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Segment And Geographic Information
 12 Months Ended
Dec. 31, 2020
Segment And Geographic Information [Abstract]  
Segment And Geographic Information 16.  SEGMENT AND GEOGRAPHIC 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 economic 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 operations related to Century Casino Bath, its 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 reporting units and operating segments into reportable segments:

Reportable Segment

Operating Segment

Reporting Unit

United States

Colorado

Century Casino & Hotel - Central City

Century Casino & Hotel - Cripple Creek

West Virginia

Mountaineer Casino, Racetrack & Resort

Missouri

Century Casino Cape Girardeau

Century Casino Caruthersville

Canada

Edmonton

Century Casino & Hotel - Edmonton

Century Casino St. Albert

Century Mile Racetrack and Casino

Calgary

Century Downs Racetrack and Casino

Century Sports

Century Bets! Inc.

Poland

Poland

Casinos Poland

Corporate and Other

Corporate and Other

Cruise Ships & Other

Corporate Other

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 EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA 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) 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 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) 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 summary information regarding the Company’s segments for the years ended December 31, 2020, 2019 and 2018:

For the year ended December 31, 2020

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

198,344

$

50,240

$

54,271

$

1,413

$

304,268

Loss before income taxes

$

(29,548)

$

6,869

$

(2,578)

$

(18,031)

$

(43,288)

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

$

(30,571)

$

2,551

$

(1,373)

$

(18,609)

$

(48,002)

Interest expense (income), net (2)

28,357

2,047

27

12,667

43,098

Income taxes (benefit)

1,023

3,765

(518)

578

4,848

Depreciation and amortization

17,580

5,264

3,124

566

26,534

Net earnings (loss) attributable to non-controlling interests

—

553

(687)

—

(134)

Non-cash stock-based compensation

—

—

—

(214)

(214)

Gain on foreign currency transactions, cost recovery income and other (3)

—

(6,015)

(233)

(6,897)

(13,145)

Impairment - intangible and tangible assets

30,746

3,375

—

1,000

35,121

Loss (gain) on disposition of fixed assets

64

(43)

4

1

26

Acquisition costs

—

—

—

266

266

Adjusted EBITDA

$

47,199

$

11,497

$

344

$

(10,642)

$

48,398

Total assets

$

417,388

$

181,477

$

49,372

$

32,523

$

680,760

Capital expenditures

$

7,767

$

2,057

$

719

$

162

$

10,705

(1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations.

(2)Expense of $28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $25.0 million and $1.3 million, respectively, for the period presented.

(3)Income of $6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary.

For the year ended December 31, 2019

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

49,998

$

80,650

$

81,894

$

5,685

$

218,227

Earnings (loss) before income taxes

$

7,843

$

11,242

$

6,814

$

(37,866)

$

(11,967)

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

$

5,825

$

6,669

$

3,466

$

(35,115)

$

(19,155)

Interest expense (income), net (2)

1,635

5,312

197

1,085

8,229

Income taxes (benefit)

2,018

3,278

1,617

(2,739)

4,174

Depreciation and amortization

2,330

4,539

3,064

910

10,843

Net earnings (loss) attributable to non-controlling interests

—

1,295

1,731

(12)

3,014

Non-cash stock-based compensation

—

—

—

1,303

1,303

(Gain) loss on foreign currency transactions and cost recovery income

—

(439)

(1,096)

223

(1,312)

Impairment - intangible and tangible assets

—

—

—

16,486

16,486

Loss on disposition of fixed assets

17

20

413

345

795

Acquisition costs

—

—

—

5,366

5,366

Pre-opening expenses

—

538

—

—

538

Adjusted EBITDA

$

11,825

$

21,212

$

9,392

$

(12,148)

$

30,281

Total assets (3)

$

458,351

$

191,925

$

51,921

$

24,703

$

726,900

Capital expenditures (4)

$

1,148

$

17,865

$

4,188

$

837

$

24,038

(1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations.

(2)Expense of $1.6 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $2.2 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $3.8 million and $2.0 million, respectively, for the period presented.

(3)Total assets in the United States segment include $404.5 million related to the Acquired Casinos.

(4)Capital expenditures in 2019 included construction costs of $15.0 million related to Century Mile in the Canada segment.


‎

For the year ended December 31, 2018

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

33,483

$

61,361

$

68,209

$

5,885

$

168,938

Earnings (loss) before income taxes

$

5,881

$

10,973

$

367

$

(11,298)

$

5,923

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

$

4,373

$

7,715

$

(153)

$

(8,541)

$

3,394

Interest expense (income), net (2)

1

3,895

206

12

4,114

Income taxes (benefit)

1,508

2,536

595

(2,722)

1,917

Depreciation and amortization

2,178

3,211

3,065

945

9,399

Net earnings (loss) attributable to non-controlling interests

—

722

(75)

(35)

612

Non-cash stock-based compensation

—

—

—

868

868

(Gain) loss on foreign currency transactions, cost recovery income and other

—

(235)

(428)

2

(661)

Loss on disposition of fixed assets

1

10

1,054

25

1,090

Pre-opening expenses

—

1,668

626

350

2,644

Adjusted EBITDA

$

8,061

$

19,522

$

4,890

$

(9,096)

$

23,377

Total assets

$

56,302

$

155,666

$

29,608

$

37,249

$

278,825

Capital expenditures (3)

$

1,183

$

42,029

$

5,134

$

8,428

$

56,774

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

(2)Expense of $2.1 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $2.1 million for the period presented.

(3)Capital expenditures in 2018 included construction costs of $40.0 million related to Century Mile in the Canada segment.