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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]

Company Overview - The Company has a multi-channel gaming presence with 7,276 slot/electronic gaming machines, 222 gaming tables, and 2,153 hotel rooms across 17 properties in the USA, Canada, and Europe[12] - The Company's management team owns 15% of CNTY and has extensive experience in operating casinos across multiple countries[12] Financial Performance & Leverage - Net Operating Revenue for Q3 2024 was $155.7 million, a decrease of 3% compared to $161.2 million in Q3 2023[35] - Adjusted EBITDAR for Q3 2024 was $32.9 million, a decrease of 1% compared to $33.3 million in Q3 2023[35] - The Company anticipates Debt Leverage to trend towards 40X by the end of 2025[40] - The Company's total principal debt is $339.6 million and net debt is $220.9 million as of September 30, 2024[39] Growth & Expansion - The Company's Caruthersville, MO permanent land-based casino and hotel project was completed in November 2024, funded by VICI[12, 102] - The Caruthersville project cost approximately $51.9 million, funded by VICI, and will increase rent under the Master Lease by approximately $4.2 million (8%) per year[107] - The Company is targeting $602 million in revenue and $111 million in Adjusted EBITDAR for 2024, with goals of $651 million in revenue and $150 million in Adjusted EBITDAR for 2025[110]

Core Insights - Blake L. Sartini, chairman and CEO of Golden Entertainment, Inc., has agreed to acquire the company's operating assets, which includes a sale-leaseback of seven casino real estate assets with VICI Properties Inc. [2][3] - The transaction offers stockholders a fixed exchange ratio of 0.902 shares of VICI common stock and a cash distribution of $2.75 for each share of Golden Entertainment stock held at closing, representing a total consideration value of $30 per share, a 41% premium over the closing price on November 5 [2][3] Company Overview - Golden Entertainment's common stock is currently traded on Nasdaq and the deal will take the company private upon completion [3] - The independent committee of Golden Entertainment's board of directors has evaluated and unanimously approved the transaction, which is expected to close in mid-2026, pending regulatory approvals and majority stockholder approval [3] Legal Representation - The legal representation for the transaction was provided by Greenberg Traurig, LLP, with a team led by Co-Managing Shareholder Michael J. Bonner and other notable shareholders [4][5]

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Core Insights - Wynn Resorts Ltd. reported third-quarter revenue of $1.83 billion, exceeding analyst forecasts of $1.77 billion, representing an 8.3% year-over-year increase [1] - The company missed earnings expectations with adjusted earnings per share of $0.86, below the anticipated $1.17 [1] Revenue Breakdown - Wynn Palace in Macau generated $635.5 million in operating revenue, an increase of $115.7 million from the previous year [2] - Wynn Macau contributed $365.5 million in revenue, up $13.6 million year-over-year [2] - Las Vegas operations in the U.S. delivered $621 million in revenue, reflecting a year-over-year increase of $13.8 million [2] Profitability Metrics - Adjusted Property EBITDAR rose 8% to $570.1 million from $527.7 million in the prior-year quarter, driven by recovery and strong performance in Macau [2]

Financial Data and Key Metrics Changes - Revenues increased to $78 million from $75.7 million in the previous year's third quarter, representing a 5% growth on a comparable basis after excluding $1.5 million from the sold Stockman's [3][4] - Adjusted EBITDA rose 26% to $14.8 million, with potential adjustments bringing it closer to $15.2 million [3][4] - The company reported $40 million in liquidity at the end of the quarter, with minimal capital expenditures until the construction of the permanent American Place casino begins [16] Business Line Data and Key Metrics Changes - American Place in Illinois saw revenues increase by 14% to $32 million, with adjusted property EBITDA rising 16% to $9 million [3][4] - Chamonix in Colorado experienced a revenue increase of over 7%, with adjusted property EBITDA turning positive at $2.1 million from a negative $0.7 million last year [9][10] - Table game revenues at Chamonix surged 53% year-over-year, while slot revenues increased by 6% [9][10] Market Data and Key Metrics Changes - The database for American Place grew to over 115,000 guests, indicating strong customer acquisition [4] - The company noted that 30% of guests at Chamonix came from the Denver area, highlighting a broader market reach than initially anticipated [13][14] Company Strategy and Development Direction - The company aims to achieve $50 million in run-rate EBITDA for the temporary American Place facility and $100 million for the permanent facility [4][5] - The permanent American Place project has seen a budget reduction from $325 million to $302 million, with plans for significant expansions in gaming capacity [5][6] - The company is focusing on operational efficiencies, reducing full-time employees from 373 to 325, a 13% decrease [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of American Place and Chamonix, with expectations for continued revenue increases [3][9] - The management team is optimistic about the potential for the permanent American Place casino, despite potential delays in financing [28][31] - The company is actively exploring various financing options, including REITs and land leases, to support future growth [36][38] Other Important Information - The company is seeing a significant increase in high-frequency guests, with visits up more than 33% year-over-year [10] - Management highlighted the importance of the day trip market from Colorado Springs, which is expected to drive future revenue growth [49][56] Q&A Session Summary Question: What is the expected percentage of Colorado households visiting Cripple Creek? - Management indicated that the current visitation rate is around 15%, with potential to increase to 30%, which could significantly boost revenue [19][20] Question: How does the company plan to improve flow-through on additional revenue? - The focus is on right-sizing payroll and improving operational efficiency while growing revenues, with expectations for profitability improvements [24][26] Question: What is the status of financing for the permanent American Place casino? - Management is in discussions with bondholders and potential investors, emphasizing that there is no strict deadline for opening the permanent facility [28][29] Question: What strategies are in place for table game growth at Chamonix? - The company is introducing new games and enhancing marketing efforts, with expectations for table game revenues to double in the future [77][78] Question: What is the expected EBITDA trajectory for Chamonix? - Management is confident in strong year-over-year growth, with expectations for Chamonix to be comfortably profitable in 2026 [82]

Core Viewpoint - The Ademi Firm is investigating Golden (NASDAQ: GDEN) for potential breaches of fiduciary duty and other legal violations related to its transaction with Blake L. Sartini and affiliates [1]. Group 1: Transaction Details - Golden shareholders will receive 0.902 shares of VICI Properties Inc. common stock and $2.75 in cash for each Golden share held [2]. - The transaction includes the sale of Golden's operating assets to Sartini and seven casino real estate assets to VICI in a sale-leaseback arrangement [2]. - Blake Sartini and affiliated trusts, owning approximately 25% of Golden's voting shares, have signed a voting agreement in support of the deal [2]. Group 2: Governance Concerns - Golden insiders are set to receive substantial benefits as part of change of control arrangements [3]. - The transaction agreement imposes significant penalties on Golden for accepting competing bids, which may limit the board's ability to act in the best interest of all shareholders [3]. - The investigation focuses on whether the Golden board of directors is fulfilling their fiduciary duties to all shareholders [3].

Financial Data and Key Metrics Changes - The Retail segment generated revenues of $1.4 billion with adjusted EBITDAR of $465.8 million, resulting in segment adjusted EBITDAR margins of 32.8% [16] - The Interactive segment reported revenues of $297.7 million, including a tax gross-up of $139.5 million, and an adjusted EBITDA loss of $76.6 million [18] - Total liquidity at the end of 2025 was $1.1 billion, including $660 million in cash and cash equivalents [20] Business Line Data and Key Metrics Changes - The North America iCasino business achieved its highest quarterly gaming revenue to date, improving nearly 40% year over year, driven by record cross-sell from OSB of 62% [8] - The introduction of a standalone app and improved cross-sell from online sports betting led to a 79% increase in iCasino monthly active users (MAUs) during the third quarter [9] - The company expects fourth quarter 2025 revenues for the Retail segment to range from $1.41 billion to $1.43 billion, with adjusted EBITDAR ranging from $455 million to $475 million [18] Market Data and Key Metrics Changes - The company noted stable demand across gaming and non-gaming amenities, particularly in markets not impacted by new supply and increased competitor promotional activity [11] - The new Hollywood Casino in Joliet has seen a 42% increase in its active database since opening, with over 50% of that growth coming from previously inactive customers [12] Company Strategy and Development Direction - The company is shifting its interactive focus to prioritize digital assets in Canada and Hollywood iCasino products, emphasizing cross-sell opportunities across its ecosystem [5] - The transition to the Score Bet brand is expected to optimize the digital business and operate more efficiently, including replacing fixed media spends with performance-based marketing [7] - The company plans to continue investing in growth capital while also focusing on share repurchases and deleveraging [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to compete effectively in the evolving industry landscape, highlighting the importance of an omnichannel strategy [28] - The company aims to achieve breakeven or better in its interactive segment by 2026, with a focus on profitability and operational efficiency [10][96] - Management acknowledged the challenges posed by increased competition and promotional activity but remains optimistic about the company's ability to maintain its market position [41][44] Other Important Information - The company announced an early termination of its exclusive online sports betting marketing agreement with ESPN, ceasing cash payments at the end of 2025 [15] - A total of $38.1 million will be paid to ESPN for marketing services incurred through December 1, with an additional $5 million for traditional media support [15] - The company has repurchased $354 million of shares as of November 5, with a new three-year $750 million share repurchase authorization commencing on January 1, 2026 [21] Q&A Session Summary Question: Can you talk about the near-term and long-term profitability for interactive following the ESPN exit? - Management highlighted that the digital investments aimed to attract younger customers and cross-sell to retail businesses, with a focus on profitability moving forward [32][34][38] Question: How has increased competition and promotional activity impacted operations? - Management noted that while new competition has led to increased marketing costs, properties not impacted by new supply are performing well [41][44] Question: Can you clarify the expected marketing costs post-ESPN? - Management indicated that marketing costs will be significantly lower than those previously paid to ESPN, allowing for more targeted spending in high-return markets [48][49] Question: What are the strategies for customer retention during the rebranding to Score Bet? - Management expressed confidence in retaining customers due to improved user experience and a comprehensive marketing plan, emphasizing that the app experience will remain unchanged [84][90] Question: What is the company's leverage target moving forward? - Management stated that the optimal lease-adjusted leverage level is below five times, with a focus on deleveraging while remaining opportunistic in capital allocation [76][78]