Latest news with #PeterHoetzinger
Yahoo
21 hours ago
- Business
- Yahoo
Century Casinos, Inc. (CNTY): A Bull Case Theory
We came across a bullish thesis on Century Casinos, Inc. (CNTY) on The Hermit's Substack. In this article, we will summarize the bulls' thesis on CNTY. Century Casinos, Inc. (CNTY)'s share was trading at $1.99 as of 29th May. CNTY's trailing and forward P/E were 17.08 and 19.16, respectively, according to Yahoo Finance. Copyright: sainaniritu / 123RF Stock Photo Century Casinos' long-established operations in Colorado offer a clear window into the company's disciplined and founder-led approach to asset management. On a recent site tour through the western and midwestern U.S., including stops in Nevada, Arizona, New Mexico, Colorado, and Nebraska, the focus centered on Century's legacy properties in Cripple Creek and Central City—its first acquisitions dating back to 1996 and 2006, respectively. These casinos, with nearly three decades of operational continuity, reflect the founding vision of Erwin Haitzmann and Peter Hoetzinger and serve as operating templates for Century's broader portfolio. Unlike newer properties that prioritize revenue growth, the Colorado locations are highly optimized for cost control, acting more as dependable cash flow generators than aggressive growth engines. This disciplined structure enables Century to fuel expansion in other markets, such as their recent acquisition in Sparks–Reno, Nevada. Vice President Ahmad Ahmad expressed optimism for the region, noting that while the properties are smaller in scale, they punch above their weight in profitability. The site visit involved in-depth conversations with local staff and patrons, offering a qualitative perspective on service standards, food and beverage quality, and hotel experience. Special attention was paid to room cleanliness and hospitality, with a hospitality-savvy associate applying a thorough checklist to assess guest accommodations. The hands-on, grassroots evaluation provided more than just operational insights—it highlighted how culture and team partnerships enhance the investment process. Overall, Century's Colorado properties underscore a strategic foundation of fiscal prudence, reliable cash flow, and executional consistency that support its broader expansion story. Century Casinos, Inc. (CNTY) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held CNTY at the end of the first quarter which was 10 in the previous quarter. While we acknowledge the potential of CNTY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Century Casinos, Inc. (CNTY): A Bull Case Theory
We came across a bullish thesis on Century Casinos, Inc. (CNTY) on The Hermit's Substack. In this article, we will summarize the bulls' thesis on CNTY. Century Casinos, Inc. (CNTY)'s share was trading at $1.99 as of 29th May. CNTY's trailing and forward P/E were 17.08 and 19.16, respectively, according to Yahoo Finance. Copyright: sainaniritu / 123RF Stock Photo Century Casinos' long-established operations in Colorado offer a clear window into the company's disciplined and founder-led approach to asset management. On a recent site tour through the western and midwestern U.S., including stops in Nevada, Arizona, New Mexico, Colorado, and Nebraska, the focus centered on Century's legacy properties in Cripple Creek and Central City—its first acquisitions dating back to 1996 and 2006, respectively. These casinos, with nearly three decades of operational continuity, reflect the founding vision of Erwin Haitzmann and Peter Hoetzinger and serve as operating templates for Century's broader portfolio. Unlike newer properties that prioritize revenue growth, the Colorado locations are highly optimized for cost control, acting more as dependable cash flow generators than aggressive growth engines. This disciplined structure enables Century to fuel expansion in other markets, such as their recent acquisition in Sparks–Reno, Nevada. Vice President Ahmad Ahmad expressed optimism for the region, noting that while the properties are smaller in scale, they punch above their weight in profitability. The site visit involved in-depth conversations with local staff and patrons, offering a qualitative perspective on service standards, food and beverage quality, and hotel experience. Special attention was paid to room cleanliness and hospitality, with a hospitality-savvy associate applying a thorough checklist to assess guest accommodations. The hands-on, grassroots evaluation provided more than just operational insights—it highlighted how culture and team partnerships enhance the investment process. Overall, Century's Colorado properties underscore a strategic foundation of fiscal prudence, reliable cash flow, and executional consistency that support its broader expansion story. Century Casinos, Inc. (CNTY) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held CNTY at the end of the first quarter which was 10 in the previous quarter. While we acknowledge the potential of CNTY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey.
Cision Canada
27-05-2025
- Business
- Cision Canada
Century Casinos Announces Sports Betting Partnership with BetMGM in Missouri
COLORADO SPRINGS, Colo., May 27, 2025 /CNW/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) announced today that its subsidiary, Century Casino & Hotel Cape Girardeau ("Century"), has entered into a long-term agreement with BetMGM to bring BetMGM's sports betting platform to the Missouri market. Under the terms of the agreement, BetMGM will operate an online and mobile sports betting application under Century's license in Missouri. The agreement includes a percentage of net gaming revenue payable to Century, with a guaranteed minimum, as well as retail sportsbook options to be exercised at Century's discretion. "We are excited to partner with BetMGM, a leading online sports betting and gaming entertainment company with a dynamic and innovative brand" stated Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos. "This partnership is another step forward in leveraging our Missouri licenses and delivering premium entertainment experiences for our customers." The agreement is contingent on obtaining all necessary gaming licenses and regulatory approvals. About BetMGM BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit About Century Casinos, Inc.: Century Casinos, Inc. (the "Company") is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos & Hotels Cape Girardeau and Caruthersville, Missouri, and Century Casinos & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development. Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include expectations of revenues from the agreement with BetMGM as well as the timing and ability to receive licenses and regulatory approvals for the agreement and are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf. SOURCE Century Casinos, Inc.
Yahoo
13-05-2025
- Business
- Yahoo
Q1 2025 Century Casinos Inc Earnings Call
Peter Hoetzinger; President, Co-Chief Executive Officer, Vice Chairman of the Board; Century Casinos Inc. Erwin Haitzmann; Chairman of the Board, Co-Chief Executive Officer; Century Casinos Inc. Jordan Bender; Analyst; Citizens Chad Beynon; Analyst; Macquarie Research Ryan Sigdahl; Analyst; Craig-Hallum Capital Group Operator Good day, everyone, and welcome to today's Century Casinos Q1 2025 earnings call. (Operator Instructions) Please note, this call is being recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead, sir. Peter Hoetzinger Good morning, everyone, and thank you for joining our earnings call. We would like to remind everyone that we will be discussing forward-looking information under the Safe Harbor provisions of the U.S. Federal securities laws. The company undertakes no obligation to update or revise the forward-looking statements, and actual results may differ from those projected. Throughout our call, wewill refer to several non-GAAP financial measures including, but not limited to, adjusted EBITDAR. Reconciliations of our non-GAAP measures to the appropriate GAAP measures can be found in our news releases and SEC filings available in the Investor section of our website at After our prepared remarks, we will open the call for questions from analysts. My Co-CEO, Erwin Haitzmann; and our Chief Accounting Officer, Tim Wright, will join me for that. We released our first quarter results this morning. Revenues for the quarter were $130.4 million. EBITDAR was $20.2 million. During the quarter, our team successfully managed a number of issues, including significantly more weather-impacted days throughout the entire North American portfolio as well as one less operating day compared to last year and the lack of two-thirds of the sports betting income in Colorado. Despite these headwinds, we maintained the operating margin consistent with Q1 of last year. To put the weather, leap year, and lower sports betting revenue impacts into perspective, here are the monthly results. January, we generated EBITDAR of just $3 million, well below even our most conservative forecasts. February, also impacted by weather as well as the calendar, was a bit better but still just $6.5 million. Then a rather normal month of March produced a solid $10.5 million EBITDAR, up 8% over last year's March. So when you sort through the noise, you see the positive trend here. And we feel good about the normalized run rate with no weather or other negative impacts. Overall, we estimate the impact of EBITDAR, weather, leap year, and the partial loss of sports betting revenue in Colorado to be around $2 million this quarter compared to last Q1. Across all our U.S. properties, carded gaming revenue increased 1%, while uncarded gaming revenue decreased 2.5%. Total visitor volume was down 3% driven by a reduction in visits from the 50-plus age group, partly offset by a 1% increase from our younger guests. The total number of trips declined by 2%, while the spend per trip increased 4%. For a closer look at each market, let's now start with Missouri. The new Caruthersville property produced another set of very good results as it completed its first full quarter with the new casino hotel. Carded gaming revenue grew 12%; uncarded increased by a strong 23%, bringing total gaming up 17% or $2.1 million compared to Q1 of last year. We saw good results across nearly all demographics, win from patrons under age 50 increasing 33%, while increasing 8% from patrons over 50. Win from higher end consumers increased 19%, while it grew 9% in the lower consumer groups. Notably, the lowest end group, which has lagged in some markets, increased 18% during the quarter. We're also very excited as we are succeeding in expanding our market with a new casino and hotel. The number of patrons living 75-plus miles from the property increased by 34%. The percentage increased from patrons living within 75 miles was 20%. All together, the number of visitors increased 23%. In the six months since opening, revenue and EBITDAR are up 25% and 31%, respectively, which has exceeded our initial expectations. In absolute numbers, the new Caruthersville has generated $5.8 million more net revenue and almost $3 million more in EBITDAR in the first six months of operation. The property is much more convenient for our customers and allows for significantly more efficient operations. We're very happy with the strong and immediate uplift on the revenue side. The full impact on EBITDAR will probably take another quarter or two until we have worked out the initial growing pains and figured out the most efficient staffing levels. We're running at a 43% EBITDAR margin right now, but we believe further margin improvement is just a question of time. All in all, we couldn't be more pleased with the start of the new facility at Caruthersville. On to our other hotel casino in Missouri, the Century Casino & Hotel in Cape Girardeau. That property too saw increased visitation during the quarter. From a rated revenue perspective, the number of patrons increased 5%, the number of trips increased 2%. Theoretically, gaming win was flat, but actual win decreased slightly due to lower hold this quarter. The ongoing success of the new hotel continues to drive increased visitation from states and markets outside of our core demographic, which is Missouri and Illinois. We saw strong gains from visitors living 75-plus miles from the property as they increased 13%, compared to an increase of 1% from patrons living within 75 miles. We've also seen large gains in the number of trips from guests under the age of 50 with an increase of 14%, compared to a small decrease of 3% from guests aged 50-plus. The ADT from comp to hotel guests was a very strong $475. The hotel is also driving meaningful growth in S&P sales, which is somewhat offset by higher cost of goods sold and staff costs. The team continues to fine-tune operational expenses to further increase profitability. The EBITDAR margin of that property was 36% in the quarter. For both Missouri properties, we also look forward to sports betting going live in Missouri towards the end of the year. And we are finalizing partnership agreements as we speak, which should deliver incremental high margin EBITDAR to our properties. Continuing with the Midwest segment, let's review the performance of our operations in Colorado. In the year-over-year comparison, please note that we lost two-thirds of our sports betting income which amounts to roughly $0.50 million for the quarter. Both Colorado properties experienced significantly different results when comparing the performance of carded revenue versus uncarded revenue. In Central City, carded revenue grew 7%, but uncarded revenue decreased 36%. And we think that the construction on I-70 impacted central cities uncarded play significantly more than carded play. (inaudible) in Central City was up 15%, but a significantly lower hold resulted in slot revenue declining by 9%. Q1 was a transitional quarter for Central City, with multiple cleanup initiatives, started, and completed. Combined with these effects, of adverse weather, EBITDAR was disappointing, but we are optimistic about upcoming orders and we believe it will reverse negative trends going forward. EBITDAR for April (inaudible) year-over-year growth already pointing in the right direction. In Cripple Creek, we saw most of the decline coming from uncarded play, and we believe that Chamonix temporarily pulls revenue from the more casual uncarded customers. Despite Chamonix, we continue to hold strong with our high-end customers, with wind from the upper patrons increasing by 24%. From an age standpoint, the younger demographic outperformed the older, with revenue from patrons under 60 increasing 10%, compared to a decrease of 12% from patrons over 60. During the quarter, we eliminated table games at both properties and revamped our restaurant concepts. The expected savings, net-net, should come close to a million per year. The East segment, which includes Mountaineer in West Virginia and Rocky Gap in Maryland, had a more challenging quarter. Both properties saw higher-end customers significantly outperform low to mid-tier customers, with gaining revenue from the upper segment increasing by 10%, offset by decline in the lower segment. At Rocky Gap, the main reason for the revenue decline was the lower volume on the (inaudible). The gaming tables and the hotel did well and showed solid growth compared to last year. The number of trips decreased by 13%. Surely, weather was a big factor here. But the spend per increased by 9%. As with most other properties, the high-end segment continues to significantly outperform the low to mid-segments. Our player development team at the property has revamped database offers at the beginning of April which has resulted in improvements in coin-in trends already. Mountaineer had a more favorable quarter as gaming revenue increased 1%. Carded revenue was up 3%, uncarded revenue failed 3%. And again, it was the high-end customer producing the strong results with trips increasing 12% and the revenue increasing 14%. But the low to mid-tier segments or trips decreased 4%, revenue decreased 1%. Moving on to the West, the Nugget Casino Resort in Sparks-Reno, Nevada. While evenue was down, EBITDAR was turned around from a negative last year to a positive $700,000 this quarter. After the 47% EBITDAR growth in the fourth quarter of last year, this was the second significant increase in a row. Q1 is typically the most challenging quarter for the Nugget and the entire Reno-Sparks market. But the management team's cost-cutting measures proved successful. Interestingly, Nugget is the only property in our portfolio where in Q1, the lower-end customer performed better than the high-end customer. The main reason for that was the lower groups and convention volume compared to previous years. The trend of increased visits and revenue from patrons under the age of 50 continued from last year. This quarter, the growth was 6% in that segment. Another positive trend is the business we're getting from locals. We got 6% more visits from locals than last year. We expect to see that positive trend to continue as we launched our new Winners' Zone rewards program on April 1. Now, a few words about the small operations in Canada and Europe. In Canada, slot (inaudible) and table drop were flat. But due to lower hold percentages, total revenue decreased by 10%. FX headwinds negatively impacted results as well. Last month, we introduced a new sports bar and lounge concept with great initial feedback and results. Overall, Canada is performing all right for us and Q2 has started out flattish compared to last year. In Poland, the year-over-year comparison is really not meaningful because the number of casinos in operation was not the the Polish capital city of Warsaw, the city of Wroclaw is the second most attractive gaming market in Poland. As you know, we opened a casino there last October. And now, we've been awarded a second license for that city. That's good news, and we plan to open that second casino in Wroclaw in Q4 of this year. We are still committed to divesting our Poland operations. Two newly interested parties have surfaced recently and discussions with our minority partner are also going well for a potential sale of 100% of the company. Moving on to cover a few balance sheets and capital items. The company's cash and cash equivalents at the end of the fourth quarter was $85 million. The total principal amount of debt outstanding was $340 million. Resulting in net debt of $255 million. At the end of the quarter, our net debt-to-EBITDAR ratio was 6.9 times and 7.6 times on a lease adjusted basis. We expect these ratios to go down towards the end of the year to well below 6 and well below 7, respectively. We have no debt maturities until 2029. And we are very excited to be at the end of our CapEx cycle. The Investments in our portfolio are evident, and our properties have never looked better. There's no need for significant CapEx this year. We expect to spend just $4 million for growth projects and about $14 million in maintenance CapEx. We also expect the returns on our investments, together with the major reduction CapEx, to produce a sizeable improvement in free cash flow compared to last year. As we look ahead, we are confident in our business prospects moving forward. On the extensive labor side, we continue to focus on operational discipline and look for ways to become more efficient. Last year was a transitory period for us. But now, we have a clear path forward to higher EBITDAR and cash flow for 2025 and beyond. Considering the severe weather disruptions, combined with one fewer operating day this year compared to last year, and the loss of the sports betting revenue. Our results in the first quarter, as well initial results of April, do reflect upward trends. We've been seeing some improvements in consumer behavior and spending patterns since mid-March. And that trend has continued through April and early May. As mentioned, EBITDAR in March was up 8% year-over-year. April looks similar. The initial estimate shows an increase in EBITDAR of 5% over last year's April. We are encouraged by these trends in our business. And while we recognize the level of economic uncertainty, we are more confident in the long term prospects of our company than we were at any point last year. And we're not directly impacted by tariffs, hardly at all. We just don't see that in our business. It's also worth noting that we do not anticipate any significant competitive supply impacting us this year or next. As we feel good about the direction of the business overall, and as we have a solid cash position of around $85 million, we tend to conservatively balance our small CapEx program with returning capital to our shareholders, and want to take advantage of the dislocated share price of CNTY on an opportunistic basis. The current environment is a little less certain than it was maybe a quarter ago, so we will be cautious, but we believe CNTY is the best casino investment with the highest growth potential out there. Hence, we plan to buy back stock in the coming weeks. All right. That concludes our prepared remarks. We'll now open the call for Q&A with the analysts. Operator, go ahead, please. Operator (Operator Instructions) Jeff Stantial, Stifel. Please go ahead, Jeff. Good morning. This is (inaudible), on for Jeff Stantial. Thanks for taking our questions. So to start off, have you started to notice any softening in the consumer for your Canadian assets, whether that be from uncertainty related to the trade war or else derivative impact from energy prices starting to come in? Erwin Haitzmann Thanks for asking a question. I'm not sure I understood it (inaudible) right. Are you inquiring about the customer behavior of our Alberta customers? Yes. Erwin Haitzmann Okay. We think we don't really see any of the reasons that you mentioned as significant. Lower revenue is not that significant and it's also due to weather and one less gaming day. So we're not concerned. Got it. Thank you. And the follow-up, can you give us an update on some of the growth initiatives at Rocky Gap? What strategies are currently in place or else being planned to help sort of broaden the catchment area and attract some more higher net worth (inaudible) guests? Peter Hoetzinger At Rocky Gap in Maryland, we have completed the renovations in the F&B area and we are also ready with great (inaudible) access that that investment was finalized late last year. So we feel we have a better product for our hotel and resort guests right now. Very good. And we also started to reach into the Baltimore and Washington D.C. areas with our marketing initiatives. Maybe, Erwin, you can add more to that. Erwin Haitzmann Yeah. (technical difficulty) Operator It appears that Erwin's line disconnected again. Peter Hoetzinger Okay. Any more to Rocky Gap that you would like to know? No. That's helpful. I'll pass it on for now. Operator Jordan Bender, Citizens Bank. Jordan Bender Hey everyone. Good morning. Peter, thanks for all the commentary across your regions, across your properties in the prepared remarks. I just want to touch on the outlook here. You gave, I guess, year-end leverage targets about two months ago. Today, those targets moved up. It seems like since then, trends have gotten better, just based off of some of the March and April commentary. So just curious to kind of hear what has changed over that time, what you're seeing that maybe the (inaudible) just doesn't look as good as it did two months ago? Thank you. Erwin Haitzmann Back in again, but Peter (inaudible) the last sentence. Peter Hoetzinger (inaudible) we're currently at 6.9 net debt to 7.9 lease adjusted, but that's not where we want to be and will end the year significantly lower than that. There's just a lot of uncertainty out there. And we currently see, since mid-March, for the last six, seven weeks, we see nearly positive trend, but it's too short of a time frame to project that out to the full remainder of 2025. And that's why we are a little bit more cautious. That's really all. Jordan Bender Okay. That works. And then in Alberta, they're taking a step forward to legalize online gaming. It seems like they're just about on the finish line there. The casino cross-sell opportunity is probably attractive for some of the companies looking to enter that market. Are you looking for ways to monetize your casino database with any potential partners that might be interested in that? Thank you. Erwin Haitzmann In Canada that is? Jordan Bender Alberta, yes. Erwin Haitzmann Alberta. Well, the only thing that we potentially could see at the moment is that we partner up with the Alberta Gaming Commission with regard to sharing a database. I wouldn't see any other opportunity in that context. Peter Hoetzinger And in sports betting, Erwin? Erwin Haitzmann I think mainly in sports betting. Jordan Bender Okay. Thank you very much. Operator Chad Beynon, Macquarie. Chad Beynon Good morning. Thanks for taking my question. Peter, it looks like the Missouri results actually came out today for April and you kind of talked about all the growth in Caruthersville and Cape Girardeau. Initially, are we looking more for revenue growth or maintaining those kind of mid or high-30s EBITDAR levels? And I guess what I'm getting at is, are you trying to reach out to more of these 75-mile and further out customers, maybe push a little bit more on marketing and promotions at this time just to grow the overall pie, or are you managing to a bottom line result in the near term? Thanks. Erwin Haitzmann Chad, this is Erwin. Definitely both. We proactively and aggressively want to push the revenue up. And as you correctly said, an interesting statement, this is the 75-mile customer base. We think we've got more opportunity there. And we are using database marketing, digital marketing, of course, and it's showing very good results. And at the same time, cost discipline is still a topic. As Peter also mentioned in his initial remarks, particularly in Caruthersville, there will be one or the other more opportunity to right-size the cost side with the new casino, but that should all be happening within the next one or two quarters. So top and bottom line. Chad Beynon Okay. Great. Thank you. And then with the increased interest on the Polish assets, do we still think this could come to a conclusion in 2025? What's the adjusted timeline based on more interest for these? Erwin Haitzmann Okay. Peter? Peter Hoetzinger As we sit here today, we believe so. But we were wrong already once late last year when we said that we think it's going to happen at '24. We were already, drafting some documents and then the board of the other side said no. So it looks like it will happen this year. Chad Beynon Okay. Great. And then just quickly lastly on the share repurchase opportunity. I know you said you're going to kind of dip your toe in just given the uncertainty in the market. Obviously, there's massive dislocation with your stock and a number of the other stocks in the sector at this time. So quantitatively, can you help us think about how much you would be willing to or have the capacity to buy back, maybe on a quarterly basis? Thank you. Peter Hoetzinger We think we'll start between now. And our next earnings release in early August, we'll start with a single-digit million-dollar volume. Chad Beynon Thank you both. Operator Ryan Sigdahl, Craig-Hallum. Ryan Sigdahl Hey Peter, Erwin. I want to say just kind of on the last topic, stock buyback, I think you've been restricted because of the Poland, where you were at in that sale process. Presumably, you're on restricted now. But curious, Poland is considering updating rules for its online casino currently state-run operator, just some various kind of governance potential changes there. Is that impacting either good or bad in the process? Peter Hoetzinger Poland, the state is the only entity that is allowed to run i-Gaming. However, sports betting is open to private companies. With our casino brand, we are currently not offering sports betting. But that's a potential for a buyer. And some of the companies that have expressed interest in our casinos there come from the sports betting side. So it will be interesting to see. But the potential changes you are mentioning, they currently have not led to any new additional significant interest. Ryan Sigdahl Very good. And then just as it relates to both your East properties, is there anything from a self-help standpoint, either on the cost side or you talked a little bit about the growth opportunity, mainly on the cost side, that you can help stabilize those properties before you get a change in stabilization in the end consumer? Erwin Haitzmann Which properties you're asking? Peter Hoetzinger The East. Ryan Sigdahl The Gap and Mountaineer. Erwin Haitzmann The East. I'm not sure that I'm understanding the question with regard to self-help. Ryan Sigdahl Is there any optimization you can do on the cost side in either of those properties? Erwin Haitzmann Yeah, definitely. We're constantly working on that. And I think we've achieved some things and there's certainly more that's possible. Ryan Sigdahl Very good. Thanks, guys. Good luck. Operator At this time, there are no additional questions. If you do have any additional questions for the company, they may be sent through the Investor Relations page at And now, I'll turn it back over to Peter for closing remarks. Peter Hoetzinger Thanks, everyone. We appreciate you joining our call today. We'll talk again in early August. Until then, thanks and good-bye. Operator Thank you for your participation. You may now disconnect. Sign in to access your portfolio
Cision Canada
12-05-2025
- Business
- Cision Canada
Century Casinos, Inc. Announces First Quarter 2025 Results
Solid First Quarter Considering Severe Weather Impacts. Remainder of 2025 Looks Promising After Opening of New Land-Based Casino in Missouri and Reopening of the Wroclaw Casino in Poland. COLORADO SPRINGS, Colo., May 12, 2025 /CNW/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2025. First Quarter 2025 Highlights* Compared to the three months ended March 31, 2024: Net operating revenue was $130.4 million, a decrease of (4%). Earnings from operations was $7.1 million, a decrease of (14%). Net loss attributable to Century Casinos, Inc. shareholders was ($20.6) million, a change of (52%), and basic net loss per share was ($0.67). Adjusted EBITDAR** was $20.2 million, a decrease of (5%). "We were able to maintain the Adjusted EBITDAR margin from the first quarter of 2024 despite decreased revenue from weather impacts throughout North America, one fewer operating day compared to 2024 and the loss of high margin sports betting revenue in Colorado. This is due primarily to successful cost cutting strategies at the Nugget, which generated positive Adjusted EBITDAR in what typically is the most challenging quarter for the property. We are also excited by the initial success of the new Caruthersville casino, which opened in November 2024," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We expect quarterly capital expenditures to decrease for the remainder of 2025 as we spent proportionally more in the first quarter. With overall capital expenditures substantially lower in 2025 due to the completion of our capital projects and properties such as Caruthersville open and operating, we anticipate cash generation and our cash position to improve during the remainder of 2025 and into 2026," Messrs. Haitzmann and Hoetzinger concluded. Poland – The Company was awarded a second license in the city of Wroclaw in March 2025. The Company expects to open the casino in the fourth quarter of 2025. March 31, 2025 and 2024 are as follows: For the three months Amounts in thousands, except per share data ended March 31, % Consolidated Results: 2025 2024 Change Net Operating Revenue $ 130,443 $ 136,017 (4 %) Earnings from Operations 7,140 8,287 (14 %) Net Loss Attributable to Century Casinos, Inc. Shareholders $ (20,613) $ (13,544) (52 %) Adjusted EBITDAR** $ 20,155 $ 21,250 (5 %) Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders: Basic $ (0.67) $ (0.45) (49 %) Diluted $ (0.67) $ (0.45) (49 %) RESULTS BY REPORTABLE SEGMENT* Following is a summary of the changes in net operating revenue by reportable segment for the three months ended March 31, 2025, compared to the three months ended March 31, 2024: Net Operating Revenue For the three months Amounts in ended March 31, $ % thousands 2025 2024 Change Change United States $ 93,296 $ 96,034 $ (2,738) (3 %) Canada 16,516 18,321 (1,805) (10 %) Poland 20,631 21,649 (1,018) (5 %) Corporate and Other — 13 (13) (100 %) Consolidated $ 130,443 $ 136,017 $ (5,574) (4 %) Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months ended March 31, 2025, compared to the three months ended March 31, 2024: Earnings (Loss) from Operations For the three months Amounts in ended March 31, $ % thousands 2025 2024 Change Change United States $ 7,344 $ 8,468 $ (1,124) (13 %) Canada 3,363 4,029 (666) (17 %) Poland (109) (22) (87) (396 %) Corporate and Other (3,458) (4,188) 730 17 % Consolidated $ 7,140 $ 8,287 $ (1,147) (14 %) Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months ended March 31, 2025, compared to the three months ended March 31, 2024: Items deducted from or added to earnings (loss) from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024: BALANCE SHEET AND LIQUIDITY As of March 31, 2025, the Company had $84.7 million in cash and cash equivalents compared to $98.8 million in cash and cash equivalents at December 31, 2024. Cash and cash equivalents decreased primarily due to purchases of property and equipment of $6.7 million. As of March 31, 2025, the Company had $339.6 million in outstanding debt compared to $339.6 million in outstanding debt at December 31, 2024. The outstanding debt as of March 31, 2025 included $336.0 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $1.1 million of bank debt related to Century Resorts Management GmbH ("CRM") and $2.5 million related to a revolving credit facility related to Casinos Poland ("CPL"). The Company also has a revolving line of credit with Goldman of up to $30.0 million. If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of March 31, 2025, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $703.5 million long-term financing obligation under its master lease with subsidiaries of VICI Properties, Inc. ("Master Lease"). Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended March 31, 2025 on its website at The Company will also post its current presentation, which may be used in one or more meetings with current and potential investors from time to time, at the Company's website under The Company will host its first quarter 2025 earnings conference call today, Monday, May 12, 2025 at 10:00 am EDT / 8:00 am MDT. U.S. domestic participants should dial 888-999-5318. For all international participants, please use 848-280-6460 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at or obtain a recording of the call on the Company's website until May 31, 2025 at CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDAR* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. For the three months ended March 31, 2025 Amounts in thousands United States Canada Poland Corporate and Other Total Net loss attributable to Century Casinos, Inc. shareholders $ (7,550) $ (61) $ (165) $ (12,837) $ (20,613) Interest expense (income), net (1) 13,110 3,207 42 9,298 25,657 Income tax expense — 217 89 175 481 Depreciation and amortization 11,007 998 370 19 12,394 Net earnings (loss) attributable to non- controlling interests 1,784 31 (81) — 1,734 Non-cash stock-based compensation — — — 290 290 (Gain) loss on foreign currency transactions, cost recovery income and other — (31) 6 (94) (119) Loss (gain) on disposition of fixed assets 47 (1) 4 — 50 Pre-opening and termination expenses — — 281 — 281 Adjusted EBITDAR $ 18,398 $ 4,360 $ 546 $ (3,149) $ 20,155 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. For the three months ended March 31, 2024 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (2,782) $ 1,132 $ 3 $ (11,897) $ (13,544) Interest expense (income), net (1) 11,746 2,907 (35) 10,511 25,129 Income tax (benefit) expense (2,273) 728 151 (2,592) (3,986) Depreciation and amortization 10,288 1,149 538 56 12,031 Net earnings attributable to non- controlling interests 1,777 71 2 — 1,850 Non-cash stock-based compensation — — — 503 503 Gain on foreign currency transactions and cost recovery income — (809) (143) (356) (1,308) Loss (gain) on disposition of fixed assets 390 (37) 241 — 594 Acquisition costs — — — (19) (19) Adjusted EBITDAR $ 19,146 $ 5,141 $ 757 $ (3,794) $ 21,250 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION Net Earnings (Loss) Margins** and Adjusted EBITDAR Margins*** For the three months ended March 31, 2025 2024 United States Net Operating Revenue $ 93,296 $ 96,034 Net Earnings (Loss) Margin (8 %) (3 %) Adjusted EBITDAR Margin 20 % 20 % Canada Net Operating Revenue $ 16,516 $ 18,321 Net Earnings (Loss) Margin — 6 % Adjusted EBITDAR Margin 26 % 28 % Poland Net Operating Revenue $ 20,631 $ 21,649 Net Earnings (Loss) Margin (1 %) — Adjusted EBITDAR Margin 3 % 4 % Corporate and Other Net Operating Revenue $ — $ 13 Net Earnings (Loss) Margin NM (1) NM Adjusted EBITDAR Margin NM NM Consolidated Net Operating Revenue $ 130,443 $ 136,017 Net Earnings (Loss) Margin (16 %) (10 %) Adjusted EBITDAR Margin 16 % 16 % (1) Not meaningful. (1) Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC ("Smooth Bourbon"), a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort. * We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDAR also should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items. Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. ** We define net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue. *** We define Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of our casino operations. ABOUT CENTURY CASINOS, INC.: Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri, and Century Casinos & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada, the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development. Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding projects in development and other opportunities, including improved cash generation and cash position, the benefits of our Caruthersville land-based casino and hotel, licensing and reopening of our Poland casinos, expectations for our Poland segment moving forward, the Goldman credit agreement and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company, including expectations regarding 2025 and later results. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
