Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q4 2024 Earnings Presentation
38 slides from Century Casinos's earnings presentation, Mar 13, 2025
Slide 1: Investor Presentation: Results through Q4 2024
Results through Q4 2024 INVESTOR PRESENTATION Peter Hoetzinger, Co CEO & President
Slide 2: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act o
Slide 3: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Well Established Multi-Channel Gaming Company: 7,493 slot/electronic Growth Drivers gaming machines, 238 gaming tables and 2,153 hotel rooms across 17 • New permanent land-based casino and addition of new hotel to Century Casino & properties1 in USA, Canada and Europe. Ho
Slide 4: North American Property Footprint
NORTH AMERICAN PROPERTY FOOTPRINT 11 Properties In the USA (Nevada, Colorado, Missouri, West Virginia and Maryland) and Canada (Alberta). 2,153 Hotel Rooms Across eight casino hotel/resort properties. 7,143 Slot Machines & 146 Table Games Offering popular and exciting slot machines and the latest in
Slide 5: Stable Performance
STABLE PERFORMANCE US regional GGR has maintained stable growth since 2001 and has been resilient to macroeconomic changes including oil prices and CPI U.S. Regional GGR 1 63 58 52 47 37 39 40 34 34 35 31 30 30 31 31 32 27 29 29 29 24 24 26 22 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2
Slide 6: Regional Markets Overview
REGIONAL MARKETS OVERVIEW Diverse regional exposure in stable, mature gaming markets in the U.S. Gross Gaming Revenue (GGR)1 • Regional markets resilient during the pandemic 1,111 1,088 • 2021 through 2024 Gross Gaming Revenue levels materially up versus 2019 1,060 Colorado GGR 976 across all market
Slide 7: U.S. Operations
U.S. OPERATIONS OVERVIEW East, Midwest and West Regions 6
Slide 8: East Region Market Overview: West Virginia
EAST REGION MARKET OVERVIEW West Virginia POINTS OF DIFFERENTIATION MOUNTAINEER CASINO, RESORT & RACES MARKET DYNAMICS AND DEMOGRAPHICS • Represents the only full-service resort and casino • Located on the Ohio River in the northern • West Virginia was an early adopter of internet in the immediate v
Slide 9: East Region Market Overview: Maryland
EAST REGION MARKET OVERVIEW Maryland POINTS OF DIFFERENTIATION ROCKY GAP CASINO, RESORT & GOLF MARKET DYNAMICS AND DEMOGRAPHICS • Full-service casino resort with Jack Nicklaus • Located against a picturesque outdoor backdrop • Western Maryland is expected to see annual Signature golf course, and lar
Slide 10: East Region Results
EAST REGION RESULTS West Virginia and Maryland Net Operating Revenue Adjusted EBITDAR1 50.0 10.0 47.1 45.1 8.9 45.0 44.0 44.2 9.0 8.5 41.0 8.0 40.0 38.5 8.0 7.6 35.0 7.0 29.7 30.4 30.0 28.2 6.0 5.7 26.3 26.7 26.5 5.3 4.8 4.9 25.0 5.0 4.3 3.9 3.9 20.0 4.0 3.5 15.0 3.0 10.0 2.0 5.0 1.0 0.0 0.0 Q1 Q2 Q
Slide 11: Midwest Region Market Overview: Colorado
MIDWEST REGION MARKET OVERVIEW Colorado POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL – CENTRAL CITY MARKET DYNAMICS AND DEMOGRAPHICS • Strategically located in close proximity to Denver, • Denver and Colorado Springs MSAs, both Colorado (Central City ~35 miles away) and exhibiting strong demogra
Slide 12: Midwest Region Market Overview: Missouri
MIDWEST REGION MARKET OVERVIEW Missouri POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL – CAPE GIRARDEAU MARKET DYNAMICS AND DEMOGRAPHICS • Cape Girardeau and Caruthersville are both local, • Missouri is one of the largest regional gaming drive-to markets with loyal customer bases. markets with ~$1
Slide 13: Next Stage of Growth: Caruthersville Casino & Hotel
NEXT STAGE OF GROWTH Missouri Projects – Caruthersville Permanent Land-Based Casino & Hotel • Opened November 1, 2024. • Transformation to full destination resort to attract customers from further into Missouri, Tennessee and Arkansas and provide guests with a better, more convenient casino experien
Slide 14: Midwest Region Results
MIDWEST REGION RESULTS Colorado and Missouri Net Operating Revenue Adjusted EBITDAR1 45.0 20.0 39.7 39.2 40.6 40.6 40.3 40.4 40.8 39.9 40.0 39.0 39.2 18.0 17.4 37.6 35.8 16.1 15.9 15.9 16.0 15.4 15.3 35.0 14.4 14.6 14.5 14.0 13.5 13.6 30.0 12.8 12.0 25.0 10.0 20.0 8.0 15.0 6.0 10.0 4.0 5.0 2.0 0.0 0
Slide 15: West Region Market Overview: Nevada
WEST REGION MARKET OVERVIEW Nevada POINTS OF DIFFERENTIATION NUGGET CASINO RESORT MARKET DYNAMICS AND DEMOGRAPHICS • Newly remodeled full-service resort conveniently • Located in Reno-Sparks, Nevada (aka the • Reno is famous for its casinos and as a located on Route I-80 with easy access from the “B
Slide 16: West Region Results
WEST REGION RESULTS Nevada Net Operating Revenue Adjusted EBITDAR1 35.0 8.0 32.5 7.0 6.8 30.0 29.2 6.5 27.0 6.0 5.8 25.0 20.8 21.2 5.0 20.0 19.1 18.4 4.0 15.0 3.0 2.9 10.0 2.0 1.1 5.0 1.0 0.6 0.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2023 2024 In USD, $ millions 15 1. Adjusted EBITDAR is a non-G
Slide 17: Consolidated Results
CONSOLIDATED RESULTS 16
Slide 18: CNTY Results: 2022–2024 Quarterly Results
CNTY RESULTS 2022 – 2024 Quarterly Results 1 Net Operating Revenue Adjusted EBITDAR2 180 35 33.3 32.9 161.2 155.7 160 29.8 29.3 146.4 143.8 30 27.4 28.1 136.0 136.8 137.8 26.1 140 25.4 25 23.8 120 111.1 112.6 21.3 21.7 103.1 108.5 103.8 21.1 100 20 80 15 60 10 40 20 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 202
Slide 19: CNTY Results: 2022–2024 Results
CNTY RESULTS 2022 – 2024 Results 1 Net Operating Revenue Adjusted EBITDAR 2 575.9 114.0 550.2 103.3 102.7 430.5 380.6 419.7 98.2 80.3 93.8 268.6 71.6 75.4 18.4 20.0 76.3 20.2 8.0 2.5 11.8 90.1 94.1 79.9 0.2 0.1 0.0 (7.2) (12.2) (13.8) 2022 2023 2024 2022 2023 2024 Corporate Poland Canada United Stat
Slide 20: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE As of December 31, 2024 in USD, $ millions Cash 5.5X Net Debt Leverage 1,2 98.8 Anticipate Net Debt Leverage to trend towards 4.0-4.8X by the end of 2025 via increase in trailing twelve-month Adjusted EBITDAR. Total Principal Debt 1 339.6 6.4X Adjusted Net Debt Leverage 1,
Slide 21: Next Stage of Growth: Value Creation Projects
NEXT STAGE OF GROWTH Attractive Value Creation Projects Total Project Cost 2025 Estimate 1 Project Description (in $ millions) (in $ millions) East Maryland Beach access 0.2 --- Bar renovations 0.2 0.2 West Virginia Exterior renovations 1.3 1.1 Midwest Colorado Central City - Hotel refresh 0.3 --- C
Slide 22: Key Financial Forecasts for 2025
KEY FINANCIAL FORECASTS FOR 2025 Corporate Expense $13.4M - $14.4M excluding stock-based compensation (it was $0.1M in 2024). Approximately $17.9M inclusive of approximately $3.5M in growth capital expenditures, and the remaining in maintenance capital expenditures. Capital Expenditures Estimate exc
Slide 23: Appendix
APPENDIX 22
Slide 24: Additional Results by Reportable Segment Q4 2024
APPENDIX Additional Results by Reportable Segment Q4 2024 1 (Loss) Earnings from Operations Net Loss Attributable to Century Casinos, Inc. Shareholders Poland: -7% Poland: -2% Canada: 0% Canada: 11% United States: -104% United States: -98% In USD, $ millions. 23 1. Excludes the Corporate and Other R
Slide 25: Abbreviations of Subsidiaries and Reporting Units
APPENDIX Abbreviations of Century Casinos, Inc. Subsidiaries and Certain Reporting Units Name Abbreviation Operating Segment Mountaineer Casino, Resort & Races MTR or Mountaineer East Rocky Gap Casino, Resort & Golf ROK or Rocky Gap East Century Casino & Hotel Cape Girardeau CCG or Cape Girardeau Mi
Slide 26: Terms and Definitions
APPENDIX Terms and Definitions • In this presentation, the term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars and the term “PLN” refers to Polish zloty. Amounts presented are rounded. As such, rounding differences could occur in period-over-period changes and percentages repo
Slide 27: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • The Company supplements its consolidated financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) by using the following non-GAAP financial measures, which management believes are useful in properly understanding the
Slide 28: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR is defined as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company’s Master Lease), net, income taxes (benefit), depreciation, amortization, n
Slide 29: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR (continued). Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjuste
Slide 30: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • Lease Debt is Rent Payments capitalized at 8.0x (a metric the Company believes is the industry standard used by analysts for this calculation). Lease Debt is not considered a measure of the Company’s financing obligations under GAAP. Management believes Lease D
Slide 31: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended December 31, 2024 2023 Net operating revenue $ 137,766 $ 143,760 Net loss attributable to Century Casinos, Inc. shareholders (64,894) (10,821) Interest expense (income), net 25,407 24,709 Income tax
Slide 32: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended For the three months ended December 31, 2024 December 31, 2023 Total Total United United East Midwest West States East Midwest West States Net (loss) earnings attributable to Century Casinos, Inc. sh
Slide 33: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.2 $ 8.9 $ 2.9 $ (4.0) $ (1.2) $ (2.0) $ (23.4) $ (10.8) $ (13.5) $ (41.6) $ (8.1) $ (64.9) Interest
Slide 34: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Year Ended Year Ended Year Ended December 31, December 31, December 31, 2024 2023 2022 Net Operating Revenue $575,919 $550,206 $430,529 Net (loss) earnings attributable to Century Casinos, Inc. shareholders $(128,170) $(28,198
Slide 35: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Year Ended Year Ended December 31, December 31, 2024 2023 Interest income (2,644) (2,114) Interest expense - Credit Agreements 38,931 39,703 Interest expense - Master Lease Financing Obligation 61,356 42,426 Interest expense - CDR Land Lease — 1
Slide 36: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Year Ended Year Ended December 31, December 31, 2024 2023 Cash payments on Master Lease 51,834 40,739 Cash payments on CDR land lease — 1,258 Cash payments on Nugget lease (50%) 1 7,001 6,313 Rent Payments $58,835 $48,310 In USD, $ thousands. 35 1. Represents th
Slide 37: Calculations and Components Used in Calculations
APPENDIX Non-GAAP Financial Measures – Calculations and Components Used in Calculations Year Ended December 31, 2024 Cash $98.8 Cash in Casinos $41.4 Total Principal Debt $339.6 Net Debt $240.8 1 Adjusted EBITDAR $102.7 Rent Payments 2 ($58.8) Net Debt Leverage 3 5.5x 4 Adjusted Net Debt Leverage 6.
Slide 38: Calculation of Net Debt
APPENDIX Non-GAAP Financial Measures – Calculation of Net Debt December 31, 2024 December 31, 2023 Total long-term debt, including current portion $ 328,156 $ 332,680 Deferred financing costs 11,454 14,149 Total principal $ 339,610 $ 346,829 Less: Cash and cash equivalents $ 98,769 $ 171,327 Net Deb