Century Casinos, Inc.

What they do

Century Casinos develops and operates casinos along with related hotel, restaurant, horse racing (including off-track betting), sports betting, iGaming and entertainment facilities. As of December 31, 2025, it aggregates operations into five reportable segments: US East, US Midwest, US West, Canada and Poland. Properties include Mountaineer Casino, Resort & Races in West Virginia, Rocky Gap Casino, Resort & Golf in Maryland, the Nugget Casino Resort in Nevada, Missouri and Colorado casinos, Alberta racetracks and casinos, and Casinos Poland.

Revenue drivers

• US East — Includes Mountaineer Casino, Resort & Races in West Virginia and Rocky Gap Casino, Resort & Golf in Maryland; revenue comes from gaming machines, tables, hotel, dining, golf, racing, sports betting and iGaming.
• US Midwest — Includes Century Casino & Hotel properties in Central City and Cripple Creek, Colorado, Cape Girardeau and Caruthersville, Missouri; revenue comes from casino gaming plus hotel, food and beverage and RV park operations.
• US West — Includes Nugget Casino Resort and Smooth Bourbon, LLC in Reno-Sparks, Nevada; the segment reported $23.4 million of net operating revenue in Q2 2026, a 16% increase year over year.
• Canada and Poland — Canada includes Century Casino & Hotel Edmonton, Century Casino St. Albert, Century Mile Racetrack and Casino, and Century Downs Racetrack and Casino; Poland consists of Casinos Poland, which the company majority-owns at 66.6% and consolidates.

Recent performance

For Q2 2026, net operating revenue was $152.0 million, an increase of 1% from Q2 2025, and earnings from operations were $17.2 million, up 4%. Net loss attributable to Century Casinos shareholders was $10.9 million, or $0.39 per diluted share, an 11% improvement in the loss versus the prior-year quarter. Adjusted EBITDAR was $31.7 million, up 5%. The US West segment grew revenue 16% to $23.4 million and Adjusted EBITDAR 93% to $4.5 million, while management said Poland underperformed due in part to low table hold in June 2026.

Strategy

In August 2025, the Board initiated a comprehensive strategic review of operations, capital structure and strategic growth options. The review is exploring alternatives aimed at enhancing shareholder value, including unlocking value in the property portfolio, optimizing the capital structure, evaluating mergers, strategic partnerships or a sale of the company, and analyzing potential divestments. The company also reorganized its reportable segments in Q4 2025 to provide greater specificity within the United States. Management continues to focus on improving property-level performance, particularly at the Nugget.

Risks

• Discretionary spending sensitivity — The company states its success depends heavily on discretionary consumer spending, which can decline due to inflation, recession, job market weakness, travel costs or geopolitical tensions.
• Poland underperformance — Management said Poland continued to underperform in Q2 2026 due in part to low table hold in June 2026, negatively impacting North American results.
• Negative shareholder equity — As of June 30, 2026, total liabilities of $1.14 billion exceeded total assets of $1.11 billion, resulting in shareholder equity of negative $125.7 million.
• Master Lease obligations — Most real estate assets, excluding The Riverview and The Farmstead hotels, are owned by VICI PropCo and leased under a triple net Master Lease, creating fixed rent obligations.

Outlook

Management said it is pleased with North American operations in Q2 2026, driven by strong Nugget performance in US West and results in US Midwest. It expects to continue working to sustain Nugget performance throughout 2026 and beyond. Management also said it sees some signs of improvement in Poland that should lead to better results over the next several quarters.