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Segment Information
 6 Months Ended
Jun. 30, 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, “Description of Business and Basis of Presentation”.

(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 June 30, 2024

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue

$

106,515

$

19,827

$

20,093

$

—

$

146,435

Earnings (loss) before income taxes

2,408

2,308

28

(14,138)

(9,394)

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

$

(27,593)

$

1,009

$

(40)

$

(14,989)

$

(41,613)

Interest expense (income), net (1)

11,694

3,152

(20)

10,257

25,083

Income tax expense

28,225

456

87

851

29,619

Depreciation and amortization

10,803

1,088

515

43

12,449

Net earnings (loss) attributable to non-controlling interests

1,776

843

(19)

—

2,600

Non-cash stock-based compensation

—

—

—

343

343

(Gain) loss on foreign currency transactions, cost recovery income and other (2)

—

(1,098)

(189)

5

(1,282)

Loss on disposition of fixed assets

132

1

116

—

249

Adjusted EBITDAR

$

25,037

$

5,451

$

450

$

(3,490)

$

27,448

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

(2)Includes $1.1 million related to cost recovery income for CDR.

For the three months ended June 30, 2023

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

94,408

$

18,834

$

23,515

$

4

$

136,761

Earnings from equity investment

—

—

—

30

30

Earnings (loss) before income taxes

10,232

4,051

1,445

(15,269)

459

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

$

7,252

$

2,729

$

704

$

(12,644)

$

(1,959)

Interest expense (income), net (2)

7,299

547

(117)

10,501

18,230

Income tax expense (benefit)

1,188

1,145

388

(2,625)

96

Depreciation and amortization

8,326

1,146

661

57

10,190

Net earnings attributable to non-controlling interests

1,792

177

353

—

2,322

Non-cash stock-based compensation

—

—

—

928

928

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

—

(630)

(104)

(3)

(737)

Gain on disposition of fixed assets

(33)

—

—

—

(33)

Acquisition costs

—

—

—

251

251

Adjusted EBITDAR

$

25,824

$

5,114

$

1,885

$

(3,535)

$

29,288

(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 $0.7 million related to the earn out from the sale of casino operations in Calgary in 2020.


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For the six months ended June 30, 2024

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue

$

202,543

$

38,153

$

41,742

$

13

$

282,451

(Loss) earnings before income taxes

(879)

4,244

186

(28,625)

(25,074)

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

$

(29,137)

$

2,146

$

(35)

$

(28,131)

$

(55,157)

Interest expense (income), net (1)

23,440

6,061

(55)

20,765

50,211

Income tax expense (benefit)

24,705

1,184

238

(494)

25,633

Depreciation and amortization

21,093

2,237

1,053

97

24,480

Net earnings (loss) attributable to non-controlling interests

3,553

914

(17)

—

4,450

Non-cash stock-based compensation

—

—

—

846

846

Gain on foreign currency transactions, cost recovery income and other (2)

—

(1,907)

(333)

(350)

(2,590)

Loss (gain) on disposition of fixed assets

521

(36)

357

1

843

Acquisition costs

—

—

—

(19)

(19)

Adjusted EBITDAR

$

44,175

$

10,599

$

1,208

$

(7,285)

$

48,697

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

(2)Includes $1.1 million related to cost recovery income for CDR.

For the six months ended June 30, 2023

Amounts in thousands

United States

Canada

Poland

Corporate and Other

Total

Net operating revenue (1)

$

160,772

$

35,342

$

49,093

$

61

$

245,268

Earnings from equity investment

—

—

—

1,121

1,121

Earnings (loss) before income taxes

17,383

11,046

4,436

(27,752)

5,113

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

$

12,627

$

4,602

$

2,277

$

(22,708)

$

(3,202)

Interest expense (income), net (2)

14,418

1,070

(211)

20,455

35,732

Income tax expense (benefit)

2,964

2,779

1,020

(5,044)

1,719

Depreciation and amortization

13,357

2,272

1,295

120

17,044

Net earnings attributable to non-controlling interests

1,792

3,665

1,139

—

6,596

Non-cash stock-based compensation

—

—

—

1,664

1,664

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

—

(4,715)

(358)

5

(5,068)

Loss on disposition of fixed assets

437

3

1

5

446

Acquisition costs

—

—

—

409

409

Adjusted EBITDAR

$

45,595

$

9,676

$

5,163

$

(5,094)

$

55,340

(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 $1.2 million related to the earn out from the sale of casino operations in Calgary in 2020 and $3.5 million related to cost recovery income for CDR.


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