Financial Performance - Sales decreased to $824 million in Q2 2025, a 16% decrease compared to $986 million in Q2 2024[17] - Adjusted EBITDA decreased by 54% to $39 million in Q2 2025, compared to $85 million in Q2 2024[19] - Adjusted EBITDA margin decreased by 390 bps to 4.7% in Q2 2025, compared to 8.6% in Q2 2024[19] - Core revenue decreased by 13% due to lower volume/mix[20, 22] - Free Cash Flow is ~($150M)[35] Segment Results - North America net revenue decreased to $556 million in Q2 2025 from $711 million in Q2 2024, with an Adjusted EBITDA of $35 million and a margin of 6.3%[28] - Europe net revenue decreased to $268 million in Q2 2025 from $275 million in Q2 2024, with an Adjusted EBITDA of $17 million and a margin of 6.4%[28] - North America volume/mix down (16%)[29] - Europe volume/mix down (10%)[29] Outlook and Guidance - Net revenue is projected to be between $3.2 billion and $3.4 billion[34] - Core revenue is expected to be down 4% to 9%[34] - Adjusted EBITDA is projected to be between $170 million and $200 million[34] Balance Sheet - Total debt is $1,179 million as of June 28, 2025[47] - Cash is $134 million as of June 28, 2025[47] - Net debt leverage is 5.7x[47]

Financial Performance & Growth Strategy - The company's North American property footprint includes 11 properties with 7,104 slot machines and 142 table games as of December 31, 2023 [11, 14] - The company targets revenue of $635 million in 2024, a 10% increase, and $700 million in 2025 [35] - The company projects Adjusted EBITDAR of $134 million in 2024 and $168 million in 2025 [35] - The company anticipates net cash generation of -$31 million in 2024 and $30 million in 2025 [35] Missouri Casino Operations - In 2023, Cape Girardeau and Caruthersville generated $111.673 thousand in Net Operating Revenue, an 18.4% increase compared to $94.309 thousand in 2019 [50] - In 2023, Cape Girardeau and Caruthersville generated $45.745 thousand in Adjusted EBITDAR, a 45.3% increase compared to $31.475 thousand in 2019 [50] - The Adjusted EBITDAR margin for Cape Girardeau and Caruthersville was 41.0% in 2023, compared to 33.4% in 2019 [50] Strategic Initiatives & Capital Projects - The company is undertaking various capital projects with an estimated total capex requirement of $18 million - $22 million, projected to yield an Adjusted EBITDAR impact of $10 million - $15 million [31] - The Caruthersville land-based casino and hotel project is expected to increase GGR by a projected 22% [101, 102] - The Riverview hotel project is projected to generate $10 million - $12 million in annualized incremental revenue and $3 million - $5 million in annualized incremental Adjusted EBITDAR [82, 83]

Financial Performance & Leverage - Q1 2025 net operating revenue was $13044 million[97], compared to $13602 million in Q1 2024[97] - Q1 2025 Adjusted EBITDAR was $2016 million[120], compared to $2125 million in Q1 2024[120] - The company anticipates net debt leverage to trend towards 47-60x by the end of 2025[100] - The company's lease adjusted net leverage is expected to trend towards 66-72x by the end of 2025[102] Regional Operations - US operations contributed 79% of the company's revenue in Q1 2025[99] - Canada accounted for 13% of the company's revenue in Q1 2025[97] - Poland represented 16% of the company's revenue in Q1 2025[97] - West Virginia's gaming market has grown 43% from 2019 to 2024[38] - Missouri's gaming revenue was approximately $19 billion in 2024, growing over 9% since 2019[68] Capital Expenditures & Projects - The Caruthersville project, financed by VICI, cost approximately $519 million, with rent increasing by approximately $42 million (8%) per year[77] - Total growth capital expenditures are estimated at $389 million (excluding VICI funding), with $17 million spent and $18 million remaining[105]

Financial Performance - Sales increased by 8.7% in Q1 2025 compared to Q1 2024[6] - Specialty sales grew by 10.7% in Q1 2025 compared to Q1 2024[6] - Adjusted EBITDA increased by 18.2% in Q1 2025 compared to Q1 2024[16] - The company repurchased $17.4 million of common stock in 2024[18] - Q1 2025 Free Cash Flow was $37 million, with a FY estimate remaining at $60-100 million[20] Operational Efficiency - Gross Profit per Route increased by 33.5% in LTM Q1 2025 compared to 2019[10] - Adjusted EBITDA per headcount increased by 19% in LTM Q1 2025 compared to 2019[10] - Adjusted Operating Expenses as a percentage of Gross Profit improved by 127 bps in LTM Q1 2025 compared to 2019[10] Digital Transformation - Approximately 58% of specialty location customers are ordering via the digital platform[15] - Unique customers ordering online (specialty) reached 58% in LTM Q1 2025[13] Capital Allocation - The company repaid $20 million on its ABL line in Q1 2025[18] - Net Debt Leverage was 2.4x in Q1 2025[18]