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 operations related to Century Casino Bath, its 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
Canada	Century Mile Racetrack and Casino
United States	Century Casino & Hotel – Central City
United States	Century Casino & Hotel – Cripple Creek
Poland	Casinos Poland
Corporate and Other	Cruise Ships & Other
Corporate and Other	Century Casino Bath
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 the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US 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 tables provide information regarding the Company’s segments:


	For the three months ended March 31, 2019
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	16,297	$	8,068	$	19,752	$	1,496	$	45,613

Earnings (loss) before income taxes		$	2,553	$	1,339	$	1,831	$	(3,284)	$	2,439

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	1,547	$	983	$	913	$	(2,375)	$	1,068
Interest expense (income), net			1,192		—		46		16		1,254
Income taxes (benefit)			766		356		461		(867)		716
Depreciation and amortization			797		560		770		298		2,425
Net earnings (loss) attributable to non-controlling interests			240		—		457		(42)		655
Non-cash stock-based compensation			—		—		—		261		261
Gain on foreign currency transactions, cost recovery income and other			(45)		—		(202)		(11)		(258)
(Gain) loss on disposition of fixed assets			(5)		16		5		28		44
Pre-opening expenses			538		—		—		—		538
Adjusted EBITDA		$	5,030	$	1,915	$	2,450	$	(2,692)	$	6,703

(1)

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


	For the three months ended March 31, 2018
Amounts in thousands		Canada		United States		Poland		Corporate and Other		Total
Net operating revenue (1)		$	14,672	$	7,706	$	17,382	$	860	$	40,620

Earnings (loss) before income taxes		$	2,681	$	1,174	$	1,122	$	(2,678)	$	2,299

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	2,019	$	873	$	534	$	(2,500)	$	926
Interest expense (income), net			939		—		71		1		1,011
Income taxes (benefit)			534		301		323		(178)		980
Depreciation and amortization			874		541		649		89		2,153
Net earnings attributable to non-controlling interests			128		—		265		—		393
Non-cash stock-based compensation			—		—		—		115		115
(Gain) loss on foreign currency transactions and cost recovery income			(72)		—		(169)		182		(59)
Loss on disposition of fixed assets			2		3		26		2		33
Pre-opening expenses			280		—		405		325		1,010
Adjusted EBITDA		$	4,704	$	1,718	$	2,104	$	(1,964)	$	6,562

(1)

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