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Century Casinos, Inc. Stock Price: Quote, Forecast, Splits & News (CNTY)

Finance

Company Profile

New

Century Casinos, Inc. Price & Performance (CNTY)

Stock Performance

Updated Mar 20, 8:00 PM UTC

CNTY:NASDAQ

$1.84USD

2.13% · $0.04

After Hours

+0.07% · $0.0012

Open

$1.85

High

$1.87

Low

$1.82

Market Cap

$56.46M

P/E Ratio

-0.4

Volume

47.34K

Year High

$5.09

Year Low

$1.64

News & Market Insights

Century Casinos Faces Price Target Cut Amid Earnings Miss
Mar 13, 2025
Stifel revised Century Casinos' price target to $4, reflecting a reduced outlook following weaker-than-expected earnings. Despite the adjustment, analysts maintained a Buy rating, citing potential long-term recovery. The company faces headwinds from underperforming properties, debt challenges, and missed revenue targets, though recent developments in Missouri offer a glimmer of hope.12
Struggles Persist as Century Casinos Hits 52-Week Low
Mar 20, 2025
Century Casinos' stock plummeted to a 52-week low of $1.92, highlighting ongoing financial struggles. The gaming operator reported a 4% year-over-year revenue decline and a $64.9 million quarterly loss. Macroeconomic pressures and operational inefficiencies continue to weigh on performance, despite recent efforts to expand its Missouri operations.34
Analysts Downgrade Century Casinos Amid Continued Losses
Mar 15, 2025
StockNews.com downgraded Century Casinos to a Sell rating, reflecting concerns over its financial health and operational challenges. With a net loss of $128.2 million in 2024 and missed earnings forecasts, the company faces mounting pressure to stabilize. Analysts remain cautious, though some see potential in its Missouri expansion.56

What's Happening

Peers

Earnings

Report Date

Mar 13, 2025

Reported Revenue

137.8M

Avg 1d Change

9.3%

Report Period

Q4 2024

Reported EPS

-0.69

Implied Move 1d

12.23%

Transcript

3m 46s

Good morning, everyone, and thank you 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, we refer to several non GAAP financial measures including but not limited to adjusted EBITDA. Reconciliations of our non GAAP measures the appropriate GAAP measures can be found in our news releases and SEC filings available in the Investor section of our website at cnty.com. After our prepared remarks, we will open the call for your questions. My co CEO, Erwin Heitzman and our CFO, Margaret Stefferton join me for their We released fourth quarter and full year 2024 results this morning. On a consolidated basis, our fourth quarter revenue was $137,800,000 down 4% from the prior year's fourth quarter. Our adjusted EBITDA $21,100,000 down 17%. Looking more closely at The U. S. Operations, revenue was down 3% Broadly speaking, the underlying customer trends remained stable in the quarter with retail customers as well as low end customers still being weak.

5m 23s

This is mostly due to macroeconomic factors as low end consumers continue to be squeezed by inflationary pressures. We do, however, see the mid and upper tiers performing quite well with their number of visits as well as the spend per visit up slightly compared to last year. We achieved an important milestone in fourth quarter with the successful opening of the land based facility in Carousel in Missouri on November 1. While unfortunately, we had to close temporary casino for some time before the new opening, resulting in lost revenue and EBITDA in October. The new casino is off to a great start. In the four months since opening, revenue and EBITDA are up 2732% respectively, which has exceeded our initial expectations. To be more granular, here is how it has been performing monthly since opening. In November, revenues were up 47% EBITDA up 64%. In December, revenues up 23 EBITDA up 32%. January revenues plus 27% EBITDA up 29%, In February, with some serious weather issues and one day less compared to last year, revenue up 12%, EBITDA up 12%. And in March, so far, revenues up by over 20%. We are seeing increases in nearly all demographic segments with the strongest growth rate coming from the higher end of the database.

7m 10s

From a distance standpoint, customer visits increased by 20% from all mileage ranges but greater percentage gains we are seeing from 70 plus miles. That's a promising sign that the new casino is drawing more customers from further away expanding our overall catchment area just as we planned it. The new casino offers a total of over six sixty gaming positions which is an and a 50% increase compared to the temporary location. The property is much more convenient for We are very happy with the strong and immediate uplift on the revenue side. The full impact on EBITDAR will probably take two or three quarters until we have worked out the initial growing pains and figured out the most efficient staffing levels. Typically, when you open a new property, you're looking at a three to six month ramp to start creating those efficiencies. You obviously open up You always over hire a little bit knowing that there'll be turnover. You spend a little bit more on marketing. So further margin improvement is a question of time. And we couldn't be more pleased with the start of the new facility at Coradiswyd. Our other property in Missouri, the Century Casino and Hotel Cape Girardeau, also had a strong quarter.

8m 39s

Revenue was up 11% and EBITDA was up 7% driven by the new hotel as well as solid food and beverage sales. The new hotel continues to ramp up nicely and definitely expands the reach into new markets bringing in new and diverse group of players. Revenue increased 82% from patrons living in states other than Missouri, Illinois, Kentucky We're seeing more visits from guests living 75 plus miles from the property as they increased 21% compared to an increase of just 1% from guests living within 75 miles. The hotel is also driving meaningful growth in F and D sales which is somewhat offset by higher cost of goods sold and staffing costs. The team continues to fine tune operational expenses to further increase profitability. The hotel is experienced steady growth in occupancy and revenue which has continued into this year. Overall, our two mystery properties couldn't make a head Even though we had serious weather impacts, February still produced the highest revenue in the history of our two Missouri properties. It marks us off to a great start as well. 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.

10m 8s

Which will deliver incremental high margin EBITDA to our properties. Continuing with the Midwest segment, let's review the performance of our operations in Colorado. We've experienced significantly different results when comparing the performance of carded revenue versus uncarded revenue. Carded revenue showed strong growth of 12% while uncarded revenue decreased by 30% resulting in a 7% overall revenue decline. In the quarter, heavy construction on Interstate I-seventy impacted uncarried play at our Century city to signal significantly more than carded play. And in Cripple Creek, it's possible that Chamounie is taking some of the casual uncrowded play So we do not yet have any firm data to back that up. Both our properties saw noticeable strong results from the younger However, much of that was offset by the loss of two thirds of our sports betting revenue. As you know, we have three sports betting providers using our licenses, but two ceased operations recently Nemesirka and Typico. The one remaining is SPED365. In Cripple Creek, we are putting the finishing touches on the construction of a new main entrance directly facing Chamonix It is wider, more convenient and more inviting than the small doors we had before So ready to bring in more business.

11m 48s

Hope all the Missouri and Colorado operating efficiencies with property level margins between 3540% during the quarter. The East segment which includes the Mountaineer Casino, in West Virginia and the Rocky Gap Casino Resort in Maryland, we had a more challenging quarter. Revenue of the segment was down 7% EBITDA down 29%. Both properties have a higher portion of their business from lower end customers and that lower end customer produce significantly less strips compared to Q4 of last year. Again, the same picture, the higher end the database performs well generating more trips than 1% revenue growth. At Rocket Gap, revenue decline was purely on the casino side, while gaming revenue was down all other profit centers like hotel, F and B and golf were up. Disciplined cost management helped to reduce operating expenses by 18% and we will continue to focus on the cost structure and on improving revenue performance at Rocketgate. At Mountain Air, total card revenue was flat to last year but uncarded revenue decreased by 10%. And almost all the decline happened during the weekdays, Our volume on weekends [indiscernible] and we are taking deeper to find ways to strengthen midweek play. Moving to the West segment with the Nugget Casino Resort in Nevada.

13m 33s

Gaming revenue was down 10% It was impacted by low slot hold. With a normalized slot hold, revenue would have been down 6%. We did see an increase of 5% in local credit play as well as an increase in younger players compared to last year. We reduced total expenses by 12% mostly through a reduction in staff and overtime work as well as lower hotel and F and B complementaries. Due to that strict cost discipline, EBITDAR at the property increased by 46% year over year. And we've made further changes to the slot for late last year with initial results looking promising. Resulting in double digit EBITDA growth in January and February. A few words about the small operations in Canada and Europe. In Canada, revenue was down by 7%. EBITDA 17% down. We experienced lower table hold of 15% as compared to 17% last year. And strong FX headwinds also impacted results. In Poland, we reopened the casino in the city of Wroclaw during the fourth quarter. That casino had been closed for almost a year almost a year and is now gaining traction but the ramp up is taking longer than expected. Another license for the city of Graco has not been rewarded to us and we had to take on closing expenses of close to 1,000,000 in the fourth quarter.

15m 16s

We are still committed to divesting of our Poland operations. The sales processes suffered not only from the war in the Ukraine, but also from the fact that we cannot sell 100% of the Polish company, but only the two thirds that we own. Most interested parties have wanted 100% ownership and we started talks with our minority partner Polish airport company with the goal to agree on something like a drag along provision. Discussions are progressing and we'll update you as we know more. Now I'll cover a few balance sheet and Company's cash and cash equivalents at the end of the fourth quarter were $99,000,000 and the total principal amount of debt outstanding was $340,000,000 resulting in net debt of $241,000,000 At the end of the fourth quarter, our net debt to EBITDA ratio was 5.5x and it was 6.9x on a lease adjusted basis. We have no debt maturities until 2029. We are done with our major CapEx spend and with our new land based facility in Missouri open, all leverage ratios should ramp down throughout this year and next. With the conclusion of an intense capital investment cycle, [indiscernible] have invested €110,000,000 into our properties of which about €50,000,000 came from VICI for the Missouri land based development.

16m 52s

We spent another $40,000,000 on growth projects throughout our portfolio which will result in meaningful growth contributions 2025 and beyond. We also spent €20,000,000 on maintenance CapEx during last year with the main focus on improving our slot floors. Investments in our property portfolio are evident and our properties have never looked better. We have no need for significant CapEx this year. So this year in 2025, we expect to spend just €4,000,000 for growth projects and €14,000,000 in maintenance CapEx. We expect the returns on our investments together with the major reduction CapEx will produce a sizable improvement in free cash flow compared to last year. As we look ahead, we are confident in our business prospects moving forward. On the expense and labor side, we will continue to focus on operational discipline and look for ways to become even more efficient. Last year was a transitory period for us but now we see a clear path forward to higher EBITDA for 2025 and beyond. We are seeing stability in our core gaming business across our carded database. The big unknown is how business volumes from retail and low end customers will develop But with our significant cash balance, and long dated debt maturities, with plenty of runway to see through all of our growth initiatives.

18m 24s

Except for some unfavorable winter weather in Q1 of this year, Most of this year will face easier comps with no renovation disruption compared to last year.

18m 35s

Net net, we project significant EBITDA and cash flow improvements 2025 over last year ripping the returns from our recent growth capital initiatives. And it's also worth noting that we do not anticipate any new significant competitive supply impacting us this year or next. All right. That concludes our prepared remarks. We'll now open the call for Q and A. Operator, go ahead, please.

19m 8s

Thank you. At this time, we will open the question and answer session. And our first question today will come from Jordan Bender Citizens Capital Markets.

19m 37s

Good morning, everyone. Peter, Peter, thanks for all the commentary there. You kind of talked about the middle to upper end of the database performing pretty well and that bottom end kind of remains weak, which feels like it's been kind of consistent outlook now. If I kind of pair that with the leverage outlook that you put in your slides, it does imply the estimates do need to come down for 2025. So is the main driver of of the lower estimates or the weaker outlook primarily just that lower end of the database or is there anything else that you would kind of layer in there as well? Peter?

20m 15s

No, it's really really only that. We're seeing growth in the mid tiers and absolutely the upper tiers, but the low end is the big question mark. And some properties like Rocky Gate, Mountaineer, and Central City to a certain degree, they have quite a large portion of their revenue coming from that segment. And others a little bit less But that is the only thing Okay.

20m 50s

Then switching gears, would love to just get your updated thoughts around the 50% ownership of the Real Estate, the nugget? [indiscernible] Yes. There are no news from last time really. Okay.

21m 13s

You very much.

21m 17s

And our next next question will come from Ryan Sigal with Craig Hallum.

21m 23s

Hey, staying on the nugget. So appears like revenue was down 10% in Q4.

21m 31s

The market was up 1%. Curious, I guess, how your efforts to revitalize the property and then how your conference pipeline has been building over the last couple of months as you look to twenty five and future years? Certainly.

21m 47s

We see the main reason for the decline in casino revenue is the decline in hotel revenue. And there's a strong correlation obviously for that. And with regard to post events and then also conference business, Concerning '25, we think we'll out to '24. Or and it certainly looks very good to '26 and beyond. As you know, the challenge we have here is that most of these conferences and events are not planned only with half a year in advance, but one to three years in advance. So in short term, we cannot it's probably impossible to get any large conferences. But our team has been very successful in getting smaller ones. And as I say, the dynamic looks very good there. Only if it's more looking into 2026 and beyond. Having said that, one of the so we focus on the one hand in doing everything we can to get more events business. And conferences. And smaller things like weddings or small conferences with 200, 300 people and everything helps here.

23m 4s

But we're also focusing on the local customers And first indications are that we are already moving forward quite well and we could regain some of that local business that has been lost in the past.

23m 21s

Switching over to Alberta. So Century, the Alberta Gaming Commission suspended the purchase of gaming machines from U. S. Based manufacturers. I guess do you expect that to have a meaningful impact on your casino operations and or your CapEx plans that you laid out? And then second part of that question, given all these trade wars, given the FX headwinds, given everything else, does it make sense to maintain and hold or it make sense to do something like you're doing in Poland and sell off those assets?

23m 52s

Yes. I'll take the first part of the question and then hand over to Peter.

23m 55s

We actually also have the same question of course, will there be a negative impact on us? And the answer to that is we don't expect expect any meaningful negative impact, maybe 0.5% or a percent, but it really is not meaningful. I mean, certainly please keep in mind that it's the same for everybody in the market. So there is no competitor that would have any advantage.

24m 17s

And at the same time, our product mix is pretty fresh So in the next like in the I hope that doesn't take forever, but in the next one to three years, we don't see anything that would be of a meaningful impact. Peter, why don't you answer the second part of the second question with regard to it makes sense to keep it Yes, right. As you know, we have sort the real estate already. And we've kept the operations. And it's certainly under consideration, yes. It's becoming smaller and smaller. In terms of the overall picture and it's something that we are considering.

25m 3s

Quick clarification for last one here on Kruthersville. Looks like a sub bullet here that the rent was deferred for one year. Why did that change in the VG master lease? Thanks.

25m 21s

That has not changed on our side. It has always been the equipment. But maybe I'm not understanding your question correctly. I was just comparing the Q3 deck to the Q4 one and there's melacel bullet that says the rent was deferred. So maybe it's always been the case and it just It's always been the case, yes.

25m 39s

It hasn't yes, that has been the case. Good.

25m 43s

Thanks, guys. Good luck.

25m 45s

Thank you. We'll move to our next question that comes from Jeff Stanchal with Stifel.

25m 53s

Great. Good morning, Peter, Irwin. Thanks for taking our questions. Maybe starting off on on Carruthersville. Peter, you mentioned that the initial four months have exceeded your internal expectations. Can you just expand a bit more on what specific better penetration of some of that white space over the border in Tennessee, maybe more overnights or day trips coming up from Memphis, OpEx savings, even visitation coming from even further out, just any additional color there? And then we did notice that the quarterly presentation did not mention the $3,000,000 to $4,000,000 I think incremental EBITDA after rent. That you've cited in the past, is that still the right way that we should be thinking about return targets for this project? Or do you think perhaps a bit better based on the initial trends that you're seeing?

26m 43s

Thanks. [indiscernible] Yes, we haven't really been surprised. And in fact, the thought process behind that whole investment was that we wanted to extend our reach. And what Peter referred to is that our expectation has been met So with the hotel and with the new property, we have a strong tool in hand to be able to actually reach customers that come from further away. And we think we have more potential that we can catch there. With regard to the second part of the question, Peter, do you want to say something with regard to that those 4,000,000 Yes.

27m 27s

We still think it's the right number, but very likely not in the calendar year of 2025. Because of the again the lower end consumer weakness So it's internally, we think that that run rate will kick in from this summer to next summer in that twelve months? [indiscernible] That's helpful. Thank you. Both for that color. And then turning over to capital allocation, if the targets that you previously put out in your presentation for sort of normalized earnings power once get through the back half of these projects or the front half of these projects ramp up? Those targets do still hold by our estimates the stock trading somewhere around a 20% free cash flow yield. Peter, I'm curious how you balance that and potential opportunistic repurchases versus pay down some of your high rate debt taking into account obviously, the ongoing macro uncertainty that seems to have gotten a little bit worse here in the last week or so? [indiscernible] It is It is extremely challenging with forecasting. And that's why we've not included a forecast in our latest presentation. We've seen like two great weeks and then we had another like ten days that are very weak.

29m 5s

It goes up and down. It's consumer sentiment is all over the place. It's just really difficult. And that difficult in that uncertainty also makes us a bit more cautious in how we how we allocate capital First and foremost, we would like to try to to refile or reprice our term loan because SOFA plus 600 is not funny. At the same time, paying down some of it would be helpful. And then obviously, organistically, we can look at the stock as well. But we are a bit hesitant because it is so much uncertainty out there that we really have difficulty mean, we run so many different scenarios how this year and next we look [indiscernible] it's unclear We don't have a a clear picture yet. Great.

30m 14s

That's helpful. Thank you for And then if I could just squeeze in in one more quick one. I just wanted to double click on one of your comments in the prepared remarks.

30m 23s

Where you mentioned that the weakness that you're seeing or some of the declines that you're seeing in non carded play at Mountaineer is really all coming in the Midway period as opposed to the weekend period. Can you just expand on that? Do you have a sense for why that is? Is that maybe easier comps on the weekend side giving staffing constraints that have been resolved in recent quarters? Is it more related to sort of underlying consumer behavior? Just I'd love to unpack that intuitively we would think that the weekend period would be a little bit softer just given the cost of the overnight stays and stuff like that?

30m 58s

I think this is purely customer behavior.

31m 4s

And for we think for the very simple reason that there is a quite a large portion of customers that just do not want to don't have it in their life design that they come to us and visit during the week. Whereas on weekend everything is relaxed, they take a room, most of them will drive home again. It's a different situation. So we have been trying and continue to try all kinds of incentives to get people, more people during the week. For example, somebody comes to on the weekend and place a certain volume, we give them we give them bonuses if they come at the following week during the week. It's successful to a little extent, but not 100%. And as I said, we think it's really it's just the demographics and the behavior of the people that they tend to focus their spare time on the weekend and going out That's great. Thanks for that Erwin. I'll pass it on. Thank you both. [indiscernible] And we'll take our next question from Chad Bynon with Macquarie Group.

32m 20s

Hi, good morning. Thanks for taking my question.

32m 22s

Wanted to ask about online gaming and sports betting. I know Alberta has been think it's pushed back till the end of the year, but that will be greenlit. Wanted to have you guys kind of remind us in terms of what your strategy is in that market? And then thinking across some of your other markets, whether it's Missouri or some progress that we're seeing in Maryland. Can you just kind of frame out how you're thinking about monetizing the iGaming and Sports betting opportunities whether it's third party doing it on your own, and how that could help the cash flow? Thanks.

33m 8s

I'll answer for Kenneth and then I hand over to Peter. The short answer for Kenneth is we just don't know what will be happening. We cannot really there is much talk, but nothing is definitive yet on how and when. So we can't really we can't really make any decisions. What we can say is that if it comes, it is very unlikely that with our sales we very likely would take a third party like we've done in the past. Peter, with that, I hand over to you maybe a comment on The U. S. Of that question?

33m 42s

Yes, yes. You're right. The HNC in Alberta has just not come forward yet with their with their procedures and rules. If they plant, yes, in Missouri, a lot of lot of demand for our life licensees. I mean, that's still not 100% defined yet, how many we have. But very negotiations with with spot spending providers. And as Sven said, our clear direct is that we have somebody else do it and we provide the license and get revenue percentage with a minimum guarantee per year.

34m 31s

For all markets we are in.

34m 38s

Okay.

34m 40s

And then Peter, I know you mentioned that you you've pulled any guidance from the slide deck that you had laid out in 2024, But from what I'm gathering from the call, it sounds like the projects are going maybe even better than expected. I think you mentioned that in Carruthersville. You have some nice momentum in Cape Girardeau. So if we think about the previously given 2025 goal, would it be safe to assume that that could be a 2026 goal if the economy stabilizes, meaning you just need a little bit more time for some of these projects to ramp.

35m 25s

And maybe a little more time for the consumer to get through some uncertainty in the market?

35m 35s

Peter? That's exactly how we see it. Yes. It's still a good number, but and as we said, the properties are in great shape. So the product is there. And we just need the low end consumer to pick up a little bit more.

36m 1s

And so yes, we think that it has been like give or take twelve months, we have to push it out there. In terms of optical is And for this year, as I said, it's just extremely difficult to have We have stretches of couple of weeks, two or three weeks where we think, oh, great, it's everything's clicking. And then there's another week or two where it's it's really volatile and very hard to to forecast at the moment. And that's mostly consumer sentiment.

36m 40s

Okay. Appreciate it. Thank you very much, guys.

36m 44s

Thanks, Chip.

36m 50s

And we'll move next to Mike Krawitz.

36m 53s

Investor. [indiscernible] I'm a shareholder for the past couple of years. And I've seen the stock go down Very rarely does it go up. The past quarters have been disappointments at best. The nugget is way down from their typical revenues Rocky Gap is way down. I see every month hundreds of thousands of dollars down. What is the company's endgame And I'm wondering, is it time to bring in a new CEO one person who knows the North American gaming market who can be focused on these North American assets and get rid of Poland these Canadian assets, and just focus on Colorado, Nevada, Mountain Rocky Gap and Missouri. And that's it. And leave all this other nonsense behind over in Poland these Canadian assets. And does the stock price, I don't know if you saw this morning, but it was down at 1.29% under $2 a share. Was at like $1.73 And it just disappointments after disappointments quarter after after quarter with this company. And like I said, is it time to bring in a new CEO one person who can give confidence to the investment community that they can turn this thing around. Because right now there's no confidence that this company can turn itself around.

38m 33s

With regard to the non U. S. Properties, I think we've said it before and also during this conference call, that divesting of those entities is an option and is under consideration. With regard to your other part of the question, we don't think so. But at the end, others have to decide. Peter, do you want to add to that?

39m 4s

Yes. Let's not forget that for a very long time, both Canada and Europe had a very positive impact on EBITDA and cash flow. Now it is this impact is is much lower and that's why we've taken the decision divest Poland and we are considering Canada Yes. And on top of that, what Erwin said, most of our casinos are depending a large extent on the New England consumer. And the fact that the low end consumer is so weak is that certainly the reason for that is certainly not within our company. And in terms of the endgame, we are public company. So and don't forget that management is is very much aligned with shareholders. Management owns close to 15% of the company. So our interest are aligned. And being a public company, of course, anything is possible in terms of the future some other people are knocking on our doors, as you can imagine, with a low share price [indiscernible] that's that's we are doing what we can and then we'll see what others say.

40m 45s

It just seems like we're just straggling along here. Quarter after quarter, this is down, but Missouri is looking good. You've been talking about buying back stock for the past two years, but it hasn't happened And Poland, I heard that was being sold like for two years now and that hasn't been nothing has happened with that yet. But I think if this company just focuses on the North American The United States assets, and you could and have marketing towards your Carruthersville property, Missouri, cross market with the nugget and advertise the nugget at the other properties so you can have cross promotions You're promoting Reno, Nevada, and the nugget in Missouri or Colorado and and cross market these properties so everybody in Caruthersville and Missouri knows about the nugget as one of our properties.

41m 46s

The Cripple Creek is one of our properties. The Mountaineer and just get everybody in their mindset when they think of you know Century Casinos. Oh, we have a property in Reno. Let's we should check we should check it out.

42m 1s

To put it more at the forefront of customers all over the or of the other places and do cross promotions with these other places.

42m 11s

Okay, Mike.

42m 14s

Yes, Mike. We're hearing that and thanks a lot for your comments. [indiscernible] Thank you, sir. Operator? Thank you. We'll take our next question from J. T. Waters, investor.

42m 32s

Hey, guys. Thank you so much for taking my question. I realized that the insider zone 13%, 14% of the company. I'm just curious your thoughts if management doesn't view stock buybacks at these levels as a good investment. I wonder outside of that just on a personal level, it probably would would be good for investors to see a strong amount of insider buying and it's not really a question, just more of a statement I mean, it's it just seems if everything going the direction that you guys say it is and we all hope it is, that would just be a great statement I think for the existing shareholder base. And I'll hang up. Thanks guys. [indiscernible] like to say something [indiscernible] We there are it's very generally speaking, there is management that would be very interested in buying back. However, we are pretty much restricted by the insider laws and rules and we have a lot blackout periods.

43m 42s

Operator?

43m 44s

Thank you. It appears there are no further questions at this time. I'll turn the conference back to our host for any additional or closing remarks.

43m 52s

Thank you, operator, and thanks everybody. We appreciate joining our call today.

43m 56s

And we'll talk again in a couple of months. Until then, thank you and goodbye.

44m 3s

This does conclude today's Century Casinos Q4 twenty twenty four earnings call.

44m 8s

Thank you for your participation. You may now disconnect. The host has ended this call. Goodbye.

Key Insights

Q4 2024 Performance: Consolidated revenue was $137.8M, down 4% YoY, and adjusted EBITDA was $21.1M, down 17%. U.S. operations saw a 3% revenue decline, with low-end customer weakness due to inflationary pressures, while mid-to-upper-tier customers performed well.
Missouri Operations: The new land-based facility in Caruthersville exceeded expectations with revenue and EBITDA up 27% and 32% respectively since opening. Cape Girardeau also saw strong performance with an 11% revenue increase and a 7% EBITDA rise, driven by the new hotel and expanded reach into new markets.
Challenges in Other Segments: Colorado operations faced a 7% revenue decline due to construction impacts and sports betting provider exits. The East segment (West Virginia and Maryland) saw a 7% revenue drop and a 29% EBITDA decline, primarily due to lower-end customer weakness.
Capital Allocation and Debt: The company ended Q4 with $99M in cash and $340M in debt, resulting in a net debt of $241M. Management plans to reduce leverage ratios and focus on operational efficiencies, with no significant CapEx planned for 2025.
Outlook: Management remains cautious due to macroeconomic uncertainty but expects significant EBITDA and cash flow improvements in 2025 and beyond, driven by recent growth initiatives. However, the timeline for achieving previously stated financial targets may extend into 2026.

Recent Transcripts

Revenue declined 4% in Q4 2024 due to weak low-end consumer demand.

Exceeded Expectations

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$304M	$389M	$431M	$550M	$576M
Cost of Revenue	$150M	$200M	$231M	$307M	$330M
Gross Profit	$155M	$189M	$199M	$243M	$246M
Gross Profit %	51%	49%	46%	44%	43%
R&D Expenses	$0	$0	$0	$0	$0

2020

2021

2022

2023

2024

Revenue

$304M

$389M

$431M

$550M

$576M

Cost of Revenue

$150M

$200M

$231M

$307M

$330M

Gross Profit

$155M

$189M

$199M

$243M

$246M

Gross Profit %

51%

49%

46%

44%

43%

R&D Expenses

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	-$48M	$22M	$14M	-$28M	-$121M
Dep. & Amort.	$30M	$31M	$31M	$45M	$50M
Def. Tax	$3.4M	$345K	-$15M	-$24M	$25M
Stock Comp.	-$214K	$2.7M	$3.3M	$3.6M	$66K
Chg. in WC	$1.2M	$2.1M	-$4.2M	$9.3M	-$11M

2020

2021

2022

2023

2024

Net Income

-$48M

$22M

$14M

-$28M

-$121M

Dep. & Amort.

$30M

$31M

$45M

$50M

Def. Tax

$3.4M

$345K

-$15M

-$24M

$25M

Stock Comp.

-$214K

$2.7M

$3.3M

$3.6M

$66K

Chg. in WC

$1.2M

$2.1M

-$4.2M

$9.3M

-$11M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$63M	$108M	$102M	$171M	$99M
ST Investments	$0	$0	$0	$0	$0
Cash & ST Inv.	$63M	$108M	$102M	$171M	$99M
Receivables	$8.2M	$9.4M	$9.1M	$18M	$11M
Inventory	$1.7M	$1.4M	$1.5M	$4.7M	$3.7M

2020

2021

2022

2023

2024

Cash

$63M

$108M

$102M

$171M

$99M

ST Investments

Cash & ST Inv.

$63M

$108M

$102M

$171M

$99M

Receivables

$8.2M

$9.4M

$9.1M

$18M

$11M

Inventory

$1.7M

$1.4M

$1.5M

$4.7M

$3.7M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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RelatedRelated
EarningsEarnings
Income StatementIncome Statement
Cash FlowCash Flow
Balance SheetBalance Sheet

Earnings

Report Date

Mar 13, 2025

Reported Revenue

137.8M

Avg 1d Change

9.3%

Report Period

Q4 2024

Reported EPS

-0.69

Implied Move 1d

12.23%

Transcript

3m 46s

5m 23s

7m 10s

8m 39s

10m 8s

11m 48s

13m 33s

15m 16s

16m 52s

18m 24s

Except for some unfavorable winter weather in Q1 of this year, Most of this year will face easier comps with no renovation disruption compared to last year.

18m 35s

19m 8s

Thank you. At this time, we will open the question and answer session. And our first question today will come from Jordan Bender Citizens Capital Markets.

19m 37s

20m 15s

20m 50s

Then switching gears, would love to just get your updated thoughts around the 50% ownership of the Real Estate, the nugget? [indiscernible] Yes. There are no news from last time really. Okay.

21m 13s

You very much.

21m 17s

And our next next question will come from Ryan Sigal with Craig Hallum.

21m 23s

Hey, staying on the nugget. So appears like revenue was down 10% in Q4.

21m 31s

21m 47s

23m 4s

But we're also focusing on the local customers And first indications are that we are already moving forward quite well and we could regain some of that local business that has been lost in the past.

23m 21s

23m 52s

Yes. I'll take the first part of the question and then hand over to Peter.

23m 55s

24m 17s

25m 3s

Quick clarification for last one here on Kruthersville. Looks like a sub bullet here that the rent was deferred for one year. Why did that change in the VG master lease? Thanks.

25m 21s

25m 39s

It hasn't yes, that has been the case. Good.

25m 43s

Thanks, guys. Good luck.

25m 45s

Thank you. We'll move to our next question that comes from Jeff Stanchal with Stifel.

25m 53s

26m 43s

27m 27s

29m 5s

30m 14s

That's helpful. Thank you for And then if I could just squeeze in in one more quick one. I just wanted to double click on one of your comments in the prepared remarks.

30m 23s

30m 58s

I think this is purely customer behavior.

31m 4s

32m 20s

Hi, good morning. Thanks for taking my question.

32m 22s

33m 8s

33m 42s

34m 31s

For all markets we are in.

34m 38s

Okay.

34m 40s

35m 25s

And maybe a little more time for the consumer to get through some uncertainty in the market?

35m 35s

36m 1s

36m 40s

Okay. Appreciate it. Thank you very much, guys.

36m 44s

Thanks, Chip.

36m 50s

And we'll move next to Mike Krawitz.

36m 53s

38m 33s

39m 4s

40m 45s

41m 46s

42m 1s

To put it more at the forefront of customers all over the or of the other places and do cross promotions with these other places.

42m 11s

Okay, Mike.

42m 14s

Yes, Mike. We're hearing that and thanks a lot for your comments. [indiscernible] Thank you, sir. Operator? Thank you. We'll take our next question from J. T. Waters, investor.

42m 32s

43m 42s

Operator?

43m 44s

Thank you. It appears there are no further questions at this time. I'll turn the conference back to our host for any additional or closing remarks.

43m 52s

Thank you, operator, and thanks everybody. We appreciate joining our call today.

43m 56s

And we'll talk again in a couple of months. Until then, thank you and goodbye.

44m 3s

This does conclude today's Century Casinos Q4 twenty twenty four earnings call.

44m 8s

Thank you for your participation. You may now disconnect. The host has ended this call. Goodbye.

Key Insights

Q4 2024 Performance: Consolidated revenue was $137.8M, down 4% YoY, and adjusted EBITDA was $21.1M, down 17%. U.S. operations saw a 3% revenue decline, with low-end customer weakness due to inflationary pressures, while mid-to-upper-tier customers performed well.
Missouri Operations: The new land-based facility in Caruthersville exceeded expectations with revenue and EBITDA up 27% and 32% respectively since opening. Cape Girardeau also saw strong performance with an 11% revenue increase and a 7% EBITDA rise, driven by the new hotel and expanded reach into new markets.
Challenges in Other Segments: Colorado operations faced a 7% revenue decline due to construction impacts and sports betting provider exits. The East segment (West Virginia and Maryland) saw a 7% revenue drop and a 29% EBITDA decline, primarily due to lower-end customer weakness.
Capital Allocation and Debt: The company ended Q4 with $99M in cash and $340M in debt, resulting in a net debt of $241M. Management plans to reduce leverage ratios and focus on operational efficiencies, with no significant CapEx planned for 2025.
Outlook: Management remains cautious due to macroeconomic uncertainty but expects significant EBITDA and cash flow improvements in 2025 and beyond, driven by recent growth initiatives. However, the timeline for achieving previously stated financial targets may extend into 2026.

Century Casinos, Inc. Price & Performance (CNTY)

Stock Performance

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Market Cap

P/E Ratio

Volume

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News & Market Insights

What's Happening

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Earnings

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Implied Move 1d

Transcript

Key Insights

Recent Transcripts

Income Statement

Cash Flow

Balance Sheet

Go Deeper

Related

News & Market Insights

Go Deeper

Recent Transcripts

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

Reported EPS

Implied Move 1d

Transcript

Key Insights