Q4 2024 Century Casinos Inc Earnings Call Transcript
Key Points
- The new land-based facility in Caruthersville, Missouri, has exceeded initial expectations with revenue and EBITDA up 27% and 32% respectively since opening.
- The Central Casino Hotel Cape Girardeau in Missouri reported a strong quarter with revenue up 11% and EBITDA up 7%, driven by the new hotel and solid food and beverage sales.
- The new hotel in Cape Girardeau is expanding reach into new markets, with revenue from patrons living outside Missouri, Illinois, and Kentucky increasing by 82%.
- The Nugget Casino Resort in Nevada achieved a 46% year-over-year increase in EBITDAR due to strict cost discipline and promising initial results from changes to the slot floor.
- Century Casinos Inc (CNTY) has no debt maturities until 2029, providing financial stability and allowing leverage ratios to ramp down with the conclusion of major capital expenditures.
- Fourth quarter consolidated revenue was down 4% year-over-year, and adjusted EBITDA decreased by 17%.
- The East segment, including Mountaineer Casino in West Virginia and Rocky Gap Casino Resort in Maryland, faced challenges with revenue down 7% and EBITDA down 29%.
- The company experienced a significant decline in uncarded revenue, particularly in Colorado, where it decreased by 30%, impacting overall revenue.
- Two of the three sports betting providers using Century Casinos Inc (CNTY)'s licenses ceased operations, affecting sports betting revenue.
- The company's operations in Canada and Europe faced difficulties, with Canadian revenue down 7% and EBITDA down 17%, and challenges in divesting Polish operations due to geopolitical and ownership issues.
Good day, everyone, and welcome to todayâs Century Casinos Q4 2024 earnings call. (Operator Instructions) Please note this call is being recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead.
Good morning, everyone, and thank you for joining our earnings call. We would like to remind everyone that we will be discussing forward looking information under the Safe Harbor provisions of the US Federal Security Laws. The company undertakes no obligation to update or revise the forward looking statements and actual results may differ from those projected.
Throughout our call, we refer to several non-GAAP financial measures, including, but not limited to, adjusted EBITDA. Reconciliations of our non-GAAP measures to the appropriate GAAP measures can be found in our news releases and SEC filings available in the Investor section of our website at cmpy.com.
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