Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information [Abstract]

Segment Information

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. 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.

The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments:

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 and The Riverview (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	Corporate Other

(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.

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 the primary profit measure for its reportable segments 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 (loss) 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 information regarding the Company’s reportable segments:

	For the three months ended March 31, 2025
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	93,296	$	16,516	$	20,631	$	—	$	130,443
Less:
Payroll expense			25,878		5,459		6,076		1,376		38,789
Operating expenses			18,568		5,143		3,394		1,773		28,878
Gaming tax expense			25,237		—		10,015		—		35,252
Other segment items (1)			5,215		1,554		881		—		7,650
Pre-opening and termination expenses			—		—		(281)		—		(281)
Adjusted EBITDAR		$	18,398	$	4,360	$	546	$	(3,149)	$	20,155
(Loss) earnings before income taxes		$	(5,766)	$	187	$	(157)	$	(12,662)	$	(18,398)
Net loss attributable to Century Casinos, Inc. shareholders		$	(7,550)	$	(61)	$	(165)	$	(12,837)	$	(20,613)
Interest expense (income), net (2)			13,110		3,207		42		9,298		25,657
Income tax expense			—		217		89		175		481
Depreciation and amortization			11,007		998		370		19		12,394
Net earnings (loss) attributable to non-controlling interests			1,784		31		(81)		—		1,734
Non-cash stock-based compensation			—		—		—		290		290
(Gain) loss on foreign currency transactions, cost recovery income and other			—		(31)		6		(94)		(119)
Loss (gain) on disposition of fixed assets			47		(1)		4		—		50
Pre-opening and termination expenses			—		—		281		—		281
Adjusted EBITDAR		$	18,398	$	4,360	$	546	$	(3,149)	$	20,155
Segment assets (3)		$	32,564	$	20,980	$	4,078	$	27,083	$	84,705
Long-lived assets (4)			903,100		126,333		41,799		2,843		1,074,075
Total assets			952,952		170,488		48,675		40,455		1,212,570
Capital expenditures			5,852		768		60		9		6,689

(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)Segment assets are cash and cash equivalents.

(4)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.

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	For the three months ended March 31, 2024
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	96,034	$	18,321	$	21,649	$	13	$	136,017
Less:
Payroll expense			27,132		5,623		6,349		1,483		40,587
Operating expenses			18,442		5,860		3,064		2,305		29,671
Gaming tax expense			25,625		—		10,599		—		36,224
Other segment items (1)			5,689		1,697		880		—		8,266
Acquisition costs			—		—		—		19		19
Adjusted EBITDAR		$	19,146	$	5,141	$	757	$	(3,794)	$	21,250
(Loss) earnings before income taxes		$	(3,278)	$	1,931	$	156	$	(14,489)	$	(15,680)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(2,782)	$	1,132	$	3	$	(11,897)	$	(13,544)
Interest expense (income), net (2)			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
Segment assets (3)		$	44,453	$	31,216	$	10,596	$	50,278	$	136,543
Long-lived assets (4)			952,611		133,809		27,055		3,214		1,116,689
Total assets			1,017,194		189,071		40,172		89,055		1,335,492
Capital expenditures			17,174		831		364		31		18,400

(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)Segment assets are cash and cash equivalents.

(4)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.