CNTY - Earnings call transcript Q2 2021

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Operator

Welcome to the Century Casinos Q2 2021 Earnings Conference Call. This call is being recorded. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I would like to introduce our host for today's call, Mr. Hoetzinger. Peter Mr. begin. may you Hoetzinger,

Peter Hoetzinger

well morning, everyone, call. Co-CEO joining earnings Haitzmann you the Margaret Financial Stapleton. and me on thank as Erwin With Casinos, my of for our the Chief Chairman Officer, our Century Good as call and are

obligation to the and detailed filings, we factors revise statements. We events would or actual a risk and risks forward-looking result forward-looking SEC always, a as update from undertakes or will encourage may statements, remind you cause we to like of discussion uncertainties provide future you differ our various our of before As whether discussing a of to forward-looking number to the no new review that results materially information, in be Company filings. information, begin, we which involves that otherwise. these

will and our quarter refer the call, website provide Reconciliations adjusted non-GAAP a In to available measures non-GAAP we our Investor of will measures, section throughout our be can to I that, cnty.com. of to session. at addition, limited but EBITDA. in found including overview filing appropriate news after there measures several And GAAP liquidity of not Q&A and our the an SEC financial results. in second the release be now performance

quarter second and was team. The an entire outstanding company performance our our for

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portfolio. All contributed operating with of together visitation efficient that well has and our great our as improved to levels casinos, strategy, spending as disciplined across our these with results and

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of substantial maturities have XXXX. before CapEx levels requires take base now look performance of have I'll to the segment, starting at minimal with sustain a operating profitability. we of Colorado. that levels maintaining We debt a no quick each current asset And well-maintained

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our eliminating coupled we mask For significant sports Canada, social province from four throughout with Alberta, the we That say province-wide, the Canadian our provide all another XX% And in and we got remarkable requirement. was first In our EBITDA second operations. after licenses. mandatory also distancing betting, and have requirements. labor and we reopening the X, margins there that the our properties. team. of three increased guest social capacity, we conclusion, COVID online restrictions out performance to occupancy efficiencies forward and strong which day like entire restrictions one the are for July again, seeing the for company quarter was the of occupancy, could of distancing, protocols, demand XX round weeks, including In to arrival operated with On where finishes of upside a look mask relaxed government I'd us

our in producing Our nationwide margins our do on on EBITDA And levels strong strategy the our to right operating robust believe history. generate that portfolio and of the customer continues performances we highest focus our and of properties, we our who all local our a almost drive coming from live With strategy a from customers, sustainable. on successfully hours X.X executed premium largely build revenue are reopening have since tight customers. within

strategy, operating a our as to customer. tight on result the a a operating focus right and discipline of committed firmly stay EBTIDA will increased driving continued We

second trends and Looking our continuing July in saw early are quarters we August. into forward, and first the across the businesses

the coin company's in operating time you and our looking In Q&A our and finally, please. your July. our their of and successful our as and behalf we team set fact, can handful in at of some through I thank Canadian Board, leverage attention. And a members, I'd all like management further model. challenging On casinos of the acquisition to go broaden possible to in enthusiasm thank opportunities Operator, records loyalty US times. our we session. footprint businesses these for our manage we're our now the guests, continued And stockholders start ahead all for

Operator

Thank of will session. we Riley. you. David at conduct Ladies B. line and a time, question And gentlemen, our [Operator this Instructions] the comes with from first Bain question-and-answer

David Bain

just you Great. in I guess nice is can the M&A you and as opportunity little do could price overall Are view? rational including out year? still creep levels the results acquisition you it years goal, very exciting assuming you feel, a speak you bit in your Caruthersville. current there, to first, where supply in this a seeing still one Thank environment, maybe dynamic more

Peter Hoetzinger

M&A well point. our months every to targets the Obviously, landscape The but and are focus also targets is fit one that's some they're us years out are out upside of Yes, question couple absolutely provide -- still ago, very acquisition portfolio. little and into XX a for really quiet is one the our bit there. would they the and is To valuation. to a And interesting great are do they more XX goal. only it's interesting compared there -- Dave. there and big Thanks,

David Bain

post couple Okay, I to XX, going great. early a -- Colorado. but two. I with know have looking go we're I'll at limited the to results mean, I'm more, I amendment any announcements you seen cited. hotel the in expand? some to or opportunities plan previous the market. that you Do capacity We've expansion reassessing that in on other trends Colorado room same

Peter Hoetzinger

Erwin?

Erwin Haitzmann

will At how we expansion point, what ready is capacity. building competitive their housing, don't with we will topic. not a others expanding are do think we're think But back because competition In in in And over edge this our which Cripple see Cripple we different, the Creek give in we to this XXXX. we is -- is we employee of huge first that of something the Creek, be going would particular sometime half of employment think us to first. doing a like

David Bain

both Thank you. Okay, great. Very nice again.

Operator

Stantial line Jeff with And comes question your from next of Stifel.

Jeff Stantial

questions wanted little a Hey, here. the drill everyone. our want a and good morning, Thanks kind I it set of comments on just labor on congrats to market. your for here. results taking follow I to of more nice in around bit

Aside think tight any And labor think the your past over it's been margin pretty should if you so You've having which running this hiring the are a from been, I quarters? Colorado, issues market, historically several we dynamic relative of across about to And? other markets? profile? how

Erwin Haitzmann

going impact like we will, We results whatever it manageable. the do industry, experienced we on our some it's have pressure And that think in but any significant everybody forward. will don't

Jeff Stantial

still they Perfect, back to decision stay Do is out here? agnostic the buffets, you loss very here. to from based to of those a like time. amenities certain expect the expectation profile more back permanently? helpful, Julian online demand are [ph] fully customers a rearview bit talked to margin caught COVID back hearing some non-gaming What mirror? all to fairly the bring over once He or Are coming you things back, in amenities leader that come the amenities business

Erwin Haitzmann

example, a see. maybe for that come up pressure same local completely Vegas, see pre-COVID. it if customers it we're I what We a in interesting very in this important think that with And our to different them offering any to we keeping mind used [indiscernible] now, in an is phenomenon it's growth short market. don't happy very for than less even are with feel situation to is also significantly be

Jeff Stantial

for pass all All colors I'll it all That's the Appreciate right me.

Operator

Beynon from your Macquarie Instructions] question Chad next [Operator And comes live with

Jordan Bender

Bender to guys. morning, want on for revisit This Good Colorado a Chad. is Jordan for I here. just second

their weren't the just kind Maxbay to starting have that of where going come the you are markets to terms limited In see or see market machines they tables. that to more core other on you are spending willing , your might to [ph] or been customers bets, people

Erwin Haitzmann

We coming see conservative new to to don't approach casinos mainly quotations. taken the to of maximum expose I higher – also But regards of say We have think should customers that attempt Yes. a couple the a sorry? yes, referring bets we want that we you're I risk in. offer. to our with

Central did, it's be a other better Some go to get step. We own used is our in said do casinos and not that all staff, decided successfully. market and not particularly to can increase, to chance an with in It the a slow we step is City of And by Denver also Market have and go. we we to of the training there. Having higher to would limits. more Hotel to like is question compete large participants think there we think that, healthy which the

Jordan Bender

then a how impacted in in to results about growth the quarter. other the margin basis quite seeing point of the terms up And you're Thanks. what in there seeing And terms your isn't versus you're of expansion talked COVID markets. restrictions

As the to other to start that I disproportional outfits market grow restrictions upside expect little a loosen there, bit US to margin guess, of to do your the kind you see more,

Erwin Haitzmann

market are didn't I the about? first you time, asking hear which

Jordan Bender

West Virginia.

Erwin Haitzmann

earlier, are situation – that from a In also we the the – Virginia. an as Virginia, extent our had there Peter we states. obviously West customers West to we is neighboring coming mentioned quite also

happens or to is whatever impactful maybe impactful so also And casinos. here our

in by see have quarter, – positive. since shooting friendly looks July, really burdened in when again up we everything we We restrictions And until and and said COVID up and then, are the has volumes have as restrictions gone. our been very late been quite Peter the very –

can again, quickly. of well with – to the the more with mix the possible that we the think happy of pre-COVID we regard levels they an what find. addition seem gaming, we it's And exceed people to to rather also seem pure be to very we So –

Jordan Bender

results. Awesome. Thank you. Nice

Peter Hoetzinger

Chad. you, Thank

Operator

And the no questions closing Peter there call further remarks. for are time. now hand at I'll over back this to

Peter Hoetzinger

call. Thank and your in everybody participation the Century interest for in Casinos you, your

and of the Thanks you call, best please good cnty.com, financial For recording section website wishes the a at results have again our health. for visit our of goodbye.

Operator

conference for This Thank you today's call. attending. concludes

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Century Casinos (CNTY) 6 Aug 212021 Q2 Earnings call transcript