Group 1: Earnings Performance - Century Casinos reported a quarterly loss of $0.67 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.56, and compared to a loss of $0.45 per share a year ago, indicating a decline in performance [1] - The company posted revenues of $130.44 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.93% and down from $136.02 million year-over-year [2] - Over the last four quarters, Century Casinos has surpassed consensus EPS estimates only once, indicating ongoing challenges in meeting market expectations [2] Group 2: Stock Performance and Outlook - Century Casinos shares have declined approximately 53.7% since the beginning of the year, significantly underperforming the S&P 500, which has declined by only 3.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.31 on revenues of $153.3 million, and for the current fiscal year, it is -$1.11 on revenues of $609.3 million [7] - The estimate revisions trend for Century Casinos is currently unfavorable, resulting in a Zacks Rank 4 (Sell), suggesting that the shares are expected to underperform the market in the near future [6] Group 3: Industry Context - The Gaming industry, to which Century Casinos belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, which may negatively impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these revisions for investment decisions [5]

Financial Performance & Leverage - Q1 2025 net operating revenue was $13044 million[97], compared to $13602 million in Q1 2024[97] - Q1 2025 Adjusted EBITDAR was $2016 million[120], compared to $2125 million in Q1 2024[120] - The company anticipates net debt leverage to trend towards 47-60x by the end of 2025[100] - The company's lease adjusted net leverage is expected to trend towards 66-72x by the end of 2025[102] Regional Operations - US operations contributed 79% of the company's revenue in Q1 2025[99] - Canada accounted for 13% of the company's revenue in Q1 2025[97] - Poland represented 16% of the company's revenue in Q1 2025[97] - West Virginia's gaming market has grown 43% from 2019 to 2024[38] - Missouri's gaming revenue was approximately $19 billion in 2024, growing over 9% since 2019[68] Capital Expenditures & Projects - The Caruthersville project, financed by VICI, cost approximately $519 million, with rent increasing by approximately $42 million (8%) per year[77] - Total growth capital expenditures are estimated at $389 million (excluding VICI funding), with $17 million spent and $18 million remaining[105]

Financial Performance - Net operating revenue for Q1 2025 was $130.4 million, a decrease of 4% compared to $136.0 million in Q1 2024[6]. - Earnings from operations decreased by 14% to $7.1 million in Q1 2025 from $8.3 million in Q1 2024[6]. - Net loss attributable to Century Casinos, Inc. shareholders was $20.6 million, a 52% increase from a loss of $13.5 million in Q1 2024, with a basic net loss per share of $0.67[8]. - Adjusted EBITDAR for Q1 2025 was $20.2 million, down 5% from $21.3 million in Q1 2024[8]. - For the three months ended March 31, 2025, Century Casinos reported a net loss attributable to shareholders of $20,613,000, compared to a net loss of $13,544,000 for the same period in 2024, representing a 52% increase in losses year-over-year[20]. - Adjusted EBITDAR for Q1 2025 was $20,155,000, a decrease from $21,250,000 in Q1 2024, indicating a decline of approximately 5%[21]. - Consolidated net operating revenue for Q1 2025 was $130,443,000, down from $136,017,000 in Q1 2024, reflecting a decrease of about 4%[22]. - The net earnings (loss) margin for the consolidated segment in Q1 2025 was -16%, compared to -10% in Q1 2024, indicating a worsening margin situation[22]. - Interest expense (income), net for Q1 2025 was $25,657,000, slightly higher than $25,129,000 in Q1 2024, marking an increase of 2%[23]. - The Master Lease cash rent payments increased significantly to $14,327,000 in Q1 2025 from $9,444,000 in Q1 2024, representing a 51% increase[23]. Segment Performance - In the United States segment, net operating revenue was $93,296,000 in Q1 2025, down from $96,034,000 in Q1 2024, a decrease of approximately 3%[22]. - The Canada segment reported a net operating revenue of $16,516,000 in Q1 2025, down from $18,321,000 in Q1 2024, reflecting a decline of about 10%[22]. - The Poland segment's net operating revenue decreased to $20,631,000 in Q1 2025 from $21,649,000 in Q1 2024, a decline of approximately 5%[22]. Operational Developments - The Company maintained an Adjusted EBITDAR margin from Q1 2024 despite adverse weather impacts and operational challenges[2]. - The new Caruthersville casino, opened in November 2024, showed initial success contributing positively to operations[2]. - Century Casinos continues to explore new projects and opportunities, including the reopening of casinos in Poland and the development of the Caruthersville land-based casino and hotel[32]. Future Outlook - The Company expects capital expenditures to decrease for the remainder of 2025, anticipating improved cash generation[2]. - The Company was awarded a second casino license in Wroclaw, Poland, expected to open in Q4 2025[4]. - The consolidated first lien net leverage ratio exceeded 5.50 to 1.00 as of March 31, 2025, but no outstanding revolving loans were reported[14]. - As of March 31, 2025, the Company had $84.7 million in cash and cash equivalents, down from $98.8 million at the end of 2024[14].

Financial Performance - Gaming revenue for Q1 2025 was $100.666 million, a decrease of 4.5% from $105.418 million in Q1 2024[121] - Net operating revenue decreased by 4.1% to $130.443 million in Q1 2025 from $136.017 million in Q1 2024[121] - Net loss attributable to Century Casinos, Inc. shareholders was $20.613 million in Q1 2025, compared to a loss of $13.544 million in Q1 2024, representing a 52.2% increase in losses[121] - Adjusted EBITDAR for Q1 2025 was $20.155 million, down 5.2% from $21.250 million in Q1 2024[121] - Earnings from operations decreased by $1.1 million, or 13.8%, for the three months ended March 31, 2025, compared to the same period in 2024[124] - Net loss attributable to Century Casinos, Inc. shareholders increased by $7.1 million, or 52.2%, for the three months ended March 31, 2025, compared to the same period in 2024[124] - Adjusted EBITDAR for the three months ended March 31, 2025, was $20.155 million, a decrease of $1.095 million, or 5.2%, compared to $21.250 million for the same period in 2024[133][135] Revenue Breakdown - The company experienced a 14.9% decline in pari-mutuel, sports betting, and iGaming revenue, from $3.389 million in Q1 2024 to $2.885 million in Q1 2025[121] - Gaming revenue in the United States decreased by $2.409 million, or 3.3%, for the three months ended March 31, 2025, compared to the same period in 2024[139] - Net operating revenue in the United States decreased by 2.9% to $93.4 million for the three months ended March 31, 2025, compared to $96.1 million in the same period of 2024[145] - In Canada, net operating revenue decreased by 9.9% to $16.5 million for the three months ended March 31, 2025, down from $18.3 million in 2024[152] - Gaming revenue in Poland decreased by 5.3% to $19.988 million for the three months ended March 31, 2025, compared to $21.096 million in 2024[158] Operational Changes - The company opened a new land-based casino in Caruthersville, Missouri, on November 1, 2024, with a project cost of approximately $51.9 million[116] - A new hotel, The Riverview, was opened on April 4, 2024, at the Cape Girardeau location, costing approximately $30.5 million[117] - The company closed casinos in Katowice and Bielsko-Biala in October 2023 due to license expiration, with both reopening in early 2024[118] - The company anticipates opening a second casino location in Wroclaw in Q4 2025, with 50 slot machines and four table games[118] - The new land-based casino and hotel in Caruthersville opened on November 1, 2024, featuring 579 slot machines and nine live table games, representing a nearly 50% increase in gaming positions[139] - The Riverview in Cape Girardeau, a 69-room hotel, opened in April 2024, adjacent to Century Casino Cape Girardeau[140] Debt and Cash Management - Total long-term debt, including current portion, was $328.803 million as of March 31, 2025, compared to $328.548 million as of March 31, 2024[137] - Net Debt increased to $254.878 million as of March 31, 2025, from $205.480 million as of March 31, 2024[137] - Total debt as of March 31, 2025, was $328.8 million, with net debt increasing to $254.9 million from $205.5 million in 2024, primarily due to decreased cash[185] - Cash, cash equivalents, and restricted cash decreased to $84,986,000 as of March 31, 2025, compared to $136,805,000 in 2024[179] - Approximately $41.7 million of the total $84.7 million in cash and cash equivalents as of March 31, 2025, is held by foreign subsidiaries, with $21.0 million in Canada and $15.4 million in Austria[197] - Cash held by foreign subsidiaries is not available for US operations unless repatriated, which may incur withholding tax[197] Future Plans and Capital Expenditures - The company plans to utilize its remaining $14.7 million under the common stock repurchase program, which has no set expiration date[191] - Estimated cash payments due under the Master Lease for the remainder of 2025 are $44.1 million, including a CPI increase[188] - The company has spent approximately one-third of its planned capital expenditures for 2025 in Q1, with remaining capital expenditures estimated at $12.0 million, including $1.8 million for growth and the rest for maintenance[193] - The company may need to raise additional capital, with a shelf registration statement effective since June 2023 allowing for the issuance of up to $100 million in various securities[194] - The company may seek further term loans or lines of credit to supplement working capital, with financing availability dependent on global economic conditions and credit ratings[195] Market Risks and Accounting - There were no significant changes in critical accounting estimates from the previous annual report[198] - The company reported no material changes in exposure to market risks compared to the previous annual report[199]

Financial Data and Key Metrics Changes - For Q4 2024, the company's consolidated revenue was $137.8 million, a decrease of 4% from the previous year's fourth quarter. Adjusted EBITDA was $21.1 million, down 17% [5][6]. - The net debt to EBITDA ratio at the end of Q4 was 5.5 times, and 6.9 times on a lease-adjusted basis [28]. Business Line Data and Key Metrics Changes - U.S. operations saw a revenue decline of 3% and EBITDA down 8%. Retail and low-end customer segments remained weak due to macroeconomic factors [6][7]. - The new land-based facility in Caruthersville, Missouri, opened on November 1, 2024, with revenue and EBITDA up 27% and 32% respectively in the four months since opening [8][12]. - The Century Casino Hotel Cape Girardeau experienced an 11% increase in revenue and a 7% increase in EBITDA, driven by the new hotel and solid food and beverage sales [14][16]. Market Data and Key Metrics Changes - In Colorado, carded revenue grew by 12%, while uncarded revenue decreased by 30%, leading to a 7% overall revenue decline [18]. - The East segment, including Mountaineer Casino and Rocky Gap Casino Resort, faced a 7% revenue decline and a 29% drop in EBITDA, primarily due to lower-end customer performance [20][21]. Company Strategy and Development Direction - The company is focusing on operational discipline and efficiency improvements, with a clear path to higher EBITDA for 2025 and beyond [32][33]. - There are plans to finalize partnership agreements for sports betting in Missouri, expected to deliver incremental high-margin EBITDA [17][34]. Management's Comments on Operating Environment and Future Outlook - Management noted that the lower-end consumer segment remains a significant concern, impacting overall revenue forecasts [38][39]. - The company anticipates significant EBITDA and cash flow improvements in 2025, driven by recent growth capital initiatives and a reduction in capital expenditures [31][34]. Other Important Information - The company has no significant capital expenditures planned for 2025, expecting to spend just €4 million on growth projects and €14 million on maintenance CapEx [30][31]. - The company is considering divesting non-U.S. properties, particularly in Poland and Canada, due to lower contributions to EBITDA and cash flow [27][95]. Q&A Session Summary Question: What is the main driver of the lower estimates for 2025? - Management indicated that the lower-end consumer weakness is the primary driver of the lower estimates, while mid and upper tiers are performing well [38]. Question: How is the revenue decline at the Nugget being addressed? - Management noted that the decline in casino revenue is closely tied to hotel revenue, and efforts are being made to revitalize the property and increase conference business [44][45]. Question: What impact will the Alberta Gaming Commission's suspension of gaming machines have? - Management does not expect any meaningful negative impact, estimating it to be around half a percent [49]. Question: What is the strategy for online gaming and sports betting? - The company plans to partner with third parties for online gaming and sports betting, focusing on revenue sharing models [82]. Question: Is there a consideration for stock buybacks? - Management expressed interest in stock buybacks but is restricted by insider laws and blackout periods [108].

Financial Data and Key Metrics Changes - The consolidated revenue for Q4 2024 was $137.8 million, a decrease of 4% from the previous year's fourth quarter. Adjusted EBITDA was $21.1 million, down 17% [4][20]. - U.S. operations saw a revenue decline of 3% and an EBITDA decrease of 8% [4]. Business Line Data and Key Metrics Changes - The new land-based facility in Caruthersville, Missouri, opened on November 1, 2024, and has since seen revenue and EBITDA increase by 2732% respectively in the four months following its opening [5][6]. - The Central Casino Hotel Cape Girardeau reported an 11% increase in revenue and a 7% increase in EBITDA, driven by the new hotel and solid food and beverage sales [9][10]. - In Colorado, carded revenue grew by 12%, while uncarded revenue decreased by 30%, leading to an overall revenue decline of 7% [12]. Market Data and Key Metrics Changes - The East segment, including properties in West Virginia and Maryland, experienced a revenue decline of 7% and an EBITDA drop of 29% [14]. - The West segment, particularly the Nugget Casino Resort in Nevada, saw a 10% decline in gaming revenue, attributed to low slot hold [16]. Company Strategy and Development Direction - The company is focusing on operational discipline and efficiency improvements, with a clear path to higher EBITDA for 2025 and beyond [22][23]. - There is an ongoing consideration to divest non-U.S. properties, particularly in Poland and Canada, as part of a strategic focus on North American assets [19][72]. Management's Comments on Operating Environment and Future Outlook - Management noted that the low-end consumer segment remains weak due to macroeconomic factors, impacting overall performance [5][23]. - The company anticipates significant EBITDA and cash flow improvements in 2025, driven by recent growth capital initiatives and a reduction in capital expenditures [24][22]. Other Important Information - The company has no debt maturities until 2029 and has completed its major capital expenditure cycle, which should lead to improved leverage ratios [21][20]. - The company plans to spend $4 million on growth projects and $14 million on maintenance CapEx in 2025, significantly lower than previous years [22]. Q&A Session Summary Question: What is the main driver of the lower estimates for 2025? - Management indicated that the low-end consumer weakness is the primary concern, while mid and upper tiers are performing well [27]. Question: What are the thoughts on the Nugget's performance and conference pipeline? - Management noted that the decline in casino revenue is correlated with hotel revenue and expressed optimism for future conference business [31][32]. Question: Will the suspension of gaming machine purchases in Alberta impact operations? - Management does not expect a meaningful negative impact from the suspension, estimating only a 0.5% to 1% effect [34]. Question: What is the strategy for online gaming and sports betting? - The company plans to partner with third parties for online gaming and sports betting, focusing on revenue sharing models [62]. Question: Is there a consideration for insider buying or stock buybacks? - Management expressed interest in buybacks but noted restrictions due to insider laws and blackout periods [83].

Financial Data and Key Metrics Changes - The consolidated revenue for Q4 2024 was $137.8 million, a decrease of 4% from the previous year's Q4. Adjusted EBITDA was $21.1 million, down 17% [4] - U.S. operations saw a revenue decline of 3% and an EBITDA decrease of 8% [4] - The net debt to EBITDA ratio at the end of Q4 was 5.5 times, and 6.9 times on a lease-adjusted basis [20] Business Line Data and Key Metrics Changes - The new land-based facility in Caruthersville, Missouri, opened on November 1, 2024, with revenue and EBITDA up 2732% in the four months since opening, exceeding initial expectations [5][6] - The Central Casino Hotel Cape Girardeau reported an 11% increase in revenue and a 7% increase in EBITDA, driven by the new hotel and solid food and beverage sales [9] - The East segment, including Mountaineer Casino and Rocky Gap Casino Resort, experienced a revenue decline of 7% and EBITDA down 29% [15] Market Data and Key Metrics Changes - In Colorado, carded revenue grew by 12%, while uncarded revenue decreased by 30%, leading to an overall revenue decline of 7% [13] - The Nugget Casino Resort in Nevada saw a 10% decline in gaming revenue, impacted by low slot hold, although local credit play increased by 5% [17] Company Strategy and Development Direction - The company is focusing on operational discipline and efficiency improvements, with a clear path to higher EBITDA for 2025 and beyond [23] - There are plans to finalize partnership agreements for sports betting in Missouri, expected to deliver incremental high-margin EBITDA [12] - The company is considering divesting non-U.S. properties, particularly in Poland and Canada, as part of its strategic focus on North American assets [19][74] Management Comments on Operating Environment and Future Outlook - Management noted that the low-end consumer segment remains weak due to macroeconomic factors, impacting overall performance [5][27] - The company anticipates significant EBITDA and cash flow improvements in 2025, driven by recent growth capital initiatives [24] - Management expressed caution regarding capital allocation due to ongoing macroeconomic uncertainty, emphasizing the need to refinance or pay down high-rate debt [50] Other Important Information - The company has no significant capital expenditures planned for 2025, expecting to spend only $4 million on growth projects and $14 million on maintenance CapEx [22] - The company has a strong cash position with no debt maturities until 2029, allowing for flexibility in growth initiatives [21] Q&A Session Summary Question: What is the main driver of the lower estimates for 2025? - Management indicated that the primary driver is the weakness in the low-end consumer segment, which significantly impacts certain properties [27] Question: How is the conference pipeline building for the Nugget? - Management noted that while large conferences are difficult to secure in the short term, they are successfully attracting smaller events and local customers [32] Question: What impact will the Alberta Gaming Commission's suspension of gaming machine purchases have? - Management does not expect a meaningful negative impact, estimating it to be around 0.5% to 1% [35] Question: Can you elaborate on the performance of the Caruthersville property? - Management confirmed that the property has exceeded expectations, particularly in reaching customers from further distances [46] Question: What is the strategy for online gaming and sports betting? - The company plans to partner with third parties for online gaming and sports betting, providing licenses and receiving revenue percentages [63] Question: Is there a consideration for insider buying or stock buybacks? - Management expressed interest in buybacks but noted restrictions due to insider laws and blackout periods [83]

Financial Performance - Century Casinos reported a quarterly loss of $0.69 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.59, and compared to a loss of $0.36 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $137.77 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.86%, and down from $143.76 million in the same quarter last year [2] - Over the last four quarters, Century Casinos has surpassed consensus EPS estimates only two times, indicating inconsistent performance [2] Stock Performance and Outlook - Century Casinos shares have declined approximately 25% since the beginning of the year, contrasting with the S&P 500's decline of only 4.8%, highlighting underperformance in the market [3] - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $145.8 million, and for the current fiscal year, it is -$0.85 on revenues of $631.2 million, suggesting continued challenges ahead [7] Industry Context - The gaming industry, to which Century Casinos belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, indicating a challenging environment that could impact stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could be a critical factor for investors [5]

Financial Performance - Terminated agreements with Circa Sports and Tipico resulted in a total of $2.7 million in payments, including breakage fees and owed sports betting revenue, contributing $1.7 million in other revenue for the year ended December 31, 2024 [34]. - The increase in the slot machine net sales percentage from 15% to 17% is estimated to have increased net operating revenue by approximately $2.9 million at Canadian properties for the year ended December 31, 2024 [50]. - Earnings from operations in 2024 were $4.3 million, with a potential $1.3 million increase if the US dollar depreciated by 10% against the Canadian dollar and Polish zloty [310]. Projects and Developments - The new land-based casino and hotel in Caruthersville, Missouri opened on November 1, 2024, with a project cost of approximately $51.9 million funded through financing provided by VICI PropCo [31]. - The Cape Girardeau location opened a 69-room hotel called The Riverview on April 4, 2024, with a construction cost of approximately $30.5 million financed with cash on hand [32]. - The company plans to partner with sports betting operators to conduct sports betting at its Missouri facilities, with expectations for sports betting to begin in late 2025 [39]. - The company is exploring additional potential gaming projects and acquisition opportunities, although various risks could affect the feasibility of these projects [33]. Employment and Community Engagement - As of December 31, 2024, the company had 3,181 full-time employees and 886 part-time employees, with 252 employees at CPL casinos in Poland belonging to trade unions [56]. - Employee development programs are in place to enhance leadership skills and career progression [58]. - The company is committed to community support through charitable contributions and initiatives [59]. Competition and Market Conditions - The company faces intense competition from larger casinos with greater resources, and it focuses on targeted marketing efforts to attract customers [35]. - The Polish market has 52 casino licenses available, with competition from other casinos and online gaming potentially impacting operations [46]. - The company operates in various jurisdictions, subject to extensive regulations, which could materially affect its gaming operations if licenses are not maintained [50]. Financial Risks - As of December 31, 2024, the company has a total debt of $339.6 million, with the majority being variable-rate debt [306]. - A 1% change in the variable-rate debt would result in a $3.4 million change in annual cash interest expenses [306]. - The company is exposed to foreign currency exchange risk, particularly with the US dollar against the Canadian dollar and Polish zloty [308]. - In 2024, the change in the relative value of the US dollar resulted in a $2.4 million increase in accumulated other comprehensive loss [308]. - The company has not hedged against foreign currency exchange rate changes related to its international operations [307]. - The assets and liabilities of foreign subsidiaries are primarily held in local currencies, leading to volatility in earnings [307]. - The translation of revenue and expenses is done at each period's average exchange rate, affecting operational results [310].

Financial Performance - Net operating revenue for Q4 2024 was $137.8 million, a decrease of 4% compared to Q4 2023, while full-year revenue increased by 5% to $575.9 million[6]. - Loss from operations for Q4 2024 was ($36.2) million, a change of (388%), and for the full year, it was $4.3 million, a decrease of (93%) compared to 2023[6]. - Net loss attributable to Century Casinos, Inc. shareholders for Q4 2024 was ($64.9) million, a change of (500%), and for the full year, it was ($128.2) million, a change of (355%) compared to 2023[6]. - Adjusted EBITDAR for Q4 2024 was $21.1 million, a decrease of (17%), and for the full year, it was $102.7 million, a decrease of (10%) compared to 2023[6]. - Total operating costs and expenses increased to $173,920,000 in Q4 2024, up 32.5% from $131,209,000 in Q4 2023[17]. - The net loss attributable to Century Casinos, Inc. shareholders for Q4 2024 was $64,894,000, compared to a net loss of $10,821,000 in Q4 2023[17]. - Basic and diluted net loss per share for Q4 2024 was $(2.11), compared to $(0.36) in Q4 2023[17]. - For the year ended December 31, 2024, the net loss attributable to Century Casinos, Inc. shareholders was $128,170,000, compared to a net loss of $28,198,000 in 2023[24]. - Interest expense for the year 2024 was $100,723,000, an increase from $91,811,000 in 2023[24]. - Adjusted EBITDAR margin for the year ended December 31, 2024, was 18%, down from 21% in 2023[28]. - Net earnings margin for the United States segment was (51%) for Q4 2024, compared to 1% in Q4 2023[28]. Asset and Liability Management - As of December 31, 2024, the Company had $98.8 million in cash and cash equivalents, down from $171.3 million at the end of 2023[14]. - Outstanding debt as of December 31, 2024, was $339.6 million, a decrease from $346.8 million at the end of 2023[14]. - Total assets decreased to $1,226,312,000 as of December 31, 2024, down from $1,359,662,000 in 2023[18]. - Current liabilities decreased to $86,044,000 in 2024 from $93,619,000 in 2023[18]. Impairment and Valuation - The impairment of goodwill at the Nugget Casino Resort resulted in a $43.7 million expense, significantly impacting earnings from operations[4][9]. - The company recognized a goodwill impairment of $43,716,000 in Q4 2024[21]. - The Company recorded a valuation allowance on net deferred tax assets, contributing to the increased net loss attributable to shareholders[11]. Market Conditions and Trends - The company continues to face weak trends from retail and low-end customers due to macroeconomic factors affecting consumer spending[2]. - Canada segment reported net operating revenue of $17.9 million for Q4 2024, down 6.7% from $19.2 million in Q4 2023[28]. - Poland segment's net operating revenue decreased to $19.9 million in Q4 2024 from $21.6 million in Q4 2023, a decline of 8.1%[28]. Future Outlook and Projects - The new land-based casino and hotel in Caruthersville, Missouri opened on November 1, 2024, which is expected to improve cash flow and Adjusted EBITDAR in 2025[2]. - The company continues to pursue various projects, including the recently opened land-based casino and hotel in Caruthersville, Missouri[41]. - The company plans to focus on licensing and reopening its casinos in Poland, which are currently under development[41]. - The company expects Adjusted EBITDAR and cash flow to improve in 2025, reflecting ongoing operational adjustments and market conditions[41].