Century Casinos(CNTY) - 2024 Q3 - Quarterly Results

Financial Performance - Net operating revenue for Q3 2024 was $155.7 million, a decrease of 3% compared to Q3 2023[2] - Earnings from operations increased by 24% to $17.9 million in Q3 2024 compared to Q3 2023[2] - Net loss attributable to Century Casinos, Inc. shareholders decreased by 43% to ($8.1) million, with a basic net loss per share of ($0.26) in Q3 2024[2] - Adjusted EBITDAR for Q3 2024 was $32.9 million, a decrease of 1% from Q3 2023[2] - Net operating revenue for Q3 2024 was $155.7 million, a decrease of 3.0% from $161.2 million in Q3 2023[15] - Total operating costs and expenses decreased to $137.8 million in Q3 2024, down 6.1% from $146.7 million in Q3 2023[15] - Net loss attributable to Century Casinos, Inc. shareholders for Q3 2024 was $8.1 million, an improvement from a net loss of $14.2 million in Q3 2023[15] - Adjusted EBITDAR for Q3 2024 was $29.2 million, compared to $33.3 million in Q3 2023, reflecting a decrease of 11.5%[19] - Net loss per share attributable to Century Casinos, Inc. shareholders for Q3 2024 was $(0.26), an improvement from $(0.47) in Q3 2023[15] - For the nine months ended September 30, 2024, net loss attributable to Century Casinos, Inc. shareholders was $63.3 million, compared to a loss of $17.4 million for the same period in 2023[23] Assets and Liabilities - Cash and cash equivalents decreased to $118.8 million as of September 30, 2024, down from $171.3 million at the end of 2023[11] - Outstanding debt as of September 30, 2024, was $339.6 million, a decrease from $346.8 million at the end of 2023[11] - Total assets as of September 30, 2024, were $1.3 billion, down from $1.4 billion as of December 31, 2023[16] - Current liabilities decreased to $86.8 million as of September 30, 2024, from $93.6 million at the end of 2023[16] Segment Performance - The United States segment reported net operating revenue of $117.1 million for Q3 2024, a slight increase from $116.9 million in Q3 2023[7] - Canada segment reported net operating revenue of $20,921 thousand for the three months ended September 30, 2023, with a net earnings margin of (8%) and an adjusted EBITDAR margin of 23%[26] - Poland segment's net operating revenue for the three months ended September 30, 2023, was $23,397 thousand, with a net earnings margin of 3%[26] Future Plans and Developments - The new land-based casino and hotel in Caruthersville, Missouri opened on November 1, 2024, costing approximately $51.9 million and increasing gaming positions by 50%[4] - The Wroclaw casino in Poland reopened on October 24, 2024, which is expected to reduce disruptions in the Poland segment[3] - Century Casinos, Inc. plans to continue focusing on market expansion and new product development to drive future growth[19] - Century Casinos is focused on the licensing and reopening of its casinos in Poland, with expectations for growth in this segment moving forward[39] - Century Casinos is preparing for future results and expectations for 2024 and 2025, indicating a long-term growth strategy[39] Expenses and Financial Obligations - The Company recorded a valuation allowance on net deferred tax assets resulting in a tax expense of $23.8 million during Q2 2024[9] - Interest expense related to credit agreements for the nine months ended September 30, 2023, was $29,601 thousand, compared to $29,054 thousand in the same period of 2022[27] - Cash rent payments for the three months ended September 30, 2024, were $13,190 thousand, an increase from $11,923 thousand in the same period of 2023[29] - The company has obligations under the Goldman Credit Agreement and its Master Lease, impacting its financial strategy and debt repayment plans[39] Shareholder Information - The company reported a total of 30.7 million weighted average common shares for both basic and diluted calculations in Q3 2024[15] - Net earnings attributable to Century Casinos, Inc. shareholders for the nine months ended September 30, 2023, were $(17,377) thousand, with a significant interest expense of $67,099 thousand[24] - Adjusted EBITDAR for the nine months ended September 30, 2023, was $88,686 thousand, with a margin of 19%[26]