Century Casinos, Inc. (NASDAQ:CNTY) Q4 2023 Earnings Call Transcript March 14, 2024 10:00 AM ET
Company Participants
Peter Hoetzinger - Co-CEO & President
Erwin Haitzmann - Co-CEO
Margaret Stapleton - CFO
Conference Call Participants
Jeff Stantial - Stifel
Eric Ross - Citizens JMP Securities
Operator
Good day, everyone, and welcome to today's Century Casino's Q4 2023 Earnings Call. At this time all participants are in a listen only mode. [Operator Instructions] Please note that this call is being 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 day, 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 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 releases and SEC filings available in the Investors section of our website at cnty.com. I will now provide an overview of the fourth quarter 2023 results as well as our view of how this and next year could evolve. After that, my Co-CEO, Erwin Haitzmann, and our CFO, Margaret Stapleton, will join me for a Q&A session.
For the quarter, we delivered net revenue of $144 million, an increase of 39% over Q4 of last year. The increase came from the additions of the Nugget in Nevada and Rocky Gap in Maryland as well as good performances of our Canadian operations, offset by a weaker retail customer, construction disruption at a few properties and the temporary closures of three casinos in Poland.
Adjusted EBITDAR was $25 million, up 17% over last year. Canada grew EBITDAR by 50%, while Poland obviously saw a substantial decline. We did, like everyone else in regional casinos, experience market softness during the back half of 2023, especially at the lower end of our customer database and in the retail segment. Coupled with higher costs and expenses across the board, margins suffered quite a bit.