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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call indicates strong financial performance in several areas, including impressive growth in Poland and improvements in cash flow and debt ratio. The strategic plan highlights new partnerships and operational efficiencies, with an optimistic outlook on upcoming quarters. The Q&A reveals positive sentiment from analysts, with explanations for lower stock repurchases and strategic responses to market trends. The company's share buyback plan and positive EBITDAR growth further support a positive sentiment, likely leading to a stock price increase of 2% to 8%.
Revenue $150.8 million, driven by strength in Missouri, Canada, and Poland. This was an all-time record for a second quarter.
Adjusted EBITDAR $30.3 million, a 50% sequential increase and a 10% increase over Q2 of last year. Growth was broad-based with every region except Nevada contributing positive growth.
Caruthersville Casino and Hotel Revenue Grew 24% year-over-year. Operating expenses were tightly controlled, resulting in a 30% increase in EBITDA from $4.7 million in Q2 '24 to $6.1 million in Q2 '25, with a 43% margin. Growth was driven by double-digit percentage increases in the customer base across all segments.
Cape Girardeau Hotel Cash Revenue More than doubled compared to Q2 '24. Food and beverage cash revenue grew 31%. Gaming revenue was slightly behind last year due to severe storms and tornado activity in April, but EBITDAR increased by 3% to $6.5 million, resulting in a 37% margin.
Century Casino Cripple Creek EBITDAR $1.9 million compared to $2.4 million in Q2 '24. On a comparable basis (excluding a $850,000 breakage fee in Q2 '24), EBITDAR was up 23%.
Mountaineer Casino Resort EBITDAR $4.1 million compared to $3.6 million in Q2 '24, an increase of 12%. Total revenue was up 3%, driven by a 39% increase in iGaming revenue, which offset a 6% decline in table games revenue.
Rocky Gap Casino Resort EBITDAR June revenue grew 7% and EBITDAR grew 21% despite weather challenges. Slot revenue increased by 9% in June compared to the same period in '24.
Nugget Casino Resort EBITDAR $2.3 million, representing a decrease of approximately $550,000 from Q2 '24. Concerts at the outdoor event center did not yield expected returns, impacting gaming, food, beverage, and hotel revenues.
Canada Operations EBITDAR Grew 2.8% from $5.4 million to $5.6 million year-over-year. Growth was driven by Century Casino St. Albert, which performed exceptionally well after exterior modernization.
Poland Operations Revenue and EBITDAR Total revenue grew 23% year-over-year, resulting in a 306% increase in EBITDAR from $0.5 million in Q2 '24 to $1.8 million in Q2 '25. Growth was supported by redirecting guests from a closed casino to the flagship casino and ramp-up of the relocated Wroclaw Casino.
Cash Flow Turned positive in the quarter. Cash and cash equivalents were $85.5 million compared to $84.7 million at the end of Q1. Net debt-to-EBITDA ratio improved from 6.9x to 6.2x.
Partnership with BetMGM: Announced a partnership to operate an online and mobile sports betting application in Missouri, expected to go live in December 2025. Includes a percentage of net gaming revenue payable to Century Casinos with a guaranteed minimum.
New Caruthersville Casino and Hotel: Opened in November 2024, showing a 26% increase in net operating revenue and a 31% increase in EBITDAR since opening.
Wroclaw Casino Expansion: Awarded an additional license in Wroclaw, Poland, with plans to open a new casino in Q4 2025.
Missouri Market Expansion: Strong performance in Missouri, with the Caruthersville property showing a 30% increase in EBITDA and a 43% margin. The Cape Girardeau property also saw growth in hotel-driven revenues.
Poland Market Adjustments: Notified of not receiving a new license for a second casino in Warsaw but awarded a new license in Wroclaw. Plans to divest Polish operations are underway.
Operational Efficiencies in Colorado: Eliminated live table games, replaced with electronic table games, resulting in cost savings and a 23% increase in comparable EBITDA at Century Casino Cripple Creek.
Cost Management in West Virginia: Achieved 7% operating expense savings at Mountaineer Casino Resort through procurement and process efficiencies.
Strategic Review: Initiated a comprehensive strategic review to explore asset sales, strategic partnerships, or potential sale of the company. Engaged Macquarie Capital and Faegre Drinker for evaluation.
License Denial in Poland: The company was notified that it has not received a new license for a second casino in Warsaw, which could limit growth opportunities in the region.
Weather Disruptions: Severe storms and flooding incidents significantly impacted operations at multiple properties, including Rocky Gap Casino Resort and Century Casino & Hotel Cape Girardeau, leading to revenue and EBITDAR declines.
Concert Revenue Decline: The Nugget Casino Resort experienced lower-than-expected returns from concerts at its outdoor event center, negatively affecting gaming, food, beverage, and hotel revenues.
Increased Rent Costs: The transition to the new Caruthersville Casino and Hotel increased rent costs by $1.1 million per quarter, which could impact profitability.
Competitive Pressures: The Century Casino & Hotel Cape Girardeau faced new competition in Illinois, requiring strategic adjustments to maintain market share.
High Debt Levels: The company has a net debt of $252.5 million and a net debt-to-EBITDA ratio of 6.2x, which could pose financial risks.
Operational Challenges in Poland: Operational breaks and delays in license renewals have impacted the company's Polish operations, although no further interruptions are expected until 2028.
Underperformance at Nugget Casino Resort: The Nugget Casino Resort is not meeting performance expectations, with EBITDAR declining by $550,000 compared to the same quarter last year.
Sports Betting Launch in Missouri: Sports betting is expected to go live in Missouri in December 2025, with meaningful financial contributions anticipated in 2026.
Poland Divestment: The company expects to sign a letter of intent with an Eastern European gaming group next week, entering exclusivity for the Poland business. Updates on the divestment process will follow in the coming months.
Wroclaw Casino Expansion: A new casino in Wroclaw, Poland, is expected to open in Q4 2025, strengthening the company's position in the market.
BetMGM Partnership: The company plans to launch online sports betting in Missouri by the end of 2025 and prepare for a BetMGM-branded retail sportsbook, enhancing revenue and profitability.
Rocky Gap Casino Outlook: Optimistic about Rocky Gap's performance for the remainder of 2025, with trends showing improvement in revenue and profitability.
Capital Expenditures: No significant CapEx is planned for 2025 or 2026, with total spending for 2025 expected to be no more than $20 million.
Free Cash Flow and Debt Ratios: The company anticipates meaningful improvements in free cash flow and further reductions in net debt-to-EBITDA ratios in the second half of 2025.
Consumer Trends and Economic Outlook: Cautiously optimistic about consumer sentiment and spending power, supported by anticipated economic improvements and legislative changes benefiting seniors, who make up about one-third of the customer base.
Strategic Review: The company has initiated a strategic review to explore potential asset sales, partnerships, or other transactions aimed at enhancing shareholder value. No decisions have been made yet.
Share Buyback Program: In Q2 2025, Century Casinos repurchased 428,734 shares at an average price of $2.12 per share. The company is considering continuing the stock buyback program in the coming weeks if and when legally permitted.
The earnings call shows mixed signals: strong performance in specific casinos and regions, but weaknesses in others like Poland. Positive elements include record EBITDAR in some areas and strategic partnerships, while negatives involve vague management responses and challenges in Poland. The Q&A highlights cautious optimism but also uncertainty, particularly regarding consumer trends and capital allocation. Considering these factors and the market cap's unavailability, the stock price is likely to remain neutral in the short term.
The earnings call indicates strong financial performance in several areas, including impressive growth in Poland and improvements in cash flow and debt ratio. The strategic plan highlights new partnerships and operational efficiencies, with an optimistic outlook on upcoming quarters. The Q&A reveals positive sentiment from analysts, with explanations for lower stock repurchases and strategic responses to market trends. The company's share buyback plan and positive EBITDAR growth further support a positive sentiment, likely leading to a stock price increase of 2% to 8%.
The earnings call highlights strong financial performance in Missouri, with significant revenue growth and improved EBITDAR margins. The company is focused on operational efficiency and expects improved cash flow and EBITDAR in 2025. Despite some uncertainty in guidance and vague responses on Polish asset divestment, the overall sentiment is positive due to strong revenue growth, successful new casino openings, and a proactive market strategy. The Q&A section did not reveal significant negative trends. Therefore, the stock price is likely to experience a positive movement in the short term.
The earnings call indicates several positive factors: a successful new casino opening with strong revenue growth, a focus on operational efficiency, and a solid shareholder return plan via stock buybacks. Despite some year-over-year declines in EBITDAR and visitor volume, the company's strategic initiatives and optimistic outlook, particularly in Missouri, suggest potential for growth. The Q&A revealed management's proactive revenue strategies and continued cost optimization efforts, though some uncertainty remains regarding the Polish asset divestment. Overall, the positives outweigh the negatives, suggesting a positive stock price movement.
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