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Date

Friday, May 8, 2026 at 10 a.m. ET

Call participants

  • Co-Chief Executive Officer — Peter Hoetzinger
  • Co-Chief Executive Officer — Erwin Haitzmann
  • Chief Financial Officer — Margaret Stapleton

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Takeaways

  • Adjusted EBITDAR -- $24.9 million versus €20.2 million, representing a new reporting basis with both currencies explicitly mentioned in the call.
  • Adjusted EBITDA -- $7 million compared to $3.9 million, equating to an 80% increase.
  • Cash and cash equivalents -- $6 million at quarter end.
  • Total debt outstanding -- $337 million, leading to net debt of $277 million.
  • Net debt to EBITDA ratio -- 6.9 times; adjusted ratio at 7.6 times, both unchanged sequentially.
  • CapEx -- $3 million spent, mainly on gaming equipment, the new Poland casino, and other small projects.
  • US portfolio rated revenue -- Increased 5%, with high and mid ADT segments and all age groups contributing.
  • Rocky Gap Casino Resort revenue -- Up 6.5% to $14.8 million; EBITDA rose 32% to $2.2 million; food revenue up 16%; rated gaming revenue up 21%.
  • Mountaineer Casino revenue -- Rose 3.9% to $24.1 million; EBITDA grew 24% to $3.2 million; iGaming revenue up 48%; sports betting up 285%.
  • Cape Girardeau Casino revenue -- Up 6.4% to $18.2 million; EBITDA up 12% to $6.9 million; slot revenue increased 6.5%; guest volumes up 8%; sportsbook averages 17% of state handle, ranked second in Missouri.
  • Caruthersville Casino revenue -- Up 3.1% to $14.6 million; EBITDA up 5% to $6.3 million; slots revenue up 7%; tables up 2%; high ADT customers up 23%.
  • Cripple Creek Casino revenue -- Grew 8.6% to $4.4 million; EBITDA increased 37% to $1.5 million; expenses fell 1.5%.
  • Central City Casino revenue -- Rose 4% to $4.6 million; EBITDA more than quadrupled from $0.2 million to over $1 million; hotel cash revenue up 10%.
  • Nugget Casino Resort revenue -- Increased 4% to $17.1 million; EBITDA up 93% to $1.4 million; F&B cash revenue up 7%; unrated gaming up 16%.
  • Alberta portfolio revenue -- Up 10.9% to $18.3 million; combined EBITDA up 26% to $5.5 million.
  • Poland -- Revenue rose 2.3%; EBITDAR declined 8%, with management citing intent to sell the subsidiary as influencing CapEx.
  • Debt maturities -- No debt maturities until 2029; company reiterated deleveraging as a top priority.
  • Marketing and cost initiatives -- Implemented digital direct mail for guests 39 and younger at Rocky Gap, leading to cost savings; substantial pullback on free play at Mountaineer, reducing costs while maintaining customer engagement.
  • Strategic review -- Process continues; certain assets are under exclusivity agreements, but no further public comment provided.
  • Board appointment -- Mitchell, with a background including the Mohegan Tribe, has joined the board to contribute operational and strategic insights.

Summary

Century Casinos (CNTY 0.68%) reported material improvements in core financial metrics, driven by portfolio-wide revenue and margin gains, higher rated play, and direct sourcing of cost efficiencies through property-level and corporate initiatives. Management provided strategic clarity by affirming leverage reduction as a primary objective, aided by greater operating cash generation and proceeds from select asset sales aligned with the ongoing strategic review. Operating data point to robust local and regional customer trends, with new marketing strategies targeting both digital and experiential channels cited as key factors for improved property-level performance.

  • Management stated, "April feels very much like a continuation of Q1," indicating no observed deterioration in customer activity entering the next quarter.
  • The company expects CapEx to decrease to between $14 million and $15 million for the year, down from $18 million in the prior year, supporting improved free cash flow.
  • Management confirmed the existence of a new agreement allowing term loan B repurchases at a discount following asset sales or positive cash flow.
  • Company cited continuous execution and “harvesting” as main themes for 2026, moving beyond a recent period of elevated capital investment.
  • Recent initiatives at the Nugget, such as a fourfold increase in table game loyalty points and expanded concert programming, are expected to support both gaming and non-gaming revenue momentum this summer.
  • All existing Polish licenses are valid through at least 2028, ensuring operational continuity as the company pursues a divestiture.

Industry glossary

  • ADT (Average Daily Theoretical): An estimate of a player's expected daily gaming value based on historical wagering behavior and gaming statistics at a casino.
  • EBITDAR: Earnings before interest, taxes, depreciation, amortization, and rent costs; used to assess operating performance for businesses with significant lease or rental expense.
  • Free play: Promotional gaming credits issued by casinos to incentivize play, not redeemable for cash but used to drive visitation and gaming revenue.

Full Conference Call Transcript

Peter Hoetzinger: Good morning, everyone. Thank you for joining our earnings call. Before we start, we would like to remind everyone that we will be discussing forward-looking information under the safe harbor provisions of the U.S. federal securities laws. The company undertakes no obligation to update or revise forward-looking statements, and actual results may differ from those projected. Throughout the call, we refer to several non-GAAP financial measures, including but not limited to adjusted EBITDAR. Reconciliations of our non-GAAP measures to the appropriate GAAP measures can be found in our news releases and SEC filings available in the Investors section of our website at cnty.com. With me today are my co-CEO, Erwin Haitzmann, and our Chief Financial Officer, Margaret Stapleton.

We delivered strong flow-through, with some property margins in the high 30s and even above 40%. In the quarter, we benefited from growth across core and retail customers, from improving weather conditions as well as from a predominantly local repeat customer base, a diversified portfolio, and limited exposure to new supply. As mentioned in our last call, we have been seeing solid trends since around December despite higher gas prices. At most of our properties, the majority of our customers live within a 45-minute drive; hence, the overall economy, inflation, and especially employment are more meaningful than gas prices alone.

We are also seeing some benefits from tax refunds being higher year over year, offset by a less favorable macro and geopolitical backdrop. Our properties are spread across five states and one Canadian province, and these positive results were also supported by the ongoing trend of customers staying closer to home and spending their money closer to home. Across the entire U.S. portfolio, the trend of strong play from high-value and core customer segments continued. Overall, rated revenue increased 5%, emphasized by solid growth in the high and mid ADT segments and in all age groups. Last but not least, we benefited from strong returns from the capital investments we have made over the last two-plus years.

These investments have finally entered the contribution phase, contributing to EBITDA growth and helping us to start deleveraging the balance sheet. With that, I will now turn it over to Erwin for more color on our individual properties.

Erwin Haitzmann: Thank you, Peter, and good morning, everyone. In the United States, we had an excellent first quarter with year-over-year revenue and EBITDA growth at each property. Beginning in the East with Rocky Gap Casino Resort and Golf in Maryland, revenue increased 6.5% from $13.9 million to $14.8 million, and EBITDA increased 32% from $1.6 million to $2.2 million. Rocky Gap had a strong quarter with total revenue up nearly 10% and NOR up 6.5%, driven by solid gains in visitation in January and February. Food revenue rose 16%, boosted by [inaudible]. The property's direct mail digitization initiative, which we introduced for guests aged 39 and younger, is delivering meaningful savings in marketing spend while maintaining engagement.

Payroll discipline continued, with total payroll up only 1.6% despite annual increases. Operating expenses were down 5.2%. On the customer side, rated gaming revenue grew 21%. [inaudible] customers accounted for 33% of total gaming revenue and grew 39%. We are seeing growth across all age groups, with seniors up 28%, and middle-aged and young adults each up 14%. Non-local now accounts for more than half of rated gaming revenue, reflecting the property's continued draw as a destination resort. We experienced some softness in March, likely driven by higher gas prices. Looking ahead, the team has activated targeted campaigns in Pennsylvania ahead of the opening of a new casino in State College, which is approximately two hours from Rocky Gap.

Continuing with Mountaineer Casino, Racetrack & Resort in West Virginia, revenue increased 3.9% from $23.2 million to $24.1 million, and EBITDA increased 24% from $2.6 million to $3.2 million. Mountaineer's Q1 result was driven by expense discipline and moderate revenue growth. Total revenue was essentially flat while NOR improved 3.9% due to a $0.7 million reduction in free play. Our digital channels continued their strong growth. iGaming revenue was up 48% year over year, and sports betting was up 285%. Hotel occupancy held steady with higher cash and lower comp revenue. Adults 40 to 59 years old grew 12% and young adults grew 24% in rated gaming revenue. These are encouraging signs for the property's customer base development.

Local customers grew 11% and now account for 81% of rated revenue, reflecting Mountaineer's position as a regional entertainment anchor in West Virginia's Northern Panhandle. Now on to our Midwest portfolio, starting in Missouri. At Century Casino and Hotel Cape Girardeau, revenue increased 6.4% from $17.1 million to $18.2 million, and EBITDA increased 12% from $6.1 million to $6.9 million. Cape Girardeau had a strong quarter. The increase in net operating revenue was driven by excellent slot performance. Slot revenue was up 6.5% and guest volumes were up 8%. Our retail sportsbook, which launched in December 2025, is already averaging 17% of Missouri's total sports betting handle and is ranked second in the state—an impressive early result.

The Riverview Hotel continues to perform well, with occupancy rising to 76% from 68% in Q1 of last year. Comp hotel guests are generating an average ADT of more than $400, confirming the strong link between hotel stay and gaming value. Illinois patronage is rebounding, with unique patrons up 6% over prior year. The competitive picture, including Walker's Bluff and Metropolis in Illinois, remains manageable. Now to our Century Casino and Hotel Caruthersville. There, revenue increased 3.1% from $14.2 million to $14.6 million, and EBITDA increased 5% from $6.1 million to $6.3 million. Caruthersville continues to deliver strong, consistent results from its well-established permanent facility.

Both slots and tables delivered positive revenue growth, with slots up 7% and tables up 2%. High ADT customers grew 23%, and Missouri patronage grew by 22%. Trips from patrons living more than 75 miles away increased by 20%, a clear indicator that the new facility is drawing from a broader geographic catchment area. Also note that there was a one-time favorable settlement of $0.225 million in Q1 of last year. On an average-to-average basis, EBITDA growth was 9%. Continuing with Colorado, at Century Casino and Hotel Cripple Creek, revenue increased 8.6% from $4.1 million to $4.4 million, and EBITDA increased 37% from $1.1 million to $1.5 million. Cripple Creek had a very good quarter.

The elimination of table games at the start of 2025 continues to prove its worth. The electronic table games lounge is popular among our guests, especially young adults. Accordingly, this age group shows the strongest growth. Payroll and benefits were down $0.07 million, or nearly 5%, and total expenses fell 1.5%. The result is a clean, lean operation with further improved profitability. Customer trends show healthy growth in both unrated and non-local play, which we attribute to our successful marketing initiatives and our continued focus on customer satisfaction. Rated gaming revenue grew 5%, with mid and low ADT segments each up more than 15%.

At the Century Casino and Hotel Central City, revenue was up 4% from $4.4 million to $4.6 million, and EBITDA more than quadrupled from $0.2 million to over $1 million. Central City's improvement continued in Q1. The removal of table games, which we implemented at the start of 2025, has significantly improved the property's cost profile. Total expenses were down $0.6 million year over year, with payroll and benefits alone down $0.313 million. Slot revenue was flat with prior year. The EBITDA improvement is substantial and reflects a better managed operation. We are also seeing some improvement in unrated and non-local play at Central City.

Hotel cash revenue was up 10%, with a strong Q2 event calendar, including the twentieth anniversary challenge, a multi-month promotion culminating in a car, trips, or cash drawing on July 5. Now to the West and the Nugget Casino Resort in Reno, revenue increased 4% from $16.4 million to $17.1 million, and EBITDA increased 93% from $0.7 million to $1.4 million. The Nugget's EBITDA doubling is significant, as expenses were flat; the increase in revenue was fully flowing through to EBITDA. Total cash revenue was up $1 million, a 31% increase. F&B cash revenue was up 7%, demonstrating that the non-gaming amenities are gaining traction.

Unrated gaming grew 16%, suggesting growing walk-in visitation aided by the increased hotel occupancy and improved entertainment offers. The concert lineup for this year is excellent. The Brooks & Dunn concert on April 25 was sold out. The acts still to come include Keith Urban, Lady A, Shinedown, Miranda Lambert, and Deep Purple. Now to Canada. Our portfolio in Alberta, Canada consists of Century Casino and Hotel Edmonton, Century Casino St. Albert in the Edmonton metropolitan area, Century Mile Racetrack and Casino to the south of Edmonton, and Century Downs Racetrack and Casino to the north of Calgary. These properties performed very well in Q1 too.

Combined revenue increased 10.9% from $16.5 million to $18.3 million, and combined EBITDA increased 26% from $4.4 million to $5.5 million. We saw another quarter of solid performance at our Alberta operations. The renovation of the exterior facade at our St. Albert casino, which was completed last year, has significantly improved results. Our Century Mile Racetrack and Casino achieved the best quarterly performance since its opening in 2019. We completed the construction of sports bars at all four sites and are well prepared to offer retail sports betting, which will be permitted in Alberta at casinos and select sports sites later in 2026.

Finally, moving to Poland, revenue increased 2.3% from [inaudible] to [inaudible], and EBITDAR decreased 8% from [inaudible] to [inaudible]. The challenging period marked by license delays and relocations has ended, and we can focus on improving overall results. Our second Wroclaw location started operations in February and is expected to further strengthen our position. While revenue is showing a small increase already, EBITDA is down 8%. We attribute this decrease to lower than normal replacement CapEx given the intent to sell the Poland subsidiary. All current licenses are valid through at least 2028, and we expect stable operations going forward. With that, back to you, Peter.

Peter Hoetzinger: Thank you, Erwin. Let us now go over some capital and balance sheet items and share our outlook for the rest of the year with you. As reported, adjusted EBITDAR for the quarter was $24.9 million versus €20.2 million last year. Cash rent was $18 million versus $16.3 million, resulting in adjusted EBITDA of $7 million this year versus $3.9 million last year, an 80% increase. Our cash and cash equivalents as of March 31 were $6 million. We spent approximately $3 million in CapEx in the quarter, mainly on gaming equipment, the new casino in Poland, as well as on other small projects throughout the different properties.

Total debt outstanding was $337 million, resulting in net debt of $277 million. At the end of the quarter, our net debt to EBITDA ratio remained unchanged at 6.9 times. The adjusted ratio was 7.6 times, again unchanged from the previous quarter. Importantly, we are now heading into the stronger cash flow quarters and are seeing positive indications that the business is on the right track to lower leverage to more manageable levels of leverage. Let me also note that we have no debt maturities for the next three years—that is, until 2029. Reducing leverage is a top priority throughout the remainder of the year, as share repurchases are on the back burner.

As mentioned in previous earnings calls, 2026 will be a year of execution and harvesting for us. While we have the rest of the year still to deliver, I am happy to report we are off to a good start. I would say that April feels very much like a continuation of Q1, which is good. We are not seeing any cracks in the armor. Across the board, we are feeling really good for the remainder of the year. We see a solid trend continuing into the second quarter, and we see a clear path forward to higher EBITDAR and cash flow for 2026 and beyond.

The regional consumer has been remarkably resilient to the noise that we have seen in the last couple of months. Regional and local business feels firm. We expect to benefit from strong improvements in performance at the Nugget as well as in Colorado, and from the continued ramp of the new land-based facility in Caruthersville. Cash flow-wise, in addition to higher EBITDAR, we expect to benefit from decreasing CapEx. While we spent a total of $18 million of our cash for CapEx in 2025, we expect that amount to come down to between $14 million and $15 million for this year. This is all normal capital cycle stuff. We have no big projects around the corner.

As you know, we just came off a large capital expenditure program, so it is quite natural that we now spend some time harvesting that cash flow to strengthen our balance sheet. As things move forward, we remain focused on improving our free cash flow generation while optimizing our corporate overhead and remaining disciplined with our capital. As for our strategic review process, it is still ongoing, and we continue to make good progress. Selected assets are under exclusivity agreements. We cannot make public comments right now and ask for your understanding that we will not take questions on this topic in our Q&A session. And with that, can you please open the line for our first questions from analysts?

Operator?

Erwin Haitzmann: Thank you.

Operator: We will now open the call for questions. If you would like to ask a question, please press star then one on your telephone keypad, and you will be placed into the queue in the order received. You may remove yourself from the queue at any time by pressing pound then one. If we do not get to your question, please reach out to the company using the Investor Relations page at cnty.com. Once again, to ask a question, press star one now. Our first question will come from Jeffrey Austin Stantial with Stifel.

Jeffrey Austin Stantial: Great. Good morning, everyone. Thanks for taking our questions. Starting off, I would love to just dig into the quarter a little bit. The margins were really the piece that surprised us the most to the upside. Erwin, you gave us a lot of different data points at the asset level to help us think about it. I guess, to tie it all together and think about things at a more macro level, can you just talk about how much of the margin expansion you saw in Q1 was more one-time in nature—whether that is easier flow-through comps on weather impact or certain initiatives that played out—versus how much is more structural in nature?

Or, put another way, how should we think about flow-through assuming revenue holds stable as the year progresses? Thanks.

Erwin Haitzmann: Mhmm. Yeah, I can—The format would not allow to go into all details, but I will give you examples. As I mentioned earlier, in Rocky Gap we changed the mailer, and everybody 39 and younger will only get emails and not a physical mailer anymore. That saves money, obviously, and we think for the obvious reason that makes sense, and that has been very well accepted and is starting to save some costs. Another example would be the Nugget, where we significantly increased the points that we give. For example, at the table games we increased the points we give fourfold—four times as many as before—and then for slots, for a month or two, we doubled what we comp back.

It is working so well that we might continue with that campaign for a longer period of time. We will continue to do more of that. As I said, I could give you more examples, but it is property by property. As new ideas come up, we encourage them to try and see what works.

Jeffrey Austin Stantial: Thanks for that, Erwin. And then maybe double-clicking on that last point—the marketing initiatives—I think you talked about marketing costs being down at Rocky Gap. I think you mentioned you pulled back on free play at Mountaineer. Can you just talk about the process a little bit more? How do you decide where to pull back, whether on marketing or promos? And then is there any sort of player-level data or analysis that you have put together that you can share with us that shows this is not going to have an impact, whether immediately or longer term, on player behavior? Thanks.

Erwin Haitzmann: Jeff, thanks for the question. I think it is twofold. There was a little bit of a weather impact, as last year in Q1 there was inclement weather in a few of our properties. But that is only for a certain portion of the increase. I think the larger portion is that we ran an initiative across all properties, pushing one more time for really searching for possibilities for cost savings both on the property side and on the corporate level. We were checking all agreements again for whether we could get advantages in purchasing, for example by combining the power all across the United States.

We browsed through all the large and also the smaller agreements, some of which we just said we do not need anymore and can replace by in-house services. We wanted to give it a push and encouraged everyone to look at all the costs with a fresh eye. That was the second part. And the third part was that we did the same thing for the marketing side. Again, we encouraged everyone to rethink everything and make new proposals, see whether there is anything we have not done that we should try, and encourage new initiatives. That showed good results—in some cases, exceptional results.

Jeffrey Austin Stantial: Helpful. Thanks very much.

Erwin Haitzmann: Certainly.

Operator: And our next question will come from Ryan Sigdahl with Craig-Hallum.

Ryan Sigdahl: Hey, good day, guys. Alberta—nice quarter, really strong results, revenue and profit-wise. How much was there an impact from the macroeconomic—higher oil prices, etc.—versus company-specific initiatives?

Erwin Haitzmann: Ryan, thanks for the question. It is really hard to say. In Alberta, we used to say when oil prices are high, then the revenues are better, but that is not necessarily true anymore and cannot be linked directly. I think it is a similar thing: we also made a marketing push there and encouraged all the managers—who are doing a wonderful job—to dig some more, share ideas with us, and, as I said, to try new things. Some of them work really well. It seems that this fresh wind is also going to the customers and then ultimately to the income statement.

Ryan Sigdahl: And just on free cash flow—good to hear the confidence in that increasing. A couple years ago, you were targeting $30 million plus of free cash flow. Is that still a realistic target and timeline to get there, and then the levers you plan to pull?

Erwin Haitzmann: Peter, can I turn it over to you?

Peter Hoetzinger: Yes, Ryan. We think that with the improvements that we have made to our portfolio over the last couple of years, our asset portfolio is certainly capable of doing that. We need the low-end consumer to come back a little bit more than what we currently are seeing. With that, and the continued improvements that we are making—especially at the Nugget, which we believe has the highest potential upside—that is certainly the goal in the next two or three years.

Ryan Sigdahl: Thanks, Peter and Erwin. Good luck, guys.

Erwin Haitzmann: Thank you.

Operator: And our next question will come from Chad C. Beynon with Macquarie.

Chad C. Beynon: Good morning. Thanks for taking my question. Wanted to talk about the Nugget. You spoke about the strong concert calendar that we can see on your website here—looks really good over the next couple of months—and conventions could be up. Not looking specifically for numbers; really good to see the strong EBITDA increase for Q1. But is there a way for us to think about visitation to the market or how meaningful these bigger concerts could be for the summer period? And if you usually see higher play at the slot machines and table games during these periods as well? Thanks.

Erwin Haitzmann: Definitely. Thanks for the question, Chad. The concerts are meaningful from various perspectives. First of all, we believe that we have the most attractive outdoor venue in the market in the Reno-Sparks market, and it is popular not only with the guests; it is also popular with the artists. Then yes, the economics of a concert is not only ticket sales minus costs for the artist and production—there is a lot around it. It is the food and beverage revenue that is made in the Nugget event center, which is meaningful if organized well and contributes a lot.

But then it is also very important to get the customer over to the casino, and we see that there is a significant lift in casino revenue and in food and beverage revenue over at the casino and the various restaurant outlets. Also, for the night of the concert and the night before and the night after, we see a significant increase in hotel revenues. Of course, we are also selling packages where we sell hotel rooms together with concert tickets. We market that as well. So a successful concert can be really meaningful. And Brooks & Dunn was one of those that were sold out and had a fantastic impact on the numbers.

Chad C. Beynon: Okay. Great. Thanks for that additional color. Then with respect to Poland, on the cost side or the margin improvement, can you return to growth when you get past some of that, or do you need revenues to increase from here to see EBITDA increase year over year?

Erwin Haitzmann: We mainly think we need the ramp-up of the second Wroclaw casino. That took a little bit longer than we had hoped for, but it is coming now. Yes, we are looking for the increase in revenue to increase EBITDA. We said that before when we had these closures and openings, and sometimes it goes quicker; in other instances, it takes a little bit longer until the customers are coming back.

Chad C. Beynon: Okay. Great. Thank you very much.

Operator: Thank you. Our next question will come from Connor Joseph Parks with CBRE.

Connor Joseph Parks: Hi. Good morning, everyone. Thanks for taking our questions. I appreciate the comments around leverage and the prioritization of leverage here going forward. As you hit this inflection point in free cash flow, at what point might you start to use some cash on hand or internal liquidity to start to buy back the loan in the open market, especially considering where the loan has traded over the past few months?

Erwin Haitzmann: Thanks for the question, Connor. Peter?

Peter Hoetzinger: Yes, Connor, that is definitely the thing to do. We are planning to sell Poland, as we have said. And the next market that is non-core after Poland is obviously Canada. And then we are now heading into the stronger months of cash generation for operations. So these are the three sources of cash, and, as you probably have seen in our [inaudible] filing, we have reached an agreement with one holder of the term loan B that allows us to tender up to a certain amount of the term loan at a specified discount. We did not have that agreement before.

Our term loan B contract and the agreement obliged us to use proceeds from asset sales to buy back the term loan B at par, and that was obviously not the most productive thing to do. Now that we have that in place, we will definitely use proceeds from either asset sales or positive operating cash flow to pay down some of that term loan B, of priority.

Connor Joseph Parks: Great. Thank you for that. All makes sense. And then as a follow-up on that same announcement from yesterday evening, the addition of a new board member—impressive gaming background for him, specifically the Mohegan Tribe. What type of role, if you are able to share, do you expect him to play, whether it be operationally, with the balance sheet, or kind of all of the above? Thank you.

Erwin Haitzmann: It is probably a little bit early to say. Mitchell has just joined our board yesterday or today officially, and will get started soon. He will start visiting our properties, and he certainly will make his experience available and will share his thoughts with us. We are excited about it. We believe this can be very fruitful and positive to get further input from somebody with an experienced background like Mitchell has for the properties of Century Casinos, Inc.

Connor Joseph Parks: Great. Thank you. I appreciate it.

Erwin Haitzmann: Definitely. Thank you.

Operator: That is all the time we have. If we did not get to your question, please reach out to the company using the Investor Relations page at cnty.com. I will now turn the call back to Mr. Hoetzinger for closing remarks.

Peter Hoetzinger: I would like to just thank everybody for joining the call. We appreciate that. We will talk again in August when we will present the results of the second quarter. Until then, thank you, and goodbye.

Operator: Thank you. This does conclude today's Century Casinos, Inc. Q1 2026 Earnings Call. Thank you for your participation. You may now disconnect.