Century Casinos, Inc. Q3 FY2025 earnings call

• Q3 EBITDAR adjusted for onetime effects up 5%, beating consensus. Rated GGR flat, retail play up 4% GGR up 2%. Upper segments up 8%, lower down 9%. - Missouri properties strong, Colorado ETG replacement, Canada growth, Poland divestment plan. - Balance sheet: Cash $78M, net debt $261M, net debt-to-EBITDA 6.9x; strategic review ongoing.

Net operating revenue was $154 million. In Missouri, Century Casino and Hotel Caruthersville had gaming revenue up 29%, EBITDA up 35% to $6.1 million; Century Casino and Hotel Cape Girardeau had $6.1 million EBITDA. In Colorado, Cripple Creek EBITDA was $1.8 million flat; Central City rated play up 6%, EBITDAR up 20% (excluding onetime Tipico payment). In the East, Mountaineer EBITDAR was $4.4 million flat (adjusted for prior year bonus reversal); Rocky Gap EBITDAR up 7% to $4.9 million. In the West, Nugget Casino Resort had August EBITDAR $4.1 million record but overall quarter challenging; working on repositioning and convention space expansion. In Canada and Europe, Alberta slot coining up 5.8%, total revenue up 1.6%, EBITDA up 11.1% to $5.4 million; Poland nearing end of challenging period, Wrocław Casino ramping up.

• Preliminary Oct EBITDAR up over 20% vs last year. - Confident in higher EBITDAR and cash flow for 2026 and beyond. - Tax bill benefits for core customers.

• Poland closure impact, onetime effects in September, consumer sentiment affecting low-end customers.

Q: Strong results in Canada portfolio, drivers and synergy?

A: Synergy incremental, Canada growth from St. Albert facade redo and cost/revenue management.

Q: Nugget timing, convention, entertainment?

A: Timing hard to say, concerts improving in 2026, convention business has lead times.

Q: ETGs in Colorado, strategy for other assets?

A: ETGs parallel to table games in larger casinos.

Q: Balance sheet, share buyback vs debt?

A: Analyzing, no decisions made yet.

Q: Nugget weakness, convention cancellations?

A: Weakness in September due to no large events, conference business less in 2025 vs 2024.

Q: Caruthersville returns, growth?

A: On track, growth from closer and further customers.

Q: Retail customer weakness, stability?

A: Impacted by consumer insecurity, possible improvement with better sentiment.

Q: Capital allocation, reinvestment?

A: Minor CapEx in Canada, Nugget F&B, strategic review ongoing.

Q: Tax season benefits, quantification?

A: Low ADT players impacted, moving to mid/upper tiers.