Century Casinos, Inc. (CNTY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to the Century Casino's Q4 2025 earnings call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session. You may register to ask a question at any time by pressing star 1 on your phone. Please note this call is being recorded, and I'll be standing by should you need assistance. Now, I'll turn the call over to your host, Peter Hutzinger. Please go ahead, Peter. Good morning, everyone. Thank you for joining our earnings call. We'd like to remind everyone that we will be discussing forward-looking information under the safe harbor provisions of the U.S. federal securities laws. The company undertakes no obligation to update or revise the forward-looking statements, and actual results may differ from those projected. Throughout our call, we referred to several non-GAAP financial measures, including but not limited to adjusted EBITDA. Reconciliations of our non-GAAP measures to the appropriate GAAP measures can be found in our news releases and SEC filings, available in the investor section of our website at cntui.com. With me today are my co-CEO, Erwin Heitzman, and our chief financial officer, Margaret Stapleton. After our prepared remarks, we'll open the call for questions from analysts. Central casinos delivered solid results in 2025, with full-year adjusted EBITDA increasing 3% year-over-year. We achieved that growth despite the loss of sports betting income in Colorado and the significant licensing disruptions in Poland. Excluding the sports betting income in Colorado and the Poland impact, EBITDA would have increased by 5%, driven by strong performances in Missouri and a nice rebound at Mountaineer in West Virginia. Turning to the fourth quarter. Net operating revenue was flat, impa...