[10-Q] CENTURY CASINOS INC /CO/ Quarterly Earnings Report
Century Casinos (CNTY) filed its Q3 2025 report, showing steady operations but a GAAP loss driven by financing costs. Net operating revenue was $153.7 million versus $155.7 million a year ago. Earnings from operations were $17.1 million, offset by $26.4 million of interest expense, resulting in a net loss attributable to shareholders of $10.5 million (basic and diluted EPS $(0.35)).
Year to date, the company posted a net loss of $43.5 million. Cash and cash equivalents were $77.7 million (down from $98.8 million at December 31, 2024). Operating cash flow for the nine months was $6.8 million; investing used $17.8 million (mainly capex), and financing used $10.7 million, including repurchases of 1,029,657 shares for $2.5 million (Q3: 600,923 shares for $1.5 million). Long-term debt was $329.3 million and the long-term financing obligation to VICI totaled $712.1 million; Q3 cash payments under the Master Lease were $14.4 million. Shareholders’ equity stood at a deficit of $(78.6) million. Casinos Poland was out of compliance with certain covenants, allowing a 0.50% rate increase without acceleration. The company expects sports betting in Missouri with BetMGM to begin on December 1, 2025. Shares outstanding were 29,445,056 as of November 6, 2025.
- None.
- None.
Insights
Losses reflect high interest and lease expense despite stable revenue.
Century Casinos generated Q3 net operating revenue of
Balance sheet leverage remains notable: long‑term debt of
The Missouri sports betting launch with BetMGM is expected on
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
OR
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________
Commission file number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer Identification No.) |
incorporation or organization) |
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(Address of principal executive offices, including zip code)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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| Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
1
INDEX
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Part I | FINANCIAL INFORMATION | Page |
Item 1. | Condensed Consolidated Financial Statements (Unaudited) | 3 |
| Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 | 3 |
| Condensed Consolidated Statements of Loss for the Three and Nine Months Ended September 30, 2025 and 2024 | 4 |
| Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024 | 5 |
| Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024 | 6 |
| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 | 7 |
| Notes to Condensed Consolidated Financial Statements | 8 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 46 |
Item 4. | Controls and Procedures | 46 |
Part II | OTHER INFORMATION | |
Item 1. | Legal Proceedings | 47 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 47 |
Item 5. | Other Information | 47 |
Item 6. | Exhibits | 48 |
Signatures | 49 | |
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PART I – FINANCIAL INFORMATION
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
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| September 30, |
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Amounts in thousands, except for share and per share information |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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Receivables, net |
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Prepaid expenses |
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Inventories |
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Other current assets |
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Total Current Assets |
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Property and equipment, net |
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Leased right-of-use assets, net |
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Goodwill |
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Intangible assets, net |
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Deferred income taxes |
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Deposits and other |
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Total Assets |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Current portion of long-term debt |
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Current portion of operating lease liabilities |
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Current portion of finance lease liabilities |
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Accounts payable |
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Accrued liabilities |
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Accrued payroll |
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Taxes payable |
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Total Current Liabilities |
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Long-term debt, net of current portion and deferred financing costs (Note 4) |
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Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 5) |
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Operating lease liabilities, net of current portion |
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Finance lease liabilities, net of current portion |
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Taxes payable and other |
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Deferred income taxes |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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Equity: |
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Preferred stock; $ |
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Common stock; $ |
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Additional paid-in capital |
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Retained loss |
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Accumulated other comprehensive loss |
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Total Century Casinos, Inc. Shareholders' Equity (Deficit) |
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Non-controlling interests |
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Total Equity |
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Total Liabilities and Equity |
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See notes to unaudited condensed consolidated financial statements.
3
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)
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| For the three months |
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Amounts in thousands, except for per share information |
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Operating revenue: |
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Gaming |
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Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue |
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Operating costs and expenses: |
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Gaming |
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Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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General and administrative |
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Depreciation and amortization |
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Total operating costs and expenses |
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Earnings from operations |
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Non-operating (expense) income: |
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Interest income |
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Interest expense |
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(Loss) gain on foreign currency transactions, cost recovery income and other (Note 1) |
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Non-operating (expense) income, net |
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Loss before income taxes |
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Income tax (expense) benefit |
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Net loss |
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Net earnings attributable to non-controlling interests |
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Net loss attributable to Century Casinos, Inc. shareholders |
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Loss per share attributable to Century Casinos, Inc. shareholders: |
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Basic |
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Diluted |
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Weighted average shares outstanding - basic |
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Weighted average shares outstanding - diluted |
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See notes to unaudited condensed consolidated financial statements.
4
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
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| For the three months |
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Amounts in thousands |
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Net loss |
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Other comprehensive income (loss) |
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Foreign currency translation adjustments |
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Other comprehensive income (loss) |
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Comprehensive loss |
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Comprehensive loss attributable to non-controlling interests |
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Net earnings attributable to non-controlling interests |
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Foreign currency translation adjustments |
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Comprehensive loss attributable to Century Casinos, Inc. shareholders |
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See notes to unaudited condensed consolidated financial statements.
5
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
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Amounts in thousands, except for share information |
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Common Stock |
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Balance, beginning of period |
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Common stock repurchase |
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Performance stock unit issuance |
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Balance, end of period |
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Additional Paid-in Capital |
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Balance, beginning of period |
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Amortization of stock-based compensation |
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Common stock repurchase (including incremental costs) |
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Performance stock unit issuance |
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Balance, end of period |
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Accumulated Other Comprehensive Loss |
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Balance, beginning of period |
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Foreign currency translation adjustment |
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Balance, end of period |
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Retained (Loss) Earnings |
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Balance, beginning of period |
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Net loss |
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Balance, end of period |
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Total Century Casinos, Inc. Shareholders' (Deficit) Equity |
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Non-controlling Interests |
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Balance, beginning of period |
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Net earnings |
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Distributions to non-controlling interests |
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Balance, end of period |
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Total Equity |
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Common shares issued |
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See notes to unaudited condensed consolidated financial statements.
6
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
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Cash Flows provided by (used in) Operating Activities: |
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Net loss |
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Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
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Paid in kind interest on financing obligation |
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Loss on disposition of fixed assets |
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Amortization of stock-based compensation expense |
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Amortization of deferred financing costs and discount on notes receivable |
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Gain on debt repurchase |
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Deferred taxes |
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Changes in Operating Assets and Liabilities: |
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Receivables, net |
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Prepaid expenses and other assets |
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Accounts payable |
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Other current and long-term liabilities |
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Taxes payable |
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Net cash provided by (used in) operating activities |
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Cash Flows (used in) provided by Investing Activities: |
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Purchases of property and equipment |
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Notes receivable proceeds |
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Purchase of intangible assets - casino license |
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Proceeds from disposition of assets |
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Net cash used in investing activities |
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Cash Flows (used in) provided by Financing Activities: |
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Principal payments |
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Distributions to non-controlling interests |
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Common shares repurchased and retired |
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Net cash used in financing activities |
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Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash |
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Decrease in Cash, Cash Equivalents and Restricted Cash |
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Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
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Cash, Cash Equivalents and Restricted Cash at End of Period |
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Supplemental Disclosure of Cash Flow Information: |
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Interest paid |
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Income taxes paid |
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Income tax refunds |
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Non-Cash Investing Activities: |
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Purchase of property and equipment on account |
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See notes to unaudited condensed consolidated financial statements.
7
CENTURY CASINOS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:
Century Casino & Hotel Central City in Colorado (“Central City” or “CTL”)
Century Casino & Hotel Cripple Creek in Colorado (“Cripple Creek” or “CRC”)
Mountaineer Casino, Resort & Races in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1)
Century Casino & Hotel Cape Girardeau in Missouri (“Cape Girardeau” or “CCG”) (1)
Century Casino & Hotel Caruthersville in Missouri (“Caruthersville” or “CCV”) (1)
Nugget Casino Resort in Reno-Sparks, Nevada (“Nugget” or “NUG”) (2)
Rocky Gap Casino, Resort & Golf in Flintstone, Maryland (“Rocky Gap” or “ROK”) (1)
Century Casino & Hotel Edmonton in Alberta, Canada (“Century Resorts Alberta” or “CRA”) (1)
Century Casino St. Albert in St. Albert, Alberta, Canada (“St. Albert” or “CSA”) (1)
Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“Century Mile” or “CMR”) (1)
(1)Subsidiaries of VICI Properties Inc. (“VICI PropCo”), an unaffiliated third party, own the real estate assets underlying these properties, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, and subsidiaries of the Company lease these properties under a triple net master lease agreement (“Master Lease”) with subsidiaries of VICI PropCo.
(2)Smooth Bourbon, LLC (“Smooth Bourbon”), a
The Company’s Colorado, West Virginia and Nevada subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has also partnered with a sports betting operator to offer sports wagering in Missouri, which is expected to begin on December 1, 2025. During 2024,
The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries:
The Company owns
The Company owns
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Through its wholly-owned subsidiary Century Nevada Acquisition, Inc., the Company has a
Other Projects and Developments
Sports Betting – Missouri
In May 2025, the Company announced that it has partnered with BetMGM, LLC (“BetMGM”) to operate an online and mobile sports betting application under the Company’s license in Missouri. The agreement includes a percentage of net gaming revenue payable to the Company, with a guaranteed minimum, as well as retail sportsbook options to be exercised at its discretion. Sports betting is expected to begin in Missouri on December 1, 2025.
Caruthersville Land-Based Casino and Hotel
On November 1, 2024, the Company opened its new land-based casino with a
Cape Girardeau Hotel
On April 4, 2024, the Company opened its
Preparation of Financial Statements
In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
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| September 30, |
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Amounts in thousands |
| 2025 |
| 2024 | ||
Cash and cash equivalents |
| $ |
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Restricted cash included in deposits and other |
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Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows |
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9
The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows:
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Ending Rates |
| 2025 |
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Canadian dollar (CAD) |
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Euros (EUR) |
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Polish zloty (PLN) |
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The average exchange rates to the US dollar used to translate balances during each reported period are as follows:
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Average Rates |
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Canadian dollar (CAD) |
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Source: Xe Currency Converter |
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In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements – Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative (“ASU 2023-06”). The objective of ASU 2023-06 is to update and simplify disclosure requirements and is intended to align US GAAP and SEC requirements. Early adoption of ASU 2023-06 is not permitted. The guidance relates to various topics and is effective on the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. The Company is reviewing the updates provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740); Improvements to Income Tax Disclosures (“ASU 2023-09”). The objective of ASU 2023-09 is to improve income tax disclosure requirements. Under ASU 2023-09, entities must annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Early adoption of ASU 2023-09 is permitted. The guidance is effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the standard to have a material impact on its financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to disaggregate the disclosure of expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. In January
10
2025, the FASB issued ASU 2025-01, Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2025-01 clarified that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods with annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-3 is permitted. The standard can be adopted prospectively or retrospectively. The Company is currently analyzing the additional disclosure requirements of ASU 2024-03 and the impact of adoption on the Company’s financial statements.
The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.
Significant Accounting Policies
Goodwill
Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.
The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. The reportable segments with goodwill balances as of September 30, 2025 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The impairment analysis requires management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. Changes in the carrying amount of goodwill are as follows:
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Amounts in thousands |
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| Poland |
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Gross carrying value January 1, 2025 |
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Currency translation |
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Gross carrying value September 30, 2025 |
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Accumulated impairment losses January 1, 2025 |
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Accumulated impairment losses September 30, 2025 |
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Net carrying value at January 1, 2025 |
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Net carrying value at September 30, 2025 |
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Intangible Assets
The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach. Intangible assets at September 30, 2025 and December 31, 2024 consisted of the following:
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Amounts in thousands |
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Finite-lived |
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Casino licenses |
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Less: accumulated amortization |
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Trademarks |
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Less: accumulated amortization |
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Player's club lists |
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Less: accumulated amortization |
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Casino licenses |
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Trademarks |
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Total indefinite-lived intangible assets |
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Total intangible assets, net |
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Trademarks
The Company currently owns
Trademarks: Finite-Lived
The Company has determined that the Mountaineer, Nugget and Rocky Gap trademarks, all reported in the United States segment, have useful lives of
Changes in the carrying amount of the United States trademarks are as follows:
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United States |
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As of September 30, 2025, estimated amortization expense of the United States trademarks over the next five years and thereafter was as follows:
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2025 |
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2026 |
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2027 |
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2028 |
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Trademark amortization expense was $
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Trademarks: Indefinite-Lived
The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss.
Changes in the carrying amount of the indefinite-lived trademarks are as follows:
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Amounts in thousands |
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Poland |
| $ |
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Corporate and Other |
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Casino Licenses: Finite-Lived
As of September 30, 2025, Casinos Poland had
Changes in the carrying amount of the Casinos Poland licenses are as follows:
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| New Casino License |
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Poland |
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As of September 30, 2025, estimated amortization expense for the CPL casino licenses over the next five years and thereafter was as follows:
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2025 |
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2026 |
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2027 |
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These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. Casino license amortization expense was $
Casino Licenses: Indefinite-Lived
The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission, the West Virginia Lottery Commission and the Nevada Gaming Commission (held by Smooth Bourbon) and those held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the licenses are as follows:
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United States |
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Canada |
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Player’s Club Lists
The Company has determined that the player’s club lists, reported in the United States segment, have useful lives of seven to
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United States |
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As of September 30, 2025, estimated amortization expense for the player’s club lists over the next five years and thereafter was as follows:
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2026 |
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2027 |
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2028 |
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2029 |
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Thereafter |
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4. LONG-TERM DEBT
Long-term debt and the weighted average interest rates as of September 30, 2025 and December 31, 2024 consisted of the following:
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Goldman term loan |
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Credit facility - CPL |
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UniCredit term loan |
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Goldman Credit Agreement
On April 1, 2022, the Company entered into the Goldman Credit Agreement by and among the Company, as borrower, the subsidiary guarantors party thereto, Goldman Sachs Bank USA, as administrative agent and collateral agent, Goldman Sachs Bank USA and BOFA Securities, Inc., as joint lead arrangers and joint bookrunners, and the Lenders and L/C Lenders party thereto. The Goldman Credit Agreement provides for the $
The Goldman Term Loan matures on
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Borrowings under the Goldman Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the Adjusted Term SOFR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “SOFR Loan”), or (b) the ABR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “ABR Loan”). The applicable margin for the Goldman Term Loan is
In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Facility a commitment fee in respect of any unused commitments under the Revolving Facility at a per annum rate of
The Goldman Credit Agreement requires the Company to prepay the Goldman Term Loan, subject to certain exceptions, with:
•
•
The Goldman Credit Agreement provides that the Goldman Term Loan may be prepaid without a premium or penalties.
The borrowings under the Goldman Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions (including the exclusion of the Company’s non-domestic subsidiaries), and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors, subject to certain exceptions.
The Goldman Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Goldman Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. If the Company has aggregate outstanding revolving loans, swingline loans, and letters of credit greater than $
Deferred financing costs consist of the Company’s costs related to financings. Amortization expenses relating to the Goldman Credit Agreement were $
Casinos Poland
As of September 30, 2025, CPL had a short-term line of credit (“CPL Credit Facility”) with mBank S.A. (“mBank”) used to finance current operations. The CPL Credit Facility was amended in June 2025 to extend the line of credit borrowing capacity of PLN
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liquidity and liability to asset ratios. CPL was not in compliance with all applicable financial covenants under the CPL Credit Facility as of September 30, 2025. The violation of the covenant allows the lender to increase the interest rate by
Under Polish gaming law, CPL is required to maintain PLN
Century Resorts Management
As of September 30, 2025, CRM had a credit agreement with UniCredit Bank Austria AG (“UniCredit”) originally entered into in August 2018 as a $
As of September 30, 2025, scheduled repayments related to long-term debt were as follows:
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2025 |
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Total |
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(1)The CPL Credit Facility line of credit is available through June 2026. There is no set repayment schedule for the line of credit. The Company has included the balance in 2025 based on the planned repayment schedule.
In December 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into a sale and leaseback transaction in connection with the acquisition of the Company’s West Virginia and Missouri properties and entered into the Master Lease to lease the real estate assets. See Note 1 for a list of the Company’s subsidiaries and properties under the Master Lease.
The Master Lease has been modified as follows:
On December 1, 2022, an amendment provided for (i) modifications with respect to certain project work to be done by the Company related to Century Casino Caruthersville, (ii) modifications to rent under the Master Lease to provide for an increase in initial annualized rent of approximately $
On July 25, 2023, an amendment (i) added Rocky Gap to the Master Lease, (ii) increased initial annualized rent by approximately $
On September 6, 2023, an amendment (i) added the Century Canadian Portfolio to the Master Lease, (ii) increased initial annualized rent by approximately CAD
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30, 2025) and (iii) extended the initial Master Lease term for
The Master Lease does not transfer control of the properties under the Master Lease to VICI PropCo subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term.
The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of
The Master Lease provides for the lease of land, buildings, structures and other improvements on the land, easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease had an initial term of
The Master Lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the Company’s properties that are subject to the Master Lease, including real estate taxes, insurance, utilities, maintenance and operating costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease.
The rent under the Master Lease currently escalates at the greater of either
The estimated future payments in the table below include payments and adjustments to reflect estimated payments as described in the Master Lease, including the Base Rent Escalator of
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2028 |
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2029 |
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Thereafter |
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Total payments |
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Residual value |
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Less imputed interest |
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Total |
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(1)Included in 2025 and 2026 is the $
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Total payments and interest expense related to the Master Lease for the three and nine months ended September 30, 2025 and 2024 were as follows:
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Amounts in thousands |
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| 2024 |
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Payments made per Master Lease |
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CPI increase |
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Total payments made including CPI increase |
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Cash paid for interest |
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Interest expense |
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| $ | |
| $ | |
Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. Based on management’s knowledge, the Company does not expect the outcome of such currently pending or threatened proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations.
Termination Costs (Poland) – The Company was notified in the fourth quarter of 2024 that it was not awarded a new license to operate a casino in Krakow, Poland. Agreements with the employees at the Krakow casino provide for payment of salaries for a negotiated termination period and severance pay. The final payments related to the Krakow casino were made in June 2025 and the estimate was adjusted based on these final payments.
The Company was notified in June 2025 that it was not awarded a new license to operate a casino at the Hilton Hotel in Warsaw, Poland. Agreements with the employees at the Hilton Hotel casino in Warsaw provide for severance pay. The final payments related to the Hilton Hotel casino were made in September 2025.
A reconciliation of the liability as of September 30, 2025 is presented below.
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Amounts in thousands |
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Balance as of January 1, 2025 |
| $ | |
Termination costs (1) |
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Payments |
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Estimate adjustments |
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Currency translation |
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Balance as of September 30, 2025 |
| $ | — |
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Income tax expense or benefits are recorded relative to the jurisdictions that recognize book earnings. For the nine months ended September 30, 2025, the Company recognized income tax expense of $
For the nine months ended September 30, 2025, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company
18
concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the nine months ended September 30, 2025.
A number of items caused the effective income tax rate for the nine months ended September 30, 2025 to differ from the US federal statutory income tax rate of
The Company continues to maintain a full valuation allowance on deferred tax assets for CMR, CRM and Century Resorts International Ltd. Additionally, the Company maintains a full valuation allowance on certain net deferred tax assets in the United States, which was initially recorded in the second quarter of 2024.
On July 4, 2025, One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA extends and makes permanent several key provisions of the Tax Cuts and Jobs Act of 2017 previously set to expire at the end of 2025. This new legislation also introduces modifications to international taxation. The Company does not anticipate material US cash taxes in 2025, and this legislation confirms the Company’s ability to maintain minimal US cash taxes for 2025. The Company does not anticipate OBBBA will have a material impact on its income tax expense for 2025.
Earnings (Loss) per Share
The calculation of basic loss per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three and nine months ended September 30, 2025 and 2024 were as follows:
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| For the three months |
| For the nine months | ||||||||
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| ended September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Weighted average common shares, basic |
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Dilutive effect of stock options |
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Weighted average common shares, diluted |
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The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation:
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| For the three months |
| For the nine months | ||||||||
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| ended September 30, |
| ended September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Stock options |
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Common Stock Repurchase Program
Since March 2000, the Company has had a discretionary program to repurchase its outstanding common stock. Beginning in May 2025, the Company has entered into 10b5-1 trading plans (the “Plans”) for the purpose of repurchasing shares of the Company’s outstanding common stock in accordance with the share repurchase program previously authorized by the Company’s Board of Directors. The Plans are intended to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Repurchases of common stock under the Plans are being administered through an independent broker and are subject to certain price, market, volume and timing constraints specified in the Plans.
19
Fair Value Measurements
The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:
Level 1 – quoted prices in active markets for identical assets or liabilities
Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable
Level 3 – significant inputs to the valuation model are unobservable
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were
Non-Recurring Fair Value Measurements
The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. There were
Debt – The carrying value of the Goldman Credit Agreement, the UniCredit Term Loan and CPL’s short-term line of credit approximate fair value based on the variable interest paid on the obligations. The estimated fair values of the outstanding balances under the Goldman Credit Agreement and UniCredit Term Loan are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The carrying value of CPL’s short-term line of credit approximates fair value due to the short-term nature of the agreement. The carrying values of the Company’s finance lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings.
Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of September 30, 2025 and December 31, 2024, the Company had
The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below.
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| For the three months |
| For the nine months | ||||||||
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| ended September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Revenue from contracts with customers |
| $ |
| $ |
| $ |
| $ | ||||
Cost recovery income |
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Total revenue |
| $ |
| $ |
| $ |
| $ | ||||
The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, iGaming, and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, pari-mutuel and sports betting, iGaming, hotel, food and beverage, and other.
20
Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below.
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| For the three months ended September 30, 2025 | |||||||||||||
Amounts in thousands |
| United States |
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| Canada |
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| Poland |
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| Corporate and Other |
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| Total |
Gaming | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
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| For the three months ended September 30, 2024 | |||||||||||||
Amounts in thousands |
| United States |
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| Canada |
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| Poland |
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| Corporate and Other |
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| Total |
Gaming | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
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| For the nine months ended September 30, 2025 | |||||||||||||
Amounts in thousands |
| United States |
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| Canada |
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| Poland |
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| Corporate and Other |
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| Total |
Gaming | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
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| For the nine months ended September 30, 2024 | |||||||||||||
Amounts in thousands |
| United States |
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| Canada |
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| Poland |
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| Corporate and Other |
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| Total |
Gaming | $ |
| $ |
| $ |
| $ | — |
| $ | ||||
Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue | $ |
| $ |
| $ |
| $ |
| $ | |||||
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For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created.
The amount of revenue recognized that was included in the opening contract liability balance was $
21
Activity in the Company’s receivables and contract liabilities is presented in the tables below.
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| For the three months ended |
| For the three months ended | ||||||||
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| September 30, 2025 |
| September 30, 2024 | ||||||||
Amounts in thousands |
| Receivables |
| Contract Liabilities |
| Receivables |
| Contract Liabilities | ||||
Opening |
| $ |
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| $ |
| $ | ||||
Closing |
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Increase (Decrease) |
| $ |
| $ | ( |
| $ |
| $ | ( | ||
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| For the nine months ended |
| For the nine months ended | ||||||||
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| September 30, 2025 |
| September 30, 2024 | ||||||||
Amounts in thousands |
| Receivables |
| Contract Liabilities |
| Receivables |
| Contract Liabilities | ||||
Opening |
| $ |
| $ |
| $ |
| $ | ||||
Closing |
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Increase (Decrease) |
| $ |
| $ |
| $ |
| $ | ( | |||
Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets.
The Company determines if an arrangement is a lease at inception. The right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of
The components of lease expense were as follows:
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| For the three months ended |
| For the nine months ended | ||||||||
|
| September 30, |
| September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Operating lease expense |
| $ | |
| $ | |
| $ | |
| $ | |
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Finance lease expense: |
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Amortization of right-of-use assets |
| $ | |
| $ | |
| $ | |
| $ | |
Interest on lease liabilities |
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| |
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Total finance lease expense |
| $ | |
| $ | |
| $ | |
| $ | |
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Short-term lease expense |
| $ | |
| $ | |
| $ | |
| $ | |
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Variable lease expense |
| $ | |
| $ | |
| $ | |
| $ | |
Variable lease expense relates primarily to rates based on changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland.
22
Supplemental cash flow information related to leases was as follows:
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| For the nine months ended | ||||
|
| September 30, | ||||
Amounts in thousands |
| 2025 |
| 2024 | ||
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from finance leases |
| $ |
| $ | ||
Operating cash flows from operating leases |
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Financing cash flows from finance leases |
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Right-of-use assets obtained in exchange for operating lease liabilities |
| $ |
| $ | ||
Right-of-use assets obtained in exchange for finance lease liabilities |
| $ |
| $ | ||
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Supplemental balance sheet information related to leases was as follows:
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| As of |
| As of | ||
Amounts in thousands |
| September 30, 2025 |
| December 31, 2024 | ||
Operating leases |
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Leased right-of-use assets, net |
| $ | |
| $ | |
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Current portion of operating lease liabilities |
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Operating lease liabilities, net of current portion |
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Total operating lease liabilities |
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Finance leases |
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Finance lease right-of-use assets, gross |
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Accumulated depreciation |
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| ( |
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| ( |
Property and equipment, net |
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Current portion of finance lease liabilities |
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Finance lease liabilities, net of current portion |
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Total finance lease liabilities |
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Weighted-average remaining lease term |
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Operating leases |
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Finance leases |
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Weighted-average discount rate |
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Operating leases |
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Finance leases |
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Maturities of lease liabilities as of September 30, 2025 were as follows:
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Amounts in thousands |
|
| Operating Leases |
| Finance Leases | |
2025 |
| $ | |
| $ | |
2026 |
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2027 |
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2028 |
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2029 |
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Thereafter |
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| — |
Total lease payments |
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| |
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Less imputed interest |
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| ( |
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| ( |
Total |
| $ | |
| $ | |
23
The Company reports its financial performance in
The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments:
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|
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Reportable Segment | Operating Segment | Reporting Unit |
United States | East | Mountaineer Casino, Resort & Races (1) |
|
| Rocky Gap Casino, Resort & Golf (1) |
| Midwest | Century Casino & Hotel Central City |
|
| Century Casino & Hotel Cripple Creek |
|
| Century Casino & Hotel Cape Girardeau and The Riverview (1) |
|
| Century Casino & Hotel Caruthersville and The Farmstead (1) |
| West | Nugget Casino Resort and Smooth Bourbon, LLC |
Canada | Canada | Century Casino & Hotel Edmonton (1) |
|
| Century Casino St. Albert (1) |
|
| Century Mile Racetrack and Casino (1) |
|
| Century Downs Racetrack and Casino (1) |
Poland | Poland | Casinos Poland |
Corporate and Other (2) | Corporate and Other | Corporate Other |
(1)The real estate assets, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, are owned by VICI PropCo and leased under the Master Lease.
(2)Corporate and Other is not a reportable segment and is presented for reconciliation purposes only.
The Company’s chief operating decision maker is a management function comprised of
within the annual budget and forecasting process when making decisions about the allocation of operating and capital resources to each segment;
to evaluate monthly results compared to budget which are used in assessing segment performance;
to determine whether to invest in growth projects in the segment; and
to determine initiatives such as acquisitions or deleveraging.
Adjusted EBITDAR
Adjusted EBITDAR is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest earnings (loss) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss 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. Expense related to the Master Lease is included in the interest expense (income), net line item. 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. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers. 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 not considered a measure of performance recognized under US GAAP.
24
The following tables provide information regarding the Company’s reportable segments:
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| For the three months ended September 30, 2025 | ||||||||||||||
Amounts in thousands |
|
| United States |
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| Canada |
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| Poland |
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| Corporate and Other |
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| Total |
Net operating revenue |
| $ |
| $ |
| $ |
| $ | — |
| $ | ||||
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Less: |
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Payroll expense |
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Operating expenses |
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Gaming tax expense |
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| — |
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| — |
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| |||
Other segment items (1) |
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| |||||
Pre-opening and termination expenses |
|
| — |
|
| — |
|
| ( |
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| — |
|
| ( |
Adjusted EBITDAR |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | |||
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Earnings (loss) before income taxes |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
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Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
Interest expense (income), net (2) |
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| |||||
Income tax expense (benefit) |
|
| — |
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| ( |
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| ( |
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Depreciation and amortization |
|
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| |||||
Net earnings (loss) attributable to non-controlling interests |
|
|
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| ( |
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| ( |
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| — |
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| ||
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
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| ||
Loss on foreign currency transactions, cost recovery income and other |
|
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| |||||
Loss on disposition of fixed assets |
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|
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|
|
| — |
|
| ||||
Pre-opening and termination expenses |
|
| — |
|
| — |
|
|
|
| — |
|
| ||
Adjusted EBITDAR |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | |||
|
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|
Segment assets (3) |
| $ |
| $ |
| $ |
| $ |
| $ | |||||
Long-lived assets (4) |
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| |||||
Total assets |
|
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| |||||
Capital expenditures |
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(1)Other segment items include cost of goods sold and marketing expenses.
(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.
(3)Segment assets are cash and cash equivalents.
(4)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.
25
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| For the three months ended September 30, 2024 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net operating revenue |
| $ |
| $ |
| $ |
| $ | — |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll expense |
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
|
|
|
|
|
|
|
|
| |||||
Gaming tax expense |
|
|
|
| — |
|
|
|
| — |
|
| |||
Other segment items (1) |
|
|
|
|
|
|
|
| — |
|
| ||||
Pre-opening expenses |
|
| — |
|
| — |
|
| ( |
|
| — |
|
| ( |
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
Interest expense (income), net (2) |
|
|
|
|
|
| ( |
|
|
|
| ||||
Income tax (benefit) expense |
|
| — |
|
| ( |
|
| ( |
|
|
|
| ( | |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
| |||||
Net earnings (loss) attributable to non-controlling interests |
|
|
|
| ( |
|
| ( |
|
| — |
|
| ||
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
| ( |
|
| ( |
Loss (gain) on foreign currency transactions, cost recovery income and other |
|
|
|
| ( |
|
| ( |
|
|
|
| ( | ||
Loss on disposition of fixed assets |
|
|
|
| — |
|
|
|
| — |
|
| |||
Pre-opening expenses |
|
| — |
|
| — |
|
|
|
| — |
|
| ||
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets (3) |
| $ |
| $ |
| $ |
| $ |
| $ | |||||
Long-lived assets (4) |
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
|
|
|
|
|
|
|
| — |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Other segment items include cost of goods sold and marketing expenses.
(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.
(3)Segment assets are cash and cash equivalents.
(4)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the nine months ended September 30, 2025 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net operating revenue |
| $ |
| $ |
| $ |
| $ | — |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll expense |
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
|
|
|
|
|
|
|
|
| |||||
Gaming tax expense |
|
|
|
| — |
|
|
|
| — |
|
| |||
Other segment items (1) |
|
|
|
|
|
|
|
|
|
| |||||
Pre-opening and termination expenses |
|
| — |
|
| — |
|
| ( |
|
| — |
|
| ( |
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
| $ | ( |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | |
Interest expense (income), net (2) |
|
|
|
|
|
|
|
|
|
| |||||
Income tax expense |
|
|
|
|
|
|
|
|
|
| |||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
| |||||
Net earnings (loss) attributable to non-controlling interests |
|
|
|
|
|
| ( |
|
| — |
|
| |||
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
|
|
| ||
Loss (gain) on foreign currency transactions, cost recovery income and other (3) |
|
|
|
| ( |
|
| ( |
|
| ( |
|
| ( | |
Loss (gain) on disposition of fixed assets |
|
|
|
|
|
|
|
| ( |
|
| ||||
Pre-opening and termination expenses |
|
| — |
|
| — |
|
|
|
| — |
|
| ||
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets (4) |
| $ |
| $ |
| $ |
| $ |
| $ | |||||
Long-lived assets (5) |
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
| |||||
(1)Other segment items include cost of goods sold and marketing expenses.
(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.
(3)Includes $
(4)Segment assets are cash and cash equivalents.
(5)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the nine months ended September 30, 2024 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net operating revenue |
| $ |
| $ |
| $ |
| $ |
| $ | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll expense |
|
|
|
|
|
|
|
|
|
| |||||
Operating expenses |
|
|
|
|
|
|
|
|
|
| |||||
Gaming tax expense |
|
|
|
| — |
|
|
|
| — |
|
| |||
Other segment items (1) |
|
|
|
|
|
|
|
|
|
| |||||
Acquisition costs |
|
| — |
|
| — |
|
| — |
|
|
|
| ||
Pre-opening expenses |
|
| — |
|
| — |
|
| ( |
|
| — |
|
| ( |
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
| $ |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
| $ | ( |
| $ |
| $ | ( |
| $ | ( |
| $ | ( | |
Interest expense (income), net (2) |
|
|
|
|
|
| ( |
|
|
|
| ||||
Income tax expense (benefit) |
|
|
|
|
|
|
|
| ( |
|
| ||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
| |||||
Net earnings (loss) attributable to non-controlling interests |
|
|
|
|
|
| ( |
|
| — |
|
| |||
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
|
|
| ||
Loss (gain) on foreign currency transactions, cost recovery income and other (3) |
|
|
|
| ( |
|
| ( |
|
| ( |
|
| ( | |
Loss (gain) on disposition of fixed assets |
|
|
|
| ( |
|
|
|
| — |
|
| |||
Acquisition costs |
|
| — |
|
| — |
|
| — |
|
| ( |
|
| ( |
Pre-opening expenses |
|
| — |
|
| — |
|
|
|
| — |
|
| ||
Adjusted EBITDAR |
| $ |
| $ |
| $ |
| $ | ( |
| $ | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment assets (4) |
| $ |
| $ |
| $ |
| $ |
| $ | |||||
Long-lived assets (5) |
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
|
|
|
|
|
|
|
|
|
| |||||
Capital expenditures |
|
|
|
|
|
|
|
|
|
| |||||
(1)Other segment items include cost of goods sold and marketing expenses.
(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.
(3)Includes $
(4)Segment assets are cash and cash equivalents.
(5)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.
Marnell owns
28
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements, Business Environment and Risk Factors
This quarterly report on Form 10-Q contains “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 (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. In addition, Century Casinos, Inc. (together with its subsidiaries, the “Company”) may make other written and oral communications from time to time that contain such statements. Forward-looking statements include statements as to industry trends, ongoing projects and capital investments, cost savings initiatives, casino licensing matters and future expectations of the Company and other matters that do not relate strictly to historical facts and are based on certain assumptions by management at the time such statements are made. These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue,” and similar expressions or variations. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. 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, 2024. We caution the reader to carefully consider such factors. Furthermore, such forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
References in this item to “we,” “our,” or “us” are to the Company and its subsidiaries on a consolidated basis unless the context otherwise requires. The term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars, and the term “PLN” refers to Polish zloty. Certain terms used in this Item 2 without definition are defined in Item 1. Amounts presented in this Item 2 are rounded. As such, rounding differences could occur in period over period changes and percentages reported throughout this Item 2.
EXECUTIVE OVERVIEW
Overview
Since our inception in 1992, we have been primarily engaged in developing and operating gaming establishments and related lodging, restaurant and entertainment facilities. Our primary source of revenue is from the net proceeds of our gaming machines and tables, with ancillary revenue generated from hotel, restaurant, horse racing (including off-track betting), sports betting, iGaming and entertainment facilities that are in most instances a part of the casinos.
We aggregate all operating segments into three reportable segments based on the geographical locations in which our casinos operate: United States, Canada and Poland. We have additional business activities including certain other corporate and management operations that we report as Corporate and Other. In the United States, we view our operating segments as East, Midwest and West. The reporting units, except for Century Downs Racetrack and Casino and Casinos Poland, are owned, operated and managed through wholly-owned subsidiaries. Our ownership and operation of Century Downs Racetrack and Casino and Casinos Poland are discussed below.
The table below provides information about the aggregation of our operating segments and reporting units into reportable segments.
|
|
|
Reportable Segment | Operating Segment | Reporting Unit |
United States | East | Mountaineer Casino, Resort & Races (1) |
|
| Rocky Gap Casino, Resort & Golf (1) |
| Midwest | Century Casino & Hotel Central City |
|
| Century Casino & Hotel Cripple Creek |
|
| Century Casino & Hotel Cape Girardeau and The Riverview (1) |
|
| Century Casino & Hotel Caruthersville and The Farmstead (1) |
| West | Nugget Casino Resort and Smooth Bourbon, LLC |
Canada | Canada | Century Casino & Hotel Edmonton (1) |
|
| Century Casino St. Albert (1) |
|
| Century Mile Racetrack and Casino (1) |
|
| Century Downs Racetrack and Casino (1) |
Poland | Poland | Casinos Poland |
Corporate and Other (2) | Corporate and Other | Corporate Other |
(1)The real estate assets, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, are owned by VICI PropCo and leased to us under the Master Lease.
(2)Corporate and Other is not a reportable segment and is presented for reconciliation purposes only.
29
We have controlling financial interests through our subsidiary CRM in the following reporting units:
We have a 75% ownership interest in CDR, and we consolidate CDR as a majority-owned subsidiary for which we have a controlling financial interest. We account for and report the remaining 25% ownership interest in CDR as a non-controlling financial interest. CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is the only horse racetrack in the Calgary area and is located less than one mile north of the city limits of Calgary and seven miles from the Calgary International Airport.
We have a 66.6% ownership interest in CPL and we consolidate CPL as a majority-owned subsidiary for which we have a controlling financial interest. Polish Airports owns the remaining 33.3% of CPL. We account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest. CPL has been in operation since 1989. As of September 30, 2025, CPL had casino licenses for six casinos and operated five casinos throughout Poland. We closed the Hilton Hotel casino in Warsaw in June 2025 after we were notified that we had not received a new license for the casino. The following table summarizes information about CPL’s casinos as of September 30, 2025.
|
|
|
|
|
City | Location | License Expiration | Number of Slots | Number of Tables |
Warsaw | Warsaw Presidential Hotel | September 2028 | 70 | 35 |
Bielsko-Biala (1) | Hotel Grepielnia | February 2030 | 56 | 5 |
Katowice (1) | Metropol Hotel Katowice | February 2030 | 70 | 13 |
Wroclaw (2) | Polonia Hotel | December 2029 | 70 | 13 |
Lodz | Manufaktura Entertainment Complex | June 2030 | 70 | 9 |
Wroclaw (3) | Korona Hotel | March 2031 | — | — |
(1)We closed the casinos in Katowice and Bielsko-Biala in October 2023 due to the expiration of the gaming licenses. We were awarded both licenses in February 2024. The Bielsko-Biala casino reopened in February 2024, and the Katowice casino reopened in March 2024 with a reduced gaming floor. We received regulatory approval to reopen the full gaming floor at the Katowice casino in May 2025.
(2)We closed the Wroclaw casino in November 2023 due to the expiration of the gaming license. We were awarded the license in December 2023. We relocated the casino to a new location and opened the casino in October 2024.
(3)We were awarded a license for a second location in Wroclaw in March 2025. We anticipate opening the casino in January 2026 with 50 slot machines and four table games.
Through our wholly-owned subsidiary Century Nevada Acquisition, Inc., we have a 50% equity interest in Smooth Bourbon, LLC (“Smooth Bourbon”) which we consolidate as a subsidiary for which we have a controlling financial interest. The remaining 50% of Smooth Bourbon is owned by Marnell Gaming, LLC (“Marnell”) and is reported as a non-controlling financial interest.
Restatement of Previously Issued Consolidated Financial Statements
We concluded that our previously issued consolidated financial statements for the year ended December 31, 2024 should be restated to reflect the correction of a calculation of the carrying value of invested capital used in the valuation of our Rocky Gap reporting unit that resulted in an impairment of goodwill for this reporting unit of $26.5 million in the fourth quarter of the year ended December 31, 2024. Certain previously issued financial statements as and for the year ended December 31, 2024 and the quarters ended March 31, 2025 and June 30, 2025 were restated. The restated periods do not affect the financial statements presented in this Form 10-Q. See also Part I, Item 4, “Controls and Procedures,” of this report.
Recent Developments Related to Economic Uncertainty
Current macroeconomic conditions remain very dynamic, including volatile changes in stock markets, foreign currency exchange rates, political unrest and armed conflicts, inflation, US domestic and other international economic policies, such as tariffs, and the US government shutdown, and other factors. Both customer visits and customer spending at our casinos are key drivers of our revenue and profitability, and reductions in either could have a material adverse effect on our business, financial condition and results of operations. The actual or perceived impact of macroeconomic conditions on consumer spending could lead to fewer customer visits and decreased discretionary spending by our customers. Any worsening in economic conditions in the regions in which we operate or globally, or the perception that conditions may worsen, could reduce consumer discretionary spending or increase our costs and erode our net earnings and cash flows.
Other Projects and Developments
Sports Betting – Missouri
In May 2025, we announced that we have partnered with BetMGM to operate an online and mobile sports betting application under our license in Missouri. The agreement includes a percentage of net gaming revenue payable to us, with a guaranteed minimum, as well as retail sportsbook options to be exercised at our discretion. Sports betting is expected to begin in Missouri on December 1, 2025.
30
Caruthersville Land-Based Casino
On November 1, 2024, we opened our new land-based casino with a 38 room hotel in Caruthersville, Missouri. The new land-based casino is adjacent to and connected with the temporary casino pavilion building. The project cost approximately $51.9 million and was funded with financing provided by VICI PropCo in conjunction with the Master Lease. VICI PropCo owns the real estate improvements associated with the Caruthersville project. We previously amended our Master Lease in December 2022 to provide for an increase in initial annualized rent of approximately $4.2 million upon completion of the Caruthersville project. See Part I, Item 1. Note 5, “Long-Term Financing Obligation” for a discussion of the Master Lease as amended to date.
Cape Girardeau Hotel
On April 4, 2024, we opened our 69 room hotel at our Cape Girardeau location called The Riverview. The Riverview is a six story building with 68,000 square feet that is adjacent to and connected with the existing casino building. The project cost approximately $30.5 million. We financed the project with cash on hand.
Additional Gaming Projects
We periodically explore additional potential gaming projects and acquisition opportunities. Along with the capital needs of potential projects, there are various other risks which, if they materialize, could affect our ability to complete a proposed project or acquisition or could eliminate its feasibility altogether.
Strategic Review Process
In August 2025, we announced that our Board of Directors (the “Board”) initiated a comprehensive strategic review of our operations, capital structure and strategic growth options. The review will explore a range of potential strategic alternatives for our assets and businesses aimed at enhancing shareholder value and supporting long-term growth. These alternatives may include opportunities to unlock value within our existing property portfolio, optimize our capital structure, evaluate potential mergers, strategic partnerships, or the sale of the Company, and to analyze potential divestments of assets or other asset-level transactions. The Board has not set a timetable for the conclusion of this review. At this stage, no commitments or decisions have been made and there can be no assurance that the review will result in any transaction or particular change to our business. We do not intend to make further public comments on the process unless and until we determine that further disclosure is appropriate or necessary.
Presentation of Foreign Currency Amounts
The average exchange rates to the US dollar used to translate balances during each reported period are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
| For the nine months |
|
| ||||
|
| ended September 30, |
|
|
| ended September 30, |
|
| ||||
Average Rates |
| 2025 |
| 2024 |
| % Change |
| 2025 |
| 2024 |
| % Change |
Canadian dollar (CAD) |
| 1.3773 |
| 1.3641 |
| (1.0%) |
| 1.3988 |
| 1.3600 |
| (2.9%) |
Euros (EUR) |
| 0.8561 |
| 0.9103 |
| 6.0% |
| 0.8964 |
| 0.9201 |
| 2.6% |
Polish zloty (PLN) |
| 3.6461 |
| 3.9007 |
| 6.5% |
| 3.8012 |
| 3.9624 |
| 4.1% |
Source: Xe Currency Converter |
|
|
|
| ||||||||
We recognize in our condensed consolidated statements of loss foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than US dollars. Our casinos in Canada and Poland represent a significant portion of our business, and the revenue generated and expenses incurred by these operations are generally denominated in Canadian dollars and Polish zloty. A decrease in the value of these currencies in relation to the value of the US dollar would decrease the earnings from our foreign operations when translated into US dollars. An increase in the value of these currencies in relation to the value of the US dollar would increase the earnings from our foreign operations when translated into US dollars.
31
DISCUSSION OF RESULTS
Century Casinos, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in thousands |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Gaming revenue |
| $ | 106,793 |
| $ | 105,450 |
| $ | 1,343 |
| 1.3% |
| $ | 318,529 |
| $ | 317,753 |
| $ | 776 |
| 0.2% |
Pari-mutuel, sports betting and iGaming revenue |
|
| 6,685 |
|
| 5,753 |
|
| 932 |
| 16.2% |
|
| 14,641 |
|
| 14,439 |
|
| 202 |
| 1.4% |
Hotel revenue |
|
| 14,845 |
|
| 15,350 |
|
| (505) |
| (3.3%) |
|
| 38,613 |
|
| 37,419 |
|
| 1,194 |
| 3.2% |
Food and beverage revenue |
|
| 18,343 |
|
| 18,630 |
|
| (287) |
| (1.5%) |
|
| 43,954 |
|
| 45,185 |
|
| (1,231) |
| (2.7%) |
Other revenue |
|
| 7,058 |
|
| 10,518 |
|
| (3,460) |
| (32.9%) |
|
| 19,247 |
|
| 23,351 |
|
| (4,104) |
| (17.6%) |
Net operating revenue |
|
| 153,724 |
|
| 155,701 |
|
| (1,977) |
| (1.3%) |
|
| 434,984 |
|
| 438,147 |
|
| (3,163) |
| (0.7%) |
Gaming expenses |
|
| (56,371) |
|
| (57,229) |
|
| (858) |
| (1.5%) |
|
| (169,486) |
|
| (169,773) |
|
| (287) |
| (0.2%) |
Pari-mutuel, sports betting and iGaming expenses |
|
| (7,551) |
|
| (6,978) |
|
| 573 |
| 8.2% |
|
| (17,239) |
|
| (16,666) |
|
| 573 |
| 3.4% |
Hotel expenses |
|
| (5,237) |
|
| (5,009) |
|
| 228 |
| 4.6% |
|
| (14,716) |
|
| (14,317) |
|
| 399 |
| 2.8% |
Food and beverage expenses |
|
| (14,761) |
|
| (15,127) |
|
| (366) |
| (2.4%) |
|
| (38,292) |
|
| (39,809) |
|
| (1,517) |
| (3.8%) |
Other expenses |
|
| (2,811) |
|
| (4,844) |
|
| (2,033) |
| (42.0%) |
|
| (7,515) |
|
| (8,901) |
|
| (1,386) |
| (15.6%) |
General and administrative expenses |
|
| (37,050) |
|
| (36,134) |
|
| 916 |
| 2.5% |
|
| (108,843) |
|
| (111,273) |
|
| (2,430) |
| (2.2%) |
Depreciation and amortization |
|
| (12,817) |
|
| (12,462) |
|
| 355 |
| 2.8% |
|
| (38,053) |
|
| (36,942) |
|
| 1,111 |
| 3.0% |
Total operating costs and expenses |
|
| (136,598) |
|
| (137,783) |
|
| (1,185) |
| (0.9%) |
|
| (394,144) |
|
| (397,681) |
|
| (3,537) |
| (0.9%) |
Earnings from operations |
|
| 17,126 |
|
| 17,918 |
|
| (792) |
| (4.4%) |
|
| 40,840 |
|
| 40,466 |
|
| 374 |
| 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit |
|
| (423) |
|
| 334 |
|
| (757) |
| (226.6%) |
|
| (2,155) |
|
| (25,299) |
|
| 23,144 |
| 91.5% |
Net earnings attributable to non-controlling interests |
|
| (1,153) |
|
| (1,394) |
|
| 241 |
| 17.3% |
|
| (5,623) |
|
| (5,844) |
|
| 221 |
| 3.8% |
Net loss attributable to Century Casinos, Inc. shareholders |
|
| (10,548) |
|
| (8,119) |
|
| (2,429) |
| (29.9%) |
|
| (43,470) |
|
| (63,276) |
|
| 19,806 |
| 31.3% |
Adjusted EBITDAR (1) |
| $ | 31,064 |
| $ | 32,902 |
| $ | (1,838) |
| (5.6%) |
| $ | 81,521 |
| $ | 81,598 |
| $ | (77) |
| (0.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to Century Casinos, Inc. shareholders | ||||||||||||||||||||||
Basic |
| $ | (0.35) |
| $ | (0.26) |
| $ | (0.09) |
| (34.6%) |
| $ | (1.43) |
| $ | (2.07) |
| $ | 0.64 |
| 30.9% |
Diluted |
| $ | (0.35) |
| $ | (0.26) |
| $ | (0.09) |
| (34.6%) |
| $ | (1.43) |
| $ | (2.07) |
| $ | 0.64 |
| 30.9% |
(1)For a discussion of Adjusted EBITDAR and reconciliation of Adjusted EBITDAR to net loss attributable to Century Casinos, Inc. shareholders, see “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” below.
Comparability Impacts
Items impacting comparability of the results include the following:
Valuation Allowance (US) – We recorded a valuation allowance on our net deferred tax assets related to the United States resulting in $23.8 million of tax expense for the nine months ended September 30, 2024.
Sports Betting (Colorado) – In 2024, we mutually agreed to cancel two of our sports betting agreements in Colorado. The Circa Sports agreement was terminated in May 2024 and the Tipico agreement was terminated in July 2024 after its exit from the U.S. market. Prior to the termination of the agreements, revenue from these agreements was $1.8 million per year in our United States segment. As part of the Circa Sports termination agreement, we received a payment of $1.1 million that included sports betting revenue owed from January 2024 to May 2024 and a breakage fee of $0.7 million. As part of the Tipico termination agreement, we received a payment of $1.6 million that includes sports betting revenue owed from November 2023 to June 2024 and a breakage fee of $1.0 million. The breakage fees were recorded as other revenue on our condensed consolidated statements of loss, resulting in $1.0 million and $1.7 million in other revenue for the three and nine months ended September 30, 2024, respectively.
Weather – Increased inclement weather impacted revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 for all of our North American properties.
32
Summary of Changes by Reportable Segment
Net operating revenue decreased by ($2.0) million, or (1.3%), and by ($3.2) million, or (0.7%), for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. Following is a breakout of net operating revenue by segment for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024:
United States decreased by ($2.1) million, or (1.8%), and by ($5.3) million, or (1.7%).
Canada increased by $0.3 million, or 1.5%, and decreased by ($1.3) million, or (2.3%).
Poland decreased by ($0.1) million, or (0.8%), and increased by $3.5 million, or 5.7%.
Corporate and Other remained constant.
Operating costs and expenses decreased by ($1.2) million, or (0.9%), and by ($3.5) million, or (0.9%), for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. Following is a breakout of operating costs and expenses by segment for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024:
United States decreased by ($2.0) million, or (2.0%), and by ($4.6) million, or (1.7%).
Canada decreased by ($0.1) million, or (0.9%), and by ($1.3) million, or (2.8%).
Poland increased by $0.4 million, or 2.1%, and by $3.5 million, or 5.6%.
Corporate and Other increased by $0.5 million, or 18.7%, and decreased by ($1.1) million, or (9.7%).
Earnings from operations decreased by ($0.8) million, or (4.4%), and increased by $0.4 million, or 0.9%, for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. Following is a breakout of earnings from operations by segment for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024:
United States decreased by ($0.2) million, or (0.8%), and by ($0.7) million, or (1.6%).
Canada increased by $0.5 million, or 12.1%, and remained constant.
Poland loss from operations increased by $0.6 million, or 46.2%, and remained constant.
Corporate and Other loss from operations increased by $0.5 million, or 18.7%, and decreased by ($1.1) million, or (9.6%).
Net loss attributable to Century Casinos, Inc. shareholders increased by $2.4 million, or 29.9%, and decreased by ($19.8) million, or (31.3%), for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. Items deducted from or added to earnings from operations to arrive at net loss attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense (benefit) and non-controlling interests. Interest expense, primarily from the Master Lease, negatively impacts net loss attributable to Century Casinos, Inc. shareholders. Income tax expense decreased significantly for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to the valuation allowance noted above. For a discussion of these items, see “Non-Operating (Expense) Income” and “Taxes” below in this Item 2 and Note 7, “Income Taxes,” to our condensed consolidated financial statements included in Part I, Item 1 of this report.
Other
Pari-Mutuel
Pari-mutuel revenue includes live racing, export, advanced deposit wagering and off-track betting. Pari-mutuel expenses relate to pari-mutuel revenue and the operation of our racetracks.
Other
Other revenue and other expenses include gift shops, entertainment, golf and spa. Other revenue also includes revenue from ATM and credit card commissions.
Non-US GAAP Measures Definitions and Calculations
Adjusted EBITDAR
Adjusted EBITDAR is used outside of our financial statements as a valuation metric. We define Adjusted EBITDAR as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income), net, including interest expense related to the Master Lease as discussed below, 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
33
transactions. 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 reportable 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 generally accepted accounting principles (“US GAAP”).
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.
Adjusted EBITDAR information is a non-US GAAP measure that is a valuation metric, should not be used as an operating metric, and is presented solely as a supplemental disclosure to reported US GAAP measures because we believe this measure is widely used by analysts, lenders, financial institutions, and investors as a principal basis for the valuation of gaming companies. Management believes that presenting Adjusted EBITDAR to investors provides them with information used by management for financial and operational decision-making in order to understand the Company’s operating performance and evaluate the methodology used by management to evaluate and measure such performance.
Adjusted EBITDAR should not be viewed as a measure of overall operating performance, as an indicator of our performance, considered in isolation, or construed as an alternative to operating income or net income, the most directly comparable US GAAP measure, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with generally accepted accounting principles because this measure is not presented on a US GAAP basis and excludes certain expenses, including the rent expense related to our Master Lease, and is provided for the limited purposes discussed herein. 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-US 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 income, because it excludes the rent expense associated with our Master Lease and certain other items.
The reconciliation of Adjusted EBITDAR to net loss attributable to Century Casinos, Inc. shareholders is presented below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended September 30, 2025 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
| $ | 3,155 |
| $ | 297 |
| $ | (1,176) |
| $ | (12,824) |
| $ | (10,548) |
Interest expense (income), net (1) |
|
| 13,093 |
|
| 3,361 |
|
| 60 |
|
| 9,499 |
|
| 26,013 |
Income tax expense (benefit) |
|
| — |
|
| 625 |
|
| (111) |
|
| (91) |
|
| 423 |
Depreciation and amortization |
|
| 11,065 |
|
| 1,151 |
|
| 581 |
|
| 20 |
|
| 12,817 |
Net earnings (loss) attributable to non-controlling interests |
|
| 1,771 |
|
| (31) |
|
| (587) |
|
| — |
|
| 1,153 |
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
| 316 |
|
| 316 |
Loss on foreign currency transactions, cost recovery income and other |
|
| 36 |
|
| 17 |
|
| 24 |
|
| 4 |
|
| 81 |
Loss on disposition of fixed assets |
|
| 22 |
|
| 3 |
|
| 15 |
|
| — |
|
| 40 |
Pre-opening and termination expenses |
|
| — |
|
| — |
|
| 769 |
|
| — |
|
| 769 |
Adjusted EBITDAR |
| $ | 29,142 |
| $ | 5,423 |
| $ | (425) |
| $ | (3,076) |
| $ | 31,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See “Non-Operating (Expense) Income – Interest income” and “– Interest expense” below for a breakdown of interest expense (income), net and “Liquidity and Capital Resources” below for more information on the rent payments related to the Master Lease.
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended September 30, 2024 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
| $ | 4,701 |
| $ | 1,134 |
| $ | (681) |
| $ | (13,273) |
| $ | (8,119) |
Interest expense (income), net (1) |
|
| 11,720 |
|
| 3,241 |
|
| (14) |
|
| 10,157 |
|
| 25,104 |
Income tax (benefit) expense |
|
| — |
|
| (481) |
|
| (95) |
|
| 242 |
|
| (334) |
Depreciation and amortization |
|
| 10,939 |
|
| 1,078 |
|
| 409 |
|
| 36 |
|
| 12,462 |
Net earnings (loss) attributable to non-controlling interests |
|
| 1,774 |
|
| (39) |
|
| (341) |
|
| — |
|
| 1,394 |
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
| (280) |
|
| (280) |
Loss (gain) on foreign currency transactions, cost recovery income and other |
|
| 25 |
|
| (44) |
|
| (83) |
|
| 1 |
|
| (101) |
Loss on disposition of fixed assets |
|
| 13 |
|
| — |
|
| 10 |
|
| — |
|
| 23 |
Pre-opening expenses |
|
| — |
|
| — |
|
| 2,753 |
|
| — |
|
| 2,753 |
Adjusted EBITDAR |
| $ | 29,172 |
| $ | 4,889 |
| $ | 1,958 |
| $ | (3,117) |
| $ | 32,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See “Non-Operating (Expense) Income – Interest income” and “– Interest expense” below for a breakdown of interest expense (income), net and “Liquidity and Capital Resources” below for more information on the rent payments related to the Master Lease.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the nine months ended September 30, 2025 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
| $ | (4,884) |
| $ | 832 |
| $ | (1,090) |
| $ | (38,328) |
| $ | (43,470) |
Interest expense (income), net (1) |
|
| 39,283 |
|
| 9,905 |
|
| 150 |
|
| 28,269 |
|
| 77,607 |
Income tax expense |
|
| 223 |
|
| 1,589 |
|
| 219 |
|
| 124 |
|
| 2,155 |
Depreciation and amortization |
|
| 33,084 |
|
| 3,223 |
|
| 1,692 |
|
| 54 |
|
| 38,053 |
Net earnings (loss) attributable to non-controlling interests |
|
| 5,394 |
|
| 774 |
|
| (545) |
|
| — |
|
| 5,623 |
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
| 802 |
|
| 802 |
Loss (gain) on foreign currency transactions, cost recovery income and other (2) |
|
| 36 |
|
| (935) |
|
| (180) |
|
| (83) |
|
| (1,162) |
Loss (gain) on disposition of fixed assets |
|
| 93 |
|
| 1 |
|
| 30 |
|
| (1) |
|
| 123 |
Pre-opening and termination expenses |
|
| — |
|
| — |
|
| 1,790 |
|
| — |
|
| 1,790 |
Adjusted EBITDAR |
| $ | 73,229 |
| $ | 15,389 |
| $ | 2,066 |
| $ | (9,163) |
| $ | 81,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See “Non-Operating (Expense) Income – Interest income” and “– Interest expense” below for a breakdown of interest expense (income), net and “Liquidity and Capital Resources” below for more information on the rent payments related to the Master Lease.
(2)Includes $1.0 million related to cost recovery income for CDR in the Canada segment.
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the nine months ended September 30, 2024 | ||||||||||||||
Amounts in thousands |
|
| United States |
|
| Canada |
|
| Poland |
|
| Corporate and Other |
|
| Total |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
| $ | (25,066) |
| $ | 3,276 |
| $ | (716) |
| $ | (40,770) |
| $ | (63,276) |
Interest expense (income), net (1) |
|
| 35,159 |
|
| 9,300 |
|
| (70) |
|
| 30,927 |
|
| 75,316 |
Income tax expense (benefit) |
|
| 25,340 |
|
| 702 |
|
| 143 |
|
| (886) |
|
| 25,299 |
Depreciation and amortization |
|
| 32,030 |
|
| 3,315 |
|
| 1,462 |
|
| 135 |
|
| 36,942 |
Net earnings (loss) attributable to non-controlling interests |
|
| 5,327 |
|
| 875 |
|
| (358) |
|
| — |
|
| 5,844 |
Non-cash stock-based compensation |
|
| — |
|
| — |
|
| — |
|
| 566 |
|
| 566 |
Loss (gain) on foreign currency transactions, cost recovery income and other (2) |
|
| 24 |
|
| (1,950) |
|
| (415) |
|
| (352) |
|
| (2,693) |
Loss (gain) on disposition of fixed assets |
|
| 535 |
|
| (36) |
|
| 367 |
|
| — |
|
| 866 |
Acquisition costs |
|
| — |
|
| — |
|
| — |
|
| (19) |
|
| (19) |
Pre-opening expenses |
|
| — |
|
| — |
|
| 2,753 |
|
| — |
|
| 2,753 |
Adjusted EBITDAR |
| $ | 73,349 |
| $ | 15,482 |
| $ | 3,166 |
| $ | (10,399) |
| $ | 81,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See “Non-Operating (Expense) Income – Interest income” and “– Interest expense” below for a breakdown of interest expense (income), net and “Liquidity and Capital Resources” below for more information on the rent payments related to the Master Lease.
(2)Includes $1.1 million related to cost recovery income for CDR in the Canada segment.
Net Debt
We define Net Debt as total long-term debt (including current portion) plus deferred financing costs minus cash and cash equivalents. Net Debt is not considered a liquidity measure recognized under US GAAP. Management believes that Net Debt is a valuable measure of our overall financial situation. Net Debt provides investors with an indication of our ability to pay off all of our long-term debt if it became due simultaneously. The reconciliation of Net Debt is presented below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in thousands |
| September 30, 2025 |
| September 30, 2024 | ||
Total long-term debt, including current portion |
| $ | 329,316 |
| $ | 327,493 |
Deferred financing costs |
|
| 9,432 |
|
| 12,127 |
Total principal |
| $ | 338,748 |
| $ | 339,620 |
Less: Cash and cash equivalents |
| $ | 77,692 |
| $ | 118,770 |
Net Debt |
| $ | 261,056 |
| $ | 220,850 |
|
|
|
|
|
|
|
36
Reportable Segments
The following discussion provides further detail of consolidated results by reportable segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in thousands |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Gaming revenue |
| $ | 76,634 |
| $ | 75,023 |
| $ | 1,611 |
| 2.1% |
| $ | 221,043 |
| $ | 222,094 |
| $ | (1,051) |
| (0.5%) |
Pari-mutuel, sports betting and iGaming revenue |
|
| 3,778 |
|
| 3,023 |
|
| 755 |
| 25.0% |
|
| 7,248 |
|
| 7,094 |
|
| 154 |
| 2.2% |
Hotel revenue |
|
| 14,693 |
|
| 15,193 |
|
| (500) |
| (3.3%) |
|
| 38,158 |
|
| 36,987 |
|
| 1,171 |
| 3.2% |
Food and beverage revenue |
|
| 14,355 |
|
| 14,809 |
|
| (454) |
| (3.1%) |
|
| 33,797 |
|
| 35,140 |
|
| (1,343) |
| (3.8%) |
Other revenue |
|
| 5,537 |
|
| 9,091 |
|
| (3,554) |
| (39.1%) |
|
| 14,150 |
|
| 18,365 |
|
| (4,215) |
| (23.0%) |
Net operating revenue |
|
| 114,997 |
|
| 117,139 |
|
| (2,142) |
| (1.8%) |
|
| 314,396 |
|
| 319,680 |
|
| (5,284) |
| (1.7%) |
Gaming expenses |
|
| (41,770) |
|
| (42,301) |
|
| (531) |
| (1.3%) |
|
| (121,464) |
|
| (123,076) |
|
| (1,612) |
| (1.3%) |
Pari-mutuel, sports betting and iGaming expenses |
|
| (2,803) |
|
| (2,404) |
|
| 399 |
| 16.6% |
|
| (5,205) |
|
| (4,684) |
|
| 521 |
| 11.1% |
Hotel expenses |
|
| (5,164) |
|
| (4,943) |
|
| 221 |
| 4.5% |
|
| (14,507) |
|
| (14,113) |
|
| 394 |
| 2.8% |
Food and beverage expenses |
|
| (10,813) |
|
| (11,279) |
|
| (466) |
| (4.1%) |
|
| (27,138) |
|
| (28,914) |
|
| (1,776) |
| (6.1%) |
Other expenses |
|
| (2,775) |
|
| (4,785) |
|
| (2,010) |
| (42.0%) |
|
| (7,417) |
|
| (8,779) |
|
| (1,362) |
| (15.5%) |
General and administrative expenses |
|
| (22,566) |
|
| (22,293) |
|
| 273 |
| 1.2% |
|
| (65,472) |
|
| (67,324) |
|
| (1,852) |
| (2.8%) |
Depreciation and amortization |
|
| (11,065) |
|
| (10,939) |
|
| 126 |
| 1.2% |
|
| (33,084) |
|
| (32,030) |
|
| 1,054 |
| 3.3% |
Total operating costs and expenses |
|
| (96,956) |
|
| (98,944) |
|
| (1,988) |
| (2.0%) |
|
| (274,287) |
|
| (278,920) |
|
| (4,633) |
| (1.7%) |
Earnings from operations |
|
| 18,041 |
|
| 18,195 |
|
| (154) |
| (0.8%) |
|
| 40,109 |
|
| 40,760 |
|
| (651) |
| (1.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
| — |
|
| — |
|
| — |
| — |
|
| (223) |
|
| (25,340) |
|
| 25,117 |
| 99.1% |
Net earnings attributable to non-controlling interests |
|
| (1,771) |
|
| (1,774) |
|
| 3 |
| 0.2% |
|
| (5,394) |
|
| (5,327) |
|
| (67) |
| (1.3%) |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
|
| 3,155 |
|
| 4,701 |
|
| (1,546) |
| (32.9%) |
|
| (4,884) |
|
| (25,066) |
|
| 20,182 |
| 80.5% |
Adjusted EBITDAR |
| $ | 29,142 |
| $ | 29,172 |
| $ | (30) |
| (0.1%) |
| $ | 73,229 |
| $ | 73,349 |
| $ | (120) |
| (0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We opened the new land-based casino and hotel in Caruthersville on November 1, 2024. The casino has 574 slot machines and nine live table games, which is almost a 50% increase in gaming positions compared with the prior temporary location. The number of hotel rooms doubled to 74.
We opened The Riverview in Cape Girardeau in April 2024. The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau.
The Happy Valley Casino in Pennsylvania is expected to open in early 2026. This casino, which is 112 miles from Rocky Gap, is expected to increase competition for Rocky Gap and could have a negative impact on our results of operations in Maryland. We believe our marketing efforts to surrounding areas such as Baltimore and Washington D.C., and the other non-casino amenities that our property offers such as our golf course will minimize the potential impact of this competitor on Rocky Gap's performance.
We partner with sports betting operators that conduct sports wagering at our Colorado, West Virginia and Nevada locations. Each agreement with the sports betting operators provides for a share of net gaming revenue, and the Colorado agreement also provides for a minimum revenue guarantee each year. In addition, we operate internet and mobile interactive gaming applications in West Virginia with two iGaming partners. The agreements provide for a share of net iGaming revenue. Sports betting in Missouri was approved by voters in November 2024, and we have partnered with BetMGM to conduct online sports betting at our Missouri casinos with an option for a retail sportsbook. Sports betting is expected to begin in Missouri on December 1, 2025.
As stated above, two of our sports betting agreements in Colorado were terminated in May 2024 and July 2024. Revenue from these agreements was $0.8 million for the nine months ended September 30, 2024 in our United States segment. As part of the Circa Sports termination agreement, we received a payment of $1.1 million that included sports betting revenue owed from January 2024 to May 2024 and a breakage fee of $0.7 million. Tipico exited the U.S. market, and the Tipico agreement was terminated in July 2024. As part of the Tipico termination agreement, we received a payment of $1.6 million that includes sports betting revenue owed from November 2023 to June 2024 and a breakage fee of $1.0 million. The breakage fees were recorded as other revenue on our condensed consolidated statements of loss resulting in $1.0 million and $1.7 million in other revenue for the three and nine months ended September 30, 2024, respectively. Prior to the termination of the agreements, revenue from these agreements was $1.8 million per year in our United States segment.
37
The Cripple Creek and Central City casinos in Colorado stopped offering table games in January 2025. Through September 2025, the removal of table games has not impacted earnings from operations at our Colorado casinos as the expense savings have offset the decrease in revenue. Table games revenue in Colorado was $0.4 million and $1.3 million for the three and nine months ended September 30, 2024, respectively.
The table below provides results by operating segment within the United States reportable segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in millions |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Net operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East |
| $ | 47.8 |
| $ | 47.1 |
| $ | 0.7 |
| 1.5% |
| $ | 129.5 |
| $ | 130.7 |
| $ | (1.2) |
| (0.9%) |
Midwest |
|
| 42.0 |
|
| 40.8 |
|
| 1.2 |
| 2.9% |
|
| 123.1 |
|
| 120.6 |
|
| 2.5 |
| 2.1% |
West |
|
| 25.2 |
|
| 29.2 |
|
| (4.0) |
| (13.7%) |
|
| 61.8 |
|
| 68.4 |
|
| (6.6) |
| (9.6%) |
Total United States |
|
| 115.0 |
|
| 117.1 |
|
| (2.1) |
| (1.8%) |
|
| 314.4 |
|
| 319.7 |
|
| (5.3) |
| (1.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East |
| $ | 38.6 |
| $ | 38.1 |
| $ | 0.5 |
| 1.3% |
| $ | 108.2 |
| $ | 109.8 |
| $ | (1.6) |
| (1.5%) |
Midwest |
|
| 26.7 |
|
| 26.4 |
|
| 0.3 |
| 1.1% |
|
| 78.9 |
|
| 77.3 |
|
| 1.6 |
| 2.1% |
West |
|
| 20.6 |
|
| 23.5 |
|
| (2.9) |
| (12.3%) |
|
| 54.1 |
|
| 59.8 |
|
| (5.7) |
| (9.5%) |
Total United States |
|
| 85.9 |
|
| 88.0 |
|
| (2.1) |
| (2.4%) |
|
| 241.2 |
|
| 246.9 |
|
| (5.7) |
| (2.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Operating costs and expenses are calculated for this table as total operating costs and expenses less depreciation and amortization.
Three Months Ended September 30, 2025 and 2024
The following discussion highlights results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
East – Increased net operating revenue was primarily due to increased pari-mutuel revenue at our Mountaineer property and increased gaming and hotel revenue at our Rocky Gap property, offset by decreased gaming revenue at Mountaineer and increased promotional allowances at Rocky Gap. The increased hotel revenue at Rocky Gap was partially due to increases in room rates. Increased operating costs and expenses were due to increased payroll expense.
Midwest – In Missouri, net operating revenue increased by approximately $2.8 million primarily due to increased revenue at our new casino in Caruthersville. The increases in Missouri were partially offset by decreased net operating revenue of approximately $1.6 million in Colorado. Decreased net operating revenue in Colorado was primarily due to the termination of two sports betting agreements in 2024, as detailed above, and decreased gaming revenue in Cripple Creek. Operating expenses in the Midwest operating segment remained relatively constant.
West – Net operating revenue at the Nugget decreased primarily due to fewer events held at our outdoor event center as well as decreased hotel and food and beverage revenue. We continue to focus our efforts on marketing group and convention sales for the hotel and on our new loyalty program in an effort to drive revenue growth. Operating costs and expenses decreased primarily due to decreased production costs as a result of fewer events at our outdoor event center.
Nine Months Ended September 30, 2025 and 2024
The following discussion highlights results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Winter weather negatively impacted all US properties during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
East – Decreased net operating revenue was due to increased promotional allowances at both properties, offset by increased gaming revenue, increased hotel revenue due to increases in room rates at both properties and increased pari-mutuel revenue at our Mountaineer property. At our Rocky Gap property, the golf course was closed for the majority of the first quarter of 2025 due to winter weather, which impacted gaming, hotel and food and beverage revenue. Decreased operating costs and expenses is due to decreased gaming-related, maintenance and insurance expenses offset by increased payroll expense.
Midwest – In Missouri, net operating revenue increased by approximately $8.6 million primarily due to increased revenue at our new casino in Caruthersville and increased hotel and food and beverage revenue at our Cape Girardeau property due to the new hotel opened in 2024. The increases in Missouri were offset by decreased net operating revenue of approximately $6.1 million in Colorado. Decreased net operating revenue in Colorado was primarily due to the termination of two sports betting agreements in
38
2024, as detailed above, decreased gaming revenue due to the elimination of table games at both properties, and the inclement weather in February 2025. Operating costs and expenses in the Midwest operating segment increased due to increased payroll and gaming-related expenses at the Missouri locations due to opening our new hotels and the new Caruthersville casino in 2024, offset by decreased payroll and gaming-related expenses at the Colorado locations due to the closure of table games.
West – Net operating revenue at the Nugget decreased primarily due to fewer events held our outdoor event center as well as decreased hotel and food and beverage revenue. We continue to focus our efforts on marketing group and convention sales for the hotel and our new loyalty program in an effort to drive revenue growth. Operating costs and expenses decreased primarily due to decreased payroll and cost of goods sold due to the cost saving measures and operating efficiencies we began implementing mid-April 2024 and decreased production costs as a result of fewer events at our outdoor event center. The cost saving measures included staffing changes and changes to hotel operations.
A reconciliation of net earnings (loss) attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR for this reportable segment can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in thousands |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Gaming revenue |
| $ | 12,299 |
| $ | 12,343 |
| $ | (44) |
| (0.4%) |
| $ | 35,493 |
| $ | 36,865 |
| $ | (1,372) |
| (3.7%) |
Pari-mutuel, sports betting and iGaming revenue |
|
| 2,907 |
|
| 2,730 |
|
| 177 |
| 6.5% |
|
| 7,393 |
|
| 7,345 |
|
| 48 |
| 0.7% |
Hotel revenue |
|
| 152 |
|
| 157 |
|
| (5) |
| (3.2%) |
|
| 455 |
|
| 432 |
|
| 23 |
| 5.3% |
Food and beverage revenue |
|
| 3,763 |
|
| 3,623 |
|
| 140 |
| 3.9% |
|
| 9,464 |
|
| 9,435 |
|
| 29 |
| 0.3% |
Other revenue |
|
| 1,468 |
|
| 1,422 |
|
| 46 |
| 3.2% |
|
| 4,304 |
|
| 4,348 |
|
| (44) |
| (1.0%) |
Net operating revenue |
|
| 20,589 |
|
| 20,275 |
|
| 314 |
| 1.5% |
|
| 57,109 |
|
| 58,425 |
|
| (1,316) |
| (2.3%) |
Gaming expenses |
|
| (2,472) |
|
| (2,603) |
|
| (131) |
| (5.0%) |
|
| (7,230) |
|
| (7,532) |
|
| (302) |
| (4.0%) |
Pari-mutuel, sports betting and iGaming expenses |
|
| (4,748) |
|
| (4,574) |
|
| 174 |
| 3.8% |
|
| (12,034) |
|
| (11,982) |
|
| 52 |
| 0.4% |
Hotel expenses |
|
| (73) |
|
| (66) |
|
| 7 |
| 10.6% |
|
| (209) |
|
| (204) |
|
| 5 |
| 2.5% |
Food and beverage expenses |
|
| (3,100) |
|
| (3,002) |
|
| 98 |
| 3.3% |
|
| (8,310) |
|
| (8,291) |
|
| 19 |
| 0.2% |
Other expenses |
|
| (36) |
|
| (59) |
|
| (23) |
| (39.0%) |
|
| (98) |
|
| (122) |
|
| (24) |
| (19.7%) |
General and administrative expenses |
|
| (4,737) |
|
| (5,082) |
|
| (345) |
| (6.8%) |
|
| (13,839) |
|
| (14,776) |
|
| (937) |
| (6.3%) |
Depreciation and amortization |
|
| (1,151) |
|
| (1,078) |
|
| 73 |
| 6.8% |
|
| (3,223) |
|
| (3,315) |
|
| (92) |
| (2.8%) |
Total operating costs and expenses |
|
| (16,317) |
|
| (16,464) |
|
| (147) |
| (0.9%) |
|
| (44,943) |
|
| (46,222) |
|
| (1,279) |
| (2.8%) |
Earnings from operations |
|
| 4,272 |
|
| 3,811 |
|
| 461 |
| 12.1% |
|
| 12,166 |
|
| 12,203 |
|
| (37) |
| (0.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense) benefit |
|
| (625) |
|
| 481 |
|
| 1,106 |
| 229.9% |
|
| (1,589) |
|
| (702) |
|
| 887 |
| 126.4% |
Net loss (earnings) attributable to non-controlling interests |
|
| 31 |
|
| 39 |
|
| (8) |
| (20.5%) |
|
| (774) |
|
| (875) |
|
| 101 |
| 11.5% |
Net earnings attributable to Century Casinos, Inc. shareholders |
|
| 297 |
|
| 1,134 |
|
| (837) |
| (73.8%) |
|
| 832 |
|
| 3,276 |
|
| (2,444) |
| (74.6%) |
Adjusted EBITDAR |
| $ | 5,423 |
| $ | 4,889 |
| $ | 534 |
| 10.9% |
| $ | 15,389 |
| $ | 15,482 |
| $ | (93) |
| (0.6%) |
In February 2023, the AGLC, Alberta’s gaming regulatory agency, approved a temporary increase from 15% of slot machine net sales retained by casinos to 17% effective from April 1, 2023 through March 31, 2025. In December 2024, the temporary increase was extended through March 31, 2026.
A competitor is requesting to relocate their casino from a city about 50 miles southeast of Edmonton to south Edmonton, approximately 11 miles from our Century Mile property. Additional approvals are needed before the project begins and we anticipate construction could take approximately two years if the project is approved. An increase in competitors to the Edmonton market and near our Century Mile property could lead to a decrease in visitors at our casinos and have a negative impact on our results of operations in Canada.
Results in US dollars were impacted by a (1.0%) and (2.9%) decrease in the average exchange rate between the US dollar and Canadian dollar for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively.
39
The tables below provide results for the Canada reportable segment.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in CAD, in millions |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Net Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
| 28.4 |
|
| 27.7 |
|
| 0.7 |
| 2.5% |
|
| 79.7 |
|
| 79.5 |
|
| 0.2 |
| 0.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
| 20.9 |
|
| 21.0 |
|
| (0.1) |
| (0.5%) |
|
| 58.3 |
|
| 58.4 |
|
| (0.1) |
| (0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in USD, in millions |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Net operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
| $ | 20.6 |
| $ | 20.3 |
| $ | 0.3 |
| 1.5% |
| $ | 57.1 |
| $ | 58.4 |
| $ | (1.3) |
| (2.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
| $ | 15.2 |
| $ | 15.4 |
| $ | (0.2) |
| (1.3%) |
| $ | 41.7 |
| $ | 42.9 |
| $ | (1.2) |
| (2.8%) |
(1)Operating costs and expenses are calculated for this table as total operating costs and expenses less depreciation and amortization.
Three Months Ended September 30, 2025 and 2024
The following discussion highlights results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Explanations below are provided based on CAD results.
Net operating revenue increased primarily due to increased pari-mutuel revenue at both of our racetracks. Operating costs and expenses remained relatively constant.
Nine Months Ended September 30, 2025 and 2024
The following discussion highlights results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Explanations below are provided based on CAD results.
Net operating revenue and operating costs and expenses remained relatively constant.
A reconciliation of net earnings attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR for this reportable segment can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
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|
|
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|
|
|
|
Poland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in thousands |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Gaming revenue |
| $ | 17,860 |
| $ | 18,084 |
| $ | (224) |
| (1.2%) |
| $ | 61,993 |
| $ | 58,794 |
| $ | 3,199 |
| 5.4% |
Food and beverage revenue |
|
| 225 |
|
| 198 |
|
| 27 |
| 13.6% |
|
| 693 |
|
| 610 |
|
| 83 |
| 13.6% |
Other revenue |
|
| 53 |
|
| 5 |
|
| 48 |
| 960.0% |
|
| 793 |
|
| 625 |
|
| 168 |
| 26.9% |
Net operating revenue |
|
| 18,138 |
|
| 18,287 |
|
| (149) |
| (0.8%) |
|
| 63,479 |
|
| 60,029 |
|
| 3,450 |
| 5.7% |
Gaming expenses |
|
| (12,129) |
|
| (12,325) |
|
| (196) |
| (1.6%) |
|
| (40,792) |
|
| (39,165) |
|
| 1,627 |
| 4.2% |
Food and beverage expenses |
|
| (848) |
|
| (846) |
|
| 2 |
| 0.2% |
|
| (2,844) |
|
| (2,604) |
|
| 240 |
| 9.2% |
General and administrative expenses |
|
| (6,355) |
|
| (5,921) |
|
| 434 |
| 7.3% |
|
| (19,567) |
|
| (18,214) |
|
| 1,353 |
| 7.4% |
Depreciation and amortization |
|
| (581) |
|
| (409) |
|
| 172 |
| 42.1% |
|
| (1,692) |
|
| (1,462) |
|
| 230 |
| 15.7% |
Total operating costs and expenses |
|
| (19,913) |
|
| (19,501) |
|
| 412 |
| 2.1% |
|
| (64,895) |
|
| (61,445) |
|
| 3,450 |
| 5.6% |
Loss from operations |
|
| (1,775) |
|
| (1,214) |
|
| (561) |
| (46.2%) |
|
| (1,416) |
|
| (1,416) |
|
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
| 111 |
|
| 95 |
|
| (16) |
| (16.8%) |
|
| (219) |
|
| (143) |
|
| 76 |
| 53.1% |
Net loss attributable to non-controlling interests |
|
| 587 |
|
| 341 |
|
| 246 |
| 72.1% |
|
| 545 |
|
| 358 |
|
| 187 |
| 52.2% |
Net loss attributable to Century Casinos, Inc. shareholders |
|
| (1,176) |
|
| (681) |
|
| (495) |
| (72.7%) |
|
| (1,090) |
|
| (716) |
|
| (374) |
| (52.2%) |
Adjusted EBITDAR |
| $ | (425) |
| $ | 1,958 |
| $ | (2,383) |
| (121.7%) |
| $ | 2,066 |
| $ | 3,166 |
| $ | (1,100) |
| (34.7%) |
40
In Poland, casino gaming licenses are granted for a term of six years. These licenses are not renewable. Before a gaming license expires in a particular city, there is a public notification of the available license and any gaming company can apply for a new license for that city. We closed our Hilton Hotel casino in Warsaw in June 2025 after we were notified that we had not received a new license.
The table below provides information about the closures due to licensing delays and expirations during the periods discussed in this Item 2.
|
|
|
Casino | Closure Date | Reopen Date |
Katowice (1) | October 2023 | March 2024 |
Bielsko-Biala | October 2023 | February 2024 |
Wroclaw (2) | November 2023 | October 2024 |
Krakow (3) | May 2024 | N/A |
LIM Center in Warsaw (3) | July 2024 | N/A |
Hilton Hotel in Warsaw (4) | June 2025 | N/A |
(1)The Katowice casino reopened with a reduced gaming floor in March 2024. The full gaming floor was reopened in May 2025 following regulatory approval.
(2)The Wroclaw casino reopened at a new location following the closure. We were awarded a second license in Wroclaw in March 2025 and expect to open the second casino in Wroclaw in January 2026.
(3)We were notified in October 2024 that we were not awarded casino licenses for these locations.
(4)We were notified in June 2025 that we were not awarded a casino license for this location.
Results in US dollars were impacted by a 6.5% and 4.1% increase in the average exchange rate between the US dollar and Polish zloty for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, respectively.
The tables below provide results for the Poland reportable segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in PLN, in millions |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Net Operating Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland |
|
| 66.2 |
|
| 71.4 |
|
| (5.2) |
| (7.3%) |
|
| 241.5 |
|
| 238.0 |
|
| 3.5 |
| 1.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland |
|
| 70.5 |
|
| 74.5 |
|
| (4.0) |
| (5.4%) |
|
| 240.3 |
|
| 237.7 |
|
| 2.6 |
| 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in USD, in millions |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Net operating revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland |
| $ | 18.1 |
| $ | 18.3 |
| $ | (0.2) |
| (0.8%) |
| $ | 63.5 |
| $ | 60.0 |
| $ | 3.5 |
| 5.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Poland |
| $ | 19.3 |
| $ | 19.1 |
| $ | 0.2 |
| 1.0% |
| $ | 63.2 |
| $ | 60.0 |
| $ | 3.2 |
| 5.3% |
(1)Operating costs and expenses are calculated for this table as total operating costs and expenses less depreciation and amortization.
Three Months Ended September 30, 2025 and 2024
The following discussion highlights results for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Explanations below are provided based on PLN results.
Net operating revenue decreased primarily due to the closure of the casino at the Hilton Hotel in Warsaw, which was partially offset by increased revenue at the Warsaw Presidential Hotel and increased revenue at the casino in Wroclaw that reopened in October 2024. Operating costs and expenses decreased due to decreased gaming-related expenses and decreased payroll expense, primarily due to the closure of the casino at the Hilton Hotel in Warsaw.
41
Nine Months Ended September 30, 2025 and 2024
The following discussion highlights results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Explanations below are provided based on PLN results.
Net operating revenue increased primarily due to the casinos that reopened in 2024 in Wroclaw, Bielsko-Biala and Katowice, offset by decreased revenue due to licensing-related closures of our LIM Center and Krakow casinos and Hilton Hotel casino in Warsaw. The decreased revenue due to the closure of the casino at the Hilton Hotel in Warsaw was partially offset by increased revenue at the Warsaw Presidential Hotel. Operating costs and expenses increased due to increased gaming-related expenses and additional costs related to the closure of the casino at the Hilton Hotel in Warsaw.
A reconciliation of net loss attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR for this reportable segment can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
| For the nine months |
|
|
|
| ||||||||||
|
| ended September 30, |
|
|
| % |
| ended September 30, |
|
|
| % | ||||||||||
Amounts in thousands |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
|
| 2025 |
|
| 2024 |
|
| Change |
| Change |
Other revenue |
| $ | — |
| $ | — |
| $ | — |
| — |
| $ | — |
| $ | 13 |
| $ | (13) |
| (100.0%) |
Net operating revenue |
|
| — |
|
| — |
|
| — |
| — |
|
| — |
|
| 13 |
|
| (13) |
| (100.0%) |
General and administrative expenses |
|
| (3,392) |
|
| (2,838) |
|
| 554 |
| 19.5% |
|
| (9,965) |
|
| (10,959) |
|
| (994) |
| (9.1%) |
Depreciation and amortization |
|
| (20) |
|
| (36) |
|
| (16) |
| (44.4%) |
|
| (54) |
|
| (135) |
|
| (81) |
| (60.0%) |
Total operating costs and expenses |
|
| (3,412) |
|
| (2,874) |
|
| 538 |
| 18.7% |
|
| (10,019) |
|
| (11,094) |
|
| (1,075) |
| (9.7%) |
Loss from operations |
|
| (3,412) |
|
| (2,874) |
|
| (538) |
| (18.7%) |
|
| (10,019) |
|
| (11,081) |
|
| 1,062 |
| 9.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
| 91 |
|
| (242) |
|
| 333 |
| 137.6% |
|
| (124) |
|
| 886 |
|
| (1,010) |
| (114.0%) |
Net loss attributable to Century Casinos, Inc. shareholders |
|
| (12,824) |
|
| (13,273) |
|
| 449 |
| 3.4% |
|
| (38,328) |
|
| (40,770) |
|
| 2,442 |
| 6.0% |
Adjusted EBITDAR |
| $ | (3,076) |
| $ | (3,117) |
| $ | 41 |
| 1.3% |
| $ | (9,163) |
| $ | (10,399) |
| $ | 1,236 |
| 11.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months and Nine Months Ended September 30, 2025 and 2024
The following discussion highlights results for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024.
Total operating costs and expenses, including general and administrative expenses, for the three months ended September 30, 2025 increased due to increased stock compensation expense. Total operating costs and expenses for the nine months ended September 30, 2025 decreased primarily due to lower accounting and insurance costs offset by increased stock compensation expense. Net loss attributable to Century Casinos, Inc. shareholders is driven primarily by interest expense under the Goldman Credit Agreement.
Corporate and Other is presented for reconciliation purposes only in the reconciliation of net loss attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR for this segment can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
Non-Operating (Expense) Income
Non-operating (expense) income was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
|
|
|
|
|
| For the nine months |
|
|
|
|
| ||||||||
|
| ended September 30, |
|
|
|
| % |
| ended September 30, |
|
|
|
| % | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| $ Change |
| Change |
| 2025 |
| 2024 |
| $ Change |
| Change | ||||||
Interest income |
| $ | 405 |
| $ | 751 |
| $ | (346) |
| (46.1%) |
| $ | 1,058 |
| $ | 2,110 |
| $ | (1,052) |
| (49.9%) |
Interest expense |
|
| (26,418) |
|
| (25,855) |
|
| (563) |
| (2.2%) |
|
| (78,665) |
|
| (77,426) |
|
| (1,239) |
| (1.6%) |
(Loss) gain on foreign currency transactions, cost recovery income and other |
|
| (85) |
|
| 127 |
|
| (212) |
| (166.9%) |
|
| 1,075 |
|
| 2,717 |
|
| (1,642) |
| (60.4%) |
Non-operating (expense) income |
| $ | (26,098) |
| $ | (24,977) |
| $ | (1,121) |
| (4.5%) |
| $ | (76,532) |
| $ | (72,599) |
| $ | (3,933) |
| (5.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
Interest income is primarily related to interest earned on our cash reserves.
Interest expense
Interest expense is directly related to interest owed on the borrowings under our Goldman Credit Agreement, the UniCredit Term Loan, CPL’s credit facility, our financing obligation under the Master Lease with VICI PropCo, deferred financing costs and our finance lease agreements. Interest expense in the United States and Canada reportable segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.
42
A breakdown of interest expense is below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months |
| For the nine months | ||||||||
|
| ended September 30, |
| ended September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Interest expense - credit agreements |
| $ | 8,918 |
| $ | 9,881 |
| $ | 26,573 |
| $ | 29,601 |
Interest expense - VICI PropCo financing obligation |
|
| 16,637 |
|
| 15,212 |
|
| 49,533 |
|
| 45,586 |
Interest expense - deferred financing costs |
|
| 674 |
|
| 674 |
|
| 2,022 |
|
| 2,022 |
Interest expense - miscellaneous |
|
| 189 |
|
| 88 |
|
| 537 |
|
| 217 |
Total interest expense |
| $ | 26,418 |
| $ | 25,855 |
| $ | 78,665 |
| $ | 77,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) gain on foreign currency transactions, cost recovery income and other
Cost recovery income is related to infrastructure built during the development of CDR. The infrastructure was built by the non-controlling shareholders prior to our acquisition of our controlling ownership interest in CDR. Cost recovery income of $1.0 million was received by CDR for the nine months ended September 30, 2025 related to infrastructure built during the development of the Century Downs REC project. The distribution to CDR’s non-controlling shareholders is part of an agreement between CRM and CDR. Cost recovery income of $1.1 million was received by CDR for the nine months ended September 30, 2024.
Taxes
Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the nine months ended September 30, 2025, we recognized income tax expense of $2.2 million on pre-tax loss of ($35.7) million, representing an effective income tax rate of (6.0%) compared to an income tax expense of $25.3 million on pre-tax loss of ($32.1) million, representing an effective income tax rate of (78.7%) for the same period in 2024. For further discussion of our effective income tax rates and an analysis of our effective income tax rate compared to the US federal statutory income tax rate, see Note 7, “Income Taxes,” to our condensed consolidated financial statements included in Part I, Item 1 of this report.
LIQUIDITY AND CAPITAL RESOURCES
Our business is capital intensive, and we rely heavily on the ability of our casinos to generate operating cash flow. We use the cash flows that we generate to maintain operations, fund reinvestment in existing properties for both refurbishment and expansion projects, repay third party debt, and pursue additional growth via new development and acquisition opportunities. When necessary and available, we supplement the cash flows generated by our operations with either cash on hand or funds provided by bank borrowings, other debt or equity financing activities or funding arrangements with third-party partners, such as VICI PropCo in connection with our casino project in Caruthersville.
Cash Flows – Summary
Our cash flows, cash, cash equivalents and restricted cash, and working capital consisted of the following:
|
|
|
|
|
|
|
|
| For the nine months | ||||
|
| ended September 30, | ||||
Amounts in thousands |
| 2025 |
| 2024 | ||
Net cash provided by (used in) operating activities |
| $ | 6,802 |
| $ | (1,044) |
Net cash used in investing activities |
|
| (17,808) |
|
| (46,258) |
Net cash used in financing activities |
|
| (10,702) |
|
| (2,611) |
|
|
|
|
|
|
|
|
| As of September 30, | ||||
Amounts in thousands |
| 2025 |
| 2024 | ||
Cash, cash equivalents and restricted cash (1) |
| $ | 78,099 |
| $ | 119,101 |
Working capital (2) |
| $ | 33,462 |
| $ | 68,192 |
(1)Cash, cash equivalents and restricted cash as of September 30, 2025 and 2024 included $0.2 million and $11.0 million, respectively, of cash previously funded by VICI PropCo that had not been spent on our Caruthersville project as of such date.
(2)Working capital is defined as current assets minus current liabilities.
Operating Activities
Trends in our operating cash flows tend to follow trends in earnings from operations excluding non-cash charges, offset by cash rent, income tax payments and interest payments on our long-term debt. Please refer to the condensed consolidated statements of cash flows in Part I, Item 1 of this Form 10-Q and to management’s discussion of the results of operations above in this Item 2 for a discussion of earnings from operations.
43
Investing Activities
Net cash used in investing activities for the nine months ended September 30, 2025 consisted of $0.7 million for a casino license in Poland, $2.5 million in slot machines and gaming related purchases for our US properties, $0.7 million for exterior renovations at our Cripple Creek property in Colorado, $0.7 million in exterior renovations at Mountaineer in West Virginia, $0.2 million for bar renovations at Rocky Gap in Maryland, $3.8 million for our casino project in Caruthersville, Missouri, $3.4 million in elevator upgrades at the Nugget in Nevada, $0.7 million in racing related updates at Century Downs and $0.7 million in exterior renovations at St. Albert in Canada, $1.0 million to renovate the new Wroclaw casino and $0.3 million to renovate the Bielsko-Biala casino in Poland, and $3.4 million in other fixed asset additions at our properties, offset by $0.2 million collected on a note receivable and $0.1 million in proceeds from the disposal of assets.
Net cash used in investing activities for the nine months ended September 30, 2024 consisted of $1.8 million for casino licenses in Poland, $4.2 million in slot machines and gaming related purchases for our US properties, $0.1 million in exterior renovations and $0.1 million for various hotel renovations to the Mountaineer property in West Virginia, $0.1 million for beach access, and $0.2 million in golf equipment for the Rocky Gap property in Maryland, $10.9 million for our hotel project and $0.2 million to add Starbucks in Cape Girardeau, $20.2 million for our casino project in Caruthersville, $0.5 million for a high limit room, $0.2 million for sportsbook improvements and $0.5 million in various renovations in Nevada, and $0.3 million in hotel renovations at our Colorado properties, $0.6 million related to racing related updates at Century Downs, $0.2 million in restaurant renovations at St. Albert and $0.1 million related to racing related updates at Century Mile in Canada, $1.9 million in renovations on the new Wroclaw casino location and $0.2 million for improvements at the Krakow casino location in Poland and $4.1 million in other fixed asset additions at our properties, offset by $0.1 million in proceeds from the disposal of assets.
Financing Activities
Net cash used in financing activities for the nine months ended September 30, 2025 consisted of $6.6 million in distributions to non-controlling interests, $2.5 million to repurchase and retire shares of our common stock and $1.6 million of principal payments net of proceeds from borrowings.
Net cash used in financing activities for the nine months ended September 30, 2024 consisted of $6.9 million in distributions to non-controlling interests and $0.2 million to repurchase shares to satisfy tax withholding related to our performance stock unit awards, offset by $4.5 million in proceeds from borrowings net of principal payments, including $11.8 million of proceeds from borrowings from VICI PropCo for the Caruthersville project.
Borrowings and Repayments of Long-Term Debt and Lease Agreements
As of September 30, 2025, our total debt under bank borrowings and other agreements, net of $9.4 million related to deferred financing costs, was $329.3 million, of which $321.3 million was long-term debt and $8.0 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Goldman Credit Agreement, CPL Credit Facility, and the UniCredit Term Loan. Our Goldman Credit Agreement provides for a $350.0 million Term Loan, drawn in April 2022, and a $30.0 million Revolving Facility. No amounts are currently outstanding under the Revolving Facility. The CPL Credit Facility is a PLN 15.0 million ($4.1 million based on the exchange rate in effect on September 30, 2025) line of credit available through June 2026. For a description of our debt agreements, see Note 4, “Long-Term Debt” to our condensed consolidated financial statements included in Part I, Item 1 of this report. Net Debt was $261.1 million as of September 30, 2025 compared to $220.9 million as of September 30, 2024. The increase in net debt is primarily due to decreased cash. For the definition and reconciliation of Net Debt to the most directly comparable US GAAP measure, see “Non-US GAAP Measures Definitions and Calculations – Net Debt” above.
The following table lists the amount of 2025 maturities of our debt as of September 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
Amounts in thousands |
|
|
|
|
|
|
|
|
| |
Goldman Term Loan (1) |
| CPL Credit Facility (2) |
| UniCredit Term Loan |
| Total | ||||
$ | 875 |
| $ | 4,098 |
| $ | 391 |
| $ | 5,364 |
(1)The Goldman Term Loan requires scheduled quarterly payments of $875,000, equal to 0.25% of the original aggregate principal amount of the Goldman Term Loan, with the balance due at maturity.
(2)The CPL Credit Facility is a line of credit available through June 2026. There is no set repayment schedule for the line of credit. We have included the balance in 2025 based on our planned repayment schedule.
44
The following table lists the amount of remaining 2025 payments due under our operating and finance lease agreements:
|
|
|
|
|
Amounts in thousands |
|
|
| |
Operating Leases |
| Finance Leases | ||
$ | 1,721 |
| $ | 112 |
As of September 30, 2025, estimated cash payments due under the Master Lease for the remainder of 2025 are $15.5 million, which includes a CPI increase and a portion of the deferred Caruthersville rent increase. We have elected to defer the cash payments of $4.2 million in annual increased rent related to the Caruthersville project for 12 months and the deferred rent will be paid over a six month period beginning in December 2025. Estimated cash payments to the non-controlling partners under the lease between Smooth Bourbon and Nugget (the “Nugget Lease”) for the remainder of 2025 are $2.0 million.
The following table details cash payments under the Master Lease and 50% of the cash payments under the Nugget Lease for the three and nine months ended September 30, 2025 and three and nine months ended September 30, 2024.
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|
|
|
|
|
|
|
|
|
|
|
|
|
| For the three months ended |
| For the nine months ended | ||||||||
|
| September 30, |
| September 30, | ||||||||
Amounts in thousands |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
Master Lease |
| $ | 14,442 |
| $ | 13,190 |
| $ | 43,174 |
| $ | 37,829 |
Nugget Lease (1) |
|
| 1,937 |
|
| 1,913 |
|
| 5,786 |
|
| 5,088 |
(1)Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell through Smooth Bourbon. Smooth Bourbon is a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort.
Rent expense related to the Master Lease is included in interest expense on our condensed consolidated statements of loss. The Nugget Lease is considered an intercompany lease, and income and expense related to the lease are eliminated in consolidation. The 50% interest in the Nugget Lease owned by Marnell through Smooth Bourbon is recorded as non-controlling interest on our condensed consolidated statements of loss.
Common Stock Repurchase Program
Since March 2000, our Board has had a discretionary program to repurchase our outstanding common stock. Beginning in May 2025, we have entered into 10b5-1 trading plans (the “Plans”) for the purpose of repurchasing shares of our outstanding common stock in accordance with the share repurchase program previously authorized by the Board. The Plans are intended to comply with Rule 10b5-1(c) under the Exchange Act. Repurchases of common stock under the Plans are being administered through an independent broker and are subject to certain price, market, volume and timing constraints specified in the Plans.
The previous 10b5-1 plan announced May 14, 2025, expired by its terms on July 31, 2025. Our current 10b5-1 trading plan was announced on August 11, 2025. The current plan authorized the repurchase of up to $2.5 million of shares of our outstanding common stock and expires by its terms on December 31, 2025. During the nine months ended September 30, 2025, we repurchased and retired 1,029,657 shares of our common stock for $2.5 million on the open market under the Plans. The total amount remaining under the current plan was $1.5 million as of September 30, 2025. We intend to engage in additional stock repurchases. See Part II, Item 2 of this report for additional details.
Potential Sources and Uses of Liquidity and Short-Term Liquidity
Historically, our primary source of liquidity and capital resources has been cash flow from operations. As of September 30, 2025, we had $77.7 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 to net cash used in investing activities of $17.8 million as discussed in “Investing Activities” above, including capital expenditures. We estimate that we have spent approximately 84% of our planned capital expenditures for 2025 through September 30, 2025. Remaining capital expenditures for 2025 are estimated to be approximately $3.2 million. Poland is negotiating a loan with mBank for PLN 4.0 million ($1.1 million based on the exchange rate in effect on September 30, 2025) for construction financing for the new casino in Wroclaw. We opened the new land-based casino and hotel at Century Casino Caruthersville on November 1, 2024. The project cost approximately $51.9 million and was funded with financing provided by VICI PropCo in conjunction with the Master Lease. We estimate approximately $0.2 million in remaining cash payments related to the Caruthersville project will be paid in 2025.
A substantial portion of our operating cash flow also is used to fund our debt repayments and lease payments as described in “Borrowings and Repayments of Long-Term Debt and Lease Agreements” above. When necessary and available, we supplement the cash flows generated by our operations with funds provided by bank borrowings or other debt or equity financing activities. If we have aggregate outstanding revolving loans, swingline loans, and letters of credit under the Goldman Credit Agreement
45
greater than $10.5 million as of the last day of any fiscal quarter, we are required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. We had no outstanding revolving loans, swingline loans, or letters of credit as of September 30, 2025, and therefore the Consolidated First Lien Net Leverage Ratio requirement did not apply. As of September 30, 2025, we had $30.0 million available on our Revolving Facility. See Note 4, “Long-Term Debt” to our condensed consolidated financial statements included in Part I, Item 1 of this report.
We may be required to raise additional capital to address our liquidity and capital needs. We have a shelf registration statement with the SEC that became effective in June 2023 under which we may issue, from time to time, up to $100 million of common stock, preferred stock, debt securities and other securities. We intend to renew the shelf registration statement in 2026.
If necessary, we may seek to obtain further term loans, mortgages or lines of credit with commercial banks or other debt or equity financings to supplement our working capital and investing requirements. Our access to and cost of financing will depend on, among other things, our financial performance and prospects, global economic conditions, conditions in the financing markets, the availability of sufficient amounts of financing, and our credit ratings. A financing transaction may not be available on terms acceptable to us, or at all, and a financing transaction may be dilutive to our current stockholders. The failure to raise the funds necessary to fund our debt service and rent obligations and finance our operations and other capital requirements could have a material and adverse effect on our business, financial condition and liquidity.
We estimate that approximately $43.0 million of our total $77.7 million in cash and cash equivalents at September 30, 2025 is held by our foreign subsidiaries, of which $23.1 million, including $7.6 million in casino cash, is held by our Canadian subsidiaries and $3.5 million, including $2.6 million in casino cash, is held by our Poland subsidiary, the remaining $16.4 million is held by our foreign corporate subsidiaries. The cash and cash equivalents held by our foreign subsidiaries are not available to fund US operations unless repatriated. We expect to incur withholding tax on future repatriation of current earnings in certain non-US subsidiaries.
Critical Accounting Estimates
As of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our Annual Report on Form 10-K for the year ended December 31, 2024. See Note 2 to our Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but not yet adopted that may impact the Company’s consolidated financial position, earnings, cash flows or disclosures.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We had no material changes in our exposure to market risks from that previously reported in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures – Our management, with the participation of our principal executive officers and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, for the period covered by this report. Based on such evaluation, our principal executive officers and principal financial officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2025 because of the material weakness described in "Material Weakness" below.
Notwithstanding the material weakness, and based on the additional analyses and other procedures management performed, we have concluded that our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, our financial position, results of operations and cash flows for each of the periods presented herein.
Material Weakness
We concluded that our internal control over financial reporting was not effective as of December 31, 2024. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.
Management identified the following material weakness in our internal control over financial reporting as of December 31, 2024:
We did not adequately design, implement and maintain effective controls to timely review certain key inputs and assumptions used in the performance of impairment testing and related disclosures.
46
Remediation plan for material weakness
During impairment testing conducted in connection with its preparation of our financial statements for the three months ended September 30, 2025, we concluded that our previously filed consolidated financial statements for the year ended December 31, 2024 contained a material error related to the calculation of the carrying value of invested capital used in the valuation of the Rocky Gap reporting unit, which resulted in an impairment of goodwill for this reporting unit, and was restated. With the oversight of the Audit Committee of the Board of Directors, management is in the process of developing a detailed remediation plan to address the material weakness. Elements of the plan include the design and implementation of review attributes of the carrying value of invested capital at an increased level of precision of the calculation and additional reviews around assumptions used in the performance impairment testing. While we will devote significant time and attention to these remediation efforts, the material weakness will not be considered remediated until management completes the design and implementation of the actions described above and the controls operate for a sufficient period of time, and management has concluded, through testing, that these controls are effective.
Changes in Internal Control Over Financial Reporting – There were no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may become subject to various legal proceedings arising from normal business operations. See Note 6 to our Unaudited Condensed Consolidated Financial Statements for additional information regarding legal actions and proceedings.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Repurchases
In March 2000, our Board approved a discretionary program to repurchase up to $5.0 million of our outstanding common stock. In November 2009, our Board approved an increase of the amount available to be repurchased under the program to $15.0 million. The repurchase program has no set expiration or termination date and had approximately $12.2 million remaining as of September 30, 2025.
Beginning in May 2025, we announced the Plans for the purpose of repurchasing shares of our outstanding common stock in accordance with the share repurchase program previously authorized by the Board. The Plans are intended to comply with Rule 10b5-1(c) under the Exchange Act. During the three months ended September 30, 2025, there were no repurchases under our repurchase program outside of the Plans. The current 10b5-1 trading plan expires on December 31, 2025.
The table below details the repurchases made under the Plans during the fiscal quarter ended September 30, 2025.
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|
Period |
|
| Total number of shares purchased |
|
| Average price paid per share |
|
| Total number of shares purchased as part of publicly announced plans |
|
| Approximate dollar amount that may yet be purchased under the plan |
Plan Adopted May 14, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
July 2025 |
|
| 233,473 |
|
| 2.38 |
|
| 233,473 |
|
|
|
Plan Adopted August 11, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
August 2025 |
|
| 130,484 |
|
| 2.52 |
|
| 130,484 |
|
| 2.2 |
September 2025 |
|
| 236,966 |
|
| 2.67 |
|
| 236,966 |
|
| 1.5 |
Total |
|
| 367,450 |
|
| 2.50 |
|
| 367,450 |
|
|
|
Item 5. Other Information
None of our directors or executive officers
47
Item 6. Exhibits
|
|
Exhibit No. | Document |
3.1P | Certificate of Incorporation of Century Casinos, Inc. is hereby incorporated by reference to the Company’s Proxy Statement for the 1994 Annual Meeting of Stockholders. |
3.2 | Amended and Restated Bylaws of Century Casinos, Inc. is hereby incorporated by reference to Exhibit 11.14 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002. |
31.1* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer. |
31.2* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer and President. |
31.3* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Chief Financial Officer. |
32.1** | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer. |
32.2** | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer and President. |
32.3** | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Chief Financial Officer. |
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101 |
* Filed herewith.
** Furnished herewith.
P Filed on Paper.
48
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CENTURY CASINOS, INC.
/s/ Margaret Stapleton
Margaret Stapleton
Chief Financial Officer
Date: November 13, 2025
49
FAQ
What were Century Casinos (CNTY) Q3 2025 revenue and earnings?
How did non-operating costs affect CNTY’s Q3 2025 results?
What is CNTY’s current debt and VICI financing obligation?
Did CNTY repurchase shares in Q3 2025?
What was CNTY’s cash position and cash flow for the nine months?
Are there any covenant issues disclosed?
When is Missouri sports betting expected to launch for CNTY?
