Century Casinos(US:CNTY)2025-05-09 21:35Financial 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]