10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

OR

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number          0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	84-1271317
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes ☑  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☑
Non-accelerated filer ☐	Smaller reporting company ☐
(Do not check if a smaller reporting company)	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐  No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

24,468,618  shares of common stock, $0.01 par value per share, were outstanding as of August 1, 2017.

1

INDEX

Part I	FINANCIAL INFORMATION	Page
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of June 30, 2017 and December 31, 2016	3
	Condensed Consolidated Statements of Earnings for the Three and Six Months Ended June 30, 2017 and 2016	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2017 and 2016	6
	Condensed Consolidated Statements of Equity as of June 30, 2017 and 2016	7
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2017 and 2016	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	53
Part II	OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54
Item 6.	Exhibits	55
Signatures		55

2

PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	June 30,			December 31,
Amounts in thousands, except for share and per share information	2017			2016
ASSETS
Current Assets:
Cash and cash equivalents	$	38,810	$	38,837
Receivables, net		3,234		4,706
Prepaid expenses		1,283		1,224
Inventories		618		568
Restricted cash		974		0
Other current assets		70		613
Total Current Assets		44,989		45,948
Property and equipment, net		143,745		140,763
Goodwill		14,468		13,387
Deferred income taxes		1,798		1,705
Casino licenses		13,404		12,140
Trademarks		1,756		1,558
Cost investment		1,000		1,000
Deposits and other		2,474		1,337
Total Assets	$	223,634	$	217,838
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	5,407	$	5,583
Accounts payable		2,080		1,864
Accrued liabilities		7,019		9,088
Accrued payroll		5,319		5,313
Taxes payable		2,931		4,661
Contingent liability (note 8)		2,433		2,099
Total Current Liabilities		25,189		28,608
Long-term debt, net of current portion and deferred financing costs (note 7)		49,268		50,026
Taxes payable and other		854		620
Total Liabilities		75,311		79,254
Commitments and Contingencies

See notes to unaudited condensed consolidated financial statements.

-  Continued -

3

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

	June 30,			December 31,
Amounts in thousands, except for share and per share information	2017			2016
Equity:
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding		0		0
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,468,618 and 24,451,582 shares issued and outstanding		245		245
Additional paid-in capital		78,424		78,174
Retained earnings		70,365		66,386
Accumulated other comprehensive loss		(8,996)		(12,609)
Total Century Casinos, Inc. shareholders' equity		140,038		132,196
Non-controlling interest		8,285		6,388
Total Equity		148,323		138,584
Total Liabilities and Equity	$	223,634	$	217,838

See notes to unaudited condensed consolidated financial statements.

4

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(Unaudited)

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands, except for per share information	2017		2016		2017		2016
Operating revenue:
Gaming	$	33,412	$	30,901	$	65,900	$	59,060
Hotel		494		490		932		935
Food and beverage		3,413		3,028		6,754		5,920
Other		2,582		2,988		5,156		6,725
Gross revenue		39,901		37,407		78,742		72,640
Less: Promotional allowances		(2,571)		(2,206)		(5,013)		(4,212)
Net operating revenue		37,330		35,201		73,729		68,428
Operating costs and expenses:
Gaming		16,056		14,251		31,702		27,616
Hotel		154		134		297		273
Food and beverage		3,099		2,659		6,065		5,222
General and administrative		12,362		11,499		23,429		22,569
Depreciation and amortization		2,018		2,117		4,103		4,127
Total operating costs and expenses		33,689		30,660		65,596		59,807
Earnings from operations		3,641		4,541		8,133		8,621
Non-operating income (expense):
Interest income		27		14		48		31
Interest expense		(915)		(802)		(1,837)		(1,580)
Gain on foreign currency transactions, cost recovery income and other		281		1,560		485		1,758
Non-operating (expense) income, net		(607)		772		(1,304)		209
Earnings before income taxes		3,034		5,313		6,829		8,830
Income tax expense		(864)		(987)		(1,859)		(1,765)
Net earnings		2,170		4,326		4,970		7,065
Net earnings attributable to non-controlling interests		(368)		(2,077)		(1,008)		(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders	$	1,802	$	2,249	$	3,962	$	4,529
Earnings per share attributable to Century Casinos, Inc. shareholders:
Basic	$	0.07	$	0.09	$	0.16	$	0.18
Diluted	$	0.07	$	0.09	$	0.16	$	0.18
Weighted average shares outstanding - basic		24,466		24,432		24,460		24,445
Weighted average shares outstanding - diluted		24,962		24,548		24,911		24,616

See notes to unaudited condensed consolidated financial statements.

5

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited)

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Net earnings	$	2,170	$	4,326	$	4,970	$	7,065
Other comprehensive income (loss)
Foreign currency translation adjustments		3,000		(1,309)		4,560		2,419
Other comprehensive income (loss)		3,000		(1,309)		4,560		2,419
Comprehensive income	$	5,170	$	3,017	$	9,530	$	9,484
Comprehensive income attributable to non-controlling interests
Net earnings attributable to non-controlling interests		(368)		(2,077)		(1,008)		(2,536)
Foreign currency translation adjustments		(563)		383		(947)		2
Comprehensive income attributable to Century Casinos, Inc. shareholders	$	4,239	$	1,323	$	7,575	$	6,950

See notes to unaudited condensed consolidated financial statements.

6

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

Amounts in thousands, except share information	Common Shares		Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Century Casinos Shareholders' Equity		Noncontrolling Interest		Total Equity
BALANCE AT January 1, 2016	24,414,083	$	244	$	77,318	$	(12,683)	$	57,171	$	122,050	$	4,737	$	126,787
Net earnings	0		0		0		0		4,529		4,529		2,536		7,065
Foreign currency translation adjustment	0		0		0		2,421		0		2,421		(2)		2,419
Amortization of stock-based compensation	0		0		381		0		0		381		0		381
Distribution to non-controlling interest	0		0		0		0		0		0		(1,626)		(1,626)
Exercise of stock options	20,488		0		46		0		0		46		0		46
BALANCE AT June 30, 2016	24,434,571	$	244	$	77,745	$	(10,262)	$	61,700	$	129,427	$	5,645	$	135,072
BALANCE AT January 1, 2017	24,451,582	$	245	$	78,174	$	(12,609)	$	66,386	$	132,196	$	6,388	$	138,584
Cumulative effect of accounting change (1)	0		0		(17)		0		17		0		0		0
Net earnings	0		0		0		0		3,962		3,962		1,008		4,970
Foreign currency translation adjustment	0		0		0		3,613		0		3,613		947		4,560
Amortization of stock-based compensation	0		0		235		0		0		235		0		235
Distribution to non-controlling interest	0		0		0		0		0		0		(58)		(58)
Exercise of stock options	17,036		0		32		0		0		32		0		32
BALANCE AT June 30, 2017	24,468,618	$	245	$	78,424	$	(8,996)	$	70,365	$	140,038	$	8,285	$	148,323

See notes to unaudited condensed consolidated financial statements.

(1) Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-09. See Note 2 of the unaudited condensed consolidated financial statements for further details on the adoption of this accounting standard.

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CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the six months
	ended June 30,
Amounts in thousands	2017		2016
Cash Flows from Operating Activities:
Net earnings	$	4,970	$	7,065
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		4,103		4,127
Loss on disposition of fixed assets		255		37
Unrealized (gain) loss on interest rate swaps		(35)		23
Amortization of stock-based compensation expense		235		381
Amortization of deferred financing costs		86		57
Deferred taxes		45		(197)
Changes in Operating Assets and Liabilities, Net of Acquisition:
Receivables, net		1,602		(381)
Prepaid expenses and other assets		(2,458)		(847)
Accounts payable		246		(257)
Accrued liabilities		33		717
Inventories		(23)		2
Other operating assets		0		(489)
Other operating liabilities		47		3
Accrued payroll		(169)		(296)
Taxes payable		(1,696)		(1,038)
Net cash provided by operating activities		7,241		8,907
Cash Flows used in Investing Activities:
Purchases of property and equipment		(3,064)		(3,805)
Acquisition of Century Casino St. Albert (net of cash acquired) (Note 3)		(1,494)		0
Acquisition of Saw Close Casino, Ltd. Licenses (Note 1)		(126)		0
Proceeds from disposition of assets		1		10
Net cash used in investing activities		(4,683)		(3,795)

–Continued –

See notes to unaudited condensed consolidated financial statements.

8

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)

	For the six months
	ended June 30,
Amounts in thousands	2017		2016
Cash Flows used in Financing Activities:
Proceeds from borrowings		0		379
Principal payments		(2,952)		(2,426)
Distribution to non-controlling interest		(644)		(1,626)
Proceeds from exercise of stock options		32		46
Net cash used in financing activities		(3,564)		(3,627)
Effect of Exchange Rate Changes on Cash	$	979	$	416
(Decrease) Increase in Cash and Cash Equivalents	$	(27)	$	1,901
Cash and Cash Equivalents at Beginning of Period	$	38,837	$	29,366
Cash and Cash Equivalents at End of Period	$	38,810	$	31,267
Supplemental Disclosure of Cash Flow Information:
Interest paid	$	3,120	$	1,459
Income taxes paid	$	1,774	$	1,896
Non-Cash Investing Activities:
Purchase of property and equipment on account	$	437	$	740
Non-Cash Financing Activities:
Assets acquired under capital lease obligation	$	20	$	0

See notes to unaudited condensed consolidated financial statements.

9

CENTURY CASINOS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of June 30, 2017, the Company owned casino operations in North America; was developing a casino in England; held a majority ownership interest in six casinos throughout Poland, a racetrack and entertainment center (“REC”) in Canada and the pari-mutuel off-track betting network in southern Alberta, Canada; managed cruise ship-based casinos on international waters; managed a casino in Aruba and provided gaming services in Argentina.

The Company currently owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

· The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)

· The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”)

· The Century Casino Calgary, Alberta, Canada (“CAL”)

· The Century Casino & Hotel in Central City, Colorado (“CTL”); and

· The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)

The Company currently has a controlling financial interest through its subsidiary CCE in the following majority-owned subsidiaries:

· The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). CPL is the owner and operator of six casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest.

· The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest.

· The Company owns 75% of Century Bets! Inc. (“CBS” or “Century Bets”).CBS operates the pari-mutuel off-track betting network in Southern Alberta, Canada. CBS is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Rocky Mountain Turf Club (“RMTC”) owns the remaining 25% of CBS, which is reported as a non-controlling financial interest.

The Company has the following concession, management and consulting service agreements:

· The Company operates 14 ship-based casinos through concession agreementswith four cruise ship owners.The Company began operating the ship-based casino onboard Mein Schiff 6, a new2,500 passenger cruise ship, in May 2017.

In connection with a concession agreement with Diamond Cruise International Co., Ltd. (“Diamond”) for the operation of the ship-based casino onboard Glory Sea, the Company has a Cooperation Agreement with Dynamic Partners International, Ltd. (“Dynamic”). Under this agreement, Dynamic markets and promotes the casino to VIP players along with facilitating the concession agreement between Diamond and the Company, for which the Company pays Dynamic a portion of the net profit from the casino onboard Glory Sea.

10

In March 2015, in connection with an agreement with Norwegian Cruise Line Holdings (“Norwegian”) to terminate the Company’s concession agreements with Oceania Cruises (“Oceania”) and Regent Seven Seas Cruises (“Regent”), the Company entered into a two-year consulting agreement, which became effective on June 1, 2015, under which the Company provided limited consulting services for the ship-based casinos of Oceania and Regent in exchange for receiving a consulting fee of $2.0 million, which was payable $250,000 per quarter through May 2017.  

· The Company has a management agreement to direct the operation of the casino at the Hilton Aruba Caribbean Resort & Casino from which the Company receives a monthly management fee. The management agreement ends in December 2017, and the Company does not anticipate extending this agreement.

· The Company, through its subsidiary CCE, has a 7.5%ownership interest in Mendoza Central Entretenimientos S.A., an Argentina company (“MCE”). The shares are reported on the condensed consolidated balance sheet using the cost method of accounting. MCE has an exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina and owned by the Province of Mendoza. In addition, CCE and MCE have entered into a consulting services agreement pursuant to which CCE provides advice on casino matters and receives a service fee consisting of a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). See Note 4 for additional information related to MCE.

Additional Projects and Other Developments

In September 2016, the Company was selected by Horse Racing Alberta (“HRA”) as the successful applicant to own, build and operate a horse racing facility in the Edmonton market area, which the Company is planning to operate as Century Mile Racetrack and Casino. In March 2017, the Company received approval for the Century Mile project from the Alberta Gaming and Liquor Commission (“AGLC”). Century Mile will be a one-mile horse racetrack and a multi-level REC. The multi-level REC is expected to have 550 slot machines, restaurants, bars, delis, an off-track betting parlor and grandstand and to hold a minimum of 100 horse races per year. The project is located on Edmonton International Airport land close to the city of Leduc, south of Edmonton.  Century Mile will be approximately 30 miles from both CRA and CSA. The Company estimates this project will cost approximately CAD 60.0 million ($46.2 million based on the exchange rate in effect on June 30, 2017). Construction of the Century Mile project began in July 2017. The Company estimates that construction of this project will take approximately 15 months and that it will be completed by the fourth quarter of 2018. The Company is seeking to obtain financing for the Century Mile project.

On June 20, 2017, the Company’s subsidiary, Century Casinos Europe GmbH (“CCE”), entered into a Share Purchase Agreement (the “Agreement”), by and among Global Gaming Ventures (Group) Limited, Saw Close Casino Ltd. (“SCCL”), Anthony Wollenberg and CCE pursuant to which CCE has acquired 100% of the outstanding common stock of SCCL as well as casino licenses held by SCCL (the “SCCL License Acquisition”) for a total consideration of GBP 0.6 million ($0.8 million based on the exchange rate in effect on June 30, 2017) as well as assumed liabilities of GBP 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2017). The Company will utilize the casino licenses to develop and operate a casino in Bath, England. The Company paid GBP 0.1 million ($0.1 million) at closing. Payment of the remaining purchase consideration will be made after the receipt of certain regulatory and governmental approvals and the opening of the casino. Payment of the assumed liabilities is subject to certain performance criteria being met once the casino is in operation. The Company estimates that construction of the casino will cost GBP 5.0 million ($6.5 million based on the exchange rate in effect on June 30, 2017) and that the casino will open in the first half of 2018.

Preparation of Financial Statements

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

11

In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year.

Presentation of Foreign Currency Amounts

The Company’s functional currency is the U.S. dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the U.S. dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows:

	June 30,	December 31,
Ending Rates	2017	2016
Canadian dollar (CAD)	1.2977	1.3427
Euros (EUR)	0.8761	0.9476
Polish zloty (PLN)	3.7027	4.2065
British pound (GBP)	0.7696	0.8106

The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows:

	For the three months			For the six months
	ended June 30,			ended June 30,
Average Rates	2017	2016	% Change	2017	2016	% Change
Canadian dollar (CAD)	1.3451	1.2890	(4.4%)	1.3343	1.3311	(0.2%)
Euros (EUR)	0.9096	0.8856	(2.7%)	0.9240	0.8961	(3.1%)
Polish zloty (PLN)	3.8354	3.8726	1.0%	3.9459	3.9141	(0.8%)
British pound (GBP)	0.7822	0.6976	(12.1%)	0.7947	0.6979	(13.9%)
Source: Pacific Exchange Rate Service

12

Correction of Prior Period Balances

Subsequent to the issuance of the Company’s Quarterly Report on Form 10-Q for the three and six month periods ended June 30, 2016, the Company determined that it had erroneously recognized a reduction in pari-mutuel revenue for CBS totaling $0.7 million in its condensed consolidated statement of earnings for the six months ended June 30, 2016. This error also affected the Company’s income tax expense, net earnings attributable to non-controlling interests and consolidated statements of comprehensive income (loss), equity, cash flows and Note 12 “Segment and Geographic Information” for the six months ended June 30, 2016.

The prior period amounts within the Company’s condensed consolidated financial statements for the six months ended June 30, 2016 have been revised to reflect the correct balances as presented below.

Condensed Consolidated Statement of Earnings for the six months ended June 30, 2016:
Amounts in thousands, except for per share information	As Previously Reported		Correction		As Corrected
Operating Revenue:
Other	$	6,028	$	697	$	6,725
Gross revenue		71,943		697		72,640
Net operating revenue		67,731		697		68,428
Earnings from operations		7,924		697		8,621
Earnings before income taxes		8,133		697		8,830
Income tax expense		(1,584)		(181)		(1,765)
Net earnings		6,549		516		7,065
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders		4,142		387		4,529
Earnings per share attributable to Century Casinos, Inc. shareholders:
Basic and Diluted	$	0.17	$	0.01	$	0.18

Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Net earnings	$	6,549	$	516	$	7,065
Other comprehensive income
Foreign currency translation adjustments		2,447		(28)		2,419
Other comprehensive income		2,447		(28)		2,419
Comprehensive income	$	8,996	$	488	$	9,484
Comprehensive income attributable to non-controlling interests
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Foreign currency translation adjustments		(5)		7		2
Comprehensive income attributable to Century Casinos, Inc. shareholders	$	6,584	$	366	$	6,950

13

Condensed Consolidated Statement of Equity for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Accumulated other comprehensive income
Accumulated other comprehensive income (loss) balance at January 1, 2016	$	(12,704)	$	21	$	(12,683)
Foreign currency translation adjustment		2,442		(21)		2,421
Retained earnings
Retained earnings balance at January 1, 2016		57,558		(387)		57,171
Net earnings		4,142		387		4,529
Total Century Casinos shareholders' equity
Total Century Casinos shareholders' equity balance at January 1, 2016		122,416		(366)		122,050
Net earnings		4,142		387		4,529
Foreign currency translation adjustment		2,442		(21)		2,421
Non-controlling interest
Non-controlling interest balance at January 1, 2016		4,859		(122)		4,737
Net earnings		2,407		129		2,536
Foreign currency translation adjustment		5		(7)		(2)
Total equity
Total equity balance at January 1, 2016		127,275		(488)		126,787
Net earnings		6,549		516		7,065
Foreign currency translation adjustment		2,447		(28)		2,419

Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Cash Flows from Operating Activities:
Net earnings	$	6,549	$	516	$	7,065
Changes in Operating Assets and Liabilities:
Receivables, net		278		(659)		(381)
Taxes payable		(1,209)		171		(1,038)
Net cash provided by operating activities		8,879		28		8,907
Effect of Exchange Rate Changes on Cash		444		(28)		416

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Note 12: Segment and Geographic Information for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Canada
Net operating revenue	$	25,462	$	697	$	26,159
Net earnings attributable to Century Casinos, Inc. shareholders		3,604		387		3,991
Income taxes		1,118		181		1,299
Non-controlling interest		1,735		129		1,864
Adjusted EBITDA		7,938		697		8,635

Consolidated results in Note 12 “Segment and Geographic Information” for the six months ended June 30, 2016 have been updated as presented in the condensed consolidated statement of earnings table above. Consolidated Adjusted EBITDA for the six months ended June 30, 2016 was corrected by $0.7 million, adjusting the previously reported Consolidated Adjusted EBITDA of $12.5 million to $13.2 million.

2. SIGNIFICANT ACCOUNTING POLICIES

Recently Issued Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard under US GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016; provided, however, that in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year. ASU 2015-14 is effective for fiscal years and interim periods beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. In addition, the FASB has issued four related ASUs on principal versus agent guidance (ASU 2016-08), identifying performance obligations and the licensing implementation guidance (ASU 2016-10),  a revision of certain SEC Staff Observer comments (ASU 2016-11) and implementation guidance (ASU 2016-12).  The Company plans to adopt the new revenue standards effective January 1, 2018 by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of equity. The Company continues to analyze the impact that the new standard will have on the Company’s consolidated financial statements, including results of operations, cash flows and related disclosures. Upon adoption, management expects the presentation of goods and services presented without charge that is currently presented in total revenue with an offset in promotional allowances will be presented on a net basis within related revenue categories. Management also anticipates a change in the manner in which the Company assigns value to accrued customer benefits related to its player clubs; however, this is not expected to have a material impact on the Company’s consolidated financial statements or results of operations.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The objective of ASU 2015-11 is to simplify the current guidance under which an entity must measure inventory at the lower of cost or market by requiring entities to measure most inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2015-11. The Company will continue to measure inventory using the first-in, first-out method and will state inventory at the lower of cost or net realizable value.At  June 30, 2017 and December 31, 2016, all inventory was stated at cost.

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In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires lessees to account for leases as finance leases or operating leases.  Both finance and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of use asset and, for operating leases, the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The Company has begun analyzing its operating lease agreements, and management anticipates the Company’s assets and liabilities will increase proportionally after the adoption of ASU 2016-02. The changes to the Company’s consolidated balance sheet and the potential impact to its results of operations may bematerial.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify the accounting for share-based payment transactions, including recording all excess tax benefits and tax deficiencies through income tax on the statement of earnings and eliminating the requirement that excess tax benefits be realized before they can be recognized. ASU 2016-09 also simplifies several other aspects of the accounting for employee share-based payments, including forfeitures, statutory tax withholdings requirements and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2016-09. The Company has elected to account for forfeitures of share-based payments as they occur.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The objective of ASU 2016-15 is to reduce diversity in the classification of cash receipts and payments for specific cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-15 is permitted. ASU 2016-15 should be applied using a retrospective transition method.  The Company is currently evaluating the impact of adopting ASU 2016-15; however, the standard is not expected to have a material impact on its consolidated financial statements.

In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The objective of ASU 2016-16 is to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-16 is permitted at the beginning of an annual period. ASU 2016-16 should be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting ASU 2016-16; however, the standard is not expected to have a material impact on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Restricted Cash (“ASU 2016-18”). The objective of ASU 2016-18 is to require the statement of cash flows to include restricted cash in explaining the change during the period in the total of cash and cash equivalents. ASU 2016-18 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-18 is permitted. ASU 2016-18 should be applied using a retrospective transition method to each period presented.The Company is currently evaluating the impact of adopting ASU 2016-18; however, the standard is not expected to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). The objective of ASU 2017-01 is to add guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or of businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted for interim and annual periods in which the financial statements have not been issued or made available for issuance. The Company has adopted ASU 2017-01 and has used the guidance to evaluate the SCCL License Acquisition. See Note 1.

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In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for fiscal years beginning after December 31, 2021, and interim periods within those fiscal years. Early adoption of ASU 2017-04 is permitted on goodwill impairment tests performed after January 1, 2017. ASU 2017-04 should be applied on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2017-04; however, the standard is not expected to have a material impact on its consolidated financial statements.

In March 2017, the FASB issued ASU 2017-09, Stock Compensation (“ASU 2017-09”). The objective of ASU 2017-09 is to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. ASU 2014-09 should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact of adopting ASU 2017-09; however, the standard is not expected to have a material impact on its consolidated financial statements.

Accounting Policies

Inventories –  Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method.

Stock-Based Compensation - Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance option grants to determine the fair value of all option grants.

3.ACQUISITIONS

Apex Acquisition

On October 1, 2016, the Company’s subsidiary, Century Casino St. Albert Inc., acquired 100% of the issued and outstanding shares of Casino St. Albert Inc. (“CSAI”), Action ATM Inc. (“AAI”) and MVP Sports Bar Ltd. (“MVP”), collectively operating the Apex Casino in St. Albert, Edmonton, Canada as well as acquiring the related land and real property held by Game Plan Developments Ltd. (the “Apex Acquisition”). The Company merged CSAI, AAI and MVP with Century Casino St. Albert Inc., the surviving company, and renamed the casino Century Casino St. Albert. CSA is a 34,500 square foot casino facility located on approximately six acres of land that includes 381 slot machines, 7 live table games, 12 video lottery terminals, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests.

The Company paid for the acquisition using additional financing from the second amended and restated credit agreement with the Bank of Montreal (the “BMO Credit Agreement”) (see Note 7). The total consideration of CAD 31.9 million ($24.3 million based on the exchange rate in effect on October 1, 2016) (the “Purchase Price”) for the Apex Acquisition consisted of the following:

A) CAD 27.7 million ($21.1 million), which was paid at closing on October 1, 2016.

B) CAD 2.0 million ($1.5 million) in excess working capital paid as part of the Purchase Price pursuant to the purchase agreement, which was paid in February 2017.

C) The remaining CAD 2.2 million ($1.7 million) of the Purchase Price remains subject to certain holdbacks for indemnities that are set forth in the purchase agreement. The holdbacks will be held in an escrow account until the expiration of the agreed upon timelines.

As of October 1, 2016, the Company began consolidating Century Casino St. Albert Inc. as a wholly owned subsidiary. CSA contributed $2.1 million in net operating revenue and $0.3 million in net earnings attributable to Century Casinos, Inc. shareholders and $4.1 million in net operating revenue and $0.3 million in net earnings attributable to Century Casinos, Inc. shareholders for the three and six months ended June 30, 2017, respectively.

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The Company accounted for the transaction as a business combination.Accordingly, CSA’s assets of $22.4 million (including $3.1 million in cash) and liabilities of $1.7 million were included in the Company’s consolidated balance sheet at October 1, 2016. Goodwill of $3.6 million is attributable to the business expansion opportunity for the Company. The acquisition leverages the Company’s management specialties and expertise in the gaming industry, expands the Company’s casino offerings in the Edmonton market and creates operational synergies. Goodwill is not a tax deductible item for the Company.

The fair value of the assets acquired and liabilities assumed (excluding cash received) was determined to be $21.2 million as of the acquisition date. The fair value was determined using the following methods, which the Company believes provide the most appropriate indicators of fair value:

· multi-period excess earnings method;

· cost method;

· capitalized cash flow method;

· discounted cash flow method; and

· direct market value approach.

Details of the purchase in the table below are based on estimated fair values of assets and liabilities as of October 1, 2016. The acquisition was accounted for using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their preliminary fair values. Certain estimated values for the acquisition are not yet finalized pending the final purchase price allocations, and as a result, the Company's estimates and assumptions are subject to change within the measurement period as valuations are finalized. The Company expects to finalize the allocation of the purchase price within one year of the acquisition.

Amounts in thousands
Cash	$	3,060
Accounts receivable		331
Prepaid expenses and other		136
Inventories		39
Property and equipment		9,542
Casino license		9,318
Accounts payable		(63)
Accrued liabilities		(383)
Accrued payroll		(37)
Deferred tax liability		(1,238)
Net identifiable assets acquired		20,705
Add: Goodwill		3,584
Net assets acquired	$	24,289

The following table details the purchase consideration net cash outflow.

Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration	$	24,289
Less: cash balances acquired		(3,060)
Net cash	$	21,229

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Pro forma results

The following table provides unaudited pro forma information of the Company as if the Apex Acquisition had occurred at the beginning of the earliest comparable period presented. This proforma information is not necessarily indicative either of the combined results of operations that actually would have been realized had the acquisition been consummated during the periods for which the pro forma information is presented, or of future results.

		For the three months		For the six months
Amounts in thousands, except for per share information		ended June 30, 2016		ended June 30, 2016
	(Unaudited)		(Unaudited)
Net operating revenue	$	37,432	$	72,461
Net earnings attributable to Century Casinos, Inc. shareholders	$	2,562	$	5,094
Basic and diluted earnings per share	$	0.10	$	0.21

4.COST INVESTMENT

Mendoza Central Entretenimientos S.A.

On October 31, 2014, CCE entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CCE purchased 7.5% of the shares of MCE, a company formed in Argentina, for $1.0 million. Pursuant to the MCE Agreement, CCE is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina, and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CCE has appointed one director to MCE’s board of directors and has the right to appoint additional directors to MCE’s board of directors based on its ownership percentage of MCE. In addition, CCE has a three-year option through October 2017 to purchase up to 50% of the shares of MCE.  The option can be exercised by CCE in tranches of shares, with each tranche representing not less than ten percent of the total outstanding shares of MCE. The exercise price of the shares is based upon the value of MCE at the time the option is exercised, which value is determined by a multiple of MCE’s EBITDA for the immediate past four full calendar quarters multiplied by five less certain outstanding debt of MCE, including but not limited to lease payments to slot machine suppliers, plus current financial assets (cash and banks, receivables and commercial credits) of MCE. There are no conditions that limit CCE’s ability to exercise this option. CCE has not exercised any options to purchase shares of MCE. The Company accounts for the $1.0 million investment in MCE using the cost method.

5.GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. The reporting units with goodwill balances as of June 30, 2017 include the operations at CRA, CDR, CSA and CPL. The Company considers a variety of factors when estimating the fair value of its reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available. The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values. If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary. There have been noindications of impairment at CRA, CDR or CPL since the Company’s last annual analysis, or at CSA since the valuation as part of the acquisition, that would necessitate additional impairment testing by the Company.

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Changes in the carrying amount of goodwill related to CRA, CDR, CSA and CPL are as follows:

	Canada						Poland
Amounts in thousands	Century Resorts Alberta		Century Downs		Century Casino St. Albert		Casinos Poland		Total
Balance – December 31, 2016	$	3,661	$	141	$	3,501	$	6,084	$	13,387
Effect of foreign currency translation		127		5		121		828		1,081
Balance -- June 30, 2017	$	3,788	$	146	$	3,622	$	6,912	$	14,468

Intangible Assets

Trademarks

The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. Changes in the carrying amount of the trademarks are as follows:

Amounts in thousands	Century Casinos		Casinos Poland		Total
Balance – December 31, 2016	$	108	$	1,450	$	1,558
Effect of foreign currency translation		0		198		198
Balance -- June 30, 2017	$	108	$	1,648	$	1,756

The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize the trademarks. Rather, the Company tests its trademarks for impairment as of October 1each year, or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference. No impairment charges related to the Century Casinos and Casinos Poland trademarks have been recorded.

Casino Licenses

Casino licenses consist of the following:

	June 30,		December 31,
Amounts in thousands	2017		2016
Finite-lived
Casino licenses	$	1,715	$	2,029
Less: accumulated amortization		(1,161)		(1,362)
Total finite-lived casino licenses, net		554		667
Infinite-lived
Casino licenses		12,850		11,473
Total infinite-lived casino licenses		12,850		11,473
Casino licenses, net	$	13,404	$	12,140

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Poland

As of June 30, 2017, Casinos Poland hadsix casino licenses, each with an original term of six years, which are finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows:

Amounts in thousands		Casinos Poland
Balance – December 31, 2016	$	667
Amortization		(191)
Effect of foreign currency translation		78
Balance -- June 30, 2017	$	554

As of June 30, 2017, estimated amortization expense for the CPL casino licenses over the next five years was as follows:

Amounts in thousands
2017	$	169
2018		152
2019		73
2020		58
2021		58
Thereafter		44
	$	554

These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the current casino licenses expireis 1.7 years.  In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. The licenses at the Krakow, Lodz, Plock and Poznan casinos expire in 2018. The Company intends to apply for licenses in each of these cities.

Canada and Corporate and Other

The licenses at CDR, CSA and SCCL are infinite-lived intangible assets that are not amortized. CDR holds licenses from the AGLC and HRA. CSA holds a license from the AGLC. SCCL holds licenses from the Great Britain Gambling Commission. No impairment charges related to the licenses have been recorded. Changes in the carrying amount of the licenses are as follows:

	Canada				Corporate and Other
Amounts in thousands	Century Downs		Century Casino St. Albert		Saw Close Casino Ltd.
Balance – December 31, 2016	$	2,369	$	9,104	$	0
Purchase of Saw Close Casino Ltd.		0		0		952
Effect of foreign currency translation		81		316		28
Balance -- June 30, 2017	$	2,450	$	9,420	$	980

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6.PROMOTIONAL ALLOWANCES

Hotel accommodations and food and beverage furnished without charge to customers are included in gross revenue at retail value and are deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of provided promotional allowances is included in casino expenses. The costs of providing promotional allowances wereas follows:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Hotel	$	13	$	13	$	25	$	29
Food and beverage		271		245		538		494
	$	284	$	258	$	563	$	523

Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash,  downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accrued liabilities on the Company’s condensed consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of June 30, 2017 and December 31, 2016, the outstanding balance of this liability was$0.7 million.

7. LONG-TERM DEBT

Long-term debt and the weighted average interest rates as of June 30, 2017 and December 31, 2016 consisted of the following:

Amounts in thousands	June 30, 2017			December 31, 2016
Credit agreement - Bank of Montreal	$	39,245	4.07%	$	40,495	4.04%
Credit agreement - CPL		81	3.62%		215	3.55%
Financing obligation - CDR land lease		15,024	12.17%		14,520	13.54%
Capital leases		635	6.90%		791	7.11%
Total principal	$	54,985	6.25%	$	56,021	7.61%
Deferred financing costs		(310)			(412)
Total long-term debt	$	54,675		$	55,609
Less current portion		(5,407)			(5,583)
Long-term portion	$	49,268		$	50,026

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Credit Agreement - Bank of Montreal

In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal (“BMO”). On August 15, 2014, the Company, through its Canadian subsidiaries, entered into an amended and restated credit agreement with BMO that increased the Company’s borrowing capacity to CAD 39.1 million. In September 2016, the Company, through its Canadian subsidiaries, entered into the BMOCredit Agreement to finance the Apex Acquisition that increased the Company’s borrowing capacity to CAD 69.2 million with an interest rate of BMO’s floating rate plus a margin. As discussed further below, the Company has entered into interest rate swap agreements to fix the interest rate paid related to a portion of the outstanding balance on the BMO Credit Agreement. As of June 30, 2017, the Company had borrowed CAD 63.9 million, of which the outstanding balance was CAD 50.9 million ($39.2million based on the exchange rate in effect on June 30, 2017) and the Company had approximately CAD 5.8 million ($4.5 million based on the exchange rate in effect on June 30, 2017) available under the BMO Credit Agreement. In addition, the Company is using CAD 3.0 million ($2.3 million based on the exchange rate in effect on June 30, 2017) from Credit Facility E for the interest rate swap agreements discussed below.

The BMO Credit Agreement consists of the following five credit facilities:

1. Credit Facility A is a CAD 1.1 million revolving credit facility with a term of five years that expires in August 2019. Credit Facility A may be used for general corporate purposes, including for the payment of costs related to the BMO Credit Agreement, ongoing working capital requirements and operating regulatory requirements. As of June 30, 2017, the Company had CAD 1.1 million ($0.8 million based on the exchange rate in effect on June 30, 2017) available for borrowing under Credit Facility A.

2. Credit Facility B is an approximately CAD 24.1 million committed, non-revolving, reducing standby facility with a term of five years that expires in August 2019. The Company used borrowings under Credit Facility B primarily to repay the Company’s mortgage loan related to CRA, pay for the additional 33.3% investment in CPL, pay for development costs related to CDR and for working capital and general corporate purposes. Once the principal amount of an advance has been repaid, it cannot be re-borrowed. As of June 30, 2017, the Company had no additional available borrowings under Credit Facility B.

3. Credit Facility C is a CAD 11.0 million revolving credit facility with a term of five years that expires in August 2019. Credit Facility C may be used as additional financing for the development of CDR. The Company may re-borrow the principal amount within the limits described in the BMO Credit Agreement. As of June 30, 2017, the Company had CAD 4.7 million ($3.6 million based on the exchange rate in effect on June 30, 2017) available for borrowing under Credit Facility C.

4. Credit Facility D is a CAD 30.0 million committed, reducing term credit facility with a term of five years that expires in September 2021. The Company used CAD 30.0 million to pay for the Apex Acquisition. Once the principal amount of an advance has been repaid it cannot be re-borrowed. As of June 30, 2017, the Company had no additional available borrowings under Credit Facility D.

5. Credit Facility E is a CAD 3.0 million treasury risk management facility. The Company may use this facility to hedge interest rate risk or currency exchange rate risk. Credit Facility E has a term of five years.  The Company is currently utilizing Credit Facility E to hedge interest rate risk as discussed below.

Any funds not drawn down under the BMO Credit Agreement are subject to standby fees ranging from 0.50% to 0.75% payable quarterly in arrears. Standby fees of less than CAD 0.1 million (less than $0.1 million based on the exchange rates in effect on June 30, 2017and 2016)  were recorded as interest expense in the condensed consolidated statements of earnings for each of the three and six months ended June 30, 2017 and 2016.  The shares of the Company’s Canadian subsidiaries that own CRA,CAL and CSA and the Company's 75% interest in CDR are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of covenants applicable to the Canadian subsidiaries, including covenants restricting their incurrence of additional debt, a debt to EBITDA ratio less than 3:1, a fixed charge coverage ratio greater than 1.2:1, maintenance ofa  CAD 50.0 million equity balance and a capital expenditure limit of CAD 4.0 million per year. The Company was in compliance with all financial covenants of the BMO Credit Agreement as of June 30, 2017.  

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The Company has entered into interest rate swap agreements to partially hedge the risk of future increases in the variable rate debt under the BMO Credit Agreement. The interest rate swap agreements are not designated as hedges for accounting purposes. As a result, changes in fair value of the interest rate swaps are recognized in interest expense on the Company’s condensed consolidated statements of earnings. As of June 30, 2017, the Company had the following interest rate swap agreements set at a Canadian Dollar Offered Rate (“CDOR”):

· Notional amount of CAD 8.4million ($6.5 million based on the exchange rate in effect on June 30, 2017) with a rate of 3.92% expiring in August 2019;

· Notional amount of CAD 8.4 million ($6.5 million based on the exchange rate in effect on June 30, 2017) with a rate of 3.89%expiring in August 2019; and

· Notional amount of CAD 13.9 million ($10.7 million based on the exchange rate in effect on June 30, 2017) with a rate of 4.08% expiring in December 2021.  

Deferred financing costs consist of the Company’s costs related to the financing of the BMO Credit Agreement. Amortization expenses relating to deferred financing charges were $0.1 millionfor each of the six months ended June 30, 2017 and 2016. These costs are included in interest expense in the condensed consolidated statements of earnings.

Casinos Poland

As of June 30, 2017, CPL had debt totaling PLN 0.3 million ($0.1 million based on the exchange rate in effect on June 30, 2017) undera credit agreement with mBank.  CPL also had a credit facility that had no outstanding balance as of June 30, 2017 and December 31, 2016.

Under CPL’s credit agreement with mBank, CPL entered into a three-year term loan at an interest rate of Warsaw Interbank Offered Rate (“WIBOR”) plus 1.70%. Proceeds from the loan were used to repay balances outstanding under a prior credit agreement that matured in September 2014 and to finance current operations. As of June 30, 2017, the amount outstanding on the term loan was PLN 0.3 million ($0.1 million based on the exchange rate in effect on June 30, 2017). CPL has no further borrowing availability under the loan, and the loan matures in September 2017. The mBank credit agreement contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain  a debt ratio less than 80% and a  current liquidity ratio of 0.5 or higher. CPL was in compliance with all financial covenants of this credit agreement as of June 30, 2017.

The credit facility is a short-term line of credit with BPH Bank used to finance current operations. The bank line of credit bears an interest rate of WIBOR plus 1.85% with a borrowing capacity of PLN 13.0 million, of which PLN 2.0 million may only be used to secure bank guarantees. The credit facility terminates on February 11, 2018.  The BPH Bank line of credit is secured by a building owned by CPL in Warsaw, Poland. As of June 30, 2017, there was no outstanding amount on the credit facility, and CPL had approximately PLN 11.0 million ($3.0 million based on the exchange rate in effect on June 30, 2017) available under the agreement. The BPH Bank facility contains a number of covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain certain debt to EBITDA ratios. CPL was in compliance with all financial covenants of this credit facility as of June 30, 2017.

In addition, under Polish gaming law, CPL is required to maintain PLN 3.6 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations.  mBank issued guarantees to CPL for this purpose totaling PLN 3.6 million ($1.0 million based on the exchange rate in effect on June 30, 2017). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland and terminate on October 31, 2019.  In addition, CPL is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 1.4 million ($0.4 million based on the exchange rate in effect on June 30, 2017) in deposits for this purpose as of June 30, 2017. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets.

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Century Downs Racetrack and Casino

CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of June 30, 2017, the outstanding balance on the financing obligation was CAD 19.5 million ($15.0 million based on the exchange rate in effect on June 30, 2017).

Capital Lease Agreements

As of June 30, 2017, the Company had the following capital leases:

· CRA had two capital lease agreements for surveillance and general equipment with an outstanding balance of CAD 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2017);

· CAL has a capital lease agreement for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on June 30, 2017);

· CDR had six capital lease agreements for surveillance, kitchen and racing-related equipment with an outstanding balance of CAD 0.5 million ($0.4 million based on the exchange rate in effect on June 30, 2017); and

· CSA had a capital lease agreement for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on June 30, 2017).

As of June 30, 2017, scheduled maturities related to long-term debt were as follows:

Amounts in thousands	Bank of Montreal		Casinos Poland Credit Agreement		Century Downs Land Lease		Capital Leases		Total
2017	$	2,461	$	81	$	0	$	235	$	2,777
2018		4,922		0		0		259		5,181
2019		16,258		0		0		91		16,349
2020		2,312		0		0		39		2,351
2021		2,312		0		0		10		2,322
Thereafter		10,980		0		15,024		1		26,005
Total	$	39,245	$	81	$	15,024	$	635	$	54,985

8.COMMITMENTS AND CONTINGENCIES

Litigation

Since 2011, the Polish Internal Revenue Service (“Polish IRS”) has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2011.  The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through June 30, 2017, CPL has paid PLN 6.4 million ($2.1 million) related to these audits. As a result of one court decision currently on appeal, CPL’s tax records for 2009 remain open for audit.

In December 2016, the Polish IRS conducted a tax audit of December 2010 and the remaining open portion of the 2011 fiscal year. As a result, CPL is required to pay PLN 2.9 million ($0.8 million based on the exchange rate in effect on June 30, 2017) related to this audit. The Polish IRS has not issued an official decision on this audit, and no payment will be made until the decision is issued. CPLplans to file an appeal of the tax audit decision after it is received.In addition, in June 2017, the Polish IRS began conducting a tax audit of the 2012 and 2013 fiscal years The audit is still being conducted.

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The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of June 30, 2017 is PLN 9.0 million ($2.4 million based on the exchange rate in effect on June 30, 2017). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of June 30, 2017 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of June 30, 2017.  Additional court decisions and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future.  Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of June 30, 2017.  Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows.  

In October 2016, the Company filed a motion for arbitration in Poland against LOT Polish Airlines, which previously owned a 33.3% interest in CPL that it sold to the Company in 2013. The Company is seeking to collect amounts owed to the Company by LOT Polish Airlines in connection with the payments made to the Polish IRS for the tax periods December 1, 2007 to December 31, 2008 and January 1, 2011 to January 31, 2011 pursuant to an agreement with LOT Polish Airlines under which the Company acquired the additional 33.3% interest in CPL.In June 2017, the arbitrator awarded the Company PLN 1.2 million ($0.3 million based on the exchange rate in effect on June 30, 2017) related to its claim for the periods indicated.

9.INCOME TAXES

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the six months ended June 30, 2017, the Company recognized income tax expense of $1.9 million on pre-tax income of $6.8million, representing an effective income tax rate of  27.2% compared to an income tax expense of$1.8 million on pre-tax income of $8.8 million, representing an effective income tax rate of 20.0% for the same period in 2016.  

The difference between the income taxes expected at the U.S. federal statutory income tax rate of 34% and the reported income tax expense are impacted by a number of items. The Company’s effective tax rate is lower because there is a lower statutory tax rate in the countries where the Company pays taxes, such as Austria, Mauritius, Canada and Poland, when compared to the United States.There is also a lower effective tax rate for the Company’s Canadian and Polish operations due to exchange rate benefits.  

The Company has a valuation allowance on its U.S. deferred tax assets that results from uncertainty regarding its ability to realize the benefits of its U.S. deferred tax assets. The Company continues to monitor the valuation allowance for deferred tax assets in the U.S. on a quarterly basis, and it may release all or a portion of the U.S. valuation allowance in 2017 or in subsequent years in the event that more positive evidence becomes available. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future. If the Company concludes that its prospects for the realization of its deferred tax assets are more likely than not, it will reduce its valuation allowance as appropriate.

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10.EARNINGS PER SHARE

The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three and six months ended June 30, 2017and 2016 were as follows:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Weighted average common shares, basic		24,466		24,432		24,460		24,445
Dilutive effect of stock options		496		116		451		171
Weighted average common shares, diluted		24,962		24,548		24,911		24,616

The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Stock options		35		60		35		35

11. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING

Fair Value Measurements

The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

· Level 1 – quoted prices in active markets for identical assets or liabilities

· Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

· Level 3 – significant inputs to the valuation model are unobservable

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.  The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. 

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Recurring Fair Value Measurements

The estimated fair value and basis of valuation of our financial liabilities that are measured at fair value on a recurring basis were as follows:

Amounts in thousands	June 30, 2017						December 31, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Interest rate swap liability (1)	$	0	$	101	$	0	$	0	$	129	$	0
(1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements.

The Company determines the fair value of its interest rate swap agreements based on the notional amount of the swaps and the forward rate CAD-CDOR curve provided by Bloomberg and zero-coupon Canadian spot rates as of the valuation date. The Company classifies these instruments as Level 2 because the inputs into the valuation model can be corroborated utilizing observable benchmark market rates at commonly quoted intervals.

Non-Recurring Fair Value Measurements

The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. There were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2017. During 2016, the Company determined that the fair value of the Katowice leasehold improvements was zero based on the expiration of the license for that casino. As a result,$0.4 million was charged to operating costs and expenses during the year ended December 31, 2016.

Long-Term Debt – The carrying value of the Company’s BMO Credit Agreement approximates fair value based on the refinancing of the debt in September 2016 and the variable interest paid on the obligation. The carrying value of the Company’s CPL credit agreement approximates fair value based on the variable interest rate paid on the debt and the short-term nature of the obligation. The estimated fair values of the outstanding balances under the BMO Credit Agreement and CPL credit agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The fair values of the Company’s capital lease obligations and CDR’s land lease approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings. The estimated fair values of the outstanding balances related to the Company’s capital lease obligations and CDR’s land lease are designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate such liabilities.

Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of June 30, 2017 and December 31, 2016, the Company had no cash equivalents.

Derivative Instruments Reporting

As of April 2015, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. The interest rate swaps were not designated as accounting hedges. These interest rate swaps reset monthly,and the difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and is recognized as an adjustment to interest expense for the related debt. See Note 7 for details of the Company’s three interest rate swap agreements.  

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Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements are recognized in interest expense on the Company’s condensed consolidated statement of earnings. The location and effects of derivative instruments on the condensed consolidated statements of earnings were as follows:

Amounts in thousands
		For the three months				For the six months
Derivatives not designated as	Income Statement	ended June 30,				ended June 30,
ASC 815 hedges	Classification	2017		2016		2017		2016
Interest Rate Swaps	Interest Expense	$	172	$	169	$	381	$	320

The location and fair value amounts of the Company’s derivative instruments in the condensed consolidated balance sheets were as follows:

Amounts in thousands		As of June 30, 2017						As of December 31, 2016
Derivatives not designated as ASC 815 hedges	Balance Sheet Classification	Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities		Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities
Derivative liabilities:
Interest rate swaps - current	Accrued liabilities	$	47	$	0	$	47	$	55	$	0	$	55
Interest rate swaps - non-current	Taxes payable and other		54		0		54		74		0		74
Total derivative liabilities		$	101	$	0	$	101	$	129	$	0	$	129

12.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. Operating segments are aggregated within reportable segments based on their similar 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 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.

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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
Canada	Century Bets!
Canada	Century Casino St. Albert
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 two individuals 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-U.S. GAAP measure defined as net earnings (loss) 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 items. 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.

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The following tablesprovide information regarding the Company’s segments for the three and six months ended June 30, 2017 and 2016:

	For the Three Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	14,040	$	7,943	$	14,287	$	1,060	$	37,330
Earnings (loss) before income taxes		$	2,767	$	1,346	$	851	$	(1,930)	$	3,034
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,823	$	836	$	435	$	(1,292)	$	1,802
Interest expense (income), net			867		0		29		(8)		888
Income taxes (benefit)			794		510		198		(638)		864
Depreciation and amortization			845		618		472		83		2,018
Non-controlling interest			150		0		218		0		368
Non-cash stock-based compensation			0		0		0		126		126
Loss (gain) on foreign currency transactions and cost recovery income			13		0		(244)		(50)		(281)
Loss on disposition of fixed assets			10		0		241		0		251
Acquisition costs			0		0		0		151		151
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	4,502	$	1,964	$	1,574	$	(1,628)	$	6,412

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

	For the Three Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	13,167	$	7,703	$	13,570	$	761	$	35,201
Earnings (loss) before income taxes		$	4,372	$	1,344	$	1,369	$	(1,772)	$	5,313
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,948	$	833	$	678	$	(1,210)	$	2,249
Interest expense (income), net			784		0		8		(4)		788
Income taxes (benefit)			688		511		350		(562)		987
Depreciation and amortization			772		625		633		87		2,117
Non-controlling interest			1,736		0		341		0		2,077
Non-cash stock-based compensation			0		0		0		190		190
(Gain) loss on foreign currency transactions and cost recovery income			(1,524)		0		(22)		(14)		(1,560)
Loss on disposition of fixed assets			18		1		(9)		0		10
Adjusted EBITDA		$	4,422	$	1,970	$	1,979	$	(1,513)	$	6,858

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

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	For the Six Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	27,202	$	15,443	$	28,833	$	2,251	$	73,729
Earnings (loss) before income taxes		$	4,878	$	2,504	$	2,890	$	(3,443)	$	6,829
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,306	$	1,553	$	1,518	$	(2,415)	$	3,962
Interest expense (income), net			1,785		0		16		(12)		1,789
Income taxes (benefit)			1,324		951		612		(1,028)		1,859
Depreciation and amortization			1,648		1,228		1,044		183		4,103
Non-controlling interest			248		0		760		0		1,008
Non-cash stock-based compensation			0		0		0		235		235
Loss (gain) on foreign currency transactions and cost recovery income			31		0		(464)		(52)		(485)
Loss on disposition of fixed assets			11		0		241		3		255
Acquisition costs			28		0		0		152		180
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	8,381	$	3,732	$	3,952	$	(2,934)	$	13,131

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

	For the Six Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other			Total
Net operating revenue (1)		$	26,159	$	14,784	$	25,835	$	1,650	$	68,428
Earnings (loss) before income taxes		$	7,154	$	2,221	$	2,636	$	(3,181)	$	8,830
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,991	$	1,377	$	1,347	$	(2,186)	$	4,529
Interest expense (income), net			1,534		0		23		(8)		1,549
Income taxes (benefit)			1,299		844		617		(995)		1,765
Depreciation and amortization			1,470		1,251		1,234		172		4,127
Non-controlling interest			1,864		0		672		0		2,536
Non-cash stock-based compensation			0		0		0		381		381
(Gain) loss on foreign currency transactions and cost recovery income			(1,544)		0		(222)		8		(1,758)
Loss on disposition of fixed assets			21		3		13		0		37
Adjusted EBITDA		$	8,635	$	3,475	$	3,684	$	(2,628)	$	13,166

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

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements, Business Environment and Risk Factors

This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “ExchangeAct”), and the Private Securities Litigation Reform Act of 1995. In addition, Century Casinos, Inc. (together with its subsidiaries, the “Company”) may make other written and oral communications from time to time that contain such statements. Forward-looking statements include statements as to industry trends and future expectations of the Company and other matters that do not relate strictly to historical facts and are based on certain assumptions by management at the time such statements are made.  These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue,” and similar expressions or variations. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2016. We caution the reader to carefully consider such factors. Furthermore, such forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

References in this item to “we,” “our,” or “us” are to the Company and its subsidiaries on a consolidated basis unless the context otherwise requires. The term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars, the term “PLN” refers to Polish zloty and the term “GBP” refers to British pounds. Certain terms used in this Item 2 without definition are defined in Item 1.

Amounts presented in this Item 2 are rounded. As such, rounding differences could occur in period over period changes and percentages reported throughout this Item 2.

EXECUTIVE OVERVIEW

Overview

Since our inception in 1992, we have been primarily engaged in developing and operating gaming establishments and related lodging, restaurant and entertainment facilities. Our primary source of revenue is from the net proceeds of our gaming machines and tables, with ancillary revenue generated from hotel, restaurant, horse racing (including off-track betting), bowling and entertainment facilities that are in most instances a part of the casinos.

We view each property as a separate operating segment and aggregate all such properties into three reportable segments based on the geographical locations in which our casinos operate: Canada, United States and Poland. We have additional business activities including concession, management and consulting agreements and certain other corporate and management operations that we report as Corporate and Other.

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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
Canada	Century Bets!
Canada	Century Casino St. Albert
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 following operating segments are owned, operated and managed by us through wholly-owned subsidiaries:

· The Century Casino & Hotel in Edmonton, Alberta, Canada;

· The Century Casino St. Albert in Edmonton, Alberta, Canada;

· The Century Casino Calgary, Alberta, Canada;

· The Century Casino & Hotel in Central City, Colorado; and

· The Century Casino & Hotel in Cripple Creek, Colorado.

On October 1, 2016, our subsidiary, Century Casino St. Albert, acquired the Apex Casino in Edmonton, Alberta (the “Apex Acquisition”) and renamed the casino Century Casino St. Albert. CSA is a 34,500 square foot casino facility located on approximately six acres of land that includes 381 slot machines,  7 live table games, 12 video lottery terminals, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests. The purchase price for the acquisition was CAD 31.9 million ($24.3 million based on the exchange rate in effect on October 1, 2016).

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We have controlling financial interests through our subsidiary CCE in the following operating segments:

· We have a 66.6% ownership interest in CPL and we consolidate CPL as a majority-owned subsidiary for which we have a controlling financial interest. Polish Airports owns the remaining 33.3% of CPL. We account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest.CPL has been in operation since 1989 and,as of June 30, 2017, owned and operatedsix casinos throughout Poland with a total of 367 slot machines and 82 tables. The following table summarizes the Polish cities in which CPL operated as of June 30, 2017, each casino’s location and the number of slots and tables at each casino.

City	Location	Number of Slots	Number of Tables
Warsaw	Marriott Hotel	70	27
Warsaw	Hilton Hotel	70	24
Krakow*	Dwor Kosciuszko Hotel	60	8
Lodz*	Manufaktura Entertainment Complex	60	10
Poznan*	Hotel Andersia	58	9
Plock*	Hotel Plock	49	4

*  The casino licenses for the Krakow, Lodz, Poznan and Plock casinos expire in 2018.

We have won casino license tenders in the Poland cities of Katowice, Wroclaw and Bielsko-Biala.These licenses have not yet been issued by the Minister of Finance. Management believes we will receive the licenses and open the casinos in the fourth quarter of 2017.

· We have a 75% ownership interest in CDR and we consolidate CDR as a majority-owned subsidiary for which we have a controlling financial interest. We account for and report the remaining 25% ownership interest in CDR as a non-controlling financial interest.CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is the only horse race track in the Calgary area and is located less than one-mile north of the city limits of Calgary and 4.5 miles from the Calgary International Airport.

· We have a 75% ownership interest in CBS and we consolidate CBS as a majority-owned subsidiary for which we have a controlling financial interest. RMTC owns the remaining 25% of CBS. We account for and report the 25% ownership interest of RMTC in CBS as a non-controlling financial interest. CBS operates the pari-mutuel network, consisting of the sourcing of common pool pari-mutuel wagering content and live video to off-track betting parlors throughout southern Alberta.

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The following agreements make up the operating segment Cruise Ships & Other in the Corporate and Other reportable segment:

· As of June 30, 2017, we operated  14 ship-based casinos through concession agreements withfour cruise ship owners.  The 14 ship-based casinos that we operated had a total of 238 slot machines and 43 tables. The following table summarizes the cruise linesand the associated ships on which we operated ship-based casinosas of June 30, 2017,  and the number of slots and tables on each ship.

Cruise Line	Ship	Number of Slots	Number of Tables
TUI Cruises	Mein Schiff 1	19	5
TUI Cruises	Mein Schiff 2	20	0
TUI Cruises	Mein Schiff 3	20	1
TUI Cruises	Mein Schiff 4	17	1
TUI Cruises	Mein Schiff 5	17	1
TUI Cruises	Mein Schiff 6	17	1
Windstar Cruises	Wind Surf	27	4
Windstar Cruises	Wind Star	12	2
Windstar Cruises	Wind Spirit	11	2
Windstar Cruises	Star Pride	11	2
Windstar Cruises	Star Breeze	11	2
Windstar Cruises	Star Legend	11	2
Thomson Cruises	TUI Discovery	17	3
Diamond Cruise	Glory Sea	28	17

We beganoperating the ship-based casino onboard Mein Schiff 6, a new 2,500 passenger cruise ship in May 2017.

In July 2016, we entered into a cooperation agreement with Dynamic regarding the operations of the ship-based casino onboard Glory Sea. Under the cooperation agreement, we operate the casino and Dynamic markets and promotes the casino to VIP players along with facilitating our concession agreement with Diamond, for which we pay Dynamic a portion of the net profit from the casino onboard Glory Sea.

In March 2015, in connection with an agreement with Norwegian to terminate our concession agreements with Oceania and Regent, we entered into a two-year consulting agreement with Norwegian that became effective on June 1, 2015. Under the consulting agreement, we are providing limited consulting services for the ship-based casinos of Oceania and Regent in exchange for receiving a consulting fee of $2.0 million payable $250,000 per quarter through May 2017.

· We have a management agreement to direct the operation of the casino at the Hilton Aruba Caribbean Resort and Casino from which we receive a monthly management fee. The management agreement ends in December 2017, and we do not anticipate extending this agreement.

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· Through our subsidiary CCE, we have a 7.5% ownership interest in MCE and we report our ownership interest using the cost method of accounting. MCE has an exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. CCE has appointed one director to MCE’s board of directors and has a three-year option through October 2017 to purchase up to 50% of the shares of MCE. The option can be exercised by CCE in tranches of shares, with each tranche representing not less than ten percent of the total outstanding shares of MCE. The exercise price of the shares is based upon the value of MCE at the time the option is exercised, which value is determined by a multiple of MCE’s EBITDA less certain debt. There are no conditions that limit CCE’s ability to exercise this option. In addition, CCE and MCE have entered into a consulting services agreement pursuant to which CCE provides advice on casino matters and receives a service fee consisting of a fixed fee plus a percentage of MCE’s EBITDA.

Additional Projects Under Development

In September 2016, we were selected by HRA as the successful applicant to own, build and operate a horse racing facility in the Edmonton market area, which we are planning to operate as Century Mile Racetrack and Casino.  In March 2017, we received approval for the Century Mile project from the AGLC. Century Mile will be a one-mile horse racetrack and a multi-level REC. The project is located on Edmonton International Airport land close to the city of Leduc, south of Edmonton.  We began construction on the Century Mile project in July 2017. We estimate this project will cost approximately CAD 60 million ($46.2 million based on the exchange rate in effect as of June 30, 2017). We estimate that construction of this project will take approximately 15 months and that it will be completed by the fourth quarter of 2018.We are seeking to obtain financing for the Century Mile project.

On June 20, 2017, our subsidiary, CCE, acquired casinos licenses held by Saw Close Casino Ltd. in Bath, England (the “SCCL License Acquisition”). We are planning to develop and operate a 15,000 square foot casino using the casino licenses. The casino will include 35 slot machines, 18 table games and 24 automated live gaming terminals. The purchase price for the license acquisition was GBP 0.6 million ($0.8 million based on the exchange rate in effect on June 30, 2017), of which GBP 0.1 million ($0.1 million based on the exchange rate in effect on June 20, 2017) was paid at closing and GBP 0.5 million ($0.7 million based on the exchange rate in effect on June 30, 2017) is subject to certain regulatory and governmental approvals and opening of the casino. In addition, we assumed liabilities in the amount of GBP 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2017) that are repayable if certain performance criteria are met once the casino is in operation. We also have deposited GBP 0.8 million ($1.0 million based on the exchange rate in effect on June 30, 2017) into an escrow account to secure performance of certain obligations under the lease agreements with the landlord of the property that will be released in connection with work performed by SCCL to fit out the casino. We estimate construction and fitting out of the casino will cost an additional GBP 5.0 million ($6.5 million based on the exchange rate in effect on June 30, 2017).

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Presentation of Foreign Currency Amounts - The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows:

	For the three months			For the six months
	ended June 30,			ended June 30,
Average Rates	2017	2016	% Change	2017	2016	% Change
Canadian dollar (CAD)	1.3451	1.2890	(4.4%)	1.3343	1.3311	(0.2%)
Euros (EUR)	0.9096	0.8856	(2.7%)	0.9240	0.8961	(3.1%)
Polish zloty (PLN)	3.8354	3.8726	1.0%	3.9459	3.9141	(0.8%)
British pound (GBP)	0.7822	0.6976	(12.1%)	0.7947	0.6979	(13.9%)
Source: Pacific Exchange Rate Service

We recognize in our statement of earnings foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than U.S. dollars. Our casinos in Canada and Poland represent a significant portion of our business, and the revenue generated and expenses incurred by these operations are generally denominated in Canadian dollars and Polish zloty. A decrease in the value of these currencies in relation to the value of the U.S. dollar would decrease the earnings from our foreign operations when translated into U.S. dollars.Anincrease in the value of these currencies in relation to the value of the U.S. dollar would increase the earnings from our foreign operations when translated into U.S. dollars.

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DISCUSSION OF RESULTS

Century Casinos, Inc. and Subsidiaries

	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands		2017		2016		Change	% Change		2017		2016		Change	% Change
Gaming Revenue	$	33,412	$	30,901	$	2,511	8.1%	$	65,900	$	59,060	$	6,840	11.6%
Hotel Revenue		494		490		4	0.8%		932		935		(3)	(0.3%)
Food and Beverage Revenue		3,413		3,028		385	12.7%		6,754		5,920		834	14.1%
Other Revenue		2,582		2,988		(406)	(13.6%)		5,156		6,725		(1,569)	(23.3%)
Gross Revenue		39,901		37,407		2,494	6.7%		78,742		72,640		6,102	8.4%
Less Promotional Allowances		(2,571)		(2,206)		365	16.5%		(5,013)		(4,212)		801	19.0%
Net Operating Revenue		37,330		35,201		2,129	6.0%		73,729		68,428		5,301	7.7%
Gaming Expenses		(16,056)		(14,251)		1,805	12.7%		(31,702)		(27,616)		4,086	14.8%
Hotel Expenses		(154)		(134)		20	14.9%		(297)		(273)		24	8.8%
Food and Beverage Expenses		(3,099)		(2,659)		440	16.5%		(6,065)		(5,222)		843	16.1%
General and Administrative Expenses		(12,362)		(11,499)		863	7.5%		(23,429)		(22,569)		860	3.8%
Total Operating Costs and Expenses		(33,689)		(30,660)		3,029	9.9%		(65,596)		(59,807)		5,789	9.7%
Earnings from Operations		3,641		4,541		(900)	(19.8%)		8,133		8,621		(488)	(5.7%)
Non-Controlling Interest		(368)		(2,077)		(1,709)	(82.3%)		(1,008)		(2,536)		(1,528)	(60.3%)
Net Earnings Attributable to Century Casinos, Inc. Shareholders		1,802		2,249		(447)	(19.9%)		3,962		4,529		(567)	(12.5%)
Adjusted EBITDA (1)	$	6,412	$	6,858	$	(446)	(6.5%)	$	13,131	$	13,166	$	(35)	(0.3%)
Earnings Per Share Attributable to Century Casinos, Inc. Shareholders
Basic Earnings Per Share	$	0.07	$	0.09	$	(0.02)	(22.2%)	$	0.16	$	0.18	$	(0.02)	(11.1%)
Diluted Earnings Per Share	$	0.07	$	0.09	$	(0.02)	(22.2%)	$	0.16	$	0.18	$	(0.02)	(11.1%)

(1) For a discussion of Adjusted EBITDA and reconciliation of Adjusted EBITDA to net earnings attributable to Century Casinos, Inc. shareholders, see “Non-GAAP Measures – Adjusted EBITDA” below.

Factors that impacted comparability between periods include the following:

· We began operating CSA in October 2016.CSA contributed $2.1 million in net operating revenue and $0.3 million in net earnings for the quarter ended June 30, 2017 and $4.1 million in net operating revenue and $0.3 million in net earnings for thesix months ended June 30, 2017. CSA is reported in the Canada reportable segment.

Net operating revenue increased by $2.1 million, or 6.0%, and by $5.3 million, or 7.7%,for the three and six months ended June 30, 2017compared to the three and six months ended June 30, 2016. Following is a breakout of net operating revenue by segment for the three and six months ended June 30, 2017 compared to the three and six months ended June 30, 2016:  

· Canada increased by $0.9 million, or 6.6%, and by $1.0 million, or 4.0%.

· United States increased by $0.2 million, or 3.1%, and by $0.7 million, or 4.5%.

· Poland increased by $0.7 million, or 5.3%, and by $3.0 million, or 11.6%.

· Corporate and Other increased by $0.3 million, or 39.3%, and by $0.6 million, or 36.4%.

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Operating costs and expenses increased by $3.0 million, or 9.9%, and by $5.8 million, or 9.7%, for the three and six months ended June 30, 2017  compared to the three and six months ended June 30, 2016. Following is a breakout of total operating costs and expenses by segment for the three and six months ended June 30, 2017 compared to the three and six months ended June 30, 2016: 

· Canada increased by $0.9 million, or 9.0%, and by $1.5 million, or 7.9%.

· United States increased by $0.2 million, or 3.7%, and by $0.4 million, or 3.0%.

· Poland increased by $1.4 million, or 11.8%, and by $3.0 million, or 12.8%.

· Corporate and Other increased by $0.5 million, or 19.5%, and by $0.9 million, or 19.2%.

Earnings from operations decreased by ($0.9) million, or (19.8%), and by ($0.5) million, or (5.7%), for the three and six months ended June 30, 2017compared to the three and six months ended June 30, 2016. Following is a breakout of earnings from operations by segment for the three and six months ended June 30, 2017 compared to the three and six months ended June 30, 2016: 

· Canada remained constant and decreased by ($0.5) million, or (6.3%).

· United States remained constant and increased by $0.3 million, or 12.7%.

· Poland decreased by ($0.7) million, or (53.1%), and remained constant.

· Corporate and Other decreased by ($0.2) million, or (11.1%), and by ($0.3) million, or (10.2%).

Net earnings decreased by ($0.4) million, or (19.9%), and by ($0.6) million, or (12.5%), for the three and six months ended June 30, 2017compared to the three and six months ended June 30, 2016. Items deducted from or added to earnings from operations to arrive at net earnings include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

Non-GAAP Measures – Adjusted EBITDA

We define Adjusted EBITDA as net earnings (loss) 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 items. 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. 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 EBITDA is not considered a measure of performance recognized under US GAAP.

Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to evaluate andforecast the operating performance of the Company and its properties as well as to compare results of current periods to prior periods. Management believes that presenting Adjusted EBITDA to investors provides them with information used by management for financial and operational decision making in order to understand the Company’s operating performance and evaluate the methodology used by management to evaluate and measure such performance. Management believes that using Adjusted EBITDA is a useful way to compare the relative operating performance of separate reporting segments by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue, and the often high cost of acquiring existing operations. Our computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry.

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The reconciliation of Adjusted EBITDA to net earnings (loss) is presented below.

	For the Three Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net earnings (loss)		$	1,823	$	836	$	435	$	(1,292)	$	1,802
Interest expense (income), net			867		0		29		(8)		888
Income taxes (benefit)			794		510		198		(638)		864
Depreciation and amortization			845		618		472		83		2,018
Non-controlling interest			150		0		218		0		368
Non-cash stock-based compensation			0		0		0		126		126
Loss (gain) on foreign currency transactions and cost recovery income			13		0		(244)		(50)		(281)
Loss on disposition of fixed assets			10		0		241		0		251
Acquisition costs			0		0		0		151		151
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	4,502	$	1,964	$	1,574	$	(1,628)	$	6,412

	For the Three Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net earnings (loss)		$	1,948	$	833	$	678	$	(1,210)	$	2,249
Interest expense (income), net			784		0		8		(4)		788
Income taxes (benefit)			688		511		350		(562)		987
Depreciation and amortization			772		625		633		87		2,117
Non-controlling interest			1,736		0		341		0		2,077
Non-cash stock-based compensation			0		0		0		190		190
(Gain) loss on foreign currency transactions and cost recovery income			(1,524)		0		(22)		(14)		(1,560)
Loss on disposition of fixed assets			18		1		(9)		0		10
Adjusted EBITDA		$	4,422	$	1,970	$	1,979	$	(1,513)	$	6,858

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	For the Six Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net earnings (loss)		$	3,306	$	1,553	$	1,518	$	(2,415)	$	3,962
Interest expense (income), net			1,785		0		16		(12)		1,789
Income taxes (benefit)			1,324		951		612		(1,028)		1,859
Depreciation and amortization			1,648		1,228		1,044		183		4,103
Non-controlling interest			248		0		760		0		1,008
Non-cash stock-based compensation			0		0		0		235		235
Loss (gain) on foreign currency transactions and cost recovery income			31		0		(464)		(52)		(485)
Loss on disposition of fixed assets			11		0		241		3		255
Acquisition costs			28		0		0		152		180
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	8,381	$	3,732	$	3,952	$	(2,934)	$	13,131

	For the Six Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other			Total
Net earnings (loss)		$	3,991	$	1,377	$	1,347	$	(2,186)	$	4,529
Interest expense (income), net			1,534		0		23		(8)		1,549
Income taxes (benefit)			1,299		844		617		(995)		1,765
Depreciation and amortization			1,470		1,251		1,234		172		4,127
Non-controlling interest			1,864		0		672		0		2,536
Non-cash stock-based compensation			0		0		0		381		381
(Gain) loss on foreign currency transactions and cost recovery income			(1,544)		0		(222)		8		(1,758)
Loss on disposition of fixed assets			21		3		13		0		37
Adjusted EBITDA		$	8,635	$	3,475	$	3,684	$	(2,628)	$	13,166

Non-GAAP Measures – Net Debt

We define Net Debt as total long-term debt (including current portion) plus deferred financing costs minus cash and cash equivalents. Net Debt is not considered a liquidity measure recognized under US GAAP. Management believes that Net Debt is a valuable measure of our overall financial situation. Net Debt provides investors with an indication of our ability to pay off all of our long-term debt if it became due simultaneously. The reconciliation of Net Debt is presented below.

Amounts in thousands	June 30, 2017		June 30, 2016
Total long-term debt, including current portion	$	54,675	$	36,949
Deferred financing costs		310		220
Total principal	$	54,985	$	37,169
Less: cash and cash equivalents	$	38,810	$	31,267
Net Debt	$	16,175	$	5,902

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Reportable Segments

The following discussion provides further detail of consolidated results by reportable segment.

Canada
	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands		2017		2016		Change	% Change		2017		2016		Change	% Change
Gaming	$	9,750	$	8,803	$	947	10.8%	$	18,771	$	16,798	$	1,973	11.7%
Hotel		134		148		(14)	(9.5%)		271		292		(21)	(7.2%)
Food and Beverage		2,328		2,049		279	13.6%		4,675		4,048		627	15.5%
Other		2,104		2,388		(284)	(11.9%)		4,037		5,400		(1,363)	(25.2%)
Gross Revenue		14,316		13,388		928	6.9%		27,754		26,538		1,216	4.6%
Less Promotional Allowances		(276)		(221)		55	24.9%		(552)		(379)		173	45.6%
Net Operating Revenue		14,040		13,167		873	6.6%		27,202		26,159		1,043	4.0%
Gaming Expenses		(2,907)		(2,532)		375	14.8%		(5,942)		(5,093)		849	16.7%
Hotel Expenses		(55)		(45)		10	22.2%		(99)		(91)		8	8.8%
Food and Beverage Expenses		(1,931)		(1,628)		303	18.6%		(3,802)		(3,241)		561	17.3%
General and Administrative Expenses		(4,655)		(4,558)		97	2.1%		(9,017)		(9,120)		(103)	(1.1%)
Total Operating Costs and Expenses		(10,393)		(9,535)		858	9.0%		(20,508)		(19,015)		1,493	7.9%
Earnings from Operations		3,647		3,632		15	0.4%		6,694		7,144		(450)	(6.3%)
Non-Controlling Interest		(150)		(1,736)		(1,586)	(91.4%)		(248)		(1,864)		(1,616)	(86.7%)
Net Earnings		1,823		1,948		(125)	(6.4%)		3,306		3,991		(685)	(17.2%)
Adjusted EBITDA	$	4,502	$	4,422	$	80	1.8%	$	8,381	$	8,635	$	(254)	(2.9%)

On October 1, 2016, our subsidiary, Century Casino St. Albert Inc., completed the Apex Acquisition and began operating CSA.

Three Months Ended June 30, 2017 and 2016

The following discussion highlights results for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.  

Results in U.S. dollars were impacted by a 4.4%  decrease in the average exchange rate between the U.S. dollar and Canadian dollar for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

Revenue Highlights

	In CAD		In U.S. dollars
	At CRA, net operating revenue decreased by (CAD 0.2) million, or (2.2%), due to lower food and beverage revenue.		At CRA, net operating revenue decreased by ($0.3) million, or (6.3%).
	At CSA, net operating revenue was CAD 2.9 million.		At CSA, net operating revenue was $2.1 million.
	At CAL, net operating revenue decreased by (CAD 0.4) million, or (14.1%), due to decreased gaming revenue.		At CAL, net operating revenue decreased by ($0.4) million, or (17.7%).
	At CDR, net operating revenue increased by CAD 0.2 million, or 2.6%, due to increased gaming revenue.		At CDR, net operating revenue decreased by ($0.1) million, or (1.7%).

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Operating Expense Highlights

	In CAD		In U.S. dollars
	At CRA, operating expenses remained constant.		At CRA, operating expenses decreased by ($0.1) million, or (3.9%).
	At CSA, operating expenses were CAD 2.0 million.		At CSA, operating expenses were $1.5 million.
	At CAL, operating expenses increased by CAD 0.2 million, or 7.8%, due to increased payroll costs.		At CAL, operating expenses increased by $0.1 million, or 3.4%.
	At CDR, operating expenses decreased by (CAD 0.1) million, or (1.8%).		At CDR, operating expenses decreased by ($0.2) million, or (5.9%).

We also operate the Southern Alberta pari-mutuel off-track betting network through CBS. Earnings from operations at CBS decreased by ($0.1) million, or (32.6%),  for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

Six Months Ended June 30, 2017 and 2016

The following discussion highlights results for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.

Results in U.S. dollars were impacted by a 0.2% decrease in the average exchange rate between the U.S. dollar and Canadian dollar for the six months ended June 30, 2017 compared to the six months ended June 30, 2016  .

Revenue Highlights

	In CAD		In U.S. dollars
	At CRA, net operating revenue decreased by (CAD 1.2) million, or (7.8%), due to lower gaming and food and beverage revenue.		At CRA, net operating revenue decreased by ($0.9) million, or (8.0%).
	At CSA, net operating revenue was CAD 5.5 million.		At CSA, net operating revenue was $4.1 million.
	At CAL, net operating revenue decreased by (CAD 0.7) million, or (13.0%), due to decreased gaming revenue.		At CAL, net operating revenue decreased by ($0.6) million, or (13.2%).
	At CDR, net operating revenue increased by CAD 0.1 million, or 0.5%, due to increased gaming revenue, offset by decreased other revenue from lower stall rentals for horses.		At CDR, net operating revenue remained constant.

Operating Expense Highlights

	In CAD		In U.S. dollars
	At CRA, operating expenses decreased by (CAD 0.2) million, or (2.1%).		At CRA, operating expenses decreased by ($0.2) million, or (2.3%).
	At CSA, operating expenses were CAD 4.1 million.		At CSA, operating expenses were $3.1 million.
	At CAL, operating expenses increased by CAD 0.3 million, or 5.3%, due to increased payroll costs.		At CAL, operating expenses increased by $0.2 million, or 4.9%.
	At CDR, operating expenses remained constant.		At CDR, operating expenses decreased by ($0.1) million, or (1.4%).

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We also operate the Southern Alberta pari-mutuel off-track betting network through CBS. Earnings from operations at CBS decreased by ($0.1) million, or (31.0%), for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

United States
	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands		2017		2016		Change	% Change		2017		2016		Change	% Change
Gaming	$	8,587	$	8,232	$	355	4.3%	$	16,787	$	15,869	$	918	5.8%
Hotel		360		342		18	5.3%		661		643		18	2.8%
Food and Beverage		908		825		83	10.1%		1,738		1,577		161	10.2%
Other		96		95		1	1.1%		173		183		(10)	(5.5%)
Gross Revenue		9,951		9,494		457	4.8%		19,359		18,272		1,087	5.9%
Less Promotional Allowances		(2,008)		(1,791)		217	12.1%		(3,916)		(3,488)		428	12.3%
Net Operating Revenue		7,943		7,703		240	3.1%		15,443		14,784		659	4.5%
Gaming Expenses		(3,317)		(3,137)		180	5.7%		(6,481)		(6,257)		224	3.6%
Hotel Expenses		(99)		(89)		10	11.2%		(198)		(182)		16	8.8%
Food and Beverage Expenses		(687)		(608)		79	13.0%		(1,312)		(1,169)		143	12.2%
General and Administrative Expenses		(1,876)		(1,900)		(24)	(1.3%)		(3,720)		(3,704)		16	0.4%
Total Operating Costs and Expenses		(6,597)		(6,359)		238	3.7%		(12,939)		(12,563)		376	3.0%
Earnings from Operations		1,346		1,344		2	0.1%		2,504		2,221		283	12.7%
Net Earnings		836		833		3	0.4%		1,553		1,377		176	12.8%
Adjusted EBITDA	$	1,964	$	1,970	$	(6)	(0.3%)	$	3,732	$	3,475	$	257	7.4%

Three Months Ended June 30, 2017 and 2016

The following discussion highlights results for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

Market Share Highlights

· The Central City market increased by 0.2% and CTL’s share of the Central City market was 29.8%, an increase of 4.3% compared to the three months ended June 30, 2016.

· The Cripple Creek market increased by 3.1% and CRC’s share of the Cripple Creek market was 9.6%, a decrease of 1.9% compared to the three months ended June 30, 2016.

Revenue Highlights

· At CTL, net operating revenue increased by $0.1 million, or 2.6%, due to increased gaming revenue, primarily from slot machines, and increased food and beverage revenue, offset by increased promotional allowances due to increased VIP play.

· At CRC, net operating revenue increased by $0.1 million, or 3.8%, due to increased gaming revenue, primarily from slot machines, and decreased promotional allowances.

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Operating Expense Highlights

· At CTL, operating expenses increased by $0.2 million, or 5.9%, due to increased gaming-related expenses.

· At CRC, operating expenses remained constant.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

Six Months Ended June 30, 2017 and 2016

The following discussion highlights results for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.

Market Share Highlights

· The Central City market increased by 2.8% and CTL’s share of the Central City market was 29.3%, an increase of 4.1% compared to the six months ended June 30, 2016.

· The Cripple Creek market increased by 3.1% and CRC’s share of the Cripple Creek market was 9.6%, a decrease of 1.7% compared to the six months ended June 30, 2016.

Revenue Highlights

· At CTL, net operating revenue increased by $0.5 million, or 5.3%, due to increased gaming revenue, primarily from slot machines, and increased food and beverage revenue, offset by increased promotional allowances due to increased VIP play.

· At CRC, net operating revenue increased by $0.2 million, or 3.2%, due to increased gaming revenue, primarily from slot machines.

Operating Expense Highlights

· At CTL, operating expenses increased by $0.4 million, or 5.3%, due to increased gaming-related expenses.

· At CRC, operating expenses remained constant.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

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Poland
	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands		2017		2016		Change	% Change		2017		2016		Change	% Change
Gaming	$	14,357	$	13,543	$	814	6.0%	$	28,907	$	25,671	$	3,236	12.6%
Food and Beverage		177		154		23	14.9%		341		295		46	15.6%
Other		11		67		(56)	(83.6%)		101		214		(113)	(52.8%)
Gross Revenue		14,545		13,764		781	5.7%		29,349		26,180		3,169	12.1%
Less Promotional Allowances		(258)		(194)		64	33.0%		(516)		(345)		171	49.6%
Net Operating Revenue		14,287		13,570		717	5.3%		28,833		25,835		2,998	11.6%
Gaming Expenses		(9,243)		(8,313)		930	11.2%		(18,081)		(15,713)		2,368	15.1%
Food and Beverage Expenses		(481)		(423)		58	13.7%		(951)		(812)		139	17.1%
General and Administrative Expenses		(3,455)		(2,846)		609	21.4%		(6,315)		(5,639)		676	12.0%
Total Operating Costs and Expenses		(13,651)		(12,215)		1,436	11.8%		(26,391)		(23,398)		2,993	12.8%
Earnings from Operations		636		1,355		(719)	(53.1%)		2,442		2,437		5	0.2%
Non-Controlling Interest		(218)		(341)		(123)	(36.1%)		(760)		(672)		88	13.1%
Net Earnings		435		678		(243)	(35.8%)		1,518		1,347		171	12.7%
Adjusted EBITDA	$	1,574	$	1,979	$	(405)	(20.5%)	$	3,952	$	3,684	$	268	7.3%

In June 2017, we opened the 17,000 square foot casino at Hilton Warsaw Hotel and Convention Centre in Warsaw, Poland with 70 slot machines, 24 table games and a bar and lounge area. The Hilton Warsaw Hotel is utilizing the casino license that was used at the LIM Center casino, which was closed in May 2017. As a result of the closure of the LIM Center we impaired PLN 0.5 million ($0.1 million) in leasehold improvements that is included in general and administrative expenses in our condensedconsolidated statement of earnings for the quarter ended June 30, 2017.

In June 2017, the casino license at our Wroclaw casino expired.  We have won casino license tenders in the Poland cities of Katowice, Wroclaw and Bielsko-Biala.These licenses have not yet been issued by the Minister of Finance. Management believes it is probable we will receive the licenses and open the casinos in the fourth quarter of 2017.

Effective April 2017, the Polish gaming laws permit online gaming and slot arcades operated through a state run company. We do not anticipate that the changes in the gaming laws will have a significant impact on our results of operations in 2017, though these changes could increase competition and adversely affect our results of operations in the future.

Three Months Ended June 30, 2017 and 2016

Results in U.S. dollars were impacted by a 1.0%  increase in the average exchange rate between the U.S. dollar and Polish zloty for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

Revenue Highlights

	In PLN		In U.S. dollars
	Net operating revenue increased by PLN 2.3 million, or 4.5%, due to increased gaming revenue.		Net operating revenue increased by $0.7 million, or 5.3%.

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Operating Expense Highlights

	In PLN		In U.S. dollars
	Operating expenses increased by PLN 5.1 million, or 10.7%, primarily due to increased gaming-related expenses and payroll costs as well as increased costs for the opening of the Hilton Hotel casino.		Operating expenses increased by $1.4 million, or 11.8%.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

Six Months Ended June 30, 2017 and 2016

Results in U.S. dollars were impacted by a 0.8% decrease in the average exchange rate between the U.S. dollar and Polish zloty for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.

Revenue Highlights

	In PLN		In U.S. dollars
	Net operating revenue increased by PLN 12.9 million, or 12.8%, due to increased gaming revenue.		Net operating revenue increased by $3.0 million, or 11.6%.

Operating Expense Highlights

	In PLN		In U.S. dollars
	Operating expenses increased by PLN 12.5 million, or 13.7%, primarily due to increased gaming-related expenses and payroll costs as well as increased costs for the opening of the Hilton Hotel casino.		Operating expenses increased by $3.0 million, or 12.8%.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

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Corporate and Other
	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands		2017		2016		Change	% Change		2017		2016		Change	% Change
Gaming	$	718	$	323	$	395	122.3%	$	1,435	$	722	$	713	98.8%
Other		371		438		(67)	(15.3%)		845		928		(83)	(8.9%)
Gross Revenue		1,089		761		328	43.1%		2,280		1,650		630	38.2%
Less Promotional Allowances		(29)		0		29	100.0%		(29)		0		29	100.0%
Net Operating Revenue		1,060		761		299	39.3%		2,251		1,650		601	36.4%
Gaming Expenses		(589)		(269)		320	119.0%		(1,198)		(553)		645	116.6%
General and Administrative Expenses		(2,376)		(2,195)		181	8.2%		(4,377)		(4,106)		271	6.6%
Total Operating Costs and Expenses		(3,048)		(2,551)		497	19.5%		(5,758)		(4,831)		927	19.2%
Losses from Operations		(1,988)		(1,790)		(198)	(11.1%)		(3,507)		(3,181)		(326)	(10.2%)
Net Loss		(1,292)		(1,210)		(82)	(6.8%)		(2,415)		(2,186)		(229)	(10.5%)
Adjusted EBITDA	$	(1,628)	$	(1,513)	$	(115)	(7.6%)	$	(2,934)	$	(2,628)	$	(306)	(11.6%)

We began operating the ship-based casinos onboard the Mein Schiff 5 and the TUI Discovery in June 2016, the Glory Sea in July 2016 and the Mein Schiff 6 in May 2017.

Three Months Ended June 30, 2017 and 2016

The following discussion highlights results for the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

Revenue Highlights

· Net operating revenue increased by $0.3 million, or 39.3%, due to the additional revenue from the Mein Schiff 5, Mein Schiff 6,TUI Discovery and Glory Sea, offset by decreased revenue due to the completion of the consulting agreement with Norwegian in May 2017.

Operating Expense Highlights

· Operating expenses increased by $0.3 million, or 49.9%, due to increased cruise ship-related expenses resulting from the additional operating and payroll costs associated with the four new ship-based casinos.

Losses from operations attributable to our Corporate Other operating segment, which includes certain other corporate and management operations, increased by $0.2 million, or 11.2%, for the three months ended June 30, 2017 compared to the three months ended June 30, 2016 primarily due to acquisition costs related to the SCCL License Acquisition.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

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Six Months Ended June 30, 2017 and 2016

The following discussion highlights results for the six months ended June 30, 2017 compared to the six months ended June 30, 2016.

Revenue Highlights

· Net operating revenue increased by $0.6 million, or 36.4%, due to the additional revenue from the Mein Schiff 5, Mein Schiff 6,TUI Discovery and Glory Sea, offset by decreased revenue due to the completion of the consulting agreement with Norwegian in May 2017.

Operating Expense Highlights

· Operating expenses increased by $0.7 million, or 62.6%, due to increased cruise ship-related expenses resulting from the additional operating and payroll costs associated with the four new ship-based.

Losses from operations attributable to our Corporate Other operating segment, which includes certain other corporate and management operations, increased by $0.3 million, or 7.1%, for the six months ended June 30, 2017 compared to the six months ended June 30, 2016 primarily due to increased payroll costs as well as acquisition costs related to the SCCL License Acquisition.

A reconciliation of net earnings to Adjusted EBITDA can be found in the “Non-GAAP Measures – Adjusted EBITDA” discussion above.

Non-Operating Income (Expense)

Non-operating income (expense) for the three and six months ended June 30, 2017and 2016 was as follows:

	For the three months							For the six months
	ended June 30,							ended June 30,
Amounts in thousands	2017		2016		$ Change		% Change	2017		2016		$ Change		% Change
Interest Income	$	27	$	14	$	13	92.9%	$	48	$	31	$	17	54.8%
Interest Expense		(915)		(802)		113	14.1%		(1,837)		(1,580)		257	16.3%
Gain on Foreign Currency Transactions and Cost Recovery Income		281		1,560		(1,279)	(82.0%)		485		1,758		(1,273)	(72.4%)
Non-Operating (Expense) Income	$	(607)	$	772	$	(1,379)	(178.6%)	$	(1,304)	$	209	$	(1,513)	(723.9%)

Interest income

Interest income is directly related to interest earned on our cash reserves.

Interest expense

Interest expense is directly related to interest owed on the BMO Credit Agreement, the fair value adjustments for our interest rate swap agreements, our CPL borrowings, and interest expense related to CDR’s land lease and our capital lease agreements.  

Gain on foreign currency transactions and other

Gain on foreign currency transactions and other includes $1.6 million received by CDR related to infrastructure built during the development of the Century Downs REC project for the three and six months ended June 30, 2016. The distribution to CDR’s non-controlling shareholders through non-controlling interest is part of the credit agreement between CCE and CDR.

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Taxes

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the six monthsended June 30, 2017, we recognized income tax expense of $1.9 million on pre-tax income of $6.8 million, representing an effective income tax rate of 27.2%, compared to an income tax expense of$1.8 million on pre-tax income of $8.8 million, representing an effective income tax rate of 20.0% for the same period in 2016.

The difference between the income taxes expected at the U.S. federal statutory income tax rate of 34% and the reported income tax expense are impacted by a number of items. Our effective tax rate is lower because there is a lower statutory tax rate in the countries where we pay taxes, such as Austria, Mauritius, Canada and Poland, when compared to the United States.There is also a lower effective tax rate for our Canadian and Polish operations due to exchange rate benefits.

We have a valuation allowance on our U.S. deferred tax assets that results from uncertainty regarding our ability to realize the benefits of our U.S. deferred tax assets. We continue to monitor the valuation allowance for deferred tax assets in the U.S. on a quarterly basis, and we may release all or a portion of our U.S. valuation allowance in 2017 or in subsequent years in the event that more positive evidence becomes available. Further, our implementation of certain tax strategies could reduce the need for a valuation allowance in the future. If we conclude that our prospects for the realization of our deferred tax assets are more likely than not, we will reduce the valuation allowance as appropriate.

LIQUIDITY AND CAPITAL RESOURCES

Our business is capital intensive, and we rely heavily on the ability of our casinos to generate operating cash flow. We use the cash flows that we generate to maintain operations, fund reinvestment in existing properties for both refurbishment and expansion projects, repay third party debt, and pursue additional growth via new development and acquisition opportunities. When necessary and available, we supplement the cash flows generated by our operations with either cash on hand or funds provided by bank borrowings or other debt or equity financing activities.

As of June 30, 2017, our total debt under bank borrowings and other agreements net of $0.3 million related to deferred financing costs was $54.7 million, of which $49.3 million was long-term debt and  $5.4 million was the current portion of long-term debt. The current portion relates to payments due within one year under our BMO Credit Agreement, CPL’s credit agreement and other capital lease agreements.  We intend to repay the current portion of our debt obligations with available cash. For a description of our debt agreements, see Note 7, “Long-Term Debt,” to our condensed consolidated financial statements included in Part I, Item 1 of this report. Net Debtwas $16.2 million as of June 30, 2017compared to $5.9 million as of June 30, 2016. In September 2016, we increased our borrowing capacity on our BMO Credit Agreement to CAD 69.2 million to finance the Apex Acquisition. The increased credit facility added CAD 30.0 million ($23.1 million based on the exchange rate in effect on June 30, 2017) to our debt balance, of which CAD 3.0 million ($2.3 million based on the exchange rate in effect on June 30, 2017) was the current portion as of June 30, 2017. For the definition and reconciliation of Net Debt to the most directly comparable GAAP measure, see “Non-GAAP Measures – Net Debt” above.

The following table lists the amount of 2017 maturities of our debt:

Amounts in thousands
		Casinos Poland		Century Downs
Bank of Montreal		Credit Agreement		Land Lease		Capital Leases		Total
$	2,461	$	81	$	0	$	235	$	2,777

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Cash Flows

At June 30, 2017, cash and cash equivalents totaled $38.8 million, and we had working capital (current assets minus current liabilities) of $19.8 million compared to cash and cash equivalents of $38.8 million and working capital of $17.3 million at December 31, 2016.  The increase in cash and cash equivalents from December 31, 2016 is due to $7.2 million of net cash provided by operating activitiesand $1.0 million in exchange rate changes, offset by a  $1.5 million payment related to a working capital adjustment for the Apex Acquisition, $0.1 million payment for the SCCL License Acquisition, $3.1 million used to purchase property and equipment, $3.0 million in principal repayments and $0.6 million used for a distribution to non-controlling interests.

Net cash provided by operating activities was $7.2 million for the six months ended June 30, 2017 and $8.9 million for the six months ended June 30, 2016. Our cash flows from operations have historically been positive and sufficient to fund ordinary operations. Trends in our operating cash flows tend to follow trends in earnings from operations, excluding non-cash charges. Please refer to the condensed consolidated statements of cash flows in Part I, Item 1 of this Form 10-Q and to management’s discussion of the results of operations above in this Item 2 for a discussion of earnings from operations.

Net cash used in investing activities of $4.7 million for the six months ended June 30, 2017 consisted of $0.1 million for the Palace Hotel renovation project at CRC, which was placed on hold during the first quarter of 2017; $0.1 million to purchase slot machines for CTL and CRC; $0.1 million for the CRA casino renovation; $0.2 million for bowling lane renovations at CAL; $0.3 million for a parking lot and thoroughbred infrastructure at CDR; $0.3 million in leasehold improvements at the Hilton Hotel Warsaw; $0.1 million for the SCCL leasehold renovations; $0.4 million for the Century Mile project; $1.5 million in other fixed asset additions at our properties, the  $1.5 million payment related to a working capital adjustment for the Apex Acquisition and $0.1 million payment related to the SCCL License Acquisition, offset by less than $0.1 million in proceeds from the disposition of fixed assets.  

Net cash used in investing activities of $3.8 million for the six months ended June 30, 2016 consisted of $1.1 million in various projects for CDR including construction of a second barn, parking lots and landscaping, $0.7 million for the CRA casino renovation; $0.4 million in gaming equipment and furniture for three new cruise ships, $0.1 million to purchase new slot machines for CRC; $0.1 million to purchase new slot machines for CTL; $0.1 million for hotel upgrades at CTL; $0.4 million to purchase new slot machines and table games for CPL and $0.9 million in other fixed asset additions at our properties, offset by less than $0.1 million in proceeds from the disposition of fixed assets.

Net cash used in financing activities of $3.6 million for the six months ended June 30, 2017 consisted of $3.0 million of principal repayments on our long-term debt and $0.6 million in distributions to non-controlling interests, offset by less than $0.1 million in cash from the exercise of stock options.

Net cash used in financing activities of $3.6 million for the six months ended June 30, 2016 consisted of $2.0 million of principal repayments on our long-term debt, net of proceeds and a $1.6 million distribution to non-controlling interest, offset by less than $0.1 million received from the exercise of stock options.  

Common Stock Repurchase Program

Since 2000, we have had a discretionary program to repurchase our outstanding common stock. In November 2009, we increased the amount available to be repurchased to $15.0 million. We did not repurchase any common stock during the six months ended June 30, 2017. The total amount remaining under the repurchase program was $14.7 million as of June 30, 2017. The repurchase program has no set expiration or termination date.

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Potential Sources of Liquidity, Short-Term Liquidity

Historically, our primary sources of liquidity and capital resources have been cash flow from operations, bank borrowings, sales of existing casino operations and proceeds from the issuance of equity securities.

We believe that our cash at June 30, 2017, as supplemented by cash flows from operations,  will be sufficient to fund our anticipated operating costs, capital expenditures at existing properties and current debt repayment obligations for at least the next 12 months.We expect that the primary source of cash will be from our gaming operations and additional borrowings under the BMO Credit Agreement and other credit arrangements.  We amended the BMO Credit Agreement to obtain the financing needed for the Apex Acquisition, which was completed on October 1, 2016. In addition to the payment of operating costs, expected uses of cash within one year include capital expenditures for our existing properties, interest and principal payments on outstanding debt, the construction of Century Mile, the construction of the SCCL project, a potential renovation and expansion project at the Palace Hotel in Cripple Creek, andother potential new projects. We will continue to evaluate our planned capital expenditures at each of our existing locations in light of the operating performance of the facilities at such locations.

We estimate that the Century Mile project will cost approximately CAD 60.0 million ($46.2 million based on the exchange rate in effect on June 30, 2017). We estimate that the SCCL project will cost approximately GBP 5.0 million ($6.5 million based on the exchange rate in effect on June 30, 2017), in addition to GBP 0.5 million ($0.7 million based on the exchange rate in effect on June 30, 2017) of additional payments due to the seller of SCCL on the satisfaction of certain conditions. Cash needs for the development of the Century Mile project and the SCCL project exceed our current borrowing capacity. Therefore, we are seeking additional financing to fund these projects. The financing for the Century Mile project may be in the form of a construction or term loan or line of credit with a commercial bank, other debt or equity financings, or a combination of these financings. We intend to obtain a loan for the SCCL project. We have a shelf registration statement with the SEC that became effective in July 2017 under which we may issue, from time to time, up to $100 million of common stock, preferred stock, debt securities and other securities. If necessary, we may seek to obtain further term loans, mortgages or lines of credit with commercial banks or other debt or equity financings to supplement our working capital and investing requirements. A financing transaction may not be available on terms acceptable to us, or at all, and a financing transaction may be dilutive to our current stockholders.

In addition, we expect our U.S. domestic cash resources will be sufficient to fund our U.S. operating activities and cash commitments for investing and financing activities. While we currently do not have an intent nor foresee a need to repatriate funds, we could require more capital in the U.S. than is generated by our U.S. operations for operations, capital expenditures or significant discretionary activities such as acquisitions of businesses and share repurchases. If so, we could elect to repatriate earnings from foreign jurisdictions or raise capital in the U.S. through debt or equity issuances, which could have adverse tax consequences, as we have not accrued taxes for un-repatriated earnings of our foreign subsidiaries. We estimate that approximately $33.0 million of our total $38.8 million in cash and cash equivalents at June 30, 2017 is held by our foreign subsidiaries and is not available to fund U.S. operations unless repatriated. The determination of the additional deferred taxes that would be provided for undistributed earnings has not been determined because the hypothetical calculation is not practicable.

Item 3.Quantitative and Qualitative Disclosures about Market Risk.

We had no material changes in our exposure to market risks from that previously reported in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2016.

Item 4.Controls and Procedures.

Evaluation of Disclosure Controls and Procedures – Our management, with the participation of our principal executive officers and principal financial/accounting officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, for the period covered by this report. Based on such evaluation, our principal executive officers and principal financial/accounting officer have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting –There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2017 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We are evaluating our internal control procedures as they relate to revenue recognition.

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PART II - OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In March 2000, our board of directors approved a discretionary program to repurchase up to $5.0 million of our outstanding common stock. In November 2009, our board of directors approved an increase of the amount available to be repurchased under the program to $15.0 million. The repurchase program has no set expiration or termination date and had approximately $14.7 million remaining as of June 30, 2017. There were no repurchases of common stock during the six months ended June 30, 2017.

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Item 6.Exhibits

3.1	Certificate of Incorporation of Century Casinos, Inc. is hereby incorporated by reference to the Company’s Proxy Statement in respect of the 1994 Annual Meeting of Stockholders.
3.2	Amended and Restated Bylaws of Century Casinos, Inc. is hereby incorporated by reference to Exhibit 11.14 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002.
10.1	Form of Century Casinos, Inc. Performance Stock Unit Award Agreement is hereby incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 8, 2017.
10.2	Share Purchase Agreement relating to Saw Close Casino Limited is hereby incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 21, 2017.
31.1*	Certification of Erwin Haitzmann, Co-Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*	Certification of Peter Hoetzinger, President and Co-Chief Executive Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.3*	Certification of Margaret Stapleton, Principal Financial Officer, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1**	Certification of Erwin Haitzmann, Co-Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.
32.2**	Certification of Peter Hoetzinger, President and Co-Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.
32.3**	Certification of Margaret Stapleton, Principal Financial Officer, pursuant to 18 U.S.C. Section 1350.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CENTURY CASINOS, INC.

/s/ Margaret Stapleton

Margaret Stapleton

Principal Financial/Accounting Officer

Date: August 7, 2017

55

CENTURY CASINOS, INC.

INDEX TO EXHIBITS

Exhibit No.	Document
3.1	Certificate of Incorporation of Century Casinos, Inc. is hereby incorporated by reference to the Company’s Proxy Statement for the 1994 Annual Meeting of Stockholders.
3.2	Amended and Restated Bylaws of Century Casinos, Inc. is hereby incorporated by reference from Exhibit 11.14 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002.
10.1	Form of Century Casinos, Inc. Performance Stock Unit Award Agreement is hereby incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 8, 2017.
10.2	Share Purchase Agreement relating to Saw Close Casino Limited is hereby incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 21, 2017.
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Co-Chief Executive Officer.
31.2*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer and President.
31.3*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,Principal Financial Officer.
32.1**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Co-Chief Executive Officer.
32.2**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Co-Chief Executive Officer and President.
32.3**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,Principal Financial Officer.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** Furnished herewith.

56

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Erwin Haitzmann, certify that:

      1. I have reviewed this quarterlyreport on Form 10-Qof Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by thisreport;

      3. Based on my knowledge, the financial statements, and other financialinformation included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant asof, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, includingits consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  August 7, 2017

/s/ Erwin Haitzmann          

Erwin Haitzmann

Co-Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Peter Hoetzinger, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  August 7, 2017

/s/ Peter Hoetzinger

Peter Hoetzinger

President and Co-Chief Executive Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATIONS

I, Margaret Stapleton, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  August 7, 2017

/s/ Margaret Stapleton

Margaret Stapleton

Executive Vice President and Principal Financial/Accounting Officer

EX-32.1

Exhibit 32.1

Certification of Co-Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  August 7, 2017

/s/ Erwin Haitzmann

Erwin Haitzmann

Co-Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of President and Co-Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  August 7, 2017

/s/ Peter Hoetzinger

Peter Hoetzinger

President and Co-Chief Executive Officer

EX-32.3

Exhibit 32.3

Certification of Executive Vice President and Principal Financial/Accounting Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  August 7, 2017

/s/ Margaret Stapleton

Margaret Stapleton

Executive Vice President and Principal Financial/Accounting Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Entity Registrant Name	CENTURY CASINOS INC /CO/
Entity Central Index Key	0000911147
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		24,468,618

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 38,810	$ 38,837
Receivables, net	3,234	4,706
Prepaid expenses	1,283	1,224
Inventories	618	568
Restricted cash	974	0
Other current assets	70	613
Total Current Assets	44,989	45,948
Property and equipment, net	143,745	140,763
Goodwill	14,468	13,387
Deferred income taxes	1,798	1,705
Casino licenses	13,404	12,140
Trademarks	1,756	1,558
Cost investment	1,000	1,000
Deposits and other	2,474	1,337
Total Assets	223,634	217,838
Current Liabilities:
Current portion of long-term debt	5,407	5,583
Accounts payable	2,080	1,864
Accrued liabilities	7,019	9,088
Accrued payroll	5,319	5,313
Taxes payable	2,931	4,661
Contingent liability (note 8)	2,433	2,099
Total Current Liabilities	25,189	28,608
Long-term debt, net of current portion and deferred financing costs (note 7)	49,268	50,026
Taxes payable and other	854	620
Total Liabilities	75,311	79,254
Commitments and Contingencies
Equity:
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,468,618 and 24,451,582 shares issued and outstanding	245	245
Additional paid-in capital	78,424	78,174
Retained earnings	70,365	66,386
Accumulated other comprehensive loss	(8,996)	(12,609)
Total Century Casinos, Inc. shareholders’ equity	140,038	132,196
Non-controlling interest	8,285	6,388
Total Equity	148,323	138,584
Total Liabilities and Equity	$ 223,634	$ 217,838

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	24,468,618	24,451,582
Common stock, shares outstanding	24,468,618	24,451,582

XML

Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating revenue:
Gaming		$ 33,412	$ 30,901	$ 65,900	$ 59,060
Hotel		494	490	932	935
Food and beverage		3,413	3,028	6,754	5,920
Other		2,582	2,988	5,156	6,725
Gross revenue		39,901	37,407	78,742	72,640
Less: Promotional allowances		(2,571)	(2,206)	(5,013)	(4,212)
Net operating revenue	[1]	37,330	35,201	73,729	68,428
Operating costs and expenses:
Gaming		16,056	14,251	31,702	27,616
Hotel		154	134	297	273
Food and beverage		3,099	2,659	6,065	5,222
General and administrative		12,362	11,499	23,429	22,569
Depreciation and amortization		2,018	2,117	4,103	4,127
Total operating costs and expenses		33,689	30,660	65,596	59,807
Earnings from operations		3,641	4,541	8,133	8,621
Non-operating income (expense):
Interest income		27	14	48	31
Interest expense		(915)	(802)	(1,837)	(1,580)
Gain on foreign currency transactions, cost recovery income and other		281	1,560	485	1,758
Non-operating (expense) income, net		(607)	772	(1,304)	209
Earnings before income taxes		3,034	5,313	6,829	8,830
Income tax expense		(864)	(987)	(1,859)	(1,765)
Net earnings		2,170	4,326	4,970	7,065
Net earnings attributable to non-controlling interests		(368)	(2,077)	(1,008)	(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders		$ 1,802	$ 2,249	$ 3,962	$ 4,529
Earnings per share attributable to Century Casinos, Inc. shareholders:
Basic		$ 0.07	$ 0.09	$ 0.16	$ 0.18
Diluted		$ 0.07	$ 0.09	$ 0.16	$ 0.18
Weighted average shares outstanding - basic		24,466	24,432	24,460	24,445
Weighted average shares outstanding - diluted		24,962	24,548	24,911	24,616

[1] Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations.

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 2,170	$ 4,326	$ 4,970	$ 7,065
Other comprehensive income (loss)
Foreign currency translation adjustments	3,000	(1,309)	4,560	2,419
Other comprehensive income (loss)	3,000	(1,309)	4,560	2,419
Comprehensive income	5,170	3,017	9,530	9,484
Comprehensive income attributable to non-controlling interests
Net earnings attributable to non-controlling interests	(368)	(2,077)	(1,008)	(2,536)
Foreign currency translation adjustments	(563)	383	(947)	2
Comprehensive income attributable to Century Casinos, Inc. shareholders	$ 4,239	$ 1,323	$ 7,575	$ 6,950

XML

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Total Century Casinos Shareholders' Equity [Member]	Noncontrolling Interest [Member]	Total
BALANCE at Dec. 31, 2015		$ 244	$ 77,318	$ (12,683)	$ 57,171	$ 122,050	$ 4,737	$ 126,787
Shares, BALANCE at Dec. 31, 2015		24,414,083
Net earnings		$ 0	0	0	4,529	4,529	2,536	7,065
Foreign currency translation adjustment		0	0	2,421	0	2,421	(2)	2,419
Amortization of stock-based compensation		0	381	0	0	381	0	381
Distribution to non-controlling interest		0	0	0	0	0	(1,626)	(1,626)
Exercise of stock options		$ 0	46	0	0	46	0	46
Exercise of stock options, shares		20,488
BALANCE at Jun. 30, 2016		$ 244	77,745	(10,262)	61,700	129,427	5,645	135,072
Shares, BALANCE at Jun. 30, 2016		24,434,571
BALANCE at Dec. 31, 2016		$ 245	78,174	(12,609)	66,386	132,196	6,388	138,584
BALANCE at Dec. 31, 2016								$ 138,584
Shares, BALANCE at Dec. 31, 2016		24,451,582						24,451,582
Net earnings		$ 0	0	0	3,962	3,962	1,008	$ 4,970
Foreign currency translation adjustment		0	0	3,613	0	3,613	947	4,560
Amortization of stock-based compensation		0	235	0	0	235	0	235
Distribution to non-controlling interest		0	0	0	0	0	(58)	(58)
Exercise of stock options		$ 0	32	0	0	32	0	32
Exercise of stock options, shares		17,036
BALANCE at Jun. 30, 2017		$ 245	78,424	(8,996)	70,365	140,038	8,285	$ 148,323
Shares, BALANCE at Jun. 30, 2017		24,468,618						24,468,618
Cumulative effect of accounting change	[1]	$ 0	$ (17)	$ 0	$ 17	$ 0	$ 0	$ 0

[1] Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-09. See Note 2 of the unaudited condensed consolidated financial statements for further details on the adoption of this accounting standard

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities:
Net earnings	$ 4,970	$ 7,065
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	4,103	4,127
Casino license impairment	0	0
Loss on disposition of fixed assets	255	37
Unrealized (gain) loss on interest rate swaps	(35)	23
Amortization of stock-based compensation expense	235	381
Amortization of deferred financing costs	86	57
Deferred taxes	45	(197)
Changes in Operating Assets and Liabilities, Net of Acquisition:
Receivables, net	1,602	(381)
Prepaid expenses and other assets	(2,458)	(847)
Accounts payable	246	(257)
Accrued liabilities	33	717
Inventories	(23)	2
Other operating assets	0	(489)
Other operating liabilities	47	3
Accrued payroll	(169)	(296)
Taxes payable	(1,696)	(1,038)
Net cash provided by operating activities	7,241	8,907
Cash Flows used in Investing Activities:
Purchases of property and equipment	(3,064)	(3,805)
Acquisition of Century Casino St. Albert (net of cash acquired) (Note 3)	(1,494)	0
Acquisition of Saw Close Casino, Ltd. Licenses (Note 1)	(126)	0
Proceeds from disposition of assets	1	10
Net cash used in investing activities	(4,683)	(3,795)
Cash Flows used in Financing Activities:
Proceeds from borrowings	0	379
Principal payments	(2,952)	(2,426)
Distribution to non-controlling interest	(644)	(1,626)
Proceeds from exercise of stock options	32	46
Net cash used in financing activities	(3,564)	(3,627)
Effect of Exchange Rate Changes on Cash	979	416
(Decrease) Increase in Cash and Cash Equivalents	(27)	1,901
Cash and Cash Equivalents at Beginning of Period	38,837	29,366
Cash and Cash Equivalents at End of Period	38,810	31,267
Supplemental Disclosure of Cash Flow Information:
Interest paid	3,120	1,459
Income taxes paid	1,774	1,896
Non-Cash Investing Activities:
Purchase of property and equipment on account	437	740
Non-Cash Financing Activities:
Assets acquired under capital lease obligation	$ 20	$ 0

XML

Description Of Business And Basis Of Presentation

6 Months Ended

Jun. 30, 2017

Description Of Business And Basis Of Presentation [Abstract]

Description Of Business And Basis Of Presentation

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of June 30, 2017, the Company owned casino operations in North America; was developing a casino in England; held a majority ownership interest in six casinos throughout Poland, a racetrack and entertainment center (“REC”) in Canada and the pari-mutuel off-track betting network in southern Alberta, Canada; managed cruise ship-based casinos on international waters; managed a casino in Aruba and provided gaming services in Argentina.

The Company currently owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

· The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)

· The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”)

· The Century Casino Calgary, Alberta, Canada (“CAL”)

· The Century Casino & Hotel in Central City, Colorado (“CTL”); and

· The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)

The Company currently has a controlling financial interest through its subsidiary CCE in the following majority-owned subsidiaries:

· The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). CPL is the owner and operator of six casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest.

· The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest.

· The Company owns 75% of Century Bets! Inc. (“CBS” or “Century Bets”).CBS operates the pari-mutuel off-track betting network in Southern Alberta, Canada. CBS is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Rocky Mountain Turf Club (“RMTC”) owns the remaining 25% of CBS, which is reported as a non-controlling financial interest.

The Company has the following concession, management and consulting service agreements:

· The Company operates 14 ship-based casinos through concession agreementswith four cruise ship owners.The Company began operating the ship-based casino onboard Mein Schiff 6, a new2,500 passenger cruise ship, in May 2017.

In connection with a concession agreement with Diamond Cruise International Co., Ltd. (“Diamond”) for the operation of the ship-based casino onboard Glory Sea, the Company has a Cooperation Agreement with Dynamic Partners International, Ltd. (“Dynamic”). Under this agreement, Dynamic markets and promotes the casino to VIP players along with facilitating the concession agreement between Diamond and the Company, for which the Company pays Dynamic a portion of the net profit from the casino onboard Glory Sea.

In March 2015, in connection with an agreement with Norwegian Cruise Line Holdings (“Norwegian”) to terminate the Company’s concession agreements with Oceania Cruises (“Oceania”) and Regent Seven Seas Cruises (“Regent”), the Company entered into a two-year consulting agreement, which became effective on June 1, 2015, under which the Company provided limited consulting services for the ship-based casinos of Oceania and Regent in exchange for receiving a consulting fee of $2.0 million, which was payable $250,000 per quarter through May 2017.  

· The Company has a management agreement to direct the operation of the casino at the Hilton Aruba Caribbean Resort & Casino from which the Company receives a monthly management fee. The management agreement ends in December 2017, and the Company does not anticipate extending this agreement.

· The Company, through its subsidiary CCE, has a 7.5%ownership interest in Mendoza Central Entretenimientos S.A., an Argentina company (“MCE”). The shares are reported on the condensed consolidated balance sheet using the cost method of accounting. MCE has an exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina and owned by the Province of Mendoza. In addition, CCE and MCE have entered into a consulting services agreement pursuant to which CCE provides advice on casino matters and receives a service fee consisting of a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). See Note 4 for additional information related to MCE.

Additional Projects and Other Developments

In September 2016, the Company was selected by Horse Racing Alberta (“HRA”) as the successful applicant to own, build and operate a horse racing facility in the Edmonton market area, which the Company is planning to operate as Century Mile Racetrack and Casino. In March 2017, the Company received approval for the Century Mile project from the Alberta Gaming and Liquor Commission (“AGLC”). Century Mile will be a one-mile horse racetrack and a multi-level REC. The multi-level REC is expected to have 550 slot machines, restaurants, bars, delis, an off-track betting parlor and grandstand and to hold a minimum of 100 horse races per year. The project is located on Edmonton International Airport land close to the city of Leduc, south of Edmonton.  Century Mile will be approximately 30 miles from both CRA and CSA. The Company estimates this project will cost approximately CAD 60.0 million ($46.2 million based on the exchange rate in effect on June 30, 2017). Construction of the Century Mile project began in July 2017. The Company estimates that construction of this project will take approximately 15 months and that it will be completed by the fourth quarter of 2018. The Company is seeking to obtain financing for the Century Mile project.

On June 20, 2017, the Company’s subsidiary, Century Casinos Europe GmbH (“CCE”), entered into a Share Purchase Agreement (the “Agreement”), by and among Global Gaming Ventures (Group) Limited, Saw Close Casino Ltd. (“SCCL”), Anthony Wollenberg and CCE pursuant to which CCE has acquired 100% of the outstanding common stock of SCCL as well as casino licenses held by SCCL (the “SCCL License Acquisition”) for a total consideration of GBP 0.6 million ($0.8 million based on the exchange rate in effect on June 30, 2017) as well as assumed liabilities of GBP 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2017). The Company will utilize the casino licenses to develop and operate a casino in Bath, England. The Company paid GBP 0.1 million ($0.1 million) at closing. Payment of the remaining purchase consideration will be made after the receipt of certain regulatory and governmental approvals and the opening of the casino. Payment of the assumed liabilities is subject to certain performance criteria being met once the casino is in operation. The Company estimates that construction of the casino will cost GBP 5.0 million ($6.5 million based on the exchange rate in effect on June 30, 2017) and that the casino will open in the first half of 2018.

Preparation of Financial Statements

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for the period ended June 30, 2017 are not necessarily indicative of the operating results for the full year.

Presentation of Foreign Currency Amounts

The Company’s functional currency is the U.S. dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the U.S. dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows:

	June 30,	December 31,
Ending Rates	2017	2016
Canadian dollar (CAD)	1.2977	1.3427
Euros (EUR)	0.8761	0.9476
Polish zloty (PLN)	3.7027	4.2065
British pound (GBP)	0.7696	0.8106

The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows:

	For the three months			For the six months
	ended June 30,			ended June 30,
Average Rates	2017	2016	% Change	2017	2016	% Change
Canadian dollar (CAD)	1.3451	1.2890	(4.4%)	1.3343	1.3311	(0.2%)
Euros (EUR)	0.9096	0.8856	(2.7%)	0.9240	0.8961	(3.1%)
Polish zloty (PLN)	3.8354	3.8726	1.0%	3.9459	3.9141	(0.8%)
British pound (GBP)	0.7822	0.6976	(12.1%)	0.7947	0.6979	(13.9%)
Source: Pacific Exchange Rate Service

Correction of Prior Period Balances

Subsequent to the issuance of the Company’s Quarterly Report on Form 10-Q for the three and six month periods ended June 30, 2016, the Company determined that it had erroneously recognized a reduction in pari-mutuel revenue for CBS totaling $0.7 million in its condensed consolidated statement of earnings for the six months ended June 30, 2016. This error also affected the Company’s income tax expense, net earnings attributable to non-controlling interests and consolidated statements of comprehensive income (loss), equity, cash flows and Note 12 “Segment and Geographic Information” for the six months ended June 30, 2016.

The prior period amounts within the Company’s condensed consolidated financial statements for the six months ended June 30, 2016 have been revised to reflect the correct balances as presented below.

Condensed Consolidated Statement of Earnings for the six months ended June 30, 2016:
Amounts in thousands, except for per share information	As Previously Reported		Correction		As Corrected
Operating Revenue:
Other	$	6,028	$	697	$	6,725
Gross revenue		71,943		697		72,640
Net operating revenue		67,731		697		68,428
Earnings from operations		7,924		697		8,621
Earnings before income taxes		8,133		697		8,830
Income tax expense		(1,584)		(181)		(1,765)
Net earnings		6,549		516		7,065
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders		4,142		387		4,529
Earnings per share attributable to Century Casinos, Inc. shareholders:
Basic and Diluted	$	0.17	$	0.01	$	0.18

Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Net earnings	$	6,549	$	516	$	7,065
Other comprehensive income
Foreign currency translation adjustments		2,447		(28)		2,419
Other comprehensive income		2,447		(28)		2,419
Comprehensive income	$	8,996	$	488	$	9,484
Comprehensive income attributable to non-controlling interests
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Foreign currency translation adjustments		(5)		7		2
Comprehensive income attributable to Century Casinos, Inc. shareholders	$	6,584	$	366	$	6,950

Condensed Consolidated Statement of Equity for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Accumulated other comprehensive income
Accumulated other comprehensive income (loss) balance at January 1, 2016	$	(12,704)	$	21	$	(12,683)
Foreign currency translation adjustment		2,442		(21)		2,421
Retained earnings
Retained earnings balance at January 1, 2016		57,558		(387)		57,171
Net earnings		4,142		387		4,529
Total Century Casinos shareholders' equity
Total Century Casinos shareholders' equity balance at January 1, 2016		122,416		(366)		122,050
Net earnings		4,142		387		4,529
Foreign currency translation adjustment		2,442		(21)		2,421
Non-controlling interest
Non-controlling interest balance at January 1, 2016		4,859		(122)		4,737
Net earnings		2,407		129		2,536
Foreign currency translation adjustment		5		(7)		(2)
Total equity
Total equity balance at January 1, 2016		127,275		(488)		126,787
Net earnings		6,549		516		7,065
Foreign currency translation adjustment		2,447		(28)		2,419

Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Cash Flows from Operating Activities:
Net earnings	$	6,549	$	516	$	7,065
Changes in Operating Assets and Liabilities:
Receivables, net		278		(659)		(381)
Taxes payable		(1,209)		171		(1,038)
Net cash provided by operating activities		8,879		28		8,907
Effect of Exchange Rate Changes on Cash		444		(28)		416

Note 12: Segment and Geographic Information for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Canada
Net operating revenue	$	25,462	$	697	$	26,159
Net earnings attributable to Century Casinos, Inc. shareholders		3,604		387		3,991
Income taxes		1,118		181		1,299
Non-controlling interest		1,735		129		1,864
Adjusted EBITDA		7,938		697		8,635

Consolidated results in Note 12 “Segment and Geographic Information” for the six months ended June 30, 2016 have been updated as presented in the condensed consolidated statement of earnings table above. Consolidated Adjusted EBITDA for the six months ended June 30, 2016 was corrected by $0.7 million, adjusting the previously reported Consolidated Adjusted EBITDA of $12.5 million to $13.2 million.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Recently Issued Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard under US GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016; provided, however, that in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year. ASU 2015-14 is effective for fiscal years and interim periods beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. In addition, the FASB has issued four related ASUs on principal versus agent guidance (ASU 2016-08), identifying performance obligations and the licensing implementation guidance (ASU 2016-10), a revision of certain SEC Staff Observer comments (ASU 2016-11) and implementation guidance (ASU 2016-12). The Company plans to adopt the new revenue standards effective January 1, 2018 by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of equity. The Company continues to analyze the impact that the new standard will have on the Company’s consolidated financial statements, including results of operations, cash flows and related disclosures. Upon adoption, management expects the presentation of goods and services presented without charge that is currently presented in total revenue with an offset in promotional allowances will be presented on a net basis within related revenue categories. Management also anticipates a change in the manner in which the Company assigns value to accrued customer benefits related to its player clubs; however, this is not expected to have a material impact on the Company’s consolidated financial statements or results of operations.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The objective of ASU 2015-11 is to simplify the current guidance under which an entity must measure inventory at the lower of cost or market by requiring entities to measure most inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2015-11. The Company will continue to measure inventory using the first-in, first-out method and will state inventory at the lower of cost or net realizable value. At June 30, 2017 and December 31, 2016, all inventory was stated at cost.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires lessees to account for leases as finance leases or operating leases.  Both finance and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of use asset and, for operating leases, the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The Company has begun analyzing its operating lease agreements, and management anticipates the Company’s assets and liabilities will increase proportionally after the adoption of ASU 2016-02. The changes to the Company’s consolidated balance sheet and the potential impact to its results of operations may be material.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify the accounting for share-based payment transactions, including recording all excess tax benefits and tax deficiencies through income tax on the statement of earnings and eliminating the requirement that excess tax benefits be realized before they can be recognized. ASU 2016-09 also simplifies several other aspects of the accounting for employee share-based payments, including forfeitures, statutory tax withholdings requirements and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2016-09. The Company has elected to account for forfeitures of share-based payments as they occur.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The objective of ASU 2016-15 is to reduce diversity in the classification of cash receipts and payments for specific cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-15 is permitted. ASU 2016-15 should be applied using a retrospective transition method. The Company is currently evaluating the impact of adopting ASU 2016-15; however, the standard is not expected to have a material impact on its consolidated financial statements.

In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The objective of ASU 2016-16 is to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-16 is permitted at the beginning of an annual period. ASU 2016-16 should be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting ASU 2016-16; however, the standard is not expected to have a material impact on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Restricted Cash (“ASU 2016-18”). The objective of ASU 2016-18 is to require the statement of cash flows to include restricted cash in explaining the change during the period in the total of cash and cash equivalents. ASU 2016-18 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-18 is permitted. ASU 2016-18 should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting ASU 2016-18; however, the standard is not expected to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). The objective of ASU 2017-01 is to add guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or of businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted for interim and annual periods in which the financial statements have not been issued or made available for issuance. The Company has adopted ASU 2017-01 and has used the guidance to evaluate the SCCL License Acquisition. See Note 1.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for fiscal years beginning after December 31, 2021, and interim periods within those fiscal years. Early adoption of ASU 2017-04 is permitted on goodwill impairment tests performed after January 1, 2017. ASU 2017-04 should be applied on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2017-04; however, the standard is not expected to have a material impact on its consolidated financial statements.

In March 2017, the FASB issued ASU 2017-09, Stock Compensation (“ASU 2017-09”). The objective of ASU 2017-09 is to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. ASU 2014-09 should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact of adopting ASU 2017-09; however, the standard is not expected to have a material impact on its consolidated financial statements.

Accounting Policies

Inventories –  Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method.

Stock-Based Compensation - Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance option grants to determine the fair value of all option grants.

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Acquisitions

6 Months Ended

Jun. 30, 2017

Acquisitions [Abstract]

Acquisitions

3.ACQUISITIONS

Apex Acquisition

On October 1, 2016, the Company’s subsidiary, Century Casino St. Albert Inc., acquired 100% of the issued and outstanding shares of Casino St. Albert Inc. (“CSAI”), Action ATM Inc. (“AAI”) and MVP Sports Bar Ltd. (“MVP”), collectively operating the Apex Casino in St. Albert, Edmonton, Canada as well as acquiring the related land and real property held by Game Plan Developments Ltd. (the “Apex Acquisition”). The Company merged CSAI, AAI and MVP with Century Casino St. Albert Inc., the surviving company, and renamed the casino Century Casino St. Albert. CSA is a 34,500 square foot casino facility located on approximately six acres of land that includes 381 slot machines, 7 live table games, 12 video lottery terminals, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests.

The Company paid for the acquisition using additional financing from the second amended and restated credit agreement with the Bank of Montreal (the “BMO Credit Agreement”) (see Note 7). The total consideration of CAD 31.9 million ($24.3 million based on the exchange rate in effect on October 1, 2016) (the “Purchase Price”) for the Apex Acquisition consisted of the following:

A) CAD 27.7 million ($21.1 million), which was paid at closing on October 1, 2016.

B) CAD 2.0 million ($1.5 million) in excess working capital paid as part of the Purchase Price pursuant to the purchase agreement, which was paid in February 2017.

C) The remaining CAD 2.2 million ($1.7 million) of the Purchase Price remains subject to certain holdbacks for indemnities that are set forth in the purchase agreement. The holdbacks will be held in an escrow account until the expiration of the agreed upon timelines.

As of October 1, 2016, the Company began consolidating Century Casino St. Albert Inc. as a wholly owned subsidiary. CSA contributed $2.1 million in net operating revenue and $0.3 million in net earnings attributable to Century Casinos, Inc. shareholders and $4.1 million in net operating revenue and $0.3 million in net earnings attributable to Century Casinos, Inc. shareholders for the three and six months ended June 30, 2017, respectively.

The Company accounted for the transaction as a business combination.Accordingly, CSA’s assets of $22.4 million (including $3.1 million in cash) and liabilities of $1.7 million were included in the Company’s consolidated balance sheet at October 1, 2016. Goodwill of $3.6 million is attributable to the business expansion opportunity for the Company. The acquisition leverages the Company’s management specialties and expertise in the gaming industry, expands the Company’s casino offerings in the Edmonton market and creates operational synergies. Goodwill is not a tax deductible item for the Company.

The fair value of the assets acquired and liabilities assumed (excluding cash received) was determined to be $21.2 million as of the acquisition date. The fair value was determined using the following methods, which the Company believes provide the most appropriate indicators of fair value:

· multi-period excess earnings method;

· cost method;

· capitalized cash flow method;

· discounted cash flow method; and

· direct market value approach.

Details of the purchase in the table below are based on estimated fair values of assets and liabilities as of October 1, 2016. The acquisition was accounted for using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their preliminary fair values. Certain estimated values for the acquisition are not yet finalized pending the final purchase price allocations, and as a result, the Company's estimates and assumptions are subject to change within the measurement period as valuations are finalized. The Company expects to finalize the allocation of the purchase price within one year of the acquisition.

Amounts in thousands
Cash	$	3,060
Accounts receivable		331
Prepaid expenses and other		136
Inventories		39
Property and equipment		9,542
Casino license		9,318
Accounts payable		(63)
Accrued liabilities		(383)
Accrued payroll		(37)
Deferred tax liability		(1,238)
Net identifiable assets acquired		20,705
Add: Goodwill		3,584
Net assets acquired	$	24,289

The following table details the purchase consideration net cash outflow.

Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration	$	24,289
Less: cash balances acquired		(3,060)
Net cash	$	21,229

Pro forma results

The following table provides unaudited pro forma information of the Company as if the Apex Acquisition had occurred at the beginning of the earliest comparable period presented. This proforma information is not necessarily indicative either of the combined results of operations that actually would have been realized had the acquisition been consummated during the periods for which the pro forma information is presented, or of future results.

		For the three months		For the six months
Amounts in thousands, except for per share information		ended June 30, 2016		ended June 30, 2016
	(Unaudited)		(Unaudited)
Net operating revenue	$	37,432	$	72,461
Net earnings attributable to Century Casinos, Inc. shareholders	$	2,562	$	5,094
Basic and diluted earnings per share	$	0.10	$	0.21

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Cost Investment

6 Months Ended

Jun. 30, 2017

Cost Investment [Abstract]

Cost Investment

4.COST INVESTMENT

Mendoza Central Entretenimientos S.A.

On October 31, 2014, CCE entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CCE purchased 7.5% of the shares of MCE, a company formed in Argentina, for $1.0 million. Pursuant to the MCE Agreement, CCE is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina, and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CCE has appointed one director to MCE’s board of directors and has the right to appoint additional directors to MCE’s board of directors based on its ownership percentage of MCE. In addition, CCE has a three-year option through October 2017 to purchase up to 50% of the shares of MCE.  The option can be exercised by CCE in tranches of shares, with each tranche representing not less than ten percent of the total outstanding shares of MCE. The exercise price of the shares is based upon the value of MCE at the time the option is exercised, which value is determined by a multiple of MCE’s EBITDA for the immediate past four full calendar quarters multiplied by five less certain outstanding debt of MCE, including but not limited to lease payments to slot machine suppliers, plus current financial assets (cash and banks, receivables and commercial credits) of MCE. There are no conditions that limit CCE’s ability to exercise this option. CCE has not exercised any options to purchase shares of MCE. The Company accounts for the $1.0 million investment in MCE using the cost method.

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Goodwill And Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill And Intangible Assets [Abstract]

Goodwill And Intangible Assets

5.GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. The reporting units with goodwill balances as of June 30, 2017 include the operations at CRA, CDR, CSA and CPL. The Company considers a variety of factors when estimating the fair value of its reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available. The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values. If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary. There have been noindications of impairment at CRA, CDR or CPL since the Company’s last annual analysis, or at CSA since the valuation as part of the acquisition, that would necessitate additional impairment testing by the Company.

Changes in the carrying amount of goodwill related to CRA, CDR, CSA and CPL are as follows:

	Canada						Poland
Amounts in thousands	Century Resorts Alberta		Century Downs		Century Casino St. Albert		Casinos Poland		Total
Balance – December 31, 2016	$	3,661	$	141	$	3,501	$	6,084	$	13,387
Effect of foreign currency translation		127		5		121		828		1,081
Balance -- June 30, 2017	$	3,788	$	146	$	3,622	$	6,912	$	14,468

Intangible Assets

Trademarks

The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. Changes in the carrying amount of the trademarks are as follows:

Amounts in thousands	Century Casinos		Casinos Poland		Total
Balance – December 31, 2016	$	108	$	1,450	$	1,558
Effect of foreign currency translation		0		198		198
Balance -- June 30, 2017	$	108	$	1,648	$	1,756

The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize the trademarks. Rather, the Company tests its trademarks for impairment as of October 1each year, or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference. No impairment charges related to the Century Casinos and Casinos Poland trademarks have been recorded.

Casino Licenses

Casino licenses consist of the following:

	June 30,		December 31,
Amounts in thousands	2017		2016
Finite-lived
Casino licenses	$	1,715	$	2,029
Less: accumulated amortization		(1,161)		(1,362)
Total finite-lived casino licenses, net		554		667
Infinite-lived
Casino licenses		12,850		11,473
Total infinite-lived casino licenses		12,850		11,473
Casino licenses, net	$	13,404	$	12,140

Poland

As of June 30, 2017,  Casinos Poland hadsix casino licenses, each with an original term of six years, which are finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows:

Amounts in thousands		Casinos Poland
Balance – December 31, 2016	$	667
Amortization		(191)
Effect of foreign currency translation		78
Balance -- June 30, 2017	$	554

As of June 30, 2017, estimated amortization expense for the CPL casino licenses over the next five years was as follows:

Amounts in thousands
2017	$	169
2018		152
2019		73
2020		58
2021		58
Thereafter		44
	$	554

These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the current casino licenses expireis 1.7 years.  In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. The licenses at the Krakow, Lodz, Plock and Poznan casinos expire in 2018. The Company intends to apply for licenses in each of these cities.

Canada and Corporate and Other

The licenses at CDR, CSA and SCCL are infinite-lived intangible assets that are not amortized. CDR holds licenses from the AGLC and HRA. CSA holds a license from the AGLC. SCCL holds licenses from the Great Britain Gambling Commission. No impairment charges related to the licenses have been recorded. Changes in the carrying amount of the licenses are as follows:

	Canada				Corporate and Other
Amounts in thousands	Century Downs		Century Casino St. Albert		Saw Close Casino Ltd.
Balance – December 31, 2016	$	2,369	$	9,104	$	0
Purchase of Saw Close Casino Ltd.		0		0		952
Effect of foreign currency translation		81		316		28
Balance -- June 30, 2017	$	2,450	$	9,420	$	980

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Promotional Allowances

6 Months Ended

Jun. 30, 2017

Promotional Allowances [Abstract]

Promotional Allowances

6.PROMOTIONAL ALLOWANCES

Hotel accommodations and food and beverage furnished without charge to customers are included in gross revenue at retail value and are deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of provided promotional allowances is included in casino expenses. The costs of providing promotional allowances were as follows:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Hotel	$	13	$	13	$	25	$	29
Food and beverage		271		245		538		494
	$	284	$	258	$	563	$	523

Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accrued liabilities on the Company’s condensed consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of June 30, 2017 and December 31, 2016, the outstanding balance of this liability was $0.7 million.

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Long-Term Debt

6 Months Ended

Jun. 30, 2017

Long-Term Debt [Abstract]

Long-Term Debt

7. LONG-TERM DEBT

Long-term debt and the weighted average interest rates as of June 30, 2017 and December 31, 2016 consisted of the following:

Amounts in thousands	June 30, 2017			December 31, 2016
Credit agreement - Bank of Montreal	$	39,245	4.07%	$	40,495	4.04%
Credit agreement - CPL		81	3.62%		215	3.55%
Financing obligation - CDR land lease		15,024	12.17%		14,520	13.54%
Capital leases		635	6.90%		791	7.11%
Total principal	$	54,985	6.25%	$	56,021	7.61%
Deferred financing costs		(310)			(412)
Total long-term debt	$	54,675		$	55,609
Less current portion		(5,407)			(5,583)
Long-term portion	$	49,268		$	50,026

Credit Agreement - Bank of Montreal

In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal (“BMO”). On August 15, 2014, the Company, through its Canadian subsidiaries, entered into an amended and restated credit agreement with BMO that increased the Company’s borrowing capacity to CAD 39.1 million. In September 2016, the Company, through its Canadian subsidiaries, entered into the BMO Credit Agreement to finance the Apex Acquisition that increased the Company’s borrowing capacity to CAD 69.2 million with an interest rate of BMO’s floating rate plus a margin. As discussed further below, the Company has entered into interest rate swap agreements to fix the interest rate paid related to a portion of the outstanding balance on the BMO Credit Agreement. As of June 30, 2017, the Company had borrowed CAD 63.9 million, of which the outstanding balance was CAD 50.9 million ($39.2 million based on the exchange rate in effect on June 30, 2017) and the Company had approximately CAD 5.8 million ($4.5 million based on the exchange rate in effect on June 30, 2017) available under the BMO Credit Agreement. In addition, the Company is using CAD 3.0 million ($2.3 million based on the exchange rate in effect on June 30, 2017) from Credit Facility E for the interest rate swap agreements discussed below.

The BMO Credit Agreement consists of the following five credit facilities:

1. Credit Facility A is a CAD 1.1 million revolving credit facility with a term of five years that expires in August 2019. Credit Facility A may be used for general corporate purposes, including for the payment of costs related to the BMO Credit Agreement, ongoing working capital requirements and operating regulatory requirements. As of June 30, 2017, the Company had CAD 1.1 million ($0.8 million based on the exchange rate in effect on June 30, 2017) available for borrowing under Credit Facility A.

2. Credit Facility B is an approximately CAD 24.1 million committed, non-revolving, reducing standby facility with a term of five years that expires in August 2019. The Company used borrowings under Credit Facility B primarily to repay the Company’s mortgage loan related to CRA, pay for the additional 33.3% investment in CPL, pay for development costs related to CDR and for working capital and general corporate purposes. Once the principal amount of an advance has been repaid, it cannot be re-borrowed. As of June 30, 2017, the Company had no additional available borrowings under Credit Facility B.

3. Credit Facility C is a CAD 11.0 million revolving credit facility with a term of five years that expires in August 2019. Credit Facility C may be used as additional financing for the development of CDR. The Company may re-borrow the principal amount within the limits described in the BMO Credit Agreement. As of June 30, 2017, the Company had CAD 4.7 million ($3.6 million based on the exchange rate in effect on June 30, 2017) available for borrowing under Credit Facility C.

4. Credit Facility D is a CAD 30.0 million committed, reducing term credit facility with a term of five years that expires in September 2021. The Company used CAD 30.0 million to pay for the Apex Acquisition. Once the principal amount of an advance has been repaid it cannot be re-borrowed. As of June 30, 2017, the Company had no additional available borrowings under Credit Facility D.

5. Credit Facility E is a CAD 3.0 million treasury risk management facility. The Company may use this facility to hedge interest rate risk or currency exchange rate risk. Credit Facility E has a term of five years.  The Company is currently utilizing Credit Facility E to hedge interest rate risk as discussed below.

Any funds not drawn down under the BMO Credit Agreement are subject to standby fees ranging from 0.50% to 0.75% payable quarterly in arrears. Standby fees of less than CAD 0.1 million (less than $0.1 million based on the exchange rates in effect on June 30, 2017and 2016) were recorded as interest expense in the condensed consolidated statements of earnings for each of the three and six months ended June 30, 2017 and 2016. The shares of the Company’s Canadian subsidiaries that own CRA,CAL and CSA and the Company's75% interest in CDR are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of covenants applicable to the Canadian subsidiaries, including covenants restricting their incurrence of additional debt, a debt to EBITDA ratio less than 3:1, a fixed charge coverage ratio greater than 1.2:1, maintenance ofa  CAD 50.0 million equity balance and a capital expenditure limit of CAD 4.0 million per year. The Company was in compliance with all financial covenants of the BMO Credit Agreement as of June 30, 2017.  

The Company has entered into interest rate swap agreements to partially hedge the risk of future increases in the variable rate debt under the BMO Credit Agreement. The interest rate swap agreements are not designated as hedges for accounting purposes. As a result, changes in fair value of the interest rate swaps are recognized in interest expense on the Company’s condensed consolidated statements of earnings. As of June 30, 2017, the Company had the following interest rate swap agreements set at a Canadian Dollar Offered Rate (“CDOR”):

· Notional amount of CAD 8.4million ($6.5 million based on the exchange rate in effect on June 30, 2017) with a rate of 3.92% expiring in August 2019;

· Notional amount of CAD 8.4 million ($6.5 million based on the exchange rate in effect on June 30, 2017) with a rate of 3.89% expiring in August 2019; and

· Notional amount of CAD 13.9 million ($10.7 million based on the exchange rate in effect on June 30, 2017) with a rate of 4.08% expiring in December 2021.  

Deferred financing costs consist of the Company’s costs related to the financing of the BMO Credit Agreement. Amortization expenses relating to deferred financing charges were $0.1 millionfor each of the six months ended June 30, 2017 and 2016. These costs are included in interest expense in the condensed consolidated statements of earnings.

Casinos Poland

As of June 30, 2017, CPL had debt totaling PLN 0.3 million ($0.1 million based on the exchange rate in effect on June 30, 2017) undera credit agreement with mBank.  CPL also had a credit facility that had no outstanding balance as of June 30, 2017 and December 31, 2016.

Under CPL’s credit agreement with mBank, CPL entered into a three-year term loan at an interest rate of Warsaw Interbank Offered Rate (“WIBOR”) plus 1.70%. Proceeds from the loan were used to repay balances outstanding under a prior credit agreement that matured in September 2014 and to finance current operations. As of June 30, 2017, the amount outstanding on the term loan was PLN 0.3 million ($0.1 million based on the exchange rate in effect on June 30, 2017). CPL has no further borrowing availability under the loan, and the loan matures in September 2017. The mBank credit agreement contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain  a debt ratio less than 80% and a  current liquidity ratio of 0.5 or higher. CPL was in compliance with all financial covenants of this credit agreement as of June 30, 2017.

The credit facility is a short-term line of credit with BPH Bank used to finance current operations. The bank line of credit bears an interest rate of WIBOR plus 1.85% with a borrowing capacity of PLN 13.0 million, of which PLN 2.0 million may only be used to secure bank guarantees. The credit facility terminates on February 11, 2018.  The BPH Bank line of credit is secured by a building owned by CPL in Warsaw, Poland. As of June 30, 2017, there was no outstanding amount on the credit facility, and CPL had approximately PLN 11.0 million ($3.0 million based on the exchange rate in effect on June 30, 2017) available under the agreement. The BPH Bank facility contains a number of covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain certain debt to EBITDA ratios. CPL was in compliance with all financial covenants of this credit facility as of June 30, 2017.

In addition, under Polish gaming law, CPL is required to maintain PLN 3.6 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations.  mBank issued guarantees to CPL for this purpose totaling PLN 3.6 million ($1.0 million based on the exchange rate in effect on June 30, 2017). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland and terminate on October 31, 2019.  In addition, CPL is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 1.4 million ($0.4 million based on the exchange rate in effect on June 30, 2017) in deposits for this purpose as of June 30, 2017. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets.

Century Downs Racetrack and Casino

CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of June 30, 2017, the outstanding balance on the financing obligation was CAD 19.5 million ($15.0 million based on the exchange rate in effect on June 30, 2017).

Capital Lease Agreements

As of June 30, 2017, the Company had the following capital leases:

· CRA had two capital lease agreements for surveillance and general equipment with an outstanding balance of CAD 0.2 million ($0.2 million based on the exchange rate in effect on June 30, 2017);

· CAL has a capital lease agreement for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on June 30, 2017);

· CDR had six capital lease agreements for surveillance, kitchen and racing-related equipment with an outstanding balance of CAD 0.5 million ($0.4 million based on the exchange rate in effect on June 30, 2017); and

· CSA had a capital lease agreement for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on June 30, 2017).

As of June 30, 2017, scheduled maturities related to long-term debt were as follows:

Amounts in thousands	Bank of Montreal		Casinos Poland Credit Agreement		Century Downs Land Lease		Capital Leases		Total
2017	$	2,461	$	81	$	0	$	235	$	2,777
2018		4,922		0		0		259		5,181
2019		16,258		0		0		91		16,349
2020		2,312		0		0		39		2,351
2021		2,312		0		0		10		2,322
Thereafter		10,980		0		15,024		1		26,005
Total	$	39,245	$	81	$	15,024	$	635	$	54,985

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Commitments And Contingencies

6 Months Ended

Jun. 30, 2017

Commitments And Contingencies [Abstract]

Commitments And Contingencies

8.COMMITMENTS AND CONTINGENCIES

Litigation

Since 2011, the Polish Internal Revenue Service (“Polish IRS”) has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2011.  The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through June 30, 2017, CPL has paid PLN 6.4 million ($2.1 million) related to these audits. As a result of one court decision currently on appeal, CPL’s tax records for 2009 remain open for audit.

In December 2016, the Polish IRS conducted a tax audit of December 2010 and the remaining open portion of the 2011 fiscal year. As a result, CPL is required to pay PLN 2.9 million ($0.8 million based on the exchange rate in effect on June 30, 2017) related to this audit. The Polish IRS has not issued an official decision on this audit, and no payment will be made until the decision is issued. CPL plans to file an appeal of the tax audit decision after it is received.In addition, in June 2017, the Polish IRS began conducting a tax audit of the 2012 and 2013 fiscal years The audit is still being conducted.

The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of June 30, 2017 is PLN 9.0 million ($2.4million based on the exchange rate in effect on June 30, 2017). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of June 30, 2017 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of June 30, 2017. Additional court decisions and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future.  Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of June 30, 2017.  Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows.  

In October 2016, the Company filed a motion for arbitration in Poland against LOT Polish Airlines, which previously owned a 33.3% interest in CPL that it sold to the Company in 2013. The Company is seeking to collect amounts owed to the Company by LOT Polish Airlines in connection with the payments made to the Polish IRS for the tax periods December 1, 2007 to December 31, 2008 and January 1, 2011 to January 31, 2011 pursuant to an agreement with LOT Polish Airlines under which the Company acquired the additional 33.3% interest in CPL. In June 2017, the arbitrator awarded the Company PLN 1.2 million ($0.3 million based on the exchange rate in effect on June 30, 2017) related to its claim for the periods indicated.

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Income Taxes

6 Months Ended

Jun. 30, 2017

Income Taxes [Abstract]

Income Taxes

9.INCOME TAXES

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the six months ended June 30, 2017, the Company recognized income tax expense of $1.9 million on pre-tax income of $6.8million, representing an effective income tax rate of 27.2% compared to an income tax expense of$1.8 million on pre-tax income of $8.8 million, representing an effective income tax rate of 20.0% for the same period in 2016.  

The difference between the income taxes expected at the U.S. federal statutory income tax rate of 34% and the reported income tax expense are impacted by a number of items. The Company’s effective tax rate is lower because there is a lower statutory tax rate in the countries where the Company pays taxes, such as Austria, Mauritius, Canada and Poland, when compared to the United States.There is also a lower effective tax rate for the Company’s Canadian and Polish operations due to exchange rate benefits.  

The Company has a valuation allowance on its U.S. deferred tax assets that results from uncertainty regarding its ability to realize the benefits of its U.S. deferred tax assets. The Company continues to monitor the valuation allowance for deferred tax assets in the U.S. on a quarterly basis, and it may release all or a portion of the U.S. valuation allowance in 2017 or in subsequent years in the event that more positive evidence becomes available. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future. If the Company concludes that its prospects for the realization of its deferred tax assets are more likely than not, it will reduce its valuation allowance as appropriate.

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Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

10.EARNINGS PER SHARE

The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three and six months ended June 30, 2017and 2016 were as follows:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Weighted average common shares, basic		24,466		24,432		24,460		24,445
Dilutive effect of stock options		496		116		451		171
Weighted average common shares, diluted		24,962		24,548		24,911		24,616

The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation:

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Stock options		35		60		35		35

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Fair Value Measurements And Derivative Instruments Reporting

6 Months Ended

Jun. 30, 2017

Fair Value Measurements And Derivative Instruments Reporting [Abstract]

Fair Value Measurements And Derivative Instruments Reporting

11. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING

Fair Value Measurements

The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

· Level 1 – quoted prices in active markets for identical assets or liabilities

· Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

· Level 3 – significant inputs to the valuation model are unobservable

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.  The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. 

Recurring Fair Value Measurements

The estimated fair value and basis of valuation of our financial liabilities that are measured at fair value on a recurring basis were as follows:

Amounts in thousands	June 30, 2017						December 31, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Interest rate swap liability (1)	$	0	$	101	$	0	$	0	$	129	$	0
(1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements.

The Company determines the fair value of its interest rate swap agreements based on the notional amount of the swaps and the forward rate CAD-CDOR curve provided by Bloomberg and zero-coupon Canadian spot rates as of the valuation date. The Company classifies these instruments as Level 2 because the inputs into the valuation model can be corroborated utilizing observable benchmark market rates at commonly quoted intervals.

Non-Recurring Fair Value Measurements

The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. There were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2017. During 2016, the Company determined that the fair value of the Katowice leasehold improvements was zero based on the expiration of the license for that casino. As a result, $0.4 million was charged to operating costs and expenses during the year ended December 31, 2016.

Long-Term Debt – The carrying value of the Company’s BMO Credit Agreement approximates fair value based on the refinancing of the debt in September 2016 and the variable interest paid on the obligation. The carrying value of the Company’s CPL credit agreement approximates fair value based on the variable interest rate paid on the debt and the short-term nature of the obligation. The estimated fair values of the outstanding balances under the BMO Credit Agreement and CPL credit agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The fair values of the Company’s capital lease obligations and CDR’s land lease approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings. The estimated fair values of the outstanding balances related to the Company’s capital lease obligations and CDR’s land lease are designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate such liabilities.

Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of June 30, 2017 and December 31, 2016, the Company had no cash equivalents.

Derivative Instruments Reporting

As of April 2015, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. The interest rate swaps were not designated as accounting hedges. These interest rate swaps reset monthly,and the difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and is recognized as an adjustment to interest expense for the related debt. See Note 7 for details of the Company’s three interest rate swap agreements.  

Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements are recognized in interest expense on the Company’s condensed consolidated statement of earnings. The location and effects of derivative instruments on the condensed consolidated statements of earnings were as follows:

Amounts in thousands
		For the three months				For the six months
Derivatives not designated as	Income Statement	ended June 30,				ended June 30,
ASC 815 hedges	Classification	2017		2016		2017		2016
Interest Rate Swaps	Interest Expense	$	172	$	169	$	381	$	320

The location and fair value amounts of the Company’s derivative instruments in the condensed consolidated balance sheets were as follows:

Amounts in thousands		As of June 30, 2017						As of December 31, 2016
Derivatives not designated as ASC 815 hedges	Balance Sheet Classification	Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities		Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities
Derivative liabilities:
Interest rate swaps - current	Accrued liabilities	$	47	$	0	$	47	$	55	$	0	$	55
Interest rate swaps - non-current	Taxes payable and other		54		0		54		74		0		74
Total derivative liabilities		$	101	$	0	$	101	$	129	$	0	$	129

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Segment Information

6 Months Ended

Jun. 30, 2017

Segment Information [Abstract]

Segment Information

12.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. Operating segments are aggregated within reportable segments based on their similar 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 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 operating segments into reportable segments:

Reportable Segment	Operating Segment
Canada	Century Casino & Hotel - Edmonton
Canada	Century Casino Calgary
Canada	Century Downs Racetrack and Casino
Canada	Century Bets!
Canada	Century Casino St. Albert
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 two individuals 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-U.S. GAAP measure defined as net earnings (loss) 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 items. 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 tablesprovide information regarding the Company’s segments for the three and six months ended June 30, 2017 and 2016:

	For the Three Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	14,040	$	7,943	$	14,287	$	1,060	$	37,330
Earnings (loss) before income taxes		$	2,767	$	1,346	$	851	$	(1,930)	$	3,034
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,823	$	836	$	435	$	(1,292)	$	1,802
Interest expense (income), net			867		0		29		(8)		888
Income taxes (benefit)			794		510		198		(638)		864
Depreciation and amortization			845		618		472		83		2,018
Non-controlling interest			150		0		218		0		368
Non-cash stock-based compensation			0		0		0		126		126
Loss (gain) on foreign currency transactions and cost recovery income			13		0		(244)		(50)		(281)
Loss on disposition of fixed assets			10		0		241		0		251
Acquisition costs			0		0		0		151		151
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	4,502	$	1,964	$	1,574	$	(1,628)	$	6,412

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

	For the Three Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	13,167	$	7,703	$	13,570	$	761	$	35,201
Earnings (loss) before income taxes		$	4,372	$	1,344	$	1,369	$	(1,772)	$	5,313
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,948	$	833	$	678	$	(1,210)	$	2,249
Interest expense (income), net			784		0		8		(4)		788
Income taxes (benefit)			688		511		350		(562)		987
Depreciation and amortization			772		625		633		87		2,117
Non-controlling interest			1,736		0		341		0		2,077
Non-cash stock-based compensation			0		0		0		190		190
(Gain) loss on foreign currency transactions and cost recovery income			(1,524)		0		(22)		(14)		(1,560)
Loss on disposition of fixed assets			18		1		(9)		0		10
Adjusted EBITDA		$	4,422	$	1,970	$	1,979	$	(1,513)	$	6,858

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

	For the Six Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	27,202	$	15,443	$	28,833	$	2,251	$	73,729
Earnings (loss) before income taxes		$	4,878	$	2,504	$	2,890	$	(3,443)	$	6,829
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,306	$	1,553	$	1,518	$	(2,415)	$	3,962
Interest expense (income), net			1,785		0		16		(12)		1,789
Income taxes (benefit)			1,324		951		612		(1,028)		1,859
Depreciation and amortization			1,648		1,228		1,044		183		4,103
Non-controlling interest			248		0		760		0		1,008
Non-cash stock-based compensation			0		0		0		235		235
Loss (gain) on foreign currency transactions and cost recovery income			31		0		(464)		(52)		(485)
Loss on disposition of fixed assets			11		0		241		3		255
Acquisition costs			28		0		0		152		180
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	8,381	$	3,732	$	3,952	$	(2,934)	$	13,131

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

	For the Six Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other			Total
Net operating revenue (1)		$	26,159	$	14,784	$	25,835	$	1,650	$	68,428
Earnings (loss) before income taxes		$	7,154	$	2,221	$	2,636	$	(3,181)	$	8,830
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,991	$	1,377	$	1,347	$	(2,186)	$	4,529
Interest expense (income), net			1,534		0		23		(8)		1,549
Income taxes (benefit)			1,299		844		617		(995)		1,765
Depreciation and amortization			1,470		1,251		1,234		172		4,127
Non-controlling interest			1,864		0		672		0		2,536
Non-cash stock-based compensation			0		0		0		381		381
(Gain) loss on foreign currency transactions and cost recovery income			(1,544)		0		(222)		8		(1,758)
Loss on disposition of fixed assets			21		3		13		0		37
Adjusted EBITDA		$	8,635	$	3,475	$	3,684	$	(2,628)	$	13,166

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

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Significant Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2017

Significant Accounting Policies [Abstract]

Recently Issued Accounting Pronouncement

Recently Issued Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard under US GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016; provided, however, that in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year. ASU 2015-14 is effective for fiscal years and interim periods beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. In addition, the FASB has issued four related ASUs on principal versus agent guidance (ASU 2016-08), identifying performance obligations and the licensing implementation guidance (ASU 2016-10), a revision of certain SEC Staff Observer comments (ASU 2016-11) and implementation guidance (ASU 2016-12). The Company plans to adopt the new revenue standards effective January 1, 2018 by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of equity. The Company continues to analyze the impact that the new standard will have on the Company’s consolidated financial statements, including results of operations, cash flows and related disclosures. Upon adoption, management expects the presentation of goods and services presented without charge that is currently presented in total revenue with an offset in promotional allowances will be presented on a net basis within related revenue categories. Management also anticipates a change in the manner in which the Company assigns value to accrued customer benefits related to its player clubs; however, this is not expected to have a material impact on the Company’s consolidated financial statements or results of operations.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The objective of ASU 2015-11 is to simplify the current guidance under which an entity must measure inventory at the lower of cost or market by requiring entities to measure most inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2015-11. The Company will continue to measure inventory using the first-in, first-out method and will state inventory at the lower of cost or net realizable value. At June 30, 2017 and December 31, 2016, all inventory was stated at cost.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires lessees to account for leases as finance leases or operating leases.  Both finance and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of use asset and, for operating leases, the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The Company has begun analyzing its operating lease agreements, and management anticipates the Company’s assets and liabilities will increase proportionally after the adoption of ASU 2016-02. The changes to the Company’s consolidated balance sheet and the potential impact to its results of operations may be material.

In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify the accounting for share-based payment transactions, including recording all excess tax benefits and tax deficiencies through income tax on the statement of earnings and eliminating the requirement that excess tax benefits be realized before they can be recognized. ASU 2016-09 also simplifies several other aspects of the accounting for employee share-based payments, including forfeitures, statutory tax withholdings requirements and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company has adopted ASU 2016-09. The Company has elected to account for forfeitures of share-based payments as they occur.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The objective of ASU 2016-15 is to reduce diversity in the classification of cash receipts and payments for specific cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination and proceeds from the settlement of insurance claims. ASU 2016-15 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-15 is permitted. ASU 2016-15 should be applied using a retrospective transition method. The Company is currently evaluating the impact of adopting ASU 2016-15; however, the standard is not expected to have a material impact on its consolidated financial statements.

In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The objective of ASU 2016-16 is to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. ASU 2016-16 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-16 is permitted at the beginning of an annual period. ASU 2016-16 should be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting ASU 2016-16; however, the standard is not expected to have a material impact on its consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, Restricted Cash (“ASU 2016-18”). The objective of ASU 2016-18 is to require the statement of cash flows to include restricted cash in explaining the change during the period in the total of cash and cash equivalents. ASU 2016-18 is effective for fiscal years beginning after December 31, 2017, and interim periods within those fiscal years. Early adoption of ASU 2016-18 is permitted. ASU 2016-18 should be applied using a retrospective transition method to each period presented. The Company is currently evaluating the impact of adopting ASU 2016-18; however, the standard is not expected to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). The objective of ASU 2017-01 is to add guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions or disposals of assets or of businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted for interim and annual periods in which the financial statements have not been issued or made available for issuance. The Company has adopted ASU 2017-01 and has used the guidance to evaluate the SCCL License Acquisition. See Note 1.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for fiscal years beginning after December 31, 2021, and interim periods within those fiscal years. Early adoption of ASU 2017-04 is permitted on goodwill impairment tests performed after January 1, 2017. ASU 2017-04 should be applied on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2017-04; however, the standard is not expected to have a material impact on its consolidated financial statements.

In March 2017, the FASB issued ASU 2017-09, Stock Compensation (“ASU 2017-09”). The objective of ASU 2017-09 is to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. ASU 2014-09 should be applied prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact of adopting ASU 2017-09; however, the standard is not expected to have a material impact on its consolidated financial statements.

Inventories

Inventories –  Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method.

Stock-Based Compensation

Stock-Based Compensation - Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance option grants to determine the fair value of all option grants.

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Description Of Business And Basis Of Presentation (Tables)

6 Months Ended

Jun. 30, 2017

Description Of Business And Basis Of Presentation [Abstract]

Exchange Rates

	June 30,	December 31,
Ending Rates	2017	2016
Canadian dollar (CAD)	1.2977	1.3427
Euros (EUR)	0.8761	0.9476
Polish zloty (PLN)	3.7027	4.2065
British pound (GBP)	0.7696	0.8106

The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows:

	For the three months			For the six months
	ended June 30,			ended June 30,
Average Rates	2017	2016	% Change	2017	2016	% Change
Canadian dollar (CAD)	1.3451	1.2890	(4.4%)	1.3343	1.3311	(0.2%)
Euros (EUR)	0.9096	0.8856	(2.7%)	0.9240	0.8961	(3.1%)
Polish zloty (PLN)	3.8354	3.8726	1.0%	3.9459	3.9141	(0.8%)
British pound (GBP)	0.7822	0.6976	(12.1%)	0.7947	0.6979	(13.9%)
Source: Pacific Exchange Rate Service

Impact Of Corrections On Consolidated Financial Statements

Condensed Consolidated Statement of Earnings for the six months ended June 30, 2016:
Amounts in thousands, except for per share information	As Previously Reported		Correction		As Corrected
Operating Revenue:
Other	$	6,028	$	697	$	6,725
Gross revenue		71,943		697		72,640
Net operating revenue		67,731		697		68,428
Earnings from operations		7,924		697		8,621
Earnings before income taxes		8,133		697		8,830
Income tax expense		(1,584)		(181)		(1,765)
Net earnings		6,549		516		7,065
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders		4,142		387		4,529
Earnings per share attributable to Century Casinos, Inc. shareholders:
Basic and Diluted	$	0.17	$	0.01	$	0.18

Condensed Consolidated Statement of Comprehensive Income for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Net earnings	$	6,549	$	516	$	7,065
Other comprehensive income
Foreign currency translation adjustments		2,447		(28)		2,419
Other comprehensive income		2,447		(28)		2,419
Comprehensive income	$	8,996	$	488	$	9,484
Comprehensive income attributable to non-controlling interests
Net earnings attributable to non-controlling interests		(2,407)		(129)		(2,536)
Foreign currency translation adjustments		(5)		7		2
Comprehensive income attributable to Century Casinos, Inc. shareholders	$	6,584	$	366	$	6,950

Condensed Consolidated Statement of Equity for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Accumulated other comprehensive income
Accumulated other comprehensive income (loss) balance at January 1, 2016	$	(12,704)	$	21	$	(12,683)
Foreign currency translation adjustment		2,442		(21)		2,421
Retained earnings
Retained earnings balance at January 1, 2016		57,558		(387)		57,171
Net earnings		4,142		387		4,529
Total Century Casinos shareholders' equity
Total Century Casinos shareholders' equity balance at January 1, 2016		122,416		(366)		122,050
Net earnings		4,142		387		4,529
Foreign currency translation adjustment		2,442		(21)		2,421
Non-controlling interest
Non-controlling interest balance at January 1, 2016		4,859		(122)		4,737
Net earnings		2,407		129		2,536
Foreign currency translation adjustment		5		(7)		(2)
Total equity
Total equity balance at January 1, 2016		127,275		(488)		126,787
Net earnings		6,549		516		7,065
Foreign currency translation adjustment		2,447		(28)		2,419

Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Cash Flows from Operating Activities:
Net earnings	$	6,549	$	516	$	7,065
Changes in Operating Assets and Liabilities:
Receivables, net		278		(659)		(381)
Taxes payable		(1,209)		171		(1,038)
Net cash provided by operating activities		8,879		28		8,907
Effect of Exchange Rate Changes on Cash		444		(28)		416

Note 12: Segment and Geographic Information for the six months ended June 30, 2016:
Amounts in thousands	As Previously Reported		Correction		As Corrected
Canada
Net operating revenue	$	25,462	$	697	$	26,159
Net earnings attributable to Century Casinos, Inc. shareholders		3,604		387		3,991
Income taxes		1,118		181		1,299
Non-controlling interest		1,735		129		1,864
Adjusted EBITDA		7,938		697		8,635

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

Acquisitions [Abstract]

Schedule of Estimated Fair Values of Assets and Liabilities

Amounts in thousands
Cash	$	3,060
Accounts receivable		331
Prepaid expenses and other		136
Inventories		39
Property and equipment		9,542
Casino license		9,318
Accounts payable		(63)
Accrued liabilities		(383)
Accrued payroll		(37)
Deferred tax liability		(1,238)
Net identifiable assets acquired		20,705
Add: Goodwill		3,584
Net assets acquired	$	24,289

Purchase Consideration - Cash Outflow

Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration	$	24,289
Less: cash balances acquired		(3,060)
Net cash	$	21,229

Schedule of Unaudited Pro Forma Information

		For the three months		For the six months
Amounts in thousands, except for per share information		ended June 30, 2016		ended June 30, 2016
	(Unaudited)		(Unaudited)
Net operating revenue	$	37,432	$	72,461
Net earnings attributable to Century Casinos, Inc. shareholders	$	2,562	$	5,094
Basic and diluted earnings per share	$	0.10	$	0.21

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Goodwill And Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2017

Changes In The Carrying Amount Of Goodwill

	Canada						Poland
Amounts in thousands	Century Resorts Alberta		Century Downs		Century Casino St. Albert		Casinos Poland		Total
Balance – December 31, 2016	$	3,661	$	141	$	3,501	$	6,084	$	13,387
Effect of foreign currency translation		127		5		121		828		1,081
Balance -- June 30, 2017	$	3,788	$	146	$	3,622	$	6,912	$	14,468

Casino Licenses

	June 30,		December 31,
Amounts in thousands	2017		2016
Finite-lived
Casino licenses	$	1,715	$	2,029
Less: accumulated amortization		(1,161)		(1,362)
Total finite-lived casino licenses, net		554		667
Infinite-lived
Casino licenses		12,850		11,473
Total infinite-lived casino licenses		12,850		11,473
Casino licenses, net	$	13,404	$	12,140

Changes in Carrying Amount of Licenses

Amounts in thousands		Casinos Poland
Balance – December 31, 2016	$	667
Amortization		(191)
Effect of foreign currency translation		78
Balance -- June 30, 2017	$	554

Estimated Amortization Expense

Amounts in thousands
2017	$	169
2018		152
2019		73
2020		58
2021		58
Thereafter		44
	$	554

Trademark [Member]

Changes in Carrying Amounts

Amounts in thousands	Century Casinos		Casinos Poland		Total
Balance – December 31, 2016	$	108	$	1,450	$	1,558
Effect of foreign currency translation		0		198		198
Balance -- June 30, 2017	$	108	$	1,648	$	1,756

Casino Licenses [Member]

Changes in Carrying Amounts

	Canada				Corporate and Other
Amounts in thousands	Century Downs		Century Casino St. Albert		Saw Close Casino Ltd.
Balance – December 31, 2016	$	2,369	$	9,104	$	0
Purchase of Saw Close Casino Ltd.		0		0		952
Effect of foreign currency translation		81		316		28
Balance -- June 30, 2017	$	2,450	$	9,420	$	980

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Promotional Allowances (Tables)

6 Months Ended

Jun. 30, 2017

Promotional Allowances [Abstract]

Schedule Of Promotional Allowances

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Hotel	$	13	$	13	$	25	$	29
Food and beverage		271		245		538		494
	$	284	$	258	$	563	$	523

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Long-Term Debt [Abstract]

Schedule of Long-term Debt and Weighted Average Interest

Amounts in thousands	June 30, 2017			December 31, 2016
Credit agreement - Bank of Montreal	$	39,245	4.07%	$	40,495	4.04%
Credit agreement - CPL		81	3.62%		215	3.55%
Financing obligation - CDR land lease		15,024	12.17%		14,520	13.54%
Capital leases		635	6.90%		791	7.11%
Total principal	$	54,985	6.25%	$	56,021	7.61%
Deferred financing costs		(310)			(412)
Total long-term debt	$	54,675		$	55,609
Less current portion		(5,407)			(5,583)
Long-term portion	$	49,268		$	50,026

Schedule of Maturities of Long-term Debt

Amounts in thousands	Bank of Montreal		Casinos Poland Credit Agreement		Century Downs Land Lease		Capital Leases		Total
2017	$	2,461	$	81	$	0	$	235	$	2,777
2018		4,922		0		0		259		5,181
2019		16,258		0		0		91		16,349
2020		2,312		0		0		39		2,351
2021		2,312		0		0		10		2,322
Thereafter		10,980		0		15,024		1		26,005
Total	$	39,245	$	81	$	15,024	$	635	$	54,985

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule Of Weighted Average Shares Outstanding

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Weighted average common shares, basic		24,466		24,432		24,460		24,445
Dilutive effect of stock options		496		116		451		171
Weighted average common shares, diluted		24,962		24,548		24,911		24,616

Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2017		2016		2017		2016
Stock options		35		60		35		35

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Fair Value Measurements and Derivative Instruments Reporting (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Measurements And Derivative Instruments Reporting [Abstract]

Fair Value And Basis Of Valuation Of Financial Liabilities

Amounts in thousands	June 30, 2017						December 31, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Interest rate swap liability (1)	$	0	$	101	$	0	$	0	$	129	$	0
(1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements.

Fair value of derivative insturments in Statement of Earnings

Amounts in thousands
		For the three months				For the six months
Derivatives not designated as	Income Statement	ended June 30,				ended June 30,
ASC 815 hedges	Classification	2017		2016		2017		2016
Interest Rate Swaps	Interest Expense	$	172	$	169	$	381	$	320

Derivative Instruments Location And Fair Value Amounts

Amounts in thousands		As of June 30, 2017						As of December 31, 2016
Derivatives not designated as ASC 815 hedges	Balance Sheet Classification	Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities		Gross Recognized Liabilities		Gross Amounts Offset		Net Recognized Fair Value Liabilities
Derivative liabilities:
Interest rate swaps - current	Accrued liabilities	$	47	$	0	$	47	$	55	$	0	$	55
Interest rate swaps - non-current	Taxes payable and other		54		0		54		74		0		74
Total derivative liabilities		$	101	$	0	$	101	$	129	$	0	$	129

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2017

Segment Information [Abstract]

Aggregation Of Operating Segments Into Reportable Segments

Reportable Segment	Operating Segment
Canada	Century Casino & Hotel - Edmonton
Canada	Century Casino Calgary
Canada	Century Downs Racetrack and Casino
Canada	Century Bets!
Canada	Century Casino St. Albert
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

Segment Information

	For the Three Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	14,040	$	7,943	$	14,287	$	1,060	$	37,330
Earnings (loss) before income taxes		$	2,767	$	1,346	$	851	$	(1,930)	$	3,034
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,823	$	836	$	435	$	(1,292)	$	1,802
Interest expense (income), net			867		0		29		(8)		888
Income taxes (benefit)			794		510		198		(638)		864
Depreciation and amortization			845		618		472		83		2,018
Non-controlling interest			150		0		218		0		368
Non-cash stock-based compensation			0		0		0		126		126
Loss (gain) on foreign currency transactions and cost recovery income			13		0		(244)		(50)		(281)
Loss on disposition of fixed assets			10		0		241		0		251
Acquisition costs			0		0		0		151		151
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	4,502	$	1,964	$	1,574	$	(1,628)	$	6,412

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

	For the Three Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	13,167	$	7,703	$	13,570	$	761	$	35,201
Earnings (loss) before income taxes		$	4,372	$	1,344	$	1,369	$	(1,772)	$	5,313
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,948	$	833	$	678	$	(1,210)	$	2,249
Interest expense (income), net			784		0		8		(4)		788
Income taxes (benefit)			688		511		350		(562)		987
Depreciation and amortization			772		625		633		87		2,117
Non-controlling interest			1,736		0		341		0		2,077
Non-cash stock-based compensation			0		0		0		190		190
(Gain) loss on foreign currency transactions and cost recovery income			(1,524)		0		(22)		(14)		(1,560)
Loss on disposition of fixed assets			18		1		(9)		0		10
Adjusted EBITDA		$	4,422	$	1,970	$	1,979	$	(1,513)	$	6,858

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

	For the Six Months Ended June 30, 2017
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	27,202	$	15,443	$	28,833	$	2,251	$	73,729
Earnings (loss) before income taxes		$	4,878	$	2,504	$	2,890	$	(3,443)	$	6,829
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,306	$	1,553	$	1,518	$	(2,415)	$	3,962
Interest expense (income), net			1,785		0		16		(12)		1,789
Income taxes (benefit)			1,324		951		612		(1,028)		1,859
Depreciation and amortization			1,648		1,228		1,044		183		4,103
Non-controlling interest			248		0		760		0		1,008
Non-cash stock-based compensation			0		0		0		235		235
Loss (gain) on foreign currency transactions and cost recovery income			31		0		(464)		(52)		(485)
Loss on disposition of fixed assets			11		0		241		3		255
Acquisition costs			28		0		0		152		180
Pre-opening expenses			0		0		225		0		225
Adjusted EBITDA		$	8,381	$	3,732	$	3,952	$	(2,934)	$	13,131

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

	For the Six Months Ended June 30, 2016
Amounts in thousands		Canada		United States		Poland		Corporate and Other			Total
Net operating revenue (1)		$	26,159	$	14,784	$	25,835	$	1,650	$	68,428
Earnings (loss) before income taxes		$	7,154	$	2,221	$	2,636	$	(3,181)	$	8,830
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,991	$	1,377	$	1,347	$	(2,186)	$	4,529
Interest expense (income), net			1,534		0		23		(8)		1,549
Income taxes (benefit)			1,299		844		617		(995)		1,765
Depreciation and amortization			1,470		1,251		1,234		172		4,127
Non-controlling interest			1,864		0		672		0		2,536
Non-cash stock-based compensation			0		0		0		381		381
(Gain) loss on foreign currency transactions and cost recovery income			(1,544)		0		(222)		8		(1,758)
Loss on disposition of fixed assets			21		3		13		0		37
Adjusted EBITDA		$	8,635	$	3,475	$	3,684	$	(2,628)	$	13,166

Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations

XML

Description Of Business And Basis Of Presentation (Narrative) (Details) £ in Millions, CAD in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 20, 2017 GBP (£)	Jun. 20, 2017 USD ($)	May 31, 2017 item	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($)	Jun. 30, 2017 GBP (£) mi² item	Jun. 30, 2017 CAD mi² item	Jun. 30, 2017 USD ($) mi² item	Jun. 30, 2016 USD ($)	Jun. 20, 2017 USD ($)	Oct. 31, 2014	Dec. 31, 2013
Description Of Business And Basis Of Presentation [Line Items]
Number of ship-based casinos | item				14		14	14	14
Number of cruise ship owners | item						4	4	4
Number of slot machines | item						550	550	550
Distance from CRA and CSA | mi²						30	30	30
Estimated project costs							CAD 60	$ 46,200,000
Period of Century Mile project						15 months	15 months	15 months
Adjusted EBITDA | $				$ 6,412,000	$ 6,858,000			$ 13,131,000	$ 13,166,000
Minimum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Number of races per year | item						100	100	100
Correction of Prior Year Balances [Member]
Description Of Business And Basis Of Presentation [Line Items]
Corrections to adjusted EBITDA | $									700,000
Adjusted EBITDA | $									13,200,000
Correction of Prior Year Balances [Member] | As Previously Reported [Member]
Description Of Business And Basis Of Presentation [Line Items]
Adjusted EBITDA | $									$ 12,500,000
Percentage Of CBS Owned By CCE [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage				75.00%		75.00%	75.00%	75.00%
Lot Polish Airlines Invesment [Member]
Description Of Business And Basis Of Presentation [Line Items]
Owned by noncontrolling interest				33.30%		33.30%	33.30%	33.30%				33.30%
Casinos Poland Ltd [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage				66.60%		66.60%	66.60%	66.60%
Number of casinos owned and operated | item						6	6	6
Century Bets! Inc. [Member]
Description Of Business And Basis Of Presentation [Line Items]
Owned by noncontrolling interest				25.00%		25.00%	25.00%	25.00%
Saw Close Casino Ltd. [Member]
Description Of Business And Basis Of Presentation [Line Items]
Total consideration	£ 0.6	$ 800,000
Liabilities assumed	0.2									$ 200,000
Payments for acquisition	£ 0.1	$ 100,000
Estimated project costs						£ 5.0		$ 6,500,000
Century Casinos Europe GmbH [Member] | Percentage Of Century Downs Racetrack Owned By Century Casinos Europe [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage				75.00%		75.00%	75.00%	75.00%
Century Casinos Europe GmbH [Member] | Saw Close Casino Ltd. [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest				100.00%		100.00%	100.00%	100.00%
Oceania Cruises [Member]
Description Of Business And Basis Of Presentation [Line Items]
Term of consulting agreement						2 years	2 years	2 years
Consulting Fee | $								$ 2,000,000
Consulting Fee payable per quarter | $								$ 250,000
TUI Cruises, Mein Schiff 6 [Member]
Description Of Business And Basis Of Presentation [Line Items]
Number of passengers | item			2,500
Century Downs Racetrack And Casino [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage				75.00%		75.00%	75.00%	75.00%
Owned by noncontrolling interest				25.00%		25.00%	25.00%	25.00%
Mendoza Central Entretenimientos S. A. [Member] | Century Casinos Europe GmbH [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest				7.50%		7.50%	7.50%	7.50%			7.50%

XML

Description Of Business And Basis Of Presentation (Exchange Rates) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Canadian Dollar (CAD) [Member]
Currency [Line Items]
Ending rates	1.2977		1.2977		1.3427
Average Rates	1.3451	1.2890	1.3343	1.3311
Average Rates % Change	(4.40%)		(0.20%)
Euros (EUR) [Member]
Currency [Line Items]
Ending rates	0.8761		0.8761		0.9476
Average Rates	0.9096	0.8856	0.9240	0.8961
Average Rates % Change	(2.70%)		(3.10%)
Polish Zloty (PLN) [Member]
Currency [Line Items]
Ending rates	3.7027		3.7027		4.2065
Average Rates	3.8354	3.8726	3.9459	3.9141
Average Rates % Change	1.00%		(0.80%)
British Pound (GBP) [Member]
Currency [Line Items]
Ending rates	0.7696		0.7696		0.8106
Average Rates	0.7822	0.6976	0.7947	0.6979
Average Rates % Change	(12.10%)		(13.90%)

XML

Description Of Business And Basis Of Presentation (Impact Of Corrections On Consolidated Financial Statements) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other		$ 2,582	$ 2,988	$ 5,156	$ 6,725
Gross revenue		39,901	37,407	78,742	72,640
Net operating revenue	[1]	37,330	35,201	73,729	68,428
Earnings from operations		3,641	4,541	8,133	8,621
Earnings before income taxes		3,034	5,313	6,829	8,830
Income tax expense		(864)	(987)	(1,859)	(1,765)
Non-controlling interest		8,285		8,285		$ 6,388
Net earnings		2,170	4,326	4,970	7,065
Net earnings attributable to non-controlling interests		(368)	(2,077)	(1,008)	(2,536)
Net earnings attributable to Century Casinos, Inc. shareholders		1,802	2,249	3,962	$ 4,529
Basic and Diluted					$ 0.18
Foreign currency translation adjustments		3,000	(1,309)	4,560	$ 2,419
Other comprehensive income		3,000	(1,309)	4,560	2,419
Comprehensive income		5,170	3,017	9,530	9,484
Balance at January 1, 2016		148,323	135,072	148,323	135,072	$ 138,584	$ 126,787
Foreign currency translation adjustments		(563)	383	(947)	2
Comprehensive income attributable to Century Casinos, Inc. shareholders		4,239	1,323	7,575	6,950
Receivables, net				1,602	(381)
Taxes payable				(1,696)	(1,038)
Net cash provided by operating activities				7,241	8,907
Effect of Exchange Rate Changes on Cash				979	416
Non-controlling interests		368	2,077	1,008	2,536
Adjusted EBITDA		6,412	6,858	13,131	13,166
Canada [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net operating revenue	[1]	14,040	13,167	27,202	26,159
Earnings before income taxes		2,767	4,372	4,878	7,154
Income tax expense		(794)	(688)	(1,324)	(1,299)
Net earnings attributable to non-controlling interests		(150)	(1,736)	(248)	(1,864)
Net earnings attributable to Century Casinos, Inc. shareholders		1,823	1,948	3,306	3,991
Non-controlling interests		150	1,736	248	1,864
Adjusted EBITDA		4,502	4,422	8,381	8,635
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other					6,028
Gross revenue					71,943
Net operating revenue					67,731
Earnings from operations					7,924
Earnings before income taxes					8,133
Income tax expense					(1,584)
Net earnings					6,549
Net earnings attributable to non-controlling interests					(2,407)
Net earnings attributable to Century Casinos, Inc. shareholders					$ 4,142
Basic and Diluted					$ 0.17
Foreign currency translation adjustments					$ 2,447
Other comprehensive income					2,447
Comprehensive income					8,996
Balance at January 1, 2016							127,275
Foreign currency translation adjustments					(5)
Comprehensive income attributable to Century Casinos, Inc. shareholders					6,584
Receivables, net					278
Taxes payable					(1,209)
Net cash provided by operating activities					8,879
Effect of Exchange Rate Changes on Cash					444
Non-controlling interests					2,407
As Previously Reported [Member] | Canada [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net operating revenue					25,462
Income tax expense					(1,118)
Net earnings attributable to non-controlling interests					(1,735)
Net earnings attributable to Century Casinos, Inc. shareholders					3,604
Non-controlling interests					1,735
Adjusted EBITDA					7,938
Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other					697
Gross revenue					697
Net operating revenue					697
Earnings from operations					697
Earnings before income taxes					697
Income tax expense					(181)
Net earnings					516
Net earnings attributable to non-controlling interests					(129)
Net earnings attributable to Century Casinos, Inc. shareholders					$ 387
Basic and Diluted					$ 0.01
Foreign currency translation adjustments					$ (28)
Other comprehensive income					(28)
Comprehensive income					488
Balance at January 1, 2016							(488)
Foreign currency translation adjustments					7
Comprehensive income attributable to Century Casinos, Inc. shareholders					366
Receivables, net					(659)
Taxes payable					171
Net cash provided by operating activities					28
Effect of Exchange Rate Changes on Cash					(28)
Non-controlling interests					129
Correction [Member] | Canada [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net operating revenue					697
Income tax expense					(181)
Net earnings attributable to non-controlling interests					(129)
Net earnings attributable to Century Casinos, Inc. shareholders					387
Non-controlling interests					129
Adjusted EBITDA					697
Accumulated Other Comprehensive Income (Loss) [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings				0	0
Foreign currency translation adjustments				3,613	2,421
Balance at January 1, 2016		(8,996)	(10,262)	(8,996)	(10,262)		(12,683)
Accumulated Other Comprehensive Income (Loss) [Member] | As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Foreign currency translation adjustments					2,442
Balance at January 1, 2016							(12,704)
Accumulated Other Comprehensive Income (Loss) [Member] | Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Foreign currency translation adjustments					(21)
Balance at January 1, 2016							21
Retained Earnings [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings				3,962	4,529
Foreign currency translation adjustments				0	0
Balance at January 1, 2016		70,365	61,700	70,365	61,700		57,171
Retained Earnings [Member] | As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					4,142
Balance at January 1, 2016							57,558
Retained Earnings [Member] | Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					387
Balance at January 1, 2016							(387)
Total Century Casinos Shareholders' Equity [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings				3,962	4,529
Foreign currency translation adjustments				3,613	2,421
Balance at January 1, 2016		140,038	129,427	140,038	129,427		122,050
Total Century Casinos Shareholders' Equity [Member] | As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					4,142
Foreign currency translation adjustments					2,442
Balance at January 1, 2016							122,416
Total Century Casinos Shareholders' Equity [Member] | Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					387
Foreign currency translation adjustments					(21)
Balance at January 1, 2016							(366)
Noncontrolling Interest [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings				1,008	2,536
Foreign currency translation adjustments				947	(2)
Balance at January 1, 2016		$ 8,285	$ 5,645	$ 8,285	5,645		4,737
Noncontrolling Interest [Member] | As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					2,407
Foreign currency translation adjustments					5
Balance at January 1, 2016							4,859
Noncontrolling Interest [Member] | Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net earnings					129
Foreign currency translation adjustments					$ (7)
Balance at January 1, 2016							$ (122)

[1] Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations.

XML

Acquisitions (Narrative) (Details) $ in Thousands, CAD in Millions				1 Months Ended		3 Months Ended		5 Months Ended	6 Months Ended
		Oct. 01, 2016 CAD	Oct. 01, 2016 USD ($)	Feb. 28, 2017 CAD	Feb. 28, 2017 USD ($)	Jun. 30, 2017 USD ($) a	Jun. 30, 2016 USD ($)	Feb. 28, 2017 USD ($)	Jun. 30, 2017 CAD ft² item	Jun. 30, 2017 USD ($) a ft² item	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Number of slot machines | item									550	550
Net operating revenue	[1]					$ 37,330	$ 35,201			$ 73,729	$ 68,428
Net earnings (loss) attributable to Century Casinos, Inc. shareholders						1,802	2,249			3,962	4,529
Assets						223,634				223,634		$ 217,838
Cash						38,810	$ 31,267			38,810	$ 31,267	38,837	$ 29,366
Liabilities						$ 75,311				$ 75,311		$ 79,254
Apex Acquisition[Member]
Business Acquisition [Line Items]
Additional ownership acquired			100.00%
Square footage of casino facility | ft²									34,500	34,500
Acres of land | a						6				6
Number of slot machines | item									381	381
Number of table games | item									7	7
Number of video lottery terminals | item									12	12
Number of guests that the banquet facility can accommodate | item									175	175
Total consideration		CAD 31.9	$ 24,300
Payments for acquisition		CAD 27.7	21,100					$ 24,289
Working capital paid				CAD 2.0	$ 1,500
Net operating revenue						$ 2,100				$ 4,100
Net earnings (loss) attributable to Century Casinos, Inc. shareholders						$ 300				300
Assets			22,400
Cash			3,100
Liabilities			1,700
Goodwill			3,600
Investment fair value			21,200
Assumed liabilities			$ 383
Purchase Agreement Holdbacks [Member] | Apex Acquisition[Member]
Business Acquisition [Line Items]
Payments for acquisition									CAD 2.2	$ 1,700

[1] Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations.

XML

Acquisitions (Schedule of Estimated Fair Values of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Oct. 01, 2016
Business Acquisition [Line Items]
Add: Goodwill	$ 14,468	$ 13,387
Apex Acquisition[Member]
Business Acquisition [Line Items]
Cash			$ 3,060
Accounts receivable			331
Prepaid expenses and other			136
Inventories			39
Property and equipment			9,542
Casino license			9,318
Accounts payable			(63)
Accrued liabilities			(383)
Accrued payroll			(37)
Deferred tax liability			(1,238)
Net identifiable assets acquired			20,705
Add: Goodwill			3,584
Net assets acquired			$ 24,289

XML

Acquisitions (Purchase Consideration - Cash Outflow) (Details) $ in Thousands, CAD in Millions			5 Months Ended	6 Months Ended
	Oct. 01, 2016 CAD	Oct. 01, 2016 USD ($)	Feb. 28, 2017 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Business Acquisition [Line Items]
Net cash				$ 1,494	$ 0
Apex Acquisition[Member]
Business Acquisition [Line Items]
Cash consideration	CAD 27.7	$ 21,100	$ 24,289
Less: cash balances acquired			(3,060)
Net cash			$ 21,229

XML

Acquisitions (Schedule of Unaudited Pro Forma Information) (Details) - Apex Acquisition[Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net operating revenue	$ 37,432	$ 72,461
Net earnings attributable to Century Casinos, Inc. shareholders	$ 2,562	$ 5,094
Basic and diluted earnings per share	$ 0.10	$ 0.21

XML

Cost Investment (Narrative) (Details) $ in Thousands		6 Months Ended
	Oct. 31, 2014 USD ($)	Jun. 30, 2017 USD ($) employee	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Cost investment		$ 1,000	$ 1,000
Century Casinos Europe GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member]
Business Acquisition [Line Items]
Ownership interest	7.50%	7.50%
Period of option to purchase additional equity interest		3 years
Additional interest to purchase under option, percentage		50.00%
Investment in Mendoza Central Entretenmientos S.A.	$ 1,000
Number of directors appointed | employee		1
Minimum percentage of each tranche		10.00%

XML

Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment charges related to goodwill	$ 0
Number of trademarks | item	2
Impairment charges related to trademarks	$ 0
License impairment charges	$ 0	$ 0
Casinos Poland Ltd [Member]
Finite-Lived Intangible Assets [Line Items]
Number of casino licenses | item	6
Term of casino licenses, years	6 years
Weighted-average period before the next renewal of casino licenses	1 year 8 months 12 days

XML

Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 13,387
Effect of foreign currency translation	1,081
Balance at end of period	14,468
Century Resorts Alberta [Member]
Goodwill [Line Items]
Balance at beginning of period	3,661
Effect of foreign currency translation	127
Balance at end of period	3,788
Century Downs Racetrack And Casino [Member]
Goodwill [Line Items]
Balance at beginning of period	141
Effect of foreign currency translation	5
Balance at end of period	146
Century Casino St. Albert [Member]
Goodwill [Line Items]
Balance at beginning of period	3,501
Effect of foreign currency translation	121
Balance at end of period	3,622
Casinos Poland Ltd [Member]
Goodwill [Line Items]
Balance at beginning of period	6,084
Effect of foreign currency translation	828
Balance at end of period	$ 6,912

XML

Goodwill And Intangible Assets (Changes in Carrying Amounts) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 1,558
Effect of foreign currency translation	198
Balance at end of period	1,756
Century Casinos [Member]
Goodwill [Line Items]
Balance at beginning of period	108
Effect of foreign currency translation	0
Balance at end of period	108
Casinos Poland Ltd [Member]
Goodwill [Line Items]
Balance at beginning of period	1,450
Effect of foreign currency translation	198
Balance at end of period	1,648
Century Downs Racetrack And Casino [Member]
Goodwill [Line Items]
Balance at beginning of period	2,369
Purchase of Saw Close Casino Ltd.	0
Effect of foreign currency translation	81
Balance at end of period	2,450
Century Casino St. Albert [Member]
Goodwill [Line Items]
Balance at beginning of period	9,104
Purchase of Saw Close Casino Ltd.	0
Effect of foreign currency translation	316
Balance at end of period	9,420
Saw Close Casino Ltd. [Member]
Goodwill [Line Items]
Balance at beginning of period	0
Purchase of Saw Close Casino Ltd.	952
Effect of foreign currency translation	28
Balance at end of period	$ 980

XML

Goodwill And Intangible Assets (Casino Licenses) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Casino licenses, net	$ 13,404	$ 12,140
Casino Licenses [Member]
Finite-lived: Casino Licenses	1,715	2,029
Finite-lived: Less: accumulated amortization	(1,161)	(1,362)
Total finite-lived casino licenses, net	554	667
Infinite-lived: Casino licenses	12,850	11,473
Total infinite-lived casino licenses	12,850	11,473
Casino licenses, net	$ 13,404	$ 12,140

XML

Goodwill And Intangible Assets (Changes in Carrying Amount of Licenses) (Details) - Casinos Poland Ltd [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Line Items]
Balance at begininng of period	$ 667
Amortization	(191)
Effect of foreign currency translation	78
Balance at end of period	$ 554

XML

Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - Casinos Poland Ltd [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
2017	$ 169
2018	152
2019	73
2020	58
2021	58
Thereafter	44
Total finite-lived casino licenses, net	$ 554	$ 667

XML

Promotional Allowances (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Promotional Allowances [Line Items]
Total promotional allowances	$ 284	$ 258	$ 563	$ 523
Outstanding Balance Of Promotional Allowance Liability	700		700		$ 700
Hotel [Member]
Promotional Allowances [Line Items]
Total promotional allowances	13	13	25	29
Food And Beverage [Member]
Promotional Allowances [Line Items]
Total promotional allowances	$ 271	$ 245	$ 538	$ 494

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Long-Term Debt (Narrative) (Details) $ in Thousands, PLN in Millions, CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017 CAD item	Jun. 30, 2016 CAD	Jun. 30, 2017 CAD item	Jun. 30, 2017 PLN item	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($)	Jun. 30, 2017 PLN item	Jun. 30, 2017 USD ($) item	Dec. 31, 2016 PLN	Dec. 31, 2016 USD ($)	Sep. 30, 2016 CAD	Apr. 30, 2015 USD ($)	Aug. 15, 2014 CAD	May 31, 2012 CAD
Debt Instrument [Line Items]
Amortization of deferred financing costs | $					$ 86	$ 57
Amount outstanding | $								$ 54,985		$ 56,021
total debt | $								54,675		$ 55,609
Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Amount outstanding | PLN							PLN 0.0		PLN 0.0
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | PLN							3.6
total debt							PLN 0.3	$ 100
Century Downs Racetrack And Casino [Member]
Debt Instrument [Line Items]
Options to Purchase Land | item			4	4	4
Number of capital lease agreements | item	6		6				6	6
Capital lease agreements	CAD 0.5		CAD 0.5					$ 400
Interest rate on financing obligation			0.00%	0.00%	0.00%
Century Resorts Alberta [Member]
Debt Instrument [Line Items]
Number of capital lease agreements | item	2		2				2	2
Capital lease agreements	CAD 0.2		CAD 0.2					$ 200
Capital Lease- CAL [Member]
Debt Instrument [Line Items]
Capital lease agreements	0.1		0.1					100
Capital Lease CSA [Member]
Debt Instrument [Line Items]
Capital lease agreements	CAD 0.1		CAD 0.1					$ 100
BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity											CAD 69.2		CAD 39.1	CAD 28.0
EBITDA			3.00	3.00	3.00
Fixed Charge Coverage Ratio	1.20		1.20				1.20	1.20
Required minimum equity balance under debt covenant	CAD 50.0		CAD 50.0
Required maximum capital expenditure limit under debt covenant			4.0
Line of credit facility	50.9		50.9					$ 39,200
Line of credit facility amount available for borrowing	5.8		5.8					$ 4,500
Standby fees	0.1	CAD 0.1			$ 100	100
Line of credit facility amount that cannot be reborrowed once repaid	CAD 63.9		CAD 63.9
BMO Credit Agreement [Member] | Interest Rate Swap Liability [Member]
Debt Instrument [Line Items]
CDOR exchange rate	3.92		3.92				3.92	3.92
Notional Value	CAD 8.4		CAD 8.4									$ 6,500
Debt instrument maturity date			Aug. 01, 2019	Aug. 01, 2019	Aug. 01, 2019
BMO Credit Agreement [Member] | Interest Rate Swap Second Agreement [Member]
Debt Instrument [Line Items]
CDOR exchange rate	3.89		3.89				3.89	3.89
Notional Value	CAD 8.4		CAD 8.4					$ 6,500
Debt instrument maturity date			Aug. 01, 2019	Aug. 01, 2019	Aug. 01, 2019
BMO Credit Agreement [Member] | Interest Rate Swap Third Agreement [Member]
Debt Instrument [Line Items]
CDOR exchange rate	4.08		4.08				4.08	4.08
Notional Value	CAD 13.9		CAD 13.9					$ 10,700
Debt instrument maturity date			Dec. 01, 2021	Dec. 01, 2021	Dec. 01, 2021
First Loan With mBank [Member] | Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Debt ratio	80		80				80	80
Debt instrument term			3 years	3 years	3 years
Interest rate percentage points above WIBOR			1.70%	1.70%	1.70%
Second Loan With mBank [Member] | Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Line of credit facility amount available for borrowing | $								$ 0
Amount outstanding							PLN 0.3	$ 100
Required liquidity ratio under debt covenant	0.5		0.5				0.5	0.5
Line Of Credit With BPH Bank [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity | PLN							PLN 13.0
Line of credit amount that can only be used to secure bank guarantees | PLN				PLN 2.0
Expiration date			Feb. 11, 2018	Feb. 11, 2018	Feb. 11, 2018
Line Of Credit With BPH Bank [Member] | Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Line of credit facility | PLN							0.0
Line of credit facility amount available for borrowing							11.0	$ 3,000
Interest rate percentage points above WIBOR			1.85%	1.85%	1.85%
Guarantee From mBank [Member] | Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Expiration date			Oct. 31, 2019	Oct. 31, 2019	Oct. 31, 2019
Bank guarantee issued for payment of casino jackpots and gaming tax obligations							3.6	1,000
Deposits maintained for payment of casino jackpots and gaming tax obligations							PLN 1.4	400
Capital Leases [Member]
Debt Instrument [Line Items]
Amount outstanding | $								635
Credit Facility A [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Term of credit agreement			5 years	5 years	5 years
Line of credit facility	CAD 1.1		CAD 1.1
Expiration date			Aug. 01, 2019	Aug. 01, 2019	Aug. 01, 2019
Line of credit facility amount available for borrowing	1.1		CAD 1.1					$ 800
Credit Facility B [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Term of credit agreement			5 years	5 years	5 years
Line of credit facility	24.1		CAD 24.1
Expiration date			Aug. 01, 2019	Aug. 01, 2019	Aug. 01, 2019
Line of credit facility amount available for borrowing	CAD 0.0		CAD 0.0
Credit Facility B [Member] | BMO Credit Agreement [Member] | Casinos Poland Ltd [Member]
Debt Instrument [Line Items]
Additional ownership acquired	33.30%		33.30%				33.30%	33.30%
Credit Facility C [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Term of credit agreement			5 years	5 years	5 years
Line of credit facility	CAD 11.0		CAD 11.0
Expiration date			Aug. 01, 2019	Aug. 01, 2019	Aug. 01, 2019
Line of credit facility amount available for borrowing	4.7		CAD 4.7					$ 3,600
Credit Facility D [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Term of credit agreement			5 years	5 years	5 years
Line of credit facility	30.0		CAD 30.0
Expiration date			Sep. 01, 2021	Sep. 01, 2021	Sep. 01, 2021
Line of credit facility amount available for borrowing	0.0		CAD 0.0
Credit Facility E [Member] | Treasury Risk Management Facility [Member]
Debt Instrument [Line Items]
Term of credit agreement			5 years	5 years	5 years
Line of credit facility	CAD 3.0		CAD 3.0					$ 2,300
Minimum [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Standby fees, percentage			0.50%	0.50%	0.50%
Maximum [Member] | BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Standby fees, percentage			0.75%	0.75%	0.75%
Amortization of deferred financing costs | $					$ 100	$ 100
Century Downs Racetrack And Casino [Member]
Debt Instrument [Line Items]
Ownership percentage	75.00%		75.00%				75.00%	75.00%
Outstanding balance on financing obligation	CAD 19.5		CAD 19.5					$ 15,000

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Long-Term Debt (Schedule of Long-term Debt and Weighted Average Interest) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total principal	$ 54,985	$ 56,021
Deferred financing costs	(310)	(412)
Total long-term debt	54,675	55,609
Less: current portion	(5,407)	(5,583)
Long-term portion	49,268	50,026
Credit Agreement - Bank of Montreal [Member]
Debt Instrument [Line Items]
Total principal	$ 39,245	$ 40,495
Weighted-average interest rate	4.07%	4.04%
Credit Agreements - CPL [Member]
Debt Instrument [Line Items]
Total principal	$ 81	$ 215
Weighted-average interest rate	3.62%	3.55%
Financing Obligation - CDR Land Lease [Member]
Debt Instrument [Line Items]
Total principal	$ 15,024	$ 14,520
Weighted-average interest rate	12.17%	13.54%
Capital Lease - CDR [Member]
Debt Instrument [Line Items]
Total principal	$ 635	$ 791
Weighted-average interest rate	6.90%	7.11%
Total Principal Debt [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	6.25%	7.61%

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Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
2017	$ 2,777
2018	5,181
2019	16,349
2020	2,351
2021	2,322
Thereafter	26,005
Total	54,985	$ 56,021
Credit Agreements - CPL [Member]
Debt Instrument [Line Items]
2017	81
2018	0
2019	0
2020	0
2021	0
Thereafter	0
Total	81	$ 215
Century Downs Land Lease [Member]
Debt Instrument [Line Items]
2017	0
2018	0
2019	0
2020	0
2021	0
Thereafter	15,024
Total	15,024
Capital Leases [Member]
Debt Instrument [Line Items]
2017	235
2018	259
2019	91
2020	39
2021	10
Thereafter	1
Total	635
Bank Of Montreal [Member]
Debt Instrument [Line Items]
2017	2,461
2018	4,922
2019	16,258
2020	2,312
2021	2,312
Thereafter	10,980
Total	$ 39,245

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Commitments And Contingencies (Narrative) (Details) $ in Thousands, PLN in Millions	6 Months Ended			78 Months Ended
	Jun. 30, 2017 PLN	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 PLN	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2013
Commitments and Contingencies [Line items]
Contingent liability						$ 2,433	$ 2,099
Distribution to non-controlling interest		$ 644	$ 1,626
Lot Polish Airlines Invesment [Member]
Commitments and Contingencies [Line items]
Owned by noncontrolling interest	33.30%			33.30%		33.30%		33.30%
Awarded arbitration	PLN 1.2	300
Casinos Poland Ltd [Member]
Commitments and Contingencies [Line items]
Income tax audit costs				PLN 6.4	$ 2,100
Review of Tax Year 2010 [Member]
Commitments and Contingencies [Line items]
Income tax audit costs	2.9	$ 800
Review of All Tax Open Periods [Member]
Commitments and Contingencies [Line items]
Contingent liability	PLN 9.0			PLN 9.0		$ 2,400

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Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Taxes [Abstract]
Income tax	$ 864	$ 987	$ 1,859	$ 1,765
Pre-tax income	$ 3,034	$ 5,313	$ 6,829	$ 8,830
Effective tax rate			27.20%	20.00%
U.S. Federal income tax statutory rate			34.00%

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Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted average common shares, basic	24,466	24,432	24,460	24,445
Dilutive effect of stock options	496	116	451	171
Weighted average common shares, diluted	24,962	24,548	24,911	24,616

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Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	35	60	35	35

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Fair Value Measurements and Derivative Instruments Reporting (Narrative) (Details) CAD in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2017 CAD	Jun. 30, 2017 USD ($)	Apr. 30, 2015 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents					$ 0		$ 0
Operating expenses	$ 33,689,000	$ 30,660,000	$ 65,596,000	$ 59,807,000
Katowice Leashold Improvements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on a nonrecurring basis					0		$ 0
Operating expenses					$ 400,000
BMO Credit Agreement [Member] | Interest Rate Swap Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument maturity date			Aug. 01, 2019
Notional Value						CAD 8.4		$ 6,500,000
CDOR exchange rate						3.92	3.92

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Fair Value Measurements and Derivative Instruments Reporting (Fair value and basis of valuation of financial liabilities) (Details) - Interest Rate Swap Liability [Member] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	101	129
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial Liabilities	$ 0	$ 0

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Fair Value Measurements and Derivative Instruments Reporting (Fair value of derivative insturments in Statement of Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Expense [Member] | Interest Rate Swap Liability [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Gain (loss) on derivative instruments	$ 172	$ 169	$ 381	$ 320

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Fair Value Measurements and Derivative Instruments Reporting (Derivative instruments location and fair value amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Gross recognized Liabilities	$ 101	$ 129
Gross Amounts Offset	0	0
Net Recognized Fair value Liabilities	101	129
Interest Rate Swap - Current [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross recognized Liabilities	47	55
Gross Amounts Offset	0	0
Net Recognized Fair value Liabilities	47	55
Interest Rate Swap - Non-Current [Member] | Taxes Payable and Other [Member]
Derivatives, Fair Value [Line Items]
Gross recognized Liabilities	54	74
Gross Amounts Offset	0	0
Net Recognized Fair value Liabilities	$ 54	$ 74

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Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details)	6 Months Ended
	Jun. 30, 2017
Operating Segment 1 [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Casino & Hotel - Edmonton
Operating Segment 2 [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Casino Calgary
Operating Segment 3 [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Downs Racetrack and Casino
Operating Segment 4 [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Bets!
Operating Segment 5 [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Casino St. Albert
Operating Segment 6 [Member] | United States [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Casino & Hotel – Central City
Operating Segment 7 [Member] | United States [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Century Casino & Hotel – Cripple Creek
Operating Segment 8 [Member] | Poland [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Casinos Poland
Operating Segment 9 [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Cruise Ships & Other
Operating Segment 10 [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Name of operating segment	Corporate Other

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Segment Information (Segment Information) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) item	Jun. 30, 2016 USD ($)
Segment Reporting Information [Line Items]
Net operating revenue	[1]	$ 37,330	$ 35,201	$ 73,729	$ 68,428
Earnings (loss) before income taxes		3,034	5,313	6,829	8,830
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		1,802	2,249	3,962	4,529
Interest expense (income), net		888	788	1,789	1,549
Income taxes (benefit)		864	987	1,859	1,765
Depreciation and amortization		2,018	2,117	4,103	4,127
Non-controlling interests		368	2,077	1,008	2,536
Non-cash stock-based compensation		126	190	235	381
Loss (gain) on foreign currency transactions and cost recovery income		(281)	(1,560)	(485)	(1,758)
Loss on disposition of fixed assets		251	10	255	37
Acquisition costs		151		180
Pre-opening expenses		225		225
Adjusted EBITDA		$ 6,412	6,858	$ 13,131	13,166
Number of Co-CEOs | item		2		2
Number of reportable segments | item				3
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net operating revenue	[1]	$ 1,060	761	$ 2,251	1,650
Earnings (loss) before income taxes		(1,930)	(1,772)	(3,443)	(3,181)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		(1,292)	(1,210)	(2,415)	(2,186)
Interest expense (income), net		(8)	(4)	(12)	(8)
Income taxes (benefit)		(638)	(562)	(1,028)	(995)
Depreciation and amortization		83	87	183	172
Non-controlling interests		0	0	0	0
Non-cash stock-based compensation		126	190	235	381
Loss (gain) on foreign currency transactions and cost recovery income		(50)	(14)	(52)	8
Loss on disposition of fixed assets		0	0	3	0
Acquisition costs		151		152
Pre-opening expenses		0		0
Adjusted EBITDA		(1,628)	(1,513)	(2,934)	(2,628)
Canada [Member]
Segment Reporting Information [Line Items]
Net operating revenue	[1]	14,040	13,167	27,202	26,159
Earnings (loss) before income taxes		2,767	4,372	4,878	7,154
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		1,823	1,948	3,306	3,991
Interest expense (income), net		867	784	1,785	1,534
Income taxes (benefit)		794	688	1,324	1,299
Depreciation and amortization		845	772	1,648	1,470
Non-controlling interests		150	1,736	248	1,864
Non-cash stock-based compensation		0	0	0	0
Loss (gain) on foreign currency transactions and cost recovery income		13	(1,524)	31	(1,544)
Loss on disposition of fixed assets		10	18	11	21
Acquisition costs		0		28
Pre-opening expenses		0		0
Adjusted EBITDA		4,502	4,422	8,381	8,635
United States [Member]
Segment Reporting Information [Line Items]
Net operating revenue	[1]	7,943	7,703	15,443	14,784
Earnings (loss) before income taxes		1,346	1,344	2,504	2,221
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		836	833	1,553	1,377
Interest expense (income), net		0	0	0	0
Income taxes (benefit)		510	511	951	844
Depreciation and amortization		618	625	1,228	1,251
Non-controlling interests		0	0	0	0
Non-cash stock-based compensation		0	0	0	0
Loss (gain) on foreign currency transactions and cost recovery income		0	0	0	0
Loss on disposition of fixed assets		0	1	0	3
Acquisition costs		0		0
Pre-opening expenses		0		0
Adjusted EBITDA		1,964	1,970	3,732	3,475
Poland [Member]
Segment Reporting Information [Line Items]
Net operating revenue	[1]	14,287	13,570	28,833	25,835
Earnings (loss) before income taxes		851	1,369	2,890	2,636
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		435	678	1,518	1,347
Interest expense (income), net		29	8	16	23
Income taxes (benefit)		198	350	612	617
Depreciation and amortization		472	633	1,044	1,234
Non-controlling interests		218	341	760	672
Non-cash stock-based compensation		0	0	0	0
Loss (gain) on foreign currency transactions and cost recovery income		(244)	(22)	(464)	(222)
Loss on disposition of fixed assets		241	(9)	241	13
Acquisition costs		0		0
Pre-opening expenses		225		225
Adjusted EBITDA		$ 1,574	$ 1,979	$ 3,952	$ 3,684

[1] Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations.