Century Casinos, Inc. Announces Second Quarter 2025 Results
Century Casinos (NASDAQ:CNTY) reported Q2 2025 financial results with net operating revenue of $150.8 million, up 3% year-over-year. The company posted a net loss of $12.3 million, a 70% improvement from the previous year's loss, while Adjusted EBITDAR increased 10% to $30.3 million.
The Board has initiated a comprehensive strategic review to enhance shareholder value, exploring options including potential asset sales, mergers, strategic partnerships, or a possible sale of the company. The company has engaged Macquarie Capital as financial advisor and Faegre Drinker as legal counsel for this process.
Key operational highlights include a new BetMGM partnership for sports betting in Missouri, strong performance at Caruthersville with 26% revenue growth, and mixed results in Poland with a new license in Wroclaw but closure of a Warsaw casino. The company maintained a solid balance sheet with $85.5 million in cash and $338.1 million in outstanding debt.
Century Casinos (NASDAQ:CNTY) ha annunciato i risultati finanziari del secondo trimestre 2025 con un ricavo operativo netto di 150,8 milioni di dollari, in aumento del 3% rispetto all'anno precedente. La societ脿 ha registrato una perdita netta di 12,3 milioni di dollari, migliorando del 70% rispetto alla perdita dell'anno precedente, mentre l'EBITDAR rettificato 猫 cresciuto del 10% raggiungendo i 30,3 milioni di dollari.
Il Consiglio di Amministrazione ha avviato una revisione strategica approfondita per aumentare il valore per gli azionisti, esaminando opzioni quali possibili cessioni di asset, fusioni, partnership strategiche o una potenziale vendita dell'azienda. Per questo processo, la societ脿 ha incaricato Macquarie Capital come consulente finanziario e Faegre Drinker come consulente legale.
I principali punti operativi includono una nuova partnership con BetMGM per le scommesse sportive in Missouri, un鈥檕ttima performance a Caruthersville con una crescita del fatturato del 26%, e risultati contrastanti in Polonia con una nuova licenza a Wroclaw ma la chiusura di un casin貌 a Varsavia. La societ脿 ha mantenuto un bilancio solido con 85,5 milioni di dollari in liquidit脿 e 338,1 milioni di dollari di debito in essere.
Century Casinos (NASDAQ:CNTY) report贸 los resultados financieros del segundo trimestre de 2025 con un ingreso operativo neto de 150,8 millones de d贸lares, un aumento del 3% interanual. La compa帽铆a registr贸 una p茅rdida neta de 12,3 millones de d贸lares, mejorando un 70% respecto a la p茅rdida del a帽o anterior, mientras que el EBITDAR ajustado aument贸 un 10% hasta 30,3 millones de d贸lares.
El Consejo ha iniciado una revisi贸n estrat茅gica integral para aumentar el valor para los accionistas, explorando opciones que incluyen posibles ventas de activos, fusiones, alianzas estrat茅gicas o una posible venta de la empresa. La compa帽铆a ha contratado a Macquarie Capital como asesor financiero y a Faegre Drinker como asesor legal para este proceso.
Los aspectos operativos clave incluyen una nueva alianza con BetMGM para apuestas deportivas en Missouri, un fuerte desempe帽o en Caruthersville con un crecimiento de ingresos del 26%, y resultados mixtos en Polonia con una nueva licencia en Wroclaw pero el cierre de un casino en Varsovia. La empresa mantuvo un balance s贸lido con 85,5 millones de d贸lares en efectivo y 338,1 millones de d贸lares en deuda pendiente.
Century Casinos (NASDAQ:CNTY)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頄堨溂氅�, 靾滌榿鞐呾垬鞚奠潃 1鞏� 5,080毵� 雼煬搿� 鞝勲厔 雽�牍� 3% 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 1,230毵� 雼煬鞚� 靾滌啇鞁�鞚� 旮半頄堨溂雮� 鞚措姅 鞝勲厔 靻愳嫟 雽�牍� 70% 臧滌劆霅� 靾橃箻鞚措┌, 臁办爼 EBITDAR電� 10% 歃濌皜頃� 3,030毵� 雼煬毳� 旮半頄堨姷雼堧嫟.
鞚挫偓須岆姅 欤检＜ 臧�旃橂ゼ 雴掛澊旮� 鞙勴暅 韽磩鞝侅澑 鞝勲灥 瓴�韱�毳� 鞁滌瀾頄堨溂氅�, 鞛愳偘 毵り皝, 頃╇硲, 鞝勲灥鞝� 韺岉姼雱堨嫮 霕愲姅 須岇偓 毵り皝 臧�電レ劚 霌膘潉 瓴�韱犿晿瓿� 鞛堨姷雼堧嫟. 鞚� 瓿检爼鞐愳劀 須岇偓電� 旮堨湹 鞛愲靷 Macquarie Capital, 氩曤 鞛愲靷 Faegre Drinker毳� 靹犾瀯頄堨姷雼堧嫟.
欤检殧 鞖挫榿 頃橃澊霛检澊韸鸽電� 氙胳＜毽＜鞐愳劀 鞀ろ彫旄� 氩犿寘鞚� 鞙勴暅 BetMGM瓿检潣 靸堧鞖� 韺岉姼雱堨嫮, 26% 毵れ稖 歃濌皜毳� 旮半頃� Caruthersville鞚� 臧曤牓頃� 靹标臣, 攴鸽Μ瓿� 韽措瀫霌滌棎靹滊姅 敫岆旄犾檧頂勳棎靹� 靸堧鞖� 霛检澊靹犾姢毳� 須嶋摑頄堨溂雮� 氚旊ゴ靸る皵 旃挫雲鸽ゼ 韽愳噭頃橂姅 霌� 順检灛霅� 瓴瓣臣臧� 鞛堨姷雼堧嫟. 須岇偓電� 8,550毵� 雼煬鞚� 順勱笀瓿� 3鞏� 3,810毵� 雼煬鞚� 氙胳旮� 攵�毂�搿� 瓴碃頃� 鞛 靸來儨毳� 鞙犾頄堨姷雼堧嫟.
Century Casinos (NASDAQ:CNTY) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un chiffre d'affaires net d'exploitation de 150,8 millions de dollars, en hausse de 3 % par rapport 脿 l'ann茅e pr茅c茅dente. La soci茅t茅 a enregistr茅 une perte nette de 12,3 millions de dollars, soit une am茅lioration de 70 % par rapport 脿 la perte de l'ann茅e pr茅c茅dente, tandis que l'EBITDAR ajust茅 a augment茅 de 10 % pour atteindre 30,3 millions de dollars.
Le conseil d'administration a lanc茅 une revue strat茅gique compl猫te afin d'accro卯tre la valeur pour les actionnaires, explorant des options telles que la vente potentielle d'actifs, des fusions, des partenariats strat茅giques ou une 茅ventuelle cession de l'entreprise. La soci茅t茅 a fait appel 脿 Macquarie Capital en tant que conseiller financier et 脿 Faegre Drinker en tant que conseiller juridique pour ce processus.
Les points op茅rationnels cl茅s comprennent un nouveau partenariat avec BetMGM pour les paris sportifs dans le Missouri, une forte performance 脿 Caruthersville avec une croissance des revenus de 26 %, et des r茅sultats mitig茅s en Pologne avec une nouvelle licence 脿 Wroclaw mais la fermeture d'un casino 脿 Varsovie. La soci茅t茅 a maintenu un bilan solide avec 85,5 millions de dollars en liquidit茅s et 338,1 millions de dollars de dette en cours.
Century Casinos (NASDAQ:CNTY) meldete die Finanzergebnisse f眉r das zweite Quartal 2025 mit einem Netto-Betriebserl枚s von 150,8 Millionen US-Dollar, was einem Anstieg von 3 % gegen眉ber dem Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 12,3 Millionen US-Dollar, eine Verbesserung von 70 % gegen眉ber dem Verlust des Vorjahres, w盲hrend das bereinigte EBITDAR um 10 % auf 30,3 Millionen US-Dollar stieg.
Der Vorstand hat eine umfassende strategische 脺berpr眉fung eingeleitet, um den Aktion盲rswert zu steigern. Dabei werden Optionen wie potenzielle Verm枚gensverk盲ufe, Fusionen, strategische Partnerschaften oder ein m枚glicher Verkauf des Unternehmens gepr眉ft. F眉r diesen Prozess hat das Unternehmen Macquarie Capital als Finanzberater und Faegre Drinker als Rechtsberater engagiert.
Wichtige operative Highlights sind eine neue BetMGM-Partnerschaft f眉r Sportwetten in Missouri, eine starke Performance in Caruthersville mit einem Umsatzwachstum von 26 % sowie gemischte Ergebnisse in Polen mit einer neuen Lizenz in Breslau, aber der Schlie脽ung eines Casinos in Warschau. Das Unternehmen h盲lt eine solide Bilanz mit 85,5 Millionen US-Dollar in bar und 338,1 Millionen US-Dollar ausstehenden Schulden.
- Net operating revenue increased 3% to $150.8 million
- Net loss decreased 70% year-over-year to $12.3 million
- Adjusted EBITDAR grew 10% to $30.3 million
- Caruthersville property showed strong growth with 26% revenue increase
- New BetMGM partnership secured for Missouri sports betting operations
- Polish operations revenue increased 23% year-over-year
- Still operating at a net loss of $12.3 million
- High debt level of $338.1 million
- Lost casino license for second Warsaw location
- Cash position decreased from $98.8M to $85.5M since December 2024
- Consolidated First Lien Net Leverage Ratio exceeded covenant threshold of 5.50x
Insights
Century Casinos reported improved Q2 results while launching a strategic review that could lead to significant corporate restructuring or potential sale.
Century Casinos' Q2 2025 results show operational improvements despite ongoing bottom-line challenges. Net operating revenue increased
The most significant development is the Board's initiation of a comprehensive strategic review process following inquiries from third parties about potential asset sales and partnerships. This review could result in various outcomes including property portfolio restructuring, capital structure optimization, potential mergers, or even a complete sale of the company. The engagement of Macquarie Capital and legal counsel signals serious consideration of transformative options.
Segment performance was mixed. While the US segment saw flat revenue but improved earnings from operations by
The company's financial position remains challenging with a high debt load of
Several positive operational developments offset these challenges, including the successful Caruthersville, Missouri property that has seen
The strategic review acknowledges that despite operational improvements, Century's heavily leveraged capital structure continues to pressure profitability, with interest expenses consuming most operating profits. This explains why the company is considering strategic alternatives that could fundamentally reshape its business model or ownership structure.
Company Initiates Strategic Review Process to Enhance Shareholder Value.
Second Quarter 2025 Highlights*
Compared to the three months ended June 30, 2024:
- Net operating revenue was
$150.8 million 3% . - Earnings from operations was
$16.6 million 16% . - Net loss attributable to Century Casinos, Inc. shareholders was
( , a decrease in net loss of$12.3) million 70% , and basic net loss per share was ($0.40 - Adjusted EBITDAR** was
$30.3 million 10% .
"We are proud of the strength and momentum we have built across our portfolio, which has shown solid year over year growth and generated positive cash flow in the quarter. Following various inquiries from third parties about potential asset sales and strategic partnerships, we have initiated a strategic review process as part of our ongoing commitment to driving long-term value creation and optimizing our portfolio of assets and operations," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked.
UPDATES
Sports Betting 鈥�
Strategic Review Process听鈥� The Company's Board of Directors (the "Board") has initiated a comprehensive strategic review of its operations, capital structure and strategic growth options. The review will explore a range of potential strategic alternatives for the Company's 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 the Company's 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. In connection with this review, the Company has engaged Faegre Drinker Biddle & Reath LLP as legal counsel and Macquarie Capital as financial advisor.
This review follows the Company's recent substantial capital expenditure program and solid operational performance in the second quarter of 2025 and reflects the Board's proactive approach to positioning the Company for future success in an evolving market landscape. 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 the Company's business. The Company does not intend to make further public comments on the process unless and until it determines that further disclosure is appropriate or necessary.
RESULTS
The consolidated results for the three and six months ended June 30, 2025 and 2024 are as follows:
For the three months | For the six months | |||||||||||||||
Amounts in thousands, except per share data | ended June 30, | % | ended June 30, | % | ||||||||||||
Consolidated Results: | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||
Net Operating Revenue | $ | 150,818 | $ | 146,435 | 3听% | $ | 281,261 | $ | 282,451 | 鈥� | ||||||
Earnings from operations | 16,575 | 14,261 | 16听% | 23,715 | 22,547 | 5听% | ||||||||||
Net loss attributable to Century Casinos, Inc. shareholders | $ | (12,309) | $ | (41,613) | 70听% | $ | (32,922) | $ | (55,157) | 40听% | ||||||
Adjusted EBITDAR** | $ | 30,304 | $ | 27,448 | 10听% | $ | 50,459 | $ | 48,697 | 4听% | ||||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||||||
Basic | $ | (0.40) | $ | (1.36) | 71听% | $ | (1.08) | $ | (1.81) | 40听% | ||||||
Diluted | $ | (0.40) | $ | (1.36) | 71听% | $ | (1.08) | $ | (1.81) | 40听% | ||||||
RESULTS BY REPORTABLE SEGMENT*
Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024:
Net Operating Revenue | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
$ | 106,104 | $ | 106,515 | $ | (411) | 鈥� | $ | 199,401 | $ | 202,543 | $ | (3,142) | (2听%) | |||||||||
20,005 | 19,827 | 178 | 1听% | 36,521 | 38,153 | (1,632) | (4听%) | |||||||||||||||
24,709 | 20,093 | 4,616 | 23听% | 45,339 | 41,742 | 3,597 | 9听% | |||||||||||||||
Corporate and Other | 鈥� | 鈥� | 鈥� | 鈥� | 鈥� | 13 | (13) | (100听%) | ||||||||||||||
Consolidated | $ | 150,818 | $ | 146,435 | $ | 4,383 | 3听% | $ | 281,261 | $ | 282,451 | $ | (1,190) | 鈥� | ||||||||
Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024:
Earnings (Loss) from Operations | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
$ | 14,729 | $ | 14,102 | $ | 627 | 4听% | $ | 22,076 | $ | 22,561 | $ | (485) | (2听%) | |||||||||
4,533 | 4,362 | 171 | 4听% | 7,894 | 8,398 | (504) | (6听%) | |||||||||||||||
464 | (181) | 645 | 356听% | 355 | (202) | 557 | 276听% | |||||||||||||||
Corporate and Other | (3,151) | (4,022) | 871 | 22听% | (6,610) | (8,210) | 1,600 | 20听% | ||||||||||||||
Consolidated | $ | 16,575 | $ | 14,261 | $ | 2,314 | 16听% | $ | 23,715 | $ | 22,547 | $ | 1,168 | 5听% | ||||||||
Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
$ | (487) | $ | (27,593) | $ | 27,106 | 98听% | $ | (8,030) | $ | (29,137) | $ | 21,107 | 72听% | |||||||||
599 | 1,009 | (410) | (41听%) | 533 | 2,146 | (1,613) | (75听%) | |||||||||||||||
245 | (40) | 285 | 713听% | 81 | (35) | 116 | 331听% | |||||||||||||||
Corporate and Other | (12,666) | (14,989) | 2,323 | 16听% | (25,506) | (28,131) | 2,625 | 9听% | ||||||||||||||
Consolidated | $ | (12,309) | $ | (41,613) | $ | 29,304 | 70听% | $ | (32,922) | $ | (55,157) | $ | 22,235 | 40听% | ||||||||
Items deducted from or added to earnings (loss) from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests.
Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024:
Adjusted EBITDAR** | ||||||||||||||||||||||
For the three months | For the six months | |||||||||||||||||||||
Amounts in | ended June 30, | $ | % | ended June 30, | $ | % | ||||||||||||||||
thousands | 2025 | 2024 | Change | Change | 2025 | 2024 | Change | Change | ||||||||||||||
$ | 25,693 | $ | 25,037 | $ | 656 | 3听% | $ | 44,092 | $ | 44,175 | $ | (83) | 鈥� | |||||||||
5,607 | 5,451 | 156 | 3听% | 9,967 | 10,599 | (632) | (6听%) | |||||||||||||||
1,942 | 450 | 1,492 | 332听% | 2,488 | 1,208 | 1,280 | 106听% | |||||||||||||||
Corporate and Other | (2,938) | (3,490) | 552 | 16听% | (6,088) | (7,285) | 1,197 | 16听% | ||||||||||||||
Consolidated | $ | 30,304 | $ | 27,448 | $ | 2,856 | 10听% | $ | 50,459 | $ | 48,697 | $ | 1,762 | 4听% | ||||||||
BALANCE SHEET AND LIQUIDITY
As of June 30, 2025, the Company had
CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2025 on its website at . The Company will also post its current presentation, which may be used in one or more meetings with current and potential investors from time to time, at the Company's website under .
The Company will host its second quarter 2025 earnings conference call today, Thursday, August 7, 2025 at 10:00 am EDT / 8:00 am MDT.
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported. |
** Adjusted EBITDAR and Adjusted EBITDAR margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below. |
听
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED FINANCIAL INFORMATION 鈥� US GAAP BASIS听 | ||||||||||||
Condensed Consolidated Statements of Loss | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands, except for per share information | 2025 | 2024 | 2025 | 2024 | ||||||||
Operating revenue: | ||||||||||||
Net operating revenue | $ | 150,818 | $ | 146,435 | $ | 281,261 | $ | 282,451 | ||||
Operating costs and expenses: | ||||||||||||
Total operating costs and expenses | 134,243 | 132,174 | 257,546 | 259,904 | ||||||||
Earnings from operations | 16,575 | 14,261 | 23,715 | 22,547 | ||||||||
Non-operating (expense) income, net | (24,898) | (23,655) | (50,435) | (47,621) | ||||||||
Loss before income taxes | (8,323) | (9,394) | (26,720) | (25,074) | ||||||||
Income tax expense | (1,250) | (29,619) | (1,732) | (25,633) | ||||||||
Net loss | (9,573) | (39,013) | (28,452) | (50,707) | ||||||||
Net earnings attributable to non-controlling interests | (2,736) | (2,600) | (4,470) | (4,450) | ||||||||
Net loss attributable to Century Casinos, Inc. shareholders | $ | (12,309) | $ | (41,613) | $ | (32,922) | $ | (55,157) | ||||
Net loss per share attributable to Century Casinos, Inc. shareholders: | ||||||||||||
听 Basic | $ | (0.40) | $ | (1.36) | $ | (1.08) | $ | (1.81) | ||||
听 Diluted | $ | (0.40) | $ | (1.36) | $ | (1.08) | $ | (1.81) | ||||
Weighted average common shares | ||||||||||||
听 Basic | 30,565 | 30,683 | 30,624 | 30,551 | ||||||||
听 Diluted | 30,565 | 30,683 | 30,624 | 30,551 | ||||||||
听
Condensed Consolidated Balance Sheets | ||||||
June 30, | December 31, | |||||
Amounts in thousands | 2025 | 2024 | ||||
Assets | ||||||
Current assets | $ | 119,292 | $ | 135,549 | ||
Property and equipment, net | 916,120 | 922,146 | ||||
Other assets | 173,039 | 168,617 | ||||
Total assets | $ | 1,208,451 | $ | 1,226,312 | ||
Liabilities and Equity | ||||||
Current liabilities | $ | 84,230 | $ | 86,044 | ||
Non-current liabilities | 1,074,022 | 1,058,264 | ||||
Century Casinos, Inc. shareholders' equity (deficit) | (41,493) | (9,300) | ||||
Non-controlling interests | 91,692 | 91,304 | ||||
Total liabilities and equity | $ | 1,208,451 | $ | 1,226,312 | ||
听
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. 听 | |||||||||||||||
For the three months ended June 30, 2025 | |||||||||||||||
Amounts in thousands | United | Corporate | Total | ||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ | (487) | $ | 599 | $ | 245 | $ | (12,666) | $ | (12,309) | |||||
Interest expense (income), net (1) | 13,082 | 3,338 | 49 | 9,469 | 25,938 | ||||||||||
Income tax expense | 223 | 748 | 241 | 38 | 1,250 | ||||||||||
Depreciation and amortization | 11,010 | 1,074 | 741 | 18 | 12,843 | ||||||||||
Net earnings attributable to non-controlling interests | 1,840 | 772 | 124 | 鈥� | 2,736 | ||||||||||
Non-cash stock-based compensation | 鈥� | 鈥� | 鈥� | 195 | 195 | ||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other (2) | 鈥� | (922) | (210) | 8 | (1,124) | ||||||||||
Loss (gain) on disposition of fixed assets | 25 | (2) | 11 | 鈥� | 34 | ||||||||||
Pre-opening and termination expenses | 鈥� | 鈥� | 741 | 鈥� | 741 | ||||||||||
Adjusted EBITDAR | $ | 25,693 | $ | 5,607 | $ | 1,942 | $ | (2,938) | $ | 30,304 | |||||
(1) | See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) | Includes |
听
For the three months ended June 30, 2024 | |||||||||||||||
Amounts in thousands | United | Corporate | Total | ||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ | (27,593) | $ | 1,009 | $ | (40) | $ | (14,989) | $ | (41,613) | |||||
Interest expense (income), net (1) | 11,694 | 3,152 | (20) | 10,257 | 25,083 | ||||||||||
Income tax expense | 28,225 | 456 | 87 | 851 | 29,619 | ||||||||||
Depreciation and amortization | 10,803 | 1,088 | 515 | 43 | 12,449 | ||||||||||
Net earnings (loss) attributable to non-controlling interests | 1,776 | 843 | (19) | 鈥� | 2,600 | ||||||||||
Non-cash stock-based compensation | 鈥� | 鈥� | 鈥� | 343 | 343 | ||||||||||
(Gain) loss on foreign currency transactions and cost recovery income (2) | 鈥� | (1,098) | (189) | 5 | (1,282) | ||||||||||
Loss on disposition of fixed assets | 132 | 1 | 116 | 鈥� | 249 | ||||||||||
Adjusted EBITDAR | $ | 25,037 | $ | 5,451 | $ | 450 | $ | (3,490) | $ | 27,448 | |||||
(1) | See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) | Includes |
听
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||
Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. 听 | |||||||||||||||
For the six months ended June 30, 2025 | |||||||||||||||
Amounts in thousands | United | Corporate | Total | ||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ | (8,030) | $ | 533 | $ | 81 | $ | (25,506) | $ | (32,922) | |||||
Interest expense (income), net (1) | 26,189 | 6,546 | 91 | 18,768 | 51,594 | ||||||||||
Income tax expense | 223 | 964 | 331 | 214 | 1,732 | ||||||||||
Depreciation and amortization | 22,016 | 2,073 | 1,111 | 36 | 25,236 | ||||||||||
Net earnings attributable to non-controlling interests | 3,623 | 805 | 42 | 鈥� | 4,470 | ||||||||||
Non-cash stock-based compensation | 鈥� | 鈥� | 鈥� | 486 | 486 | ||||||||||
Gain on foreign currency transactions, cost recovery income and other (2) | 鈥� | (952) | (205) | (86) | (1,243) | ||||||||||
Loss (gain) on disposition of fixed assets | 71 | (2) | 15 | 鈥� | 84 | ||||||||||
Pre-opening and termination expenses | 鈥� | 鈥� | 1,022 | 鈥� | 1,022 | ||||||||||
Adjusted EBITDAR | $ | 44,092 | $ | 9,967 | $ | 2,488 | $ | (6,088) | $ | 50,459 | |||||
(1) | See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) | Includes |
听
For the six months ended June 30, 2024 | |||||||||||||||
Amounts in thousands | United | Corporate | Total | ||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ | (29,137) | $ | 2,146 | $ | (35) | $ | (28,131) | $ | (55,157) | |||||
Interest expense (income), net (1) | 23,440 | 6,061 | (55) | 20,765 | 50,211 | ||||||||||
Income tax expense (benefit) | 24,705 | 1,184 | 238 | (494) | 25,633 | ||||||||||
Depreciation and amortization | 21,093 | 2,237 | 1,053 | 97 | 24,480 | ||||||||||
Net earnings (loss) attributable to non-controlling interests | 3,553 | 914 | (17) | 鈥� | 4,450 | ||||||||||
Non-cash stock-based compensation | 鈥� | 鈥� | 鈥� | 846 | 846 | ||||||||||
Gain on foreign currency transactions, cost recovery income and other (2) | 鈥� | (1,907) | (333) | (350) | (2,590) | ||||||||||
Loss (gain) on disposition of fixed assets | 521 | (36) | 357 | 1 | 843 | ||||||||||
Acquisition costs | 鈥� | 鈥� | 鈥� | (19) | (19) | ||||||||||
Adjusted EBITDAR | $ | 44,175 | $ | 10,599 | $ | 1,208 | $ | (7,285) | $ | 48,697 | |||||
(1) | See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. |
(2) | Includes |
听
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | ||||||||||||
Reconciliation of Caruthersville Adjusted EBITDAR* to Net Earnings Attributable to Century Casinos, Inc. Shareholders. | ||||||||||||
Amounts in thousands | Q4 2024 (1) | Q1 2025 | Q2 2025 | Total | ||||||||
Net earnings attributable to Century Casinos, Inc. shareholders | $ | 1,070 | $ | 1,497 | $ | 1,185 | $ | 3,752 | ||||
Interest expense (income), net | 1,906 | 3,051 | 3,165 | 8,122 | ||||||||
Income tax expense | 129 | 鈥� | 223 | 352 | ||||||||
Depreciation and amortization | 869 | 1,508 | 1,512 | 3,889 | ||||||||
Loss on disposition of fixed assets | 3 | 鈥� | 23 | 26 | ||||||||
Adjusted EBITDAR | $ | 3,977 | $ | 6,056 | $ | 6,108 | $ | 16,141 | ||||
Amounts in thousands | Q4 2023听(2) | Q1 2024 | Q2 2024 | Total | ||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | $ | 436 | $ | 1,468 | $ | (1,375) | $ | 529 | ||||
Interest expense (income), net | 1,277 | 1,928 | 1,849 | 5,054 | ||||||||
Income tax expense | 261 | 494 | 3,053 | 3,808 | ||||||||
Depreciation and amortization | 691 | 1,046 | 1,063 | 2,800 | ||||||||
Loss on disposition of fixed assets | 20 | 3 | 116 | 139 | ||||||||
Adjusted EBITDAR | $ | 2,685 | $ | 4,939 | $ | 4,706 | $ | 12,330 | ||||
(1)听听 Results for November 1, 2024 to December 31, 2024. |
(2)听听 Results for November 1, 2023 to December 31, 2023. |
听
Net Earnings (Loss) Margins and Adjusted EBITDAR Margins* 听 | |||||||||||||
For the three months | For the six months | ||||||||||||
ended June 30, | ended June 30, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||
Net Operating Revenue | $ | 106,104 | $ | 106,515 | $ | 199,401 | $ | 202,543 | |||||
Net Earnings (Loss) Margin | (1听%) | (26听%) | (4听%) | (14听%) | |||||||||
Adjusted EBITDAR Margin | 24听% | 24听% | 22听% | 22听% | |||||||||
Net Operating Revenue | $ | 20,005 | $ | 19,827 | $ | 36,521 | $ | 38,153 | |||||
Net Earnings (Loss) Margin | 3听% | 5听% | 2听% | 6听% | |||||||||
Adjusted EBITDAR Margin | 28听% | 28听% | 27听% | 28听% | |||||||||
Net Operating Revenue | $ | 24,709 | $ | 20,093 | $ | 45,339 | $ | 41,742 | |||||
Net Earnings (Loss) Margin | 1听% | 鈥� | 鈥� | 鈥� | |||||||||
Adjusted EBITDAR Margin | 8听% | 2听% | 6听% | 3听% | |||||||||
Corporate and Other | Net Operating Revenue | $ | 鈥� | $ | 鈥� | $ | 鈥� | $ | 13 | ||||
Net Earnings (Loss) Margin | NM (1) | NM | NM | NM | |||||||||
Adjusted EBITDAR Margin | NM | NM | NM | NM | |||||||||
Consolidated | Net Operating Revenue | $ | 150,818 | $ | 146,435 | $ | 281,261 | $ | 282,451 | ||||
Net Earnings (Loss) Margin | (8听%) | (28听%) | (12听%) | (20听%) | |||||||||
Adjusted EBITDAR Margin | 20听% | 19听% | 18听% | 17听% | |||||||||
(1)听听 Not meaningful. | |||||||||||||
听
CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION | ||||||||||||
Summary of Interest Expense (Income), Net 听 | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands | 2025 | 2024 | 2025 | 2024 | ||||||||
Interest income | $ | (273) | $ | (673) | $ | (653) | $ | (1,359) | ||||
Interest expense - Credit Agreements | 8,864 | 9,821 | 17,656 | 19,720 | ||||||||
Interest expense - Master Lease Financing Obligation | 16,494 | 15,175 | 32,896 | 30,374 | ||||||||
Interest expense - Deferred Financing Costs | 674 | 674 | 1,348 | 1,348 | ||||||||
Interest expense - Miscellaneous | 179 | 86 | 347 | 128 | ||||||||
Interest expense (income), net | $ | 25,938 | $ | 25,083 | $ | 51,594 | $ | 50,211 | ||||
Cash Rent Payments | ||||||||||||
For the three months | For the six months | |||||||||||
ended June 30, | ended June 30, | |||||||||||
Amounts in thousands | 2025 | 2024 | 2025 | 2024 | ||||||||
Master Lease | $ | 14,404 | $ | 15,195 | $ | 28,731 | $ | 24,639 | ||||
Nugget Lease (1) | 1,936 | 1,913 | 3,849 | 3,175 | ||||||||
(1) | Represents payments with respect to the |
The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of June 30, 2025.
Reportable Segment | Operating Segment | Reporting Unit |
East | Mountaineer Casino, Resort & Races | |
Rocky Gap Casino, Resort & Golf | ||
Midwest | Century Casino & Hotel Central City | |
Century Casino & Hotel Cripple Creek | ||
Century Casino & Hotel Cape Girardeau and The | ||
Century Casino & Hotel Caruthersville and The Farmstead | ||
West | Nugget Casino Resort and Smooth Bourbon, LLC | |
Century Casino & Hotel Edmonton | ||
Century Casino St. Albert | ||
Century Mile Racetrack and Casino | ||
Century Downs Racetrack and Casino | ||
Casinos | ||
Corporate and Other | Corporate and Other | Corporate Other |
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
* We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP.
Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.
Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDAR also should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items. Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.
** We define net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue.
*** We define Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of our casino operations.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. In
Century Casinos' common stock trades on The Nasdaq Capital Market庐 under the symbol CNTY. For more information about Century Casinos, visit our website at .
FORWARD-LOOKING STATEMENTS, BUSINESS ENVIRONMENT AND RISK FACTORS
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding our strategic review process and the results thereof, the commencement of sports betting in
听
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FAQ
What were Century Casinos' (CNTY) key financial results for Q2 2025?
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