Century Casinos, Inc. (NASDAQ:CNTY) Q1 2023 Earnings Conference Call May 9, 2023 11:00 AM ET
Company Participants
Peter Hoetzinger - Co-CEO, President and Vice Chairman
Erwin Haitzmann - Co-CEO and Chairman
Margaret Stapleton - Chief Financial Officer
Conference Call Participants
Jeff Stantial - Stifel Nicolaus
Chad Beynon - Macquarie Research
Edward Engel - ROTH Capital Partners
Jordan Bender - JMP Securities
David Bain - B. Riley Securities
Operator
Good day, everyone, and welcome to the Century Casinos Q1 2023 Earnings Call Webcast. [Operator Instructions] Please note today's call will be recorded. [Operator Instructions].
It is now my pleasure to turn the call over to Peter Hoetzinger. Please go ahead, sir.
Peter Hoetzinger
Good morning, everyone and thank you for joining our earnings call. With me on the call are my Co-CEO and the Chairman of Century Casinos, Erwin Haitzmann; as well as our Chief Financial Officer, Margaret Stapleton. As always, we would like to remind you that we will be discussing forward-looking information, which involves several risks and uncertainties that may actual -- that may cause actual results to differ materially from our forward-looking statements. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
We provide a detailed discussion of the various risk factors in our SEC filings and we encourage you to review these filings. [Audio Dip] but not limited to, adjusted EBITDA. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in our news releases and SEC filings available in the Investors section of our website at cnty.com.
I will now provide an overview of the results of the first quarter 2023. After that, there will be a Q&A session. We delivered record first quarter net revenue and record first quarter adjusted EBITDA. Net revenue was $108.5 million, an increase of 5%. Adjusted EBITDA was $26.1 million, a 9% increase. We are particularly pleased that each single one of our reportable segments showed revenue growth compared to Q1 of last year. So it was an excellent start to year for our company, once again demonstrating the strength of our business model and the resilience of our diversified portfolio.
Our strategy of focusing on increasing play from our co-customers and managing our business efficiently has delivered record results. We generated solid business from our core customers especially in January and February. As you get lower in the database, we didn't perform quite as well. We saw that in March and also going into April. Hence, our focus on increasing play from the upper segment of our database, which is our core customer.