Century Casinos (CNTY) Q4 2024 earnings summary

Executive summary

• Q4 2024 consolidated revenue was $137.8M, down 4% year-over-year; full year revenue rose 5% to $575.9M.

• Adjusted EBITDAR for Q4 was $21.1M, down 17%; full year Adjusted EBITDAR was $102.7M, down 10%.

• Q4 net loss attributable to shareholders was $64.9M; full year net loss was $128.2M, impacted by a $43.7M goodwill impairment at the Nugget Casino Resort.

• New land-based casino and hotel opened in Caruthersville, Missouri in November 2024, driving significant revenue and EBITDA growth.

• Operates 17 properties with 7,493 slot/electronic gaming machines, 238 tables, and 2,153 hotel rooms across the US, Canada, and Europe.

Financial highlights

• 2024 net operating revenue was $575.9M, up from $550.2M in 2023; Q4 net operating revenue was $137.8M.

• Adjusted EBITDAR for 2024 was $102.7M, down from $114.0M in 2023; Q4 Adjusted EBITDAR was $21.1M.

• US operations contributed 83% of Q4 2024 Adjusted EBITDAR; US segment Q4 net operating revenue fell 3% to $100.0M.

• Basic net loss per share was $(2.11) for Q4 and $(4.19) for the year.

• Cash and cash equivalents at year-end were $98.8M; total principal debt was $339.6M.

Outlook and guidance

• Management expects Adjusted EBITDAR and cash flow to improve in 2025 as recent growth investments ramp up and no construction disruptions are anticipated.

• 2025 capital expenditures expected at $17.9M, including $3.5M for growth projects.

• Net debt leverage expected to improve to 4.0–4.8x by end of 2025 as Adjusted EBITDAR increases.

• Sports betting in Missouri to begin in 2025, expected to drive incremental Adjusted EBITDAR from 2026.

• Guidance for 2025 goals pushed out by about 12 months due to continued low-end consumer weakness.