Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. The reportable segments with goodwill balances as of March 31, 2026 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The impairment analysis requires management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. During the 2025 annual impairment testing, the Company performed a qualitative goodwill impairment test of each reporting unit with goodwill balances using a combination of (i) actual results compared to previously forecast estimates and (ii) analysis of the markets in which the casinos operate.


Amounts in thousands	Canada		Poland		Total
Gross Carrying Value
As of January 1, 2026	$	7,100	$	7,111	$	14,211
Currency translation		(61)		(265)		(326)
As of March 31, 2026		7,039		6,846		13,885

Accumulated impairment losses
As of January 1, 2026		(3,375)		—		(3,375)
As of March 31, 2026		(3,375)		—		(3,375)

Net carrying value
At January 1, 2026	$	3,725	$	7,111	$	10,836
At March 31, 2026	$	3,664	$	6,846	$	10,510

Intangible Assets

The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach. During the 2025 annual impairment testing, the Company performed a qualitative impairment test of each reporting unit with indefinite-lived intangible assets using a combination of (i) actual results compared to previously forecast estimates and (ii) analysis of the markets in which the casinos operate.

Intangible assets at March 31, 2026 and December 31, 2025 consisted of the following:

‎
		March 31,		December 31,
Amounts in thousands	2026		2025
Finite-lived
Casino licenses	$	3,647	$	3,788
Less: accumulated amortization		(1,275)		(1,167)
		2,372		2,621
Trademarks		16,718		16,718
Less: accumulated amortization		(5,589)		(5,173)
		11,129		11,545
Player's club lists		59,253		59,253
Less: accumulated amortization		(29,546)		(27,846)
		29,707		31,407
Total finite-lived intangible assets, net		43,208		45,573
Indefinite-lived
Casino licenses		30,020		30,206
Trademarks		1,740		1,804
Total indefinite-lived intangible assets		31,760		32,010
Total intangible assets, net	$	74,968	$	77,583

Trademarks

The Company currently owns five trademarks: Century Casinos, Mountaineer, Nugget, Rocky Gap and Casinos Poland. The trademarks are reported as intangible assets on the Company’s condensed consolidated balance sheets.

Trademarks: Finite-Lived

The Company has determined that each of the Mountaineer and Rocky Gap trademarks, reported in the US East segment, and the Nugget trademark, reported in the US West segment, have a useful life of ten years after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trademark. As such, the trademarks will be amortized over their useful lives. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss.

Changes in the carrying amount of the finite-lived trademarks are as follows:


Amounts in thousands		Balance at ‎January 1, 2026		Amortization		Balance at ‎March 31, 2026
US East	$	5,625	$	(214)	$	5,411
US West		5,920		(202)		5,718
Total	$	11,545	$	(416)	$	11,129

‎

As of March 31, 2026, estimated amortization expense of the United States trademarks over the next five years and thereafter was as follows:


Amounts in thousands
2026	$	1,249
2027		1,665
2028		1,665
2029		1,645
2030		1,428
Thereafter		3,477
Total	$	11,129

Trademark amortization expense was $0.4 million for each of the three months ended March 31, 2026 and 2025. The weighted-average amortization period of the United States trademarks is 6.0 years.

Trademarks: Indefinite-Lived

The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, presented in the table below as Corporate and Other for reconciliation purposes, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss.

Changes in the carrying amount of the indefinite-lived trademarks are as follows:


Amounts in thousands		Balance at January 1, 2026		Currency translation		Balance at March 31, 2026
Poland	$	1,696	$	(64)	$	1,632
Corporate and Other		108		—		108
Total	$	1,804	$	(64)	$	1,740

Casino Licenses: Finite-Lived

As of March 31, 2026, Casinos Poland had six casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives.

Changes in the carrying amount of the Casinos Poland licenses are as follows:


Amounts in thousands		Balance at January 1, 2026		Amortization		Currency translation		Balance at ‎March 31, 2026
Poland	$	2,621	$	(157)	$	(92)	$	2,372

As of March 31, 2026, estimated amortization expense for the CPL casino licenses over the next five years and thereafter was as follows:


Amounts in thousands
2026	$	456
2027		608
2028		567
2029		525
2030		187
Thereafter		29
Total	$	2,372

These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. Casino license amortization expense was $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. The weighted average period before the next license expiration is 4.0 years. In Poland, casino gaming licenses are granted for a term of six years and are not renewable. Before a gaming license expires for a particular city, there is a public notification of an available license and any gaming company can apply for the license for that city. Although the Company applies for the new license prior to the expiration of the current license, there is no guarantee a new license will be awarded prior to the expiration of the current license or at all. Casinos Poland was awarded a second license in the city of Wroclaw in March 2025 and opened the casino in February 2026.

The Company has determined that the casino licenses from the West Virginia Lottery Commission, the Missouri Gaming Commission, the Nevada Gaming Commission (held by Smooth Bourbon), and the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the licenses are as follows:


Amounts in thousands		Balance at ‎January 1, 2026		Currency translation		Balance at ‎March 31, 2026
US East	$	7,009	$	—	$	7,009
US Midwest		10,953		—		10,953
US West		1,000		—		1,000
Canada		11,244		(186)		11,058
Total	$	30,206	$	(186)	$	30,020

The Company has determined that the player’s club lists, reported in the US East, US Midwest and US West segments, have useful lives of seven to 10 years based on estimated revenue attrition among the player’s club members over each property’s historical operations, as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows:


Amounts in thousands		Balance at ‎January 1, 2026		Amortization		Balance at ‎March 31, 2026
US East	$	14,003	$	(722)	$	13,281
US Midwest		1,586		(433)		1,153
US West		15,818		(545)		15,273
Total	$	31,407	$	(1,700)	$	29,707

As of March 31, 2026, estimated amortization expense for the player’s club lists over the next five years and thereafter was as follows: