Q2 2026 Century Casinos Inc Earnings Call Transcript
Key Points
- Century Casinos Inc (CNTY) achieved all-time record Q2 net operating revenue of $152 million and adjusted EBITDAR of $31.7 million, up 1% and 5% year-over-year, respectively.
- North American operations (US and Canada) delivered strong growth, with EBITDAR up 12% in Q2 and 17% year-to-date, driven by double-digit EBITDAR growth at most properties.
- The Nugget property had a standout quarter with revenue and EBITDAR up 16% and 93%, respectively, marking its third consecutive quarter of year-over-year EBITDAR growth.
- Missouri properties delivered seven consecutive quarters of year-over-year adjusted EBITDAR growth, with Caruthersville achieving its highest quarterly gross gaming revenue, net revenue, coin-in, and slot win in property history.
- The company is making progress on deleveraging, with net debt-to-EBITDA improving to 6.5 times and expected to fall below 6 times by year-end, while also exploring strategic sales of international operations to unlock value.
- July showed continued momentum with double-digit EBITDAR growth, and Poland generated nearly as much EBITDA in July as it did in the entire first half of the year, indicating a recovery in that segment.
- Poland's performance was weak due to the closure of the Hilton Warsaw Casino and an unusually low hold on gaming tables, leading to adjusted EBITDAR of only approximately $0.1 million for the quarter.
- The newly opened Wrocław Casino in Poland generated expected startup losses as it builds awareness and establishes its customer base, weighing on Q2 results.
- Rocky Gap faced a challenging competitive environment with the April opening of Happy Valley Casino in Pennsylvania, leading to a slight decline in net operating revenue.
- Mountaineer's hotel revenue was negatively impacted by the loss of a large construction group that contributed nearly $500,000 in business in the prior year quarter.
- The company's high net debt-to-EBITDA ratio of 6.5 times remains elevated, and the deleveraging process is dependent on the successful sale of international assets, which is uncertain and may take time.
- The launch of Alberta's open online sports betting and iGaming market poses a potential long-term risk of cannibalization to the company's Canadian properties, though no immediate impact has been observed.
Good day, everyone, and welcome to today's Century Casinos Q2 2026 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, sir.
Good morning, everyone, and thank you for joining our earnings call. First, we would like to remind everyone that we will be discussing forward-looking information under the safe harbor provisions of the US federal securities 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 EBITDAR. 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
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