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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Information [Abstract]  
Segment Information 13.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. The Company views each casino or other operation within its operating segments 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:

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 & Hotel — Cape Girardeau (1)

Century Casino Caruthersville and The Farmstead (1)

West

Nugget Casino Resort and Smooth Bourbon, LLC

Canada

Canada

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 (2)

Corporate Other (3)

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

(2)The Company operated on ship-based casinos through April 16, 2023. See Part I, Item 1 Note 1.

(3)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 the 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 (loss) 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.


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

For the three months ended March 31, 2024

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue

$

96,034

$

18,321

$

21,649

$

13

$

136,017

(Loss) earnings before income taxes

(3,278)

1,931

156

(14,489)

(15,680)

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

$

(2,782)

$

1,132

$

3

$

(11,897)

$

(13,544)

Interest expense (income), net (1)

11,746

2,907

(35)

10,511

25,129

Income tax (benefit) expense

(2,273)

728

151

(2,592)

(3,986)

Depreciation and amortization

10,288

1,149

538

56

12,031

Net earnings attributable to non-controlling interests

1,777

71

2

—

1,850

Non-cash stock-based compensation

—

—

—

503

503

Gain on foreign currency transactions, cost recovery income and other

—

(809)

(143)

(356)

(1,308)

Loss (gain) on disposition of fixed assets

390

(37)

241

—

594

Acquisition costs

—

—

—

(19)

(19)

Adjusted EBITDAR

$

19,146

$

5,141

$

757

$

(3,794)

$

21,250

(1)Interest expense in the United States and Canada segments primarily relates to the Master Lease.

For the three months ended March 31, 2023

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

66,369

$

16,503

$

25,579

$

57

$

108,508

Earnings from equity investment

—

—

—

1,091

1,091

Earnings (loss) before income taxes

7,151

6,989

2,992

(12,478)

4,654

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

$

5,375

$

1,867

$

1,574

$

(10,059)

$

(1,243)

Interest expense (income), net (2)

7,119

523

(95)

9,957

17,504

Income tax expense (benefit)

1,776

1,634

632

(2,419)

1,623

Depreciation and amortization

5,032

1,127

635

61

6,855

Net earnings attributable to non-controlling interests

—

3,488

786

—

4,274

Non-cash stock-based compensation

—

—

—

736

736

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

—

(4,085)

(254)

7

(4,332)

Loss on disposition of fixed assets

470

3

1

5

479

Acquisition costs

—

—

—

158

158

Adjusted EBITDAR

$

19,772

$

4,557

$

3,279

$

(1,554)

$

26,054

(1)Net operating revenue for Corporate and Other 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.

(3)Includes $3.5 million related to cost recovery income for CDR and $0.6 million related to the earn out from the sale of casino operations in Calgary in 2020.


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