Century Casinos Q1 2025 Earnings Report

Century Casinos EPS Results

• Actual EPS: -$0.67
• Consensus EPS: -$0.56
• Beat/Miss: Missed by -$0.11
• One Year Ago EPS: -$0.46

Century Casinos Revenue Results

• Actual Revenue: $130.44 million
• Expected Revenue: $139.55 million
• Beat/Miss: Missed by -$9.11 million
• YoY Revenue Growth: N/A

Century Casinos Announcement Details

• Quarter: Q1 2025
• Date: 5/12/2025
• Time: Before Market Opens
• Conference Call Date: Monday, May 12, 2025
• Conference Call Time: 10:00AM ET

Century Casinos (NASDAQ:CNTY) is a gaming and entertainment company that develops, owns, operates and manages casinos, racetracks and related hospitality properties. Its facilities typically offer casino gaming, including slot machines and table games, along with restaurants, bars, hotels and other entertainment amenities.

The company operates properties in the United States and Canada. Its U.S. portfolio has included casinos and gaming resorts in Colorado, Missouri and West Virginia, while its Canadian operations have included casino and racetrack properties in Alberta. Century Casinos has also pursued gaming-management and development opportunities in other regulated international markets.

Century Casinos was founded in 1992 by Erwin Haitzmann and Peter Hoetzinger, who have served as the company’s principal leaders and co-chief executive officers. The company is headquartered in Colorado Springs, Colorado, and its shares trade on the Nasdaq under the symbol CNTY.

Century Casinos Q1 2025 Earnings Call Transcript

Key Takeaways

• Despite severe weather, one fewer operating day, and the loss of approximately $2 million in Colorado sports betting income, Q1 revenue of $130.4 million and EBITDAR of $20.2 million maintained operating margin year-over-year.
• The new Caruthersville casino in Missouri drove total gaming revenue up 17% year-over-year and delivered six-month revenue and EBITDAR gains of 25% and 31%, exceeding initial expectations.
• In Colorado, carded gaming revenue rose 7% while uncarded play fell 36% and sports betting income declined by $0.5 million, though April’s EBITDA already shows year-over-year growth.
• Nugget Casino Resort in Reno swung to a positive EBITDA of $0.7 million in Q1—reversing last year’s loss—driven by cost-cutting measures and a 6% increase in local and under-50 patron visits.
• With $85 million in cash, no debt maturities until 2029, a low CapEx plan, and an opportunistic share buyback program under consideration, the company expects sizable free cash flow improvement and enhanced shareholder returns.

Presentation

[Operator]

Good day, everyone, and welcome to today's Century Casinos Q1 2025 Earnings Call. At this time, all participants are in a listen-only mode. Later, you'll have an opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing the star and one on your telephone keypad. 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.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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. 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 cnty.com. 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. We released our first quarter results this morning. Revenues for the quarter were $130.4 million. EBITDA was $20.2 million.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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. To put the weather, leap year, and lower sports betting revenue impacts into perspective, here are the monthly results. In January, we generated EBITDA 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 EBITDA, up 8% over last year's March.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

When you sort of, 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 to EBITDA of weather, leap year, and the partial loss of sports betting revenue in Colorado to be around $2 million this quarter compared to last Q1, last year Q1. 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%. For a closer look at each market, let's now start with Missouri.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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 revenue up 17%, or $2.1 million, compared to Q1 of last year. We saw good results across nearly all demographics, with win per patrons, with, sorry, with 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. We are also very excited as we are succeeding in expanding our market with the new casino and hotel. The number of patrons living 75-plus miles from the property increased by 34%.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

The percentage increase from patrons living within 75 mi was 20%. Altogether, the number of visitors increased 23%. In the six months since opening, revenue and EBITDA 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 EBITDA in the first six months of operation. The property is much more convenient for our customers and allows for significantly more efficient operations. We are very happy with the strong and immediate uplift on the revenue side. The full impact on EBITDA 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 are running at a 43% EBITDA margin right now, but we believe further margin improvement is just a question of time.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

All in all, we could not be more pleased with the start of the new facility at Caruthersville. On to our other hotel casino in Missouri, the Century Casino and 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. 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.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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 age 50-plus. The ADT from Comp/Total guests was a very strong $475. The hotel is also driving meaningful growth in S&P sales, which is somewhat offset by higher costs of goods sold and staff costs. The team continues to fine-tune operational expenses to further increase profitability. The EBITDA margin of that property was 36% in the quarter. 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 EBITDA to our properties. Continuing with the Midwest segment, let's review the performance of our operations in Colorado.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

In the year-over-year comparison, please note that we lost two-thirds of our sports betting income, which amounts to roughly $500,000 for the quarter. Both Colorado properties experienced significantly different results when comparing the performance of carded revenue versus uncarded revenue. In Central City, carded revenue grew 7%, while uncarded revenue decreased 36%, and we think that the construction on I-70 impacted Central City's uncarded play significantly more than carded play. Going in, 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, EBITDA was disappointing, but we are optimistic about upcoming quarters, and we believe we will reverse negative trends going forward. EBITDA for April shows year-over-year growth, already pointing in the right direction.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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 win from the upper-end 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 $1 million per year. 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 gaming revenue from the upper segment increasing by 10%, offset by a decline in the lower segment.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

At Rocky Gap, the main reason for the revenue decline was the lower volume on the slot floor. 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 trip 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. Mountaineer had a more favorable quarter as gaming revenue increased 1%. Carded revenue was up 3%. Uncarded revenue fell 3%. It was the high-end customer producing the strong results, with trips increasing 12% and revenue increasing 14%. The low-to-mid-tier segment saw trips decrease 4% and revenue decrease 1%.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Moving on to the West, the Nugget Casino Resort in Sparks, Reno, Nevada. While revenue was down, EBITDA was turned around from a negative last year to a positive $700,000 this quarter. After the 47% EBITDA 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. 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.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Another positive trend is the business we are 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 Winner's Zone rewards program on April 1st. Now, a few words about the small operations in Canada and Europe. In Canada, slot coin-in 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. In Poland, the year-over-year comparison is really not meaningful because the number of casinos in operation was not the same.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

After the Polish capital city of Warsaw, the city of Wrocław is the second most attractive gaming market in Poland. As you know, we opened a casino there last October and now have been awarded a second license for that city. That's good news, and we plan to open that second casino in Wrocław in Q4 of this year. 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. Moving on to cover a few balance sheet and capital items. The company's cash and cash equivalents at the end of the fourth quarter were $85 million, but the total principal amount of debt outstanding was $340 million, resulting in net debt of $255 million.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

At the end of the quarter, our net debt-to-EBITDA 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. 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 is no need for a 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 in CapEx, to 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.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

On the expense and labor side, we'll 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 EBITDA and cash flow for 2025 and beyond. Considering the severe weather disruptions, combined with one fewer operating days this year compared to last year, and the loss of the sports betting revenue, our results in the first quarter, as well as initial results of April, do reflect upward trends. We have been seeing some improvements in consumer behavior and spending patterns since mid-March, and that trend has continued through April and early May. As mentioned, EBITDA in March was up 8% year-over-year. April looks similar. The initial estimate shows an increase in EBITDA of 5% over last year's April.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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. We are not directly impacted by tariffs, hardly at all. We just do not see that in our business. It is also worth noting that we do not anticipate any significant competitive supply impacting us this year or next. As we feel good about the direction of the business overall, and as we have a solid cash position of around $85 million, we intend 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.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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

[Operator]

At this time, we'll open the question and answer session. If you would like to ask a question, please press star and one on your telephone keypad now, and you'll be placed into the queue in the order received. You may remove yourself from the queue at any time by pressing pound and one. If we do not get to your questions, please reach out to the company using the investor relations page at cnty.com.

[Operator]

Once again, to ask a question, please press star and one on your phone now. Our first question comes from Jeff Stanchill from Stifel. Please go ahead, Jeff.

[Aiden Youngs, Equity Research Analyst at Stifel]

Good morning. This is Aiden Youngs, on for Jeff Stanchill. Thanks for taking our questions. 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?

[Erwin Haitzmann, Co-CEO at Century Casinos]

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

[Aiden Youngs, Equity Research Analyst at Stifel]

Yes.

[Erwin Haitzmann, Co-CEO at Century Casinos]

Okay. We think that we do not really see any of the reasons that you mentioned as significant. It is more the lower revenue is not that significant, and it is also due to weather and one day less gaming day. We are not concerned.

[Aiden Youngs, Equity Research Analyst at Stifel]

Got it. Thank you. To follow up, can you give us an update on some of the growth initiatives at Rocky Gap? Sort of what strategies are currently in place or else being planned to help sort of broaden the encashment area and attract some more higher net worth overnight guests?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Erwin?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Hello? Did you get that?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Hello, Erwin?

[Operator]

Peter, are you still connected?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Yes, yes. I'm still connected. In terms of. Okay. At Rocky Gap in Maryland, we have completed the renovations in the F&B area, and we are also ready with great beach access. That investment was finalized late last year. We feel we have a better product for our hotel and resort guests right now compared to. And back again, by the way. Very good, very good. We have also started to reach into the Baltimore and Washington, D.C. areas with our marketing initiatives.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Maybe Erwin, you can add more to that. Yeah. Maybe it lost Erwin again.

[Operator]

Yeah,

[Operator]

it appears that Erwin's line disconnected again.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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

[Aiden Youngs, Equity Research Analyst at Stifel]

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

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Thank you.

[Operator]

Our next question comes from Jordan Bender from Citizens Bank. Please go ahead, Jordan.

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

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.

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

Just curious to kind of hear what has changed over that time, what you're seeing that maybe the year-end outlook just does not look as good as it did two months ago. Thank you. I'm back in again, but Peter, please respond to the last sentence.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

Okay. That works.

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

In Alberta, they're taking a step forward to legalize online game, and 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.

[Erwin Haitzmann, Co-CEO at Century Casinos]

In Canada, that is?

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

Alberta, yes.

[Erwin Haitzmann, Co-CEO at Century Casinos]

Alberta. 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 would not see any other opportunity in that context.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

In sports betting, Erwin?

[Erwin Haitzmann, Co-CEO at Century Casinos]

I think mainly in sports betting.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Okay. Okay.

[Jordan Bender, Senior Equity Research Analyst at Citizens Bank]

Thank you very much.

[Operator]

Our next question comes from Chad Beynon from Macquarie. Please go ahead, Chad.

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

Good morning. Thanks for taking my question.

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

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 30% EBITDA levels? I guess what I'm getting at is, are you trying to reach out to more of these 75-mi 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.

[Erwin Haitzmann, Co-CEO at Century Casinos]

Yeah, Chad, this is Erwin. Definitely both. We proactively and aggressively want to push the revenue up, and as you correctly said, an interesting segment is the 75-plus-mi customer base.

[Erwin Haitzmann, Co-CEO at Century Casinos]

We think we've got more opportunity there, and we're using database marketing, digital marketing, of course, and it's showing very good results. At the same time, cost discipline is still a topic, as Peter also mentioned in his initial remarks, particularly in Caruthersville. There will be the 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. Top and bottom line.

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

Okay. Great. Thank you. 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?

[Erwin Haitzmann, Co-CEO at Century Casinos]

Okay. Peter?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

As we sit here today, we believe so, but we were wrong already once late last year when we said that we think it is going to happen in 2024. We were already drafting fund documents, and then the board of the other side said no. It looks like it will happen this year.

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

Okay. Yeah. Great. And then just quickly, lastly, on the share repurchase opportunity, I know you said you are going to kind of dip your toe in just given the uncertainty in the market. Obviously, there is massive dislocation with your stock and a number of the other stocks in the sector at this time. 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.

[Erwin Haitzmann, Co-CEO at Century Casinos]

Peter?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

Yeah.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

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

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

Thank you both.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

That helps, Chad.

[Chad Beynon, Managing Director and Senior Analyst at Macquarie]

Sure.

[Operator]

Our next question comes from Ryan Sigdahl from Craig-Hallum. Please go ahead, Ryan.

[Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum]

Hey, Peter, Erwin. I want to stay just kind of on the last topic, stock buyback. I think you had been restricted because of Poland where you were at in that sale process. Presumably, you're unrestricted now. 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?

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

In Poland, the state is the only entity that is allowed to run iGaming. However, sports betting is open to private companies.

[Peter Hoetzinger, Vice Chairman, Co-CEO and President at Century Casinos]

With our casino brand, we are currently not offering sports betting, but that's a potential for a buyer. Some of the companies that have expressed interest in our casinos there come from the sports betting side, so it'll be interesting to see. The potential changes you are mentioning, they currently have not led to any new or additional significant interest.

[Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum]

Very good. 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, but mainly on the cost side that you can help stabilize those properties before you get a change and stabilization in the end consumer?

[Erwin Haitzmann, Co-CEO at Century Casinos]

Which properties are you asking?

[Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum]

The east. Rocky Gap and Mountaineer.

[Erwin Haitzmann, Co-CEO at Century Casinos]

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

[Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum]

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

[Erwin Haitzmann, Co-CEO at Century Casinos]

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

[Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum]

Very good. Thanks, guys. Good luck.

[Erwin Haitzmann, Co-CEO at Century Casinos]

Thank you.

[Operator]

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. Now I'll turn it back over to Peter for closing remarks.

[Operator]

Thanks, everyone. We appreciate you joining our call today. We'll talk again in early August. Until then, thanks and goodbye. Thank you for your participation. You may now disconnect.

Participants

Executives

• Peter Hoetzinger, Vice Chairman, Co-CEO and President
• Erwin Haitzmann, Co-CEO

Analysts

• Aiden Youngs, Equity Research Analyst at Stifel
• Jordan Bender, Senior Equity Research Analyst at Citizens Bank
• Chad Beynon, Managing Director and Senior Analyst at Macquarie
• Ryan Sigdahl, Senior Equity Research Analyst at Craig‑Hallum