With improvements to the gaming floor and the move to a temporary land-based facility, we grew the property to $19 million of EBITDA by 2023. With the transition to the permanent casino and hotel building accomplished in November 2024, Caruthersville is now an almost $25 million EBITDA property, effectively more than doubling EBITDA within the last six years. The success of this property comes from its ability to attract more customers from every direction. We see increases across all age groups, value segm ...

Financial Data and Key Metrics Changes - Full year adjusted EBITDAR increased by 3% year-over-year despite losses from sports betting income in Colorado and licensing disruptions in Poland [2][3] - Fourth quarter net operating revenue was flat, but adjusted EBITDAR was up 13% [3] - Across the entire U.S. portfolio, there was strong play from high-value and core customer segments [3] Business Line Data and Key Metrics Changes - Century Casino & Hotel Caruthersville saw Q4 EBITDAR increase from $4.9 million to $6.1 million, with a full year growth from $19 million to $24.4 million, a 28% increase [5][6] - Century Casino Cape Girardeau experienced a decline in Q4 EBITDAR from $6.8 million to $5.9 million and a decrease for the year from $25.6 million to $24.7 million [8][9] - At Century Casino & Hotel Cripple Creek, Q4 EBITDAR increased from $1.1 million to $1.5 million, but full year EBITDAR decreased from $7.5 million to $6.3 million [10] - Mountaineer in West Virginia saw Q4 EBITDAR increase from $2.6 million to $3 million, with full year EBITDAR rising from $13.1 million to $14.1 million [11][12] - Nugget Casino Resort in Reno Sparks had Q4 EBITDAR increase from $1.1 million to $1.3 million, but full year EBITDAR declined from $9.7 million to $9.1 million [14] Market Data and Key Metrics Changes - In Canada, slot coin-in was up 4%, net operating revenue up 2%, and EBITDAR up 1% to $20.3 million for the year [15] - In Poland, net operating revenue increased by 4% and EBITDAR surged by 245% to $0.9 million in Q4 [16] Company Strategy and Development Direction - The company is focused on harvesting investments made over the last couple of years, expecting higher EBITDAR and cash flow for 2026 and beyond [17][18] - A comprehensive strategic review process is ongoing, which may lead to divestitures, but no final decisions have been made [20] Management's Comments on Operating Environment and Future Outlook - Management noted strong growth trends across the entire portfolio in North America, with double-digit EBITDAR growth expected to continue [19] - The company anticipates benefits from tax cuts in Alberta and decreasing capex, projecting a reduction from $18 million in 2025 to between $14 million and $15 million in 2026 [17][18] Other Important Information - Cash and cash equivalents as of December 31 were $69 million, with total debt outstanding at $338 million [17] - The net debt to EBITDAR ratio remained unchanged at 6.9 times [17] Q&A Session Summary Question: Where are the green shoots seen in retail players? - Management indicated that retail customers are returning across the board, with increases in both casino and hotel performance [26] Question: Historical precedent of higher oil prices benefiting properties? - Management stated that there has been no historical correlation between higher oil prices and increased business [27] Question: Guidance for Q1 and trends for the rest of the year? - Management confirmed double-digit growth at every U.S. property and expressed optimism that trends would continue [31] Question: Impact of weather on revenues and EBITDA in Q4? - Management acknowledged some impact from weather in December but did not quantify it [54] Question: Approach to capital allocation regarding share repurchases and debt pay down? - The focus will be on debt pay down rather than share repurchases, subject to cash flow and operational performance [61]

Financial Data and Key Metrics Changes - Century Casinos reported a 3% year-over-year increase in full-year adjusted EBITDAR for 2025, despite challenges such as the loss of sports betting income in Colorado and licensing disruptions in Poland [2][3] - In Q4 2025, net operating revenue was flat, but adjusted EBITDAR increased by 13%, with double-digit EBITDAR growth at several casinos [3][4] Business Line Data and Key Metrics Changes - Century Casino & Hotel Caruthersville saw Q4 EBITDAR increase from $4.9 million to $6.1 million, and full-year EBITDAR grew from $19 million to $24.4 million, a 28% increase [5][6] - Century Casino Cape Girardeau experienced a decline in both Q4 and full-year EBITDAR, with Q4 EBITDAR decreasing from $6.8 million to $5.9 million and full-year EBITDAR from $25.6 million to $24.7 million [7][9] - In Colorado, Century Casino & Hotel Cripple Creek's Q4 EBITDAR increased from $1.1 million to $1.5 million, while full-year EBITDAR decreased from $7.5 million to $6.3 million [10] - Mountaineer in West Virginia reported Q4 EBITDAR growth from $2.6 million to $3 million, and full-year EBITDAR increased from $13.1 million to $14.1 million [11][12] - Rocky Gap's Q4 EBITDAR declined from $3.2 million to $2.9 million, and full-year EBITDAR decreased from $14 million to $13.2 million [13] - The Nugget Casino Resort in Reno Sparks saw Q4 EBITDAR increase from $1.1 million to $1.3 million, but full-year EBITDAR declined from $9.7 million to $9.1 million [14] Market Data and Key Metrics Changes - In Alberta, Canada, slot coin-in was up 4%, net operating revenue increased by 2%, and EBITDAR rose by 1% to $20.3 million for 2025 [15][16] - In Poland, Q4 net operating revenue increased by 4% and EBITDAR surged by 245% to $0.9 million, following the resolution of licensing issues [17] Company Strategy and Development Direction - The company is focused on leveraging investments made over the past few years to drive higher EBITDAR and cash flow in 2026 and beyond [18][19] - A comprehensive strategic review process is ongoing, which may lead to divestitures, although no final decisions have been made [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trend across the entire portfolio in North America, with double-digit EBITDAR growth expected to continue [20] - The company anticipates benefits from tax cuts in Alberta and a decrease in capital expenditures, projecting a reduction from $18 million in 2025 to between $14 million and $15 million in 2026 [19] Other Important Information - As of December 31, the company had cash and cash equivalents of $69 million and total debt outstanding of $338 million, with a net debt to EBITDAR ratio of 6.9 times [18] Q&A Session Summary Question: Where are the green shoots in retail players being seen? - Management noted that retail customers are returning across the board, with increases in both casino and hotel performance [25][28] Question: How do oil and gas prices affect Canadian properties? - Management indicated that there is no direct correlation between oil prices and business performance, as employee salaries do not adjust immediately with oil price changes [29] Question: Is there double-digit growth expected at U.S. properties? - Management confirmed double-digit growth at every U.S. property and expressed confidence that these trends would continue throughout the year [33][34] Question: What initiatives are in place to drive visitation in Missouri? - Management highlighted that Caruthersville is a model property with high margins, and there is still room for revenue growth through marketing efforts [53][54] Question: What is the approach to capital allocation regarding share repurchases and debt pay down? - The focus for 2026 will be on debt pay down rather than share repurchases, with decisions on divestitures expected soon [62][63]