EX-99.1 2 c147-20240508xex99_1.htm EX-99.1 Exhibit 991 Earnings Release Q1 2024

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PRESS RELEASE 

May 9, 2024

Century Casinos, Inc. Announces First Quarter 2024 Results 

Challenging Start to the Year but Maintain Positive Outlook for the Second Half of 2024



Colorado Springs, Colorado – May 9, 2024 – Century Casinos, Inc. (the “Company”, “we”, “us”, or “our”) (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months ended March 31, 2024.  



First Quarter 2024 Highlights*

Compared to the three months ended March 31, 2023:

·

Net operating revenue was $136.0 million, an increase of 25%. 

·

Earnings from operations were $8.3 million, a decrease of (55%).

·

Net loss attributable to Century Casinos, Inc. shareholders was ($13.5) million, a change of (990%), and basic loss per share was ($0.45).

·

Adjusted EBITDAR** was $21.3 million, a decrease of (18%).



“We anticipated a challenging first quarter due to continuing construction disruptions and the closure of three of our casinos in Poland for some or all of the quarter.  The quarter was further impacted by disruptions from severe weather at the majority of our US casinos.  Cash payments of $12.2 million for taxes related to the September 2023 sale and leaseback of our Canada properties and a $3.4 million one-time principal paydown of debt as well as $18.4 million in property and equipment purchases decreased our overall cash balance,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “Our positive outlook for the second half of 2024 into 2025 remains unchanged. Our increased spend on capital projects throughout our properties is expected to end over the summer. Our largest capital project (fully funded by VICI Properties Inc.), the land-based casino in Caruthersville, Missouri, is also expected to be completed by the end of the year. By 2025, all of our operations should be in great shape with no more construction disruptions and all casinos in Poland fully operational. We are also excited about the performance of The Riverview, our new hotel at Century Casino Cape Girardeau, Missouri, which has exceeded our expectations so far,” Messrs. Haitzmann and Hoetzinger concluded.



UPDATES

The Riverview – On April 4, 2024, the Company opened its hotel in Cape Girardeau, Missouri, The Riverview.  The Riverview is a 69 room, six-story building with 68,000 square feet that is adjacent to and connected with Century Casino Cape Girardeau. The project cost $30.5 million and was financed with cash on hand.



Caruthersville Project – The Company is constructing a new land-based casino with a 38 room hotel in Caruthersville, Missouri. The project continues to be on time and on budget with an estimated project cost of $51.9 million. Construction started in December 2022 with completion expected in the fourth quarter of 2024. The Company is funding this project through VICI Properties, Inc. (“VICI”). Following completion, VICI will own the real estate improvements associated with the Caruthersville project, which will become a part of the Company’s triple net lease (“Master Lease”) with subsidiaries of VICI.



Poland – The Company reopened its casinos in Bielsko-Biala in February 2024 and Katowice in March 2024 following temporary closures due to licensing delays. Renovations on the new casino location in Wroclaw continue, and the Company expects to open the casino in the third quarter of 2024.



* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDAR,  Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.

 

 

RESULTS

The consolidated results for the three months ended March 31, 2024 and 2023 are as follows:





 

 

 

 

 

 

 

 



For the three months

 

 

Amounts in thousands, except per share data

ended March 31,

 

%

Consolidated Results:

 

 

2024

 

 

2023

 

Change

Net Operating Revenue

 

$

 136,017 

 

$

 108,508 

 

 25% 

Earnings from Operations

 

 

 8,287 

 

 

 18,400 

 

 (55%)

Net Loss Attributable to Century Casinos, Inc. Shareholders

 

$

 (13,544)

 

$

 (1,243)

 

 (990%)



 

 

 

 

 

 

 

 

Adjusted EBITDAR**

 

$

 21,250 

 

$

 26,054 

 

 (18%)

  

 

 

 

 

 

 

 

 

Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders:

Basic

 

$

 (0.45)

 

$

 (0.04)

 

 (1025%)

Diluted

 

$

 (0.45)

 

$

 (0.04)

 

 (1025%)

 

 

 

 

 

 

 

 

 

RESULTS BY Reportable Segment*

Following is a summary of the changes in net operating revenue by reportable segment for the three months ended March 31, 2024,  compared to the three months ended March 31, 2023:







 

 

 

 

 

 

 

 

 

 

 



 

Net Operating Revenue



 

For the three months

 

 

 

 

 

Amounts in

 

ended March 31,

 

 

$

 

%

thousands

 

2024

 

2023

 

 

Change

 

Change

United States

 

$

 96,034 

 

$

 66,369 

 

$

 29,665 

 

 45% 

Canada

 

 

 18,321 

 

 

 16,503 

 

 

 1,818 

 

 11% 

Poland

 

 

 21,649 

 

 

 25,579 

 

 

 (3,930)

 

 (15%)

Corporate and Other

 

 

 13 

 

 

 57 

 

 

 (44)

 

 (77%)

Consolidated

 

$

 136,017 

 

$

 108,508 

 

$

 27,509 

 

 25% 



 

 

 

 

 

 

 

 

 

 

 

Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months ended March 31, 2024,  compared to the three months ended March 31, 2023:  







 

 

 

 

 

 

 

 

 

 

 



 

Earnings (Loss) from Operations



 

For the three months

 

 

 

 

 

Amounts in

 

ended March 31,

 

 

$

 

%

thousands

 

2024

 

2023

 

 

Change

 

Change

United States

 

$

 8,468 

 

$

 14,270 

 

$

 (5,802)

 

 (41%)

Canada

 

 

 4,029 

 

 

 4,001 

 

 

 28 

 

 1% 

Poland

 

 

 (22)

 

 

 2,643 

 

 

 (2,665)

 

 (101%)

Corporate and Other

 

 

 (4,188)

 

 

 (2,514)

 

 

 (1,674)

 

 (67%)

Consolidated

 

$

 8,287 

 

$

 18,400 

 

$

 (10,113)

 

 (55%)



 

 

 

 

 

 

 

 

 

 

 



 

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDAR, Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.

2/9

 

 

Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months ended March 31, 2024,  compared to the three months ended March 31, 2023:  







 

 

 

 

 

 

 

 

 

 

 



 

Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders



 

For the three months

 

 

 

 

 

Amounts in

 

ended March 31,

 

 

$

 

%

thousands

 

2024

 

2023

 

 

Change

 

Change

United States

 

$

 (2,782)

 

$

 5,375 

 

$

 (8,157)

 

 (152%)

Canada

 

 

 1,132 

 

 

 1,867 

 

 

 (735)

 

 (39%)

Poland

 

 

 3 

 

 

 1,574 

 

 

 (1,571)

 

 (100%)

Corporate and Other

 

 

 (11,897)

 

 

 (10,059)

 

 

 (1,838)

 

 (18%)

Consolidated

 

$

 (13,544)

 

$

 (1,243)

 

$

 (12,301)

 

 (990%)



 

 

 

 

 

 

 

 

 

 

 

Items deducted from or added to earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense negatively impacted net loss attributable to Century Casinos, Inc. shareholders. Interest expense increased primarily due to additional properties added to the Master Lease and increased interest rates under the credit agreement (“Goldman Credit Agreement”) with Goldman Sachs Bank USA. 



Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months ended March 31, 2024 compared to the three months ended March 31, 2023:







 

 

 

 

 

 

 

 

 

 

 



 

Adjusted EBITDAR**



 

For the three months

 

 

 

 

 

Amounts in

 

ended March 31,

 

 

$

 

%

thousands

 

2024

 

2023

 

 

Change

 

Change

United States

 

$

 19,146 

 

$

 19,772 

 

$

 (626)

 

 (3%)

Canada

 

 

 5,141 

 

 

 4,557 

 

 

 584 

 

 13% 

Poland

 

 

 757 

 

 

 3,279 

 

 

 (2,522)

 

 (77%)

Corporate and Other

 

 

 (3,794)

 

 

 (1,554)

 

 

 (2,240)

 

 (144%)

Consolidated

 

$

 21,250 

 

$

 26,054 

 

$

 (4,804)

 

 (18%)



 

 

 

 

 

 

 

 

 

 

 



Balance Sheet and Liquidity

As of March 31, 2024, the Company had $136.5 million in cash and cash equivalents compared to $171.3 million in cash and cash equivalents at December 31, 2023. Cash and cash equivalents decreased primarily due to tax payments related to the September 2023 sale and leaseback of our Canada properties of $12.2 million and purchases of property and equipment of $18.4 million. As of March 31, 2024, the Company had $342.0 million in outstanding debt compared to $346.8 million in outstanding debt at December 31, 2023.  The outstanding debt as of March 31, 2024 included $339.5 million related to the term loan under the Goldman Credit Agreement and $2.5 million of bank debt related to Century Resorts Management GmbH (“CRM”). The Company also has a $654.8 million long-term financing obligation under its Master Lease. 



 

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDAR, Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.

3/9

 

 

Conference Call Information

Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended March 31, 2024 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post its current presentation, which may be used in one or more meetings with current and potential investors from time to time, at the Company’s website under www.cnty.com/investor/presentations/.



The Company will host its first quarter 2024 earnings conference call today, Thursday,  May  9, 2024 at 10:00 am EDT / 8:00 am MDT. U.S. domestic participants should dial 800-343-4136. For all international participants, please use 203-518-9843 to dial-in. The conference ID is ‘Casinos’. Participants may listen to the call live at http://join.eventcastplus.com/eventcastplus/Century-Casinos-Q1-2024-Earnings-Call or obtain a recording of the call on the Company’s website until May 31, 2024 at

www.cnty.com/investor/financials/sec-filings/.

 

 

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDAR, Adjusted EBITDAR margin and Net Debt are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.

4/9

 

 

CENTURY CASINOS, INC. AND SUBSIDIARIES 

UNAUDITED FINANCIAL INFORMATION – US GAAP BASIS 



Condensed Consolidated Statements of Loss 









 



 

 

 

 

 

 

   

For the three months



ended March 31,

Amounts in thousands, except for per share information

 

2024

 

2023

Operating revenue:

 

 

 

 

 

 

Net operating revenue

 

$

 136,017 

 

$

 108,508 

Operating costs and expenses:

 

 

 

 

 

 

Total operating costs and expenses

 

 

 127,730 

 

 

 91,199 

Earnings from equity investment

 

 

 —

 

 

 1,091 

Earnings from operations

 

 

 8,287 

 

 

 18,400 

Non-operating (expense) income, net

 

 

 (23,967)

 

 

 (13,746)

(Loss) earnings before income taxes

 

 

 (15,680)

 

 

 4,654 

Income tax benefit (expense)

 

 

 3,986 

 

 

 (1,623)

Net (loss) earnings

 

 

 (11,694)

 

 

 3,031 

Net earnings attributable to non-controlling interests

 

 

 (1,850)

 

 

 (4,274)

Net loss attributable to Century Casinos, Inc. shareholders

 

$

 (13,544)

 

$

 (1,243)



 

 

 

 

 

 

Net loss per share attributable to Century Casinos, Inc. shareholders:

 Basic

 

$

 (0.45)

 

$

 (0.04)

 Diluted

 

$

 (0.45)

 

$

 (0.04)



 

 

 

 

 

 

Weighted average common shares

 

 

 

 

 

 

 Basic

 

 

 30,420 

 

 

 30,056 

 Diluted

 

 

 30,420 

 

 

 30,056 



 

 

 

 

 

 







 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

 

 

 

 

 



 

March 31,

 

December 31,

Amounts in thousands

 

2024

 

2023

Assets

 

 

 

 

 

 

Current assets

 

$

 176,075 

 

$

 207,017 

Property and equipment, net

 

 

 917,695 

 

 

 913,561 

Other assets

 

 

 241,722 

 

 

 239,084 

Total assets

 

$

 1,335,492 

 

$

 1,359,662 



 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Current liabilities

 

$

 85,290 

 

$

 93,619 

Non-current liabilities

 

 

 1,051,253 

 

 

 1,051,602 

Century Casinos, Inc. shareholders' equity

 

 

 106,051 

 

 

 121,392 

Non-controlling interests

 

 

 92,898 

 

 

 93,049 

Total liabilities and equity

 

$

 1,335,492 

 

$

 1,359,662 



 

5/9

 

 

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDAR* to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.  







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the three months ended March 31, 2024

Amounts in thousands

 

 

United States

 

 

Canada

 

 

Poland

 

 

Corporate and Other

 

 

Total

Net (loss) earnings attributable to Century Casinos, Inc. shareholders

 

$

 (2,782)

 

$

 1,132 

 

$

 3 

 

$

 (11,897)

 

$

 (13,544)

Interest expense (income), net (1)

 

 

 11,746 

 

 

 2,907 

 

 

 (35)

 

 

 10,511 

 

 

 25,129 

Income tax (benefit) expense

 

 

 (2,273)

 

 

 728 

 

 

 151 

 

 

 (2,592)

 

 

 (3,986)

Depreciation and amortization

 

 

 10,288 

 

 

 1,149 

 

 

 538 

 

 

 56 

 

 

 12,031 

Net earnings attributable to non-controlling interests

 

 

 1,777 

 

 

 71 

 

 

 2 

 

 

—

 

 

 1,850 

Non-cash stock-based compensation

 

 

—

 

 

—

 

 

—

 

 

 503 

 

 

 503 

Gain on foreign currency transactions, cost recovery income and other

 

 

—

 

 

 (809)

 

 

 (143)

 

 

 (356)

 

 

 (1,308)

Loss (gain) on disposition of fixed assets

 

 

 390 

 

 

 (37)

 

 

 241 

 

 

—

 

 

 594 

Acquisition costs

 

 

—

 

 

—

 

 

—

 

 

 (19)

 

 

 (19)

Adjusted EBITDAR

 

$

 19,146 

 

$

 5,141 

 

$

 757 

 

$

 (3,794)

 

$

 21,250 



(1)

See “Summary of Interest Expense (Income), Net” below for a breakdown of interest expense and “Cash Rent Payments” below for more information on the rent payments related to the Master Lease.







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the three months ended March 31, 2023

Amounts in thousands

 

 

United States

 

 

Canada

 

 

Poland

 

 

Corporate and Other

 

 

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

 

$

 5,375 

 

$

 1,867 

 

$

 1,574 

 

$

 (10,059)

 

$

 (1,243)

Interest expense (income), net (1)

 

 

 7,119 

 

 

 523 

 

 

 (95)

 

 

 9,957 

 

 

 17,504 

Income tax expense (benefit)

 

 

 1,776 

 

 

 1,634 

 

 

 632 

 

 

 (2,419)

 

 

 1,623 

Depreciation and amortization

 

 

 5,032 

 

 

 1,127 

 

 

 635 

 

 

 61 

 

 

 6,855 

Net earnings attributable to non-controlling interests

 

 

—

 

 

 3,488 

 

 

 786 

 

 

—

 

 

 4,274 

Non-cash stock-based compensation

 

 

—

 

 

—

 

 

—

 

 

 736 

 

 

 736 

(Gain) loss on foreign currency transactions and cost recovery income (2)

 

 

—

 

 

 (4,085)

 

 

 (254)

 

 

 7 

 

 

 (4,332)

Loss on disposition of fixed assets

 

 

 470 

 

 

 3 

 

 

 1 

 

 

 5 

 

 

 479 

Acquisition costs

 

 

—

 

 

—

 

 

—

 

 

 158 

 

 

 158 

Adjusted EBITDAR

 

$

 19,772 

 

$

 4,557 

 

$

 3,279 

 

$

 (1,554)

 

$

 26,054 





(1)

See “Summary of Interest Expense (Income), Net” below for a breakdown of interest expense and “Cash Rent Payments” below for more information on the rent payments related to the Master Lease.

(2)

Includes $0.6 million related to the earn out from the sale of casino operations in Calgary in 2020 and $3.5 million cost recovery income for CDR.

 

6/9

 

 

CENTURY CASINOS, INC. AND SUBSIDIARIES 

UNAUDITED SUPPLEMENTAL INFORMATION

Adjusted EBITDAR Margins**



 

 



For the three months



ended March 31,



2024

2023

United States

 20%  30% 

Canada

 28%  28% 

Poland

 4%  13% 

Corporate and Other

NM (1)

NM

Consolidated

 16%  24% 



 

 

(1)

Not meaningful.



Summary of Interest Expense (Income), Net





 

 

 

 

 

 



For the three months



ended March 31,

Amounts in thousands

 

 

2024

 

 

2023

Interest income

 

$

 (686)

 

$

 (145)

Interest expense - Credit Agreements

 

 

 9,899 

 

 

 9,256 

Interest expense - VICI Financing Obligation

 

 

 15,199 

 

 

 7,120 

Interest expense - CDR Land Lease (1)

 

 

—

 

 

 513 

Interest expense - Deferred Financing Costs

 

 

 674 

 

 

 674 

Interest expense - Misc

 

 

 43 

 

 

 86 

Interest expense (income), net

 

$

 25,129 

 

$

 17,504 



 

 

 

 

 

 



(1)

The CDR Land Lease ended on September 6, 2023 in conjunction with the sale and leaseback of our Canada properties.



Cash Rent Payments





 

 

 

 

 

 



For the three months



ended March 31,

Amounts in thousands

 

 

2024

 

 

2023

Master Lease

 

$

 9,444 

 

$

 6,866 

CDR Land Lease

 

 

—

 

 

 486 

Nugget Lease (1)

 

 

 1,263 

 

 

—



(1)

Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming LLC through Smooth Bourbon, LLC (“Smooth Bourbon”), a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort.

 

7/9

 

 

CENTURY CASINOS, INC. AND SUBSIDIARIES 

UNAUDITED SUPPLEMENTAL INFORMATION

The table below shows the Company’s reporting units and operating segments that are included in each of the Company’s reportable segments as of March 31, 2024.







 

 

Reportable Segment

Operating Segment

Reporting Unit

United States

East

Mountaineer Casino, Resort & Races



 

Rocky Gap Casino, Resort & Golf



Midwest

Century Casino & Hotel — Central City



 

Century Casino & Hotel — Cripple Creek



 

Century Casino & Hotel — Cape Girardeau



 

Century Casino Caruthersville and The Farmstead



West

Nugget Casino Resort and Smooth Bourbon, LLC

Canada

Canada

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 (1)



 

Corporate Other (2)



(1)

The Company operated on ship-based casinos through April 16, 2023.

(2)

The Company’s equity interest in Smooth Bourbon was included in the Corporate Other reporting unit until April 3, 2023, when the Company acquired the Nugget Casino Resort and the Company began consolidating Smooth Bourbon.



* We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) 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. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. 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) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR 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 GAAP.



Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.



 

8/9

 

 

Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items.



** The Company defines Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of the Company’s casino operations.





About Century Casinos, Inc.:

Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casino & Hotel in Cape Girardeau and Century Casino Caruthersville, Missouri, and Century Casino & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates seven casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development.



Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.  



FORWARD-LOOKING STATEMENTS, BUSINESS ENVIRONMENT AND RISK FACTORS

This release may contain “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, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding projects in development and other opportunities, including our Caruthersville construction project, reopening our Poland casinos, the Goldman Credit Agreement and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company including expectations regarding 2024, 2025 and later results. 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, 2023, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.



 

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