated play, which is indicative of broader economic challenges.
3. International Challenges: The company's operations in Canada and Europe also faced difficulties, with Canadian revenue down 7% and EBITDA down 17%. This was likely due to the challenging operating conditions in these regions. Additionally, the operations in Poland were impacted by temporary casino closures, which may have had a lasting effect on revenue.
4. Financial Stability Concerns: Despite the revenue decline, the company's financial stability was under pressure, with a net debt to EBITDA ratio of 5.5 times and a lease-adjusted basis of 6.9 times. The capex spend was high at $110 million, with $50 million coming from VICI for Missouri development, which could have strained the financials.

In summary, CNTY's Q4 2024 earnings decline was due to a combination of revenue decrease, operational challenges, international challenges, and financial stability concerns.