What factors drove the changes in Century Casinos's revenue and profit?

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

What guidance did Century Casinos's management provide for the next earnings period?

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

What is Century Casinos's gross profit margin?

Did Century Casinos beat or miss consensus estimates last quarter?

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

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

- **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.

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