Century Casinos(CNTY) - 2024 Q3 - Quarterly Report

Financial Performance - Gaming revenue for Q3 2024 was $105.45 million, a decrease of$5.78 million or 5.2% compared to Q3 2023[1]. - Net operating revenue for the nine months ended September 30, 2024, increased by $31.7 million or 7.8$438.15 million compared to the same period in 2023[1]. - Hotel revenue for Q3 2024 was $15.35 million, down$0.59 million or 3.7% from Q3 2023, while food and beverage revenue increased by $0.14 million or 0.7$18.63 million[1]. - Net loss attributable to Century Casinos, Inc. shareholders for Q3 2024 was $8.12 million, a decrease of$6.06 million or 42.7% compared to Q3 2023[1]. - The Nugget acquisition contributed $29.2 million in net operating revenue and$0.7 million in net earnings for Q3 2024[190]. - Rocky Gap operations generated $18.7 million in net operating revenue but incurred a net loss of$1.8 million for Q3 2024[191]. - Interest expense increased by $1.7 million for Q3 2024 compared to Q3 2023, primarily due to the addition of Rocky Gap and increased interest rates[192]. - Net operating revenue in the United States increased by$0.3 million or 0.2% for Q3 2024, while Canada saw a decrease of $0.6 million or 3.1$5.1 million[199]. - Earnings from operations increased by $3.5 million, or 23.9$32.9 million, compared to $33.3 million for the same period in 2023[212]. - Net earnings attributable to Century Casinos, Inc. shareholders for the nine months ended September 30, 2024, were$17,026,000, compared to a loss of $40,334,000 in the same period of 2023, representing a significant improvement[216]. - Total long-term debt as of September 30, 2024, was$327,493,000, down from $333,086,000 a year earlier, indicating a reduction in debt levels[219]. - Net Debt increased to$220,850,000 as of September 30, 2024, compared to $158,918,000 in the previous year, reflecting a decrease in cash and cash equivalents[219]. - Gaming revenue for the nine months ended September 30, 2024, was$222,094,000, an increase of 11.0% from $200,089,000 in the same period of 2023[220]. - Adjusted EBITDAR for the nine months ended September 30, 2024, was$88,686,000, compared to $76,086,000 in the previous year, showing a year-over-year increase[216]. Operational Developments - The company reported a project cost of approximately$51.9 million for the new land-based casino in Caruthersville, Missouri, which opened on November 1, 2024[182]. - The company opened a 69-room hotel called The Riverview at its Cape Girardeau location on April 4, 2024, with a project cost of approximately $30.5 million[183]. - The new land-based casino and hotel in Caruthersville opened on November 1, 2024, featuring 599 slot machines and nine live table games, marking a 50$119,101,000, down from $189,243,000 in 2023[274]. - Net cash used in investing activities for the nine months ended September 30, 2024, was$46,258,000 compared to $189,370,000 in 2023, indicating a significant decrease[274]. - Interest income for the nine months ended September 30, 2024, was$2,110,000, a substantial increase of 520.6% from $340,000 in 2023[266]. - Interest expense for the nine months ended September 30, 2024, was$77,426,000, up from $67,439,000 in 2023, marking a 14.8$12.2 million in income tax payments related to the Canada Real Estate Sale[275]. - Cost recovery income of $1.1 million was received by CDR for the nine months ended September 30, 2024, related to infrastructure built during the development of the Century Downs REC project[270]. - As of September 30, 2024, total debt was$327.5 million, with long-term debt at $322.5 million and a current portion of$5.0 million[281]. - Estimated cash payments due under the Master Lease for the remainder of 2024 are $14.2 million, including a CPI increase[283]. - The company had$118.8 million in cash and cash equivalents as of September 30, 2024, down from $171.3 million at the end of 2023[289]. - Planned capital expenditures for the remainder of 2024 include approximately$7.6 million in gaming equipment and renovations[290]. - The company has a shelf registration statement effective for issuing up to $100 million in various securities[291]. - Approximately$68.2 million of the total $118.8 million in cash and cash equivalents is held by foreign subsidiaries and not available for US operations unless repatriated[293]. - The company did not repurchase any common stock during the nine months ended September 30, 2024, leaving$14.7 million remaining under the repurchase program[288].