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:
2025 Results*
Compared to the year ended December 31, 2024:
"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
operations
10,439
(62,627)
117 %
51,279
(22,157)
331 %
Net loss attributable to
Century Casinos, Inc.
shareholders
$
(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
UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS
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.
shareholders
$
(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
Reportable Segment.
For the three months ended December 31, 2025
Amounts in thousands
US
East
US
Midwest
US
West
Canada
Poland
Other (1)
Total
Net (loss) earnings attributable to
Century Casinos, Inc.
shareholders
$
(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
non-controlling interests
—
—
1,812
95
(10)
—
1,897
Non-cash stock-based
compensation
—
—
—
—
—
326
326
Loss (gain) on foreign currency
transactions, cost recovery
income and other
1
—
—
84
(96)
80
69
Loss (gain) on disposition of fixed
assets
45
2
—
(125)
45
—
(33)
Pre-opening and termination
expenses
—
—
—
—
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
Reportable Segment.
For the three months ended December 31, 2024
Amounts in thousands
US
East
US
Midwest
US
West
Canada
Poland
Other (1)
Total
Net (loss) earnings attributable to
Century Casinos, Inc.
shareholders
$
(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
non-controlling interests
—
—
1,770
68
(597)
—
1,241
Non-cash stock-based
compensation
—
—
—
—
—
(500)
(500)
Gain on foreign currency
transactions, cost recovery
income and other
—
—
—
(106)
(168)
(8)
(282)
Impairment - goodwill (3)
26,473
—
43,716
—
—
—
70,189
Loss on disposition of fixed
assets
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
Reportable Segment.
For the year ended December 31, 2025
Amounts in thousands
US
East
US
Midwest
US
West
Canada
Poland
Other (1)
Total
Net (loss) earnings attributable to
Century Casinos, Inc.
shareholders
$
(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
non-controlling interests
—
—
7,206
869
(555)
—
7,520
Non-cash stock-based
compensation
—
—
—
—
—
1,128
1,128
Loss (gain) on foreign currency
transactions, cost recovery
income and other (3)
1
—
36
(851)
(277)
(2)
(1,093)
Loss (gain) on disposition of fixed
assets
46
47
47
(124)
74
—
90
Pre-opening and termination
expenses
—
—
—
—
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
Reportable Segment.
For the year ended December 31, 2024
Amounts in thousands
US
East
US
Midwest
US
West
Canada
Poland
Other (1)
Total
Net (loss) earnings attributable to
Century Casinos, Inc.
shareholders
$
(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
non-controlling interests
—
—
7,097
943
(955)
—
7,085
Non-cash stock-based
compensation
—
—
—
—
—
66
66
Loss (gain) on foreign currency
transactions, cost recovery
income and other (3)
—
24
—
(2,057)
(584)
(356)
(2,973)
Impairment - goodwill (4)
26,473
—
43,716
—
—
—
70,189
Loss (gain) on disposition of fixed
assets
409
135
(4)
(36)
953
—
1,457
Acquisition costs
—
—
—
—
—
(19)
(19)
Pre-opening and termination
expenses
—
—
—
—
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
the Company's reportable segments as of December 31, 2025:
Reportable Segment and
Operating Segment
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.
SOURCE Century Casinos, Inc.