Century Casinos, Inc. (NASDAQ:CNTY) Q3 2024 Earnings Conference Call November 4, 2024 10:00 AM ET
Company Participants
Peter Hoetzinger - Co-Chief Executive Officer & President
Erwin Haitzmann - Co-Chief Executive Officer
Conference Call Participants
Jordan Bender - Citizens JMP
Jeffrey Stantial - Stifel Financial Corp.
Chad Beynon - Macquarie
Operator
Good day everyone and welcome to today’s Century Casinos Q3 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call is being recorded and I will be standing by, if you should need assistance.
It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead, sir.
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. 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.
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.
Our third quarter results were released this morning. We delivered net revenue of $156 million, a small decrease of 3% compared to Q3 of last year. Adjusted EBITDAR was $32.9 million, down just 1%. Consolidated EBITDAR margin increased from 20.6% to 21.1%. The main reason for the small revenue decline was the temporary closure of one of our casinos in Poland. I'm happy to report that in the meantime, 10 days ago, that casino has successfully reopened, and Poland is back to normal run rate of around $10 million to $12 million in annual EBITDAR. And we had another important opening recently, last Friday, on November 1, we've opened the brand new land-based casino and hotel in Caruthersville, Missouri. It was a fantastic opening weekend there; more about it a little later.