v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Information [Abstract]  
Segment Information 12.SEGMENT INFORMATION

During the fourth quarter of 2025, due to changes in expected long-term future economic characteristics, the Company determined that the aggregation of operating segments within the United States reportable segment was no longer appropriate. As a result, the Company reorganized its reportable segments to provide greater specificity within the United States. Although the Company’s consolidated results of operations, financial position and cash flows were not impacted, the Company has updated the segment disclosures for prior periods to reflect the new reporting structure.

The Company reports its financial performance in five reportable segments based on the geographical locations in which its casinos operate: US East, US Midwest, US West, Canada and Poland. The Company views each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. All intercompany transactions are eliminated in consolidation.

The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDAR as a primary profit measure for its reportable segments and is utilized by the chief operating decision makers as follows:

within the annual budget and forecasting process when making decisions about the allocation of operating and capital resources to each segment;

to evaluate monthly results compared to budget which are used in assessing segment performance;

to determine whether to invest in growth projects in the segment; and

to determine initiatives such as acquisitions or deleveraging.

The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments:

Reportable Segment and
‎Operating Segment

Reporting Unit

US East

Mountaineer Casino, Resort & Races (1)

Rocky Gap Casino, Resort & Golf (1)

US Midwest

Century Casino & Hotel Central City

Century Casino & Hotel Cripple Creek

Century Casino & Hotel Cape Girardeau and The Riverview (1)

Century Casino & Hotel Caruthersville and The Farmstead (1)

US West

Nugget Casino Resort and Smooth Bourbon, LLC

Canada

Century Casino & Hotel Edmonton (1)

Century Casino St. Albert (1)

Century Mile Racetrack and Casino (1)

Century Downs Racetrack and Casino (1)

Poland

Casinos Poland

(1)The real estate assets, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, are owned by VICI PropCo and leased under the Master Lease.

Adjusted EBITDAR

Adjusted EBITDAR is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest earnings (loss) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss 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. Expense related to the Master Lease is included in the interest expense (income), net line item. 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. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers. 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 not considered a measure of performance recognized under US GAAP.

The following tables provide information regarding the Company’s reportable segments:

For the three months ended March 31, 2026

Amounts in thousands

US
‎East

US
‎Midwest

US
‎West

Canada

Poland

Other (1)

Total

Net operating revenue

$

38,930

$

41,805

$

17,067

$

18,324

$

21,113

$

—

$

137,239

Less:

Payroll expense

9,082

8,928

7,782

5,882

6,127

37,801

Operating expenses (2)

6,102

7,027

5,471

5,325

3,046

26,971

Gaming tax expense

16,799

8,894

563

—

10,419

36,675

Cost of goods sold

885

580

1,471

966

186

4,088

Other segment items (3)

672

730

388

671

830

3,291

Segment Adjusted EBITDAR

$

5,390

$

15,646

$

1,392

$

5,480

$

505

$

28,413

Other operating benefits (costs) and other income (expenses):

Corporate and other expenses

$

(3,473)

Interest income

136

Interest expense (4)

(25,947)

Depreciation and amortization

(13,016)

Non-cash stock-based compensation

(161)

Gain on foreign currency transactions, cost recovery income and other

192

Loss on disposition of fixed assets

(19)

Loss before income taxes

(13,875)

Income tax expense

(909)

Net loss

$

(14,784)

(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.

(2)Operating expenses include professional services, supplies, maintenance, utilities and other expenses not otherwise categorized in this table.

(3)Other segment items include marketing expenses.

(4)Interest expense primarily relates to the Master Lease and the Goldman Credit Agreement.


‎

For the three months ended March 31, 2025

Amounts in thousands

US
‎East

US
‎Midwest

US
‎West

Canada

Poland

Other (1)

Total

Net operating revenue

$

37,136

$

39,751

$

16,409

$

16,516

$

20,631

$

—

$

130,443

Less:

Payroll expense

8,962

9,351

7,565

5,459

6,076

37,413

Operating expenses (2)

6,155

7,087

5,326

5,143

3,394

27,105

Gaming tax expense

16,212

8,449

576

—

10,015

35,252

Cost of goods sold

854

631

1,663

881

171

4,200

Other segment items (3)

713

797

557

673

710

3,450

Pre-opening and termination expenses

—

—

—

—

(281)

(281)

Segment Adjusted EBITDAR

$

4,240

$

13,436

$

722

$

4,360

$

546

$

23,304

Other operating benefits (costs) and other income (expenses):

Corporate and other expenses

$

(3,149)

Interest income

380

Interest expense (4)

(26,037)

Depreciation and amortization

(12,394)

Non-cash stock-based compensation

(290)

Gain on foreign currency transactions, cost recovery income and other

119

Loss on disposition of fixed assets

(50)

Pre-opening and termination expenses

(281)

Loss before income taxes

(18,398)

Income tax expense

(481)

Net loss

$

(18,879)

(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.

(2)Operating expenses include professional services, supplies, maintenance, utilities and other expenses not otherwise categorized in this table.

(3)Other segment items include marketing expenses.

(4)Interest expense primarily relates to the Master Lease and the Goldman Credit Agreement.

Additional reconciliations of the Company’s assets by reportable segment are included in the table below.

As of March 31,

Amounts in thousands

2026

2025

2026

2025

2026

2025

Segment Assets (1)

Long-Lived Assets (2)

Total Assets

US East

$

9,837

$

10,054

$

304,446

$

317,172

$

322,655

$

334,628

US Midwest

12,246

16,108

318,368

331,165

334,006

350,855

US West

4,156

6,402

217,823

228,290

229,656

240,996

Canada

13,989

20,980

127,413

126,333

163,189

170,488

Poland

3,945

4,078

39,690

41,799

45,987

48,675

Other (3)

15,791

27,083

2,389

2,843

27,342

40,455

Total

$

59,964

$

84,705

$

1,010,129

$

1,047,602

$

1,122,835

$

1,186,097

(1)Segment assets are cash and cash equivalents.

(2)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.

(3)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.


‎

Additional reconciliations of capital expenditures by reportable segment are included in the table below.

For the three months ended

March 31,

Amounts in thousands

2026

2025

US East

$

309

$

1,195

US Midwest

658

2,266

US West

328

2,391

Canada

407

768

Poland

987

60

Other (1)

3

9

Total

$

2,692

$

6,689

(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.