Promising Start to 2026 Across Entire North American Portfolio
COLORADO SPRINGS, Colo., March 13, 2026 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2025.
Fourth Quarter 2025 Results*
Compared to the three months ended December 31, 2024:
- Net operating revenue was $138.0 million and remained constant.
- Earnings from operations was $10.4 million, an increase of 117%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($17.9) million, a change of 80%, and basic net loss per share was ($0.61).
- Adjusted EBITDAR** was $23.9 million, an increase of 13%.
2025 Results*
Compared to the year ended December 31, 2024:
- Net operating revenue was $573.0 million, a decrease of (1%).
- Earnings from operations were $51.3 million, an increase of 331%.
- Net loss attributable to Century Casinos, Inc. shareholders was ($61.4) million, a change of 60%, and basic net loss per share was ($2.04).
- Adjusted EBITDAR** was $105.4 million, an increase of 3%.
"We are beginning to see improvements with the lower-end of our customer base and we are pleased with the 13% Adjusted EBITDAR** growth and the margin improvement in the fourth quarter of 2025, but we believe our portfolio of casinos has not yet shown its full potential. We continue to make progress with robust discussions around strategic alternatives, including the sale of our operations in Poland," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR is a Non-US GAAP financial measure. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
UPDATES
Missouri Sports Betting - In May 2025, we announced that we have partnered with BetMGM, LLC to operate a sports book at Cape Girardeau and an online and mobile sports betting application under our license in Missouri. On December 1, 2025, the sports book at Cape Girardeau opened and online betting started. The agreement includes a percentage of net gaming revenue payable to us, with a guaranteed minimum.
Poland - We opened the second casino in Wroclaw in February 2026.
RESULTS
The consolidated results for the three months and years ended December 31, 2025 and 2024 are as follows:
For the three months For the year
Amounts in thousands, except per share data ended December 31, % ended December 31, %
Consolidated Results: 2025 2024 Change 2025 2024 Change
Net operating revenue $
137,992 $
137,766 $
572,975 $
575,919 (1 %)
Earnings (loss) from 10,439 (62,627) 117 % 51,279 (22,157) 331 %
operations
Net loss attributable to $
(17,946) $
(90,325) 80 % $
(61,416) $
(153,601) 60 %
Century Casinos, Inc.
shareholders
Adjusted EBITDAR** $
23,856 $
21,078 13 % $
105,377 $
102,678 3 %
Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic $
(0.61) $
(2.94) 79 % $
(2.04) $
(5.02) 59 %
Diluted $
(0.61) $
(2.94) 79 % $
(2.04) $
(5.02) 59 %
RESULTS BY REPORTABLE SEGMENT*
The Company's net operating revenue remained constant and decreased by ($2.9) million, or (1%), for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Net Operating Revenue
For the three months For the year
Amounts in ended December 31,
$ % ended December 31,
$ %
thousands 2025 2024 Change Change 2025 2024 Change Change
US East $
39,971 $
40,970 $
(999) (2 %) $
169,496 $
171,640 $
(2,144) (1 %)
US Midwest 40,756 39,927 829 2 % 163,810 160,536 3,274 2 %
US West 17,746 19,084 (1,338) (7 %) 79,561 87,492 (7,931) (9 %)
Canada 18,818 17,894 924 5 % 75,929 76,317 (388) (1 %)
Poland 20,690 19,870 820 4 % 84,168 79,900 4,268 5 %
Other (1) 11 21 (10) (48 %) 11 34 (23) (68 %)
Consolidated $
137,992 $
137,766 $
226 $
572,975 $
575,919 $
(2,944) (1 %)
(1) Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments.
Information is presented for reconciliation purposes.
The Company's earnings from operations increased by $73.1 million, or 117%, and by $73.4 million, or 331%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Earnings (Loss) from Operations
For the three months For the year
Amounts in ended December 31,
$ % ended December 31,
$ %
thousands 2025 2024 Change Change 2025 2024 Change Change
US East $
2,021 $
(24,832) $
26,853 108 % $
11,905 $
(15,783) $
27,688 175 %
US Midwest 10,415 9,812 603 6 % 43,028 42,731 297 1 %
US West (2,075) (45,960) 43,885 95 % (4,463) (47,164) 42,701 91 %
Canada 3,762 3,630 132 4 % 15,928 15,832 96 1 %
Poland 62 (2,310) 2,372 103 % (1,356) (3,726) 2,370 64 %
Other (1) (3,746) (2,967) (779) (26 %) (13,763) (14,047) 284 2 %
Consolidated $
10,439 $
(62,627) $
73,066 117 % $
51,279 $
(22,157) $
73,436 331 %
(1) Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments.
Information is presented for reconciliation purposes.
Earnings (loss) from operations in 2024 was impacted by the impairment of goodwill at the Nugget and Rocky Gap, resulting in $70.2 million of expense during the fourth quarter of 2024.
Net loss attributable to Century Casinos, Inc. shareholders improved by $72.4 million, or 80%, and by $92.2 million, or 60%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders
For the three months For the year
Amounts in ended December 31,
$ % ended December 31,
$ %
thousands 2025 2024 Change Change 2025 2024 Change Change
US East $
(4,548) $
(31,297) $
26,749 85 % $
(14,161) $
(47,106) $
32,945 70 %
US Midwest 3,511 3,920 (409) (10 %) 16,069 6,542 9,527 146 %
US West (3,887) (48,811) 44,924 92 % (11,716) (61,289) 49,573 81 %
Canada 806 117 689 589 % 1,639 3,390 (1,751) (52 %)
Poland (21) (1,194) 1,173 98 % (1,110) (1,909) 799 42 %
Other (1) (13,807) (13,060) (747) (6 %) (52,137) (53,229) 1,092 2 %
Consolidated $
(17,946) $
(90,325) $
72,379 80 % $
(61,416) $
(153,601) $
92,185 60 %
(1) Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments.
Information is presented for reconciliation purposes.
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. Increased interest expense negatively impacted net loss (earnings) attributable to Century Casinos, Inc. shareholders. Net loss (earnings) attributable to Century Casinos, Inc. shareholders in 2024 also was impacted by the recording of a valuation allowance on our net deferred tax assets related to the United States resulting in additional income tax expense and, as stated above, the impairment of goodwill at the Nugget and Rocky Gap during the fourth quarter of 2024.
Adjusted EBITDAR** increased by $2.8 million, or 13%, and by $2.7 million, or 3%, for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months and year ended December 31, 2025 compared to the three months and year ended December 31, 2024:
Adjusted EBITDAR**
For the three months For the year
Amounts in ended December 31,
$ % ended December 31,
$ %
thousands 2025 2024 Change Change 2025 2024 Change Change
US East $
5,915 $
5,712 $
203 4 % $
27,277 $
27,028 $
249 1 %
US Midwest 14,239 13,636 603 4 % 58,368 57,062 1,306 2 %
US West 1,318 1,088 230 21 % 9,054 9,701 (647) (7 %)
Canada 4,910 4,681 229 5 % 20,299 20,162 137 1 %
Poland 877 (603) 1,480 245 % 2,942 2,563 379 15 %
Other (1) (3,403) (3,436) 33 1 % (12,563) (13,838) 1,275 9 %
Consolidated $
23,856 $
21,078 $
2,778 13 % $
105,377 $
102,678 $
2,699 3 %
(1) Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments.
Information is presented for reconciliation purposes.
BALANCE SHEET AND LIQUIDITY
As of December 31, 2025, the Company had $68.9 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 net cash used in investing activities of $22.3 million. As of December 31, 2025, the Company had $337.7 million in outstanding debt compared to $339.6 million in outstanding debt at December 31, 2024. The outstanding debt as of December 31, 2025 included $333.4 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $0.5 million under a credit agreement related to Casinos Poland ("CPL") and $3.8 million under a revolving credit facility related to CPL. The Company also has a revolving line of credit with Goldman of up to $30.0 million. If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of December 31, 2025, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $715.7 million long-term financing obligation under the Master Lease.
CONFERENCE CALL INFORMATION
Today, the Company will 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 www.cnty.com/investor/presentations/.
The Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2025 on its website at www.cnty.com/investor/financials/sec-filings/ once filed.
The Company will host its fourth quarter 2025 earnings conference call today, Friday, March 13, 2026 at 8:00 am MDT. U.S. domestic participants should dial 1-888-999-6281. For all international participants, please use 848-280-6550 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at https://app.webinar.net/xKk1lPyVZ8a or obtain a recording of the call on the Company's website until March 31, 2026 at www.cnty.com/investor/financials/financial-results/.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED FINANCIAL INFORMATION - US GAAP BASIS
Condensed Consolidated Statements of Loss
For the three months For the year
ended December 31, ended December 31,
Amounts in thousands, except for per share information 2025 2024 2025 2024
Operating revenue:
Net operating revenue $
137,992 $
137,766 $
572,975 $
575,919
Operating costs and expenses:
Total operating costs and expenses 127,553 200,393 521,696 598,076
Earnings (loss) from operations 10,439 (62,627) 51,279 (22,157)
Non-operating (expense) income, net (25,895) (25,125) (102,427) (97,728)
Loss before income taxes (15,456) (87,752) (51,148) (119,885)
Income tax expense (593) (1,332) (2,748) (26,631)
Net loss (16,049) (89,084) (53,896) (146,516)
Net earnings attributable to non-controlling interests (1,897) (1,241) (7,520) (7,085)
Net loss attributable to Century Casinos, Inc. $
(17,946) $
(90,325) $
(61,416) $
(153,601)
shareholders
Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic $
(0.61) $
(2.94) $
(2.04) $
(5.02)
Diluted $
(0.61) $
(2.94) $
(2.04) $
(5.02)
Weighted average common shares
Basic 29,291 30,683 30,119 30,617
Diluted 29,291 30,683 30,119 30,617
Condensed Consolidated Balance Sheets
December 31, December 31,
Amounts in thousands 2025 2024
Assets
Current assets $
104,072 $
135,549
Property and equipment, net 902,756 922,146
Other assets 140,443 142,144
Total assets $
1,147,271 $
1,199,839
Liabilities and (Deficit) Equity
Current liabilities $
79,780 $
86,044
Non-current liabilities 1,074,273 1,057,222
Century Casinos, Inc. shareholders' (deficit) equity (97,697) (34,731)
Non-controlling interests 90,915 91,304
Total liabilities and (deficit) equity $
1,147,271 $
1,199,839
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.
For the three months ended December 31, 2025
Other
Amounts in thousands US US US Canada Poland (1) Total
East Midwest West
Net (loss) earnings attributable to $
(4,548) $
3,511 $
(3,887) $
806 $
(21) $
(13,807) $
(17,946)
Century Casinos, Inc.
shareholders
Interest income (80) (6) (173) (259)
Interest expense (2) 6,523 6,721 3,417 61 9,396 26,118
Income tax expense (benefit) 181 (435) 89 758 593
Depreciation and amortization 3,894 3,824 3,393 1,148 592 17 12,868
Net earnings (loss) attributable to 1,812 95 (10) 1,897
non-controlling interests
Non-cash stock-based 326 326
compensation
Loss (gain) on foreign currency 1 84 (96) 80 69
transactions, cost recovery
income and other
Loss (gain) on disposition of fixed 45 2 (125) 45 (33)
assets
Pre-opening and termination 223 223
expenses
Adjusted EBITDAR $
5,915 $
14,239 $
1,318 $
4,910 $
877 $
(3,403) $
23,856
(1) Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments.
Information is presented for reconciliation purposes.
(2) See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments
related to the Master Lease.
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.
For the three months ended December 31, 2024
Other
Amounts in thousands US US US Canada Poland (1) Total
East Midwest West
Net (loss) earnings attributable to $
(31,296) $
3,920 $
(48,811) $
117 $
(1,194) $
(13,061) $
(90,325)
Century Casinos, Inc.
shareholders
Interest income (15) (124) (4) (391) (534)
Interest expense (2) 6,404 6,017 3,367 33 10,120 25,941
Income tax expense (benefit) 60 (110) 1,081 306 (380) 375 1,332
Depreciation and amortization 4,070 3,820 3,332 1,053 349 29 12,653
Net earnings (loss) attributable to 1,770 68 (597) 1,241
non-controlling interests
Non-cash stock-based (500) (500)
compensation
Gain on foreign currency (106) (168) (8) (282)
transactions, cost recovery
income and other
Impairment - goodwill (3) 26,473 43,716 70,189
Loss on disposition of fixed 1 4 586 591
assets
Pre-opening expenses 772 772
Adjusted EBITDAR $
5,712 $
13,636 $
1,088 $
4,681 $
(603) $
(3,436) $
21,078
(1) Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments.
Information is presented for reconciliation purposes.
(2) See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments
related to the Master Lease.
(3)
Related to impairment of goodwill at the Nugget and Rocky Gap.
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.
For the year ended December 31, 2025
Other
Amounts in thousands US US US Canada Poland (1) Total
East Midwest West
Net (loss) earnings attributable to $
(14,161) $
16,069 $
(11,716) $
1,639 $
(1,110) $
(52,137) $
(61,416)
Century Casinos, Inc.
shareholders
Interest income (121) (356) (20) (820) (1,317)
Interest expense (2) 26,019 26,629 13,598 224 38,313 104,783
Income tax expense 404 1,153 308 883 2,748
Depreciation and amortization 15,372 15,340 13,481 4,371 2,285 72 50,921
Net earnings (loss) attributable to 7,206 869 (555) 7,520
non-controlling interests
Non-cash stock-based 1,128 1,128
compensation
Loss (gain) on foreign currency 1 36 (851) (277) (2) (1,093)
transactions, cost recovery
income and other (3)
Loss (gain) on disposition of fixed 46 47 47 (124) 74 90
assets
Pre-opening and termination 2,013 2,013
expenses
Adjusted EBITDAR $
27,277 $
58,368 $
9,054 $
20,299 $
2,942 $
(12,563) $
105,377
(1) Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments.
Information is presented for reconciliation purposes.
(2) See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments
related to the Master Lease.
(3)
Included in the Canada segment is $1.0 million related to cost recovery income for CDR.
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.
For the year ended December 31, 2024
Other
Amounts in thousands US US US Canada Poland (1) Total
East Midwest West
Net (loss) earnings attributable to $
(47,106) $
6,542 $
(61,289) $
3,390 $
(1,909) $
(53,229) $
(153,601)
Century Casinos, Inc.
shareholders
Interest income (167) (1) (1,163) (80) (1,233) (2,644)
Interest expense (2) 25,575 22,159 13,707 39 41,887 103,367
Income tax expense (benefit) 5,748 14,197 7,029 1,010 (237) (1,116) 26,631
Depreciation and amortization 15,929 14,172 13,153 4,368 1,811 162 49,595
Net earnings (loss) attributable to 7,097 943 (955) 7,085
non-controlling interests
Non-cash stock-based 66 66
compensation
Loss (gain) on foreign currency 24 (2,057) (584) (356) (2,973)
transactions, cost recovery
income and other (3)
Impairment - goodwill (4) 26,473 43,716 70,189
Loss (gain) on disposition of fixed 409 135 (4) (36) 953 1,457
assets
Acquisition costs (19) (19)
Pre-opening and termination 3,525 3,525
expenses
Adjusted EBITDAR $
27,028 $
57,062 $
9,701 $
20,162 $
2,563 $
(13,838) $
102,678
(1) Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments.
Information is presented for reconciliation purposes.
(2) See "Reconciliation of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments
related to the Master Lease.
(3)
Included in the Canada segment is $1.1 million related to cost recovery income for CDR.
(4)
Related to impairment of goodwill at the Nugget and Rocky Gap.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
Net Earnings (Loss) Margins and Adjusted EBITDAR Margins ***
For the three months For the year
ended December 31, ended December 31,
2025 2024 2025 2024
US East Net Operating Revenue $
39,971 $
40,970 $
169,496 $
171,640
Net Earnings (Loss)
Margin (11 %) (76 %) (8 %) (27 %)
Adjusted EBITDAR
Margin 15 % 14 % 16 % 16 %
US Midwest Net Operating Revenue $
40,756 $
39,927 $
163,810 $
160,536
Net Earnings (Loss)
Margin 9 % 10 % 10 % 4 %
Adjusted EBITDAR
Margin 35 % 34 % 36 % 36 %
US West Net Operating Revenue $
17,746 $
19,084 $
79,561 $
87,492
Net Earnings (Loss)
Margin (22 %) (256 %) (15 %) (70 %)
Adjusted EBITDAR
Margin 7 % 6 % 11 % 11 %
Canada Net Operating Revenue $
18,818 $
17,894 $
75,929 $
76,317
Net Earnings (Loss)
Margin 4 % 1 % 2 % 4 %
Adjusted EBITDAR
Margin 26 % 26 % 27 % 26 %
Poland Net Operating Revenue $
20,690 $
19,870 $
84,168 $
79,900
Net Earnings (Loss)
Margin (6 %) (1 %) (2 %)
Adjusted EBITDAR
Margin 4 % (3 %) 4 % 3 %
Other (1) Net Operating Revenue $
11 $
21 $
11 $
34
Net Earnings (Loss)
Margin NM (2) NM NM NM
Adjusted EBITDAR
Margin NM NM NM NM
Consolidated Net Operating Revenue $
137,992 $
137,766 $
572,975 $
575,919
Net Earnings (Loss)
Margin (13 %) (66 %) (11 %) (27 %)
Adjusted EBITDAR
Margin 17 % 15 % 18 % 18 %
(1) Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments.
Information is presented for reconciliation purposes.
(2)
Not meaningful.
Reconciliation of Interest Expense
For the three months For the year
ended December 31, ended December 31,
Amounts in thousands 2025 2024 2025 2024
Interest expense - Credit Agreements 8,614 9,330 35,187 38,931
Interest expense - Master Lease Financing Obligation 16,641 15,770 66,174 61,356
Interest expense - Deferred Financing Costs 674 673 2,695 2,695
Interest expense - Miscellaneous 189 168 727 385
Interest expense $
26,118 $
25,941 $
104,783 $
103,367
Cash Rent Payments
For the three months For the year
ended December 31, ended December 31,
Amounts in
thousands 2025 2024 2025 2024
Master Lease $
15,470 $
14,005 $
58,644 $
51,834
Nugget Lease
(1) 1,982 1,912 7,768 7,001
(1) Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC ("Smooth Bourbon"), a 50% owned
subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
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 December 31, 2025:
Reportable Segment and
Reporting Unit
Operating Segment
US East
Mountaineer Casino, Resort & Races
Rocky Gap Casino, Resort & Golf
US Midwest
Century Casino & Hotel Central City
Century Casino & Hotel Cripple Creek
Century Casino & Hotel Cape Girardeau and The Riverview
Century Casino & Hotel Caruthersville and The Farmstead
US West
Nugget Casino Resort and Smooth Bourbon, LLC
Canada
Century Casino & Hotel Edmonton
Century Casino St. Albert
Century Mile Racetrack and Casino
Century Downs Racetrack and Casino
Poland
Casinos Poland
* 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.
CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION
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, 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. Consolidated Adjusted EBITDAR 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.
** The Company defines net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue.
*** The Company defines 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 the Company's casino operations.
ABOUT CENTURY CASINOS, INC.:
Century Casinos, Inc. is a casino entertainment company. The Company operates the following reportable segments: (i) US East includes the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) US Midwest includes the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri, and in Cripple Creek and Central City, Colorado; (iii) US West includes the Nugget Casino Resort, in Reno-Sparks, Nevada; (iv) Canada includes Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta; and (v) Poland where the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.
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 the potential for our portfolio of casinos, the strategic review process and the potential sale of our Poland operations, projects in development and other opportunities, including our recently opened Caruthersville, Missouri land-based casino and hotel, licensing and reopening of our Poland casinos, our credit agreement with Goldman and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, impairments, and plans for our casinos and our Company including expectations regarding Adjusted EBITDAR and cash flow in 2026 and other estimates, forecasts and expectations regarding 2026 and later results, and any other statements that are not purely historical. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A of Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2024, Item 1A of Part 1 of our forthcoming Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
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SOURCE Century Casinos, Inc.
Peter Hoetzinger, CO-CEO and President, Landline: +1-719-689-5813, Mobile: +43 664 355 3935, Peter.Hoetzinger@cnty.com.