Century Casinos(CNTY) - 2024 Q4 - Annual Results

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].