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Segment Information
 6 Months Ended
Jun. 30, 2016
Segment Information [Abstract]  
Segment Information



12.SEGMENT INFORMATION



The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. Operating segments are aggregated within reportable segments based on their similar characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s casino properties provide gaming, hotel accommodations, dining facilities and other amenities to the Company’s customers. The Company’s operations related to concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation.



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





 

Reportable Segment

Operating Segment

Canada

Century Casino & Hotel - Edmonton

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Corporate Other



The Company’s chief operating decision maker is a management function comprised of two individuals.  These two individuals are our Co Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA is a non-U.S. GAAP measure defined as net earnings (loss) before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, 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 and other, gain on business combination and certain other one-time items. 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) and Adjusted EBITDA 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.



The following tables provide information regarding the Company’s segments for the three and six months ended June 30, 2016 and 2015:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Three Months Ended June 30, 2016

Amounts in thousands

 

Canada

 

United States

 

Poland

 

Corporate and Other

 

Total

Net operating revenue (1)

 

$

 13,167 

 

$

 7,703 

 

$

 13,570 

 

$

 761 

 

$

 35,201 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 1,948 

 

$

 833 

 

$

 678 

 

$

 (1,210)

 

$

 2,249 

Interest expense (income), net

 

 

 784 

 

 

 0 

 

 

 8 

 

 

 (4)

 

 

 788 

Income taxes (benefit)

 

 

 688 

 

 

 511 

 

 

 350 

 

 

 (562)

 

 

 987 

Depreciation and amortization

 

 

 772 

 

 

 625 

 

 

 633 

 

 

 87 

 

 

 2,117 

Non-controlling interest

 

 

 1,736 

 

 

 0 

 

 

 341 

 

 

 0 

 

 

 2,077 

Non-cash stock-based compensation

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 190 

 

 

 190 

(Gain) loss on foreign currency transactions and other

 

 

 (1,524)

 

 

 0 

 

 

 (22)

 

 

 (14)

 

 

 (1,560)

Loss (gain) on disposition of fixed assets

 

 

 18 

 

 

 1 

 

 

 (9)

 

 

 0 

 

 

 10 

Adjusted EBITDA

 

$

 4,422 

 

$

 1,970 

 

$

 1,979 

 

$

 (1,513)

 

$

 6,858 



(1)

Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations.









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Three Months Ended June 30, 2015

Amounts in thousands

 

Canada

 

United States

 

Poland

 

Corporate and Other

 

Total

Net operating revenue (1)

 

$

 13,309 

 

$

 7,210 

 

$

 12,875 

 

$

 4,481 

 

$

 37,875 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Century Casinos, Inc. shareholders

 

$

 2,258 

 

$

 718 

 

$

 568 

 

$

 3,053 

 

$

 6,597 

Interest expense (income), net

 

 

 992 

 

 

 0 

 

 

 43 

 

 

 (2)

 

 

 1,033 

Income taxes (benefit)

 

 

 611 

 

 

 362 

 

 

 268 

 

 

 (1,647)

 

 

 (406)

Depreciation and amortization

 

 

 573 

 

 

 632 

 

 

 636 

 

 

 49 

 

 

 1,890 

Non-controlling interest

 

 

 738 

 

 

 0 

 

 

 284 

 

 

 0 

 

 

 1,022 

Non-cash stock-based compensation

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 419 

 

 

 419 

Gain on foreign currency transactions and other

 

 

 (357)

 

 

 0 

 

 

 (35)

 

 

 (15)

 

 

 (407)

Loss on disposition of fixed assets

 

 

 3 

 

 

 0 

 

 

 22 

 

 

 0 

 

 

 25 

Acquisition costs

 

 

 (36)

 

 

 0 

 

 

 0 

 

 

 36 

 

 

 0 

Other one-time income  (2)

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 (3,365)

 

 

 (3,365)

Adjusted EBITDA

 

$

 4,782 

 

$

 1,712 

 

$

 1,786 

 

$

 (1,472)

 

$

 6,808 



(1)

Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations.

(2)

Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian.









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Six Months Ended June 30, 2016



 

Canada

 

United States

 

Poland

 

Corporate and Other

 

Total

Net operating revenue (1)

 

$

25,462

 

$

14,784

 

$

25,835

 

$

1,650

 

$

67,731



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 3,604 

 

$

 1,377 

 

$

 1,347 

 

$

 (2,186)

 

$

 4,142 

Interest expense (income), net

 

 

 1,534 

 

 

 0 

 

 

 23 

 

 

 (8)

 

 

 1,549 

Income taxes (benefit)

 

 

 1,118 

 

 

 844 

 

 

 617 

 

 

 (995)

 

 

 1,584 

Depreciation and amortization

 

 

 1,470 

 

 

 1,251 

 

 

 1,234 

 

 

 172 

 

 

 4,127 

Non-controlling interest

 

 

 1,735 

 

 

 0 

 

 

 672 

 

 

 0 

 

 

 2,407 

Non-cash stock-based compensation

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 381 

 

 

 381 

(Gain) loss on foreign currency transactions and other

 

 

 (1,544)

 

 

 0 

 

 

 (222)

 

 

 8 

 

 

 (1,758)

Loss on disposition of fixed assets

 

 

 21 

 

 

 3 

 

 

 13 

 

 

 0 

 

 

 37 

Adjusted EBITDA

 

$

 7,938 

 

$

 3,475 

 

$

 3,684 

 

$

 (2,628)

 

$

 12,469 





(1)

Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Six Months Ended June 30, 2015



 

Canada

 

United States

 

Poland

 

Corporate and Other

 

 

Total

Net operating revenue (1)

 

$

21,754

 

$

14,003

 

$

26,409

 

$

6,113

 

$

 68,279 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Century Casinos, Inc. shareholders

 

$

 4,392 

 

$

 1,194 

 

$

 1,351 

 

$

 1,505 

 

$

 8,442 

Interest expense (income), net

 

 

 1,625 

 

 

 0 

 

 

 78 

 

 

 (6)

 

 

 1,697 

Income taxes (benefit)

 

 

 957 

 

 

 731 

 

 

 516 

 

 

 (2,175)

 

 

 29 

Depreciation and amortization

 

 

 992 

 

 

 1,266 

 

 

 1,247 

 

 

 197 

 

 

 3,702 

Non-controlling interest

 

 

 (1)

 

 

 0 

 

 

 675 

 

 

 0 

 

 

 674 

Non-cash stock-based compensation

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 807 

 

 

 807 

Gain on foreign currency transactions and other

 

 

 (519)

 

 

 0 

 

 

 (368)

 

 

 (15)

 

 

 (902)

Loss on disposition of fixed assets

 

 

 3 

 

 

 0 

 

 

 142 

 

 

 1 

 

 

 146 

Preopening expenses

 

 

 345 

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 345 

Other one-time income  (2)

 

 

 0 

 

 

 0 

 

 

 0 

 

 

 (3,365)

 

 

 (3,365)

Adjusted EBITDA

 

$

 7,794 

 

$

 3,191 

 

$

 3,641 

 

$

 (3,051)

 

$

 11,575 





(1)

Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations.

(2)

Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian.