What does Century Casinos do and what are its main business segments?

What is the revenue and EPS growth rate for Century Casinos year over year?

What is Century Casinos's latest dividend and current dividend yield?

Did Century Casinos beat or miss consensus estimates last quarter?

What were the key takeaways from Century Casinos's earnings call?

What were the key takeaways from Century Casinos’s earnings call?

What is the market's earnings forecast for Century Casinos next quarter?

What is Century Casinos's gross profit margin?

- **Q3 EBITDA beat expectations**: Adjusted +5% YoY (reported -12%) due to Poland/Colorado one-time effects.
- **Customer segmentation success**: High-value/core +8%/+4% offset low-end -9%.
- **Strategic initiatives driving growth**: Missouri expansion (+29% gaming), ETG adoption (Colorado margins +), and sports betting launch (Missouri Q4 2025).
- **Financial discipline**: Net debt/EBITDA 6.9x, no 2026 CapEx needs.
- **Poland divestment**: Normalized EBITDA through 2028, with exit process ongoing.

**【Management Opening Remarks】**
- Q3 2025 net operating revenue: $154 million, driven by East/Midwest strength (Missouri, West Virginia, Maryland) offset by West (Colorado, Reno) and Poland weakness.
- Q3 EBITDA decline attributed to one-time effects: Poland closure (-$1.8 million vs +$1.3 million last year), Colorado breakup fee ($1 million), and West Virginia bonus reversal ($500,000). Adjusted EBITDA +5% YoY vs reported -12%.
- Customer segmentation: High-value (+8%) and core (+4%) growth offset low-end (-9%) decline. Retail play (+4%) drove US portfolio GGR +2%.
- Poland divestment process ongoing; current licenses valid until 2028.

**【CEO Commentary】**
**Missouri:**
- Carruthersville: Gaming revenue +29% YoY, EBITDA +35% to $6.1M. New market reach (75+ miles away) driving growth.
- Cape Girardeau: Sports betting launch with BetMGM Q4 2025; online skin to complement property sportsbook.

**Colorado:**
- Cripple Creek: High-value/core +, retail -30%. ETG replacement cuts costs, maintaining revenue.
- Century City: EBITDA +20% (vs +$1M one-time payment last year). ETG adoption improving margins.

**Reno:**
- Nugget: August EBITDA record ($4.1M), but July/September weakness. 2026 concert lineup (Brooks & Dunn) and 11K sq ft convention expansion planned.

**Canada:**
- Alberta: Slot coining +5.8%, EBITDA +11% to $5.4M. St. Albert facade upgrade driving growth.
- Poland: Warsaw closure (-$0.5M vs +$1.3M last year). Wrocław relocation ramping up; second site opening Jan 2026.

**【CFO Financial Commentary】**
- Cash: $78M (down $7M QoQ) due to CapEx ($5M), buybacks ($1.5M), and Poland costs ($1M).
- Debt: $339M (net debt $261M). Net debt/EBITDA: 6.9x (lease-adjusted 7.6x). No maturities until 2029.
- 2025 CapEx: $18M (mostly spent). Minimal 2026 CapEx needs.

**【Q&A Highlights】**
- **Canada Growth:** Alberta properties benefit from motivated teams and less macroeconomic stress. St. Albert facade upgrade key driver.
- **Nugget Strategy:** Focusing on core customers, reducing low-ADD players. Concerts (e.g., Brooks & Dunn) expected to break even in 2026.
- **ETG Expansion:** ETGs replacing tables in smaller casinos (e.g., Colorado). Larger casinos maintain hybrid model.
- **Capital Allocation:** Strategic review pausing buybacks/debt repayment. Potential facade upgrades in Canada and F&B investments.
- **Tax Season Impact:** New deductions may boost core customer spending, but low-end volatility remains a risk.

Century Casinos, Inc. (CNTY) Q3 2025 Earnings Call Transcript

- **Record Q2 Results**: $150.8M revenue (+15% YoY), $30.3M EBITDA (+10% YoY), driven by Missouri (+24%), Canada (+6%), and Poland (+23%).
- **Missouri Dominance**: Caruthersville Casino EBITDAR +30% to $6.1M; BetMGM sports betting launch in Q4 2025.
- **Poland Divestment**: Letter of Intent with Eastern European group; Wroclaw casino opens Q4 2025.
- **Cash Flow Improvement**: Net debt/EBITDA ratio down to 6.2x; $1M shares repurchased at $2.12.
- **Strategic Ambitions**: $150M EBITDAR target achievable with customer return and 2025 interest rate normalization.

**【Management Opening Remarks】**
- Q2 2025 revenue reached $150.8 million, a new record, with adjusted EBITDA of $30.3 million (10% YoY growth). Growth driven by Missouri (+24%), Canada (+6%), and Poland (+23%).
- Caruthersville Casino (Missouri) saw EBITDAR rise 30% to $6.1 million, fueled by 41% growth in 75+ mile visitors.
- BetMGM sports betting partnership to launch in Missouri by Q4 2025, with 2026 financial contributions expected.
- Poland divestment process advancing; Letter of Intent with Eastern European group expected next week.

**【CEO Commentary】**
- **Missouri**: Caruthersville Casino EBITDAR +30% to $6.1M (43% margin), Cape Girardeau EBITDAR +3% to $6.5M despite severe weather.
- **Colorado**: Cripple Creek EBITDAR +23% (excluding one-time fee), Central City EBITDA flat YoY at $910K.
- **Midwest**: Mountaineer Casino EBITDA +12% to $4.1M, Rocky Gap EBITDA +21% in June (8% July slot growth).
- **West**: Reno Nugget EBITDA -$550K YoY due to underperforming outdoor events, but July retail rooms +32%.
- **Canada/Poland**: Canada slot coin-in +6%, Poland EBITDA +306% to $1.8M (license delays resolved).

**【CFO Financial Commentary】**
- Cash flow positive in Q2, ending with $85.5M cash (up $0.8M QoQ). Debt reduced to $338.1M, net debt/EBITDA ratio improved to 6.2x.
- $1M shares repurchased at $2.12 avg price. CapEx $10M spent YTD, with $20M total budget for 2025.
- Strategic review underway with Macquarie Capital to explore M&A, partnerships, or divestments.

**【Q&A Highlights】**
- **Poland Growth**: Q2 Poland EBITDA surge due to delayed licenses reopening; Wroclaw casino set to open Q4 2025.
- **Capital Allocation**: Balancing buybacks (limited by 10b5-1 plan) with debt repayment; Poland sale proceeds may fund larger buybacks.
- **Sports Betting Impact**: Missouri sports betting expected to drive incremental revenue and enhance regional appeal.
- **EBITDAR Target**: $150M achievable with returning lower-end customers and 2025 interest rate normalization.

Century Casinos (CNTY)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 2025 Results**: Revenue $130.4M, EBITDAR $20.2M, despite $2M EBITDAR impact from external factors.
- **Missouri Growth**: Caruthersville casino hotel drives 17% gaming revenue growth, 23% uncarded revenue increase.
- **Share Buybacks**: Planned to begin with single-digit million dollar purchases in coming weeks.
- **Poland Divestiture**: 2 new interested parties; sale expected in 2025.
- **Leverage Reduction**: Targeting net debt/EBITDA <6x by year-end, down from 6.9x Q1.
- **Free Cash Flow**: Significant improvement expected in 2025 due to reduced CapEx.

**【CEO Opening Remarks】**
- Q1 2025 Revenue: $130.4 million, EBITDAR: $20.2 million.
- Key challenges: 2 million EBITDAR impact from weather, leap year, and lost sports betting revenue in Colorado.
- Missouri expansion success: Caruthersville casino hotel saw 17% gaming revenue growth and 23% uncarded revenue increase.
- EBITDAR margin improvement expected in Q3/Q4 as operations stabilize.

**【Regional Performance Highlights】**
- **Missouri**: 
  - Caruthersville: 12% carded revenue growth, 23% uncarded growth, 34% increase in visitors from >75 miles away.
  - Cape Girardeau: 5% patron increase, 14% trips from under-50 demographic.
- **Colorado**: 
  - Central City: 7% carded revenue growth, 36% uncarded decline due to I-70 construction.
  - Cripple Creek: 24% upper-end patron win growth, 10% under-60 demographic revenue increase.
- **East Segment**: 
  - Mountaineer: 12% high-end customer trips growth, 1% overall revenue increase.
  - Rocky Gap: 9% spend per trip increase, F&B sales growth offset by COGS challenges.
- **Nevada**: 
  - Nugget Casino: EBITDAR turned positive ($700k vs. negative last year), 6% under-50 demographic growth.

**【Financial Overview】**
- Cash: $85 million.
- Debt: $340 million (net debt: $255 million).
- Net debt/EBITDA: 6.9x (lease-adjusted: 7.6x), targeting <6x by year-end.
- 2025 CapEx: $18 million (growth: $4M, maintenance: $14M).
- Free cash flow expected to improve significantly vs. 2024.

**【Strategic Initiatives】**
- **Share Buybacks**: Plan to start with single-digit million dollar purchases in coming weeks.
- **Poland Divestiture**: 2 new interested parties; expect resolution in 2025.
- **Canada Expansion**: Testing new sports betting brand in Alberta; online gaming legalization nearing completion.

**【Q&A Highlights】**
- **Canadian Softening**: Minimal impact from trade war; revenue decline due to weather and 1 fewer gaming day.
- **Rocky Gap Growth**: F&B renovations, beach access upgrades, and Baltimore/DC marketing initiatives.
- **Leverage Targets**: Caution due to short-term (6 weeks) positive trends; maintaining year-end targets of <6x net debt/EBITDA.
- **Polish Assets**: Sports betting partnerships could enhance value; sale discussions progressing.
- **East Segment Cost Control**: Ongoing optimization efforts, with opportunities for further savings.


Century Casinos (CNTY)-12 May 25-2025 Q1 Earnings call transcript

- **Missouri Outperformance**: New Caruthersville casino drives +27% Q4 revenue, with EBITDAR growth exceeding expectations. 
- **Structural Challenges**: 70% of key properties reliant on low-end customers, with 2025E EBITDAR growth delayed to H2. 
- **Balance Sheet Strength**: $99M cash, no debt maturities until 2029; 2025 free cash flow set to improve with reduced CapEx. 
- **Strategic Focus**: Shift to U.S. core with sports betting expansion; cautious on international divestitures despite shareholder pressure. 
- **Near-Term Risks**: Macro-driven volatility in consumer behavior; 2025E guidance reflects 12-18-month visibility gap. 


**【CEO Opening Remarks】**
- Q4 2024 revenue: $137.8M (-4% YoY), Adjusted EBITDAR: $21.1M (-17% YoY). Missouri operations (Caruthersville & Cape Girardeau) outperformed, with Caruthersville's new casino driving +27% revenue and +32% EBITDAR in 4 months. 
- Key trends: 
  - **Mid/high-tier growth**: Visits and spend up across Missouri properties. 
  - **Low-end weakness**: Retail and low-end customers constrained by macroeconomic factors. 
  - **Missouri expansion**: Sports betting launch in 2024H2 expected to add high-margin EBITDAR. 

**【CFO Financial Highlights】**
- Cash: $99M; Net Debt: $241M (5.5x Debt/EBITDA). 
- 2025 Outlook: 
  - CapEx: $18M (down from $110M in 2024). 
  - Free Cash Flow: Expected improvement due to reduced CapEx and operational efficiency gains. 
  - EBITDAR: Projected growth in 2025H2 as new Missouri facility scales. 

**【Q&A Key Takeaways】**
1. **Low-End Customer Impact**: 70% of revenue at Mountaineer/Rocky Gap tied to low-end; 2025E guidance cautious due to macro sensitivity. 
2. **Caruthersville Potential**: Management maintains $3-4M EBITDA target (post-lease), but delays to 2026 due to macro uncertainty. 
3. **Capital Allocation**: Prioritize debt refinancing (SOFR+600bps) over buybacks; no immediate plans for international divestitures. 
4. **Nugget Recovery**: EBITDAR +46% YoY through cost cuts; 2025E focus on local customer reactivation and small events. 
5. **Alberta Strategy**: Minimal impact from gaming machine import restrictions; evaluating long-term viability alongside Poland divestiture talks. 
6. **Shareholder Concerns**: Management reaffirms alignment with shareholders (15% insider ownership); acknowledges need for operational clarity but defends strategic focus on U.S. core. 


Century Casinos (CNTY)-13 Mar 25-2024 Q4 Earnings call transcript

Century Casinos (CNTY)-4 Nov 24-2024 Q3 Earnings call transcript

Century Casinos (CNTY)-8 Aug 24-2024 Q2 Earnings call transcript

Century Casinos (CNTY)-9 May 24-2024 Q1 Earnings call transcript

Century Casinos (CNTY)-14 Mar 24-2023 Q4 Earnings call transcript

- **Record Growth**: Q3 revenue up 43% to $161M, EBITDA $33M (+19%), driven by 2 new acquisitions.
- **Margin Pressure**: U.S. EBITDA margin fell to 26.1% due to construction and integration costs.
- **Balance Sheet Strength**: $189M cash, 2.2x net leverage, $35M/yr high-margin CapEx pipeline.
- **Key Risks**: Poland license delays, 30-50% of business tied to lower-tier customers.

**【Management Opening Remarks】**
- Q3 2023 revenue reached $161 million, up 43% year-over-year, driven by acquisitions in Missouri and Maryland.
- Adjusted EBITDA rose to $33 million, a 19% increase, reflecting strategic M&A and operational efficiency.
- U.S. segment revenue now accounts for 82% of total, with 13% in Canada and 5% in Europe.
- Customer trends stable, with moderate growth in top-tier spend per visit offsetting softness in lower segments.

**【CEO (Erwin Haitzmann) Commentary】**
- U.S. segment EBITDA margin declined to 26.1% in Q3 (from 30% in 2022), due to integration costs and construction disruptions.
- Missouri and Colorado projects on track for 2024 openings, with $31M total investment.
- Poland operations impacted by political delays in license renewals, requiring continued employee payments.
- Focus on high-end customer growth, with 69% of database in Nevada classified as 'rated'.

**【CFO (Peter Hoetzinger) Financial Update】**
- Cash balance of $189M, debt at $348M, with net leverage of 2.2x.
- 2024 CapEx pipeline includes $35M in high-return projects (20%+ EBITDA margins).
- No M&A planned through 2024; focused on integrating Rocky Gap and Nugget.
- Lease obligations to VICI expected to rise to $15M/quarter in 2025.

**【Q&A Highlights】**
- Reno market share stable despite competitive promotional activity.
- Lower-tier customer segment comprises 30-50% of database, with no immediate flattening expected.
- Poland operations remain suspended; license resolution uncertain due to political instability.
- 2024 bookings for Missouri properties are 'solid and stable'.

CNTY

CNTY fundamentals

Earnings Call

You can ask Aime