Segment And Geographic Information

12 Months Ended

Dec. 31, 2022

Segment And Geographic Information [Abstract]

Segment And Geographic Information

15.  SEGMENT AND GEOGRAPHIC INFORMATION

The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. The Company views each market in which it operates as a separate operating segment and each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s operations related to Century Casino Bath, which the Company deconsolidated in May 2020, 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 reporting units and operating segments into reportable segments as of December 31, 2022:

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville (1)
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary (2)	Century Downs Racetrack and Casino
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other (3)

(1)Includes The Farmstead.

(2)The Company operated Century Sports through February 10, 2022 and Century Bets through August 2021, when operations were transferred to Century Mile. For more information about Century Sports and Century Bets, see Note 1.

(3)The equity investment in Smooth Bourbon is included in the Corporate Other reporting unit.

The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) 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, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) 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 tables provide summary information regarding the Company’s reportable segments:

	For the year ended December 31, 2022
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	268,582	$	71,572	$	90,169	$	206	$	430,529
Earnings from equity investment		$	—	$	—	$	—	$	3,249	$	3,249
Earnings (loss) before income taxes		$	32,354	$	11,211	$	11,044	$	(48,599)	$	6,010
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	24,759	$	6,070	$	5,811	$	(28,664)	$	7,976
Interest expense (income), net (2)			28,531		2,281		(686)		34,854		64,980
Income taxes (benefit)			7,595		2,354		2,326		(19,935)		(7,660)
Depreciation and amortization			19,364		4,754		2,606		385		27,109
Net earnings attributable to non-controlling interests			—		2,787		2,907		—		5,694
Non-cash stock-based compensation			—		—		—		3,335		3,335
(Gain) loss on foreign currency transactions, cost recovery income and other (3)			(1)		123		(1,153)		(205)		(1,236)
Loss (gain) on disposition of fixed assets			49		27		63		(121)		18
Acquisition costs			—		—		—		3,124		3,124
Adjusted EBITDA		$	80,297	$	18,396	$	11,874	$	(7,227)	$	103,340
Long-lived assets (4)		$	466,403	$	139,304	$	27,134	$	8,192	$	641,033
Total assets (5)		$	425,820	$	162,088	$	42,173	$	254,886	$	884,967
Capital expenditures		$	16,000	$	1,566	$	1,578	$	49	$	19,193

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

(2)Expense of $28.5 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $2.3 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $25.7 million and $2.1 million, respectively, for the period presented. Expense of $7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment.

(3)Loss of $2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by cost recovery income for CDR.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.

(5)Total assets for the Corporate and Other segment include $100.2 million in restricted cash related to the Acquisition Escrow and $93.3 million related to the equity investment in Smooth Bourbon.

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	For the year ended December 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	283,285	$	46,428	$	58,226	$	567	$	388,506
Earnings (loss) before income taxes		$	49,628	$	3,312	$	921	$	(25,712)	$	28,149
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	49,628	$	1,124	$	440	$	(30,570)	$	20,622
Interest expense (income), net (2)			28,229		1,796		(477)		13,110		42,658
Income taxes			—		1,256		257		4,858		6,371
Depreciation and amortization			18,398		4,904		3,028		432		26,762
Net earnings attributable to non-controlling interests			—		932		224		—		1,156
Non-cash stock-based compensation			—		—		—		2,652		2,652
Gain on foreign currency transactions, cost recovery income and other (3)			(836)		(545)		(887)		(418)		(2,686)
Loss (gain) on disposition of fixed assets			341		43		44		(37)		391
Adjusted EBITDA		$	95,760	$	9,510	$	2,629	$	(9,973)	$	97,926
Long-lived assets (4)		$	376,210	$	152,278	$	29,865	$	3,412	$	561,765
Total assets		$	422,409	$	179,297	$	44,204	$	57,448	$	703,358
Capital expenditures		$	8,672	$	646	$	163	$	531	$	10,012

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

(2)Expense of $28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.8 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $25.3 million and $2.0 million, respectively, for the period presented.

(3)Income of $0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.

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	For the year ended December 31, 2020
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	198,344	$	50,240	$	54,271	$	1,413	$	304,268
(Loss) earnings before income taxes		$	(29,548)	$	6,869	$	(2,578)	$	(18,031)	$	(43,288)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(30,571)	$	2,551	$	(1,373)	$	(18,609)	$	(48,002)
Interest expense (income), net (2)			28,357		2,047		27		12,667		43,098
Income taxes (benefit)			1,023		3,765		(518)		578		4,848
Depreciation and amortization			17,580		5,264		3,124		566		26,534
Net earnings (loss) attributable to non-controlling interests			—		553		(687)		—		(134)
Non-cash stock-based compensation			—		—		—		(214)		(214)
Gain on foreign currency transactions, cost recovery income and other (3)			—		(6,015)		(233)		(6,897)		(13,145)
Impairment - intangible and tangible assets			30,746		3,375		—		1,000		35,121
Loss (gain) on disposition of fixed assets			64		(43)		4		1		26
Acquisition costs			—		—		—		266		266
Adjusted EBITDA		$	47,199	$	11,497	$	344	$	(10,642)	$	48,398
Long-lived assets (4)		$	385,426	$	156,433	$	39,066	$	3,971	$	584,896
Total assets		$	417,388	$	181,477	$	49,372	$	32,523	$	680,760
Capital expenditures		$	7,767	$	2,057	$	719	$	162	$	10,705

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

(2)Expense of $28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $25.0 million and $1.3 million, respectively, for the period presented.

(3)Income of $6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.