Century Casinos Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw record revenues and strong profitability, with every U.S. and Canadian property growing year-over-year. Margin expansion was driven by disciplined cost controls and successful marketing initiatives, while deleveraging and free cash flow remain top priorities.
Fiscal Year 2025
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Full-year adjusted EBITDA grew 3% year-over-year, with strong Q4 EBITDA gains despite weather and regulatory headwinds. Missouri and West Virginia led segment growth, while CapEx is set to decrease and debt pay down is prioritized for 2026.
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Q3 revenue reached $154M, with strong U.S. and Canadian performance offset by Poland. Adjusted EBITDA would have risen 5% year-over-year, beating estimates. October trends are positive, with EBITDA up over 20% and management confident in higher 2026 cash flow.
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Record Q2 revenue and EBITDA were driven by strong performance in Missouri, Canada, and Poland, with growth across most segments except Nevada. Strategic initiatives include a BetMGM partnership, Poland divestment, and a comprehensive review of asset and capital options.
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Q1 2025 saw $130.4M in revenue and $20.2M EBITDA, with strong Missouri results and improving trends since March. Net debt-to-EBITDA is expected to fall, CapEx is minimal, and share buybacks will begin, while divestiture of Polish assets progresses.
Fiscal Year 2024
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Q4 2024 revenue fell 4% and adjusted EBITDA dropped 17% year-over-year, mainly due to persistent weakness among low-end consumers, while new property investments in Missouri drove strong growth. Management expects significant EBITDA and cash flow improvements in 2025 as recent projects ramp up.
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Q3 2024 saw a 3% revenue decline and 1% lower Adjusted EBITDA, but margins improved. New property openings in Missouri and Poland are expected to drive significant EBITDA and free cash flow growth in 2025, with deleveraging and share buybacks planned.
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Q2 2024 saw 7% revenue growth to $146M, but Adjusted EBITDAR fell 6% due to one-time disruptions. Guidance for 2024 is $602M revenue and $105–$115M Adjusted EBITDAR, with significant free cash flow improvement expected in 2025 as CapEx drops and key properties reopen.