Questions were few and answers short in a brief (32-minute) first-quarter-earnings call with Century Casinos. Unlike a tense fourth-quarter call, no dissident investors made their presence felt.
CEO Peter Hoetzinger led off by blaming “significantly more weather-impacted days” and the loss of Century’s Colorado sports-book provider for the company’s adverse results. He emphasized a sequential improvement in cash flow, from $3 million in January and $6.5 million in February to $10.5 million in March to underline his point.
“When you sort through the noise, you see the positive trend and you feel good about the results,” Hoetzinger said.
Overall, revenue from rated players was up one percent and down 2.5 percent from unrated players. Hoetzinger reported fewer older customers, more young ones, and fewer visits to Century properties, but more spending per visit (up four percent).
Century Caruthersville “has exceeded our initial expectations,” Hoetzinger said. There, carded play rose 12 percent and uncarded play leapt 21 percent. High-end play at the Missouri casino jumped 19 percent and low-end gambling was up by 18 percent.
During the quarter, visitation to Century Caruthersville from more than 75 miles away rose 34 percent. From within that radius, it was up 20 percent.
“We’re very happy with the strong and immediate uplift from the revenue said,” Hoetzinger opined. “All in all, we couldn’t be more pleased.”
Century Cape Girardeau also reported growth, albeit on a more modest scale. Rated play was up five percent and unrated action two percent. Three percent more visitation from beyond 75 miles was seen, as was one percent higher visitation from within 75 miles of the river town.
Hoetzinger reported “meaningful” growth in Cape Girardeau’s food-and-beverage revenue, offset by higher costs. Sports betting partnerships for both casinos are both being finalized, he added.
The company quantified the negative effect of aborted sports betting in Colorado at $500,000. However, carded play in Central City was up seven percent, even as uncarded play plunged 36 percent. Cash flow, Hoetzinger said, “was disappointing, but we’re optimistic about coming quarters.”
Full House Resorts’s Chamonix in Cripple Creek was said to be pulling carded play away from Century’s nearby property. Even so, Century’s high-end play in the market was up 24 percent. Hoetzinger revealed that Century has eliminated table games from both of its Colorado casinos.
Century’s East Coast casinos had “a more challenging quarter,” Hoetzinger lamented, as high-end play significantly outperformed the middle and lower tiers. At Rocky Gap Resort in Maryland, visits dropped by 13 percent, but spending per trip spiked nine percent.
In Nevada, the company’s Sparks casino saw less revenue, but higher cash flow. This was, Hoetzinger disclosed, the only Century property at which low-end exceeded high-end action. Locals play was up six percent and they “expect to see that positive trend continue.”
Across the border in Canada, revenue and cash flow were flat. But, Hoetzinger said, the company had received “great initial feedback” on its new sportsbooks.
Overseas in Poland, Century reopened its casino in Wroclaw, the second-largest gambling market in the country. A second Wroclaw casino has received permission to open and will do so in the fourth quarter of 2025. Century continues to offer its Polish casino for sale and Hoetzinger reported two potential purchasers.
Wrapping up his presentation, Hoetzinger said that early April showed improved consumer spending and a general upward trend. “We’re not concerned,” appended co-CEO Erwin Haitzmann, joining the call.
Hoetzinger added that he and Haitzmann were more confident about the company than at any point in 2024. He did concede that “the current environment is a little less certain that it was four quarters ago.”
“We don’t see that in our business,” remarked Hoetzinger, dismissing the subject of tariffs. He also noted that Century anticipated no new competition this year.
A question about Rocky Gap provoked a long silence. Eventually, Hoetzinger mentioned F&B renovations that had come on line and “great beach access. We feel we have a better product now.” He said Century had increased its marketing to the Baltimore and Washington, D.C. areas.
