Results through Q1 2025 PRESENTATION INVESTOR Peter Hoetzinger, Co CEO & President FORWARD - LOOKING STATEMENTS This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Century Casinos, Inc. (together with its subsidiaries, the "Company", "we", "us", "our") may make other written and oral ...

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].

Financial Data and Key Metrics Changes - The company reported net revenue of $156 million, a decrease of 3% compared to Q3 of the previous year [5] - Adjusted EBITDAR was $32.9 million, down just 1%, while the consolidated EBITDAR margin increased from 20.6% to 21.1% [5] - The company ended the quarter with $119 million in cash and cash equivalents, and $340 million in outstanding debt, resulting in a net debt of $221 million [15] Business Line Data and Key Metrics Changes - The East segment, including Mountaineer and Rocky Gap, saw revenue increase by 7% and EBITDAR up by 5% [7] - The Midwest segment, covering Missouri and Colorado, had flat revenue, with EBITDAR down 5% due to disruptions from the new land-based facility in Caruthersville [8] - The West segment, including the Nugget Casino Resort, experienced a 40% sequential revenue increase and doubled EBITDAR compared to Q2, although still lagging behind last year's Q3 [12] Market Data and Key Metrics Changes - In Poland, the reopening of a key casino is expected to restore annual EBITDAR to between $10 million and $12 million [14] - The Canadian operations saw a decrease in net operating revenue primarily due to one casino, Century Downs, which lost about $1 million in revenue [28] - The company noted stable consumer trends across its markets, with low-end customers remaining weak but stable [6] Company Strategy and Development Direction - The company plans to focus on operational efficiencies and cost control to improve profitability [12][17] - Future capital expenditures are expected to decrease significantly from $38 million this year to about $16 million next year, which will enhance free cash flow [16] - The company is optimistic about the performance of new properties and plans to buy back stock opportunistically [17] Management's Comments on Operating Environment and Future Outlook - Management indicated that the current year is a transitory period, with a clear path to generating cash and improving results in 2025 [17] - The company expects to see a strong uplift in results from the new Caruthersville property, although initial growing pains may affect EBITDA for a quarter or two [9] - Management remains confident in the stability of the Polish market following the reopening of casinos [14] Other Important Information - The company has no debt maturities until 2029 and can refinance its term loan at any time without penalty [15] - The Nugget Casino has completed its CapEx program for the year, with additional spending planned for elevator upgrades next year [13] Q&A Session Summary Question: Update on licenses in Poland - Management confirmed that some licenses expired but were granted again, with the reopening of the Roslov casino restoring normal operations [19][21] Question: Performance of the Nugget Casino - Management noted that the negative impact on performance was primarily in July, with improvements seen in August and September, continuing into October [25] Question: Canadian assets revenue decline - The decrease was attributed to the Century Downs casino and a competitor's impact, but operational efficiencies led to an increase in EBITDAR [28][29]