Century Casinos(US:CNTY)2025-11-10 21:20Financial Performance - Net operating revenue for Q3 2025 was $153.7 million, a decrease of 1% compared to $155.7 million in Q3 2024[8] - Earnings from operations decreased by 4% to $17.1 million in Q3 2025 from $17.9 million in Q3 2024[8] - Net loss attributable to Century Casinos, Inc. shareholders was $10.5 million, a 30% increase in loss compared to $8.1 million in Q3 2024[8] - Adjusted EBITDAR for Q3 2025 was $31.1 million, down 6% from $32.9 million in Q3 2024[8] - For the three months ended September 30, 2025, net operating revenue was $153,724,000, a decrease of 1% from $155,701,000 in the same period of 2024[21] - Total operating costs and expenses for the same period were $136,598,000, down from $137,783,000, resulting in earnings from operations of $17,126,000[21] - The net loss attributable to Century Casinos, Inc. shareholders for the three months ended September 30, 2025, was $10,548,000, compared to a net loss of $8,119,000 in the prior year[21] - The basic and diluted net loss per share attributable to Century Casinos, Inc. shareholders was $(0.35) for the three months ended September 30, 2025, compared to $(0.26) in 2024[21] - The company reported a net loss before income taxes of $8,972,000 for the three months ended September 30, 2025, compared to a loss of $7,059,000 in 2024[21] - For the nine months ended September 30, 2025, the net loss attributable to Century Casinos, Inc. shareholders was $43,470,000, an improvement from a loss of $63,276,000 in the same period of 2024[21] Revenue by Segment - The United States segment reported a 2% decrease in net operating revenue to $115.0 million for Q3 2025[11] - Poland's net operating revenue decreased by 1% to $18.1 million in Q3 2025, while Canada saw a 2% increase to $20.6 million[11] - Net operating revenue for the United States segment was $314,396,000 for the nine months ended September 30, 2024, with a net earnings margin of (8%) and an adjusted EBITDAR margin of 23%[31] - The Canada segment reported net operating revenue of $57,109,000 for the nine months ended September 30, 2024, with a net earnings margin of 2%[31] - Poland segment's net operating revenue was $63,479,000 for the nine months ended September 30, 2024, with a net earnings margin of (2%)[31] Cash and Debt Position - As of September 30, 2025, the company had $77.7 million in cash and cash equivalents, down from $98.8 million at December 31, 2024[17] - Outstanding debt as of September 30, 2025, was $338.7 million, with a Consolidated First Lien Net Leverage Ratio exceeding 5.50 to 1.00[17] - As of September 30, 2025, total assets were $1,158,904,000, a decrease from $1,199,839,000 as of December 31, 2024[22] - Current liabilities decreased to $75,995,000 from $86,044,000, while non-current liabilities increased to $1,070,553,000 from $1,057,222,000[22] Strategic Initiatives - The company expects to open a new casino in Wroclaw, Poland in January 2026, which is anticipated to improve results in the region[5] - The company has partnered with BetMGM for online and mobile sports betting in Missouri, expected to launch on December 1, 2025[4] - Century Casinos is pursuing strategic initiatives including the commencement of sports betting in Missouri and the opening of new casinos in Poland[41] - The company continues to explore market expansion opportunities and other projects in various stages of development[39] Adjusted EBITDAR - Adjusted EBITDAR for the three months ended September 30, 2025, was $31,064,000, compared to $32,902,000 in the same period of 2024[24] - Adjusted EBITDAR for the nine months ended September 30, 2024, was $81,598,000, with a margin of 19%[31] Other Financial Metrics - Cash rent payments for the Master Lease totaled $43,174,000 for the nine months ended September 30, 2025, compared to $37,829,000 in the previous period[31] - Interest expense (income), net for the nine months ended September 30, 2024, was $77,607,000, compared to $75,316,000 in the previous period[31] - The company reported a non-cash stock-based compensation of $566,000 for the nine months ended September 30, 2024[29] Reporting and Compliance - The company plans to post its quarterly report on Form 10-Q for the quarter ended September 30, 2025, within the next five calendar days[18]