Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Aggregation Of Operating Segments Into Reportable Segments


Reportable Segment	Operating Segment	Reporting Unit
United States	East	Mountaineer Casino, Resort & Races⁽¹⁾
	Midwest	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
		Century Casino Cape Girardeau ⁽¹⁾
		Century Casino Caruthersville and The Farmstead ⁽¹⁾
	West	Nugget Casino Resort and Smooth Bourbon, LLC
Canada	Canada ⁽²⁾	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
		Century Downs Racetrack and Casino
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other ⁽³⁾
		Corporate Other ⁽⁴⁾

(1)The real estate assets are owned by VICI PropCo.

(2)The Company operated Century Sports through February 10, 2022. See Note 1.

(3)The Company operated on ship-based casinos through April 16, 2023. See Note 1.

(4)Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was included in the Corporate Other reporting unit.

Segment Information


	For the three months ended June 30, 2023
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue ⁽¹⁾		$	94,408	$	18,834	$	23,515	$	4	$	136,761
Earnings from equity investment			—		—		—		30		30
Earnings (loss) before income taxes			10,232		4,051		1,445		(15,269)		459

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	7,252	$	2,729	$	704	$	(12,644)	$	(1,959)
Interest expense (income), net ⁽²⁾			7,299		547		(117)		10,501		18,230
Income taxes (benefit)			1,188		1,145		388		(2,625)		96
Depreciation and amortization			8,326		1,146		661		57		10,190
Net earnings attributable to non-controlling interests			1,792		177		353		—		2,322
Non-cash stock-based compensation			—		—		—		928		928
Gain on foreign currency transactions, cost recovery income and other ⁽³⁾			—		(630)		(104)		(3)		(737)
Gain on disposition of fixed assets			(33)		—		—		—		(33)
Acquisition costs			—		—		—		251		251
Adjusted EBITDA		$	25,824	$	5,114	$	1,885	$	(3,535)	$	29,288

(1)Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023.

(2)Included in interest expense (income), net is interest expense of $7.3 million related to the Master Lease in the United States segment and interest expense of $0.5 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.9 million and $0.5 million, respectively, for the period presented.

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


	For the three months ended June 30, 2022
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue ⁽¹⁾		$	70,313	$	19,037	$	21,707	$	65	$	111,122
Earnings from equity investment			—		—		—		1,063		1,063
Earnings (loss) before income taxes			10,521		3,783		2,498		(17,372)		(570)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	10,521	$	2,875	$	1,322	$	(5,862)	$	8,856
Interest expense (income), net⁽²⁾			7,103		585		(54)		14,162		21,796
Income taxes (benefit)			—		574		515		(11,510)		(10,421)
Depreciation and amortization			4,758		1,226		676		119		6,779
Net earnings attributable to non-controlling interests			—		334		661		—		995
Non-cash stock-based compensation			—		—		—		1,012		1,012
(Gain) loss on foreign currency transactions and cost recovery income ⁽³⁾			—		(34)		(397)		7		(424)
Loss (gain) on disposition of fixed assets			—		8		1		(121)		(112)
Acquisition costs			—		—		—		1,297		1,297
Adjusted EBITDA		$	22,382	$	5,568	$	2,724	$	(896)	$	29,778

(1)Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023.

(2)Included in interest expense (income), net is interest expense of $7.1 million related to the Master Lease in the United States segment, interest expense of $0.6 million related to the CDR land lease in the Canada segment and interest expense of $7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment Cash payments related to the Master Lease and CDR land lease were $6.4 million and $0.7 million, respectively, for the period presented.

	For the six months ended June 30, 2023
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue ⁽¹⁾		$	160,772	$	35,342	$	49,093	$	61	$	245,268
Earnings from equity investment			—		—		—		1,121		1,121
Earnings (loss) before income taxes			17,383		11,046		4,436		(27,752)		5,113

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	12,627	$	4,602	$	2,277	$	(22,708)	$	(3,202)
Interest expense (income), net ⁽²⁾			14,418		1,070		(211)		20,455		35,732
Income taxes (benefit)			2,964		2,779		1,020		(5,044)		1,719
Depreciation and amortization			13,357		2,272		1,295		120		17,044
Net earnings attributable to non-controlling interests			1,792		3,665		1,139		—		6,596
Non-cash stock-based compensation			—		—		—		1,664		1,664
(Gain) loss on foreign currency transactions, cost recovery income and other ⁽³⁾			—		(4,715)		(358)		5		(5,068)
Loss on disposition of fixed assets			437		3		1		5		446
Acquisition costs			—		—		—		409		409
Adjusted EBITDA		$	45,595	$	9,676	$	5,163	$	(5,094)	$	55,340

(1)Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023.

(2)Included in interest expense (income), net is interest expense of $14.4 million related to the Master Lease in the United States segment and interest expense of $1.1 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $13.7 million and $1.0 million, respectively, for the period presented.

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


	For the six months ended June 30, 2022
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue ⁽¹⁾		$	135,556	$	35,039	$	43,531	$	98	$	214,224
Earnings from equity investment			—		—		—		1,063		1,063
Earnings (loss) before income taxes			19,038		5,726		4,454		(25,644)		3,574

Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	19,038	$	2,170	$	2,255	$	(14,389)	$	9,074
Interest expense (income), net ⁽²⁾			14,109		1,152		(67)		17,395		32,589
Income taxes (benefit)			—		1,197		1,072		(11,255)		(8,986)
Depreciation and amortization			9,526		2,452		1,356		240		13,574
Net earnings attributable to non-controlling interests			—		2,359		1,127		—		3,486
Non-cash stock-based compensation			—		—		—		1,685		1,685
Loss (gain) on foreign currency transactions, cost recovery income and other ⁽³⁾			—		209		(379)		(5)		(175)
Loss (gain) on disposition of fixed assets			19		23		4		(121)		(75)
Acquisition costs			—		—		—		2,429		2,429
Adjusted EBITDA		$	42,692	$	9,562	$	5,368	$	(4,021)	$	53,601

(1)Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements, which ceased in April 2023.

(2)Included in interest expense (income), net is interest expense of $14.1 million related to the Master Lease in the United States segment, interest expense of $1.1 million related to the CDR land lease in the Canada segment, and interest expense of $7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment. Cash payments related to the Master Lease and CDR land lease were $10.6 million and $1.0 million, respectively, for the period presented.

(3)Loss of $2.2 million related to the sale of the land and building in Calgary is included in the Canada segment.