XML 39 R22.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segment And Geographic Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment And Geographic Information [Abstract] |
Segment And Geographic Information | 15. 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. After the Nugget Acquisition, the Company evaluated its operating segments and concluded that as a result of the growth in the United States it would begin viewing its operating segments as East, Midwest and West. 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. The Company’s operations related to 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 as of December 31, 2023:
Reportable Segment | Operating Segment | Reporting Unit
United States | East | Mountaineer Casino, Resort & Races (1)
|  | Rocky Gap Casino, Resort & Golf (1)
| Midwest | Century Casino & Hotel - Central City
|  | Century Casino & Hotel - Cripple Creek
|  | Century Casino Cape Girardeau (1)
|  | Century Casino Caruthersville (1) and The Farmstead
| West | Nugget Casino Resort and Smooth Bourbon, LLC
Canada | Canada (2) | Century Casino & Hotel - Edmonton (1)
|  | Century Casino St. Albert (1)
|  | Century Mile Racetrack and Casino (1)
|  | Century Downs Racetrack and Casino (1)
Poland | Poland | Casinos Poland
Corporate and Other | Corporate and Other | Cruise Ships & Other (3)
|  | Corporate Other (4)
(1)The real estate assets are owned by VICI PropCo and its affiliates. (2)The Company operated Century Sports through February 10, 2022. See Note 1. (3)The Company operated on ship-based casinos through April 16, 2023. See Note 1. (4)Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was included in the Corporate Other reporting unit. 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. 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) 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, 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 summary information regarding the Company’s reportable segments:
| For the year ended December 31, 2023
Amounts in thousands |  |  | United States |  |  | Canada |  |  | Poland |  |  | Corporate and Other |  |  | Total
Net operating revenue (1) |  | $ | 380,591 |  | $ | 75,449 |  | $ | 94,105 |  | $ | 61 |  | $ | 550,206
Earnings from equity investment |  |  | — |  |  | — |  |  | — |  |  | 1,121 |  |  | 1,121
Earnings (loss) before income taxes |  |  | 25,974 |  |  | 7,071 |  |  | 6,704 |  |  | (63,581) |  |  | (23,832)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |  | $ | 18,036 |  | $ | 8,626 |  | $ | 3,446 |  | $ | (58,306) |  | $ | (28,198)
Interest expense (income), net (2) |  |  | 38,024 |  |  | 11,527 |  |  | (345) |  |  | 42,605 |  |  | 91,811
Income tax expense (benefit) |  |  | 2,654 |  |  | (4,256) |  |  | 1,534 |  |  | (5,275) |  |  | (5,343)
Depreciation and amortization |  |  | 33,739 |  |  | 4,590 |  |  | 2,482 |  |  | 232 |  |  | 41,043
Net earnings attributable to non-controlling interests |  |  | 5,284 |  |  | 2,701 |  |  | 1,724 |  |  | — |  |  | 9,709
Non-cash stock-based compensation |  |  | — |  |  | — |  |  | — |  |  | 3,610 |  |  | 3,610
(Gain) loss on foreign currency transactions, cost recovery income and other (3) |  |  | (84) |  |  | (3,195) |  |  | (810) |  |  | 401 |  |  | (3,688)
Loss on disposition of fixed assets |  |  | 537 |  |  | 10 |  |  | 31 |  |  | 113 |  |  | 691
Acquisition costs |  |  | — |  |  | — |  |  | — |  |  | 4,412 |  |  | 4,412
Adjusted EBITDAR |  | $ | 98,190 |  | $ | 20,003 |  | $ | 8,062 |  | $ | (12,208) |  | $ | 114,047
Long-lived assets (4) |  | $ | 947,075 |  | $ | 137,543 |  | $ | 26,736 |  | $ | 3,328 |  | $ | 1,114,682
Total assets (5) |  | $ | 1,018,926 |  | $ | 238,643 |  | $ | 39,892 |  | $ | 62,201 |  | $ | 1,359,662
Capital expenditures |  | $ | 55,389 |  | $ | 2,330 |  | $ | 1,816 |  | $ | 86 |  | $ | 59,621
(1)Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $7.3 million in Canada relates to the debt extinguishment of the CDR land lease. (3)Incl uded in the Canada segment is $1.7 million related to the earn out from the sale of casino operations in Calgary in 2020 and $3.5 million cost recovery income for CDR. (4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets in the United States segment include $283.6 million related to the Nugget Acquisition and $261.7 million related to the Rocky Gap Acquisition. (5)Total assets in the United States segment include $298.8 million related to the Nugget Acquisition and $268.9 million related to the Rocky Gap Acquisition. ‎
| For the year ended December 31, 2022
Amounts in thousands |  |  | United States |  |  | Canada |  |  | Poland |  |  | Corporate and Other |  |  | Total
Net operating revenue (1) |  | $ | 268,582 |  | $ | 71,572 |  | $ | 90,169 |  | $ | 206 |  | $ | 430,529
Earnings from equity investment |  |  | — |  |  | — |  |  | — |  |  | 3,249 |  |  | 3,249
Earnings (loss) before income taxes |  |  | 32,354 |  |  | 11,211 |  |  | 11,044 |  |  | (48,599) |  |  | 6,010
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |  | $ | 24,759 |  | $ | 6,070 |  | $ | 5,811 |  | $ | (28,664) |  | $ | 7,976
Interest expense (income), net (2) |  |  | 28,531 |  |  | 2,281 |  |  | (686) |  |  | 34,854 |  |  | 64,980
Income tax expense (benefit) |  |  | 7,595 |  |  | 2,354 |  |  | 2,326 |  |  | (19,935) |  |  | (7,660)
Depreciation and amortization |  |  | 19,364 |  |  | 4,754 |  |  | 2,606 |  |  | 385 |  |  | 27,109
Net earnings attributable to non-controlling interests |  |  | — |  |  | 2,787 |  |  | 2,907 |  |  | — |  |  | 5,694
Non-cash stock-based compensation |  |  | — |  |  | — |  |  | — |  |  | 3,335 |  |  | 3,335
(Gain) loss on foreign currency transactions, cost recovery income and other (3) |  |  | (1) |  |  | 123 |  |  | (1,153) |  |  | (205) |  |  | (1,236)
Loss (gain) on disposition of fixed assets |  |  | 49 |  |  | 27 |  |  | 63 |  |  | (121) |  |  | 18
Acquisition costs |  |  | — |  |  | — |  |  | — |  |  | 3,124 |  |  | 3,124
Adjusted EBITDAR |  | $ | 80,297 |  | $ | 18,396 |  | $ | 11,874 |  | $ | (7,227) |  | $ | 103,340
Long-lived assets (4) |  | $ | 466,403 |  | $ | 139,304 |  | $ | 27,134 |  | $ | 8,192 |  | $ | 641,033
Total assets (5) |  | $ | 425,820 |  | $ | 162,088 |  | $ | 42,173 |  | $ | 254,886 |  | $ | 884,967
Capital expenditures |  | $ | 16,000 |  | $ | 1,566 |  | $ | 1,578 |  | $ | 49 |  | $ | 19,193
(1)Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2)Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Expense of $7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment. (3)Loss of $2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by $1.9 million cost recovery income for CDR. (4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. (5)Total assets for the Corporate and Other segment include $100.2 million in restricted cash related to the Acquisition Escrow and $93.3 million related to the equity investment in Smooth Bourbon. ‎
| For the year ended December 31, 2021
Amounts in thousands |  |  | United States |  |  | Canada |  |  | Poland |  |  | Corporate and Other |  |  | Total
Net operating revenue (1) |  | $ | 283,285 |  | $ | 46,428 |  | $ | 58,226 |  | $ | 567 |  | $ | 388,506
Earnings from equity investment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Earnings (loss) before income taxes |  |  | 49,628 |  |  | 3,312 |  |  | 921 |  |  | (25,712) |  |  | 28,149
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |  | $ | 49,628 |  | $ | 1,124 |  | $ | 440 |  | $ | (30,570) |  | $ | 20,622
Interest expense (income), net (2) |  |  | 28,229 |  |  | 1,796 |  |  | (477) |  |  | 13,110 |  |  | 42,658
Income tax expense |  |  | — |  |  | 1,256 |  |  | 257 |  |  | 4,858 |  |  | 6,371
Depreciation and amortization |  |  | 18,398 |  |  | 4,904 |  |  | 3,028 |  |  | 432 |  |  | 26,762
Net earnings attributable to non-controlling interests |  |  | — |  |  | 932 |  |  | 224 |  |  | — |  |  | 1,156
Non-cash stock-based compensation |  |  | — |  |  | — |  |  | — |  |  | 2,652 |  |  | 2,652
Gain on foreign currency transactions, cost recovery income and other (3) |  |  | (836) |  |  | (545) |  |  | (887) |  |  | (418) |  |  | (2,686)
Loss (gain) on disposition of fixed assets |  |  | 341 |  |  | 43 |  |  | 44 |  |  | (37) |  |  | 391
Adjusted EBITDAR |  | $ | 95,760 |  | $ | 9,510 |  | $ | 2,629 |  | $ | (9,973) |  | $ | 97,926
Long-lived assets (4) |  | $ | 376,210 |  | $ | 152,278 |  | $ | 29,865 |  | $ | 3,412 |  | $ | 561,765
Total assets |  | $ | 422,409 |  | $ | 179,297 |  | $ | 44,204 |  | $ | 57,448 |  | $ | 703,358
Capital expenditures |  | $ | 8,672 |  | $ | 646 |  | $ | 163 |  | $ | 531 |  | $ | 10,012
(1)Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023. (2)Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. (3)Income of $0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. (4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration