Century Casinos, Inc. (NASDAQ:CNTY) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET
Company Participants
Peter Hoetzinger - Vice Chairman, Co-CEO & President
Erwin Haitzmann - Chairman & Co-CEO
Conference Call Participants
Chad Beynon - Macquarie
Jordan Bender - JMP Securities
Jeffrey Stantial - Stifel
Operator
Good day, everyone, and welcome to the Century Casinos Q3 2023 earnings call and webcast. [Operator Instructions]. Please note today's call will be recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead.
Peter Hoetzinger
Good morning, everyone, and thank you for joining our earnings call. We would like to remind you that we will be discussing forward-looking information, which involves risks and uncertainties that may cause actual results to differ 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 discussion of the risk factors in our SEC filings and encourage you to review these filings.
Throughout our call, we'll refer 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 release and SEC filings available in the investor section of our website at cnty.com. I will now provide an overview of the results of the third quarter of 2023. After that, Co-CEO, Erwin Haitzmann; and CFO, Margaret Stapleton, will join me for a Q&A session.
We delivered a record third-quarter net revenue of $161 million, an increase of 43% over Q3 of last year. The increase came from the additions of the Nugget in Nevada and Rocky Gap in Maryland and offset to some extent by weaker retail customer and a bit of construction disruption at both Missouri properties.
We also delivered a record third-quarter adjusted EBITDA of $33 million, up 19% over last year. These results reflect the value of our strategic focus on our core customers and the benefits of our recent M&A activities. In addition, our multichannel business model with revenue streams from casinos, hotels, groups and conventions, racetracks on and offline sports betting as well as iGaming provides great diversity and stability.
With the Rocky Gap and Nugget acquisitions, we operate a US casino portfolio that reaches from east to west. 82% of our EBITDA this quarter was generated in the US, 13% in Canada, and less than 5% in Europe. Overall, customer trends remained stable during the quarter. No dramatic moves whatsoever. We continued to see growth in core customer volumes offset by weaker retail play.