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Century Casinos, Inc. Announces Third Quarter 2025 Results

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  •  Strength in the United States East and Midwest Regions, Offset by Weakness in the United States West Region and Poland. 

COLORADO SPRINGS, Colo., Nov. 10, 2025 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2025.

Third Quarter 2025 Highlights*
Compared to the three months ended September 30, 2024:

  • Net operating revenue was $153.7 million, a decrease of 1%.
  • Earnings from operations was $17.1 million, a decrease of 4%.
  • Net loss attributable to Century Casinos, Inc. shareholders was ($10.5) million, a change of (30%), and basic net loss per share was ($0.35).
  • Adjusted EBITDAR** was $31.1 million, a decrease of 6%.

"We are pleased with the growth in the East and Midwest regions of the United States. At the Nugget in the West region, we continue to focus on increasing local play and enhancing our concert and conference line up to improve results. Poland suffered from one-time costs associated with closing the Hilton Hotel casino. Excluding Poland, third quarter Adjusted EBITDAR would have increased year over year. We look forward to opening the new Wroclaw casino early next year and for results to improve in Poland with no licensing disruptions for the next three years," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked.

UPDATES

Sports Betting – Missouri  – In May 2025, the Company announced that it has partnered with BetMGM to operate an online and mobile sports betting application under the Company's license in Missouri. The agreement includes a percentage of net gaming revenue payable to the Company, with a guaranteed minimum, as well as retail sportsbook options to be exercised at the Company's discretion. Sports betting is expected to begin in Missouri on December 1, 2025.

Poland  – The Company was awarded a second license for a casino in the city of Wroclaw in March 2025. The Company expects to open the casino in January 2026.

Rocky Gap Goodwill Impairment  – The Company concluded that its previously issued audited financial statements for the year ended December 31, 2024 contained a material error related to the calculation of the carrying value of invested capital used in the valuation of the Rocky Gap reporting unit, which resulted in an impairment of goodwill for this reporting unit, and should be restated. The impairment negatively impacted earnings from operations in the United States and net loss attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2024 but did not impact Adjusted EBITDAR**. The Company today filed a Form 8-K that describes the impairment and plans to file amendments to its Form 10-K for the year ended December 31, 2024 and its Forms 10-Q for the quarters ended March 31, 2025 and June 30, 2025 to reflect the restatements within the next five calendar days.

RESULTS

The consolidated results for the three and nine months ended September 30, 2025 and 2024 are as follows:


For the three months



For the nine months



Amounts in thousands, except per share data

ended September 30,


%

ended September 30,


%

Consolidated Results:



2025



2024


Change



2025



2024


Change

Net Operating Revenue


$

153,724


$

155,701


(1 %)


$

434,984


$

438,147


(1 %)

Earnings from operations



17,126



17,918


(4 %)



40,840



40,466


1 %

Net loss attributable to Century
Casinos, Inc. shareholders


$

(10,548)


$

(8,119)


(30 %)


$

(43,470)


$

(63,276)


31 %


















Adjusted EBITDAR**


$

31,064


$

32,902


(6 %)


$

81,521


$

81,598



















Net loss per share attributable to Century Casinos, Inc. shareholders:

Basic


$

(0.35)


$

(0.26)


(35 %)


$

(1.43)


$

(2.07)


31 %

Diluted


$

(0.35)


$

(0.26)


(35 %)


$

(1.43)


$

(2.07)


31 %

RESULTS BY REPORTABLE SEGMENT*

Following is a summary of the changes in net operating revenue by reportable segment for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024:



Net Operating Revenue



For the three months







For the nine months






Amounts in


ended September 30,



$


%


ended September 30,



$


%

thousands


2025


2024



Change


Change


2025


2024



Change


Change

United States


$

114,997


$

117,139


$

(2,142)


(2 %)


$

314,396


$

319,680


$

(5,284)


(2 %)

Canada



20,589



20,275



314


2 %



57,109



58,425



(1,316)


(2 %)

Poland



18,138



18,287



(149)


(1 %)



63,479



60,029



3,450


6 %

Corporate and
Other












13



(13)


(100 %)

Consolidated


$

153,724


$

155,701


$

(1,977)


(1 %)


$

434,984


$

438,147


$

(3,163)


(1 %)

Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024:



Earnings (Loss) from Operations



For the three months







For the nine months






Amounts in


ended September 30,



$


%


ended September 30,



$


%

thousands


2025


2024



Change


Change


2025


2024



Change


Change

United States


$

18,041


$

18,195


$

(154)


(1 %)


$

40,109


$

40,760


$

(651)


(2 %)

Canada



4,272



3,811



461


12 %



12,166



12,203



(37)


Poland



(1,775)



(1,214)



(561)


(46 %)



(1,416)



(1,416)




Corporate and
Other



(3,412)



(2,874)



(538)


(19 %)



(10,019)



(11,081)



1,062


10 %

Consolidated


$

17,126


$

17,918


$

(792)


(4 %)


$

40,840


$

40,466


$

374


1 %

Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024:



Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders



For the three months







For the nine months






Amounts in


ended September 30,



$


%


ended September 30,



$


%

thousands


2025


2024



Change


Change


2025


2024



Change


Change

United States


$

3,155


$

4,701


$

(1,546)


(33 %)


$

(4,884)


$

(25,066)


$

20,182


81 %

Canada



297



1,134



(837)


(74 %)



832



3,276



(2,444)


(75 %)

Poland



(1,176)



(681)



(495)


(73 %)



(1,090)



(716)



(374)


(52 %)

Corporate and
Other



(12,824)



(13,273)



449


3 %



(38,328)



(40,770)



2,442


6 %

Consolidated


$

(10,548)


$

(8,119)


$

(2,429)


(30 %)


$

(43,470)


$

(63,276)


$

19,806


31 %

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. Interest expense, primarily from the master lease with subsidiaries of VICI Properties, Inc. (the "Master Lease"), negatively impacts net loss attributable to Century Casinos, Inc. shareholders. Income tax expense decreased significantly for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to a valuation allowance on the Company's net deferred tax assets related to the United States resulting in $23.8 million of tax expense for the nine months ended September 30, 2024.

Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024:



Adjusted EBITDAR**



For the three months







For the nine months






Amounts in


ended September 30,



$


%


ended September 30,



$


%

thousands


2025


2024



Change


Change


2025


2024



Change


Change

United States


$

29,142


$

29,172


$

(30)



$

73,229


$

73,349


$

(120)


Canada



5,423



4,889



534


11 %



15,389



15,482



(93)


(1 %)

Poland



(425)



1,958



(2,383)


(122 %)



2,066



3,166



(1,100)


(35 %)

Corporate and
Other



(3,076)



(3,117)



41


1 %



(9,163)



(10,399)



1,236


12 %

Consolidated


$

31,064


$

32,902


$

(1,838)


(6 %)


$

81,521


$

81,598


$

(77)


BALANCE SHEET AND LIQUIDITY

As of September 30, 2025, the Company had $77.7 million in cash and cash equivalents compared to $85.5 million at June 30, 2025 and $98.8 million at December 31, 2024. Cash and cash equivalents decreased compared to December 31, 2024 primarily due to purchases of property and equipment of $17.4 million. As of September 30, 2025, the Company had $338.7 million in outstanding debt compared to $339.6 million in outstanding debt at December 31, 2024. The outstanding debt as of September 30, 2025 included $334.3 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $0.4 million of bank debt related to Century Resorts Management GmbH ("CRM") and $4.1 million related to a revolving credit facility for Casinos Poland ("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 September 30, 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 $712.1 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 quarterly report on Form 10-Q that will be filed with the SEC for the quarter ended September 30, 2025 as well as the amended reports discussed in "Rocky Gap Goodwill Impairment" on its website at www.cnty.com/investor/financials/sec-filings/ once filed, which is anticipated within the next five calendar days.

The Company will host its third quarter 2025 earnings conference call tomorrow, Tuesday, November 11, 2025 at 10:00 am EST / 8:00 am MST. U.S. domestic participants should dial 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/AB3KrkAbgvw or obtain a recording of the call on the Company's website until November 30, 2025 at www.cnty.com/investor/financials/financial-results/.

* 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.

 

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Loss



For the three months

For the nine months


ended September 30,

ended September 30,

Amounts in thousands, except for per share information


2025


2024


2025


2024

Operating revenue:













Net operating revenue


$

153,724


$

155,701


$

434,984


$

438,147

Operating costs and expenses:













Total operating costs and expenses



136,598



137,783



394,144



397,681

Earnings from operations



17,126



17,918



40,840



40,466

Non-operating (expense) income, net



(26,098)



(24,977)



(76,532)



(72,599)

Loss before income taxes



(8,972)



(7,059)



(35,692)



(32,133)

Income tax (expense) benefit



(423)



334



(2,155)



(25,299)

Net loss



(9,395)



(6,725)



(37,847)



(57,432)

Net earnings attributable to non-controlling interests



(1,153)



(1,394)



(5,623)



(5,844)

Net loss attributable to Century Casinos, Inc.
shareholders


$

(10,548)


$

(8,119)


$

(43,470)


$

(63,276)














Net loss per share attributable to Century Casinos, Inc. shareholders:

  Basic


$

(0.35)


$

(0.26)


$

(1.43)


$

(2.07)

  Diluted


$

(0.35)


$

(0.26)


$

(1.43)


$

(2.07)














Weighted average common shares













  Basic



29,956



30,683



30,399



30,595

  Diluted



29,956



30,683



30,399



30,595

 

Condensed Consolidated Balance Sheets









September 30,


December 31,

Amounts in thousands


2025


2024

Assets







Current assets


$

109,457


$

135,549

Property and equipment, net



906,755



922,146

Other assets



142,692



142,144

Total assets


$

1,158,904


$

1,199,839








Liabilities and Equity







Current liabilities


$

75,995


$

86,044

Non-current liabilities



1,070,553



1,057,222

Century Casinos, Inc. shareholders' equity (deficit)



(78,611)



(34,731)

Non-controlling interests



90,967



91,304

Total liabilities and equity


$

1,158,904


$

1,199,839

 

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDAR* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by
Reportable Segment.



For the three months ended September 30, 2025

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net earnings (loss) attributable to
Century Casinos, Inc. shareholders


$

3,155


$

297


$

(1,176)


$

(12,824)


$

(10,548)

Interest expense (income), net (1)



13,093



3,361



60



9,499



26,013

Income tax expense (benefit)





625



(111)



(91)



423

Depreciation and amortization



11,065



1,151



581



20



12,817

Net earnings (loss) attributable to non-
controlling interests



1,771



(31)



(587)





1,153

Non-cash stock-based compensation









316



316

Loss on foreign currency transactions,
cost recovery income and other



36



17



24



4



81

Loss on disposition of fixed assets



22



3



15





40

Pre-opening and termination expenses







769





769

Adjusted EBITDAR


$

29,142


$

5,423


$

(425)


$

(3,076)


$

31,064



(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.

 


For the three months ended September 30, 2024

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net earnings (loss) attributable to Century
Casinos, Inc. shareholders


$

4,701


$

1,134


$

(681)


$

(13,273)


$

(8,119)

Interest expense (income), net (1)



11,720



3,241



(14)



10,157



25,104

Income tax (benefit) expense





(481)



(95)



242



(334)

Depreciation and amortization



10,939



1,078



409



36



12,462

Net earnings (loss) attributable to non-
controlling interests



1,774



(39)



(341)





1,394

Non-cash stock-based compensation









(280)



(280)

Loss (gain) on foreign currency transactions,
cost recovery income and other



25



(44)



(83)



1



(101)

Loss on disposition of fixed assets



13





10





23

Pre-opening expenses







2,753





2,753

Adjusted EBITDAR


$

29,172


$

4,889


$

1,958


$

(3,117)


$

32,902



(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.

 

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 nine months ended September 30, 2025

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net (loss) earnings attributable to
Century Casinos, Inc. shareholders


$

(4,884)


$

832


$

(1,090)


$

(38,328)


$

(43,470)

Interest expense (income), net (1)



39,283



9,905



150



28,269



77,607

Income tax expense



223



1,589



219



124



2,155

Depreciation and amortization



33,084



3,223



1,692



54



38,053

Net earnings (loss) attributable to non-
controlling interests



5,394



774



(545)





5,623

Non-cash stock-based compensation









802



802

Loss (gain) on foreign currency
transactions, cost recovery income and
other (2)



36



(935)



(180)



(83)



(1,162)

Loss (gain) on disposition of fixed assets



93



1



30



(1)



123

Pre-opening and termination expenses







1,790





1,790

Adjusted EBITDAR


$

73,229


$

15,389


$

2,066


$

(9,163)


$

81,521



(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 $1.0 million related to cost recovery income for CDR in the Canada segment.

 


For the nine months ended September 30, 2024

Amounts in thousands



United
States



Canada



Poland



Corporate
and Other



Total

Net (loss) earnings attributable to
Century Casinos, Inc. shareholders


$

(25,066)


$

3,276


$

(716)


$

(40,770)


$

(63,276)

Interest expense (income), net (1)



35,159



9,300



(70)



30,927



75,316

Income tax expense (benefit)



25,340



702



143



(886)



25,299

Depreciation and amortization



32,030



3,315



1,462



135



36,942

Net earnings (loss) attributable to non-
controlling interests



5,327



875



(358)





5,844

Non-cash stock-based compensation









566



566

Loss (gain) on foreign currency
transactions, cost recovery income and
other (2)



24



(1,950)



(415)



(352)



(2,693)

Loss (gain) on disposition of fixed assets



535



(36)



367





866

Acquisition costs









(19)



(19)

Pre-opening expenses







2,753





2,753

Adjusted EBITDAR


$

73,349


$

15,482


$

3,166


$

(10,399)


$

81,598



(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 $1.1 million related to cost recovery income for CDR in the Canada segment.

 

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Net Earnings (Loss) Margins** and Adjusted EBITDAR Margins***






For the three months



For the nine months





ended September 30,



ended September 30,





2025



2024



2025



2024

United States

Net Operating Revenue


$

114,997


$

117,139


$

314,396


$

319,680


Net Earnings (Loss) Margin



3 %



4 %



(2 %)



(8 %)


Adjusted EBITDAR Margin



25 %



25 %



23 %



23 %

Canada

Net Operating Revenue


$

20,589


$

20,275


$

57,109


$

58,425


Net Earnings (Loss) Margin



1 %



6 %



2 %



6 %


Adjusted EBITDAR Margin



26 %



24 %



27 %



27 %

Poland

Net Operating Revenue


$

18,138


$

18,287


$

63,479


$

60,029


Net Earnings (Loss) Margin



(7 %)



(4 %)



(2 %)



(1 %)


Adjusted EBITDAR Margin



(2 %)



11 %



3 %



5 %

Corporate and Other

Net Operating Revenue


$


$


$


$

13


Net Earnings (Loss) Margin



NM (1)



NM



NM



NM


Adjusted EBITDAR Margin



NM



NM



NM



NM

Consolidated

Net Operating Revenue


$

153,724


$

155,701


$

434,984


$

438,147


Net Earnings (Loss) Margin



(7 %)



(5 %)



(10 %)



(14 %)


Adjusted EBITDAR Margin



20 %



21 %



19 %



19 %



(1)

Not meaningful.

 

Summary of Interest Expense (Income), Net



For the three months

For the nine months

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