Financial Data and Key Metrics Changes - Net operating revenue for Q3 2025 was $154 million, with a notable increase driven by strength in the East and Midwest regions, as well as in Canada, despite weaknesses in the West region and Poland [3] - Adjusted for one-time effects, Q3 EBITDA would have increased by about 5%, surpassing consensus estimates [4] - Cash and cash equivalents at the end of the quarter were $78 million, down from $85 million at the end of Q2 [14] Business Line Data and Key Metrics Changes - In Missouri, Century Casinos Hotel Carruthersville saw gaming revenue grow by 29% year-over-year, with EBITDA increasing 35% to $6.1 million [6] - At Century Casinos Hotel Cape Girardeau, EBITDA was $6.1 million, slightly below last year's record quarter [7] - In Colorado, Cripple Creek's EBITDA was flat year-over-year at $1.8 million, while Century City reported a 20% increase in EBITDA on a comparable basis [8][9] Market Data and Key Metrics Changes - In Alberta, slot coining was up 5.8%, total revenue increased by 1.6%, and EBITDA rose by 11.1% to $5.4 million [11] - Poland faced challenges with the closure of the Warsaw Hilton Casino, contributing negatively to EBITDA [12] Company Strategy and Development Direction - The company is committed to divesting its Poland operations and will provide updates on the divestment process [5] - A strategic review process is ongoing, with no decisions made yet regarding potential transactions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in business prospects, noting a clear path forward to higher EBITDA and cash flow for 2026 and beyond [15] - Preliminary results for October showed EBITDA up over 20% compared to last year, indicating positive customer trends [16] Other Important Information - The company experienced a filing delay due to an error in impairment testing for goodwill, requiring restatement of previous financials [13] - Total principal amount of debt outstanding was $339 million, with a net debt-to-EBITDA ratio of 6.9 times [14] Q&A Session Summary Question: What is driving the growth in the Canada portfolio? - Management noted that the growth is driven by motivated management and improvements in properties, particularly the facade upgrade in St. Albert [19] Question: What is the timing for the group and convention business to normalize? - Management indicated that improvements are expected to be seen in 2026, with a focus on both casino and retail segments [21][25] Question: How is the company thinking about share buybacks versus paying down debt? - The company is currently analyzing the balance between stock buybacks and debt repayment, with no decisions made yet [31] Question: What are the expectations for the Nugget's convention business? - Management acknowledged that the weakness in July and September was due to fewer events compared to the previous year [38] Question: What initiatives are in place to improve retail customer engagement? - Management suggested that insecurity around tariffs may have impacted lower-end customers, but they remain optimistic about improving consumer sentiment [45]

Financial Data and Key Metrics Changes - In Q3, total revenue was $575 million, and adjusted EBITDA was $74 million, both representing highs for the year but lower than initial expectations [12][21] - Adjusted diluted loss per share was $0.08 for the quarter, excluding unusual items totaling $12 million pre-tax [13] - Adjusted free cash flow for the quarter was $6 million, which was $20 million above Q2 [14] Business Line Data and Key Metrics Changes - Clean Earth revenue grew 6% year-over-year to $250 million, with adjusted EBITDA reaching $43 million and a margin of 17.3% [17] - Harsco Environmental segment revenues totaled $261 million, with adjusted EBITDA of $44 million, impacted by divestitures and site closures [16] - Harsco Rail revenues were $64 million, with an adjusted EBITDA loss of $4 million, reflecting lower equipment volumes and higher manufacturing costs [18] Market Data and Key Metrics Changes - Steel production at customer locations rose modestly, with higher output in the U.S., India, and the Middle East, offset by lower production in Canada and Brazil [16] - Customer utilization rates in Europe remained below 70%, indicating room for improvement across the service portfolio [17] Company Strategy and Development Direction - The company is undergoing a strategic review to unlock value in its business portfolio, particularly focusing on the Clean Earth business [5][6] - A potential simultaneous sale of Clean Earth along with a taxable spin of Harsco Environmental and Rail businesses is being considered to minimize tax leakage for shareholders [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting strong performance from Clean Earth in Q4 and a better year for Harsco Environmental in 2026 [9][11] - The outlook for Harsco Rail has been lowered due to demand weakness, but management is confident in the earnings and cash flow potential of the company [11] Other Important Information - The company amended its credit agreement to allow for potential transactions involving Clean Earth, providing additional flexibility in financial covenants [15] - The midpoint of EBITDA guidance was reduced by $27 million, primarily driven by rail, with free cash flow guidance reduced by $50 million [20] Q&A Session Summary Question: Update on the strategic review process - Management indicated strong interest in the Clean Earth business and is optimistic about unlocking its value before year-end [24] Question: Clarification on the $27 million EBITDA guidance drop - The majority of the drop is attributed to rail, with adjustments made to de-risk the outlook based on current order visibility [26] Question: Performance of Clean Earth and soil business - Management noted that while hazardous waste is expected to see a 15% EBITDA increase, the soil and dredge business is facing timing issues with project starts [28][29] Question: Sustainability of industry multiples - Management expressed confidence that the multiples expected from precedent transactions would be consistent with current market conditions [34] Question: Current run rate for baseline rail business - The baseline EBITDA for the rail business is currently in the $30 million range, lower than the historical $35 million-$40 million due to demand drop [36]

Financial Performance & Strategic Review - Century Casinos' Q2 2025 net operating revenue reached $15081 million[122] - Adjusted EBITDAR for Q2 2025 was $3030 million[122] - The company initiated a strategic review process to explore options for enhancing shareholder value, including potential asset sales, partnerships, or a company sale[108] Regional Market Overview - US regional Gross Gaming Revenue (GGR) has shown stable growth since 2001[20] - Missouri's gaming revenue was approximately $19 billion in 2024, with over 9% growth since 2019[63] - West Virginia's gaming market experienced 43% growth from 2019 to 2024[39] Capital Expenditures & Debt - Total growth capital expenditures are estimated at $385 million, excluding VICI funding[101] - Regular maintenance capital expenditures are projected at $68 million spent and $81 million remaining for 2025[101] - The company's total principal debt as of June 30, 2025, was $3381 million[99] - Net debt leverage was 62x, with expectations to trend towards 47-60x by the end of 2025[96]

Core Viewpoint - Ascot Resources Ltd. has decided to place the Premier Gold Project on care and maintenance due to unsuccessful negotiations with its mining contractor and delays in mobilizing a mining fleet, impacting the timeline for restarting operations [3][4]. Company Update - Ascot has been in negotiations with Procon Mining regarding proposed price increases for mining services, but these discussions have not yielded a satisfactory cost structure [2][3]. - The delays in mobilizing a mining fleet to the Big Missouri deposit, a critical component of the restart plan, have led to the decision to pause operations at the Premier Gold Project [3][4]. - The management team is assessing strategic alternatives to advance the project towards sustainable production, with a Special Committee appointed to lead this review process [5]. Operational Challenges - The new management team has made progress in the past five months, but operational challenges have arisen that require time and capital to address [5]. - The mill is now expected to remain non-operational beyond the previously planned early August timeline due to these challenges [3][4]. Strategic Review - The Special Committee has retained financial advisors to explore various strategic alternatives, although there is no assurance that this process will lead to a transaction [5].

Core Viewpoint - AYR Wellness Inc. has delayed the filing of its interim financial statements for the period ended March 31, 2025, primarily due to ongoing negotiations with creditors and assessment of debt obligations [1][2] Group 1: Financial Filings and Delays - The interim financial statements, management's discussion and analysis, and related CEO and CFO certificates were not filed by the anticipated date of June 13, 2025 [1] - The delay is attributed to negotiations with creditors and the evaluation of accounting classifications of certain debt obligations [2] - AYR is working to complete the interim filings as soon as possible and will provide an update on the timing by June 27, 2025 [4] Group 2: Regulatory Actions - The Ontario Securities Commission has issued a failure-to-file cease-trade order (FFCTO), prohibiting all trading in AYR's securities in Canada [3] - The FFCTO will remain in effect until AYR completes and files the interim filings and meets all Canadian Securities Exchange requirements [3] Group 3: Company Operations - Despite the FFCTO, AYR does not expect any impact on its ability to operate in the ordinary course [4] - AYR Wellness operates as a vertically integrated U.S. multi-state cannabis business with over 90 licensed dispensaries [6]

Core Viewpoint - AYR Wellness Inc. is unable to meet the May 30, 2025 deadline for filing its interim financial report due to ongoing negotiations regarding its debt obligations and has applied for a cease-trade order [1][3][4] Group 1: Financial Reporting and Compliance - AYR Wellness Inc. announced it will not meet the Filing Deadline for its interim financial report for the period ended March 31, 2025, as required under Canadian securities laws [1] - The Ontario Securities Commission (OSC) will issue a failure-to-file cease-trade order (CTO) instead of a management cease trade order (MCTO), which will prohibit trading in AYR's securities across all Canadian jurisdictions until the interim filings are completed [4] Group 2: Strategic Review and Debt Negotiations - The company is undergoing a strategic review process due to upcoming payment obligations to creditors and has retained Moelis & Company LLC as its exclusive investment banker to explore capital structure alternatives [2] - AYR is negotiating with a committee representing over 50% of its outstanding senior secured notes due December 10, 2026, as part of its broader strategic review [2] Group 3: Operational Impact and Future Expectations - The company does not expect the CTO to impact its ability to operate normally and anticipates completing and filing the interim financial report by June 13, 2025 [5] - AYR will provide an update on the anticipated timing for filing the documents if not completed by the expected date [5] Group 4: Company Overview - AYR Wellness Inc. is a leading vertically integrated U.S. multi-state cannabis operator with over 90 licensed dispensaries and a commitment to delivering high-quality cannabis products [7]

Core Viewpoint - Keros Therapeutics emphasizes the importance of its board in overseeing the strategic review process and urges stockholders to support its director nominees to maximize company value amid challenges posed by ADAR1's campaign [1][2][3]. Company Overview - Keros Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel therapeutics targeting disorders linked to dysfunctional signaling of the TGF-ß protein family [10][11]. - The company is advancing several product candidates, including cibotercept for pulmonary arterial hypertension, KER-065 for neuromuscular diseases, and elritercept for cytopenias [10][11]. Board Composition and Strategy - The Keros Board consists of nine independent directors, including four stockholder representatives, bringing diverse expertise in biotechnology, drug development, and capital allocation [7]. - The board is currently engaged in a strategic alternatives review process, which is seen as a constructive step to address shareholder concerns and maximize value [3][8]. Proxy Advisory Firm Recommendations - Glass Lewis & Co. has recommended that Keros stockholders vote "FOR" all three of the company's director nominees, recognizing their qualifications and the board's efforts to enhance stockholder value [1][3]. - The board's decision to retain flexibility through a formal strategic review is viewed as a reasonable approach, contrasting with ADAR1's aggressive campaign [3][5]. Response to ADAR1's Campaign - Keros has responded to claims made by ADAR1, stating that the recent share price decline is primarily due to clinical development risks rather than board mismanagement [3][4]. - The company argues that ADAR1 has not provided compelling evidence against the board members and that the board's actions have been in the best interests of all stockholders [3][6].