Century Casinos(US:CNTY)2025-05-09 21:40Financial Performance - Net operating revenue for Q1 2025 was $130.4 million, a decrease of 4% compared to $136.0 million in Q1 2024[6]. - Earnings from operations decreased by 14% to $7.1 million in Q1 2025 from $8.3 million in Q1 2024[6]. - Net loss attributable to Century Casinos, Inc. shareholders was $20.6 million, a 52% increase from a loss of $13.5 million in Q1 2024, with a basic net loss per share of $0.67[8]. - Adjusted EBITDAR for Q1 2025 was $20.2 million, down 5% from $21.3 million in Q1 2024[8]. - For the three months ended March 31, 2025, Century Casinos reported a net loss attributable to shareholders of $20,613,000, compared to a net loss of $13,544,000 for the same period in 2024, representing a 52% increase in losses year-over-year[20]. - Adjusted EBITDAR for Q1 2025 was $20,155,000, a decrease from $21,250,000 in Q1 2024, indicating a decline of approximately 5%[21]. - Consolidated net operating revenue for Q1 2025 was $130,443,000, down from $136,017,000 in Q1 2024, reflecting a decrease of about 4%[22]. - The net earnings (loss) margin for the consolidated segment in Q1 2025 was -16%, compared to -10% in Q1 2024, indicating a worsening margin situation[22]. - Interest expense (income), net for Q1 2025 was $25,657,000, slightly higher than $25,129,000 in Q1 2024, marking an increase of 2%[23]. - The Master Lease cash rent payments increased significantly to $14,327,000 in Q1 2025 from $9,444,000 in Q1 2024, representing a 51% increase[23]. Segment Performance - In the United States segment, net operating revenue was $93,296,000 in Q1 2025, down from $96,034,000 in Q1 2024, a decrease of approximately 3%[22]. - The Canada segment reported a net operating revenue of $16,516,000 in Q1 2025, down from $18,321,000 in Q1 2024, reflecting a decline of about 10%[22]. - The Poland segment's net operating revenue decreased to $20,631,000 in Q1 2025 from $21,649,000 in Q1 2024, a decline of approximately 5%[22]. Operational Developments - The Company maintained an Adjusted EBITDAR margin from Q1 2024 despite adverse weather impacts and operational challenges[2]. - The new Caruthersville casino, opened in November 2024, showed initial success contributing positively to operations[2]. - Century Casinos continues to explore new projects and opportunities, including the reopening of casinos in Poland and the development of the Caruthersville land-based casino and hotel[32]. Future Outlook - The Company expects capital expenditures to decrease for the remainder of 2025, anticipating improved cash generation[2]. - The Company was awarded a second casino license in Wroclaw, Poland, expected to open in Q4 2025[4]. - The consolidated first lien net leverage ratio exceeded 5.50 to 1.00 as of March 31, 2025, but no outstanding revolving loans were reported[14]. - As of March 31, 2025, the Company had $84.7 million in cash and cash equivalents, down from $98.8 million at the end of 2024[14].