Q3 2024 Century Casinos Inc Earnings Call Transcript
Key Points
- Century Casinos Inc (CNTY) reported a consolidated EBITDAR margin increase from 20.6% to 21.1%, indicating improved operational efficiency.
- The reopening of a key casino in Poland is expected to restore the region to a normal EBITDAR run rate of $10 million to $12 million annually.
- The new land-based casino and hotel in Carville, Missouri, opened with a record-setting weekend, showing strong initial performance and potential for future growth.
- The Nugget Casino Resort in Reno showed significant sequential growth, with revenue up 40% and EBITDAR doubling compared to Q2.
- The company has a strong liquidity position with $119 million in cash and no debt maturities until 2029, providing financial stability and flexibility.
- Net revenue decreased by 3% compared to Q3 of last year, primarily due to the temporary closure of a casino in Poland.
- Non-rated play was down across the portfolio, attributed to macroeconomic factors and consumer wallet softness.
- The Midwest segment experienced a 5% decline in EBITDAR, impacted by disruptions from the development of the new facility in Carville.
- The Nugget Casino Resort faced a decline in hotel and F&B revenue due to fewer group room nights, affecting overall performance.
- The Canadian segment saw a decrease in net operating revenue, particularly at the Century Downs casino, due to increased competition and the absence of a large event.
Good day, everyone and welcome to today's Century Casinos Q3 2024 earnings call.
(Operator Instructions) Please note this call is being recorded and I will be standing by if you should need assistance.
It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead, sir.
Good morning, everyone and thank you for joining our earnings call. We would like to remind you that we will be discussing forward-looking information which involves risks and uncertainties that may cause actual results to differ from our forward-looking statements, 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 throughout the call.
We refer to several non-GAAP financial measures including but not limited to adjusted EBITDAR
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