Did you analyze how Century Casinos (CNTY) fared in its international operations for the quarter ending March 2024? Given the widespread global presence of this casino operator, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities. Revenue Projections for Overseas Markets Wall Street analysts expect Century Casinos to report a total revenue of $158.2 million in the current fiscal quarter, which suggests an increase of 15.7% fro ...

Financial Data and Key Metrics Changes - The company reported net revenue of $136 million for Q1 2024, a 25% increase compared to Q1 2023, driven by the addition of the Nugget and Rocky Gap properties, alongside strong Canadian operations [14] - Adjusted EBITDA was $21 million, down 18% year-over-year, with U.S. operations flat and Canada up, while Poland and the Corporate segment saw declines [28] - Traditional net leverage stands at 3.5x, with adjusted net leverage at 4.3x, elevated due to recent acquisitions and investments, expected to decrease to around 2x traditional and 4x adjusted by next year [2] Business Line Data and Key Metrics Changes - In the Canadian segment, revenue grew by 11% and EBITDA increased by 13%, indicating strong performance across all properties [1] - The East segment, including Mountaineer and Rocky Gap, saw a revenue increase of 44% and EBITDA up 23%, despite challenges from weather in January [31] - The Midwest segment's revenue was flat year-over-year, with EBITDA down 9%, attributed to weather and construction disruptions [16] Market Data and Key Metrics Changes - In Cripple Creek, the company outperformed the market, with April showing double-digit growth despite increased competition from a new property [10] - The Nugget in Reno-Sparks experienced mixed results, with average spend per trip up 4% but trips down 8%, indicating a shift in customer behavior [19] - In Poland, three casinos were closed for part of the quarter, significantly impacting revenues, but two have since reopened, with expectations of returning to normal levels quickly [46] Company Strategy and Development Direction - The company is focused on generating cash to deleverage and plans to opportunistically buy back stock later this year and next [6] - Ongoing upgrades to properties and facilities are aimed at attracting higher-value customers and enhancing competitiveness [4][51] - The company anticipates a significant increase in free cash flow as it nears the end of its elevated CapEx cycle, with expectations of reaching approximately $700 million in revenue with a 24% EBITDA margin by 2025 [35][52] Management's Comments on Operating Environment and Future Outlook - Management noted that January's performance was heavily impacted by severe winter weather, but February and March showed normal gaming volumes and improved operating margins [29][56] - The company remains optimistic about the second half of the year, expecting to see improvements in performance as all properties will be operational and construction disruptions will cease [36] - There is a cautious outlook regarding the retail customer segment, which remains economically sensitive, but core customers are showing strength [34] Other Important Information - The company has $137 million in cash and cash equivalents and $342 million in outstanding debt, with no debt maturities until 2029 [47][49] - The CapEx program is nearing completion, with expectations of generating a 25%+ EBITDA return from completed projects [50] - The new permanent land-based facility in Caruthersville is expected to enhance operational efficiencies and customer convenience [11] Q&A Session Summary Question: Regarding the performance of the Rocky Gap property - Management acknowledged integration challenges and noted that regional peers also experienced weakness, but they are optimistic about future performance as integration issues are resolved [40][42] Question: Changes in promotional strategy due to consumer behavior - Management indicated that they are analyzing previous strategies and testing new marketing approaches to optimize customer engagement [44] Question: Performance in Poland and expected revenue recovery - Management expressed confidence in returning to normal EBITDA levels of $11 million to $12 million as properties reopen and customer traffic increases [46][73]

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------|-------------------------------------------------------|-------|------------------|----------------| | Amounts in thousands, except per share data Consolidated Results: \nNet Operating Revenue | $ | For the three months ended March 31, 2024 \n136,017 | $ | 2023 \n108,508 | % Change \n25% | | Earnings from Operations | | 8,287 | | 18,400 | (55%) | | Net Lo ...

The Master Lease provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has a term of 15 years with no purchase option. At the Company's option, the Master Lease may be extended for up to four five year renewal terms beyond the 15 year term. The Company exercised one five year renewal option when the Master Lease was amended on December 1, ...

Century Casinos, Inc. (CNTY) recently announced the opening of its hotel in Cape Girardeau, MO, The Riverview. Connected with Century Casino Cape Girardeau, the six-story building housing 69 rooms, covers approximately 68,000 square feet. The construction amounted to $30.5 million.The company also emphasized the construction of a new land-based casino with a 38-room hotel in Caruthersville, MO. Estimated at a project cost of $51.9 million, the development promises significant enhancements in gaming capacity ...

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Century Casinos, Inc. (CNTY) posted mixed fourth-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year while the bottom line fell from the prior-year quarter’s figure.During the quarter, the company reported unanticipated licensing delays in Poland, resulting in the temporary closure of three casinos and subsequently impacting earnings from operations in that region. Despite the setbacks, an optimistic outlook was convey ...

Century Casinos, Inc. (NASDAQ:CNTY) Q4 2023 Earnings Call Transcript March 14, 2024 10:00 AM ET Company Participants Peter Hoetzinger - Co-CEO & President Erwin Haitzmann - Co-CEO Margaret Stapleton - CFO Conference Call Participants Jeff Stantial - Stifel Eric Ross - Citizens JMP Securities Operator Good day, everyone, and welcome to today's Century Casino's Q4 2023 Earnings Call. At this time all participants are in a listen only mode. [Operator Instructions] Please note that this call is being recorded. ...

Century Casinos (CNTY) came out with a quarterly loss of $0.36 per share versus the Zacks Consensus Estimate of a loss of $0.35. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.86%. A quarter ago, it was expected that this casino operator would post earnings of $0.15 per share when it actually produced a loss of $0.47, delivering a surprise of -413.33%.Over the last four quarters, the company ...

We have a fair price business combination provision in our certificate of incorporation, which requires approval of certain business combinations and other transactions by holders of 80% of our outstanding shares of voting stock. In addition, our certificate of incorporation allows our board of directors to issue shares of preferred stock without stockholder approval. These provisions generally have the effect of requiring that any party seeking to acquire us negotiate with our board of directors in order t ...