Century Casinos Inc (CNTY) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Century Casinos Q1 2025 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, sir.

大家好，歡迎參加今天的世紀賭場 2025 年第一季財報電話會議。（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。先生，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 U.S. Federal securities 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證券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不同。

Throughout our call, wewill 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 Investor section of our website at cnty.com.

在整個電話會議中，我們將參考幾個非 GAAP 財務指標，包括但不限於調整後的 EBITDAR。我們的非 GAAP 指標與適當的 GAAP 指標的對帳可以在我們的新聞稿和 SEC 文件中找到，這些文件可以在我們網站 cnty.com 的投資者部分找到。

After our prepared remarks, we will open the call for questions from analysts. My Co-CEO, Erwin Haitzmann; and our Chief Accounting Officer, Tim Wright, will join me for that.

在我們準備好發言之後，我們將開始接受分析師的提問。我的聯合執行長 Erwin Haitzmann；我們的首席會計長 Tim Wright 也將與我一起出席此次會議。

We released our first quarter results this morning. Revenues for the quarter were $130.4 million. EBITDAR was $20.2 million. During the quarter, our team successfully managed a number of issues, including significantly more weather-impacted days throughout the entire North American portfolio as well as one less operating day compared to last year and the lack of two-thirds of the sports betting income in Colorado. Despite these headwinds, we maintained the operating margin consistent with Q1 of last year.

我們今天上午公佈了第一季業績。本季營收為 1.304 億美元。EBITDAR 為 2020 萬美元。在本季度，我們的團隊成功處理了許多問題，包括整個北美投資組合受天氣影響的天數明顯增多，與去年相比運營天數減少了一天，以及科羅拉多州缺少三分之二的體育博彩收入。儘管面臨這些不利因素，我們仍維持了與去年第一季一致的營業利潤率。

To put the weather, leap year, and lower sports betting revenue impacts into perspective, here are the monthly results. January, we generated EBITDAR of just $3 million, well below even our most conservative forecasts. February, also impacted by weather as well as the calendar, was a bit better but still just $6.5 million. Then a rather normal month of March produced a solid $10.5 million EBITDAR, up 8% over last year's March. So when you sort through the noise, you see the positive trend here. And we feel good about the normalized run rate with no weather or other negative impacts. Overall, we estimate the impact of EBITDAR, weather, leap year, and the partial loss of sports betting revenue in Colorado to be around $2 million this quarter compared to last Q1.

為了全面了解天氣、閏年和體育博彩收入下降的影響，以下是月度結果。1 月份，我們的 EBITDAR 僅為 300 萬美元，遠低於我們最保守的預測。2 月份，由於受到天氣和日曆的影響，情況略有好轉，但也只有 650 萬美元。然後，3 月的狀況相當正常，EBITDAR 達到了 1,050 萬美元，比去年 3 月增加了 8%。因此，當您排除乾擾時，您會看到積極的趨勢。我們對正常的運作率感到滿意，沒有受到天氣或其他負面影響。總體而言，我們估計本季 EBITDAR、天氣、閏年以及科羅拉多州體育博彩收入部分損失的影響與去年第一季相比約為 200 萬美元。

Across all our U.S. properties, carded gaming revenue increased 1%, while uncarded gaming revenue decreased 2.5%. Total visitor volume was down 3% driven by a reduction in visits from the 50-plus age group, partly offset by a 1% increase from our younger guests. The total number of trips declined by 2%, while the spend per trip increased 4%.

在我們所有的美國賭場中，有卡博彩收入成長了 1%，而非有卡博彩收入下降了 2.5%。由於 50 歲以上年齡組的遊客數量減少，遊客總數下降了 3%，但年輕遊客數量增加了 1%，部分抵消了這一下降。總出行次數下降了 2%，但每次出遊的花費卻增加了 4%。

For a closer look at each market, let's now start with Missouri. The new Caruthersville property produced another set of very good results as it completed its first full quarter with the new casino hotel. Carded gaming revenue grew 12%; uncarded increased by a strong 23%, bringing total gaming up 17% or $2.1 million compared to Q1 of last year.

為了更深入地了解每個市場，我們現在從密蘇裡州開始。卡瑟斯維爾新賭場酒店開業後的第一個完整季度再次取得了非常好的表現。紙牌遊戲營收成長12%；無卡博彩業務強勁成長 23%，使博彩總收入與去年第一季相比成長 17%，即 210 萬美元。

We saw good results across nearly all demographics, win from patrons under age 50 increasing 33%, while increasing 8% from patrons over 50. Win from higher end consumers increased 19%, while it grew 9% in the lower consumer groups. Notably, the lowest end group, which has lagged in some markets, increased 18% during the quarter.

我們在幾乎所有人口統計中都看到了良好的效果，50 歲以下顧客的贏家增加了 33%，而 50 歲以上顧客的贏家增加了 8%。來自高端消費者的利潤成長了19％，而來自低端消費者群體的利潤則增加了9％。值得注意的是，在某些市場表現落後的最低端群體在本季成長了 18%。

We're also very excited as we are succeeding in expanding our market with a new casino and hotel. The number of patrons living 75-plus miles from the property increased by 34%. The percentage increased from patrons living within 75 miles was 20%. All together, the number of visitors increased 23%.

我們也非常興奮，因為我們透過新的賭場和酒店成功地擴大了我們的市場。居住在距離酒店 75 英里以上的顧客數量增加了 34%。居住在 75 英里內的顧客的百分比增加了 20%。整體而言，參觀人數增加了23%。

In the six months since opening, revenue and EBITDAR are up 25% and 31%, respectively, which has exceeded our initial expectations. In absolute numbers, the new Caruthersville has generated $5.8 million more net revenue and almost $3 million more in EBITDAR in the first six months of operation. The property is much more convenient for our customers and allows for significantly more efficient operations. We're very happy with the strong and immediate uplift on the revenue side. The full impact on EBITDAR will probably take another quarter or two until we have worked out the initial growing pains and figured out the most efficient staffing levels. We're running at a 43% EBITDAR margin right now, but we believe further margin improvement is just a question of time. All in all, we couldn't be more pleased with the start of the new facility at Caruthersville.

開業以來的六個月裡，收入和EBITDAR分別成長了25%和31%，超出了我們最初的預期。從絕對數字來看，新卡瑟維爾在營運的前六個月內創造了 580 萬美元的淨收入和近 300 萬美元的 EBITDAR。該物業為我們的客戶提供了更多便利，並顯著提高了營運效率。我們對收入方面的強勁且迅速的成長感到非常高興。對 EBITDAR 的全面影響可能還需要一兩個季度的時間，直到我們解決了最初的成長煩惱並確定了最有效的人員配置水準。我們目前的 EBITDAR 利潤率為 43%，但我們相信進一步提高利潤率只是時間問題。總而言之，我們對卡瑟斯維爾新工廠的啟動感到非常高興。

On to our other hotel casino in Missouri, the Century Casino & Hotel in Cape Girardeau. That property too saw increased visitation during the quarter. From a rated revenue perspective, the number of patrons increased 5%, the number of trips increased 2%. Theoretically, gaming win was flat, but actual win decreased slightly due to lower hold this quarter. The ongoing success of the new hotel continues to drive increased visitation from states and markets outside of our core demographic, which is Missouri and Illinois.

我們前往密蘇裡州的另一家飯店賭場，位於開普吉拉多 (Century Casino & Hotel) 的世紀賭場飯店 (Century Casino & Hotel)。本季度，該酒店的訪問量也有所增加。從額定收入來看，顧客數量增加了5％，行程次數增加了2％。理論上，遊戲贏利持平，但由於本季持有量較低，實際贏利略有下降。新酒店的持續成功繼續推動來自我們核心人口（密蘇裡州和伊利諾伊州）以外的州和市場的遊客數量增加。

We saw strong gains from visitors living 75-plus miles from the property as they increased 13%, compared to an increase of 1% from patrons living within 75 miles. We've also seen large gains in the number of trips from guests under the age of 50 with an increase of 14%, compared to a small decrease of 3% from guests aged 50-plus. The ADT from comp to hotel guests was a very strong $475. The hotel is also driving meaningful growth in S&P sales, which is somewhat offset by higher cost of goods sold and staff costs. The team continues to fine-tune operational expenses to further increase profitability. The EBITDAR margin of that property was 36% in the quarter.

我們發現，居住在距離酒店 75 英里以外的遊客數量大幅增加，增加了 13%，而居住在 75 英里以內的遊客數量僅增加了 1%。我們也發現，50 歲以下客人的出遊次數大幅增加，增加了 14%，而 50 歲以上客人的出遊次數則小幅下降了 3%。從公司到酒店客人的 ADT 非常高，達到 475 美元。該酒店還推動了 S&P 銷售額的顯著成長，但這一成長在一定程度上被更高的銷售成本和員工成本所抵消。該團隊繼續微調營運費用以進一步提高獲利能力。該物業本季的 EBITDAR 利潤率為 36%。

For both Missouri properties, 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 should deliver incremental high margin EBITDAR to our properties.

對於密蘇裡州的這兩處房產，我們也期待體育博彩在今年年底前在密蘇裡州上線。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. In the year-over-year comparison, please note that we lost two-thirds of our sports betting income which amounts to roughly $0.50 million for the quarter. Both Colorado properties 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。與去年同期相比，請注意，本季我們損失了三分之二的體育博彩收入，約 50 萬美元。在比較刷卡收入和非刷卡收入的表現時，科羅拉多州的這兩家酒店都經歷了截然不同的結果。

In Central City, carded revenue grew 7%, but uncarded revenue decreased 36%. And we think that the construction on I-70 impacted central cities uncarded play significantly more than carded play. (inaudible) in Central City was up 15%, but a significantly lower hold resulted in slot revenue declining by 9%. Q1 was a transitional quarter for Central City, with multiple cleanup initiatives, started, and completed. Combined with these effects, of adverse weather, EBITDAR was disappointing, but we are optimistic about upcoming orders and we believe it will reverse negative trends going forward. EBITDAR for April (inaudible) year-over-year growth already pointing in the right direction.

在中心城區，刷卡收入成長了 7%，但非刷卡收入下降了 36%。我們認為，I-70 的建設對中心城市無卡出行的影響遠大於有卡出行的影響。 （聽不清楚）中心城區的收視率上漲了 15%，但由於持有量大幅下降，導致老虎機收入下降了 9%。第一季是中心城區的過渡季度，多項清理工作已啟動並完成。加上惡劣天氣的影響，EBITDAR 令人失望，但我們對即將到來的訂單持樂觀態度，我們相信它將扭轉未來的負面趨勢。四月的息稅折舊攤提前利潤 (聽不清楚) 年增率已經指向正確的方向。

In Cripple Creek, we saw most of the decline coming from uncarded play, and we believe that Chamonix temporarily pulls revenue from the more casual uncarded customers. Despite Chamonix, we continue to hold strong with our high-end customers, with wind from the upper patrons increasing by 24%. From an age standpoint, the younger demographic outperformed the older, with revenue from patrons under 60 increasing 10%, compared to a decrease of 12% from patrons over 60. During the quarter, we eliminated table games at both properties and revamped our restaurant concepts. The expected savings, net-net, should come close to a million per year.

在克里普爾克里克，我們發現大部分的下滑來自於無卡投注，並且我們認為夏蒙尼暫時從較為隨意的無卡投注者那裡獲得了收入。儘管受到霞慕尼的影響，我們仍然保持著對高端客戶的強勁支持，來自上層客戶的風力增加了 24%。從年齡角度來看，年輕族群的表現優於老年族群，來自 60 歲以下顧客的收入增加了 10%，而來自 60 歲以上顧客的收入則下降了 12%。在本季度，我們取消了兩家酒店的桌上遊戲，並改進了餐廳概念。預計淨節省額將接近每年一百萬美元。

The East segment, which includes Mountaineer in West Virginia and Rocky Gap in Maryland, had a more challenging quarter. Both properties saw higher-end customers significantly outperform low to mid-tier customers, with gaining revenue from the upper segment increasing by 10%, offset by decline in the lower segment.

東部地區，包括西維吉尼亞州的 Mountaineer 和馬裡蘭州的 Rocky Gap，本季面臨的挑戰更大。這兩家酒店的高端客戶表現明顯優於中低端客戶，高端客戶的收入成長了 10%，但被低端客戶的收入下降所抵消。

At Rocky Gap, the main reason for the revenue decline was the lower volume on the (inaudible). The gaming tables and the hotel did well and showed solid growth compared to last year. The number of trips decreased by 13%. Surely, weather was a big factor here. But the spend per increased by 9%. As with most other properties, the high-end segment continues to significantly outperform the low to mid-segments. Our player development team at the property has revamped database offers at the beginning of April which has resulted in improvements in coin-in trends already.

在 Rocky Gap，收入下降的主要原因是（聽不清楚）。賭桌和飯店表現良好，與去年相比呈現穩健成長。出行次數減少了13%。當然，天氣是一個重要因素。但人均支出卻增加了9%。與大多數其他房產一樣，高端房產的表現繼續明顯優於中低端房產。我們酒店的玩家開發團隊已在 4 月初修改了資料庫，這已經導致投幣趨勢有所改善。

Mountaineer had a more favorable quarter as gaming revenue increased 1%. Carded revenue was up 3%, uncarded revenue failed 3%. And again, it was the high-end customer producing the strong results with trips increasing 12% and the revenue increasing 14%. But the low to mid-tier segments or trips decreased 4%, revenue decreased 1%.

由於遊戲收入成長了 1%，Mountaineer 本季表現更為出色。刷卡收入成長了 3%，非刷卡收入下降了 3%。高端客戶再次創造了強勁業績，出行次數增加 12%，營收增加 14%。但中低階市場或出行次數減少了 4%，收入減少了 1%。

Moving on to the West, the Nugget Casino Resort in Sparks-Reno, Nevada. While evenue was down, EBITDAR was turned around from a negative last year to a positive $700,000 this quarter. After the 47% EBITDAR growth in the fourth quarter of last year, this was the second significant increase in a row. Q1 is typically the most challenging quarter for the Nugget and the entire Reno-Sparks market. But the management team's cost-cutting measures proved successful. Interestingly, Nugget is the only property in our portfolio where in Q1, the lower-end customer performed better than the high-end customer. The main reason for that was the lower groups and convention volume compared to previous years.

繼續向西，是位於內華達州斯帕克斯-裡諾的金塊賭場度假村。儘管收入下降，但 EBITDAR 卻從去年的負值轉為本季的正值 70 萬美元。繼去年第四季EBITDAR成長47%之後，這是連續第二次大幅成長。第一季通常是 Nugget 和整個 Reno-Sparks 市場最具挑戰性的一個季度。但管理團隊的削減成本措施被證明是成功的。有趣的是，Nugget 是我們投資組合中唯一一家在第一季低端客戶表現優於高端客戶的資產。主要原因是與往年相比，團體和會議數量有所下降。

The trend of increased visits and revenue from patrons under the age of 50 continued from last year. This quarter, the growth was 6% in that segment. Another positive trend is the business we're getting from locals. We got 6% more visits from locals than last year. We expect to see that positive trend to continue as we launched our new Winners' Zone rewards program on April 1.

50 歲以下顧客的訪問量和收入持續增加的趨勢延續了去年的趨勢。本季度，該領域的成長率為 6%。另一個積極的趨勢是我們從當地人那裡獲得的業務。與去年相比，我們接待的本地遊客增加了 6%。隨著我們於 4 月 1 日推出新的 Winners' Zone 獎勵計劃，我們預計這一積極趨勢將會持續下去。

Now, a few words about the small operations in Canada and Europe. In Canada, slot (inaudible) and table drop were flat. But due to lower hold percentages, total revenue decreased by 10%. FX headwinds negatively impacted results as well. Last month, we introduced a new sports bar and lounge concept with great initial feedback and results. Overall, Canada is performing all right for us and Q2 has started out flattish compared to last year.

現在，簡單介紹一下加拿大和歐洲的小型業務。在加拿大，老虎機（聽不清楚）和桌面落差持平。但由於持有比例較低，總收入下降了 10%。外匯逆風也對業績產生了負面影響。上個月，我們推出了新的運動酒吧和休息室概念，並獲得了良好的初步回饋和效果。總體而言，加拿大的表現對我們來說還不錯，與去年相比，第二季表現持平。

In Poland, the year-over-year comparison is really not meaningful because the number of casinos in operation was not the same.After the Polish capital city of Warsaw, the city of Wroclaw is the second most attractive gaming market in Poland. As you know, we opened a casino there last October. And now, we've been awarded a second license for that city. That's good news, and we plan to open that second casino in Wroclaw in Q4 of this year.

在波蘭，同比對比實際上意義不大，因為營運的賭場數量並不相同。繼波蘭首都華沙之後，弗羅茨瓦夫市是波蘭第二大最具吸引力的博彩市場。如您所知，我們去年十月在那裡開了一家賭場。現在，我們已獲得該城市的第二張許可證。這是個好消息，我們計劃今年第四季在弗羅茨瓦夫開設第二家賭場。

We are still committed to divesting our Poland operations. Two newly interested parties have surfaced recently and discussions with our minority partner are also going well for a potential sale of 100% of the company.

我們仍然致力於剝離波蘭業務。最近，出現了兩個新的有意向的團體，與我們的少數股東就可能出售公司 100% 股份的談判也進展順利。

Moving on to cover a few balance sheets and capital items. The company's cash and cash equivalents at the end of the fourth quarter was $85 million. The total principal amount of debt outstanding was $340 million. Resulting in net debt of $255 million. At the end of the quarter, our net debt-to-EBITDAR ratio was 6.9 times and 7.6 times on a lease adjusted basis. We expect these ratios to go down towards the end of the year to well below 6 and well below 7, respectively.

接下來介紹一些資產負債表和資本項目。該公司第四季末的現金和現金等價物為8,500萬美元。未償還債務本金總額為 3.4 億美元。導致淨債務達到 2.55 億美元。截至本季末，我們的淨負債與 EBITDAR 比率為 6.9 倍，租賃調整後為 7.6 倍。我們預計到今年年底這些比率將分別下降至遠低於 6 和遠低於 7。

We have no debt maturities until 2029. And we are very excited to be at the end of our CapEx cycle. The Investments in our portfolio are evident, and our properties have never looked better. There's no need for significant CapEx this year. We expect to spend just $4 million for growth projects and about $14 million in maintenance CapEx. We also expect the returns on our investments, together with the major reduction CapEx, to produce a sizeable improvement in free cash flow compared to last year.

我們的債務到 2029 年都沒有到期日。我們非常高興我們的資本支出週期即將結束。我們的投資組合的投資是顯而易見的，我們的資產從未看起來如此好。今年不需要大量的資本支出。我們預計成長項目僅需花費 400 萬美元，維護資本支出約 1,400 萬美元。我們也預計，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顯著改善。

As we look ahead, we are confident in our business prospects moving forward. On the extensive labor side, we continue to focus on operational discipline and look for ways to become more efficient. Last year was a transitory period for us. But now, we have a clear path forward to higher EBITDAR and cash flow for 2025 and beyond.

展望未來，我們對未來的業務前景充滿信心。在廣泛的勞動力方面，我們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，我們已經明確了在 2025 年及以後實現更高 EBITDAR 和現金流的途徑。

Considering the severe weather disruptions, combined with one fewer operating day this year compared to last year, and the loss of the sports betting revenue. Our results in the first quarter, as well initial results of April, do reflect upward trends. We've been seeing some improvements in consumer behavior and spending patterns since mid-March. And that trend has continued through April and early May.

考慮到嚴重的天氣幹擾，加上今年的營業日比去年少一天，以及體育博彩收入的損失。我們第一季的業績以及四月份的初步業績確實反映出了上升趨勢。自三月中旬以來，我們看到消費者行為和消費模式有所改善。這一趨勢一直持續到四月和五月初。

As mentioned, EBITDAR in March was up 8% year-over-year. April looks similar. The initial estimate shows an increase in EBITDAR of 5% over last year's April. We are encouraged by these trends in our business. And while we recognize the level of economic uncertainty, we are more confident in the long term prospects of our company than we were at any point last year. And we're not directly impacted by tariffs, hardly at all. We just don't see that in our business. It's also worth noting that we do not anticipate any significant competitive supply impacting us this year or next.

如上所述，3 月份的 EBITDAR 年比成長 8%。四月看起來類似。初步估計，EBITDAR 較去年 4 月成長 5%。我們對於業務中的這些趨勢感到鼓舞。儘管我們意識到經濟不確定性的程度，但我們對公司的長期前景比去年任何時候都更有信心。我們幾乎沒有受到關稅的直接影響。我們只是在我們的業務中沒有看到這種情況。另外值得注意的是，我們預計今年或明年不會有任何重大的競爭性供應對我們產生影響。

As we feel good about the direction of the business overall, and as we have a solid cash position of around $85 million, we tend to conservatively balance our small CapEx program with returning capital to our shareholders, and want to take advantage of the dislocated share price of CNTY on an opportunistic basis. The current environment is a little less certain than it was maybe a quarter ago, so we will be cautious, but we believe CNTY is the best casino investment with the highest growth potential out there. Hence, we plan to buy back stock in the coming weeks.

由於我們對整個業務的發展方向感到樂觀，並且我們擁有約 8500 萬美元的穩固現金狀況，我們傾向於保守地平衡我們的小額資本支出計劃和向股東返還資本，並希望抓住機會利用 CNTY 錯位的股價。目前的環境可能比一個季度前不太確定，所以我們會保持謹慎，但我們相信 CNTY 是目前具有最高成長潛力的最佳賭場投資。因此，我們計劃在未來幾週內回購股票。

All right. That concludes our prepared remarks. We'll now open the call for Q&A with the analysts. Operator, go ahead, please.

好的。我們的準備好的演講到此結束。我們現在開始與分析師進行問答。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Jeff Stantial, Stifel. Please go ahead, Jeff.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。請繼續，傑夫。

Good morning. This is (inaudible), on for Jeff Stantial. Thanks for taking our questions. So to start off, have you started to notice any softening in the consumer for your Canadian assets, whether that be from uncertainty related to the trade war or else derivative impact from energy prices starting to come in?

早安.這是（聽不清楚），由 Jeff Stantial 主持的。感謝您回答我們的問題。那麼首先，您是否開始注意到加拿大資產的消費有所減弱，無論是由於貿易戰相關的不確定性，還是能源價格開始產生的衍生影響？

Thanks for asking a question. I'm not sure I understood it (inaudible) right. Are you inquiring about the customer behavior of our Alberta customers?

感謝您提問。我不確定我是否理解得正確（聽不清楚）。您是否正在詢問我們阿爾伯塔省客戶的客戶行為？

Yes.

是的。

Okay. We think we don't really see any of the reasons that you mentioned as significant. Lower revenue is not that significant and it's also due to weather and one less gaming day. So we're not concerned.

好的。我們認為您提到的任何原因都不太重要。收入減少並不那麼嚴重，這也是由於天氣和遊戲日減少所造成的。所以我們並不擔心。

Got it. Thank you. And the follow-up, can you give us an update on some of the growth initiatives at Rocky Gap? What strategies are currently in place or else being planned to help sort of broaden the catchment area and attract some more higher net worth (inaudible) guests?

知道了。謝謝。接下來，能否向我們介紹一下 Rocky Gap 的一些發展舉措？目前正在實施或計劃採取哪些策略來幫助擴大客源範圍並吸引更多高淨值（聽不清楚）的客人？

At Rocky Gap in Maryland, we have completed the renovations in the F&B area and we are also ready with great (inaudible) access that that investment was finalized late last year. So we feel we have a better product for our hotel and resort guests right now.

在馬裡蘭州的 Rocky Gap，我們已經完成了餐飲區的裝修，並且我們已經準備好了便利的（聽不清楚）通道，這項投資已於去年年底完成。因此，我們覺得我們現在可以為酒店和度假村的客人提供更好的產品。

Very good. And we also started to reach into the Baltimore and Washington D.C. areas with our marketing initiatives. Maybe, Erwin, you can add more to that.

非常好。我們的行銷活動也開始進入巴爾的摩和華盛頓特區。也許，埃爾文，你可以補充更多內容。

Yeah. (technical difficulty)

是的。（技術難度）

It appears that Erwin's line disconnected again.

看來艾爾文的電話又斷了。

Okay. Any more to Rocky Gap that you would like to know?

好的。您還想了解更多關於 Rocky Gap 的資訊嗎？

No. That's helpful. I'll pass it on for now.

不。這很有幫助。我現在就把它傳達下去。

Jordan Bender, Citizens Bank.

喬丹·本德，公民銀行。

Hey everyone. Good morning. Peter, thanks for all the commentary across your regions, across your properties in the prepared remarks. I just want to touch on the outlook here. You gave, I guess, year-end leverage targets about two months ago. Today, those targets moved up. It seems like since then, trends have gotten better, just based off of some of the March and April commentary. So just curious to kind of hear what has changed over that time, what you're seeing that maybe the (inaudible) just doesn't look as good as it did two months ago? Thank you.

嘿，大家好。早安.彼得，感謝您在準備好的發言中對你們的地區、你們的屬性所做的評論。我只是想在這裡談談前景。我想，大約兩個月前您就給了年底槓桿目標。今天，這些目標有所上升。從三月和四月的一些評論來看，從那時起趨勢似乎變得更好。所以我只是好奇地想聽聽這段時間發生了什麼變化，您是否發現（聽不清楚）可能看起來不如兩個月前那麼好了？謝謝。

Back in again, but Peter (inaudible) the last sentence.

再回來，但彼得（聽不清楚）最後一句話。

(inaudible) we're currently at 6.9 net debt to 7.9 lease adjusted, but that's not where we want to be and will end the year significantly lower than that. There's just a lot of uncertainty out there. And we currently see, since mid-March, for the last six, seven weeks, we see nearly positive trend, but it's too short of a time frame to project that out to the full remainder of 2025. And that's why we are a little bit more cautious. That's really all.

（聽不清楚）我們目前的淨債務與租賃調整後的比率為 6.9：7.9，但這不是我們想要的水平，今年年底我們的淨債務與租賃調整後的比率將大幅低於這個水平。外面存在著許多不確定性。我們目前看到，自 3 月中旬以來的過去六、七週內，我們看到了近乎積極的趨勢，但這個時間框架太短，無法預測到 2025 年全年的趨勢。這就是我們更加謹慎的原因。真的就這些了。

Okay. That works. And then in Alberta, they're taking a step forward to legalize online gaming. It seems like they're just about on the finish line there. The casino cross-sell opportunity is probably attractive for some of the companies looking to enter that market. Are you looking for ways to monetize your casino database with any potential partners that might be interested in that? Thank you.

好的。有效。隨後，阿爾伯塔省也開始推動網路遊戲合法化。看起來他們就快到達終點了。對於一些希望進入該市場的公司來說，賭場交叉銷售機會可能具有吸引力。您是否正在尋找方法將您的賭場資料庫與可能對此感興趣的潛在合作夥伴一起貨幣化？謝謝。

In Canada that is?

那是在加拿大嗎？

Alberta, yes.

阿爾伯塔，是的。

Alberta. Well, the only thing that we potentially could see at the moment is that we partner up with the Alberta Gaming Commission with regard to sharing a database. I wouldn't see any other opportunity in that context.

艾伯塔省。嗯，目前我們唯一可能看到的就是我們與阿爾伯塔省博彩委員會合作共享資料庫。在這種情況下，我看不到任何其他機會。

And in sports betting, Erwin?

那麼在體育博彩方面，艾爾文？

I think mainly in sports betting.

我認為主要是體育博彩。

Okay. Thank you very much.

好的。非常感謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good morning. Thanks for taking my question. Peter, it looks like the Missouri results actually came out today for April and you kind of talked about all the growth in Caruthersville and Cape Girardeau. Initially, are we looking more for revenue growth or maintaining those kind of mid or high-30s EBITDAR levels? And I guess what I'm getting at is, are you trying to reach out to more of these 75-mile and further out customers, maybe push a little bit more on marketing and promotions at this time just to grow the overall pie, or are you managing to a bottom line result in the near term? Thanks.

早安.感謝您回答我的問題。彼得，看起來密蘇裡州四月份的選舉結果今天就出來了，你談到了卡瑟斯維爾和開普吉拉多的經濟成長。首先，我們更希望獲得收入成長，還是維持 35% 左右的 EBITDAR 水準？我想問的是，您是否想接觸更多 75 英里甚至更遠的客戶，也許此時在營銷和促銷方面加大力度，以擴大整體份額，或者您是否想在短期內實現盈利？謝謝。

Chad, this is Erwin. Definitely both. We proactively and aggressively want to push the revenue up. And as you correctly said, an interesting statement, this is the 75-mile customer base. We think we've got more opportunity there. And we are using database marketing, digital marketing, of course, and it's showing very good results. And at the same time, cost discipline is still a topic. As Peter also mentioned in his initial remarks, particularly in Caruthersville, there will be one or the other more opportunity to right-size the cost side with the new casino, but that should all be happening within the next one or two quarters. So top and bottom line.

查德，這是艾爾文。肯定是兩者皆有。我們積極主動地希望提高收入。正如您正確指出的那樣，這是一個有趣的說法，這就是 75 英里的客戶群。我們認為我們在那裡擁有更多機會。當然，我們正在使用資料庫行銷和數位行銷，並且效果非常好。同時，成本控制仍然是一個話題。正如彼得在最初的演講中提到的那樣，特別是在卡瑟斯維爾，新賭場將有更多的機會來調整成本，但這一切都應該在未來一兩個季度內發生。所以頂線和底線。

Okay. Great. Thank you. And then with the increased interest on the Polish assets, do we still think this could come to a conclusion in 2025? What's the adjusted timeline based on more interest for these?

好的。偉大的。謝謝。那麼，隨著對波蘭資產的興趣增加，我們是否仍然認為這會在 2025 年結束？基於對這些問題的更多興趣，調整後的時間表是怎麼樣的？

Okay. Peter?

好的。彼得？

As we sit here today, we believe so. But we were wrong already once late last year when we said that we think it's going to happen at '24. We were already, drafting some documents and then the board of the other side said no. So it looks like it will happen this year.

今天當我們坐在這裡時，我們相信如此。但是，去年年底我們曾錯誤地說過，我們認為這將在 24 年發生。我們已經起草了一些文件，但對方董事會拒絕了。看起來今年就會發生這種事。

Okay. Great. And then just quickly lastly on the share repurchase opportunity. I know you said you're going to kind of dip your toe in just given the uncertainty in the market. Obviously, there's massive dislocation with your stock and a number of the other stocks in the sector at this time. So quantitatively, can you help us think about how much you would be willing to or have the capacity to buy back, maybe on a quarterly basis? Thank you.

好的。偉大的。最後簡單談談股票回購機會。我知道您說過，鑑於市場的不確定性，您會嘗試一下。顯然，目前您的股票與該行業中的許多其他股票之間存在巨大錯位。那麼從量化角度來說，您能否幫助我們思考一下您願意或有能力回購多少，例如按季度回購？謝謝。

We think we'll start between now. And our next earnings release in early August, we'll start with a single-digit million-dollar volume.

我們認為我們現在就可以開始。我們將於 8 月初發布下一次收益報告，屆時交易量將達到個位數百萬美元。

Thank you both.

謝謝你們兩位。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

Hey Peter, Erwin. I want to say just kind of on the last topic, stock buyback, I think you've been restricted because of the Poland, where you were at in that sale process. Presumably, you're on restricted now. But curious, Poland is considering updating rules for its online casino currently state-run operator, just some various kind of governance potential changes there. Is that impacting either good or bad in the process?

嘿，彼得，歐文。我想說的是最後一個話題，股票回購，我認為你們受到了限制，因為你們當時處於波蘭的銷售過程中。據推測，您現在受到限制。但令人好奇的是，波蘭正在考慮更新目前由國營營運商經營的線上賭場的規則，這只是那裡可能發生的一些治理變化。這會對整個過程產生好的影響還是不好的影響？

Poland, the state is the only entity that is allowed to run i-Gaming. However, sports betting is open to private companies. With our casino brand, we are currently not offering sports betting. But that's a potential for a buyer. And some of the companies that have expressed interest in our casinos there come from the sports betting side. So it will be interesting to see. But the potential changes you are mentioning, they currently have not led to any new additional significant interest.

波蘭是唯一被允許營運 i-Gaming 的國家實體。不過，體育博彩對私人公司開放。我們的賭場品牌目前不提供體育博彩。但對買家來說，這是一種潛力。一些對我們賭場表示興趣的公司來自體育博彩領域。所以這將會很有趣。但您提到的潛在變化目前尚未引起任何新的額外重大興趣。

Very good. And then just as it relates to both your East properties, is there anything from a self-help standpoint, either on the cost side or you talked a little bit about the growth opportunity, mainly on the cost side, that you can help stabilize those properties before you get a change in stabilization in the end consumer?

非常好。然後，正如它與您在東部的兩處房產有關一樣，從自助的角度來看，無論是在成本方面，還是您談到的增長機會（主要是在成本方面），在最終消費者的穩定性發生變化之前，您是否可以幫助穩定這些房產？

Which properties you're asking?

您詢問的是哪些屬性？

The East.

東方。

The Gap and Mountaineer.

差距和登山者。

The East. I'm not sure that I'm understanding the question with regard to self-help.

東方。我不確定我是否理解了有關自助的問題。

Is there any optimization you can do on the cost side in either of those properties?

您是否可以在這些屬性的成本方面進行任何最佳化？

Yeah, definitely. We're constantly working on that. And I think we've achieved some things and there's certainly more that's possible.

是的，確實。我們一直在為此努力。我認為我們已經取得了一些成就，並且肯定還有更多的可能性。

Very good. Thanks, guys. Good luck.

非常好。謝謝大家。祝你好運。

At this time, there are no additional questions. If you do have any additional questions for the company, they may be sent through the Investor Relations page at cnty.com. And now, I'll turn it back over to Peter for closing remarks.

目前沒有其他問題。如果您對公司有任何其他問題，可以透過 cnty.com 上的投資者關係頁面發送。現在，我將把發言權交還給彼得，請他作最後發言。

Thanks, everyone. We appreciate you joining our call today. We'll talk again in early August. Until then, thanks and good-bye.

謝謝大家。感謝您今天參加我們的電話會議。我們將在八月初再次交談。到此為止，謝謝，再見。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。