CENTURY CASINOS INC /CO/
For the period ended Sep 30, 2025. Filed Nov 14, 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.
Sep 30, 2025 · Filed Nov 14, 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 2025-06-30; filed 2025-08-07.
0000911147-25-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0000911147-25-000063
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 173 previous paragraphs and 174 current paragraphs.
98 unchanged; 52 reworded; 23 added; 16 removed; 7 previous and 1 current paragraphs rearranged.
Tables are not compared: 26 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 (23)
Current report
(2)Corporate and Other is not a reportable segment and is presented for reconciliation purposes only.
Current report
Restatement of Previously Issued Consolidated Financial Statements
Current report
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.
Current report
United States decreased by ($2.1) million, or (1.8%), and by ($5.3) million, or (1.7%).
Current report
Canada increased by $0.3 million, or 1.5%, and decreased by ($1.3) million, or (2.3%).
Current report
Poland decreased by ($0.1) million, or (0.8%), and increased by $3.5 million, or 5.7%.
Current report
United States decreased by ($2.0) million, or (2.0%), and by ($4.6) million, or (1.7%).
Current report
Canada decreased by ($0.1) million, or (0.9%), and by ($1.3) million, or (2.8%).
Current report
Poland increased by $0.4 million, or 2.1%, and by $3.5 million, or 5.6%.
Current report
United States decreased by ($0.2) million, or (0.8%), and by ($0.7) million, or (1.6%).
Current report
Canada increased by $0.5 million, or 12.1%, and remained constant.
Current report
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.
Current report
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.
Current report
The following discussion highlights results for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
Current report
Net operating revenue increased primarily due to increased pari-mutuel revenue at both of our racetracks. Operating costs and expenses remained relatively constant.
Current report
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.
Current report
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.
Current report
Three Months and Nine Months Ended September 30, 2025 and 2024
Current report
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.
Current report
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.
Current report
(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.
Current report
Since March 2000, our Board has had a discretionary program to repurchase our outstanding common stock. Beginningin 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.
Current report
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 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.
Removed paragraphs (16)
Previous report
United States decreased by ($0.4) million, or (0.4%), and by ($3.1) million, or (1.6%).
Previous report
Canada increased by $0.2 million, or 0.9%, and decreased by ($1.6) million, or (4.3%).
Previous report
Poland increased by $4.6 million, or 23.0%, and by $3.6 million, or 8.6%.
Previous report
United States decreased by ($1.0) million, or (1.1%), and by ($2.7) million, or (1.5%).
Previous report
Poland increased by $4.0 million, or 19.6%, and by $3.0 million, or 7.2%.
Previous report
Corporate and Other decreased by ($0.9) million, or (21.7%), and by ($1.6) million, or (19.6%).
Previous report
United States increased by $0.6 million, or 4.4%, and decreased by ($0.5) million, or (2.1%).
Previous report
Canada increased by $0.2 million, or 3.9%, and decreased by ($0.5) million, or (6.0%).
Previous report
The following discussion highlights results for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Previous report
A reconciliation of net 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
Previous report
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 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.
Previous report
Three Months and Six Months Ended June 30, 2025 and 2024
Previous 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.
Previous report
A reconciliation of net 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.
Previous report
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.
Reworded paragraphs (52)
Previous wording
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.
Current wording
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.
Previous wording
(3)We were awarded a license for a second location in Wroclaw in March 2025. We anticipate opening the casino in the fourth quarter of 2025 with 50 slot machines and four table games.
Current wording
(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.
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. 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 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.
Previous wording
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 wording
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.
Previous wording
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 wording
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.
Previous wording
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 wording
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.
Previous 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.
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 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.
Previous 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:
Current wording
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:
Previous 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:
Current wording
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:
Previous wording
Canada remained constant and decreased by ($1.1) million, or (3.8%).
Current wording
Corporate and Other increased by $0.5 million, or 18.7%, and decreased by ($1.1) million, or (9.7%).
Previous 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:
Current wording
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:
Previous wording
Poland increased by $0.6 million, or 356.4%, and by $0.6 million, or 275.7%.
Current wording
Poland loss from operations increased by $0.6 million, or 46.2%, and remained constant.
Previous wording
Corporate and Other loss from operations decreased by $0.9 million, or 21.7%, and by $1.6 million, or 19.5%.
Current wording
Corporate and Other loss from operations increased by $0.5 million, or 18.7%, and decreased by ($1.1) million, or (9.6%).
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
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 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.
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 on December 1, 2025.
Previous wording
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 wording
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.
Previous 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.
Current wording
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.
Previous wording
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 wording
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.
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 remained relatively constant.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
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 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.
Current wording
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.
Previous wording
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 wording
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
Previous wording
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 one year 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.
Current wording
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.
Previous 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
Current wording
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.
Previous wording
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 wording
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.
Previous wording
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 wording
Net operating revenue and operating costs and expenses remained relatively constant.
Previous wording
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 wording
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.
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. 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.
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.
Previous wording
(2)The Wroclaw casino reopened at a new location following the closure.
Current wording
(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.
Previous 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
Current wording
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.
Previous wording
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 wording
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.
Previous 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.
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 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.
Previous wording
Total operating costs and expenses, including general and administrative expenses, decreased due primarily to lower stock compensation expense, legal fees and insurance costs.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
Gain on foreign currency transactions, cost recovery income and other
Current wording
(Loss) gain on foreign currency transactions, cost recovery income and other
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. 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.
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 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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
(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.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
(2)Includes $1.0 million related to cost recovery income for CDR in the Canada segment.
Previous report — wording carried elsewhere
(2)Includes $1.1 million related to cost recovery income for CDR in the Canada segment.
Previous report — wording carried elsewhere
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.
Previous report — wording carried 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.
Previous report — wording carried 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.
Previous report — wording carried elsewhere
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.