Good morning, everyone, and thank you for joining our earnings call.
call Erwin co-CEO our Haitzmann Officer, Stapleton. the of the Chief on Margaret Casinos, Century as me are and my Chairman Financial With well as
a discussing detailed remind uncertainties to and result may update no otherwise. forward-looking cause revise differ we of We of statements. information, review or several whether the to that you factors results from or like which involves a to will statements would these future filings, obligation be encourage risk We materially various forward-looking as provide SEC actual The and discussion information risks undertakes that forward-looking our the events filings. our you new in we to Company
SEC financial cnty.com. of a but EBITDA. appropriate quarter of in addition, after to, in adjusted non-GAAP and limited our GAAP measures, the found second there the including, XXXX. measures In releases provide available call, the of measures several our session. section throughout of be to Reconciliations will now not overview I’ll our and that, Investors filings results news we’ll performance liquidity refer at Q&A And be website the can our non-GAAP an to
Nevada, disruption from net revenue quarter extent at we delivered The record some in million, was year. of an took construction increase over Xrd. of We second over Nugget properties. April increase QX increase from which both revenue Nugget offset the Resort the by Casino $XXX.X came XX% on The last of the to Missouri addition of
for second at not down million, disruption. down to quarter X%, Excluding Missouri was revenue is the comparison, $XX.X EBITDA the considering due was the Nugget, Adjusted all bad a like-for-like X%. which
May, last faced decline. accounted operating a which year-over-year in our year. for and April segments, to of most was of all quarterly most In the pronounced This comparison difficult we
June’s year-over-year spring, last and recall, better performing COVID variance may lifted. than early last mask mandates improved temporary year. we other business restrictions in a after sequentially, were you saw As surge
get lower quite Also During trends the quarter, database, perform customer unrated core the well. to in but as play drag. continues we we didn’t remained solid, as
is surprising a particularly with consulting compliance at time, in in the triggering transitional costs as not we legal, extraordinary same decrease on going and and The EBITDA lots expenses. stage are
management local set burdens preparations team with of the two as Rocky extra integration Missouri is projects the as Our in for carry to of in the the Maryland. and Gap Nugget takeover construction well
compliance in and properties Nevada jurisdictions new soon us, be onetime both will to new Maryland, on focus structures. All being resulting look us, we setup for know, manner. you costs behind and and most efficient the As additional and profitable to gaming managing that for are the efforts fully able in forward
to scale these in $XX EBITDA base. our two acquisitions, approximately customer $XXX and approximately adjusted With company, million increasing million and significantly revenue we’re in adding our
rate in Inflation was These XX%. Poland board. it also wage, On had mean at deal Poland utility cost to during company-wide exchange we even close they had continue increases X.X% times during on an expenses XX% increase cost average, whether see was the quarter. increases a top be to expenses. larger certain inflationary notable On dollars the pressures, impact I distractions business. cost the in impact due insurance the a to U.S. in operational quarter. of the cost on Increased of with, the we side payroll or had across increases impacts benefits, to
we of more well. across environment up see promotional but noticeable. bit a it is nothing becoming surely, competitors heating Slowly aggressive. The That’s our is some unusual, markets our as but
we live get those be in high to to but that And can think COVID, maintain aforementioned of weren’t to out to able have we we stay the neighborhood. that we’re distractions we we As out of levels, the said once way. margin coming going going up
at segment Looking results.
from Table a essentially our consequence, and construction end year. up down lower considering margin in Let’s also flat. X%, and quarter the of the spend and of operations. Revenue this QX against EBITDA aged last mainly overall segment segment at both result was XX-plus the as and was strong of The a at going slot players. Missouri from was on trip properties down all, with XX%. and second EBITDA were the heavy number sits Colorado quarter. XX% year. XX%, Not hold segment trips, was The at of Missouri saw first We lower lower last Midwest a discuss down a high bad very per of
advantage. our Cripple X,XXX property In compared riverboat. hotel a and market, of development progressing the have employees. to In providing complete XXX the labor slot over an and XX budget Creek, open town tables permanent accommodation plan In especially less with increase XX X,XXX gold of Cripple schedule. in next population of gaming this new land-based The rooms, the casino XX% in to this summer, of total year. feet, is project housing of XX structure new historic will and tight Missouri, QX is a the to We according of Creek, employee gaming old and machines, elevation us a in competitive Colorado, positions we small which that are Caruthersville, mining at gives hotel will certain an for than we
will convenient will fully significant funded customers, much cap increase it more area. operational it VICI project is for by That be and at X% importantly, efficiencies, will it our provide catchment an our rate. Most
first a Cape is approximately a temporary conference We on development $XX transform will later into offering resort more. in of hotel in mind, property a With fund summer. and create building. Total that that project in Girardeau, is on cost with our this It’s Cape casino for developing cash to we’ve with About X-storey taken destination year steps more Girardeau half gaming, excitement million. expected hand. next around track hour an from southern the Illinois new and the opening are full and away open to dining, concerts Casino a with XX-room,
million, approximately spent year. balance second ‘XX, $XX now As have next of be the the June XX, of quarter and spent will we between
construction we will continue are will the for operations. investments growth quarter, confident our these Missouri drive help While disruption third into long-term
Mountaineer currently Casino in segment includes East The Virginia. West the Resort
number the forward, to of Going spend the due it Casino down Resort in trips will across decrease also include Revenue EBITDA was XX%. down the in May Rocky Revenue lower was April Maryland. week. the during mostly and down and Gap X% X%, database, the end of a in
Ohio on January to But crossover live also Xst in due to it was loss betting this hearing subsidies. of year. play due of it of end Some a federal since some we’re COVID the of from that sports went was
some had the debt which of on Some only fears customers because ceiling, government ended in early told the they defaulting June. us
year. June revenue hours hotel in expenses availability challenges, pressure insurance. of was June horseracing by operation the F&B was and and The to growing related again, last higher staffing limitations of departments EBITDA to experiencing up under rooms. still compared resulting X% of to and are hotel
West the acquired which to Nevada. Casino in Resort Reno, Nugget Continuing newly the segment, includes
estate half Xrd. Nugget transaction of closed operating of we company. XXX% Nugget’s now own We and April that reported, the real the on As
buy estate. you, me to than that option And the with more excited tell are the we other let an acquisition. ever have also half We of real
grade and added which XXX I’m by revenue over we and to the The ownership, well. majority machines on during trend the was increase the was so steep gaming per with improvements happy of in first was floor, spend into from slot QX conventional the strong segment. number revenue up three trip. that And business that has trips increase report of casino came months the new last hotel in slot high-end July quarter. by driven The year. The increased revenue to The the revenue XX% under of we our as continued a
sales. business this For and Nugget the is group record expecting second half the of from convention year,
increase new criteria, results high the casino us comp spending we Group and profitability. allowed ADR groups Several group ahead of banquet expect pacing XXXX. to are in better rest year, for overall the to record room convention and generate have overall revenue to and nights, leading our
EBITDA last us mostly and more speak, cumbersome a bit The from transition than expenses a was integration and more but and bit will proved EBITDA behind come owner anticipated, May. private down and be we the they June due X%, will expensive year. for in to Improvements April facade takeover as was than better the and shortly. the more quarter to well. triggered costs improvements slot a underway are as on signage and floor already
first impacted was without move which full COVID have the our briefly our declared impact the was in to Calgary quarter. property our continue Alberta in will seen restrictions. to flat last and the revenues Canadian also down state May. last we to Canada tough. early province by on Edmonton revenue With construction, a we in access the Edmonton, Also, continues of was all four Poland. EBITDA winter of by comparison road coming in year in throughout when some the the year properties to essentially operations segment, QX international quarter The wildfires saw season. emergency X%. And be that, In
Poland, X%. was In revenue up
was the bit. XX%, XX%. in has in come so insurance. It’s year cost and since at a of payroll, first rent, So now utilities but little the triggering good, far down significant half inflation Inflation increases
suppliers we results have is Ukraine. the number no As in from the employees not negatively, mentioned significant Ukraine previously, of the or war our and impacting
right. All
Let’s balance have sheet. at our a quick look
June of in had XX, As and cash we $XXX equivalents million outstanding cash million debt. in and $XXX
real our customary Simultaneously, for million. annual of with we existing quarter, and in to our The third of quarter. US$XX we and it Canadian to the will is VICI close will Canadian rent transaction approximately subject casinos transaction, in for our and approvals expect the portfolio increase During million real to added entered to US$XXX be Lease into the conditions, the by approximately regulatory acquire closing closing cash. estate Master that agreements assets estate
of and of sizable our minority cash and the down US$XXX in Calgary million. to payment a taxes expenses, use to loan. Century fees, plan to Downs will owners we term approximately and We pay part the net revolver after After
debt-to-EBITDA On a consolidated XX. from Gap X.X. adjusted the ratio the of of we as funded was lease with million X.X end June on our to was million and second $XX basis, cash acquisition net our $XX borrowed leverage revolver Subsequent from the The hand. net Rocky quarter,
basis, at and forma the it and leverage look net including pro the real net debt-to-EBITDA a the if down to So, at lease will acquisition our be will go Canada we Gap estate ratio X.X. Rocky transactions, adjusted on X.X,
floor, and resort We by Gap closed X weeks full-service XX. XX-hole Washington July Gap hours Rocky acquisition a designed D.C. an Nicklaus, than Baltimore areas, Metro Jack is less from and the golf two includes the Rocky on ago gaming course center, event meeting of feet and tables, The property spaces, XXX rooms over spa machines, & activities. a square XX outdoor slot hotel food square X,XXX XX,XXX X several beverage a several XXX venues. and has feet
expect compared easier an to transition Nugget. the We
insurance as However, increasing costs for a and EBITDA keep for it currently benefits to well wages is. quite challenge will pose to payroll where as
we pro forma that a With East acquisitions, the the and U.S. in basis, Rocky our XX% we operate casino Gap to of reaches EBITDA from Nugget on U.S. over portfolio West, the generate
of the will activity casino a of sheet. will attention Gap our Rocky For both We best projects and and have our Nugget to Rocky our next Gap ready not profitable more year. At balance and -- scale. integrate M&A until major full any we will give integrated, that ideally Then operate half strengthen plan Missouri we be months, generation for we further construction our possible cash as on XX resorts to acquisitions, done. will fully time, be larger and next flow second increase and the as as do the to Nugget
XXXX, resilient. economic core it we As for to into uncertainty consumer be headed. continues trends makes predict to most the the customer persists part, further difficult are move today where But that our
for Looking a EBITDA to strong revenue, growth expect the company material in Gap cash coming years ahead, flow Missouri years. we all in and to of development come projects, with Rocky have Nugget for increase drive positioned our and two acquisitions and the our we which
quite over know a not quarter-by-quarter of time, look. we and you you taking a Many long us followed have are
we way projects next just the year. aim a we pipeline and our any new economic portfolio all of make online the are we come in That’s operations company or few pipeline of have. because growth over great Our and the strong They will to joined deliver a thinking, sense that very next lot years environment. of
economy current change growth plans the makes our nothing executing So, want to our about strategy. us for
your enthusiasm. thank loyalty attention. On ahead, And all behalf and Company’s Q&A our and Board, the I please. our like their continued of guests now members, management stockholders I’d start for our you to Operator, we thank for the and team go session. can
