Century Casinos, Inc. Announces Fourth Quarter and Full Year 2025 Results
Promising Start to 2026 Across Entire North American Portfolio
COLORADO SPRINGS, Colo., March 13, 2026 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2025.
Fourth Quarter 2025 Results*
Compared to the three months ended December 31, 2024:
- Net operating revenue was $138.0 million and remained constant.
- Earnings from operations was $10.4 million, an increase of 117%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($17.9) million, a change of 80%, and basic net loss per share was ($0.61).
- Adjusted EBITDAR** was $23.9 million, an increase of 13%.
2025 Results*
Compared to the year ended December 31, 2024:
- Net operating revenue was $573.0 million, a decrease of (1%).
- Earnings from operations were $51.3 million, an increase of 331%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($61.4) million, a change of 60%, and basic net loss per share was ($2.04).
- Adjusted EBITDAR** was $105.4 million, an increase of 3%.
"We are beginning to see improvements with the lower-end of our customer base and we are pleased with the 13% Adjusted EBITDAR** growth and the margin improvement in the fourth quarter of 2025, but we believe our portfolio of casinos has not yet shown its full potential. We continue to make progress with robust discussions around strategic alternatives, including the sale of our operations in Poland," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR is a Non-US GAAP financial measure. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
UPDATES
Missouri Sports Betting – In May 2025, we announced that we have partnered with BetMGM, LLC to operate a sports book at Cape Girardeau and an online and mobile sports betting application under our license in Missouri. On December 1, 2025, the sports book at Cape Girardeau opened and online betting started. The agreement includes a percentage of net gaming revenue payable to us, with a guaranteed minimum.
Poland – We opened the second casino in Wroclaw in February 2026.
RESULTS
The consolidated results for the three months and years ended December 31, 2025 and 2024 are as follows:
For the three months | For the year | |||||||||||||||
Amounts in thousands, except per share data | ended December 31, | % | ended December 31, | % | ||||||||||||
Consolidated Results: | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
Net operating revenue | $ | 137,992 | $ | 137,766 | — | $ | 572,975 | $ | 575,919 | (1 %) | ||||||
Earnings (loss) from | 10,439 | (62,627) | 117 % | 51,279 | (22,157) | 331 % | ||||||||||
Net loss attributable to | $ | (17,946) | $ | (90,325) | 80 % | $ | (61,416) | $ | (153,601) | 60 % | ||||||
Adjusted EBITDAR** | $ | 23,856 | $ | 21,078 | 13 % | $ | 105,377 | $ | 102,678 | 3 % | ||||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||||||
Basic | $ | (0.61) | $ | (2.94) | 79 % | $ | (2.04) | $ | (5.02) | 59 % | ||||||
Diluted | $ | (0.61) | $ | (2.94) | 79 % | $ | (2.04) | $ | (5.02) | 59 % | ||||||
RESULTS BY REPORTABLE SEGMENT*
The Company's net operating revenue remained constant and decreased by ($2.9) million, or (1%), for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Net Operating Revenue | ||||||||||||||||||||||
For the three months | For the year | |||||||||||||||||||||
Amounts in | ended December 31, | $ | % | ended December 31, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
US East | $ | 39,971 | $ | 40,970 | $ | (999) | (2 %) | $ | 169,496 | $ | 171,640 | $ | (2,144) | (1 %) | ||||||||
US Midwest | 40,756 | 39,927 | 829 | 2 % | 163,810 | 160,536 | 3,274 | 2 % | ||||||||||||||
US West | 17,746 | 19,084 | (1,338) | (7 %) | 79,561 | 87,492 | (7,931) | (9 %) | ||||||||||||||
Canada | 18,818 | 17,894 | 924 | 5 % | 75,929 | 76,317 | (388) | (1 %) | ||||||||||||||
Poland | 20,690 | 19,870 | 820 | 4 % | 84,168 | 79,900 | 4,268 | 5 % | ||||||||||||||
Other (1) | 11 | 21 | (10) | (48 %) | 11 | 34 | (23) | (68 %) | ||||||||||||||
Consolidated | $ | 137,992 | $ | 137,766 | $ | 226 | — | $ | 572,975 | $ | 575,919 | $ | (2,944) | (1 %) | ||||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes. |
The Company's earnings from operations increased by $73.1 million, or 117%, and by $73.4 million, or 331%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Earnings (Loss) from Operations | ||||||||||||||||||||||
For the three months | For the year | |||||||||||||||||||||
Amounts in | ended December 31, | $ | % | ended December 31, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
US East | $ | 2,021 | $ | (24,832) | $ | 26,853 | 108 % | $ | 11,905 | $ | (15,783) | $ | 27,688 | 175 % | ||||||||
US Midwest | 10,415 | 9,812 | 603 | 6 % | 43,028 | 42,731 | 297 | 1 % | ||||||||||||||
US West | (2,075) | (45,960) | 43,885 | 95 % | (4,463) | (47,164) | 42,701 | 91 % | ||||||||||||||
Canada | 3,762 | 3,630 | 132 | 4 % | 15,928 | 15,832 | 96 | 1 % | ||||||||||||||
Poland | 62 | (2,310) | 2,372 | 103 % | (1,356) | (3,726) | 2,370 | 64 % | ||||||||||||||
Other (1) | (3,746) | (2,967) | (779) | (26 %) | (13,763) | (14,047) | 284 | 2 % | ||||||||||||||
Consolidated | $ | 10,439 | $ | (62,627) | $ | 73,066 | 117 % | $ | 51,279 | $ | (22,157) | $ | 73,436 | 331 % | ||||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes. |
Earnings (loss) from operations in 2024 was impacted by the impairment of goodwill at the Nugget and Rocky Gap, resulting in $70.2 million of expense during the fourth quarter of 2024.
Net loss attributable to Century Casinos, Inc. shareholders improved by $72.4 million, or 80%, and by $92.2 million, or 60%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders | ||||||||||||||||||||||
For the three months | For the year | |||||||||||||||||||||
Amounts in | ended December 31, | $ | % | ended December 31, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
US East | $ | (4,548) | $ | (31,297) | $ | 26,749 | 85 % | $ | (14,161) | $ | (47,106) | $ | 32,945 | 70 % | ||||||||
US Midwest | 3,511 | 3,920 | (409) | (10 %) | 16,069 | 6,542 | 9,527 | 146 % | ||||||||||||||
US West | (3,887) | (48,811) | 44,924 | 92 % | (11,716) | (61,289) | 49,573 | 81 % | ||||||||||||||
Canada | 806 | 117 | 689 | 589 % | 1,639 | 3,390 | (1,751) | (52 %) | ||||||||||||||
Poland | (21) | (1,194) | 1,173 | 98 % | (1,110) | (1,909) | 799 | 42 % | ||||||||||||||
Other (1) | (13,807) | (13,060) | (747) | (6 %) | (52,137) | (53,229) | 1,092 | 2 % | ||||||||||||||
Consolidated | $ | (17,946) | $ | (90,325) | $ | 72,379 | 80 % | $ | (61,416) | $ | (153,601) | $ | 92,185 | 60 % | ||||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes. |
Items deducted from or added to earnings (loss) from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense negatively impacted net loss (earnings) attributable to Century Casinos, Inc. shareholders. Net loss (earnings) attributable to Century Casinos, Inc. shareholders in 2024 also was impacted by the recording of a valuation allowance on our net deferred tax assets related to the United States resulting in additional income tax expense and, as stated above, the impairment of goodwill at the Nugget and Rocky Gap during the fourth quarter of 2024.
Adjusted EBITDAR** increased by $2.8 million, or 13%, and by $2.7 million, or 3%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Adjusted EBITDAR** | ||||||||||||||||||||||
For the three months | For the year | |||||||||||||||||||||
Amounts in | ended December 31, | $ | % | ended December 31, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
US East | $ | 5,915 | $ | 5,712 | $ | 203 | 4 % | $ | 27,277 | $ | 27,028 | $ | 249 | 1 % | ||||||||
US Midwest | 14,239 | 13,636 | 603 | 4 % | 58,368 | 57,062 | 1,306 | 2 % | ||||||||||||||
US West | 1,318 | 1,088 | 230 | 21 % | 9,054 | 9,701 | (647) | (7 %) | ||||||||||||||
Canada | 4,910 | 4,681 | 229 | 5 % | 20,299 | 20,162 | 137 | 1 % | ||||||||||||||
Poland | 877 | (603) | 1,480 | 245 % | 2,942 | 2,563 | 379 | 15 % | ||||||||||||||
Other (1) | (3,403) | (3,436) | 33 | 1 % | (12,563) | (13,838) | 1,275 | 9 % | ||||||||||||||
Consolidated | $ | 23,856 | $ | 21,078 | $ | 2,778 | 13 % | $ | 105,377 | $ | 102,678 | $ | 2,699 | 3 % | ||||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes. |
BALANCE SHEET AND LIQUIDITY
As of December 31, 2025, the Company had $68.9 million in cash and cash equivalents compared to $98.8 million in cash and cash equivalents at December 31, 2024. Cash and cash equivalents decreased primarily due net cash used in investing activities of $22.3 million. As of December 31, 2025, the Company had $337.7 million in outstanding debt compared to $339.6 million in outstanding debt at December 31, 2024. The outstanding debt as of December 31, 2025 included $333.4 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $0.5 million under a credit agreement related to Casinos Poland ("CPL") and $3.8 million under a revolving credit facility related to CPL. The Company also has a revolving line of credit with Goldman of up to $30.0 million. If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of December 31, 2025, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $715.7 million long-term financing obligation under the Master Lease.
CONFERENCE CALL INFORMATION
Today, the Company will post its current presentation, which may be used in one or more meetings with current and potential investors from time to time, at the Company's website under www.cnty.com/investor/presentations/.
The Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025 on its website at www.cnty.com/investor/financials/sec-filings/ once filed.
The Company will host its fourth quarter 2025 earnings conference call today, Friday, March 13, 2026 at 8:00 am MDT. U.S. domestic participants should dial 1-888-999-6281. For all international participants, please use 848-280-6550 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at https://app.webinar.net/xKk1lPyVZ8a or obtain a recording of the call on the Company's website until March 31, 2026 at www.cnty.com/investor/financials/financial-results/.
CENTURY CASINOS, INC. AND SUBSIDIARIES | ||||||||||||
Condensed Consolidated Statements of Loss | ||||||||||||
For the three months | For the year | |||||||||||
ended December 31, | ended December 31, | |||||||||||
Amounts in thousands, except for per share information | 2025 | 2024 | 2025 | 2024 | ||||||||
Operating revenue: | ||||||||||||
Net operating revenue | $ | 137,992 | $ | 137,766 | $ | 572,975 | $ | 575,919 | ||||
Operating costs and expenses: | ||||||||||||
Total operating costs and expenses | 127,553 | 200,393 | 521,696 | 598,076 | ||||||||
Earnings (loss) from operations | 10,439 | (62,627) | 51,279 | (22,157) | ||||||||
Non-operating (expense) income, net | (25,895) | (25,125) | (102,427) | (97,728) | ||||||||
Loss before income taxes | (15,456) | (87,752) | (51,148) | (119,885) | ||||||||
Income tax expense | (593) | (1,332) | (2,748) | (26,631) | ||||||||
Net loss | (16,049) | (89,084) | (53,896) | (146,516) | ||||||||
Net earnings attributable to non-controlling interests | (1,897) | (1,241) | (7,520) | (7,085) | ||||||||
Net loss attributable to Century Casinos, Inc. | $ | (17,946) | $ | (90,325) | $ | (61,416) | $ | (153,601) | ||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||
Basic | $ | (0.61) | $ | (2.94) | $ | (2.04) | $ | (5.02) | ||||
Diluted | $ | (0.61) | $ | (2.94) | $ | (2.04) | $ | (5.02) | ||||
Weighted average common shares | ||||||||||||
Basic | 29,291 | 30,683 | 30,119 | 30,617 | ||||||||
Diluted | 29,291 | 30,683 | 30,119 | 30,617 | ||||||||
Condensed Consolidated Balance Sheets | ||||||
December 31, | December 31, | |||||
Amounts in thousands | 2025 | 2024 | ||||
Assets | ||||||
Current assets | $ | 104,072 | $ | 135,549 | ||
Property and equipment, net | 902,756 | 922,146 | ||||
Other assets | 140,443 | 142,144 | ||||
Total assets | $ | 1,147,271 | $ | 1,199,839 | ||
Liabilities and (Deficit) Equity | ||||||
Current liabilities | $ | 79,780 | $ | 86,044 | ||
Non-current liabilities | 1,074,273 | 1,057,222 | ||||
Century Casinos, Inc. shareholders' (deficit) equity | (97,697) | (34,731) | ||||
Non-controlling interests | 90,915 | 91,304 | ||||
Total liabilities and (deficit) equity | $ | 1,147,271 | $ | 1,199,839 |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by | |||||||||||||||||||||
For the three months ended December 31, 2025 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (4,548) | $ | 3,511 | $ | (3,887) | $ | 806 | $ | (21) | $ | (13,807) | $ | (17,946) | |||||||
Interest income | — | — | — | (80) | (6) | (173) | (259) | ||||||||||||||
Interest expense (2) | 6,523 | 6,721 | — | 3,417 | 61 | 9,396 | 26,118 | ||||||||||||||
Income tax expense (benefit) | — | 181 | — | (435) | 89 | 758 | 593 | ||||||||||||||
Depreciation and amortization | 3,894 | 3,824 | 3,393 | 1,148 | 592 | 17 | 12,868 | ||||||||||||||
Net earnings (loss) attributable to | — | — | 1,812 | 95 | (10) | — | 1,897 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | 326 | 326 | ||||||||||||||
Loss (gain) on foreign currency | 1 | — | — | 84 | (96) | 80 | 69 | ||||||||||||||
Loss (gain) on disposition of fixed | 45 | 2 | — | (125) | 45 | — | (33) | ||||||||||||||
Pre-opening and termination | — | — | — | — | 223 | — | 223 | ||||||||||||||
Adjusted EBITDAR | $ | 5,915 | $ | 14,239 | $ | 1,318 | $ | 4,910 | $ | 877 | $ | (3,403) | $ | 23,856 | |||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes. |
(2) | See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by | |||||||||||||||||||||
For the three months ended December 31, 2024 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (31,296) | $ | 3,920 | $ | (48,811) | $ | 117 | $ | (1,194) | $ | (13,061) | $ | (90,325) | |||||||
Interest income | — | (15) | — | (124) | (4) | (391) | (534) | ||||||||||||||
Interest expense (2) | 6,404 | 6,017 | — | 3,367 | 33 | 10,120 | 25,941 | ||||||||||||||
Income tax expense (benefit) | 60 | (110) | 1,081 | 306 | (380) | 375 | 1,332 | ||||||||||||||
Depreciation and amortization | 4,070 | 3,820 | 3,332 | 1,053 | 349 | 29 | 12,653 | ||||||||||||||
Net earnings (loss) attributable to | — | — | 1,770 | 68 | (597) | — | 1,241 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | (500) | (500) | ||||||||||||||
Gain on foreign currency | — | — | — | (106) | (168) | (8) | (282) | ||||||||||||||
Impairment - goodwill (3) | 26,473 | — | 43,716 | — | — | — | 70,189 | ||||||||||||||
Loss on disposition of fixed | 1 | 4 | — | — | 586 | — | 591 | ||||||||||||||
Pre-opening expenses | — | — | — | — | 772 | — | 772 | ||||||||||||||
Adjusted EBITDAR | $ | 5,712 | $ | 13,636 | $ | 1,088 | $ | 4,681 | $ | (603) | $ | (3,436) | $ | 21,078 | |||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes. |
(2) | See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(3) | Related to impairment of goodwill at the Nugget and Rocky Gap. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by | |||||||||||||||||||||
For the year ended December 31, 2025 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (14,161) | $ | 16,069 | $ | (11,716) | $ | 1,639 | $ | (1,110) | $ | (52,137) | $ | (61,416) | |||||||
Interest income | — | (121) | — | (356) | (20) | (820) | (1,317) | ||||||||||||||
Interest expense (2) | 26,019 | 26,629 | — | 13,598 | 224 | 38,313 | 104,783 | ||||||||||||||
Income tax expense | — | 404 | — | 1,153 | 308 | 883 | 2,748 | ||||||||||||||
Depreciation and amortization | 15,372 | 15,340 | 13,481 | 4,371 | 2,285 | 72 | 50,921 | ||||||||||||||
Net earnings (loss) attributable to | — | — | 7,206 | 869 | (555) | — | 7,520 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | 1,128 | 1,128 | ||||||||||||||
Loss (gain) on foreign currency | 1 | — | 36 | (851) | (277) | (2) | (1,093) | ||||||||||||||
Loss (gain) on disposition of fixed | 46 | 47 | 47 | (124) | 74 | — | 90 | ||||||||||||||
Pre-opening and termination | — | — | — | — | 2,013 | — | 2,013 | ||||||||||||||
Adjusted EBITDAR | $ | 27,277 | $ | 58,368 | $ | 9,054 | $ | 20,299 | $ | 2,942 | $ | (12,563) | $ | 105,377 | |||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes. |
(2) | See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(3) | Included in the Canada segment is $1.0 million related to cost recovery income for CDR. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||||
Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by | |||||||||||||||||||||
For the year ended December 31, 2024 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (47,106) | $ | 6,542 | $ | (61,289) | $ | 3,390 | $ | (1,909) | $ | (53,229) | $ | (153,601) | |||||||
Interest income | — | (167) | (1) | (1,163) | (80) | (1,233) | (2,644) | ||||||||||||||
Interest expense (2) | 25,575 | 22,159 | — | 13,707 | 39 | 41,887 | 103,367 | ||||||||||||||
Income tax expense (benefit) | 5,748 | 14,197 | 7,029 | 1,010 | (237) | (1,116) | 26,631 | ||||||||||||||
Depreciation and amortization | 15,929 | 14,172 | 13,153 | 4,368 | 1,811 | 162 | 49,595 | ||||||||||||||
Net earnings (loss) attributable to | — | — | 7,097 | 943 | (955) | — | 7,085 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | 66 | 66 | ||||||||||||||
Loss (gain) on foreign currency | — | 24 | — | (2,057) | (584) | (356) | (2,973) | ||||||||||||||
Impairment - goodwill (4) | 26,473 | — | 43,716 | — | — | — | 70,189 | ||||||||||||||
Loss (gain) on disposition of fixed | 409 | 135 | (4) | (36) | 953 | — | 1,457 | ||||||||||||||
Acquisition costs | — | — | — | — | — | (19) | (19) | ||||||||||||||
Pre-opening and termination | — | — | — | — | 3,525 | — | 3,525 | ||||||||||||||
Adjusted EBITDAR | $ | 27,028 | $ | 57,062 | $ | 9,701 | $ | 20,162 | $ | 2,563 | $ | (13,838) | $ | 102,678 | |||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes. |
(2) | See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(3) | Included in the Canada segment is $1.1 million related to cost recovery income for CDR. |
(4) | Related to impairment of goodwill at the Nugget and Rocky Gap. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||
Net Earnings (Loss) Margins and Adjusted EBITDAR Margins *** | |||||||||||||
For the three months | For the year | ||||||||||||
ended December 31, | ended December 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
US East | Net Operating Revenue | $ | 39,971 | $ | 40,970 | $ | 169,496 | $ | 171,640 | ||||
Net Earnings (Loss) Margin | (11 %) | (76 %) | (8 %) | (27 %) | |||||||||
Adjusted EBITDAR Margin | 15 % | 14 % | 16 % | 16 % | |||||||||
US Midwest | Net Operating Revenue | $ | 40,756 | $ | 39,927 | $ | 163,810 | $ | 160,536 | ||||
Net Earnings (Loss) Margin | 9 % | 10 % | 10 % | 4 % | |||||||||
Adjusted EBITDAR Margin | 35 % | 34 % | 36 % | 36 % | |||||||||
US West | Net Operating Revenue | $ | 17,746 | $ | 19,084 | $ | 79,561 | $ | 87,492 | ||||
Net Earnings (Loss) Margin | (22 %) | (256 %) | (15 %) | (70 %) | |||||||||
Adjusted EBITDAR Margin | 7 % | 6 % | 11 % | 11 % | |||||||||
Canada | Net Operating Revenue | $ | 18,818 | $ | 17,894 | $ | 75,929 | $ | 76,317 | ||||
Net Earnings (Loss) Margin | 4 % | 1 % | 2 % | 4 % | |||||||||
Adjusted EBITDAR Margin | 26 % | 26 % | 27 % | 26 % | |||||||||
Poland | Net Operating Revenue | $ | 20,690 | $ | 19,870 | $ | 84,168 | $ | 79,900 | ||||
Net Earnings (Loss) Margin | — | (6 %) | (1 %) | (2 %) | |||||||||
Adjusted EBITDAR Margin | 4 % | (3 %) | 4 % | 3 % | |||||||||
Other (1) | Net Operating Revenue | $ | 11 | $ | 21 | $ | 11 | $ | 34 | ||||
Net Earnings (Loss) Margin | NM (2) | NM | NM | NM | |||||||||
Adjusted EBITDAR Margin | NM | NM | NM | NM | |||||||||
Consolidated | Net Operating Revenue | $ | 137,992 | $ | 137,766 | $ | 572,975 | $ | 575,919 | ||||
Net Earnings (Loss) Margin | (13 %) | (66 %) | (11 %) | (27 %) | |||||||||
Adjusted EBITDAR Margin | 17 % | 15 % | 18 % | 18 % | |||||||||
(1) | Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes. |
(2) | Not meaningful. |
Reconciliation of Interest Expense | ||||||||||||
For the three months | For the year | |||||||||||
ended December 31, | ended December 31, | |||||||||||
Amounts in thousands | 2025 | 2024 | 2025 | 2024 | ||||||||
Interest expense - Credit Agreements | 8,614 | 9,330 | 35,187 | 38,931 | ||||||||
Interest expense - Master Lease Financing Obligation | 16,641 | 15,770 | 66,174 | 61,356 | ||||||||
Interest expense - Deferred Financing Costs | 674 | 673 | 2,695 | 2,695 | ||||||||
Interest expense - Miscellaneous | 189 | 168 | 727 | 385 | ||||||||
Interest expense | $ | 26,118 | $ | 25,941 | $ | 104,783 | $ | 103,367 | ||||
Cash Rent Payments | ||||||||||||
For the three months | For the year | |||||||||||
ended December 31, | ended December 31, | |||||||||||
Amounts in thousands | 2025 | 2024 | 2025 | 2024 | ||||||||
Master Lease | $ | 15,470 | $ | 14,005 | $ | 58,644 | $ | 51,834 | ||||
Nugget Lease (1) | 1,982 | 1,912 | 7,768 | 7,001 | ||||||||
(1) | Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC ("Smooth Bourbon"), a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |
The table below shows the Company's reporting units and operating segments that are included in each of | |
Reportable Segment and | Reporting Unit |
US East | Mountaineer Casino, Resort & Races |
Rocky Gap Casino, Resort & Golf | |
US Midwest | Century Casino & Hotel Central City |
Century Casino & Hotel Cripple Creek | |
Century Casino & Hotel Cape Girardeau and The Riverview | |
Century Casino & Hotel Caruthersville and The Farmstead | |
US West | Nugget Casino Resort and Smooth Bourbon, LLC |
Canada | Century Casino & Hotel Edmonton |
Century Casino St. Albert | |
Century Mile Racetrack and Casino | |
Century Downs Racetrack and Casino | |
Poland | Casinos Poland |
* We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP.
Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items.
** The Company defines net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue.
*** The Company defines Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of the Company's casino operations.
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. The Company operates the following reportable segments: (i) US East includes the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) US Midwest includes the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri, and in Cripple Creek and Central City, Colorado; (iii) US West includes the Nugget Casino Resort, in Reno-Sparks, Nevada; (iv) Canada includes Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta; and (v) Poland where the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding the potential for our portfolio of casinos, the strategic review process and the potential sale of our Poland operations, projects in development and other opportunities, including our recently opened Caruthersville, Missouri land-based casino and hotel, licensing and reopening of our Poland casinos, our credit agreement with Goldman and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, impairments, and plans for our casinos and our Company including expectations regarding Adjusted EBITDAR and cash flow in 2026 and other estimates, forecasts and expectations regarding 2026 and later results, and any other statements that are not purely historical. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A of Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2024, Item 1A of Part 1 of our forthcoming Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
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