Century Casinos, Inc. Announces First Quarter 2026 Results

Rhea-AI Summary

Century Casinos (NASDAQ:CNTY) reported all-time record first-quarter net operating revenue of $137.2 million for Q1 2026, up 5% year-over-year. Earnings from operations rose to $11.8 million (+65%), while net loss attributable to shareholders narrowed to $16.5 million (-20%). Adjusted EBITDAR was $24.9 million (+24%).

Cash and cash equivalents were $60.0 million and total outstanding debt was $336.7 million as of March 31, 2026. The company hosted an earnings call on May 8, 2026.

Positive

• Net operating revenue of $137.2 million (+5% YoY)
• Earnings from operations of $11.8 million (+65% YoY)
• Adjusted EBITDAR of $24.9 million (+24% YoY)
• Strong US Midwest performance with Adjusted EBITDAR of $15.6 million

Negative

• Net loss attributable to shareholders of $16.5 million (despite narrower loss, still negative)
• Cash declined to $60.0 million from $68.9 million at year-end 2025
• Consolidated First Lien Net Leverage Ratio exceeded covenant level as of March 31, 2026

News Market Reaction – CNTY

+2.04%

3 alerts

+2.04% Session close to close

+3.4% Peak Tracked

$41.46M Market Cap

0.1x Rel. Volume

In the May 8 session, CNTY gained 2.04%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights an all‑time record first‑quarter net operating revenue of $137.239M and...

Analysis

This announcement highlights an all‑time record first‑quarter net operating revenue of $137.239M and a 24% increase in Adjusted EBITDAR to $24.940M, while the company still reports a net loss of $(16.504)M. Segment data show broad-based improvements across North America. At the same time, cash stands at $60.0M against $336.7M of debt and a $712.0M Master Lease obligation. Investors may watch future quarters for sustained margin gains and further progress on narrowing losses.

Key Figures

Q1 2026 net operating revenue: $137.239M Earnings from operations: $11.763M Net loss attributable to shareholders: $(16.504)M +5 more

8 metrics

Q1 2026 net operating revenue $137.239M Three months ended March 31, 2026; up 5% vs Q1 2025

Earnings from operations $11.763M Q1 2026; up 65% vs Q1 2025

Net loss attributable to shareholders $(16.504)M Q1 2026 consolidated net loss

Basic net loss per share $(0.58) Q1 2026 basic EPS vs $(0.67) in Q1 2025

Adjusted EBITDAR $24.940M Q1 2026; up 24% vs Q1 2025

Cash and cash equivalents $60.0M Balance as of March 31, 2026

Outstanding debt $336.7M Debt as of March 31, 2026

Master Lease obligation $712.0M Long-term financing obligation under Master Lease

Previous Earnings Reports

5 past events · Latest: Mar 13 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 13	Q4/FY25 earnings	Neutral	-8.4%	Flat Q4 revenue, higher earnings from operations, full-year net loss narrows.
Nov 10	Q3 2025 earnings	Negative	+7.5%	Revenue and Adjusted EBITDAR decline with larger net loss despite segment strength.
Aug 07	Q2 2025 earnings	Positive	+9.1%	Revenue growth, smaller net loss, higher Adjusted EBITDAR and strategic review launch.
May 12	Q1 2025 earnings	Negative	-2.0%	Revenue decline, larger net loss, lower Adjusted EBITDAR, regional softness.
Mar 13	Q4/FY24 earnings	Negative	-21.4%	Q4 revenue drop, large net loss and goodwill impairment, weaker EBITDAR and cash.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings headlines have mostly produced moves aligned with the tone of results, with only one notable divergence where shares rose on weaker metrics.

Recent Company History

Over the last five earnings cycles, Century Casinos has consistently reported net losses but shown periods of operational improvement. Q1 2025 and Q4/FY 2024 highlighted revenue declines, larger losses, and goodwill impairment, while Q2 and Q3 2025 featured improving Adjusted EBITDAR and strategic review developments. The latest Q4/FY 2025 release showed sharply better earnings from operations but continued net losses. Today’s Q1 2026 report adds record first‑quarter net operating revenue and stronger Adjusted EBITDAR to that improving, but still loss‑making, trajectory.

Key Terms

adjusted ebitdar, revolving credit facility, consolidated first lien net leverage ratio, term loan, +4 more

8 terms

adjusted ebitdar financial

"Adjusted EBITDAR** was $24.9 million, an increase of 24%."

Adjusted EBITDAR is a company’s reported profit measure that starts with operating earnings and then adds back interest, taxes, depreciation, amortization and rent, plus any one‑time items companies exclude. It aims to show how much cash a business generates from its core operations before the costs of financing, non‑cash accounting charges and property leases, like comparing two stores’ underlying sales by ignoring rent and loan payments. Investors use it to compare operating performance across firms and assess ability to cover fixed obligations, but companies may calculate it differently, so comparisons require caution.

revolving credit facility financial

"and $3.2 million under a revolving credit facility related to CPL."

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

consolidated first lien net leverage ratio financial

"required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less"

A consolidated first lien net leverage ratio measures how much high-priority secured debt a company (including its subsidiaries) carries after subtracting available cash, compared with its annual operating cash flow. Think of it like the remaining balance on the most important mortgage divided by a homeowner’s yearly income: a higher number means heavier debt burden and greater risk to lenders and investors, while a lower number signals more room to borrow and safer credit standing.

term loan financial

"included $332.5 million related to a term loan under the Company's credit agreement"

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

swingline loans financial

"If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit"

A swingline loan is a very short-term, on-demand loan that sits inside a larger credit facility to cover immediate cash needs like payroll, small bills, or last-minute payments. Think of it as an emergency overdraft from a lender: it’s quick to draw, repaid fast, and usually carries faster fees, so investors watch it as a signal of a company’s liquidity pressure and potential cost or covenant stress.

letters of credit financial

"outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

master lease financial

"a $712.0 million long-term financing obligation under its master lease with subsidiaries of VICI"

A master lease is a single, overarching lease agreement that covers multiple properties or assets and sets the main terms for how they will be used, paid for, and maintained—like a master key that opens many doors at once. It matters to investors because it shapes where cash flows come from, who bears operating costs and risks, and how easy it is to sell, finance, or change the assets; a strong master lease can make income more predictable, while a restrictive one can limit flexibility and increase risk.

restricted stock units financial

"4,000 restricted stock units, each representing a contingent right to one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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All-Time Record First Quarter Net Operating Revenue

COLORADO SPRINGS, Colo., May 8, 2026 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2026.

First Quarter 2026 Highlights*
Compared to the three months ended March 31, 2025:

• Net operating revenue was $137.2 million, an increase of 5%.
• Earnings from operations was $11.8 million, an increase of 65%.
• Net loss attributable to Century Casinos, Inc. shareholders was ($16.5) million, a change of 20%, and basic net loss per share was ($0.58).
• Adjusted EBITDAR** was $24.9 million, an increase of 24%.

"The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the Company's history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR**. The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase to Adjusted EBITDAR** of 93% compared to the first quarter of 2025," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.

RESULTS

The consolidated results for the three months ended March 31, 2026 and 2025 are as follows:

	For the three months
Amounts in thousands, except per share data	ended March 31,							%
Consolidated Results:			2026			2025		Change
Net operating revenue		$	137,239		$	130,443		5 %
Earnings from operations			11,763			7,140		65 %
Net loss attributable to Century Casinos, Inc. shareholders		$	(16,504)		$	(20,613)		20 %
Adjusted EBITDAR**		$	24,940		$	20,155		24 %
Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic		$	(0.58)		$	(0.67)		13 %
Diluted		$	(0.58)		$	(0.67)		13 %

RESULTS BY REPORTABLE SEGMENT*

Following is a summary of the changes in net operating revenue by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:

		Net Operating Revenue
		For the three months
Amounts in		ended March 31,							$		%
thousands		2026			2025				Change		Change
US East		$	38,930		$	37,136		$	1,794		5 %
US Midwest			41,805			39,751			2,054		5 %
US West			17,067			16,409			658		4 %
Canada			18,324			16,516			1,808		11 %
Poland			21,113			20,631			482		2 %
Other (1)			—			—			—		—
Consolidated		$	137,239		$	130,443		$	6,796		5 %

(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 earnings (loss) from operations by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:

		Earnings (Loss) from Operations
		For the three months
Amounts in		ended March 31,							$		%
thousands		2026			2025				Change		Change
US East		$	1,493		$	435		$	1,058		243 %
US Midwest			11,813			9,575			2,238		23 %
US West			(1,992)			(2,666)			674		25 %
Canada			4,277			3,363			914		27 %
Poland			(177)			(109)			(68)		(62 %)
Other (1)			(3,651)			(3,458)			(193)		(6 %)
Consolidated		$	11,763		$	7,140		$	4,623		65 %

(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 months ended March 31, 2026, compared to the three months ended March 31, 2025:

		Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders
		For the three months
Amounts in		ended March 31,							$		%
thousands		2026			2025				Change		Change
US East		$	(5,145)		$	(6,203)		$	1,058		17 %
US Midwest			4,942			3,103			1,839		59 %
US West			(3,826)			(4,450)			624		14 %
Canada			548			(61)			609		998 %
Poland			(307)			(165)			(142)		(86 %)
Other (1)			(12,716)			(12,837)			121		1 %
Consolidated		$	(16,504)		$	(20,613)		$	4,109		20 %

(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 months ended March 31, 2026 compared to the three months ended March 31, 2025:

		Adjusted EBITDAR**
		For the three months
Amounts in		ended March 31,							$		%
thousands		2026			2025				Change		Change
US East		$	5,390		$	4,240		$	1,150		27 %
US Midwest			15,646			13,436			2,210		16 %
US West			1,392			722			670		93 %
Canada			5,480			4,360			1,120		26 %
Poland			505			546			(41)		(8 %)
Other (1)			(3,473)			(3,149)			(324)		(10 %)
Consolidated		$	24,940		$	20,155		$	4,785		24 %

(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 March 31, 2026, the Company had $60.0 million in cash and cash equivalents compared to $68.9 million in cash and cash equivalents at December 31, 2025. As of March 31, 2026, the Company had $336.7 million in outstanding debt compared to $337.7 million in outstanding debt at December 31, 2025. The outstanding debt as of March 31, 2026 included $332.5 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $1.0 million under a credit agreement related to Casinos Poland ("CPL") and $3.2 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 March 31, 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 $712.0 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 March 31, 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 first quarter 2026 earnings conference call today, Friday, May 8, 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/VJQo9LX97a5 or obtain a recording of the call on the Company's website until May 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
	ended March 31,
Amounts in thousands, except for per share information		2026			2025
Operating revenue:
Net operating revenue		$	137,239		$	130,443
Operating costs and expenses:
Total operating costs and expenses			125,476			123,303
Earnings from operations			11,763			7,140
Non-operating (expense) income, net			(25,638)			(25,538)
Loss before income taxes			(13,875)			(18,398)
Income tax expense			(909)			(481)
Net loss			(14,784)			(18,879)
Net earnings attributable to non-controlling interests			(1,720)			(1,734)
Net loss attributable to Century Casinos, Inc. shareholders		$	(16,504)		$	(20,613)
Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic		$	(0.58)		$	(0.67)
Diluted		$	(0.58)		$	(0.67)
Weighted average common shares
Basic			28,633			30,683
Diluted			28,633			30,683

 

Condensed Consolidated Balance Sheets
		March 31,			December 31,
Amounts in thousands		2026			2025
Assets
Current assets		$	95,614		$	104,072
Property and equipment, net			892,191			902,756
Other assets			135,030			140,443
Total assets		$	1,122,835		$	1,147,271
Liabilities and (Deficit) Equity
Current liabilities		$	78,221		$	79,780
Non-current liabilities			1,068,907			1,074,273
Century Casinos, Inc. shareholders' (deficit) equity			(114,742)			(97,697)
Non-controlling interests			90,449			90,915
Total liabilities and (deficit) equity		$	1,122,835		$	1,147,271

 

CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDAR* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the three months ended March 31, 2026
Amounts in thousands			US East			US Midwest			US West			Canada			Poland			Other (1)			Total
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(5,145)		$	4,942		$	(3,826)		$	548		$	(307)		$	(12,716)		$	(16,504)
Interest income			—			—			—			(48)			(3)			(85)			(136)
Interest expense (2)			6,634			6,818			—			3,502			62			8,931			25,947
Income tax expense			—			49			—			237			407			216			909
Depreciation and amortization			3,897			3,833			3,384			1,203			682			17			13,016
Net earnings (loss) attributable to non-controlling interests			—			—			1,833			41			(154)			—			1,720
Non-cash stock-based compensation			—			—			—			—			—			161			161
(Gain) loss on foreign currency transactions, cost recovery income and other			—			—			—			(4)			(191)			3			(192)
Loss on disposition of fixed assets			4			4			1			1			9			—			19
Adjusted EBITDAR		$	5,390		$	15,646		$	1,392		$	5,480		$	505		$	(3,473)		$	24,940

(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 Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.
	For the three months ended March 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		$	(6,203)		$	3,103		$	(4,450)		$	(61)		$	(165)		$	(12,837)		$	(20,613)
Interest income			—			(8)			—			(94)			(8)			(270)			(380)
Interest expense (2)			6,638			6,480			—			3,301			50			9,568			26,037
Income tax expense			—			—			—			217			89			175			481
Depreciation and amortization			3,802			3,862			3,343			998			370			19			12,394
Net earnings (loss) attributable to non-controlling interests			—			—			1,784			31			(81)			—			1,734
Non-cash stock-based compensation			—			—			—			—			—			290			290
(Gain) loss on foreign currency transactions, cost recovery income and other			—			—			—			(31)			6			(94)			(119)
Loss (gain) on disposition of fixed assets			3			(1)			45			(1)			4			—			50
Pre-opening and termination expenses			—			—			—			—			281			—			281
Adjusted EBITDAR		$	4,240		$	13,436		$	722		$	4,360		$	546		$	(3,149)		$	20,155

(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
Net Earnings (Loss) Margins** and Adjusted EBITDAR Margins***
				For the three months
				ended March 31,
				2026			2025
US East	Net Operating Revenue		$	38,930		$	37,136
	Net Earnings (Loss) Margin			(13 %)			(17 %)
	Adjusted EBITDAR Margin			14 %			11 %
US Midwest	Net Operating Revenue		$	41,805		$	39,751
	Net Earnings (Loss) Margin			12 %			8 %
	Adjusted EBITDAR Margin			37 %			34 %
US West	Net Operating Revenue		$	17,067		$	16,409
	Net Earnings (Loss) Margin			(22 %)			(27 %)
	Adjusted EBITDAR Margin			8 %			4 %
Canada	Net Operating Revenue		$	18,324		$	16,516
	Net Earnings (Loss) Margin			3 %			—
	Adjusted EBITDAR Margin			30 %			26 %
Poland	Net Operating Revenue		$	21,113		$	20,631
	Net Earnings (Loss) Margin			(1 %)			(1 %)
	Adjusted EBITDAR Margin			2 %			3 %
Other (1)	Net Operating Revenue		$	—		$	—
	Net Earnings (Loss) Margin			NM (2)			NM
	Adjusted EBITDAR Margin			NM			NM
Consolidated	Net Operating Revenue		$	137,239		$	130,443
	Net Earnings (Loss) Margin			(12 %)			(16 %)
	Adjusted EBITDAR Margin			18 %			16 %

(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
	ended March 31,
Amounts in thousands			2026			2025
Interest expense - Credit Agreements			8,155			8,792
Interest expense - Master Lease Financing Obligation			16,940			16,402
Interest expense - Deferred Financing Costs			674			674
Interest expense - Miscellaneous			178			169
Interest expense		$	25,947		$	26,037

 

Cash Rent Payments
	For the three months
	ended March 31,
Amounts in thousands			2026			2025
Master Lease		$	18,075		$	14,327
Nugget Lease (1)			2,005			1,913

(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 the Company's reportable segments as of March 31, 2026.
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 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.

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 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 earnings (loss) 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.

** We define net earnings (loss) margin as net earnings (loss) 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 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 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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SOURCE Century Casinos, Inc.

FAQ

What were Century Casinos (CNTY) Q1 2026 revenue and Adjusted EBITDAR figures?

Century Casinos reported $137.2 million in net operating revenue and $24.9 million in Adjusted EBITDAR for Q1 2026. According to the company, revenue rose 5% year-over-year and Adjusted EBITDAR increased 24% versus Q1 2025.

Why did Century Casinos say earnings from operations improved in Q1 2026?

Earnings from operations improved to $11.8 million, a 65% increase year-over-year. According to the company, stronger play from high-value and core customers at North American properties drove the gain.

How much was Century Casinos' net loss per share in Q1 2026 (CNTY)?

Net loss per share was $0.58 basic and diluted for Q1 2026. According to the company, the consolidated net loss attributable to shareholders was $16.5 million, narrowing from Q1 2025.

What is Century Casinos' cash, debt, and leverage position as of March 31, 2026?

As of March 31, 2026, cash and cash equivalents were $60.0 million and outstanding debt was $336.7 million. According to the company, the Consolidated First Lien Net Leverage Ratio exceeded the 5.50 covenant threshold at that date.

Which Century Casinos segments showed the largest Adjusted EBITDAR changes in Q1 2026?

The US Midwest and US West segments showed the largest Adjusted EBITDAR increases: $15.6 million (US Midwest) and $1.4 million (US West), a 16% and 93% change respectively. According to the company, these gains materially lifted consolidated Adjusted EBITDAR.