Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information [Abstract]

Segment Information

12.SEGMENT AND GEOGRAPHIC INFORMATION

As a result of the Company’s recent and continuing expansion efforts, during the fourth quarter of 2014, the Company reorganized its internal management reporting structure. Although the Company’s consolidated results of operations, financial position and cash flows were not impacted, the Company has updated the segment disclosures for prior periods to reflect the new internal management reporting structure.

Under the new structure, the Company  has begun reporting 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 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 fee revenues 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 significant 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
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 twoindividuals 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-GAAP measure defined as net earnings (loss) before interest, income taxes (benefit), depreciation, amortization, pre-opening expenses, non-cash stock-based compensation charges, asset impairment costs, (gains) losses on disposition of fixed assets, discontinued operations, realized foreign currency (gains) losses, gain on business combinations, acquisition costs, intercompany transactions and certain other one-time items. 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 maker.

The following summaries provide information regarding the Company’s segment information for the years ended December 31:

Amounts in thousands
2014	Canada		United States		Poland		Corporate and Other		Consolidated
Revenue
Net operating revenue	$	34,599	$	26,707	$	51,191	$	7,551	$	120,048
Results
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	$	6,446	$	1,283	$	(112)	$	(6,385)	$	1,232
Interest expense (income), net		2,473		1		319		(37)		2,756
Income taxes (benefit)		1,971		786		25		(1,275)		1,507
Depreciation and amortization		1,910		2,419		2,839		667		7,835
Non-controlling interests		(2,267)		0		(54)		0		(2,321)
Non-cash stock-based compensation		0		0		0		1,028		1,028
Foreign currency (gains) losses		(193)		0		(342)		18		(517)
Loss on disposition of fixed assets		2		39		785		2		828
Acquisition costs		115		0		0		266		381
Other one-time (income) expense items		(103)		0		223		1		121
Adjusted EBITDA	$	10,354	$	4,528	$	3,683	$	(5,715)	$	12,850
Long-lived assets	$	53,870	$	63,246	$	15,120	$	2,391	$	134,627
Capital expenditures	$	11,190	$	834	$	2,742	$	1,331	$	16,097

Net operating revenue for Corporate and Other of $7.1 million, $0.4 million and $0.1 million is attributable to international waters, Aruba and Argentina, respectively. Long-lived assets for Corporate and Other of $0.8 million, $0.1 million and $1.5 million are attributable to the United States, Europe and international waters, respectively.

Amounts in thousands
2013		Canada		United States		Poland		Corporate and Other		Consolidated
Revenue
Net operating revenue	$	33,749	$	29,193	$	34,817	$	6,829	$	104,588
Results
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	$	5,670	$	2,229	$	12	$	(1,730)	$	6,181
Interest expense (income), net		584		0		374		(48)		910
Income taxes (benefit)		1,643		1,365		145		(1,859)		1,294
Depreciation and amortization		1,948		2,225		1,903		523		6,599
Non-controlling interests		(112)		0		6		0		(106)
Non-cash stock-based compensation		0		0		0		33		33
Foreign currency (gains) losses		(41)		0		(204)		(73)		(318)
Loss on disposition of fixed assets		3		24		505		38		570
Acquisition costs		0		0		0		49		49
Other one-time (income) expense items		(57)		0		8		(2,478)		(2,527)
Adjusted EBITDA	$	9,638	$	5,843	$	2,749	$	(5,545)	$	12,685
Long-lived assets	$	54,859	$	57,957	$	18,091	$	1,732	$	132,639
Capital expenditures	$	692	$	1,405	$	1,093	$	1,555	$	4,746

Net operating revenue for Corporate and Other of $6.4 million and $0.4 million is attributable to international waters and Aruba, respectively. Long-lived assets for Corporate and Other of $0.7 million, $0.2 million and $0.8 million are attributable to the United States, Europe and international waters, respectively.