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

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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CNTY

CNTY fundamentals

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