Segment And Geographic Information

12 Months Ended

Dec. 31, 2024

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 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. In the United States, the Company views its operating segments as East, Midwest and West. The Company’s operations related to 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 reporting units and operating segments into reportable segments as of December 31, 2024:

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

(1)The real estate assets, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, are owned by VICI PropCo and leased under the Master Lease.

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

(3)Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was 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 EBITDAR as a primary profit measure for its reportable segments and is utilized by the chief operating decision makers as follows:

within the annual budget and forecasting process when making decisions about the allocation of operating and capital resources to each segment;

to evaluate monthly results compared to budget which are used in assessing segment performance;

to determine whether to invest in growth projects in the segment; and

to determine initiatives such as acquisitions or deleveraging.

Adjusted EBITDAR

Adjusted EBITDAR 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, termination expenses related to closing a casino, 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) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR 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. 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 EBITDAR is not considered a measure of performance recognized under US GAAP.

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The following tables provide summary information regarding the Company’s reportable segments:

	For the year ended December 31, 2024
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	419,668	$	76,317	$	79,900	$	34	$	575,919
Less:
Payroll expense			107,354		23,491		26,137		4,985		161,967
Operating expenses			81,820		25,145		12,112		8,864		127,941
Gaming tax expense			106,469		—		39,304		—		145,773
Other segment items (1)			30,234		7,519		3,309		4		41,066
Acquisition costs			—		—		—		19		19
Pre-opening and termination expenses			—		—		(3,525)		—		(3,525)
Adjusted EBITDAR		$	93,791	$	20,162	$	2,563	$	(13,838)	$	102,678
(Loss) earnings before income taxes		$	(41,309)	$	5,343	$	(3,101)	$	(54,345)	$	(93,412)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(76,422)	$	3,390	$	(1,909)	$	(53,229)	$	(128,170)
Interest expense (income), net (2)			47,566		12,544		(41)		40,654		100,723
Income tax expense (benefit)			28,016		1,010		(237)		(1,116)		27,673
Depreciation and amortization			43,254		4,368		1,811		162		49,595
Net earnings (loss) attributable to non-controlling interests			7,097		943		(955)		—		7,085
Non-cash stock-based compensation			—		—		—		66		66
Loss (gain) on foreign currency transactions, cost recovery income and other (3)			24		(2,057)		(584)		(356)		(2,973)
Impairment - goodwill (4)			43,716		—		—		—		43,716
Loss (gain) on disposition of fixed assets			540		(36)		953		—		1,457
Acquisition costs			—		—		—		(19)		(19)
Pre-opening and termination expenses			—		—		3,525		—		3,525
Adjusted EBITDAR		$	93,791	$	20,162	$	2,563	$	(13,838)	$	102,678
Segment assets (5)		$	29,583	$	21,605	$	4,183	$	43,398	$	98,769
Long-lived assets (6)			909,768		126,335		35,575		2,926		1,074,604
Total assets			957,028		169,368		41,988		57,928		1,226,312
Capital expenditures			50,276		3,796		5,101		62		59,235

(1)Other segment items include cost of goods sold and marketing expenses.

(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement.

(3)Included in the Canada segment is $1.1 million cost recovery income for CDR.

(4)Related to the impairment of goodwill at the Nugget.

(5)Segment assets are cash and cash equivalents.

(6)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, 2023
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	380,591	$	75,449	$	94,105	$	61	$	550,206
Earnings from equity investment			—		—		—		1,121		1,121
Less:
Payroll expense			87,689		22,609		24,510		6,303		141,111
Operating expenses			69,795		25,257		11,092		11,465		117,609
Gaming tax expense			98,115		—		46,589		—		144,704
Other segment items (2)			26,802		7,580		3,852		34		38,268
Acquisition costs			—		—		—		(4,412)		(4,412)
Adjusted EBITDAR		$	98,190	$	20,003	$	8,062	$	(12,208)	$	114,047
Earnings (loss) before income taxes		$	25,974	$	7,071	$	6,704	$	(63,581)	$	(23,832)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	18,036	$	8,626	$	3,446	$	(58,306)	$	(28,198)
Interest expense (income), net (3)			38,024		11,527		(345)		42,605		91,811
Income tax expense (benefit)			2,654		(4,256)		1,534		(5,275)		(5,343)
Depreciation and amortization			33,739		4,590		2,482		232		41,043
Net earnings attributable to non-controlling interests			5,284		2,701		1,724		—		9,709
Non-cash stock-based compensation			—		—		—		3,610		3,610
(Gain) loss on foreign currency transactions, cost recovery income and other (4)			(84)		(3,195)		(810)		401		(3,688)
Loss on disposition of fixed assets			537		10		31		113		691
Acquisition costs			—		—		—		4,412		4,412
Adjusted EBITDAR		$	98,190	$	20,003	$	8,062	$	(12,208)	$	114,047
Segment assets (5)		$	48,085	$	76,771	$	11,110	$	35,361	$	171,327
Long-lived assets (6)			947,075		137,543		26,736		3,328		1,114,682
Total assets (7)			1,018,926		238,643		39,892		62,201		1,359,662
Capital expenditures			55,389		2,330		1,816		86		59,621

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

(2)Other segment items include cost of goods sold and marketing expenses.

(3)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $7.3 million in Canada relates to the debt extinguishment of the CDR land lease.

(4)Included in the Canada segment is $1.7 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.

(5)Segment assets are cash and cash equivalents.

(6)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. Long-lived assets in the United States segment include $283.6 million related to the Nugget Acquisition and $261.7 million related to the Rocky Gap Acquisition.

(7)Total assets in the United States segment include $298.8 million related to the Nugget Acquisition and $268.9 million related to the Rocky Gap Acquisition.

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	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
Less:
Payroll expense			51,140		21,466		20,607		5,113		98,326
Operating expenses			42,558		24,740		9,677		8,599		85,574
Gaming tax expense			86,408		—		44,660		—		131,068
Other segment items (2)			8,179		6,970		3,351		94		18,594
Acquisition costs			—		—		—		(3,124)		(3,124)
Adjusted EBITDAR		$	80,297	$	18,396	$	11,874	$	(7,227)	$	103,340
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 (3)			28,531		2,281		(686)		34,854		64,980
Income tax expense (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 (4)			(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 EBITDAR		$	80,297	$	18,396	$	11,874	$	(7,227)	$	103,340
Segment assets (5)		$	38,667	$	16,781	$	13,344	$	32,993	$	101,785
Long-lived assets (6)			466,403		139,304		27,134		8,192		641,033
Total assets (7)			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, which ceased in April 2023.

(2)Other segment items include cost of goods sold and marketing expenses.

(3)Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Interest expense in the Corporate and Other segment primarily relates to the Goldman Credit Agreement. 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.

(4)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 $1.9 million cost recovery income for CDR.

(5)Segment assets are cash and cash equivalents.

(6)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.

(7)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.