Century Casinos, Inc. (NASDAQ:CNTY) Q2 2024 Earnings Conference Call August 8, 2024 10:00 AM ET
Company Participants
Peter Hoetzinger - Co-CEO & President
Erwin Haitzmann - Co-CEO
Conference Call Participants
Jeffrey Stantial – Stifel Financial Corp.
Chad Beynon - Macquarie
Jordan Bender - Citizens JMP
Operator
Good day, everyone, and welcome to the Century Casinos Q2 2024 Earnings Call. [Operator Instructions] Please note this meeting is being recorded. [Operator Instructions] 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. After our prepared remarks, we will open the call for your questions. My co-CEO, Erwin Haitzmann; and our CFO, Margaret Stapleton, will join me for that.
Before we get started, we would like to remind you that we'll 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 EBITDAR. 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.
Our 2024 second quarter results were released this morning. We delivered net revenue of $146 million, an increase of 7% over Q2 of last year. The increase came from the addition of Rocky Gap in Maryland, as well as a good performance in Canada, offset by construction disruption, the poor performance of the Nugget in Reno, and the temporary closure of two casinos in Poland.
Adjusted EBITDAR was $27 million, down 6% from last year. That is disappointing, but the results were also impacted by onetime transitory issues, namely the construction disruption at some U.S. properties and the temporary closure in Poland.
As you have surely seen and heard from our gaming peers and from other consumer discretionary businesses, the retail customer as well as the customers from the lower end of the database are still relatively weak. Non-rated play was down 10% throughout our portfolio. We believe this is mostly due to macroeconomics and wallet softness in our markets.