Q2 2025 Century Casinos Inc Earnings Call
Good day everyone and welcome to today's Century casinos. Q2 2025 earnings call. At this time, all participants are in a listen-only mode. Later, you 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 1 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 Hudson. Please go ahead sir.
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 this Safe Harbor, provisions of the US Federal Securities laws.
The company undertakes. No obligation to update or revised the forward-looking statements.
And actually, results may differ from those projected.
Throughout our call. We refer to several non get financial measures including but not limited to adjusted ebit. Darks.
The considerations of our non-gaap measures to the appropriate. Gap measures can be found in our news releases and the C findings.
available in the investor section of our website at cnty.com
Questions from analysts.
My co-ceo in heitsman and our Chief Financial Officer, Mrs. Margaret Stapleton will join me for that.
We announced strong second quarter results this morning.
Both revenue and adjusted, Evita were all-time records for a second quarter.
Revenues were 150.8 million.
Driven by strength in Misouri, Canada and Poland.
Came in at 3 0. 3 8.
50% sequential increase and a 10% increase over Q2 of last year.
The strong EB dark growth was broad-based, with every region except Nevada contributing positive growth.
Our results were supported by a continuous strength in play from our core customers.
As well as improving Trends among retail and lower end customers.
More color and granularity on the individual properties and markets will come from Urban shortly.
There was a busy quarter for us in addition to the strong operational performance.
That we point out a few of the other highlights.
In may, we announced a partnership with bmgm to operate an online and mobile sports, betting application, under our license in Missouri.
The agreement includes a percentage of net Gaming revenue payable to us with a guaranteed minimum.
As well as retail sports book options to be exercised at our discretion.
What setting is expected to go live in Missouri. In December of this year. So we expect to see meaningful contributions from Bad MGM in our financials in 2026.
Also, Mr. The new property in Colorado, Smith continues to perform really well.
The increase in net operating revenue and ebita since the opening of the new casino hotel on November 1st last year is 26% and 31% respectively.
In Poland.
We were notified in June that. We have not received a new license for a second Casino in Warsaw.
However, the license for our Flagship Casino operation in Warsaw at the presidential Hotel. The X Marriott runs through 2028.
A Poland's third largest city. The city of
we are still committed to digesting our Poland operations.
In fact, we do expect to sign a letter of intent with an Eastern European gaming group next week.
So, we'll be under exclusivity on our Poland business shortly.
We'll provide updates on the Poland investment process in the coming months as appropriate.
And with that all to you, Irvin
Thank you, Peter and good morning everyone.
I will provide an overview of the performance of our assets for the second quarter, starting with Missouri.
Our new Kurds will Casino and Hotel property which we opened on November 1202 for continues to be very successful in the second quarter.
Total revenue grew 24% and operating expenses in the comps were tightly controlled.
This resulted in a 30% increase in ePAR.
From 4.7 million in Q2 24 to 6.1 million in, Q2 255, and the healthy for the 3% margin.
These growth numbers are driven by double digit percentage increases in the properties customer face across all segments.
Specifically, the high value customers.
All age groups, particularly those aged 30 to 39 and all distance. Ranges with special mention of the 75 plus mile distance range, which increased by 41%
The number of visitors, increased by 20% quarter over quarter.
Kurata 3, situation.
Approximately 95 miles north of Memphis.
Tennessee. Customers contribute about 50% of the revenue.
With the remainder split, demand customers from Missouri, Arkansas, and other states.
The property is conveniently accessible by car.
With ample parking and the new hotel and amenities are drawing patterns from longer distances.
The project cost of 51.9 million was funded through financing provided by vichi through our Master Lease,
The property is Evita after subtracting V, rent was up over 10% compared to Q2 of last year prior to the increase in rent.
The transition from the old river boat was partly driven by our desire to provide significantly improved entertainment and Hospitality experiences to our customers.
And partly by the necessity of moving of the Mississippi River onto the protected side of the flood wall.
So far, the property has exceeded our expectations and therefore, we couldn't be more pleased with our new Centric, Casino and Hotel carat, and the continued growth. We expect at the property.
Now, on to our Centric, seen on hotel Kia,
This property was built to high standards in 2012.
We purchased the operating company in late, 2019.
And Vivi acquired, the underlying real estate at the same time.
In 2022, we decided to build a hotel to complement the properties amenities, and to prepare for an incoming competitor in Illinois.
The Riverview hotel opened in April 2024.
In the second quarter of 25, the hotel continued to grow its cash Revenue, which more than doubled compared to the same quarter in 2024.
The hotel drove incremental, food, and beverage Revenue.
FNP. Cash, Revenue. Grew 31% and most importantly, it increased Associated, Gaming revenue.
Which was 5506 per cam for tail guests in the second quarter.
The ADR for retail customers was 151.
We're very pleased with the results of the hotel as we have absorbed the new competition by expanding the reach of the property.
With patrons from outside of 755 miles increasing by 28% since the hotel opened.
We continue to refine our strategy with the hotel.
And believe we have Upper Room to Grow, given our current occupancy rates, and the value of gaming customers who stay at the hotel.
Overall Gaming revenue remains slightly behind last year.
Severe storms and tornado activity in April heavily impacted the property.
A total of 9 days were affected, 5 weekdays and 4 weekend days.
With, with much of the Illinois Market blocked off, due to flooding on those days.
However,
because of well-controlled expenses, the properties epar increased namely by 3% to 6.5 million.
Resulting in a margin of 37% for the quarter.
Looking ahead. We are particularly excited about our partnership with bmgm.
We plan to launch online, sports betting, in Misouri at the end of this year.
And have begun preparing for a fantastic bet, MGM branded retail sports book.
This will enhance the properties appeal. As a prime Regional Entertainment destination driving further revenue and profitability growth.
Continuing with the Midwest segment. Let's review the performance of our operations in Colorado.
Centric Casino crypto Creek had an excellent second quarter.
Ebita was 1.9 million compared to 2.4 million in Q2 of 24.
The 2.4 million. However, includes a breakage fee from the termination of a sports, betting agreement in May of 24.
Amounting to 850,000.
Therefore, on a comparable basis epar was up, 23% in the quarter.
As you will recall, we eliminated live table games at our Colorado properties in Q1 2025.
The cost-saving effects from eliminating life, table games, Far exceed the Lost Revenue.
The all new prominent prominently located, electronic table games Lounge, the first in this gaming Market, proved to be a popular alternative for our customers.
Although we saw a decline in trips and visitors in this quarter, the average spend per trip was up by 28%.
With our higher value segments, performing very well.
Entrance to the casino in this quarter.
Previously, this corner was somewhat tucked away and difficult to access from the sidewalks.
Now, we have a wide entrance on 2 sides newly designed and levied stairs, connecting to the sidewalk.
And The prominent Centric, Casino sign above the entrances.
We believe that this project along with the numerous minor improvements we have made to the property over the last 12 months contributes to the property is continued success.
To sum it up, we are very pleased with this asset in our portfolio.
Which you have fully owned and operated for over 30 years.
as for Centric Casino Central City,
we reported on the q1 earnings call. That q1 was a transitional quarter for Central City.
With multiple cleanup initiatives started and completed.
We're pleased to report that this efforts began to yield results in the second quarter.
Epita was 910,000, which is flat to the same quarter of last year.
When adjusted for $200,000 less revenue from sports betting.
The EBIT margin at this property was just below 20% compared to 40% at Eccentric Casinos Crypto Creek, based on very similar net operating revenues.
The difference is due to significantly higher gaming and property taxes, as well as the higher marketing, spend due to the strong competition from Blackhawk.
This property traditionally had a fair amount of play from retail customers who preferred not to change. Join the properties loyalty Club.
The retail segment decreased during that period, while Card Revenue remained almost flat.
We maintain our focus on driving, continuous Improvement, and increasing revenue and profitability at this property.
With only the operated Centric Casino Central City for almost 20 years.
during which time we have seen competitors, come and go and the Central City gaming Market,
Now, let's take a look at the pro performance of our East segment.
Our amount in near Casino Resort. In West, Virginia had an excellent second quarter.
Epita was 4.1 million compared to 3.6 million in Q2 of 24.
An increase of 12%.
Total revenue was up 3%.
Driven by 39% increase in I Gaming revenue which offset a 6% decline in table games Revenue.
Operating expense Savings of 7% to achieve through improvements and efficiencies in pronounced in procurement and internal processes.
In this quarter, we completed the full remodel of the facade and Port cochair of the properties. Maine Casino entrance.
Which now provides a much improved sense of arrival and excitement.
Following a strong q1, despite some weather disruptions.
First, half-year EBITDA margin is up close to 10%.
And we expect continued strong performance at the property going forward.
Noting there will be some noise in the Q3 numbers from 1 time impacts in Q3 of last year.
Let's move on to Rocky Gap Casino Resort in Marinette.
Rocky gaps. Second quarter was again, challenged by significant weather events.
Including a total of 9 storms and flooding incidents.
Although the weather was not helpful for a full reversal of Epi declines in this quarter.
We have seen significant improvements since the first quarter.
Overall carbid Gaming revenue increased by 7%.
and the average spend per trip increased by 9%
specifically, the month of June marked the clear turnaround.
Even with 1 fewer Saturday compared to last year.
We saw slow Revenue increase by 9% compared to the same period in 24.
Importantly, retail and low play started to improve in June.
Driven by upward Trends in the local economy and consumer confidence.
And our new Direct Mail strategy.
As a result in June Revenue, grew 7% and epar grew 21%.
Given these Trends, we are optimistic about Rocky Gap for the remainder of this year, and moving the property back to its prior levels of profitability.
moving on to the West segment with the market Casino Resort in Reno Sparks,
We are not yet where we want to be with the Nugget.
If it are for the quarter was 2.3 million representing a decrease of approximately 550,000 dollars from the same quarter last year.
What did not work out in this quarter was the concerts at the properties, the 8,500-seat Auto Event Center.
Which did not yield the expected returns due to a lack of ticket sales.
Fewer visitors at the concert created a ripple effect on gaming.
Food, beverage and hotel revenues.
To further. Expand the resorts amenities, we introduced the Carbonite cup and also welcomed mashik and a claimed attraction show which performs on Saturday nights at our iconic celebrity showroom.
We are continuing to work diligently on expanding our market, share among both local and non-local customers.
We continue to scrutinize the resource cost structure and marketing program.
Making significant progress toward the streamlined operation.
And we look forward to upcoming events such as the Rip Cookoff, which will take place in late August and early September.
Now, some updates about our operations in liberta, Canada, and Poland, Europe.
In Canada, slot coin in was up 6% and epar Grew 2.8% From 5.4 to 5.6 million year-over-year.
For almost half of the growth was driven by Centric. Casino Cent orbert.
which has been performing exceptionally, well, since the completion of the exterior modernization of the building in April,
This came after the modernization of the interior of the building last year.
We have other renovation projects across our Canadian portfolio.
That we expect to yield similar positive results.
In Poland.
The year-over-year comparison is not meaningful because the number of casinos in operation was not the same.
operation breaks have impacted the last quarters due to delays in license renewals
There is no license, expiration, scheduled until 2028. So no operational interruptions are down, times are expected.
We continue to succeed from our recently closed casino at the Rosa Hilton to our Flagship casino at the presidential hotel in Oro. Previously known as the hwaro Marriott.
When the ramp up of the relocated, Rosel, casino is well on track.
We will open our second watch of Casino in Q4 of this year, which will further strengthen our position in the world of Market.
In Q2.
Total revenue grew. 23% year-over-year resulting in a 306% increase in evitar.
From half a million in Q2 of 2024 to $1.8 million in Q2 of 2025.
With the second part of the Hilton closing costs to be digested in Q3, we expect to return to normalized results starting in Q4 of this year.
As per the mentioned, we remain committed to, to the resting our polish operations, and will provide further updates as appropriate.
With that back to you Peter.
Thank you, Evan. And uh, we're moving on to cover a few balance sheet and capital items.
I'm happy to report that we turned cash flow positive in the quarter.
Our cash and cash equivalents, at the end of the quarter were 85.5 million.
Compared to 84.7% and that includes 5.8 billion in capex and 1 million, we spent on the share buyback program.
The total principal amount of debt outstanding was 338.1 Million.
Resulting in net. Debt of 252.25 million.
At the end of the quarter.
Our net debt to ebit our ratio improved from 6.9 times 3 months ago to 6.2 times.
27.3.
And the expect these ratios to go down further in the second half of the year.
And let me also note that we have no debt maturities until 2029.
The recent investments in our property. Portfolio are evident and our properties have never looked better.
there's no need for a significant capex this year or next,
We expect to spend no more than 20 million in total for growth and maintenance projects this year.
Of which we have spent 10 million already in the first half.
As predicted in our last earnings calls the Returns on our investments to get together with the reduction capex this year. And next produced, meaningful improvements in free cash flow compared to last year.
As we look ahead, we are confident in our business prospects.
Last year was a transitory period for us. But now we see a clear path forward to higher and cash flow for 2025 and Beyond
Now it is all about harvesting. What we have invested last year.
We are encouraged by the recent trends in our business and 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.
since mid-march, our unrated and lower tier database, customers have returned to growth
and that consumer strength continued into July,
but a few months don't quite make a trend. We cautiously optimistic about the Outlook.
We see that optimism will be further supported by the anticipated improvements in consumer sentiment and spending power from the 1, big beautiful. Bill specifically, the benefit from no tax on tips.
As well as an uplift from the increase deductions for seniors.
Considering seniors make up about a third of our customer base.
It's also worth noting that we do not anticipate any new significant competitive Supply impacting us this year. And next,
And we are not directly impacted by cars hardly at all, we just don't see it in our business.
in our last earnings, call when asked the share buyback program and I'm happy to report that they will be repurchased 428,734 shares at an average price of $2.12 per share during due to
You feel good about the direction of the business. Overall, we have a solid cash position of around 85 million.
And believe cnty is 1 of the best investments with high growth potential out there.
and we are considering continuing the stock buyback program in the coming weeks if and when legally permitted
as we have seen in our earnings release,
We have initiated a comprehensive strategic review of our operations, our capital structure and our strategic growth options.
The trigger for it was the high number of third party. Inquiries about potential asset sales and strategic Partnerships. We received over the last few months.
we want to put,
All that infrastructure process and see what's out there in terms of interest and possibilities.
This proactive review will explore a range of potential strategic alternatives.
Aimed at enhancing shareholder value and supporting long-term growth.
These Alternatives may include opportunities to unlock value within our existing property portfolio.
Optimize the company's capital structure.
Evaluate potential, mergers strategic Partnerships or the sale of the entire company and analyze potential Investments of assets or other asset level transactions.
In connectivity with this process. We have engaged McQuarrie Capital as well as the law firm of flavored Drinker to assist in the evaluation.
The Strategic review, follows our recent, substantially capex program, and solid operational performance, and reflects the company's proactive approach to positioning it for future success in an evolving Market. Landscape with a clear focus on optimizing shareholder value.
At this stage, no decisions have been made and there can be no assurance that the reviewer will reside in any transaction or particular change.
The company does not intend to make further public comments on the process unless and until the company's board of directors, approves a specific cause of action.
With that, I ask for your understanding that we will not take questions on this topic in our Q&A session.
Alright, that concludes our prepared remarks. We'll now open the call for Q&A with the analysts.
Operator. Go ahead, please.
At this time, we'll open the question and answer session. If you would like to ask a question, please press star and 1 on your telephone keypad and you'll be placed in the queue in the order received, you may remove yourself from the Queue at any time by pressing pound and 1.
If we do not get to your question, please, please reach out to the company using the investor relations page at cnty.com.
Once again to ask a question. Please press star and 1 on your phone now.
And our first question comes from Jeff staniel from stifel, please go ahead Jeff.
Hey, good morning, Peter Irwin. Thanks for taking our questions. Maybe starting off on the East segment specifically at Rocky Gap. Um really strong margin performers that are in the quarter up year on year. I mean the Irwin you talked about pretty significant weather disruption and and with that that usually comes um you know high flow through and and negative margin impact. So can you just unpack that a little bit further for us? I guess, what's what's driving that Improvement in margins? Whereas the um you know the Cost Containment and cost Improvement coming from just any extra color, that would be helpful. Thanks.
Certainly certainly things check. Um,
We, uh, first of all, we see that uh, uh, a little movement and and a lower end. So we see some comeback of the lower end customers. Uh, as the as we went into the, uh, end of the second and beginning of a third quarter. Uh, and secondly, we are now detailing in much more granular fashion, the uh, our marketing strategy. Uh, we we see more slow Revenue. We see higher Hotel Revenue, particularly also higher cash, the hotel Revenue, uh and uh, a mix of the improved and more finetuned marketing. Uh, Marketing Concept together with our also improved product. As you know, we have a very nice beach. Now, there are integrated in hotel, uh, leads to higher occupancy, both in the hotel, and the casino.
Great. That's that's helpful. Thank you for that caller Orin. And then maybe shifting gears over to to Capital allocation Peter 1, you you repurchase 1 million of of stock during the quarter. If I recall correctly I I believe a a q1. Um you had mentioned potentially buying a slightly larger amount between q1 and Q2 earnings or if I'm if my memory is accurate there is the the shortfall um or the lower amount refers.
Just attribute of the blackouts or is there, um, you know, sort of another reason, maybe why you decided not to to repurchase as much stock as initially expected. And then more thematically uh, looking forward. I'd love to just get your updated thoughts on on allocating Capital towards repurchases, um, versus Debt, Pay down, just giving we seem to be in a bit of an interesting.
Dynamic right now where, um, to, to your point on rated and and some of the regional fundamentals, continue to improve, or get better. But at the same time, some of the macro data is is starting to move in in the wrong direction for the first time. So just any um you know, any thoughts that would be great. Thanks.
Peter. Yeah. Uh
Indeed, we we've we've aimed for uh, for a higher dollar amount. Um,
But we, we are, we're doing the repurchases on the 10th, 55 of -1 plan, and that has certain, uh, limits to it, uh, volume limits, uh, timing limits, um, and and, and that resulted in, basically, uh, us not having the opportunity to spend all the money that we've allocated for it.
Um and uh, yeah, going forward, we'll, we'll balance, um, between um, uh, stock pipex on on a limited scale. Um, and we we also looking at um,
The interest rate environment and what we can do with the debt, um, um, refinancing is uh, from our side possible at any time, as soon as the window opens, we want to do that.
And um, in terms of, uh, using um, a larger cash amount to to buy back, uh our debt.
uh,
Terminal TV. We look for
Um, and positive outcome of our uh, Poland domestic.
Um and um I think before that we will probably uh not do a very large uh term Lobby repurchase.
Understood. That's great. Very helpful. Thank you both. I'll pass it on.
And our next question comes from Ryan sigdal from Craig halam Capital. Please go ahead Ryan.
Good morning, this is Will on for Ryan, thanks for taking our questions. First wanted to touch on Poland, you saw some nice year-over-year growth there is that just attributed kind of to the timing of licenses and openings or is that something we should see continued and then on the uh divestment process there is this a talk with a different party than you've been having discussions in um or is it a new 1? Thanks.
Peter.
Yeah, I covered the divestment. It's it's it's with a new party. This is a new party.
Great. And then check the operational. Strengths. Sorry, yeah.
No. Yeah. Go go ahead.
That's back to Urban for that 1.
Could you be so kind to repeat the operational question?
Yeah. Just in terms of your year-over-year growth in Poland. Uh, we saw a bit of an uptick here is that just uh, timing thing with the licenses and openings or what can that be attributed to?
Um, when you, you know, when, when we had all when, when we all licenses open in the past, uh, we we made, uh, we made significant, uh, significantly higher, both revenue and debit are. And, uh, yes, it is true that it has to do with the fact that in the comparative Q2 of last year, we had low a less casinos open simply due to the fact because the licensing process got delayed. Um, but what you start seeing now uh is the start of the comeback to the old numbers which we hope we can start to reach again in Q4, as I mentioned in the, in the Preparatory marks.
Great. And then my last 1 just on the regional environment. In general, it seems like we've been seeing a trade down at least among peers kind of maybe it's people staying home from Vegas. Maybe it's just a trade down in general. Um, but curious, if you're seeing any of those benefits, it sounds like you are kind of in July and if we should expect uh those improvements to continue at your Regional properties, going forward, thanks.
Yes, definitely. We, we saw it in June. Starting with. We saw it in July and it also continues in August. So, we are between cautiously and, and, and, and, and, and normally optimistic about a, a change in the consumer sentiment, uh, and that, that change with, starting to show nicely in our revenues, in the various sectors already,
Thanks guys.
And our next question comes from, Chad abayon. From McCrory group, please. Go ahead Chad.
Hey, good afternoon. Thanks for taking my question. I wanted to start with the West region. In the prepared remarks, you talked about some of the items.
In Reno, um, that were that were headwinds related to, um, some of the, the conference calendar issues. Um, it appears that the market group pretty well in the second quarter,
um,
so can you just talk about how the Outlook maybe for the conference center for conferences for concerts?
Kind of looks in the back half of the year and if you think this will help you get back to some of the market share levels um from prior years. Thanks.
Um, concerning the conferences. We think, uh, we're looking into into the years, uh, 26 2728. Uh, we we are radio and and for the future years are confident that we can reach the previous level. Uh, that was there. Before we took over, um, concerning the year 2025. You know, with the conferences there is, there's really not much we can do. We can only take, uh, a short-term events. But typically, the conference planning has a lead time of 2 to 3 years.
In general, we're feeling good about the booking trends at the market. Both camp and retail rooms for July were about 2% up, and that certainly marks a reversal from the declines in the second quarter.
And looking at August retail rooms are going to be significantly up uh, at the moment, we protect, uh, something like 32% up, uh, which is really encouraging and uh, on the side of the compromise uh, from from from from a typical Moana minute, but they also tend to follow the pattern of the retail loans. So even also there we think there is a a good chance for a for a higher for better numbers. And uh and upside uh there's a lot of red activity in the market and we are adjusting pricing as required to gain market, share, and maximize our occupancy.
Uh in the in the immediate future of this month, we're looking for the best in the west nugget with Cookoff which will take place from August 27th to September 1 largest event of the Nugget ticket sales for this uh for this year's rip cook of promising. We're hoping to beat last year's revenues.
Uh, with regards to the, on the marketing side. Uh, we rolled out the new loyalty Club at the start of the second quarter. And with that we offer competitive Point multipliers tier level multipliers and additional food and beverage comp Market. In addition to the regular uh regular um cash cash back.
Uh, new marketing initiatives and rewards have been introduced.
Uh, to like our competitiveness in the market and we do more of that in the in the coming quarters.
That's a great detail. Thank you.
um, and then on the big, beautiful Bill Peter you out on some of the benefits for your consumers but as it relates to to to Century whether it's accelerated depreciation or um,
Um, you know, lower cash taxes. Uh, are you expecting any any benefit this year or more importantly, in in 26 and 27 as the business grows and maybe the the cash tax uh, outflow could be greater uh could you see a benefit from some of the um, the changes that are being proposed. Nice.
Piggy can you uh, help us there?
Sure, um, hi, Chad, so the big beautiful bill, you know, the, the depreciation does not really affect us nor does. Um, is, will there be Major Impact on cash taxes due to the fact that we have, um, deferred tax assets that we're still carrying forward? So, um, anything coming out of that bill will basically be offset by our losses, that we that will be, um, utilizing
Okay, great. Thanks for clarifying that. I appreciate it all.
And our next question comes from Jordan Bender from Citizens Bank. Please go ahead. Jordan.
Hey, everyone, uh, good morning. Thanks for the question. Uh, I want to start in Canada, so, next results, returning to growth there in a beating our, our expectations. Yeah, I know. That's kind of a more of a local market. But are you seeing any strength or benefit from people not making trips into Las Vegas? I mean, that's been a pretty big topic. Among some of the, the strip players that Canadian travel is down. So are you seeing any of your players kind of staying close to the home which is benefiting you? Thank you.
Um, thanks for the question, Jordan. Um, I think we can it's half past the charge how how people
Go less, whether or not they go less to Vegas or not, but we certainly see as we also indicated that we, uh, we have a larger reach now so that these are on the 1 and 2 to our better capacity, better product, more more and better hotel rooms. Uh, but uh, people that have not been coming before from 75, 890 miles are now coming. And it may well be that these people say, Well, we'd rather sit in the car and drive as opposed to Flying to Vegas.
Your business. Once that agreement starts on December 1st, thank you.
Peter, do you want to talk about the economic impact that we're expecting? Uh, I could certainly mention that the retail we do in, uh, in in capture, other will be great for operations.
Yeah we have disclosed uh um um detailed numbers. It will be, you know, you remember in in Colorado we got close to a million per license. It will be uh, a little less in in Missouri.
Great, thank you very much.
Thanks, Sean.
And our next question comes from Connor Parks from cpre. Please go ahead. Connor.
Hey everyone. Thanks for taking my question.
Uh, Big Picture 1 from me, uh, you've mentioned in the past a path or at least a, a long-term goal to reach 159 of VAR, uh, in the past, uh, sitting here today, is this still a reasonable Target now that we're a handful of quarters into seeing returns from recent capex in Missouri and I guess, you know, have Roi expectations changed at all in Missouri, uh, sitting here today versus a handful of quarters ago.
Um, I would say yes the 150 million is a reasonable Target. Um Peter would you like to add to that?
Yes. Uh, what we need to, I think our, our, our properties are in great shape after extensive, uh, capex program that we've done over the last 18 months. So from that point of view their properties, uh, the properties, uh, I think can can do the 150, uh, we need the retail and lower end customer, uh, to come back to continue to come back. Um, and I think, uh, what goes a little bit hand in hand with that is, uh, is uh, some positive movement on the interest rate front because that certainly helps the retail and lower end customers.
And and and it's if if if you have a little bit of help a little bit of Tailwind on that side, uh then our property portfolio is is good for 150 millibar.
Great, thank you. Uh, and just 1 follow-up from there. Uh, good color in in Colorado on the 23rd, maybe focusing on Cripple Creek, uh, newer competitor across the street. Um, just thoughts on the overall impact of the market, and specifically to your property there, uh, with the new entrance to that market. Thanks.
Sure, thanks for the question Connor. Um, we have uh,
We have seen that, uh, new competitor has been very helpful for our business, uh, and and we I think we get some of our business from them. Uh, as you know, we are exactly diagonally across the street, uh, and, uh, we see a good, uh, Mutual fertilization. I might say, uh, it's a, they have an excellent Steakhouse. Uh, and as you may know, they have excellent rooms, uh, and in spite of that, uh, our room occupancy for, for is basically most of it cash business and, uh, on the weekends, we are typically sold out in spite of the fact that we only have less than 30 rooms and there are 300 rooms across the street. So this, uh, the Advent of the new competitor of the shamani has been nothing but good for us and uh, uh, we also in good Communications with the management there and we think that jointly, um, looking into the future, uh, they
And us might think about ways to further develop that intersection of Bandit Avenue. And uh, and and second, um, which uh, interestingly in the past in the 1900s has been the center of crypto Creek due to the, uh, the fact that, uh, that the way Bennett goes all the way down, uh, from the East to the to that intersection. And then
Goes up, uh, up the hill on the west. Uh, so all looks good.
Oh, thanks for the call.
And at this time, there are no further questions. I'd like to turn the call back over to our presenters for closing remarks.
Very well thanks everybody. We appreciate you joining our call today.
We'll talk again in early November until then. Thank you. And goodbye.
This does conclude today's Century casinos. Q2, 2025 earnings call. Thank you for your participation. You may now this disconnect.