Century Casinos Inc (CNTY) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to today’s Century Casinos Q4 2024 earnings call. (Operator Instructions) Please note this call is being recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Peter Hoetzinger. Please go ahead.

大家好，歡迎參加今天的 Century Casinos 2024 年第四季財報電話會議。（操作員指示）請注意，此通話正在錄音，如果您需要任何協助，我將隨時待命。現在我很高興將會議交給 Peter Hoetzinger。請繼續。

Good morning, everyone, and thank you for joining our earnings call. We would like to remind everyone that we will be discussing forward looking information under the Safe Harbor provisions of the US Federal Security Laws. The company undertakes no obligation to update or revise the forward looking statements and actual results may differ from those projected.

大家早安，感謝大家參加我們的財報電話會議。我們想提醒大家，我們將根據美國聯邦安全法的安全港條款討論前瞻性資訊。本公司不承擔更新或修改前瞻性陳述的義務，實際結果可能與預測結果不同。

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 Investor section of our website at cmpy.com. After our prepared remarks, we will open the call for your questions. My Co-CEO, Erwin Heitzmann and our CFO, Margaret Stapleton, will join me for that.

在整個電話會議中，我們提到了幾個非 GAAP 財務指標，包括但不限於調整後的 EBITDA。您可以在我們網站 cmpy.com 的「投資者」部分提供的新聞稿和 SEC 文件中找到我們的非 GAAP 指標與適當的 GAAP 指標的對帳表。在我們發表完準備好的發言後，我們將開始回答大家的提問。我的聯合執行長 Erwin Heitzmann 和財務長 Margaret Stapleton 將與我一起參加這項活動。

We released fourth quarter and full year 2024 results this morning. On a consolidated basis, our fourth quarter revenue was $137.8 million down 4% from the prior year’s fourth quarter. Our adjusted EBITDA was $21.1 million down 17%. Looking more closely at the US Operations, revenue was down 3% and EBITDA down 8%.

我們今天上午發布了 2024 年第四季和全年業績。從綜合數據來看，我們第四季的營收為 1.378 億美元，較去年同期下降 4%。我們的調整後 EBITDA 為 2,110 萬美元，下降 17%。仔細觀察美國業務，營收下降 3%，EBITDA 下降 8%。

Broadly speaking, the underlying customer trends remained stable in the quarter with retail customers as well as low end customers still being weak. This is mostly due to macroeconomic factors and wallet softness in our markets as low end consumers continue to be squeezed by inflationary pressures.

整體來看，本季基本客戶趨勢保持穩定，零售客戶和低階客戶仍然疲軟。這主要是由於宏觀經濟因素和市場錢包疲軟造成的，因為低端消費者繼續受到通膨壓力的擠壓。

We do, however, see the mid and upper tiers performing quite well with their number of visits as well as the spend per visit up slightly compared to last year. We achieved an important milestone in the fourth quarter with a successful opening of the land based facility in Carouseville, Missouri on November 1. While unfortunately, we had to close the temporary casino for some time before the new opening, resulting in lost revenue and EBITDA in October, the new casino is off to a great start.

然而，我們確實看到中上層的表現相當良好，與去年相比，他們的訪問次數和每次訪問的花費都有所增加。11 月 1 日，位於密蘇裡州卡魯斯維爾的陸上設施成功開業，這是我們在第四季度取得的一個重要里程碑。儘管不幸的是，我們不得不在新賭場開業前關閉臨時賭場一段時間，導致 10 月份收入和 EBITDA 損失，但新賭場已經有了良好的開端。

In the four months since opening, revenue and EBITDA are up 27% and 32% respectively, which has exceeded our initial expectations. To be more granular, here is how it has been performing monthly since opening. In November, revenues were up 47%, EBITDA up 64%. In December, revenues up 23%, EBITDA up 32%. January, revenues plus 27%, EBITDA up 29%.

開業四個月以來，營收和EBITDA分別成長27%和32%，超出了我們最初的預期。更詳細地說，以下是開業以來每個月的表現。11月份，營收成長47%，EBITDA成長64%。12月份，營收成長23%，EBITDA成長32%。1 月份，營收成長 27%，EBITDA 成長 29%。

In February, with some serious weather issues and one day less compared to last year, revenue up 12%, EBITDA up 12%. And in March, so far, revenues up by over 20%. We are seeing increases in nearly all demographic segments with the strongest growth rate coming from the higher end of the database.

2 月份，儘管天氣狀況較為嚴重，且比去年同期少了一天，但營收成長了 12%，EBITDA 成長了 12%。截至目前，3 月營收已成長 20% 以上。我們看到幾乎所有人口統計都呈現成長趨勢，其中最強勁的成長率來自於資料庫的高端。

From a distance standpoint, customer visits increased by 20% from all mileage ranges, but greater percentage gains were seen from 70 plus miles. That’s a promising sign that the new casino is drawing more customers from further away, expanding our overall catchment area just as we planned it.

從距離角度來看，所有里程範圍內的顧客訪問量都增加了 20%，但 70 英里以上的百分比增幅更大。這是一個好兆頭，表明新賭場正在吸引更多來自更遠地方的顧客，擴大我們的整體服務範圍，正如我們計劃的那樣。

The new casino offers a total of over [660] gaming positions, which is a 20% increase compared to the older boat and a 50% increase compared to the temporary location. The property is much more convenient for our customers and allows for significantly more efficient operations.

新賭場共提供超過 [660] 個博彩席位，比舊船增加了 20%，比臨時賭場增加了 50%。該物業為我們的客戶提供了更大的便利，並提高了營運效率。

We are very happy with the strong and immediate uplift on the revenue side. The full impact on EBITDA will probably take two or three quarters until we have worked out the initial growing pains and figured out the most efficient staffing levels.

我們對收入方面的強勁且迅速的成長感到非常高興。在我們解決最初的成長煩惱並確定最有效的人員配置水準之前，對 EBITDA 的全面影響可能還需要兩到三個季度的時間。

Typically, when you open a new property, you’re looking at a three months to six months ramp to start creating those efficiencies. You obviously open up. You always over hire a little bit knowing that there will be turnover and you spend a little bit more on marketing.

通常，當您開設新酒店時，您需要等待三個月到六個月的時間才能開始提高效率。你顯然敞開了心扉。你總是會多僱一些員工，因為你知道會有人員流動，而且你會在行銷上多花一點錢。

So further margin improvement is a question of time and we couldn’t be more pleased with the start of the new facility at CorradoLib. Our other property in Missouri, the Central Casino Hotel Cape Girardeau also had a strong quarter. Revenue was up 11% and EBITDA was up 7%, driven by the new hotel as well as solid food and beverage sales.

因此，進一步提高利潤率只是時間問題，我們對 CorradoLib 新工廠的啟用感到非常高興。我們在密蘇裡州的另一家飯店，開普吉拉多中央賭場飯店 (Central Casino Hotel Cape Girardeau) 本季也表現強勁。受新酒店以及食品和飲料銷售強勁的推動，收入增長了 11%，EBITDA 增長了 7%。

The new hotel continues to ramp up nicely and definitely expands the reach into new markets, bringing in new and diverse group of players. Revenue increased 82% from patrons living in states other than Missouri, Illinois, Kentucky. We are seeing more visits from guests living 75 plus miles from the property as they increased 21% compared to an increase of just 1% from guests living within 75 miles.

新酒店繼續順利發展，並無疑擴大了其在新市場的影響力，吸引了新的、多樣化的參與者群體。來自密蘇裡州、伊利諾伊州、肯塔基州以外州的顧客的收入增加了 82%。我們發現距離酒店 75 英里以外的客人的訪問量增加了 21%，而距離酒店 75 英里以內的客人的訪問量僅增加了 1%。

The hotel is also driving meaningful growth in F and B sales, which is somewhat offset by higher cost of goods sold and staffing costs. The team continues to fine tune operational expenses to further increase profitability.

飯店的餐飲銷售額也實現了有意義的成長，但銷售成本和員工成本的上昇在一定程度上抵消了這一成長。該團隊繼續微調營運費用以進一步提高獲利能力。

The hotel has experienced a steady growth in occupancy and revenue, which has continued into this year. Overall, our two mystery properties couldn’t make US happier. Even though we had serious weather impacts, February still produced the highest revenue in the history of our two Missouri properties. And March is off to a great start as well.

該酒店的入住率和收入一直保持穩定成長，今年也依然如此。總的來說，我們的兩處神秘房產讓我們非常高興。儘管受到了嚴重天氣的影響，但二月我們位於密蘇裡州的兩處地產仍然創造了歷史上最高的收入。三月也有一個好的開始。

We also look forward to sports betting going live in Missouri towards the end of the year. And we are finalizing partnership agreements as we speak, which will deliver incremental high margin EBITDAR to our properties.

我們也期待今年底在密蘇裡州開展體育博彩活動。我們正在敲定合作協議，這將為我們的資產帶來增量的高利潤 EBITDAR。

Continuing with the Midwest segment, let’s review the performance of our operations in Colorado. We’ve experienced significantly different results when comparing the performance of carded revenue versus uncarded revenue.

繼續中西部地區，讓我們回顧一下我們在科羅拉多州的業務表現。在比較刷卡收入和非刷卡收入的表現時，我們發現了截然不同的結果。

Carded revenue showed strong growth of 12%, while un carded revenue decreased by 30%, resulting in a 7% overall revenue decline. In the quarter, heavy construction on Interstate I-seventy impacted uncovered play at our Central City, significantly more than carpet play.

信用卡營收強勁成長12%，而非信用卡營收則下降30%，導致整體營收下降7%。在本季度，70 號州際公路的大規模施工對我們中心城的露天球場的影響遠大於地毯式球場。

And in Quick for Grip, it’s possible that Chamonix is taking some of the casual on carpet play. Also, we do not yet have any firm data to back that up. Both our properties saw noticeable strong results from the younger customer base. However, much of that was offset by the loss of two thirds of our sports betting revenue.

而在 Quick for Grip 中，Chamonix 有可能採用了一些隨興的地毯式玩法。此外，我們還沒有任何確鑿的數據來支持這一點。我們的兩家酒店都從年輕的客戶群中獲得了顯著的業績。然而，其中大部分被我們體育博彩收入的三分之二的損失所抵消。

As you know, we have three sports betting providers using our licenses, but two ceased operations recently, the Miserca and Typico. The one remaining is SPED365. In Cripple Creek, we are putting the finishing touches on the construction of the new main entrance directly facing Chamonix. It is wider, more convenient, and more inviting than the small doors we had before, so ready to bring in more business.

如您所知，有三個體育博彩提供商使用我們的許可證，但最近有兩家停止了運營，即 Miserca 和 Typico。剩下的是SPED365。在克里普爾克里克，我們正在對正對霞慕尼的新主入口進行最後的建造。它比我們以前的小門更寬敞、更方便、更具吸引力，可以帶來更多的業務。

Overall, the Missouri and Colorado segment did a great job in maintaining operating efficiencies with property level margins between 35%, 40% during the quarter. The East segment, which includes the Mountaineer Casino in West Virginia and the Rocky Gap Casino Resort in Maryland, we had a more challenging quarter.

總體而言，密蘇裡州和科羅拉多州分部在維持營運效率方面表現出色，本季的物業水準利潤率在 35% 至 40% 之間。東部地區包括西維吉尼亞州的 Mountaineer 賭場和馬裡蘭州的 Rocky Gap 賭場度假村，這對我們而言是一個更具挑戰性的季度。

Revenue of the segment was down 7%, EBITDA down 29%. Both properties have a higher portion of their business from lower end customers and that lower end customer produced significantly less strips compared to Q4 of last year. Again, the same picture, the higher end of the database performs well, generating more trips and 1% revenue growth.

該部門營收下降 7%，EBITDA 下降 29%。這兩家公司的業務很大一部分來自低端客戶，而且與去年第四季相比，低端客戶的產量明顯減少。同樣，同樣的情況，資料庫的高端表現良好，產生了更多的行程和 1% 的收入成長。

At Rocky Gap, the revenue decline was purely on the casino side, while gaming revenue was down, all other profit centers like hotel, F and B and golf were up. Disciplined cost management helped to reduce operating expenses by 18% and we will continue to focus on the cost structure and on improving revenue performance at Rocky Gap.

在 Rocky Gap，收入下降完全是在賭場方面，雖然博彩收入下降，但其他所有利潤中心如酒店、餐飲和高爾夫都在上漲。嚴格的成本管理幫助減少了 18% 的營運費用，我們將繼續專注於成本結構和提高 Rocky Gap 的收入表現。

At Mountaineer, total carded revenue was flat to last year, but uncarded revenue decreased by 10%. And almost all the decline happened during the weekdays. Our volume on weekends were fine, and we are digging deeper to find ways to strengthen midweek play.

Mountaineer 信用卡總收入與去年持平，但非信用卡收入下降了 10%。而且幾乎所有的下跌都發生在工作日。我們週末的演出量很好，我們正在深入挖掘以尋找加強周中演出的方法。

Moving to the West segment with the Nugget Casino Resort in Nevada. Gaming revenue was down 10%, which was impacted by low slot hold. With a normalized slot hold, revenue would have been down 6%. We did see an increase of 5% in local credit play as well as an increase in younger players compared to last year.

接下來是西段，介紹內華達州的 Nugget Casino Resort。受老虎機持有量低的影響，博彩收入下降了 10%。如果按照正常化的時間保留安排，收入將會下降 6%。與去年相比，我們確實看到本地信用遊戲增加了 5%，年輕玩家的數量也有所增加。

We reduced total expenses by [12%], mostly through a reduction in staff and overtime work as well as lower hotel and F and B complementaries. Due to that strict cost discipline, EBITDAR at the property increased by 46% year-over-year. And we’ve made further changes to the slot for late last year with initial results looking promising, resulting in double digit EBITDA growth in January and February.

我們將總支出減少了 [12%]，主要是透過減少員工和加班工作以及降低飯店和餐飲的補充費用。由於嚴格的成本控制，該物業的 EBITDAR 同比增長了 46%。我們對去年年末的檔期做了進一步的調整，初步結果看起來很有希望，導致 1 月和 2 月的 EBITDA 實現了兩位數的成長。

A few words about the smaller operations in Canada and Europe. In Canada, revenue was down by 7%, EBITDA 17% down. We experienced lower table hold of 15% as compared to 17% last year and strong FX headwinds also impacted results.

簡單談談加拿大和歐洲的一些較小規模的業務。在加拿大，收入下降了 7%，EBITDA 下降了 17%。與去年的 17% 相比，我們的持股率下降了 15%，強勁的外匯逆風也影響了業績。

In Poland, we reopened the casino in the city of Wroclaw during the fourth quarter. That casino had been closed for almost a year and is now gaining traction, but the ramp up is taking longer than expected. Another license for the city of Cracow has not been re awarded to us and we had to take on closing expenses of close to $1 million in the fourth quarter.

在波蘭，我們於第四季度重新開放了位於弗羅茨瓦夫市的賭場。賭場已關閉近一年，目前正在恢復運營，但恢復所需的時間比預期的要長。我們尚未重新獲得克拉科夫市的另一張許可證，我們不得不在第四季度承擔近 100 萬美元的成交費用。

We are still committed to divesting of our Poland operations. The sales process has suffered not only from the war in the Ukraine, but also from the fact that we cannot sell 100% of the Polish company, but only the two thirds that we own.

我們仍致力於剝離波蘭業務。銷售過程不僅受到烏克蘭戰爭的影響，還因為我們無法出售波蘭公司 100% 的股份，而只能出售我們擁有的三分之二的股份。

Most interested parties have wanted 100% ownership, and we started talks with our minority partner, Polish Airport Company, with a goal to agree on something like a drag along provision. Discussions are progressing and we’ll update you as we know more.

大多數有意向的各方都希望獲得 100% 的所有權，我們開始與少數股權合作夥伴波蘭機場公司進行談判，目標是就類似拖帶條款之類的條款達成協議。討論正在取得進展，一旦我們了解更多信息，我們將及時向大家通報。

Now I cover a few balance sheet and capital items. Company’s cash and cash equivalents at the end of the fourth quarter were $99 million and the total principal amount of debt outstanding was $340 million resulting in net debt of [$241 billion]. At the end of the fourth quarter, our net debt to EBITDA ratio was 5.5 times and it was 6.9 times on a lease adjusted basis.

現在我介紹一些資產負債表和資本項目。第四季末，該公司的現金和現金等價物為 9,900 萬美元，未償還債務本金總額為 3.4 億美元，導致淨負債為[2,410億美元]。截至第四季末，我們的淨負債與 EBITDA 比率為 5.5 倍，以租賃調整後計算為 6.9 倍。

We have no debt maturities until 2029. We are done with our major CapEx spend and with our new land based facility in Missouri open, all leverage ratios should ramp down throughout this year and next. With the conclusion of an intense capital investment cycle, we have invested $110 million into our properties, of which about $50 million came from VICI for the Missouri land based development.

2029 年之前我們沒有債務到期。我們已經完成了主要的資本支出，隨著我們在密蘇裡州的新陸上設施的開放，所有槓桿率將在今年和明年下降。隨著密集的資本投資週期的結束，我們已向我們的房地產投資了 1.1 億美元，其中約 5000 萬美元來自 VICI，用於密蘇裡州的土地開發。

We spent another $40 million on growth projects throughout our portfolio, which will result in meaningful growth contributions in 2025 and beyond. We also spent $20 million on maintenance CapEx during last year with the main focus on improving our slot floors.

我們又在整個投資組合的成長項目上投入了 4,000 萬美元，這將在 2025 年及以後帶來有意義的成長貢獻。去年我們也花了 2000 萬美元的維護資本支出，主要用於改善我們的機位地板。

Investments in our property portfolio are evident and our properties have never looked better. We have no need for significant CapEx this year. So this year in 2025, we expect to spend just $4 million for growth projects and $14 million in maintenance CapEx.

我們的房地產投資組合的投資顯而易見，而且我們的房產從未如此出色。今年我們不需要大量的資本支出。因此，今年，也就是 2025 年，我們預計僅花費 400 萬美元用於成長項目，花費 1,400 萬美元用於維護資本支出。

We expect the returns on our investments together with the major reduction CapEx will produce a sizable improvement in free cash flow compared to last year. As we look ahead, we are confident in our business prospects moving forward.

我們預計，我們的投資回報加上資本支出的大幅減少將使自由現金流較去年同期大幅改善。展望未來，我們對未來的業務前景充滿信心。

On the expense and labor side, we will continue to focus on operational discipline and look for ways to become even more efficient. Last year was a transitory period for us, but now we see a clear path forward to higher EBITDA for 2025 and beyond.

在費用和勞動力方面，我們將繼續專注於營運紀律並尋找提高效率的方法。去年對我們來說是一個過渡時期，但現在我們看到了在 2025 年及以後實現更高 EBITDA 的明確前進道路。

We are seeing stability in our core gaming business across our carded database. The big unknown is how business volumes from retail and low end customers will develop, but with our significant cash balance and long dated debt maturities, there’s plenty of runway to see through all of our growth initiatives. Except for some unfavorable winter weather in Q1 of this year, most of this year will face easier comps with no renovation disruption compared to last year.

我們看到，我們的核心遊戲業務在卡片資料庫中呈現穩定狀態。最大的未知數是零售和低端客戶的業務量將如何發展，但憑藉我們充足的現金餘額和長期債務到期日，我們有足夠的空間來實現所有成長計畫。除今年第一季的一些不利冬季天氣外，與去年相比，今年大部分時間的同比銷售情況將更加順利，沒有裝修幹擾。

Net net, we project significant EBITDA and cash flow improvements in 2025 over last year, reaping the returns from our recent growth capital initiatives. And it’s also worth noting that we do not anticipate any new significant competitive supply impacting us this year or next.

淨額方面，我們預計 2025 年的 EBITDA 和現金流將比去年有顯著改善，並從我們最近的成長資本計畫中獲得回報。另外值得注意的是，我們預計今年或明年不會出現任何新的重大競爭性供應對我們產生影響。

Alright, that concludes our prepared remarks. We’ll now open the call for Q and A. Operator, go ahead please.

好的，我們的準備好的演講到此結束。我們現在開始問答環節。請接線生繼續。

Thank you. At this time, we will open the question and answer session. (Operator Instructions)

謝謝。現在，我們將開始問答環節。（操作員指令）

Jordan Bender, Citizens Capital Markets.

喬丹‧本德 (Jordan Bender)，公民資本市場。

Good morning, everyone. Peter, thanks for all the commentary there. You kind of talked about the middle to upper end of the database performing pretty well and that bottom end kind of remains weak, which feels like it’s been kind of consistent outlook now. If I kind of pair that with the leverage outlook that you put in your slides, it does imply the estimates do need to come down for 2025. So is the main driver of the lower estimates or the weaker outlook primarily just that lower end of the database? Or is there anything else that you would kind of layer in there as well?

大家早安。彼得，謝謝你所有的評論。您談到了資料庫的中高端表現相當不錯，而低端仍然比較弱，感覺現在的前景比較一致。如果我將其與您在幻燈片中提出的槓桿前景結合起來，則確實意味著 2025 年的估值確實需要下降。那麼，造成較低估計值或較弱前景的主要原因是否主要只是資料庫的低端？或者您還想在其中添加其他東西？

Peter?

彼得？

No, it’s really only that we are seeing growth in the mid tiers and absolutely in the upper tiers, but the low end is the big question mark. And some properties like Rocky Gap, Mountaineer and Central City to a certain degree. They have quite a large portion of their revenue coming from that segment and others a little bit less, but that is the only thing.

不，實際上我們看到的只是中端市場的成長，高端市場也絕對有成長，但低端市場還是一個大問號。並且在一定程度上包括 Rocky Gap、Mountaineer 和 Central City 等一些物業。他們相當大一部分收入來自於該部分，其他部分收入略少一些，但僅此而已。

Okay. And then switching gears, would love to just get your updated thoughts around the 50% ownership of the real estate at the Nugget?

好的。然後換個話題，想聽聽您對 Nugget 房地產 50% 所有權的最新看法嗎？

Yes. Yes. There are no news from last time really.

是的。是的。上次確實沒有什麼消息。

Okay. Thank you very much.

好的。非常感謝。

Ryan Sigdahl, Craig Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

Hey, staying on the nugget. So appears like revenue was down 10% in Q4. The market was up 1%. Curious, I guess, how your efforts to revitalize the property and then how your conference pipeline has been building over the last couple of months as you look to '25 and future years?

嘿，繼續留在金塊上。因此看起來第四季的營收下降了 10%。市場上漲1%。我很好奇，您為振興該物業做出了怎樣的努力，以及在展望 2025 年及未來幾年時，過去幾個月您的會議籌備工作進展如何？

Certainly. We see the main reason for the decline in casino revenue is the decline in hotel revenue. And there’s a strong correlation obviously for that. And with regard to post events and also contracts business, We concerning 2025, we think we’ll outdo ’24 or and we certainly looks very good for 2026 and beyond. As you know, the challenge we have here is that most of these conferences and events are not planned only with half a year in advance, but one, two, three years in advance.

當然。我們認為賭場收入下降的主要原因是飯店收入的下降。顯然，這兩者之間存在著強烈的相關性。至於會後活動和合約業務，我們認為，到 2025 年，我們的業績將超越 2024 年，而且，我們對 2026 年及以後的業績展望也非常樂觀。如你所知，我們面臨的挑戰是，大多數會議和活動不是提前半年規劃的，而是提前一、二、三年規劃的。

So in short term, we cannot it’s probably impossible to get any large conferences, but our team has been very successful in getting smaller ones. And as I say, the dynamic looks very good there, only if it’s more looking into 2026 and beyond.

因此，短期內我們可能無法舉辦任何大型會議，但我們的團隊在舉辦小型會議方面非常成功。正如我所說，那裡的動態看起來非常好，但前提是要展望 2026 年及以後。

Having said that, one of the so we focus on the one hand in doing everything we can to get more events business and conferences and smaller things like weddings or small conferences with 200, three hundred people and everything helps here. But we’re also focusing on the local customers. And first indications are that we are already moving forward quite well and we could regain some of that local business that has been lost in the past.

話雖如此，我們一方面專注於竭盡全力舉辦更多的活動、業務和會議，另一方面也舉辦一些小型活動，例如婚禮或 200 到 300 人參加的小型會議，這一切都對我們有幫助。但我們也關注本地客戶。初步跡象表明，我們已經取得了相當好的進展，並且可以重新獲得一些過去失去的本地業務。

Switching over to Alberta, so recently the Alberta Gaming Commission suspended the purchase of gaming machines from US Based manufacturers. Do you expect that to have a meaningful impact on your casino operations and or your CapEx plans that you laid out? And then kind of second part of that question, given all these trade wars, given the FX headwinds, given everything else, does it make sense to maintain and hold there? Or does it make sense to do something like you’re doing in Poland and sell off those assets?

前往阿爾伯塔省，最近阿爾伯塔省博彩委員會暫停從美國製造商購買博彩機。您是否預計這會對您制定的賭場營運或資本支出計劃產生重大影響？然後問題的第二部分是，考慮到所有這些貿易戰，考慮到外匯逆風，考慮到其他所有因素，維持並維持這種狀態是否有意義？或者像您在波蘭所做的那樣出售這些資產是否有意義？

Yes, I’ll take the first part of the question and then hand over to Peter. We asked ourselves the same question, of course, will there be a negative impact on us? And the answer to that is we don’t expect any meaningful negative impact, maybe 0.5% or 1%, but it really is not meaningful. I mean, certainly, please keep in mind that it’s the same for everybody in the market. So there is no competitor that would have any advantage.

是的，我將回答問題的第一部分，然後交給彼得。我們當然會問自己同樣的問題，這會對我們產生負面影響嗎？答案是，我們預計不會有任何重大的負面影響，可能有 0.5% 或 1%，但實際上並沒有太大影響。我的意思是，當然，請記住，對於市場上的每個人來說，情況都是一樣的。因此，沒有任何競爭對手能夠擁有優勢。

And at the same time, our product mix is pretty fresh. So in the next like in the I hope that doesn’t take forever, but in the next one to three years, we don’t see anything that would be of a meaningful impact. Peter, why don’t you answer the second part of the second question with regard to if it’s does it make sense to keep it?

同時，我們的產品組合非常新鮮。因此，我希望這不會持續太久，但在接下來的一到三年內，我們不會看到任何會產生重大影響的事情。彼得，為什麼不回答第二個問題的第二部分，關於保留它是否有意義？

Yes, right. As you know, we have sold the real estate already and we have kept the operations. And it’s certainly under consideration, yes. It’s becoming smaller and smaller in terms of the overall picture and it’s something that we are considering.

是的，對。如您所知，我們已經出售了房地產，但保留了業務運作。是的，這確實正在考慮中。從整體來看，它變得越來越小，這是我們正在考慮的事情。

Quick clarification for last one here on Caruthersville. Looks like a sub bullet here that the rent was deferred for one year. Why did that change in the VICI master lease? Thanks.

對卡瑟維爾的最後一點做快速澄清。看起來這裡的一個子條目是租金延期了一年。VICI 主租約為什麼會發生這樣的變化？謝謝。

That has not changed on our side. That has always been the equipment, but maybe I’m not understanding your question correctly.

就我們而言，這一點沒有改變。那一直都是設備，但也許我沒有正確理解你的問題。

I was just comparing the Q3 deck to the [Q4 ’1] and there’s now a sub bullet that says the rent was deferred. So maybe it’s always been the case and it just

我剛剛將第三季的簡報與 [第一季的簡報] 進行了比較，現在有一個子項目符號表明租金已延期。所以也許情況一直如此，只是

It’s always been the case. Yes, it hasn’t. Yes, that’s not been the case.

情況一直如此。是的，還沒有。是的，事實並非如此。

Good. Thanks guys. Good luck.

好的。謝謝大家。祝你好運。

Thank you.

謝謝。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

Great. Good morning, Peter, Erwin. Thanks for taking our questions. Maybe starting off on Caruthersville, Peter, you mentioned that the initial four months have exceeded your internal expectations. Can you just expand a bit more on what specifically has surprised you to the upside, whether that’s better penetration of some of that white space over the border in Tennessee, maybe more overnights or day trips coming up from Memphis, OpEx savings, visitation coming from even further out, just any additional color there.

偉大的。早安，彼得、艾爾文。感謝您回答我們的問題。彼得，也許從卡瑟維爾開始，你提到最初四個月已經超出了你的內部預期。您能否再詳細說一下具體哪些方面令您感到意外，例如更好地滲透田納西州邊境的一些空白區域，或許是更多來自孟菲斯的過夜或一日遊遊客，運營成本的節省，來自更遠地方的遊客，還是任何額外的亮點。

And then we did notice that the quarterly presentation did not mention the $3 million to $4 million of incremental EBITDA after rent that you cited in the past. Is that still the right way that we should be thinking about return targets for this project? Or do you think perhaps a bit better based on the initial trends that you’re seeing? Thanks.

然後我們確實注意到，季度報告中並沒有提到您過去提到的扣除租金後的 300 萬至 400 萬美元增量 EBITDA。我們仍然應該以這樣的方式思考該專案的回報目標嗎？或者根據您所看到的初步趨勢，您是否認為情況會好一些？謝謝。

Yes, we haven’t really been surprised. And in fact, the top process behind that whole investment was that we wanted to extend our reach. And what Peter referred to is that our expectation has been met. So with the hotel and with the new property, we have a strong tool in hand to be able to actually reach customers that come from further away. And we think we have more potential that we can catch there. With regard to the second part of the question, Peter, do you want to say something with regard to that those $4 million?

是的，我們並沒有感到驚訝。事實上，整個投資背後最重要的過程就是我們想要擴大我們的影響力。彼得提到的是我們的期望已經實現了。因此，有了這家酒店和新物業，我們就有了強大的工具，能夠真正接觸到來自更遠地方的客戶。我們認為我們能在那裡發揮更大的潛力。關於問題的第二部分，彼得，您想就那 400 萬美元說點什麼嗎？

Yes. We still think it’s the right number, but very likely not in the calendar year of '25 because of the again, the lower end consumer weakness. So it’s internally, we think that that run rate will kick in from this summer to next summer in that twelve month period.

是的。我們仍然認為這是正確的數字，但很可能在 25 年不會實現，因為低端消費者再次表現疲軟。因此，從內部來看，我們認為，在這十二個月期間，運行率將從今年夏天到明年夏天開始。

That’s helpful. Thank you both for that color. And then turning over to capital allocation, if the targets that you previously put out in your presentation for sort of normalized earnings power once we get through the back half of some of these projects or the front half of these projects ramp up. If those targets do still hold by our estimates, the stock is trading somewhere around a 20% free cash flow yield.

這很有幫助。謝謝你們兩位給我這個顏色。然後轉到資本配置，如果您之前在簡報中提出的目標是一旦我們完成其中一些項目的後半部分或前半部分，獲利能力就會正常化。如果按照我們的估計，這些目標仍然成立，那麼該股票的自由現金流收益率將在 20% 左右。

Peter, I’m curious how you balance that and potential opportunistic repurchases versus pay down of some of your high rate debt taking into account obviously the ongoing macro uncertainty that seems to have gotten a little bit worse here in the last week or so.

彼得，我很好奇你如何平衡這一點以及潛在的機會性回購與償還部分高利率債務，同時顯然考慮到持續的宏觀不確定性，而這種不確定性似乎在過去一周左右有所惡化。

Peter?

彼得？

It is extremely challenging with forecasting, and that’s why we’ve not included a forecast in our latest presentation. We’ve seen like two great weeks and then we had another like ten days that are very weak. It goes up and down. It’s consumer sentiment is all over the place. So it’s just really difficult.

預測極具挑戰性，這就是為什麼我們在最新的演示中沒有包含預測。我們經歷了兩個非常好的星期，然後又經歷了另外十天非常疲軟的星期。它忽上忽下。消費者情緒無所不在。所以這真的非常困難。

And that difficulty and that uncertainty also makes USA bit more cautious in how we allocate capital. First and foremost, we would like to try to refi or reprice our term loan because so far, but [600] is not funny. At the same time, paying down some of it would be helpful.

這種困難和不確定性也使得美國在分配資本方面更加謹慎。首先，我們想嘗試重新融資或重新定價我們的定期貸款，因為到目前為止，但 [600] 並不好笑。同時，償還部分債務也會有所幫助。

And then obviously, opportunistically, we can look at the stock as well. But we are a bit hesitant because there’s so much uncertainty out there that we really have difficulty in I mean, we run so many different scenarios how this year and next we look. And it’s unclear we don’t have a clear picture yet.

然後顯然，從機會的角度來看，我們也可以看看股票。但我們有點猶豫，因為存在太多的不確定性，我們確實很難應對，我的意思是，我們對今年和明年的情況進行了許多不同的預測。但我們至今還沒有一個清晰的體會。

Great. That’s helpful. Thank you for that, Peter. And then if I could just squeeze in one more quick one. I just wanted to double click on one of your comments in the prepared remarks where you mentioned that the weakness that you’re seeing or some of the declines that you’re seeing in non-carded play at Mountaineer is really all coming in the midweek period as opposed to the weekend period.

偉大的。這很有幫助。謝謝你，彼得。然後如果我能再擠出一點時間的話。我只是想雙擊您在準備好的評論中的一條評論，您提到您所看到的弱點或在 Mountaineer 非卡式比賽中看到的一些衰退實際上都發生在周中而不是周末。

Can you just expand on that? Do you have a sense for why that is? Is that maybe easier comps on the weekend side giving staffing constraints that have been resolved in recent quarters? Is it more related to sort of underlying consumer behavior? Just I’d love to unpack that because I would intuitively we would think that the weekend period would be a little bit softer just given the cost of the overnight stays and stuff like that.

能詳細闡述嗎？你知道這是為什麼嗎？考慮到最近幾季已經解決的人員配備限制，週末的薪資補償是否更容易？它是否與潛在的消費者行為更相關？我只是很想解答這個問題，因為我直覺地認為，考慮到過夜費用和諸如此類的東西，週末的客流量會稍微小一些。

I take that. This is purely customer behavior And we think for the very simple reason that there is quite a large portion of customers that just do not want to don’t have it in their life design that they come to us and visit during the week. Whereas on weekend, everything is relaxed. They take a room, most of them are drive home again. It’s a different situation.

我接受。這純粹是顧客行為。我們認為原因很簡單，很大一部分顧客只是不想在自己的生活中沒有這種服務，所以才會在周內來拜訪我們。而週末，一切都很輕鬆。他們住進一個房間，大部分人都開車回家了。這是一個不同的情況。

So we have been trying and continue to try all kinds of incentives to get people more people during the week. For example, if somebody comes to on the weekend and place a certain volume, we give them bonuses if they come at the following week during the week. It’s successful to a little extent, but not 100%. And as I said, we think it’s really it’s just the demographics and the behavior of the people that they tend to focus their spare time on the weekend and going out.

因此，我們一直在嘗試並將繼續嘗試各種激勵措施，以在一周內吸引更多的人。例如，如果有人在周末來並且下了一定數量的訂單，那麼如果他們在下週來，我們會給他們獎金。它在一定程度上是成功的，但不是 100%。正如我所說，我們認為這實際上只是人口統計和人們的行為導致的，他們傾向於將業餘時間集中在週末和外出活動上。

That’s great. Thanks for that Erwin. I’ll pass it on. Thank you both.

那太好了。謝謝你，Erwin。我會傳達的。謝謝你們兩位。

Good.

好的。

(Operator Instructions)

（操作員指令）

Chad Beynon, Macquarie Group.

麥格理集團 Chad Beynon。

Hi, good morning. Thanks for taking my question. Wanted to ask about online gaming and sports betting. I know Alberta has been I think it’s pushed back till the end of the year, but that will be greenlit. Wanted to have you guys kind of remind us in terms of what your strategy is in that market?

嗨，早安。感謝您回答我的問題。想詢問有關線上遊戲和體育博彩的問題。我知道阿爾伯塔省已經將其推遲到今年年底，但這將獲得批准。想讓你們提醒我們一下你們在那個市場採取的策略是什麼嗎？

And then thinking across some of your other markets, whether it’s Missouri or some progress that we’re seeing in Maryland, can you just kind of frame out how you’re thinking about monetizing the iGaming and sports betting opportunities, whether it’s third party doing it on your own and how that could help the cash flow? Thanks.

然後考慮您的其他一些市場，無論是密蘇裡州還是我們在馬裡蘭州看到的一些進展，您能否概括一下您如何考慮將 iGaming 和體育博彩機會貨幣化，無論是第三方自己做，以及這如何有助於現金流？謝謝。

Yes. I’ll answer for Canada and then I’ll hand over to Peter. The short answer for Canada is we just don’t know what will be happening. We cannot really there is much talk, but nothing is definitive yet on how and when. So we can’t really make any decisions.

是的。我先代表加拿大回答問題，然後交給彼得。對加拿大來說，簡短的回答是，我們只是不知道會發生什麼事。我們實際上無法進行太多談論，但目前還沒有確定如何以及何時進行。所以我們實際上無法做出任何決定。

What we can say is that if it comes, it is very unlikely that if we do it ourselves, we very likely would take a third party like we’ve done in the past. Peter, with that, I hand over to you maybe a comment on the US Part of that question.

我們可以說的是，如果真的發生這種情況，我們不太可能自己做，我們很可能會像過去那樣聘請第三方。彼得，關於這個問題的美國部分，我想向您提出一些評論。

Yes, yes, yes. And you’re right. The HV and C in Alberta has just not come forward yet with their procedures and rules. If we plant, yes, in Missouri, a lot of demand for our license or licensees. I mean, that’s still not 100% defined yet how many we have. But very active, very fluid situation with negotiations with the swap spending providers. And as Erwin said, our clear direction is that we have somebody else do it and we provide the license and get revenue percentage with a minimum guaranteed year for all markets we are in.

是的，是的，是的。你說得對。阿爾伯塔省的 HV 和 C 尚未推出他們的程序和規則。如果我們在密蘇裡州種植，那麼對我們的許可證或許可證持有者的需求就會很大。我的意思是，我們還沒有 100% 確定我們有多少。但與掉期支出提供者的談判非常活躍，情況非常不穩定。正如歐文所說，我們的明確方向是讓其他人來做，我們提供許可證，並獲得對我們所涉及的所有市場有最低保證年限的收入百分比。

Okay. Thank you, both. And then Peter, I know you mentioned that you pulled any guidance from the slide deck that you had laid out in 2024. But from what I’m gathering from the call, it sounds like the projects are going maybe even better than expected. I think you mentioned that in Caruthersville, you have some nice momentum in Cape Girardeau.

好的。謝謝你們兩位。然後彼得，我知道你提到你從 2024 年佈置的幻燈片中提取了任何指導。但從我在電話中得到的資訊來看，專案進度可能比預期的還要好。我記得你們提到過，在卡瑟斯維爾，你們在開普吉拉多有著良好的發展勢頭。

So if we think about the previously given 2025 goal, would it be safe to assume that could be a 2026 goal if the economy stabilizes, meaning you just need a little bit more time for some of these projects to ramp and maybe a little more time for the consumer to get through some uncertainty in the market?

因此，如果我們考慮先前給出的 2025 年目標，那麼，如果經濟穩定下來，是否可以安全地假設這可能是 2026 年的目標，這意味著您只需要多一點時間來讓其中一些項目加速發展，也許還需要多一點時間讓消費者度過市場的一些不確定性？

Peter?

彼得？

That’s exactly -- obviously, yes. It’s still a good number, but and as we said, the properties are in great shape. So the product is there. And we just need the low end consumer to pick up a little bit more. And so yes, we think that it has been like, give or take, 12 months, we have to push it out there in terms of what the goal is.

確實如此——顯然是的。這仍然是一個不錯的數字，但正如我們所說，這些房產的狀況非常好。所以產品就在那裡。我們只是需要低端消費者多買一點。所以是的，我們認為已經過去了大約 12 個月，我們必須努力實現目標。

And for this year, as I said, it’s just extremely difficult. We have stretches of a couple of weeks, two or three weeks where we think, oh, great, everything’s clicking. And then there’s another week or two where it’s so it’s really volatile and very hard to forecast at the moment. And that’s mostly consumer sentiment.

正如我所說，今年的情況極其困難。我們有連續幾週、兩三週的時間覺得，太好了，一切都很順利。然後再過一兩週，情況就會變得非常不穩定，目前很難預測。這主要是消費者情緒。

Okay. Appreciate it. Thank you very much guys.

好的。非常感謝。非常感謝大家。

Thanks, Jordan.

謝謝，喬丹。

(Operator Instructions)

（操作員指令）

Mike Krawitz, Investor.

投資者 Mike Krawitz。

Yes. Hi. I’m a shareholder for the past couple of years and I’ve seen the stock go down. Very rarely does it go up. The past quarters have been disappointments at best. The nugget is way down from their typical revenues. Rocky Gap is way down. I see every month hundreds of thousands of dollars down. What is the company’s endgame?

是的。你好。過去幾年我一直是該公司的股東，我親眼見證了該公司股價的下跌。它很少會上漲。過去幾季的表現充其量是令人失望的。這項收入遠低於他們的正常收入。洛基峽 (Rocky Gap) 位於下方。我每個月都會看到數十萬美元的存款。公司的最終目標是什麼？

And I’m wondering, is it time to bring in a new CEO, one person who knows the North American gaming market, who can be focused on these North American assets and get rid of Poland, these Canadian assets and just focus on, Colorado, Nevada, Mountaineer, Rocky Gap, and Missouri, and that’s it. And leave all this other nonsense behind over in Poland, these Canadian assets. And because the stock price, I don’t know if you saw it this morning, but it was down at 1.29% under $2 a share. It was at like $1.73.

我在想，是不是該聘請一位新的執行長了，一位了解北美遊戲市場的人，他可以專注於這些北美資產，擺脫波蘭和加拿大資產，只關注科羅拉多、內華達、登山者、洛基峽和密蘇裡州，僅此而已。把這些加拿大資產，以及其他所有在波蘭的廢話都拋在一邊。因為股價，我不知道您是否今天早上看到了，但它下跌了 1.29%，跌至每股 2 美元以下。價格大概是 1.73 美元。

And it’s just disappointment after disappointment quarter after quarter with this company. And like I said, is it time to bring in a new CEO, one person who can give confidence to the investment community that they can turn this thing around because right now there’s no confidence that this company can turn itself around.

但這家公司每季都令人失望。正如我所說的，現在是時候聘請一位新的執行長了，這位執行長可以為投資界帶來信心，相信他們能夠扭轉局面，因為現在沒有人相信這家公司能夠扭轉局面。

With regard to the non-US properties, I think we’ve said it before and also during this conference call that divesting of those entities is an option and is under consideration. With regards to your other part of the question, we don’t think so. But at the end, other side to decide. Peter, do you want to really like to add to that?

關於非美國資產，我想我們之前已經說過，並且在這次電話會議中也說過，剝離這些實體是一種選擇，而且正在考慮中。至於您提出的另一部分問題，我們不這麼認為。但最終還是由另一方來決定。彼得，你真的想補充一點嗎？

Yes. Let’s not forget that for a very long time, both Canada and Europe had a very positive impact on EBITDA and cash flow. Now it is this impact is much lower and that’s why we’ve taken the decision to divest Poland and we are considering Canada.

是的。我們不要忘記，很長一段時間以來，加拿大和歐洲都對 EBITDA 和現金流產生了非常積極的影響。現在這種影響要小得多，這就是為什麼我們決定剝離波蘭，並正在考慮加拿大。

Yes, and on top of that, what Erwin said, most of our casinos are depending to a large extent on the low end consumer. And the fact that the low end consumer is so weak, is that certainly the reason for that is certainly not within our company.

是的，除此之外，正如 Erwin 所說，我們的大多數賭場在很大程度上依賴低端消費者。而低端消費者如此疲軟的事實，絕對不是我們公司的原因。

And in terms of the endgame, we are public company. So and don’t forget that management is very much aligned with shareholders. Management owns close to 15% of the company. So our interests are aligned. And being a public company, of course, anything is possible in terms of the future. Some other people are knocking on our doors as you can imagine with a low share price. So that’s we are doing what we can and then we’ll see what others say.

從最終目標來看，我們是一家上市公司。所以，不要忘記，管理階層與股東是高度一致的。管理階層擁有該公司近15％的股份。所以我們的利益是一致的。當然，作為一家上市公司，未來一切皆有可能。你可以想像，還有一些人正在以低廉的股價敲響我們的大門。所以我們正在盡我們所能，然後我們再看看其他人怎麼說。

It just seems like we’re just straggling along here quarter after quarter. This is down, but Missouri is looking good. You’ve been talking about buying back stock for the past two years, but it hasn’t happened. And Poland, I heard that was being sold like for two years now and that hasn’t been nothing has happened with that yet.

看起來我們只是在一個季度又一個季度中緩慢地前進。雖然情況有所下降，但密蘇裡州的情況看起來不錯。過去兩年你一直在談論回購股票，但並沒有實現。我聽說波蘭已經賣兩年了，但到現在都沒有任何動靜。

But I think if this company just focuses on the North American, the United States assets and you could and have marketing towards your Caruthersville property, Missouri, cross market with the Nugget and advertise the Nugget at the other properties, so you can have cross promotions. You're promoting Reno, Nevada and the Nugget in Missouri or Colorado and cross-market these properties.

但我認為，如果這家公司只專注於北美和美國的資產，你就可以針對密蘇裡州卡瑟斯維爾的房產進行行銷，與 Nugget 進行交叉行銷，並在其他房產上宣傳 Nugget，這樣你就可以進行交叉促銷。您正在推廣內華達州里諾和密蘇裡州或科羅拉多州的 Nugget，並交叉行銷這些房產。

So everybody in Caruthersville and Missouri knows about the Nugget is one of our properties. The Cripple Creek is one is our properties, the Mountaineer and just get everybody in the mindset when they think of Century Casinos. We have a property in Reno, we should check it out to put it more at the forefront of customers all over of the other places and do cross promotions with these other places.

因此，卡瑟斯維爾和密蘇裡州的每個人都知道 Nugget 是我們的資產之一。Cripple Creek 是我們旗下的賭場之一，Mountaineer 也是其中之一，當人們想到世紀賭場 (Century Casinos) 時，就會想到它。我們在裡諾有一處房產，我們應該檢查一下，以便將它放在其他地方客戶的更前沿，並與這些其他地方進行交叉促銷。

Thanks a lot for your comments.

非常感謝您的評論。

Good luck to you.

祝你好運。

Jetty Waters, investor.

Jetty Waters，投資者。

Hey, guys. Thank you so much for taking my question. The insiders own something 13%, 14% of the company. Just curious your thoughts, management doesn't view stock buybacks at these levels is a good investment.

嘿，大家好。非常感謝您回答我的問題。內部人士持有該公司13%至14%的股份。只是好奇您的想法，管理階層並不認為這種程度的股票回購是好的投資。

I wonder outside of that, just on a personal level, it probably would be good for investors to see a strong amount of insider buying. And it's not really a question, just more of a statement. I mean it just seems if everything going the direction that you guys think it is and we all hope it is, that would just be a great statement, I think, for the shareholder base, and I'll hang out. Thanks, guys.

除此之外，我想知道，從個人角度來看，大量內線交易對投資人來說可能是件好事。這其實不是一個問題，而是一個陳述。我的意思是，如果一切都按照你們認為的方向和我們都希望的方向發展，那麼我認為，對於股東來說，這將是一個很好的聲明，我會堅持下去。謝謝大家。

Yes. Thanks, Jetty. I would just like to say something -- there are -- very generally speaking, there is management that would be very interested in buying back. However, we are pretty much restricted by the insider laws and rules and we have a lot blackout periods.

是的。謝謝，傑蒂。我只想說，一般來說，管理階層對回購非常感興趣。然而，我們受到內部人法律和規則的極大限制，我們有許多禁售期。

Operator?

操作員？

Thank you. Peter, there are no furthrer question at this time. All will turn the conference back to our host for any additional or closing remarks.

謝謝。彼得，目前沒有其他問題。所有人都將會議交還給主持人，以便發表任何補充或結束語。

Thank you, operator, and thanks everybody. We appreciate you joining our call today. And we’ll talk again in a couple of months. Until then, thank you and goodbye.

謝謝接線員，謝謝大家。感謝您今天參加我們的電話會議。幾個月後我們再聊。到此為止，謝謝你，再見。

This does conclude today's Century Casinos Q4 2024 earnings call. Thank you for your participation. You may now disconnect.

這確實結束了今天的 Century Casinos 2024 年第四季財報電話會議。感謝您的參與。您現在可以斷開連線。