All right. Hello everyone, and welcome to the Century Casinos fireside chat. My name is Robert Blum, Managing Partner at Lytham Partners, and up next I'll be moderating a Q&A discussion with Peter Hoetzinger, the company's Co-Chief Executive Officer. As a reminder, the company trades under the ticker symbol CNTY on the Nasdaq. All right, let's get started. Peter, welcome Robert, thanks for having me. Fantastic. For those maybe not familiar, could you start with an overview of Century Casinos and maybe your own background with the company as well? Century Casinos is a casino entertainment company with an exceptional collection of regional gaming assets supported by dedicated teams, strong local brands, and unique positions within their respective markets. In the U.S., we have a portfolio that spans some of the most distinctive gaming destinations in the country, from Rocky Gap Casino, Resort & Golf in Maryland, the only casino resort operating within a state park in America, to Mountaineer in West Virginia, where the world's first racino pioneered a new chapter in regional gaming, to the legacy of excursion riverboat gaming along the Mississippi River, to Colorado's historic gold mining communities, to The Nugget, one of northern Nevada's iconic gaming and hospitality brands. Each property has its own history, customer base, and its competitive advantages. In Canada, we operate three properties in the greater Edmonton region, one of which has a horse racetrack, plus one casino, also with a racetrack, in the Calgary market. Those two together represent one of the most distinctive regional gaming portfolios in North America. In addition, we also operate small casinos in Poland. We have a small investment over there in Europe, where we operate six small club-type casinos in four- and five-star hotels in all major cities throughout the country. With regards to my own background, I co-founded the company in 1993. We then listed on Nasdaq in 1994. Yes, we celebrated our 30th listing anniversary a couple of years ago. Currently, I serve as the Co-CEO as well as the Vice Chairman. All right, very good. You touched on this a little bit, but maybe expand for us a little bit more on the regional gaming model that you're pursuing here and really the types of markets that you target. As I said, I think we have one of the most distinctive collections of regional gaming assets in North America, and each property serves a different market. Each has its own history, and each has its own competitive advantages. Our responsibility is to preserve what makes each property unique while applying a disciplined operating approach that consistently creates value for our guests, our communities, and our shareholders. Each property enjoys a protective position in attractive North American regional gaming markets with limited new competition and entrenched local market share. Our focus lies on the drive-through markets. The majority of our revenue is generated from guests residing within an hour's drive from the casinos. That proximity to our casinos creates the opportunity for very loyal, repeat local customers, stable demand, and tailoring marketing, creating a more predictable revenue base and limited reliance on destination tourism. Let's dive into a couple of the properties in particular, maybe starting, what is the remaining upside at properties such as the Nugget and Rocky Gap, too, that you mentioned there? Yeah. We are excited about those two. The tremendous performance of The Nugget recently was one of the highlights of our recent results. The Nugget delivered an outstanding second quarter with net operating revenue up 16% and adjusted EBITDA increasing 93% compared to prior year. More importantly, this marks The Nugget's third consecutive quarter with year-over-year EBITDA growth, reinforcing that the operational improvements implemented over the past are gaining traction. We continue to believe The Nugget presents one of the greatest long-term opportunities within our portfolio. Built upon the hospitality legacy of the property and supported by one of the region's largest hotels with 1,400 rooms, we also have large convention and entertainment operations. The Nugget possesses very competitive advantages that cannot easily be replicated. Whilst we are pleased with the progress we made over the past year, we believe there remains significant runway for further strengthening the gaming performance, hotel utilization, entertainment programming, and convention business as we continue executing our long-term operating strategy there. In the east, Rocky Gap continued to demonstrate the resilience of its operating model during the second quarter, despite a more challenging competitive and consumer environment. Year- to- date, Rocky Gap has increased EBITDA by 9% year- over- year, and its performance reflects the broader regional market conditions rather than the property-specific challenges. The management team there remains focused on disciplined operations, targeted consumer acquisition, and protecting long-term market share while positioning the property for further growth. All right, very good. Talk about how the newer investments in Missouri, including Caruthersville and sports betting, are contributing to the business here. Our Missouri business continued to demonstrate what disciplined operational execution can accomplish and remains a key driver in our portfolio. The region has achieved for us nine consecutive quarters of year-over-year growth in both revenue and adjusted EBITDA. We believe those results reflect far more than favorable quarterly comparisons. They demonstrate that the strategic investments we have made in our gaming product, in our hotel amenities, in database marketing, and the operational execution are producing sustainable long-term returns. Our retail BetMGM sportsbook at Cape Girardeau continues to broaden our customer base while creating additional cross-play opportunities throughout the property. Since we opened the new land-based casino in Caruthersville in late 2024, the property has continued to validate the strategic investment we have made in the market. During the second quarter, Caruthersville achieved the highest quarterly gross gaming revenue, net revenue, coin-in, and slot win in the property's history. And perhaps most notably, during Missouri's fiscal year ending in June, Caruthersville recorded the highest percentage increase in gross revenue amongst all 13 Missouri casinos, and we have outperformed every major gaming operator in the state on a percentage growth basis. Looking ahead, we remain optimistic about Missouri's long-term outlook. The continued gaming flow optimization, disciplined database marketing, and the ongoing maturation of the Caruthersville property provide a solid foundation for further growth. We believe the consistency demonstrated over the past nine quarters position Missouri to remain one of the strongest contributors to Century's long-term shareholder value. All right, very good. Let's talk a little bit about how sort of the gaming, hotels, dining, racing, and entertainment really sort of all work together across the portfolio. Yeah. Gaming remains the economic engine of most of our properties, but hotels, dining, racing, and entertainment give consumers more reasons to visit, stay longer, and come back, so they also help differentiate the experience from other gaming and entertainment options. We increasingly look at those amenities based on how they support the entire consumer relationship. Does the hotel guest gamble? Does an event bring someone into the property who returns later? Does an amenity extend a visit or expand the distance from which we can attract consumers? Ultimately, we want the entire property working together to support gaming, hotel revenue, and repeat visitation. All right. Let's talk a little bit more broadly here. What are you seeing from the consumer today in terms of visitation, spending, overall confidence, and what are sort of the broader economic factors or what factors are having the greatest impact on the casino industry today? Yeah. For more than half a year, I would say since late last year, around December of last year, we've been seeing solid customer trends 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 impactful than gas prices alone. I would say we also benefit from guests staying closer to home and spending their dollars closer to home for the last several quarters. That's probably a result of the general economic factors, including higher airfares and gas prices. Last but not least, we benefited from strong returns from the CapEx we've made over the last two-plus years. These investments have finally entered the contribution phase, contributing to meaningful EBITDA growth. Overall, our growth is being generated across core and retail customers, as well as by predominantly local repeat customers, as well as our diversified portfolio and limited exposure to new supply. Maybe just to dive in a little bit more. Are customers visiting less frequently? Are they spending differently or becoming maybe more selective in how they use their entertainment dollars? What are you sort of seeing there? Yeah. It's probably a little bit more nuanced than simply saying customers are visiting less or more. Across our portfolio, we continue to see very healthy engagement from our established and higher-value customers. In some cases, we are seeing fewer unique customers, but greater spend from those who are visiting. In other properties, both customer counts and visitation are growing. What we watch closely is where those changes are occurring. Are we losing an occasional visitor or a regular customer? Is trip frequency changing? Is spend per visit changing? Those distinctions matter. The data generally tells us that our core customer remains resilient, while some of the greater variability is occurring among occasional and more value-conscious customers. That allows us to be much more targeted in how we market and reinvest. Yeah. Let's talk about sort of how, again, given this being a consumer summit here, I want to sort of get a little bit of an understanding of the consumer's appetite right now. How are you sort of seeing the trends across your different regional markets, and are some markets proving more resilient than others? They vary considerably, actually. Sometimes even between properties in the same state. Missouri is a good example. We have two properties there, as you know. At one property, we are generating more gaming revenue from a relatively stable level of visitation, while at the other, we are growing the customer base, increasing trips, and expanding the distance from which we attract customers. Both are positive outcomes, but they may require varied marketing strategies. We see similar differences across the portfolio. Some properties are growing visitation, some are generating greater value from existing customers, and others are operating in more challenging competitive environments. That is why we don't believe there is one casino consumer or one strategy that works everywhere. We manage our businesses at the property and customer segment level based on what the data is actually telling us. Beyond consumer spending, what other broader economic factors are having the greatest impact on the casino industry today? That's a good one, yeah. Inflation, wage pressure, gas prices, and the broader economic uncertainty all affect the industry, particularly regional gaming, where customers frequently drive to the property. At the same time, gaming and entertainment choices continue to expand, including digital gaming, sports betting, and other emerging products. Most of those factors are outside of our control. Our focus is on recognizing changes quickly and respond to them. If travel patterns change, we look at where customers are coming from. If spend per trip changes, we look at which segments are driving it. If customer preferences change, our gaming floors, marketing, and amenities need to change with them. Century Casinos is large enough to have the resources to understand those trends, but small enough to stay very close to each market and react quickly. All right, very good. I appreciate your insights into the macro here. That's very helpful. Let's dive more into the company again. What sort of stood out most to you in the company's recent operating results? Happy to dive into that more. The portfolio, our diversified portfolio, delivered a strong, solid quarter with net operating revenue coming at $152 million. That was up 1% over Q2 of last year. EBITDA was at $31.7 million, a 5% increase. Both are all-time records for us. We never had higher revenue and higher EBITDA in the second quarter in the history of the company. Let me say congrats to all our staff members and management teams in our properties. Across our North American operations, a clear pattern is beginning to emerge. We are seeing a portfolio that's performing with greater consistency, and that's what we've been after for quite some time, and very happy to be at this stage now. We're seeing operational improvements translating into stronger financial results, and we are seeing our properties increasingly benefiting from a common operating philosophy built on disciplined execution, thoughtful investment, and an unwavering focus on guest experience. Our core operational metric, that's U.S. and Canada, less corporate expense, that EBITDA was up a strong 12% in Q2 and up 17% year- to- date. Every single property in our North American portfolio has grown revenue as well as EBITDA year- to- date, with most properties growing EBITDA by double digits year- over- year. All right. As cash flows improve here, how are you balancing debt reduction investments in the existing portfolio and maybe other strategic opportunities that you come across? Our cash and cash equivalents as of June 30 was $60.2 million. That was up slightly from the first quarter. Total debt outstanding was $336.5 million, resulting in net debt of $276.3 million. Again, a small improvement over the previous quarter. At the end of the quarter, our net debt to EBITDA ratio improved to 6.5 x, and we expect that ratio to further reduce to well below 6x by the end of the year. We are now heading into our strongest cash flow quarter and are seeing positive indications that the business is on the right track to more manageable levels of leverage. As liquidity improves, we look for opportunities to reduce our debt balances. I would also like to note that we have no debt maturities for three years from now. That is until Q2 of 2029. Cash flow-wise, in addition to growing EBITDA, we expect to benefit from decreasing CapEx. All our properties are in great shape, and whilst we spent a total of $18 million of our cash for CapEx last year, we expect that to come down to around $15 million for this year and about the same number for next year. As things move forward, we will remain focused on improving our free cash flow generation while optimizing our corporate overhead and remaining very disciplined with our capital. As we focus on cash generation and lower leverage, I do not expect us to become an active player in the M&A market for the next probably at least 12- 18 months. Okay. Appreciate the insights there. As we wrap things up here, how would you summarize Century Casinos' investment opportunity and key takeaways that you want investors to remember here today? Thank you. Yeah. What really encourages us most is not simply the performance of the individual properties, but it is the consistency of the progress everywhere. Missouri has now delivered nine consecutive quarters of year-over-year growth. Colorado continues to build momentum through disciplined execution and market positioning. The Nugget Casino Resort has now produced three consecutive quarters of year-over-year growth, demonstrating that operational improvements implemented over the past years are translating into meaningful results. Even within our East region, which was historically a bit weak, and where competitive and regulatory challenges remain, we continue refining our operations and see great upside there. Taken together, these results demonstrate something larger than a successful quarter. They demonstrate that the operational foundation we have been building across the U.S. portfolio is producing more consistent and high-quality earnings. With improving fundamentals, healthy regional gaming trends, and no near-term refinancing risk, we continue to believe that the current share price undervalues the company's latent earnings power, which is now being unlocked as operational initiatives and capital investments yield benefits. Thanks, Robert. No, fantastic. Peter, thank you so much for your participation today. Thank you to everybody, of course, for watching. We do have additional presentations and fireside chats coming up, so please stick around for more. Again, Peter, thank you so much for your insights today. Greatly appreciate it. Thank you. All right, Peter. Again, thank you very much for your participation in the summit here today. Greatly appreciate your insights into really the state of the consumer here today and what's really taking place here at Century Casinos. Up next here, I'm going to sit down with Michael Edell. Michael's recently been appointed as the new Chief Executive Officer at SenesTech, to talk about what's taking place there at the company and the transformation underway. Please stick around. Again, we will be right-