Q2 2024 Century Casinos Inc Earnings Call Transcript
Key Points
- Century Casinos Inc (CNTY) reported a 7% increase in net revenue for Q2 2024, driven by the addition of Rocky Gap in Maryland and strong performance in Canada.
- Construction at Caruthersville is progressing ahead of schedule, with a soft opening planned for mid-November, promising enhanced gaming options and amenities.
- The company's operations in Alberta, Canada, delivered solid performance, with revenue and EBITDAR growth of 5% and 7%, respectively.
- The newly acquired Rocky Gap Casino Resort in Maryland contributed to a 60% revenue increase in the East segment, with EBITDAR nearly doubling.
- Century Casinos Inc (CNTY) has a strong liquidity position with $123 million in cash and no debt maturities until 2029, providing financial stability and flexibility.
- Adjusted EBITDAR decreased by 6% year-over-year, impacted by construction disruptions and temporary closures in Poland.
- The Nugget Casino Resort in Reno experienced a 23% revenue decline due to renovation disruptions and lower slot and table hold.
- Non-rated play was down 10% across the portfolio, attributed to macroeconomic factors and consumer spending shifts.
- Two casinos in Poland remained closed during the quarter, significantly impacting revenue, although one is expected to reopen in October.
- The company's leverage is elevated due to recent acquisitions and investments, with traditional net leverage at 4.6 times and lease-adjusted net leverage at 6.5 times.
Good day, everyone, and welcome to the Century Casinos Q2 2024 Earnings Call. Please note this meeting is being recorded. (Operator Instructions)
It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead.
Good morning, everyone, and thank you for joining our earnings call. After our prepared remarks, we will open the call for your questions. My co-CEO, Erwin Haitzmann; and our CFO, Margaret Stapleton, will join me for that.
Before we get started, we would like to remind you that we'll be discussing forward-looking information, which involves risks and uncertainties that may cause actual results to differ from our forward-looking statements.
The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. We provide a discussion of the risk factors in our SEC filings and encourage you to review these filings.
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