Full-Year Adjusted EBITDAR Growth
Adjusted EBITDAR increased 3% year over year for full-year 2025; excluding lost sports betting income in Colorado and Poland licensing disruptions, EBITDAR would have grown ~5%.
Strong Q4 Profitability
Net operating revenue was flat in Q4 2025 despite unusually poor winter weather in December, while adjusted EBITDAR rose 13% year over year in the quarter.
Transformation and Outperformance at Caruthersville, Missouri
Century Casino and Hotel Caruthersville delivered Q4 EBITDA of $6.1M vs $4.9M prior year and full-year EBITDA of $24.4M vs $19.0M prior year, a $5.4M increase (~28%), driven by move to a permanent land-based facility and stronger high-value customer performance.
Multiple Properties Showing Double-Digit Q4 EBITDA Growth
Management reported double-digit EBITDA growth in Q4 at several casinos including Colorado properties, Mountaineer (Q4 EBITDA up from $2.6M to $3.0M) and Caruthersville; Nugget Q4 EBITDA rose from €1.1M to €1.3M (~18%).
Positive Trends in Canada (Alberta)
Alberta operations: slot coin-in +4%, net operating revenue +2% (local currency) and EBITDA +1% to €20.3M for 2025; Q4 slot coin-in +4%, net operating revenue +5% and EBITDAR +5% to €4.9M.
Poland Operations Returning to Stability
Poland saw Q4 net operating revenue +4% and EBITDA +245% to €0.9M as administrative relocation delays ended; all licenses valid through at least 2028 and a second Brodnica location started operations in Feb 2026.
Improving Q1 Momentum and Notable Retail Wins
Management reported strong early-2026 momentum including record February metrics at Cape Girardeau, highest monthly hotel occupancy since opening, BetMGM sportsbook at Cape Girardeau with the state's highest retail handle in January, and St. Albert posting its highest coin-in for a 29-day February.
Balance Sheet and Capital Expenditure Outlook
Cash and equivalents of $69M at 12/31/25, total debt $338M, net debt $269M; no debt maturities until 2029; net debt/EBITDA stable at 6.9x (lease-adjusted 7.6x); management expects CapEx to decline from €18M in 2025 to €14–15M in 2026, supporting cash flow improvement.