Century Casinos, Inc. (NASDAQ:CNTY) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET
Company Participants
Peter Hoetzinger - Vice Chairman of the Board, Co-Chief Executive Officer, and President
Erwin Haitzmann - Chairman of the Board, Co-Chief Executive Officer
Margaret Stapleton - Chief Financial Officer
Conference Call Participants
Jeff Stantial - Stifel Nicolaus
Chad Beynon - Macquarie
Jordan Bender - JMP Securities
Edward Engel - ROTH Capital
Operator
Good day, everyone and welcome to today's Century Casinos' Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. Later you'll have the opportunity to ask questions during the question-and-answer session. [Operator instructions] Please note, today's call will be recorded.
And it is now my pleasure to turn the call over to Peter Hoetzinger. Please go ahead.
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, before we begin, we would like to remind you that we will be discussing forward-looking information which involves several risks and uncertainties 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.
In addition, throughout our call, we refer to several non-GAAP financial measures, including, 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 release and SEC filing available in the Investors section of our website, at cnty.com. I will now provide an overview of the results of the third quarter, and after that there will be a Q&A session.
Our third quarter results were up against the record performance of last year, which was sued by listed COVID restrictions and lots of pent-up demand. Thus, while on a sequential basis, revenues were up. Compared to last year, revenue and adjusted EBITDA were down 4% and 15% respectively. A large part of the decline is due to the extremely dry weather conditions affecting the water level of the Mississippi River.
Low water level issues at our Colorado, St. Missouri operation started in August and triggered additional expenses for [indiscernible] and caused serious issues for access the steepness of the access bridges and to transition from the barge to the old river boat.