The following is a summary of the Century Casinos, Inc. (CNTY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Century Casinos reported Q2 2024 net revenue of $146 million, marking a 7% increase year-over-year.

• Adjusted EBITDAR was $27 million, down 6% from the previous year, with April responsible for all of the quarterly year-over-year EBITDAR decline.

• Financial challenges include a 23% revenue decline at the Nugget Casino Resort and the temporary closure of two casinos in Poland impacting revenue.

Business Progress:

• The company is nearing completion of the new land-based facility in Caruthersville, which is expected to improve overall performance at that location.

• Expanded gaming options and non-gaming amenities are anticipated to enhance revenue and EBITDAR at the new facilities.

• Strategic investments in property enhancements and operational efficiencies aim to boost future visitation and revenue.

• Efforts are underway to improve performance at the underperforming Nugget Casino Resort, including leadership changes and rightsizing initiatives.

Opportunities:

• The anticipated economic improvement could lead to increased entertainment spending, benefiting the company's revenue growth.

• Properties like Rocky Gap are expected to capitalize on untapped feeder markets, enhancing their revenue potential.

• The completion of major CapEx projects and a focus on strategic investments are set to significantly improve free cash flow starting from late 2024.

Risks:

• Macroeconomic factors and competition from iGaming platforms continue to impact consumer spending patterns, particularly among non-rated players.

• Construction disruptions and temporary closures have negatively affected short-term financial performance.

• Anticipated changes in consumer spending due to inflation and credit market relief remain uncertain.

More details: Century Casinos IR

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