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]