Good morning, everyone, and thank you for joining our earnings call.
We would like to remind you that we will be discussing forward-looking information, which involves risks and uncertainties that may cause actual results to differ from our forward-looking statements.
The company undertakes no obligation to update or revise the forward-looking statements whether as a result of new information, future events or otherwise.
We provide a discussion of the risk factors in our SEC filings and encourage you to review these filings.
measures refer to, non-GAAP our SEC adjusted to appropriate we'll but measures, non-GAAP filings call, in at the limited found cnty.com. Investors not EBITDA. GAAP our available our in to releases section financial several including, measures our the Throughout news be of and website can Reconciliations of
Erwin of for Haitzmann, results as that, our outlook this I'll Stapleton, next me XXXX my our will now well for session. and quarter co-CEO, provide CFO, Margaret a the first an After and overview year. join as Q&A
For Rocky the of operations, X an last good extremely net in Poland. disruption at as Gap Nugget performances the of QX increase increase by a retail The the $XXX the came Canadian from Maryland, and quarter, casinos million, we of delivered year. properties additions our of over temporary and customer, offset of Nevada weaker as closures XX% in a of construction revenue weather, bad well few in
EBITDA XX% segment year. down. were U.S. operations the was from and Poland were $XX down Canada Adjusted The flat Corporate up, last but million, was and
start So rather new a challenging the it was year. to
quarter performance to was we impacted While our knew the a of strong results severe weather. comping first winter 'XX, by also were
hour, in and Caruthersville, more of lights an drive cities weather. Creek and because As Cripple most you've major need heard Mountaineer, our an from areas of city outside located hour, others of Century customers to streets. January Rocky was And Gap, because of outside or casinos in wiped out such casinos, [indiscernible] or half essentially urban City regional our as are destination
winter storms this driving the imagine have with on unsafe can You dramatic situation. conditions impact
transitory well. third And end reopened in some largest closed issues one, the addition of the of the other the all casinos in reopen faced quarter. were X, the or of X towards January weather, Three the for Poland our will as to of several In we quarter, the QX.
will casinos we increased one spend most process Gap about on remember, meaning have we the Also, at from construction casinos. August XX acquired So and And all we our disruption full operation Rocky again. Nugget of still properties finally, just in on, X are throughout caused early as of capital portfolio. months our projects managing everything ago, about cohesive our in
we at And But to a really picture out need beyond take what on March. customers about get weather in volumes of the February see was quarter, and in we is grew. gaming look actually what and equation good our going January that, impact the to the core from January,
year, margins than they in and and quarter. is last very in margin were March good of of last which the QX addition, February In of very a QX typically year, were to close operating better
So ] and there's substantial the or declines like [ happened February normal. no mean, anything of January. were working quite trend March all that. in I
showed signs strength of our fact, March properties. In at real
Colorado, X%, was revenue same-casino at grew backlog slot revenue Nugget slot Nevada, Take In the up the our Nugget X%. down in were X%. Reno-Sparks but
Our in X% market signs was revenue X%. we Very March, slot we quarter. Cripple We up casino X%. up encouraging was into while Missouri up In the move X%. X%. were down second Creek, the was were And up as
Revenue because the with snowstorm. construction Missouri X disruption at as also not the considering bad segment QX, heavy of days that Creek X%. the Colorado-Missouri Looking both as includes the was down segment properties January was Cripple and flat full considering for at was March totally Midwest, well weather for closed in a at for year-over-year. operations. which results our That's all EBITDA we start
increases us as location. the from In to benefit directly which certainly anticipated, proximity across continue opened we with hotel their property market. Creek, a street And the competing from rooms, Cripple to XXX our
market. mentioned March, as double up is well. outgrew digits the And April we As in
that spend revenue was as and to mostly set weather was Cape increased. Missouri, the trips from the from in performance I'm Retail highest the trip all-time Girardeau In which properties. posted inception. into revenue bounced game back March, since disruption and strong third record retail play the table per the softer, at for up number games And because the of continued Both table new revenue, April, play the property's in that But both in as history. well happy X%. general highest construction of report
our property into opened a dining, X, Century we to destination, [indiscernible] more. we full offering resort at Casino Riverview, on at conferences, Cape great month, events Girardeau Last off concerts, than a expected. better new hotel, start, And The the April it's transforms gaming,
Total cash $ hand. project costs million. XX was funded that We with on
gaming XX% side the new parking land-based land-based XX old will our of of gaming provide beverage better It will and be certainly our budget efficiencies. to overall. convenient compared for In environment enhanced have food at increase it small slot facility the according convenient property location on-river boat and casino moving to and about area. our hotel and will temporary hotel end much compared The positions [ hotel, increase gaming levy, the permanent amenities property new it's with much new interim a in is positions in the increase a and year. ] this casino and this, a Caruthersville, of dry plan casino. which more construction the Riverwalk current catchment to convenient significantly a XX% a think XXX and from That over of open is is The rooms, tables way to will we machines, a significant an operational schedule. and a brand-new We a total customers, XX it progressing to
an X% good and cap at uplift VICI expect EBITDA. rate. from performance that The both funded We overall fully property, is the by a project on revenue
acquired unsafe a Resort new under the both bad hours XX%. casinos. Maryland. the as driving in with that Our Virginia suffered customers to and of weather EBITDA Resort Casino are East January, Rocky both XX%, the having Mountaineer to includes was segment the segment revenue in for many Gap X was newly acquisition, Because and West they up or lot get properties X destination resorts our In drive to conditions up
number So, but not trips the declined surprisingly, a up per significantly, was the of bit. trip spend
casino food limited At result hotel Mountaineer, are operation still a rooms, continued challenges. of of hours staffing for and available as outlets
allowing better However, offerings. our month many with improve to get in returning it will expand [indiscernible] much ]-holders Visa June and us and next [
diversify guests more us reasons giving the our year to further for our portfolio, their entertainment. We will choose enhance our entertainment offerings throughout to
throughout enters allow more [ the its Gap in as early rebounding Great expect Rocky capture Within grow area, Pittsburgh, travel to in travel wallet constructed anticipate maximize of in customers May. busy newly affluent the the marketing our SAP menus share. DC major season the swimming will overall the to Metro pent-up such enhancements markets, feeder in amenities, ] renewed property database. we of summer. and breach, addition attract We continued efforts Baltimore and now and to demand
per decreased segment by was by but saw year. Casino mixed to XX%, the X%. prior spend to West the but Reno-Sparks Performance increasing increased high-end the which trips Average the quarter segment results in X%. from the Nugget the includes Resort strong, Nugget to trip the Continuing X%, quarter decreased by Nevada, segment, low- compared during during mid-tier
upgrading team will VLT refreshing area and management book. X and slots restaurants weeks, on Our high-limit And open. working is bars the in sports the
well of as half and year the the second this comes and us. it, that We disruption will project are most be behind optimistic CapEx of most be expenses, strong extraordinary the as that will with transitional
And of busy see great. summer Nugget. that points events calendar Our for bookings. and properties, season all very to strong entertainment special the looks We a
last Revenue by continued performance year our in the In into quarter. and up great was Calgary XX% Edmonton XX%. Canadian segment, properties their also EBITDA grew and this X of
properties of All in our as well revenue up EBITDA. as were
start So Canada. for into it's promising very overall XXXX a
all casinos revenues. Poland of But their to have some mentioned, casinos resulted all drop as able closed ago. a Casinos in Poland, significant was in few the licenses X In the we for and cities, quarter, were reopened which a X weeks X or for of renew X
will largest in at open levels final Wroclaw million, quickly, and quite are and levels results QX. $XX expected $XX EBITDA. reopening, a new one ] After to location normal to around normal in [ are the third The back in million get
balance sheet and position. our discuss Let's liquidity
debt. As debt Net and cash and in million. purchases. position million well outstanding sale, million The for of the of is as real payments March a in million $XXX approximately $XX million decrease XX, Canadian our for approximately debt we $XXX main cash in pay-down and $XXX $X taxes on property equipment in reasons of our cash cash as had estate are million equivalents onetime principal $XX
adjusted Traditional net and X.Xx is net leverage is the leverage X.Xx.
as our time. leverage will don't and we charge development with down have we Xx on, year. QX. should as the traditional later From adjusted this to to based leverage above investments. look are is around We integrated over acquisitions okay our but until completed then summer, next until a because significant lower snapshot, have we acquisitions It fully its elevated range long-term on our it onetime our The at rather recent of and play project and leverage CapEx closer the just for Xx
facility $XX VICI Caruthersville per million per Once to the in the the will end approximately Our land-based towards quarter. year by lease go obligations quarter. currently of permanent total million $X up opened,
per next rough VICI a $XX million will year, for payment quarter. be rate lease total for around as to So run 'XX,
million currently Interest $XX B amount payments per on our are loan Term quarter. to
term refinance no under reprice and have penalty. and until at capacity additional million our Please entire loan or have any of 'XX, note can borrowing the we that revolver, without we maturities we time debt $XX
soon and terms. act the we opens, on as as window it want improve to So our
a return far million an end Turning and exceeds finishing our initial budgeted. company. $XX generate the resort complete a ADR that month with we to newly so EBITDA are cycle to several construction are elevated Girardeau as Cape The nearing the ago of cash our XX%-plus than open expect opened higher we and projects will expectations program CapEx, CapEx we CapEx for
well We're as upgrading as and our upgrading are Virginia Mountaineer properties. restaurants our at U.S. and hotel Currently, as bars sports we our are S&P at of renovating well throughout [ the many And updating West Further, are book. and also we in the ] Nugget, Colorado in our portfolio Canada. refreshing as outlets we rooms product. the
area, putting We [indiscernible] a and new in VIP we VIP are improving our are high-limit suites. hotel
to upgrading Caruthersville. property our our land-based completing getting closer permanent amenities, are Beyond also project we in
them capital on to properties. returns deliver these drive the appeal for of attractive in higher-value enhance customers segments. We position our and competitiveness growth projects All of and will their will
CapEx in step-down report this increase and we flow. spend are moving as closer the So, we cash free a quarter, substantial to in
X revenue be cash summer, We substantially By built away about significant that. as CapEx X flow are months reduction forward. growth improving to both we from will from in late Free we'll to ] due [ the better up and facilities move casinos to experience in positive customer CapEx, cash and running a significant will well. by from in be terms and generation. a That a lead our will of change as and Poland in reduction see then
to we million that expect burn in should generate can amount you Whilst year. next about positive year, this cash $XX
shows cash presentation this generation you to negative posted bridge the the website the positive next. year our Our to from on from
opportunistically later period also Again, stock on have we plan we transitory focus are to now, generating and fully in and a but next. clear year to cash buy this back right deleverage a
are focused forward the intense fully the are current end cycle. the underway and that looking projects We we have of to on CapEx
more how retail retail continue in The softer it's a those It's economy. that, said their still Having they spending That economically are all but inflation still customer customer. see is about customers sensitive to other we be seem changes worsening, to that soft. not dollars. is trend and discretionary more the to cautious
program the Casino new will Looking ahead, have Century Cape as strong our our as on we current core hotel our our encouraged performance in from the operations. Girardeau, remain impact strength customers continued initial of by CapEx well at the play and
in year remains 'XX into a all positive revenue half the Our in with being of With margin. shape in outlook 'XX, million this properties EBITDA see great we and $XXX XX% us for second unchanged. approaching
to of will in almost CapEx $XX million, regular come CapEx. be million Our approximately in should all 'XX which maintenance at $XX
will the like third I'd the second and and in casinos construction Rocky the should for to there certainly and facility Caruthersville; our reasons: and free in integratedl for From for year closing, end enthusiasm Nugget cash cycle; no running; will improve all this more the our of on flow be In significantly disruption. have results permanent fully year, will be and CapEx we we Poland next. half of will reiterate at and Gap be elevated new quarter be these next land-based up
point And we the from perspective, make had is only the in I'm a softness to that, guidance last other half. going second year,
opportunity that since the think in to half comp little a to be is this second going that's an we So year, of meet. easier
concludes call please. Q&A. includes open for our All prepared go We'll up that -- now ahead, the right. That Operator, remarks.
