CENTURY CASINOS INC /CO/
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
CNTY$0.58-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0000911147-25-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000911147-25-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 148 previous paragraphs and 173 current paragraphs.
92 unchanged; 41 reworded; 34 added; 11 removed; 4 previous and 6 current paragraphs rearranged.
Tables are not compared: 24 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
Sports Betting – Missouri
Current report
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 in the fourth quarter of 2025.
Current report
Strategic Review Process
Current report
Our Board of Directors (the “Board”) has 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.
Current report
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 three and six months ended June 30, 2024.
Current report
United States decreased by ($0.4) million, or (0.4%), and by ($3.1) million, or (1.6%).
Current report
Poland increased by $4.6 million, or 23.0%, and by $3.6 million, or 8.6%.
Current report
Canada remained constant and decreased by ($1.1) million, or (3.8%).
Current report
Poland increased by $4.0 million, or 19.6%, and by $3.0 million, or 7.2%.
Current report
United States increased by $0.6 million, or 4.4%, and decreased by ($0.5) million, or (2.1%).
Current report
Canada increased by $0.2 million, or 3.9%, and decreased by ($0.5) million, or (6.0%).
Current report
Poland increased by $0.6 million, or 356.4%, and by $0.6 million, or 275.7%.
Current report
Corporate and Other loss from operations decreased by $0.9 million, or 21.7%, and by $1.6 million, or 19.5%.
Current report
(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.
Current report
(2)Includes $1.0 million related to cost recovery income for CDR in the Canada segment.
Current report
(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.
Current report
(2)Includes $1.1 million related to cost recovery income for CDR in the Canada segment.
Current report
(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.
Current report
(2)Includes $1.0 million related to cost recovery income for CDR in the Canada segment.
Current report
(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.
Current report
(2)Includes $1.1 million related to cost recovery income for CDR in the Canada segment.
Current report
As stated above, two of our sports betting agreements in Colorado were terminated in May 2024 and July 2024. Revenue from these agreements was $0.4 million and $0.8 million for the three and six months ended June 30, 2024, respectively, 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. The breakage fee was recorded as other revenue on our condensed consolidated statements of loss for the three and six months ended June 30, 2024. Prior to the termination of the agreements, revenue from these agreements was $1.8 million per year in our United States segment.
Current report
East – Decreased net operating revenue was primarily due to decreased gaming revenue offset by increased hotel revenue, due to changes in room rates, at both properties. Decreased operating costs and expenses is due to decreased gaming-related, maintenance and insurance expenses.
Current report
The following discussion highlights results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Current report
Net operating revenue increased primarily due to increased gaming and food and beverage revenue at our St. Albert and Century Downs locations offset by decreased gaming revenue at our Edmonton and Century Mile locations. Operating costs and expenses remained relatively constant.
Current report
The following discussion highlights results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Explanations below are provided based on CAD results.
Current report
A reconciliation of net earnings attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
Current report
Net operating revenue increased primarily due to increased revenue at the casino in Wroclaw that reopened in October 2024. Operating costs and expenses increased due to increased gaming-related expenses related to increased gaming revenue as well as additional costs related to termination of the lease at the Hilton Hotel.
Current report
The following discussion highlights results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Explanations below are provided based on PLN results.
Current report
Three Months and Six Months Ended June 30, 2025 and 2024
Current report
The following discussion highlights results for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024.
Current report
Non-Operating (Expense) Income
Current report
Non-operating (expense) income was as follows:
Current report
On May 14, 2025, in accordance with the share repurchase program previously authorized by the Board, we announced a 10b5-1 trading plan (the “Plan”) for the purpose of repurchasing up to $3.0 million of shares of our outstanding common stock (the “Repurchase Limit”). The Plan allowed us to repurchase shares up to the Repurchase Limit through July 31, 2025. During the three and six months ended June 30, 2025, we repurchased and retired 428,734 shares of our common stock for $0.9 million on the open market under the Plan. The Plan expired by its terms on July 31, 2025. We intend to engage in additional stock repurchases.
Removed paragraphs (11)
Previous report
Canada decreased by ($1.8) million, or (9.9%).
Previous report
Canada decreased by ($1.1) million, or (8.0%).
Previous report
Corporate and Other decreased by ($0.7) million, or (17.7%).
Previous report
United States decreased by ($1.1) million, or (13.3%).
Previous report
Canada decreased by ($0.7) million, or (16.5%).
Previous report
Poland decreased by ($0.1) million, or (395.5%).
Previous report
Corporate and Other increased by $0.7 million, or 17.4%.
Previous report
(1)See “Non-Operating Income (Expense) – 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.
Previous report
(1)See “Non-Operating Income (Expense) – 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.
Previous report
Non-Operating Income (Expense)
Previous report
Non-operating income (expense) was as follows:
Reworded paragraphs (41)
Previous wording
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 March 31, 2025, CPL had casino licenses for seven casinos and operated six casinos throughout Poland. The following table summarizes information about CPL’s casinos as of March 31, 2025.
Current wording
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 June 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 June 30, 2025.
Previous wording
(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 are waiting on regulatory approval to reopen the full gaming floor at the Katowice casino.
Current wording
(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.
Previous wording
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 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. We are seeing weaker trends from retail and low-end customers, which we believe is due to macroeconomic conditions impacting consumer spending in our markets. 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.
Current wording
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 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.
Previous wording
Sports Betting (Colorado)– During 2024, we mutually agreed to cancel two of our sports betting agreements in Colorado. Prior to the termination of the agreements, revenue from these agreements was $1.8 million per year in our United States segment.
Current wording
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. 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. The breakage fee was recorded as other revenue on our condensed consolidated statements of loss for the three and six months ended June 30, 2024.
Previous wording
Net operating revenue decreased by ($5.6) million, or (4.1%), for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Following is a breakout of net operating revenue by segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024:
Current wording
Net operating revenue increased by $4.4 million, or 3.0%, and decreased by ($1.2) million, or (0.4%), for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. Following is a breakout of net operating revenue by segment for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:
Previous wording
United States decreased by ($1.6) million, or (1.8%).
Current wording
Canada increased by $0.2 million, or 0.9%, and decreased by ($1.6) million, or (4.3%).
Previous wording
Operating costs and expenses decreased by ($4.4) million, or (3.5%), for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Following is a breakout of operating costs and expenses by segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024:
Current wording
Operating costs and expenses increased by $2.1 million, or 1.6%, and decreased by ($2.4) million, or (0.9%), for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. Following is a breakout of operating costs and expenses by segment for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:
Previous wording
United States decreased by ($2.7) million, or (2.9%).
Current wording
United States decreased by ($1.0) million, or (1.1%), and by ($2.7) million, or (1.5%).
Previous wording
Poland decreased by ($0.9) million, or (4.3%).
Current wording
Corporate and Other decreased by ($0.9) million, or (21.7%), and by ($1.6) million, or (19.6%).
Previous wording
Earnings from operations decreased by ($1.1) million, or (13.8%), for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Following is a breakout of earnings from operations by segment for the three months ended March 31, 2025 compared to the three months ended March 31, 2024:
Current wording
Earnings from operations increased by $2.3 million, or 16.2%, and by $1.2 million, or 5.2%, for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024. Following is a breakout of earnings from operations by segment for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:
Previous wording
Net loss attributable to Century Casinos, Inc. shareholders increased by $7.1 million, or 52.2%, for the three months ended March 31, 2025 compared to the three months ended March 31, 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. Increased income tax expense negatively impacted net loss attributable to Century Casinos, Inc. shareholders for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. For the three months ended March 31, 2024, we recognized an income tax benefit on losses incurred in the United States. There was income tax expense for the three months ended March 31, 2025 as a valuation allowance was recognized in the second quarter of 2024 for the United States deferred tax assets. For a discussion of these items, see “Non-Operating Income (Expense)” and “Taxes” below in this Item 2.
Current wording
Net loss attributable to Century Casinos, Inc. shareholders decreased by ($29.3) million, or (70.4%), and by ($22.2) million, or (40.3%), for the three and six months ended June 30, 2025 compared to the three and six months ended June 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 three months and six months ended June 30, 2025 compared to the three months and six months ended June 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.
Previous wording
We opened the new land-based casino and hotel in Caruthersville on November 1, 2024. The casino has 579 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.
Current wording
We opened the new land-based casino and hotel in Caruthersville on November 1, 2024. The casino has 569 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.
Previous wording
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 plan to partner with sports betting operators to conduct sports betting at our Missouri casinos when it begins in late 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 $0.5 million for the three months ended March 31, 2024 in our United States segment.
Current wording
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 in the fourth quarter of 2025.
Previous wording
The Cripple Creek and Central City casinos in Colorado stopped offering table games in January 2025. We believe this will have a positive impact on earnings from operations at both properties as the expense savings are projected to offset the decrease in revenue. Table games revenue in Colorado was $0.4 million for the three months ended March 31, 2024.
Current wording
The Cripple Creek and Central City casinos in Colorado stopped offering table games in January 2025. Through June 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 $0.5 million and $0.9 million for the three months and six months ended June 30, 2024, respectively.
Previous wording
East – Decreased net operating revenue and operating costs and expenses were due to decreased gaming revenue and gaming-related expenses at both properties. At our Rocky Gap property, the golf course was closed for the majority of the quarter due to winter weather that impacted gaming, hotel and food and beverage revenue.
Current wording
East – Decreased net operating revenue was due to decreased gaming revenue offset by increased hotel revenue, due to changes in room rates, at both properties. At our Rocky Gap property, the golf course was closed for the majority of the first quarter of 2025 due to winter weather that impacted gaming, hotel and food and beverage revenue. Decreased operating costs and expenses is due to decreased gaming-related, maintenance and insurance expenses.
Previous wording
Midwest – In Missouri, net operating revenue increased by approximately $2.8 million primarily due to increased gaming revenue at our new casino in Caruthersville and increased hotel and food and beverage revenue at both properties due to the new hotels that were opened in 2024. The increases in Missouri were offset by decreased net operating revenue of approximately $2.2 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, decreased gaming revenue due to the elimination of table games at both properties, and inclement weather in February 2025. Operating expenses in the Midwest operating segment increased due to increased payroll, marketing and operating costs, primarily at the Missouri locations due to opening our new hotels and the new Caruthersville casino in 2024.
Current wording
Midwest – In Missouri, net operating revenue increased by approximately $5.8 million primarily due to increased gaming revenue at our new casino in Caruthersville and increased hotel and food and beverage revenue at both properties due to the new hotels that were opened in 2024. The increases in Missouri were offset by decreased net operating revenue of approximately $4.5 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, decreased gaming revenue due to the elimination of table games at both properties, and inclement weather in February 2025. Operating 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.
Previous wording
West –Net operating revenue at the Nugget decreased primarily due to decreased hotel and food and beverage revenue. We are increasing our efforts to market group and convention sales for the hotel and are implementing a new loyalty program in an effort to drive revenue growth. Operating expenses decreased primarily due to decreased payroll and marketing costs due to the cost saving measures we began implementing mid-April 2024. These measures included marketing improvements, staffing changes and changes to hotel operations.
Current wording
West –Net operating revenue at the Nugget decreased primarily due to decreased hotel and food and beverage revenue. We are increasing our efforts to market group and convention sales for the hotel and are implementing a new loyalty program in an effort to drive revenue growth. Operating 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. The cost saving measures included staffing changes and changes to hotel operations.
Previous wording
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. The increase in the slot machine net sales retention percentage has had a positive impact on net operating revenue and results of operations at our Canadian properties.
Current wording
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.
Previous wording
Results in US dollars were impacted by a (6.5%) decrease in the average exchange rate between the US dollar and Canadian dollar for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
Results in US dollars were impacted by a (1.2%) and (3.8%) decrease in the average exchange rate between the US dollar and Canadian dollar for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
Previous wording
Decreased net operating revenue was primarily due to decreased gaming revenue at all of our Canadian properties which were impacted by winter weather in January and February 2025. Operating costs and expenses decreased due primarily to decreased utility costs.
Current wording
Decreased net operating revenue was primarily due to decreased gaming revenue at all of our Canadian properties which were impacted by winter weather in January and February 2025. Operating costs and expenses remained constant.
Previous wording
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. The license for the Hilton Hotel in Warsaw expires in June 2025. CPL has applied for a license in Warsaw but there can be no assurance that such license will be received.
Current wording
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. We believe that we can retain a significant portion of the revenue from the Hilton Hotel casino at our second casino in Warsaw at the Presidential Hotel.
Previous wording
The table below provides information about the closures due to licensing delays during the periods discussed in this Item 2.
Current wording
The table below provides information about the closures due to licensing delays and expirations during the periods discussed in this Item 2.
Previous wording
(1)The Katowice casino reopened with a reduced gaming floor.
Current wording
(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.
Previous wording
Results in US dollars were impacted by a (0.3%) decrease in the average exchange rate between the US dollar and Polish zloty for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.
Current wording
Results in US dollars were impacted by a 6.0% and 2.9% increase in the average exchange rate between the US dollar and Polish zloty for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
Previous wording
Net operating revenue decreased primarily due to licensing-related closures at our LIM Center casino in Warsaw and the Krakow casino and slower gaming activity in the Warsaw market, offset by increased revenue at the casino in Wroclaw that opened in October 2024. Operating costs and expenses decreased due to decreased payroll and gaming-related expenses primarily related to the casino closures.
Current wording
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 at our LIM Center casino in Warsaw and the Krakow casino and slower gaming activity in the Warsaw market in the first quarter. Operating costs and expenses increased due to increased gaming-related expenses related to increased gaming revenue as well as increased casino rent expense and additional costs related to termination of the lease at the Hilton Hotel.
Previous wording
Total operating costs and expenses, including general and administrative expenses, decreased due primarily to lower stock compensation expense and insurance costs.
Current wording
Total operating costs and expenses, including general and administrative expenses, decreased due primarily to lower stock compensation expense, legal fees and insurance costs.
Previous wording
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. There was no cost recovery income received by CDR for the three months ended March 31, 2025 and 2024. The decrease in gain on foreign currency transaction, cost recovery income and other is due to changes in foreign currency gains.
Current wording
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 three and six months ended June 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 three and six months ended June 30, 2024.
Previous wording
Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the three months ended March 31, 2025, we recognized income tax expense of $0.5 million on pre-tax loss of ($18.4) million, representing an effective income tax rate of (2.6%) compared to an income tax benefit of $4.0 million on pre-tax loss of ($15.7) million, representing an effective income tax rate of 25.4% 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.
Current wording
Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the six months ended June 30, 2025, we recognized income tax expense of $1.7 million on pre-tax loss of ($26.7) million, representing an effective income tax rate of (6.5%) compared to an income tax expense of $25.6 million on pre-tax loss of ($25.1) million, representing an effective income tax rate of (102.2%) 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.
Previous wording
(1)Cash, cash equivalents and restricted cash as of March 31, 2025 and 2024 included $1.9 million and $19.9 million, respectively, of cash previously funded by VICI PropCo that had not been spent on our Caruthersville project as of such date.
Current wording
(1)Cash, cash equivalents and restricted cash as of June 30, 2025 and 2024 included $0.2 million and $14.0 million, respectively, of cash previously funded by VICI PropCo that had not been spent on our Caruthersville project as of such date.
Previous wording
Net cash used in investing activities for the three months ended March 31, 2025 consisted of $0.7 million for a casino license in Poland, $0.7 million in slot machines and gaming related purchases for our US properties, $0.6 million for exterior renovations at our Cripple Creek property in Colorado, $0.9 million in exterior renovations at Mountaineer in West Virginia, $0.8 million for our casino project in Caruthersville, $2.0 million in elevator upgrades at the Nugget in Nevada, $0.3 million in racing related updates at Century Downs and $0.3 million in exterior renovations at St. Albert in Canada, and $1.2 million in other fixed asset additions at our properties, offset by less than $0.1 million in proceeds from the disposal of assets.
Current wording
Net cash used in investing activities for the six months ended June 30, 2025 consisted of $0.7 million for a casino license in Poland, $1.3 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, $3.6 million for our casino project in Caruthersville, Missouri, $2.0 million in elevator upgrades at the Nugget in Nevada, $0.7 million in racing related updates at Century Downs and $0.5 million in exterior renovations at St. Albert in Canada, $0.6 million to renovate the new Wroclaw casino in Poland, and $2.3 million in other fixed asset additions at our properties, offset by $0.2 million collected on a note receivable and less than $0.1 million in proceeds from the disposal of assets.
Previous wording
Net cash used in investing activities for the three months ended March 31, 2024 consisted of $1.2 million for casino licenses in Poland, $1.9 million in slot machines and gaming related purchases for our US properties, $0.4 million for various hotel renovations and $0.1 million in restaurant renovations at Mountaineer in West Virginia, $6.1 million for our hotel project in Cape Girardeau, $6.7 million for our casino project in Caruthersville, $0.1 million in various renovations at the Nugget in Nevada, $0.2 million in hotel renovations at our Colorado properties, $0.4 million in racing related updates at Century Downs in Canada and $2.5 million in other fixed asset additions at our properties, offset by less than $0.1 million in proceeds from the disposal of assets.
Current wording
Net cash used in investing activities for the six months ended June 30, 2024 consisted of $1.8 million for casino licenses in Poland, $3.3 million in slot machines and gaming related purchases for our US properties, $0.1 million for various hotel renovations to the Mountaineer property in West Virginia, $0.1 million for beach access, and $0.1 million in golf equipment for the Rocky Gap property in Maryland, $7.0 million for our hotel project in Cape Girardeau, Missouri, $15.5 million for our casino project in Caruthersville, Missouri, $0.3 million for a high limit room, $0.1 million for sportsbook improvements and $0.5 million in various renovations in Nevada, and $0.3 million in hotel renovations at our Colorado properties, $0.7 million related to racing related updates at our Century Downs and Century Mile properties and $0.2 million in restaurant renovations at our St. Albert property in
Previous wording
Net cash used in financing activities for the three months ended March 31, 2025 consisted of $1.9 million in distributions to non-controlling interests and $0.3 million principal payments net of proceeds from borrowings.
Current wording
Net cash used in financing activities for the six months ended June 30, 2025 consisted of $4.7 million in distributions to non-controlling interests, $1.0 million to repurchase and retire shares of our common stock and $2.2 million of principal payments net of proceeds from borrowings.
Previous wording
Net cash used in financing activities for the three months ended March 31, 2024 consisted of $2.0 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 $1.3 million in proceeds from borrowings net of principal payments, of which $5.9 million consisted of proceeds from borrowings from VICI PropCo for the Caruthersville project.
Current wording
Net cash used in financing activities for the six months ended June 30, 2024 consisted of $5.0 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 an aggregate of $4.8 million in proceeds from borrowings net of principal payments, including $9.9 million of proceeds from borrowings from VICI PropCo for the Caruthersville project.
Previous wording
As of March 31, 2025, our total debt under bank borrowings and other agreements, net of $10.8 million related to deferred financing costs, was $328.8 million, of which $321.7 million was long-term debt and $7.1 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Goldman Credit Agreement, the UniCredit Term Loan and CPL’s credit facility. 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. 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 $254.9 million as of March 31, 2025 compared to $205.5 million as of March 31, 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.
Current wording
As of June 30, 2025, our total debt under bank borrowings and other agreements, net of $10.1 million related to deferred financing costs, was $328.0 million, of which $321.5 million was long-term debt and $6.4 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Goldman Credit Agreement, the UniCredit Term Loan and CPL’s credit facility. 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. 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 $252.5 million as of June 30, 2025 compared to $218.4 million as of June 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.
Previous wording
As of March 31, 2025, estimated cash payments due under the Master Lease for the remainder of 2025 are $44.1 million, which includes a CPI 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 $5.8 million.
Current wording
As of June 30, 2025, estimated cash payments due under the Master Lease for the remainder of 2025 are $30.0 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 $3.9 million.
Previous wording
The following table details cash payments under the Master Lease and 50% of the cash payments under the Nugget Lease for the three months ended March 31, 2025 and three months ended March 31, 2024.
Current wording
The following table details cash payments under the Master Lease and 50% of the cash payments under the Nugget Lease for the three and six months ended June 30, 2025 and three and six months ended June 30, 2024.
Previous wording
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.
Current wording
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.
Previous wording
Since March 2000, we have had a discretionary program to repurchase our outstanding common stock. The total amount remaining under the repurchase program was $14.7 million as of March 31, 2025. We did not repurchase any common stock during the three months ended March 31, 2025 but currently plan to do so. The repurchase program has no set expiration or termination date.
Current wording
Since March 2000, we have had a discretionary program to repurchase up to $15.0 million of our outstanding common stock. The repurchase program has no set expiration or termination date and had approximately $13.8 million remaining as of June 30, 2025.
Previous wording
Historically, our primary source of liquidity and capital resources has been cash flow from operations. As of March 31, 2025, we had $84.7 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 $7.4 million as discussed in “Investing Activities” above and net cash used in operating and financing activities as discussed 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. As of March 31, 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.
Current wording
Historically, our primary source of liquidity and capital resources has been cash flow from operations. As of June 30, 2025, we had $85.5 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 $13.0 million as discussed in “Investing Activities” 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. As of June 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.
Previous wording
We estimate that we have spent approximately one-third of our planned capital expenditures for 2025 in the first quarter. Remaining capital expenditures for 2025 are estimated to be approximately $12.0 million inclusive of approximately $1.8 million in growth capital expenditures and the remaining in maintenance capital expenditures, including elevator upgrades at the Nugget and various upgrades at our properties. 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 $1.9 million in remaining cash payments related to the Caruthersville project.
Current wording
We estimate that we have spent over half of our planned capital expenditures for 2025 in the first half of the year. Remaining capital expenditures for 2025 are estimated to be approximately $8.1 million of maintenance capital expenditures, including elevator upgrades at the Nugget and various upgrades at our properties. 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.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Midwest – In Missouri, net operating revenue increased by approximately $3.0 million primarily due to increased gaming revenue at our new casino in Caruthersville and increased hotel and food and beverage revenue at both properties due to the opening of our two new hotels in 2024. The increases in Missouri were partially offset by decreased net operating revenue of approximately $2.2 million in Colorado. Decreased net operating revenue in Colorado was primarily due to the termination of two sports betting agreements in 2024 and decreased gaming revenue in Central City. Operating expenses in the Midwest operating segment remained relatively constant.
Current report — wording carried from elsewhere
West –Net operating revenue at the Nugget decreased primarily due to decreased hotel and food and beverage revenue. We are increasing our efforts to market group and convention sales for the hotel and are implementing a new loyalty program in an effort to drive revenue growth. Operating expenses remained relatively constant.
Current report — wording carried from elsewhere
(4)We were notified in June 2025 that we were not awarded a casino license for this location.
Current report — wording carried from elsewhere
A reconciliation of net earnings (loss) attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
Current report — wording carried from elsewhere
Canada, $0.3 million in renovations on the relocated Wroclaw casino in Poland and $5.9 million in other fixed asset additions at our properties, offset by $0.1 million in proceeds from the disposal of assets.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Poland decreased by ($1.0) million, or (4.7%).
Previous report — wording carried elsewhere
A reconciliation of net (loss) earnings attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
Previous report — wording carried elsewhere
A reconciliation of net (loss) earnings attributable to Century Casinos, Inc. shareholders to Adjusted EBITDAR can be found in the “Non-US GAAP Measures Definitions and Calculations – Adjusted EBITDAR” discussion above.
Previous report — wording carried elsewhere
The following discussion highlights results for the three months ended March 31, 2025 compared to the three months ended March 31, 2024.