CENTURY CASINOS INC /CO/

Previous wording

In August 2025, we announced that our Board initiated a comprehensive strategic review of our operations, capital structure and strategic growth options. The review is exploring 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, including our Poland casinos. 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 initiated a comprehensive strategic review of our operations, capital structure and strategic growth options. The review is exploring 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 analyze potential divestments of assets or other asset-level transactions, including our Poland casinos. 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

Weather – Inclement weather negatively impacted revenue for the three months ended March 31, 2025 compared to the three months ended March 31, 2026 for all of our North American properties.

Current wording

Weather – Inclement weather negatively impacted revenue for the first three months of 2025 compared to the first three months of 2026 for all of our North American properties.

Previous wording

Net operating revenue increased by $6.8 million, or 5.2%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Following is a breakout of net operating revenue by reportable segment for the three months ended March 31, 2026 compared to the three months ended March 31, 2025:

Current wording

Net operating revenue increased by $1.2 million, or 0.8%, and by $8.0 million, or 2.8%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Following is a breakout of net operating revenue by reportable segment for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025:

Previous wording

US Midwest increased by $2.2 million, or 23.4%.

Current wording

Canada increased by $0.4 million, or 2.2%, and by $2.2 million, or 6.1%.

Previous wording

Operating costs and expenses increased by $2.2 million, or 1.8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Following is a breakout of operating costs and expenses by reportable segment for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Corporate and Other is included for reconciliation purposes.

Current wording

Operating costs and expenses increased by $0.6 million, or 0.4%, and by $2.7 million, or 1.1%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Following is a breakout of operating costs and expenses by reportable segment for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Corporate and Other is included for reconciliation purposes.

Previous wording

Poland loss from operations increased by $0.1 million, or 62.4%.

Current wording

US East decreased by ($0.7) million, or (1.7%), and increased by $0.1 million, or 0.1%.

Previous wording

US Midwest increased by $2.1 million, or 5.2%.

Current wording

US Midwest increased by $2.1 million, or 6.9%, and by $1.9 million, or 3.1%.

Previous wording

US East increased by $1.1 million, or 243.2%.

Current wording

US West increased by $1.1 million, or 5.3%, and by $1.1 million, or 2.7%.

Previous wording

US East increased by $1.8 million, or 4.8%.

Current wording

Corporate and Other increased by $1.8 million, or 56.9%, and by $2.0 million, or 30.0%.

Previous wording

Earnings from operations increased by $4.6 million, or 64.7%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Following is a breakout of earnings from operations by reportable segment for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Corporate and Other is included for reconciliation purposes.

Current wording

Earnings from operations increased by $0.6 million, or 3.7%, and by $5.2 million, or 22.0%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Following is a breakout of earnings from operations by reportable segment for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Corporate and Other is included for reconciliation purposes.

Previous wording

US West increased by $0.7 million, or 4.0%.

Current wording

US East decreased by ($0.3) million, or (7.3%), and increased by $0.7 million, or 16.5%.

Previous wording

Poland increased by $0.5 million, or 2.3%.

Current wording

Canada increased by $0.5 million, or 10.7%, and by $1.4 million, or 17.8%.

Previous wording

Corporate and Other loss from operations increased by $0.2 million, or 5.6%.

Current wording

Corporate and Other loss from operations increased by $1.8 million, or 56.9%, and by $2.0 million, or 30.0%.

Previous wording

Net loss attributable to Century Casinos, Inc. shareholders decreased by ($4.1) million, or (19.9%), for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. 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 Goldman Credit Agreement and the Master Lease, negatively impacts net loss attributable to Century Casinos, Inc. shareholders. 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 decreased by ($1.4) million, or (11.4%), and by ($5.5) million, or (16.7%), for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. 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 Goldman Credit Agreement and the Master Lease, negatively impacts net loss attributable to Century Casinos, Inc. shareholders. 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

Adjusted EBITDAR is used outside of our financial statements as a valuation metric. We define Adjusted EBITDAR as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income), net, including interest expense related to the Master Lease as discussed below, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each reportable segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US generally accepted accounting principles (“US GAAP”).

Current wording

Adjusted EBITDAR is used outside of our financial statements as a valuation metric. We define Adjusted EBITDAR asnet (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest earnings (loss) and transactions, pre-opening expenses, termination expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net (loss) earnings attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US generally accepted accounting principles (“US GAAP”).

Previous wording

Winter weather negatively impacted the properties during the three months ended March 31, 2025. Increased net operating revenue was primarily due to increased gaming revenue at our Rocky Gap property as a result of increased visitation and decreased promotional allowances and increased iGaming revenue at our Mountaineer property. Increased operating costs and expenses were due to increased payroll and gaming-related expenses.

Current wording

Winter weather negatively impacted the properties during the three months ended March 31, 2025. Increased net operating revenue was primarily due to increased gaming revenue at our Rocky Gap property during the first quarter of 2026 as a result of increased visitation and decreased promotional allowances. Net operating revenue at Mountaineer remained constant during this period, with increased pari-mutuel revenue offsetting decreased casino and hotel revenue. Operating costs and expenses remained constant during this period.

Previous wording

Winter weather negatively impacted the properties during the three months ended March 31, 2025. Increased net operating revenue was primarily due to increased gaming revenue at our Missouri properties from increased visitation. In Cape Girardeau, increased revenue was also attributable to increased food and beverage revenue and sports betting. In Colorado, increased net operating revenue was due to increased gaming revenue at our Cripple Creek property and decreased promotional allowances at our Central City property. Operating costs and expenses decreased primarily due to decreased payroll and insurance costs in Colorado offset by increased gaming-related expenses in Missouri. Payroll expense in Colorado decreased due to the closure of table games in the first quarter of 2025.

Current wording

Winter weather negatively impacted the properties during the three months ended March 31, 2025. Increased net operating revenue was primarily due to increased gaming revenue at our Missouri properties from increased visitation. In Cape Girardeau, increased revenue was also attributable to increased hotel revenue and sports betting. In Colorado, increased net operating revenue was due to increased gaming revenue at both properties. Operating costs and expenses increased primarily due to increased gaming-related expenses, offset by decreased payroll and marketing costs. Payroll expense in Colorado decreased due to the closure of table games in the first quarter of 2025.

Previous wording

Winter weather negatively impacted the Nugget during the three months ended March 31, 2025. Net operating revenue at the Nugget increased primarily due to decreased promotional allowances and increased hotel revenue. Operating costs and expenses remained constant. Net operating revenue trends recently have shown improvement due to adjustments in marketing offers to our customer database.

Current wording

Winter weather negatively impacted the Nugget during the three months ended March 31, 2025. Net operating revenue at the Nugget increased primarily due to increased hotel revenue, ticket revenue and decreased promotional allowances. Operating costs and expenses increased due to increased entertainment-related costs and increased payroll.

Previous wording

A competitor has received conditional approval to relocate its casino from Camrose, Alberta, to south Edmonton, approximately 11 miles from our Century Mile property. We anticipate the casino will open in 2027 once construction is complete and final approvals are received. 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

In 2024, a competitor received conditional approval from the AGLC to relocate its casino from Camrose, Alberta, to south Edmonton, approximately 11 miles from our Century Mile property. In May 2026, a judicial review of the AGLC’s decision determined that the competitor will need to reapply for relocation. At this time, there is no indication whether a new approval for the relocation will be granted. If the approval is granted, a new competitor in the Edmonton market near our Edmonton casinos could lead to a decrease in visitors to our casinos and have a negative impact on our results of operations in Canada.

Previous wording

In June 2025, Alberta’s Bill 48 regulating iGaming in Alberta passed. The bill will create an open market for online sports betting and iGaming with retail sports betting available at casinos and specific sports venues. The regulatory framework is still being finalized but it is expected that casinos will have the option to select a licensed third-party provider or partner with AGLC to provide sports betting and iGaming products. We plan to offer retail sports betting at our locations in Alberta through either a licensed third-party provider or the AGLC.

Current wording

In June 2025, Alberta’s Bill 48 regulating iGaming in Alberta passed. The bill created an open market for online sports betting and iGaming, with retail sports betting available at casinos and specific sports venues. Online sports betting and iGaming operators began operating in Alberta on July 13, 2026, and retail sports betting is subject to final regulatory details before launching. We plan to offer retail sports betting at our locations in Alberta through either a licensed third-party provider or the AGLC.

Previous wording

Results in US dollars were impacted by a 4.4% increase in the average exchange rate between the US dollar and Canadian dollar for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Results in US dollars were impacted by a 2.3% increase in the average exchange rate between the US dollar and Canadian dollar for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The exchange rate remained constant for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Previous wording

Net operating revenue increased due to increased gaming revenue at our St. Albert, Century Downs and Century Mile properties and increased food and beverage revenue at our St. Albert property, offset by decreased pari-mutuel revenue at our Century Downs property. Net operating revenue at our Edmonton property remained relatively constant. Operating costs and expenses remained relatively constant.

Current wording

Net operating revenue increased due to increased gaming revenue at our St. Albert, Edmonton and Century Mile properties and increased food and beverage revenue at our St. Albert property. Net operating revenue at our Century Downs property remained constant. Operating costs and expenses remained relatively 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. We closed our Hilton Hotel casino in Warsaw in June 2025 after we were notified that we had not received a new license.

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 were awarded a second license in Wroclaw in March 2025, and the casino opened in February 2026.

Previous wording

Results in US dollars were impacted by a 9.6% increase in the average exchange rate between the US dollar and Polish zloty for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Current wording

Results in US dollars were impacted by a 2.7% and 6.2% increase in the average exchange rate between the US dollar and Polish zloty for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025.

Previous wording

The following discussion highlights results for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Explanations below are provided based on PLN results.

Current wording

The following discussion highlights results for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. Explanations below are provided based on PLN results.

Previous wording

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, the casino in Katowice and the casinos in Wroclaw. Operating costs and expenses decreased due to decreased gaming-related expenses and decreased payroll and rent expense, primarily due to the closure of the casino at the Hilton Hotel in Warsaw.

Current wording

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, the casino in Katowice and the recently opened second casino in Wroclaw. In addition, table hold in June 2026 was unusually low having a negative impact on gaming revenue. Operating costs and expenses decreased due to decreased gaming-related expenses and decreased payroll and rent expense, primarily due to the closure of the casino at the Hilton Hotel in Warsaw.

Previous wording

Total operating costs and expenses, including general and administrative expenses, increased primarily due to increased legal and accounting expenses offset by decreased insurance and payroll costs. Net loss attributable to Century Casinos, Inc. shareholders is driven primarily by interest expense under the Goldman Credit Agreement.

Current wording

Total operating costs and expenses, including general and administrative expenses, increased primarily due to increased legal and accounting expenses and increased payroll costs due to the termination expense accrual described in Note 6,“Commitments, Contingencies and Other Matters,” to our condensed consolidated financial statements included in Part I, Item 1 of this report. Net loss attributable to Century Casinos, Inc. shareholders is driven primarily by interest expense under 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 relates to infrastructure built during the development of the Century Downs REC project. The infrastructure was built by the non-controlling shareholders prior to our acquisition of our controlling ownership interest in CDR. The distribution to CDR’s non-controlling shareholders is part of an agreement between CRM and CDR. There was no cost recovery income received by CDR for the three months ended March 31, 2026 and 2025.

Current wording

Cost recovery income relates to infrastructure built during the development of the Century Downs REC project. The infrastructure was built by the non-controlling shareholders prior to our acquisition of our controlling ownership interest in CDR. The distribution to CDR’s non-controlling shareholders is part of an agreement between CRM and CDR. There was no cost recovery income received by CDR for the three and six months ended June 30, 2026. Cost recovery income of $1.0 million was received by CDR for the three and six months ended June 30, 2025.

Previous wording

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the three months ended March 31, 2026, we recognized income tax expense of $0.9 million on pre-tax loss of ($13.9) million, representing an effective income tax rate of (6.6%) compared to an income tax expense of $0.5 million on pre-tax loss of ($18.4) million, representing an effective income tax rate of (2.6%) for the same period in 2025. 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, 2026, we recognized income tax expense of $1.5 million on pre-tax loss of ($22.6) million, representing an effective income tax rate of (6.8%), compared to an income tax expense of $1.7 million on pre-tax loss of ($26.7) million, representing an effective income tax rate of (6.5%) for the same period in 2025. 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 included $1.9 million 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 included $0.2 million 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, 2026 consisted of $0.4 million in slot machines and gaming-related purchases for our US properties, $0.1 million to add a sportsbook at Century Downs in Canada, $0.8 million to renovate the new Wroclaw casino in Poland, and $1.4 million in other fixed asset additions at our properties.

Current wording

Net cash used in investing activities for the six months ended June 30, 2026 consisted of $1.7 million in slot machines and gaming-related purchases for our US properties, $0.1 million of building improvements at our Central City property in Colorado, $0.6 million in elevator upgrades at the Nugget in Nevada, $0.1 million to add a sportsbook at Century Downs in Canada, $0.8 million to renovate the new Wroclaw casino in Poland, and $2.5 million in other fixed asset additions at our properties.

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 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, 2026 consisted of $4.0 million in distributions to non-controlling interests, $0.9 million to repurchase and retire shares of our common stock, $1.1 million of principal payments net of proceeds from borrowings and $3.3 million of repayments of insurance financing net of proceeds. See Part II, Item 5 of this Form 10-Q for additional details.

Previous wording

Net cash used in financing activities for the three months ended March 31, 2026 consisted of $2.0 million in distributions to non-controlling interests, $0.4 million to repurchase and retire shares of our common stock and $0.9 million of 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

As of March 31, 2026, our total debt under bank borrowings and other agreements, net of $8.1 million related to deferred financing costs, was $328.6 million, of which $321.6 million was long-term debt and $7.0 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Goldman Credit Agreement, CPL Credit Facility, and the CPL Credit Agreement. Our Goldman Credit Agreement provides for a $350.0 million Term Loan, drawn in April 2022, and a $30.0 million Revolving Facility. No amounts are currently outstanding under the Revolving Facility. The CPL Credit Facility is a PLN 15.0 million ($4.0 million based on the exchange rate in effect on March 31, 2026) line of credit available through June 2026. We intend to repay the CPL Credit Facility and the current portion of our other debt obligations with available cash. If opportunities to repurchase debt at a discount are offered, as occurred in February 2024, we may undertake such repurchases. We also may seek to refinance our debt if market conditions allow. 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 $276.7 million as of March 31, 2026 compared to $254.9 million as of March 31, 2025. 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, 2026, our total debt under bank borrowings and other agreements, net of $7.4 million related to deferred financing costs, was $329.1 million, of which $321.4 million was long-term debt and $7.7 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Goldman Credit Agreement, CPL Credit Facility, and the CPL Credit Agreement. Our Goldman Credit Agreement provides for a $350.0 million Term Loan, drawn in April 2022, and a $30.0 million Revolving Facility. No amounts are currently outstanding under the Revolving Facility. The CPL Credit Facility is a PLN 15.0 million ($4.0 million based on the exchange rate in effect on June 30, 2026) line of credit available through June 2027. We intend to repay the CPL Credit Facility and the current portion of our other debt obligations with available cash. If opportunities to repurchase debt at a discount are offered, as occurred in February 2024, we may undertake such repurchases. We also may seek to refinance our debt if market conditions allow. 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 $276.3 million as of June 30, 2026 compared to $252.5 million as of June 30, 2025. 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

The following table lists the amount of 2026 maturities of our debt as of March 31, 2026:

Current wording

The following table lists the remaining maturities of our debt in 2026:

Previous wording

As of March 31, 2026, estimated cash payments due under the Master Lease for the remainder of 2026 are $49.1 million, which includes a CPI increase and a portion of the deferred Caruthersville rent increase being repaid through May 2026. Cash payments to the non-controlling interests under the lease between Smooth Bourbon and the Nugget (the “Nugget Lease”) for 2026 are estimated to be $6.1 million.

Current wording

As of June 30, 2026, estimated cash payments due under the Master Lease for the remainder of 2026 are $31.7 million, which includes a CPI increase. Cash payments to the non-controlling interests under the lease between Smooth Bourbon and the Nugget (the “Nugget Lease”) for 2026 are estimated to be $4.0 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, 2026 and three months ended March 31, 2025.

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, 2026 and three and six months ended June 30, 2025.

Previous wording

The Plan announced May 14, 2025 expired by its terms on July 31, 2025, and the Plan announced August 11, 2025 expired by its terms on December 31, 2025. Our current Plan was announced on January 2, 2026. The current Plan authorizes the repurchase of up to $1.5 million of shares of our outstanding common stock and expires by its terms on May 10, 2026. During the three months ended March 31, 2026, we repurchased and retired 275,673 shares of our common stock for $0.4 million on the open market under the Plan. We intend to engage in additional stock repurchases through our current Plan that expires in May 2026 and also may undertake additional stock repurchases in the future. See Part II, Item 2 of this report for additional details.

Current wording

The Plan announced May 14, 2025 expired by its terms on July 31, 2025, the Plan announced August 11, 2025 expired by its terms on December 31, 2025, and the Plan announced on January 2, 2026 expired by its terms on May 10, 2026. The January 2, 2026 Plan authorized the repurchase of up to $1.5 million of shares of our outstanding common stock. During the three and six months ended June 30, 2026, we repurchased and retired 328,754 and 604,427 shares of our common stock for $0.5 million and $0.9 million, respectively, on the open market under the Plan. We have no currently active plans but may undertake additional stock repurchases in the future. See Part II, Item 2 of this report for additional details.