Century Casinos, Inc. Announces First Quarter 2026 Results

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Century Casinos, Inc. Announces First Quarter 2026 Results

Century Casinos, Inc. Announces First Quarter 2026 Results

PR Newswire

All-Time Record First Quarter Net Operating Revenue

COLORADO SPRINGS, Colo., May 8, 2026 /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2026.

First Quarter 2026 Highlights*

Compared to the three months ended March 31, 2025:

  • Net operating revenue was $137.2 million, an increase of 5%.
  • Earnings from operations was $11.8 million, an increase of 65%.
  • Net loss attributable to Century Casinos, Inc. shareholders was ($16.5) million, a change of 20%, and basic net loss per share was ($0.58).
  • Adjusted EBITDAR** was $24.9 million, an increase of 24%.

"The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the Company's history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR**. The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase to Adjusted EBITDAR** of 93% compared to the first quarter of 2025," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.

RESULTS

The consolidated results for the three months ended March 31, 2026 and 2025 are as follows:



For the three months





Amounts in thousands, except per share data

ended March 31,



%

Consolidated Results:





2026





2025



Change

Net operating revenue



$

137,239



$

130,443



5 %

Earnings from operations





11,763





7,140



65 %

Net loss attributable to Century Casinos, Inc. shareholders



$

(16,504)



$

(20,613)



20 %



















Adjusted EBITDAR**



$

24,940



$

20,155



24 %



















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

Basic



$

(0.58)



$

(0.67)



13 %

Diluted



$

(0.58)



$

(0.67)



13 %

RESULTS BY REPORTABLE SEGMENT*

Following is a summary of the changes in net operating revenue by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:





Net Operating Revenue





For the three months











Amounts in



ended March 31,





$



%

thousands



2026



2025





Change



Change

US East



$

38,930



$

37,136



$

1,794



5 %

US Midwest





41,805





39,751





2,054



5 %

US West





17,067





16,409





658



4 %

Canada





18,324





16,516





1,808



11 %

Poland





21,113





20,631





482



2 %

Other (1)















Consolidated



$

137,239



$

130,443



$

6,796



5 %





(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.

Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:





Earnings (Loss) from Operations





For the three months











Amounts in



ended March 31,





$



%

thousands



2026



2025





Change



Change

US East



$

1,493



$

435



$

1,058



243 %

US Midwest





11,813





9,575





2,238



23 %

US West





(1,992)





(2,666)





674



25 %

Canada





4,277





3,363





914



27 %

Poland





(177)





(109)





(68)



(62 %)

Other (1)





(3,651)





(3,458)





(193)



(6 %)

Consolidated



$

11,763



$

7,140



$

4,623



65 %





(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.

Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:





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





For the three months











Amounts in



ended March 31,





$



%

thousands



2026



2025





Change



Change

US East



$

(5,145)



$

(6,203)



$

1,058



17 %

US Midwest





4,942





3,103





1,839



59 %

US West





(3,826)





(4,450)





624



14 %

Canada





548





(61)





609



998 %

Poland





(307)





(165)





(142)



(86 %)

Other (1)





(12,716)





(12,837)





121



1 %

Consolidated



$

(16,504)



$

(20,613)



$

4,109



20 %





(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.

Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months ended March 31, 2026 compared to the three months ended March 31, 2025:





Adjusted EBITDAR**





For the three months











Amounts in



ended March 31,





$



%

thousands



2026



2025





Change



Change

US East



$

5,390



$

4,240



$

1,150



27 %

US Midwest





15,646





13,436





2,210



16 %

US West





1,392





722





670



93 %

Canada





5,480





4,360





1,120



26 %

Poland





505





546





(41)



(8 %)

Other (1)





(3,473)





(3,149)





(324)



(10 %)

Consolidated



$

24,940



$

20,155



$

4,785



24 %





(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 March 31, 2026, the Company had $60.0 million in cash and cash equivalents compared to $68.9 million in cash and cash equivalents at December 31, 2025. As of March 31, 2026, the Company had $336.7 million in outstanding debt compared to $337.7 million in outstanding debt at December 31, 2025. The outstanding debt as of March 31, 2026 included $332.5 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $1.0 million under a credit agreement related to Casinos Poland ("CPL") and $3.2 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 March 31, 2026, 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 $712.0 million long-term financing obligation under its master lease with subsidiaries of VICI Properties, Inc. ("Master Lease").

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 March 31, 2026 on its website at www.cnty.com/investor/financials/sec-filings/. 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 www.cnty.com/investor/presentations/.

The Company will host its first quarter 2026 earnings conference call today, Friday, May 8, 2026 at 10:00 am EDT / 8:00 am MDT. 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/VJQo9LX97a5 or obtain a recording of the call on the Company's website until May 31, 2026 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



ended March 31,

Amounts in thousands, except for per share information



2026



2025

Operating revenue:













Net operating revenue



$

137,239



$

130,443

Operating costs and expenses:













Total operating costs and expenses





125,476





123,303

Earnings from operations





11,763





7,140

Non-operating (expense) income, net





(25,638)





(25,538)

Loss before income taxes





(13,875)





(18,398)

Income tax expense





(909)





(481)

Net loss





(14,784)





(18,879)

Net earnings attributable to non-controlling interests





(1,720)





(1,734)

Net loss attributable to Century Casinos, Inc. shareholders



$

(16,504)



$

(20,613)















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

  Basic



$

(0.58)



$

(0.67)

  Diluted



$

(0.58)



$

(0.67)















Weighted average common shares













  Basic





28,633





30,683

  Diluted





28,633





30,683

 

Condensed Consolidated Balance Sheets

















March 31,



December 31,

Amounts in thousands



2026



2025

Assets













Current assets



$

95,614



$

104,072

Property and equipment, net





892,191





902,756

Other assets





135,030





140,443

Total assets



$

1,122,835



$

1,147,271















Liabilities and (Deficit) Equity













Current liabilities



$

78,221



$

79,780

Non-current liabilities





1,068,907





1,074,273

Century Casinos, Inc. shareholders' (deficit) equity





(114,742)





(97,697)

Non-controlling interests





90,449





90,915

Total liabilities and (deficit) equity



$

1,122,835



$

1,147,271

 

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

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





For the three months ended March 31, 2026

Amounts in thousands





US

East





US

Midwest





US

West





Canada





Poland





Other (1)





Total

Net (loss) earnings attributable to

Century Casinos, Inc.

shareholders



$

(5,145)



$

4,942



$

(3,826)



$

548



$

(307)



$

(12,716)



$

(16,504)

Interest income

















(48)





(3)





(85)





(136)

Interest expense (2)





6,634





6,818









3,502





62





8,931





25,947

Income tax expense









49









237





407





216





909

Depreciation and amortization





3,897





3,833





3,384





1,203





682





17





13,016

Net earnings (loss) attributable to

non-controlling interests













1,833





41





(154)









1,720

Non-cash stock-based

compensation

























161





161

(Gain) loss on foreign currency

transactions, cost recovery

income and other

















(4)





(191)





3





(192)

Loss on disposition of fixed

assets





4





4





1





1





9









19

Adjusted EBITDAR



$

5,390



$

15,646



$

1,392



$

5,480



$

505



$

(3,473)



$

24,940





(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 "Summary 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 Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.















































For the three months ended March 31, 2025

Amounts in thousands





US

East





US

Midwest





US

West





Canada





Poland





Other (1)





Total

Net (loss) earnings attributable to

Century Casinos, Inc.

shareholders



$

(6,203)



$

3,103



$

(4,450)



$

(61)



$

(165)



$

(12,837)



$

(20,613)

Interest income









(8)









(94)





(8)





(270)





(380)

Interest expense (2)





6,638





6,480









3,301





50





9,568





26,037

Income tax expense

















217





89





175





481

Depreciation and amortization





3,802





3,862





3,343





998





370





19





12,394

Net earnings (loss) attributable to

non-controlling interests













1,784





31





(81)









1,734

Non-cash stock-based

compensation

























290





290

(Gain) loss on foreign currency

transactions, cost recovery

income and other

















(31)





6





(94)





(119)

Loss (gain) on disposition of fixed

assets





3





(1)





45





(1)





4









50

Pre-opening and termination

expenses





















281









281

Adjusted EBITDAR



$

4,240



$

13,436



$

722



$

4,360



$

546



$

(3,149)



$

20,155





(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 "Summary 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

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

























For the three months









ended March 31,









2026





2025

US East

Net Operating Revenue



$

38,930



$

37,136



Net Earnings (Loss) Margin





(13 %)





(17 %)



Adjusted EBITDAR Margin





14 %





11 %

US Midwest

Net Operating Revenue



$

41,805



$

39,751



Net Earnings (Loss) Margin





12 %





8 %



Adjusted EBITDAR Margin





37 %





34 %

US West

Net Operating Revenue



$

17,067



$

16,409



Net Earnings (Loss) Margin





(22 %)





(27 %)



Adjusted EBITDAR Margin





8 %





4 %

Canada

Net Operating Revenue



$

18,324



$

16,516



Net Earnings (Loss) Margin





3 %







Adjusted EBITDAR Margin





30 %





26 %

Poland

Net Operating Revenue



$

21,113



$

20,631



Net Earnings (Loss) Margin





(1 %)





(1 %)



Adjusted EBITDAR Margin





2 %





3 %

Other (1)

Net Operating Revenue



$



$



Net Earnings (Loss) Margin





NM (2)





NM



Adjusted EBITDAR Margin





NM





NM

Consolidated

Net Operating Revenue



$

137,239



$

130,443



Net Earnings (Loss) Margin





(12 %)





(16 %)



Adjusted EBITDAR Margin





18 %





16 %





(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.

 

Summary of Interest Expense



For the three months



ended March 31,

Amounts in thousands





2026





2025

Interest expense - Credit Agreements





8,155





8,792

Interest expense - Master Lease Financing Obligation





16,940





16,402

Interest expense - Deferred Financing Costs





674





674

Interest expense - Miscellaneous





178





169

Interest expense



$

25,947



$

26,037

 

Cash Rent Payments



For the three months



ended March 31,

Amounts in thousands





2026





2025

Master Lease



$

18,075



$

14,327

Nugget Lease (1)





2,005





1,913





(1)

Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC, 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 March 31, 2026.





Reportable Segment and

Operating Segment

Reporting Unit

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 US 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 US 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 US 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-US 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.

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 in Cape Girardeau and Caruthersville, 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.

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 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, 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 in our 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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Peter Hoetzinger, CO-CEO and President, Landline: +1-719-689-5813, Mobile: +43 664 355 3935, Peter.Hoetzinger@cnty.com.