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Century Casinos Inc (NASDAQ:CNTY)
Q3 2019 Earnings Call
Nov 4, 2019, 10:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Welcome to Century Casinos Q3 2019 Earnings Conference Call. This call will be recorded. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. I would like to introduce our host for today's call, Mr. Peter Hoetzinger. Mr. Hoetzinger, you may begin.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Good morning everyone and thank you for joining our earnings call. With me on the call are my Co-CEO and Chairman of Century Casinos, Erwin Haitzmann as well as our Chief Financial Officer, Margaret Stapleton.

Before we begin, we'd like to remind you that we will be discussing forward-looking information, which involves a number of risks and uncertainties that may cause actual results to differ materially 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 detailed discussion of the various risk factors in our SEC filings and encourage you to review these filings.

In addition, throughout our call, we refer to several non-GAAP financial measures, including but not limited to adjusted EBITDA. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in our news release and SEC filing available in the Investors section of our website at cnty.com.

I'll now provide a brief review of the company's financial results for the third quarter 2019 and following the prepared remarks, there will be a Q&A session.

Results of the existing properties were mixed. The Canadian segment was up, thanks to the newly opened Century Mile Racetrack and Casino. The US Colorado segment was down slightly, while Poland was up significantly. Overall, net operating revenue was up 22%, adjusted EBITDA was up 12%.

In Canada, all our three casinos in the Edmonton market showed good growth. Century Casino & Hotel Edmonton and the Century Casinos in St. Albert grew revenues by 1% and 3% and adjusted EBITDA by 1% and 12% respectively. Century Mile Racetrack and Casino in South Edmonton generated solid revenue, but the expense side of the business, the bottom line is still work in progress. That's not unusual for a newly opened casino, it takes about a year until the property reaches its full potential and Century Mile is well on its way. Operations continue to ramp up and we are pleased with the revenue generated at the property. We continue to analyze the cost structure, the staffing levels and efficiencies of Century Mile to achieve the margins we expect.

In Calgary, our two properties, Century Downs and Century Casino generated even better revenue growth, namely 6% and 3% respectively. Adjusted EBITDA was up at Century Casino and slightly down at Century Downs, due to one-time expenses associated with a high profile track record racing event that was held in August and some construction related margin disruption. We are very excited about the upcoming opening of the expansion of Century Downs. It will increase the gaming floor by about 20% and will open in two weeks. Total capex is approximately $1 million, remember we don't have to pay for the slot machines and we expect to generate at least that same amount in incremental EBITDA per year.

In the US, our two operations in Colorado were down slightly year-over-year. As I mentioned several times previously, Colorado is a very competitive market and in some quarters you win market share, in others you lose a bit, all depending how heavily others are spending on promotions and comping. We hope that tomorrow, November 5, retail and online sports betting will be voted in Colorado. We are in negotiations with various sports betting companies for partnerships to provide high quality and competitive offering for our customers. Key points for any such agreements and partnerships include quality and experience of the sports betting partner as well as revenue splits and annual minimum guarantees to us. Sports betting operations in Colorado could start as early as in the summer of next year and we will be well prepared for it.

In Poland, revenue was up 28% in local currency, EBITDA almost tripled. The growth came from both the slots and the table games at all locations. And the newly expanded gaming floor at our flagship operation, the casino at the Marriott Hotel in Warsaw continues to ramp up nicely.

In the UK the Casino in Bath still disappoints and the outlook remains challenging as the gaming business throughout the UK is being hampered by tough regulations regarding anti-money laundering, social responsibility, and general data protection. We have started a strategic review of this investment with all options on the table and plan to make a decision in Q1 of next year.

Now a quick look at our balance sheet and liquidity. We have $44 million in cash and cash equivalents and $71 million in outstanding debt. The total debt to adjusted EBITDA ratio is 2.7, the net debt to adjusted EBITDA ratio is 1.0. Our debt includes $52 million related to our Bank of Montreal credit agreement, $15 million related to the Century Downs long-term land lease, and $4 million in Europe. The book value per share increased to $6.09. Capex for existing operations during the quarter was $2.1 million or 3.9% of revenues, which includes about $0.5 million for the gaming floor expansion at Century Downs in Calgary.

Let me now give you an update of the Eldorado acquisition. As most of you know in June of this year, we announced the acquisition of three casino operations from Eldorado for $107 million at an impressively accretive 4.1 acquisition multiple. Well, that has become even more exciting, because these three operations have continued their strong performance resulting in a decrease of our purchase market to 3.6, which is really fantastic. These are three quality assets in strong and stable gaming markets each enjoying a leading regional position and each with a long track record of producing solid and growing revenue and EBITDA. With this acquisition, we pretty much doubled the size of our company, which underlines the truly transformational nature of this deal. The transaction is subject to gaming regulatory approval in Missouri, as well as customary closing conditions. We expect it to close in late 2019 or very early 2020.

Throughout the quarter, our accounting operations, IT and marketing teams have visited all three operations in Missouri and West Virginia, number of times to ensure a smooth takeover. We are very happy to report that local managements of all three properties will come with us and stay in place. And we have already identified some short-term low cost measures to increase business volumes and increase operating efficiencies. While we will rebrand the two Missouri properties to Century Casinos we leave the well-established Mountaineer brand in place.

On a pro forma basis, giving effect to the acquisition as if it had occurred year ago, we have five casinos in the US, five in Canada, and eight smaller ones in Europe with a total of 7,200 gaming machines, 270 gaming tables, 430 hotel rooms, and three horse racetracks. And we generate net operating revenue of $415 million and adjusted EBITDA of $58 million. These numbers do not include any synergy effects at all. And going forward, we expect revenue and EBITDA to grow further due to the new Century Mile ramping up, expansion at Century Downs, and new sports betting revenue in Colorado subject to vote approval tomorrow. That's all really exciting. It's more than doubling our revenues and EBITDA. So therefore it's pretty surprising to me that our stock price has not reacted more positively to it yet. I'll be on the road in New York and Chicago later this week to get the story out, I hope that will help.

We'll finance this transaction with $170 million term loan facility for which we have a bank commitment from Macquarie Capital. This facility will also take out the existing debt we have with BMO right now. On a pro forma basis, our leverage on traditional net debt is 2.5 and now our lease adjusted net debt leverage is 4.1. This conservative capitalization together with a strong operating performance and great relationships with gaming REITs, should provide us ample capacity to pursue further growth opportunities especially as the regional gaming trends in North America remain healthy.

All right that pretty much sums up another successful and very active, very busy quarter for us. I thank you for your attention. And we can now start the Q&A session. Operator, go ahead please.

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from David Bain with ROTH Capital. Your line is open.

David Bain -- ROTH Capital -- Analyst

Great, thank you. Congratulations on the acquisitions, again, especially the way they're trending. I know you mentioned there were some short-term low cost measures with the acquisitions. Do you elaborate on what those are and give us any sort of financial impact return. Hello? Do you hear me.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

I hear. This is Erwin.

David Bain -- ROTH Capital -- Analyst

Okay. I'm sorry, I -- Okay, I was just speaking to the -- well, maybe -- if you could help possibly on basically synergies as it relates to the Eldorado acquisition. And if you can elaborate on any of these sort of short-term low cost measures that you mentioned in the press release and on the call to impact the properties.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Right. So the one of the things we will do is that in Caruthersville and in Mountaineer, we intend to get some new slot machines. So we identified the lowest performing machines and we intend to replace them with new ones. In that context, it is important to mention that in West Virginia, the West Virginia Lottery Commission pays for 60% of the slot machines, slot machine purchase. We haven't identified the exact numbers yet, but that will be one of the very obvious things to do. Then in addition to that we see already some pressures in marketing tweaks. As you know, Eldorado has been pretty aggressive I should say in reducing marketing spend and we would like to probably to loosen up slightly. Not much, but slightly and fine tune in one or the other area.

David Bain -- ROTH Capital -- Analyst

Okay. And then looking forward at North America acquisitions. Obviously the field -- the opportunity field is growing and you have a lot of dry powder I would call it, particularly in tandem with the REIT right partner. I guess two questions, kind of your basic overall thoughts on today's market opportunities? And then, the other one being, what's the optimal mix for Century in terms of being asset light so to speak in terms of EBITDA generation or mix of properties that you own versus others that you have the landlord essentially and if that's really just deal specific or any sort of thoughts there? And then do you look at real estate monetization of existing properties. So that's kind of a multi-tiered question.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Okay. In the -- I will respond in the reverse order. And Peter, when you are back on again please let us know. We do not intend to monetize any of the existing real estate we have, we have no plans with regards to that.

Second question, with regards to the optimal mix. As of today, we think that we should -- we should do it. So let's say opportunity based. So it is not our intention to become to have everything financed with -- it's a combination of recent operating company, it may well be that we continue to outright purchase. But it will depend on where we are -- if and when an opportunity comes up that we think is attractive.

And third question, today opportunities. We are monitoring what's out in the market there, but at this very moment first of all, number one priority is to focus on the smooth transition to begin with and once we have that under the belt then it looks more proactively again. But at the moment, there was nothing that was so appealing that we couldn't say no.

David Bain -- ROTH Capital -- Analyst

Got it. Okay thanks Erwin. And Peter, if you are there, thank you as well.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

I'm back in. Thank you.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Thank you. Okay, that's great. Thanks, Peter.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

That's why we [Indecipherable]

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

That's true.

Operator

Your next question comes from Brad Boyer with Stifel. Your line is open.

Brad Boyer -- Stifel -- Analyst

Yeah, thanks for taking the questions guys. First question is kind of a three part question around Century Mile. Obviously you know we're another quarter into the ramp there, revenues looking to be heading in the right direction. I guess, could you give us a sense of how the revenues are ramping there and sort of how you're seeing that market evolve given that you guys have additional assets in the market. Are you shifting play around, are you growing the market, are you taking trips from competitors. Just some flavor around the revenue environment there.

And then secondarily, obviously, the margins were a bit weaker than what everyone was expecting. I guess the question now is how should we think about the margins ramping from here? And along those lines, are you guys still confident in sort of that, I think on the low end, we were talking about $10 million for a while there sort of the run rate EBITDA number. But are you still comfortable with that number? And what gives you comfort in that number? Thanks.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Erwin.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Peter, would you like? Okay. We are, as Peter said earlier the revenue side is already very good and we're happy with the way how it developed. On the cost side, we are intensely working on getting the cost down and it's pretty clear where we have to get cost down and we implemented as fast as we thought possible, which should show an impact, if I say that cautiously at the very latest in Q1 of 2020, if not in Q4 already.

With regards to the competitive -- to the overall market, we have generally speaking been able to perform better than the market for -- actually I would say for the -- definitely for the two -- other Edmonton casinos that we have. So we -- we think we have a good grip on the market and the strong relationship to our core and repetitive players. Specifically with regard to the Century Mile, we see our main competitor is River Cree. They have been hit a little by our -- by the opening of our casino and now they are I think back as well as they can. And we think that going forward this will continue to be our main competitor. But there is no reason not to be confident, then what gives us confidence is, if you look at how we handle Century Downs, we're initially the first year also was little bit choppy, but now four years later, the numbers are so good that as you know, we are expanding. So we have full confidence and trust in our operating and marketing capabilities.

Brad Boyer -- Stifel -- Analyst

Okay. That's helpful. And then just around the deals with Eldorado. I know in the past, when you guys announced the deals, you were talking about the potential for some sort of minor capex items potentially. I know there's a hotel adjacent to Caruthersville, I think we were talking about -- just curious if you have any updated thoughts there. And then, I don't know, Peter, if you could sort of give us just a flavor for modeling, sort of what you anticipate sort of capex looking like on the other side of the deals closing?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Peter, shall I start and you follow and you come in with the second question. Seems that Peter maybe gone again.

Brad Boyer -- Stifel -- Analyst

Okay.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Let me hit that. First of all, initially there is no deferred capex. So when we think of the profit, everything is in good order, except as I said on the low end, low performance [Technical Issues] sorry for that, I don't know where they came in. Brad, can you still hear me. Brad?

Brad Boyer -- Stifel -- Analyst

Yes, I can hear you. Thanks.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Okay, very good. Now, when, with regard to the first more substantial capex measures like as we mentioned the hotel across the road in Caruthersville, we'll evaluate little more and we -- in our conversations with management, we certainly talked -- we came to the conclusion that this is not the number one priority we need to focus on. There are other things that are more important than, I think that probably it'll be a year or two into us having taken over before we make any capex decisions of a large account, a little bit of replacement capex here and there, small measures may be trends that are -- maybe putting a second line [Indecipherable] here or there, some operational efficiency improvements, but nothing, nothing much. Does that answer your question?

Brad Boyer -- Stifel -- Analyst

Yes, it does. That's very helpful. And then I guess, lastly, just around Bath. Could you just give us a little bit better sense of sort of what this strategic review entails? I would imagine, given some of the headwinds in the market, potentially finding a buyer could be pretty difficult in this environment. So I mean, is there a scenario that you envision where you could potentially just kind of shut this down and walk away from it? Or how are you thinking about sort of the path forward there to the extent that the operations don't improve here? Thanks.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

All right. Yes, the answer is a clear yes. We can imagine everything also just closing it down, obviously we cannot just close the doors. So we are now looking at the various avenues that we can go, because clearly we intend to keep all of our contractual obligations. But we're in the middle of checking that while at the same time we still try to -- have the full effort to try to see whether there is any kind of turnaround possible. But at the moment everything -- I think I should say this, we anticipate that we will not have that pain in our income statement and balance sheet for an extended period of time.

Brad Boyer -- Stifel -- Analyst

Okay, very helpful. Thanks for all the color Erwin.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

By all means. Thank you, Brad.

Operator

Your next question comes from Mike Malouf with Craig-Hallum. Your line is open.

Mike Malouf -- Craig-Hallum -- Analyst

Great, thanks guys for taking my question. I just wanted to drill down a little bit more on the Century Mile, obviously the cost side running ahead of where we were expecting and you sort of think that we can get some good traction, perhaps maybe even as early as this quarter, but certainly in March quarter, where are you taken as far as action. I mean, are we still trying to get to that sort of mid-20s EBITDA or 20% to 25% EBITDA in 2020 or are you talking to trying to get to that point at some time during the year, next year and then it will be a slow ramp from here. Can you just give us a little bit of sense on timing, that would be helpful.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Yeah. I'd love to, but let me be cautious. Our ambition is certainly 2020, but at this point in time, I wouldn't want to promise it. We just have to -- to dig into a very heavily and then work hard on getting the cost at hand while at the same time also ramping -- further ramping up our marketing approach. So I'd love to be able to say it, but let me just be cautious.

Mike Malouf -- Craig-Hallum -- Analyst

Yeah. Okay. And how about on seasonality, can you give us a little -- sort of help on the seasonality, it was down sequentially in the September quarter. How does the fourth quarter typically look for that, what are you expecting for that, property seasonally and as we go throughout the year?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Very generally speaking -- all our properties are less seasonal than they might appear. That is even true for Colorado in spite of the strong differences between winter and summer, but what has to be said is in our properties in Canada as opposed to Colorado nobody has to drive up a mountain. And clearly people in Canada are used to drive it in inclement weather as well. So that have always turned out to be less of a problem. We -- I don't see -- we don't really check into seasonality a whole lot. We rather look at these swings that may depend on how heavily our competitors working on the marketing side. As Peter mentioned earlier, they are quarter times one or two of the competitors run there -- a very big marketing campaign that may have an influence here and there, but we always look at the long term there.

Mike Malouf -- Craig-Hallum -- Analyst

Yeah. Got it. Okay, great, thanks for the help.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Certainly.

Operator

Your next question comes from John DeCree with Union Gaming. Your line is open.

John DeCree -- Union Gaming -- Analyst

Hi, Erwin. Thanks, for all the additional color so far. Just wanted to touch on Poland, I think we've covered the US and Canada, and now that Warsaw is ramping and the licensing process has been behind us for a while. I think before all that started the margins in Poland were 14% almost 15% and rebuilding nicely here. I was wondering if you could give us a little bit of color on if that's attainable again and what the timeline might be to kind of get back to normal operating margins in Poland.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Right. As you said -- the operations are -- it's wonderful to see how well they are coming back and even the smaller ones. I mean, let me remind all of us we always get the question, why do you keep the small casinos, that has to do with the whole licensing arithmetic. It is just advantageous to have the smaller casinos as well when you go into relicensing, to say very generally. But the -- I think we continue the both the revenue and the EBITDA side very well. There is only one thing that we expect in 2020 that we have to raise the tail rate a little bit across the board and that may slow us down in the ramping up again. But again, in general terms, we think we can come back to the EBITDA margins that we used to have.

John DeCree -- Union Gaming -- Analyst

That's helpful. I appreciate the additional color. Thanks, Erwin.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

By all means, thank you.

Operator

Your next question comes from Kenneth Jovanovic [Phonetic] with [Indecipherable]. Your line is open.

Kenneth Jovanovic -- Analyst

Thank you. My question has to do with the losses at Corporate and Other and I know you discussed that some of that was with Bath, England. Are there any other --- losses that are attributable to Corporate and Other because I noticed on the earnings statements that Corporate and Other has been a bit of a drag on the overall picture for Century and is there anything that can be done to eliminate further eliminate losses coming from that sector?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Yeah, thanks for the question. Some of it has to do with the cost that we have in connection with the Eldorado acquisition. Peggy, would you like to go into more detail?

Margaret Stapleton -- Chief Financial Officer

Sure. So most of the costs running through Corporate and Other or the losses running to Corporate and Other are related to the Bath -- to Bath, that is rolled up into that segment. And then yes, of course, we have some additional expenses running through right now related to the acquisition.

Kenneth Jovanovic -- Analyst

Okay. And do you anticipate the first full year of operation of the acquisitions from Eldorado, giving all things being equal, assuming that the results are the same as they were in 2019 for 2020, do you anticipate a positive earnings picture?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Just arising out of this -- of the newly acquired properties, you're asking?

Kenneth Jovanovic -- Analyst

Yes.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

And are you asking whether we think we do the same or more?

Kenneth Jovanovic -- Analyst

Yes, I'm saying all things being equal if things we're no different in 2020 versus how they -- how they were for these casinos in 2019. Would you anticipate a profitable operation for all three?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Yeah, definitely -- definitely.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Yes, absolutely. Kenneth this is Peter, I'm back in. And what we say is that on a pro forma basis, we would expect our full year with the new acquired operations we expect to generate about $415 million in revenue and $58 million in EBITDA.

Kenneth Jovanovic -- Analyst

Okay, thank you very much.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Thanks.

Operator

Your next question comes from Andrew Gordon with EF Gordon Capital. Your line is open.

Andrew Gordon -- EF Gordon Capital -- Analyst

Hey, good morning gentlemen. Just -- apologize if I missed this, I mean [00:30:19] [Indecipherable], I may not have heard you touched on this, but the $58 million trailing 12 month adjusted EBITDA on consolidated basis, does that attribute -- how much does that attribute to the Eldorado acquired properties?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

That's the full year. We sold three properties and it is approximately half-half? Is that right, Peggy?

Andrew Gordon -- EF Gordon Capital -- Analyst

[Speech Overlap] roughly 29 million then?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

29 million or 30 million I believe.

Andrew Gordon -- EF Gordon Capital -- Analyst

Got it. So next question I'll make it quick. I just want to get a little clarity on what the realistic net leverage numbers should be on a pro forma basis consensus numbers for 2020 EBITDA, were -- I think around $41 million for 2020 and coming into this call and you're now attributing around $30 million to the newly acquired properties. So let's say it's roughly $70 million on the slightly outdated estimates, the net leverage I believe is supposed to be around maybe a little over $100 million. So on a looking forward basis, I think your pro forma net leverage should be maybe 1.5 or better. And I just wanted to clarify and make sure that you guys agree with that because at least one of your Analyst I believe has been looking on trailing basis in attributing three times net leverage. And I just thought that -- like if we could all benefit from a low clarity?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Net debt on a pro forma basis, we'll be closer to 130. And the EBITDA number that you mentioned could perhaps be a little bit aggressive, because as we now know Century Mile is ramping up a bit slower than expected, those would be my two comments to your calculation.

Andrew Gordon -- EF Gordon Capital -- Analyst

Okay. All right, I'll follow up offline. Thank you.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Thanks Andrew.

Operator

[Operator Instructions] Your next question comes from Patrick Arnold with Energy Management. Your line is open.

Patrick Arnold -- Energy Management -- Analyst

Hi. First, I'd like to say congratulations on your acquisition. Our question was more along the lines with your participation with the REIT and what you might -- when or what might be the disposition of the XX acreage in West Virginia?

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Yes, Erwin, do you have any color on that? We, as you know Patrick we do not own the land. That is owned [Indecipherable] so maybe that's the question -- so we have no plans in regards to that.

Patrick Arnold -- Energy Management -- Analyst

All right. The follow-up to that was obviously you guys are coming into the emergence of the Marcellus and the energy gas sector here. Did you have any kind of unique marketing plans or thoughts that trying to encourage them to come to your facility at Mountaineer what I'm looking at here is Austin Town, North of US is created kind of a niche for those guys as well based on the large cracker plant that's going into Manac [Phonetic] about 24 miles North. Have you guys looked at that at all or thought of it?

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Yes. Definitely and -- go ahead Peter sorry.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

No, I was just saying that, yes, we -- that obviously part of our market [Indecipherable] and we are formulating those plans, but Erwin please go ahead.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

No, I just wanted to just say the same. We are very excited that this is happening and then most definitely we will be target at those new customers.

Patrick Arnold -- Energy Management -- Analyst

Yes. Since it is -- as an influx here well, congratulations again. And thank you for your time on the call. Thank you.

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Thank you.

Operator

There are no further questions at this time. I will now turn the call back over to the presenter.

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Thanks everyone for your interest in Century Casinos and your participation in the call. For recording of the call, please visit the financial section of our website at cnty.com. Thank you and goodbye.

Operator

[Operator Closing Remarks]

Duration: 34 minutes

Call participants:

Peter Hoetzinger -- Vice Chairman of the Board Co-Chief Executive Officer & President

Erwin Haitzmann -- Chairman of the Board Co-Chief Executive Officer

Margaret Stapleton -- Chief Financial Officer

David Bain -- ROTH Capital -- Analyst

Brad Boyer -- Stifel -- Analyst

Mike Malouf -- Craig-Hallum -- Analyst

John DeCree -- Union Gaming -- Analyst

Kenneth Jovanovic -- Analyst

Andrew Gordon -- EF Gordon Capital -- Analyst

Patrick Arnold -- Energy Management -- Analyst

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