Century Casinos, Inc. Announces Second Quarter 2026 Results
All-Time Record Q2 Net Operating Revenue and Adjusted EBITDAR, Driven by Strong Performance in North America.
COLORADO SPRINGS, Colo., Aug. 7, 2026 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2026.
Second Quarter 2026 Highlights*
Compared to the three months ended June 30, 2025:
- Net operating revenue was $152.0 million, an increase of 1%.
- Earnings from operations was $17.2 million, an increase of 4%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($10.9) million, a change of 11%, and net loss per share was ($0.39).
- Adjusted EBITDAR** was $31.7 million, an increase of 5%.
Highlights of our US West Segment compared to the three months ended June 30, 2025*:
- Net operating revenue was $23.4 million, an increase of 16%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($0.7) million, a 75% improvement.
- Adjusted EBITDAR** was $4.5 million, a 93% increase.
"We are very pleased with the results of our North American operations during the second quarter, driven by a strong performance at the Nugget, in the US West reportable segment, as well as in the US Midwest reportable segment, which includes our Missouri and Colorado properties. The Nugget's Adjusted EBITDAR** grew an additional 93%, after growing by 93% in the first quarter, and we will continue to work diligently at the property to continue this performance throughout 2026 and beyond. Unfortunately, the results in North America were negatively impacted by Poland, which continued to underperform due, in part, to low table hold in June 2026. However, we are seeing some signs of improvement in Poland that should lead to better results over the next several quarters," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.
RESULTS
The consolidated results for the three and six months ended June 30, 2026 and 2025 are as follows:
For the three months | For the six months | |||||||||||||||
Amounts in thousands, except per share data | ended June 30, | % | ended June 30, | % | ||||||||||||
Consolidated Results: | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||
Net operating revenue | $ | 151,995 | $ | 150,818 | 1 % | $ | 289,234 | $ | 281,261 | 3 % | ||||||
Earnings from operations | 17,180 | 16,575 | 4 % | 28,941 | 23,715 | 22 % | ||||||||||
Net loss attributable to Century | $ | (10,910) | $ | (12,309) | 11 % | $ | (27,414) | $ | (32,922) | 17 % | ||||||
Adjusted EBITDAR** | $ | 31,660 | $ | 30,304 | 5 % | $ | 56,599 | $ | 50,459 | 12 % | ||||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||||||
Basic | $ | (0.39) | $ | (0.40) | 3 % | $ | (0.96) | $ | (1.08) | 11 % | ||||||
Diluted | $ | (0.39) | $ | (0.40) | 3 % | $ | (0.96) | $ | (1.08) | 11 % | ||||||
RESULTS BY REPORTABLE SEGMENT*
Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025:
Net Operating Revenue | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2026 | 2025 | Change | Change | 2026 | 2025 | Change | Change | ||||||||||||||
US East | $ | 43,576 | $ | 44,556 | $ | (980) | (2 %) | $ | 82,505 | $ | 81,690 | $ | 815 | 1 % | ||||||||
US Midwest | 44,680 | 41,374 | 3,306 | 8 % | 86,487 | 81,128 | 5,359 | 7 % | ||||||||||||||
US West | 23,378 | 20,174 | 3,204 | 16 % | 40,446 | 36,583 | 3,863 | 11 % | ||||||||||||||
Canada | 20,439 | 20,005 | 434 | 2 % | 38,762 | 36,521 | 2,241 | 6 % | ||||||||||||||
Poland | 19,922 | 24,709 | (4,787) | (19 %) | 41,034 | 45,339 | (4,305) | (10 %) | ||||||||||||||
Consolidated | $ | 151,995 | $ | 150,818 | $ | 1,177 | 1 % | $ | 289,234 | $ | 281,261 | $ | 7,973 | 3 % | ||||||||
Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025:
Earnings (Loss) from Operations | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2026 | 2025 | Change | Change | 2026 | 2025 | Change | Change | ||||||||||||||
US East | $ | 3,785 | $ | 4,083 | $ | (298) | (7 %) | $ | 5,268 | $ | 4,520 | $ | 748 | 17 % | ||||||||
US Midwest | 12,870 | 11,624 | 1,246 | 11 % | 24,684 | 21,201 | 3,483 | 16 % | ||||||||||||||
US West | 1,109 | (978) | 2,087 | 213 % | (881) | (3,645) | 2,764 | 76 % | ||||||||||||||
Canada | 5,019 | 4,533 | 486 | 11 % | 9,300 | 7,894 | 1,406 | 18 % | ||||||||||||||
Poland | (659) | 464 | (1,123) | (242 %) | (838) | 355 | (1,193) | (336 %) | ||||||||||||||
Other (1) | (4,944) | (3,151) | (1,793) | (57 %) | (8,592) | (6,610) | (1,982) | (30 %) | ||||||||||||||
Consolidated | $ | 17,180 | $ | 16,575 | $ | 605 | 4 % | $ | 28,941 | $ | 23,715 | $ | 5,226 | 22 % | ||||||||
(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. |
Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2026 | 2025 | Change | Change | 2026 | 2025 | Change | Change | ||||||||||||||
US East | $ | (2,862) | $ | (2,263) | $ | (599) | (27 %) | $ | (8,017) | $ | (8,463) | $ | 446 | 5 % | ||||||||
US Midwest | 6,023 | 4,640 | 1,383 | 30 % | 10,966 | 7,747 | 3,219 | 42 % | ||||||||||||||
US West | (708) | (2,864) | 2,156 | 75 % | (4,532) | (7,314) | 2,782 | 38 % | ||||||||||||||
Canada | 1,145 | 599 | 546 | 91 % | 1,699 | 533 | 1,166 | 219 % | ||||||||||||||
Poland | (528) | 245 | (773) | (316 %) | (835) | 81 | (916) | (1131 %) | ||||||||||||||
Other (1) | (13,980) | (12,666) | (1,314) | (10 %) | (26,695) | (25,506) | (1,189) | (5 %) | ||||||||||||||
Consolidated | $ | (10,910) | $ | (12,309) | $ | 1,399 | 11 % | $ | (27,414) | $ | (32,922) | $ | 5,508 | 17 % | ||||||||
(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.
Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025:
Adjusted EBITDAR** | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2026 | 2025 | Change | Change | 2026 | 2025 | Change | Change | ||||||||||||||
US East | $ | 7,654 | $ | 7,903 | $ | (249) | (3 %) | $ | 13,037 | $ | 12,143 | $ | 894 | 7 % | ||||||||
US Midwest | 16,689 | 15,452 | 1,237 | 8 % | 32,337 | 28,890 | 3,447 | 12 % | ||||||||||||||
US West | 4,508 | 2,338 | 2,170 | 93 % | 5,902 | 3,059 | 2,843 | 93 % | ||||||||||||||
Canada | 6,220 | 5,607 | 613 | 11 % | 11,703 | 9,967 | 1,736 | 17 % | ||||||||||||||
Poland | 52 | 1,942 | (1,890) | (97 %) | 555 | 2,488 | (1,933) | (78 %) | ||||||||||||||
Other (1) | (3,463) | (2,938) | (525) | (18 %) | (6,935) | (6,088) | (847) | (14 %) | ||||||||||||||
Consolidated | $ | 31,660 | $ | 30,304 | $ | 1,356 | 5 % | $ | 56,599 | $ | 50,459 | $ | 6,140 | 12 % | ||||||||
(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 June 30, 2026, the Company had $60.2 million in cash and cash equivalents compared to $68.9 million in cash and cash equivalents at December 31, 2025. As of June 30, 2026, the Company had $336.5 million in outstanding debt compared to $337.7 million in outstanding debt at December 31, 2025. The outstanding debt as of June 30, 2026 included $331.6 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $0.9 million under a credit agreement related to Casinos Poland ("CPL") and $3.9 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 June 30, 2026, 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 $708.0 million long-term financing obligation under its master lease with subsidiaries of VICI Properties, Inc. ("Master Lease").
CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2026 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also 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 host its second quarter 2026 earnings conference call today, Friday, August 7, 2026 at 10:00 am EDT / 8:00 am MDT. U.S. domestic participants should dial 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/5PAjQGDaNEk or obtain a recording of the call on the Company's website until August 31, 2026 at www.cnty.com/investor/financials/financial-results/.
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR and Adjusted EBITDAR margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS | ||||||||||||
Condensed Consolidated Statements of Loss | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands, except for share information | 2026 | 2025 | 2026 | 2025 | ||||||||
Operating revenue: | ||||||||||||
Net operating revenue | $ | 151,995 | $ | 150,818 | $ | 289,234 | $ | 281,261 | ||||
Operating costs and expenses: | ||||||||||||
Total operating costs and expenses | 134,815 | 134,243 | 260,293 | 257,546 | ||||||||
Earnings from operations | 17,180 | 16,575 | 28,941 | 23,715 | ||||||||
Non-operating (expense) income, net | (25,860) | (24,898) | (51,496) | (50,435) | ||||||||
Loss before income taxes | (8,680) | (8,323) | (22,555) | (26,720) | ||||||||
Income tax expense | (625) | (1,250) | (1,534) | (1,732) | ||||||||
Net loss | (9,305) | (9,573) | (24,089) | (28,452) | ||||||||
Net earnings attributable to non-controlling interests | (1,605) | (2,736) | (3,325) | (4,470) | ||||||||
Net loss attributable to Century Casinos, Inc. | $ | (10,910) | $ | (12,309) | $ | (27,414) | $ | (32,922) | ||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||
Basic | $ | (0.39) | $ | (0.40) | $ | (0.96) | $ | (1.08) | ||||
Diluted | $ | (0.39) | $ | (0.40) | $ | (0.96) | $ | (1.08) | ||||
Weighted average common shares | ||||||||||||
Basic | 28,195 | 30,565 | 28,413 | 30,624 | ||||||||
Diluted | 28,195 | 30,565 | 28,413 | 30,624 | ||||||||
Condensed Consolidated Balance Sheets | ||||||
June 30, | December 31, | |||||
Amounts in thousands | 2026 | 2025 | ||||
Assets | ||||||
Current assets | $ | 92,647 | $ | 104,072 | ||
Property and equipment, net | 882,052 | 902,756 | ||||
Other assets | 130,505 | 140,443 | ||||
Total assets | $ | 1,105,204 | $ | 1,147,271 | ||
Liabilities and (Deficit) Equity | ||||||
Current liabilities | $ | 77,633 | $ | 79,780 | ||
Non-current liabilities | 1,063,117 | 1,074,273 | ||||
Century Casinos, Inc. shareholders' (deficit) equity | (125,671) | (97,697) | ||||
Non-controlling interests | 90,125 | 90,915 | ||||
Total liabilities and (deficit) equity | $ | 1,105,204 | $ | 1,147,271 | ||
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | ||||||||||||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. | ||||||||||||||||||||||||
For the three months ended June 30, 2026 | ||||||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | North | ||||||||||||||||
Net (loss) earnings | $ | (2,862) | $ | 6,023 | $ | (708) | $ | 1,145 | $ | (528) | $ | (13,980) | $ | (10,910) | $ | 3,598 | ||||||||
Interest income | — | — | — | (41) | (1) | (43) | (85) | (41) | ||||||||||||||||
Interest expense (2) | 6,641 | 6,784 | — | 3,475 | 68 | 8,969 | 25,937 | 16,900 | ||||||||||||||||
Income tax expense | — | 59 | — | 440 | 23 | 103 | 625 | 499 | ||||||||||||||||
Depreciation and amortization | 3,869 | 3,819 | 3,394 | 1,201 | 711 | 20 | 13,014 | 12,283 | ||||||||||||||||
Net earnings (loss) | — | — | 1,815 | 53 | (263) | — | 1,605 | 1,868 | ||||||||||||||||
Non-cash stock-based | — | — | — | — | — | 211 | 211 | — | ||||||||||||||||
Loss (gain) on foreign | — | — | 5 | (55) | 34 | 7 | (9) | (50) | ||||||||||||||||
Loss on disposition of fixed | 6 | 4 | 2 | 2 | 8 | — | 22 | 14 | ||||||||||||||||
Pre-opening and termination | — | — | — | — | — | 1,250 | 1,250 | — | ||||||||||||||||
Adjusted EBITDAR | $ | 7,654 | $ | 16,689 | $ | 4,508 | $ | 6,220 | $ | 52 | $ | (3,463) | $ | 31,660 | $ | 35,071 | ||||||||
(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 "Summary 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 Reportable Segment. | ||||||||||||||||||||||||
For the three months ended June 30, 2025 | ||||||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | North | ||||||||||||||||
Net (loss) earnings | $ | (2,263) | $ | 4,640 | $ | (2,864) | $ | 599 | $ | 245 | $ | (12,666) | $ | (12,309) | $ | 112 | ||||||||
Interest income | — | (3) | — | (91) | (3) | (176) | (273) | (94) | ||||||||||||||||
Interest expense (2) | 6,344 | 6,741 | — | 3,429 | 52 | 9,645 | 26,211 | 16,514 | ||||||||||||||||
Income tax expense | — | 223 | — | 748 | 241 | 38 | 1,250 | 971 | ||||||||||||||||
Depreciation and amortization | 3,821 | 3,828 | 3,361 | 1,074 | 741 | 18 | 12,843 | 12,084 | ||||||||||||||||
Net earnings | — | — | 1,840 | 772 | 124 | — | 2,736 | 2,612 | ||||||||||||||||
Non-cash stock-based | — | — | — | — | — | 195 | 195 | — | ||||||||||||||||
(Gain) loss on foreign | — | — | — | (922) | (210) | 8 | (1,124) | (922) | ||||||||||||||||
Loss (gain) on disposition of | 1 | 23 | 1 | (2) | 11 | — | 34 | 23 | ||||||||||||||||
Pre-opening and termination | — | — | — | — | 741 | — | 741 | — | ||||||||||||||||
Adjusted EBITDAR | $ | 7,903 | $ | 15,452 | $ | 2,338 | $ | 5,607 | $ | 1,942 | $ | (2,938) | $ | 30,304 | $ | 31,300 | ||||||||
(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 "Summary 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) | Includes $1.0 million related to cost recovery income for CDR in the Canada segment. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. | |||||||||||||||||||||
For the six months ended June 30, 2026 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (8,017) | $ | 10,966 | $ | (4,532) | $ | 1,699 | $ | (835) | $ | (26,695) | $ | (27,414) | |||||||
Interest income | — | — | — | (90) | (5) | (126) | (221) | ||||||||||||||
Interest expense (2) | 13,275 | 13,602 | — | 6,976 | 129 | 17,900 | 51,882 | ||||||||||||||
Income tax expense | — | 108 | — | 677 | 430 | 319 | 1,534 | ||||||||||||||
Depreciation and amortization | 7,769 | 7,653 | 6,778 | 2,403 | 1,393 | 35 | 26,031 | ||||||||||||||
Net earnings (loss) attributable to | — | — | 3,648 | 94 | (417) | — | 3,325 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | 372 | 372 | ||||||||||||||
Loss (gain) on foreign currency | — | — | 5 | (59) | (157) | 10 | (201) | ||||||||||||||
Loss on disposition of fixed | 10 | 8 | 3 | 3 | 17 | — | 41 | ||||||||||||||
Pre-opening and termination | — | — | — | — | — | 1,250 | 1,250 | ||||||||||||||
Adjusted EBITDAR | $ | 13,037 | $ | 32,337 | $ | 5,902 | $ | 11,703 | $ | 555 | $ | (6,935) | $ | 56,599 | |||||||
(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 "Summary 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 Reportable Segment. | |||||||||||||||||||||
For the six months ended June 30, 2025 | |||||||||||||||||||||
Amounts in thousands | US | US | US | Canada | Poland | Other (1) | Total | ||||||||||||||
Net (loss) earnings attributable to | $ | (8,463) | $ | 7,747 | $ | (7,314) | $ | 533 | $ | 81 | $ | (25,506) | $ | (32,922) | |||||||
Interest income | — | (12) | — | (183) | (11) | (447) | (653) | ||||||||||||||
Interest expense (2) | 12,981 | 13,220 | — | 6,729 | 102 | 19,215 | 52,247 | ||||||||||||||
Income tax expense | — | 223 | — | 964 | 331 | 214 | 1,732 | ||||||||||||||
Depreciation and amortization | 7,623 | 7,689 | 6,704 | 2,073 | 1,111 | 36 | 25,236 | ||||||||||||||
Net earnings attributable to | — | — | 3,623 | 805 | 42 | — | 4,470 | ||||||||||||||
Non-cash stock-based | — | — | — | — | — | 486 | 486 | ||||||||||||||
Gain on foreign currency | — | — | — | (952) | (205) | (86) | (1,243) | ||||||||||||||
Loss (gain) on disposition of fixed | 2 | 23 | 46 | (2) | 15 | — | 84 | ||||||||||||||
Pre-opening and termination | — | — | — | — | 1,022 | — | 1,022 | ||||||||||||||
Adjusted EBITDAR | $ | 12,143 | $ | 28,890 | $ | 3,059 | $ | 9,967 | $ | 2,488 | $ | (6,088) | $ | 50,459 | |||||||
(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 "Summary 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) | Includes $1.0 million related to cost recovery income for CDR in the Canada segment. |
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||
Net Earnings (Loss) Margins** and Adjusted EBITDAR Margins*** | |||||||||||||
For the three months | For the six months | ||||||||||||
ended June 30, | ended June 30, | ||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||
US East | Net Operating Revenue | $ | 43,576 | $ | 44,556 | $ | 82,505 | $ | 81,690 | ||||
Net Earnings (Loss) Margin | (7 %) | (5 %) | (10 %) | (10 %) | |||||||||
Adjusted EBITDAR Margin | 18 % | 18 % | 16 % | 15 % | |||||||||
US Midwest | Net Operating Revenue | $ | 44,680 | $ | 41,374 | $ | 86,487 | $ | 81,128 | ||||
Net Earnings (Loss) Margin | 13 % | 11 % | 13 % | 10 % | |||||||||
Adjusted EBITDAR Margin | 37 % | 37 % | 37 % | 36 % | |||||||||
US West | Net Operating Revenue | $ | 23,378 | $ | 20,174 | $ | 40,446 | $ | 36,583 | ||||
Net Earnings (Loss) Margin | (3 %) | (14 %) | (11 %) | (20 %) | |||||||||
Adjusted EBITDAR Margin | 19 % | 12 % | 15 % | 8 % | |||||||||
Canada | Net Operating Revenue | $ | 20,439 | $ | 20,005 | $ | 38,762 | $ | 36,521 | ||||
Net Earnings (Loss) Margin | 6 % | 3 % | 4 % | 1 % | |||||||||
Adjusted EBITDAR Margin | 30 % | 28 % | 30 % | 27 % | |||||||||
Poland | Net Operating Revenue | $ | 19,922 | $ | 24,709 | $ | 41,034 | $ | 45,339 | ||||
Net Earnings (Loss) Margin | (3 %) | 1 % | (2 %) | — | |||||||||
Adjusted EBITDAR Margin | — | 8 % | 1 % | 5 % | |||||||||
Other (1) | Net Operating Revenue | $ | — | $ | — | $ | — | $ | — | ||||
Net Earnings (Loss) Margin | NM (2) | NM | NM | NM | |||||||||
Adjusted EBITDAR Margin | NM | NM | NM | NM | |||||||||
Consolidated | Net Operating Revenue | $ | 151,995 | $ | 150,818 | $ | 289,234 | $ | 281,261 | ||||
Net Earnings (Loss) Margin | (7 %) | (8 %) | (9 %) | (12 %) | |||||||||
Adjusted EBITDAR Margin | 21 % | 20 % | 20 % | 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. |
Summary of Interest Expense | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands | 2026 | 2025 | 2026 | 2025 | ||||||||
Interest expense - Credit Agreements | 8,195 | 8,864 | 16,350 | 17,656 | ||||||||
Interest expense - Master Lease Financing Obligation | 16,887 | 16,494 | 33,827 | 32,896 | ||||||||
Interest expense - Deferred Financing Costs | 674 | 674 | 1,348 | 1,348 | ||||||||
Interest expense - Miscellaneous | 181 | 179 | 357 | 347 | ||||||||
Interest expense | $ | 25,937 | $ | 26,211 | $ | 51,882 | $ | 52,247 | ||||
Cash Rent Payments | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands | 2026 | 2025 | 2026 | 2025 | ||||||||
Master Lease | $ | 17,376 | $ | 14,404 | $ | 35,451 | $ | 28,731 | ||||
Nugget Lease (1) | 2,018 | 1,936 | 4,023 | 3,849 | ||||||||
(1) | Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC, 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 (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses, 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 (loss) earnings 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 US 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 US 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.
Adjusted EBITDAR should not be construed as an alternative to net (loss) earnings attributable to Century Casinos, Inc. shareholders, the most directly comparable US GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDAR also should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net (loss) earnings attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items. 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-US GAAP financial measures of other companies.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
** We define net earnings (loss) margin as net (loss) earnings attributable to Century Casinos, Inc. shareholders divided by net operating revenue.
*** We define 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 our 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 in Cape Girardeau and Caruthersville, 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.
FORWARD-LOOKING STATEMENTS, BUSINESS ENVIRONMENT AND RISK FACTORS
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, 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, improved performance at the Nugget and in Poland, 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 in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, 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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