Segment Information

9 Months Ended

Sep. 30, 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 (2)	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.

(2)Corporate and Other is not a reportable segment and is presented for reconciliation purposes only.

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 September 30, 2025
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	114,997	$	20,589	$	18,138	$	—	$	153,724
Less:
Payroll expense			27,113		6,200		6,188		1,167		40,668
Operating expenses			23,250		6,888		3,343		1,888		35,369
Gaming tax expense			28,014		—		9,065		—		37,079
Other segment items (1)			7,478		2,078		736		21		10,313
Pre-opening and termination expenses			—		—		(769)		—		(769)
Adjusted EBITDAR		$	29,142	$	5,423	$	(425)	$	(3,076)	$	31,064
Earnings (loss) before income taxes		$	4,926	$	891	$	(1,874)	$	(12,915)	$	(8,972)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	3,155	$	297	$	(1,176)	$	(12,824)	$	(10,548)
Interest expense (income), net (2)			13,093		3,361		60		9,499		26,013
Income tax expense (benefit)			—		625		(111)		(91)		423
Depreciation and amortization			11,065		1,151		581		20		12,817
Net earnings (loss) attributable to non-controlling interests			1,771		(31)		(587)		—		1,153
Non-cash stock-based compensation			—		—		—		316		316
Loss on foreign currency transactions, cost recovery income and other			36		17		24		4		81
Loss on disposition of fixed assets			22		3		15		—		40
Pre-opening and termination expenses			—		—		769		—		769
Adjusted EBITDAR		$	29,142	$	5,423	$	(425)	$	(3,076)	$	31,064
Segment assets (3)		$	25,389	$	23,078	$	3,531	$	25,694	$	77,692
Long-lived assets (4)			858,631		128,882		42,150		2,627		1,032,290
Total assets			903,255		174,721		47,886		33,042		1,158,904
Capital expenditures			3,868		526		479		3		4,876

(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 September 30, 2024
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	117,139	$	20,275	$	18,287	$	—	$	155,701
Less:
Payroll expense			27,607		6,257		6,314		1,374		41,552
Operating expenses			22,660		7,049		3,042		1,743		34,494
Gaming tax expense			27,706		—		9,044		—		36,750
Other segment items (1)			9,994		2,080		682		—		12,756
Pre-opening expenses			—		—		(2,753)		—		(2,753)
Adjusted EBITDAR		$	29,172	$	4,889	$	1,958	$	(3,117)	$	32,902
Earnings (loss) before income taxes		$	6,475	$	614	$	(1,117)	$	(13,031)	$	(7,059)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	4,701	$	1,134	$	(681)	$	(13,273)	$	(8,119)
Interest expense (income), net (2)			11,720		3,241		(14)		10,157		25,104
Income tax (benefit) expense			—		(481)		(95)		242		(334)
Depreciation and amortization			10,939		1,078		409		36		12,462
Net earnings (loss) attributable to non-controlling interests			1,774		(39)		(341)		—		1,394
Non-cash stock-based compensation			—		—		—		(280)		(280)
Loss (gain) on foreign currency transactions, cost recovery income and other			25		(44)		(83)		1		(101)
Loss on disposition of fixed assets			13		—		10		—		23
Pre-opening expenses			—		—		2,753		—		2,753
Adjusted EBITDAR		$	29,172	$	4,889	$	1,958	$	(3,117)	$	32,902
Segment assets (3)		$	31,808	$	24,870	$	4,751	$	57,341	$	118,770
Long-lived assets (4)			954,260		133,480		37,901		3,026		1,128,667
Total assets			1,007,107		184,380		44,696		66,472		1,302,655
Capital expenditures			7,905		235		2,066		—		10,206

(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.

	For the nine months ended September 30, 2025
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	314,396	$	57,109	$	63,479	$	—	$	434,984
Less:
Payroll expense			78,661		17,757		19,074		3,785		119,277
Operating expenses			62,355		18,476		10,393		5,354		96,578
Gaming tax expense			80,386		—		31,133		—		111,519
Other segment items (1)			19,765		5,487		2,603		24		27,879
Pre-opening and termination expenses			—		—		(1,790)		—		(1,790)
Adjusted EBITDAR		$	73,229	$	15,389	$	2,066	$	(9,163)	$	81,521
Earnings (loss) before income taxes		$	733	$	3,195	$	(1,416)	$	(38,204)	$	(35,692)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(4,884)	$	832	$	(1,090)	$	(38,328)	$	(43,470)
Interest expense (income), net (2)			39,283		9,905		150		28,269		77,607
Income tax expense			223		1,589		219		124		2,155
Depreciation and amortization			33,084		3,223		1,692		54		38,053
Net earnings (loss) attributable to non-controlling interests			5,394		774		(545)		—		5,623
Non-cash stock-based compensation			—		—		—		802		802
Loss (gain) on foreign currency transactions, cost recovery income and other (3)			36		(935)		(180)		(83)		(1,162)
Loss (gain) on disposition of fixed assets			93		1		30		(1)		123
Pre-opening and termination expenses			—		—		1,790		—		1,790
Adjusted EBITDAR		$	73,229	$	15,389	$	2,066	$	(9,163)	$	81,521
Segment assets (4)		$	25,389	$	23,078	$	3,531	$	25,694	$	77,692
Long-lived assets (5)			858,631		128,882		42,150		2,627		1,032,290
Total assets			903,255		174,721		47,886		33,042		1,158,904
Capital expenditures			14,373		2,267		712		22		17,374

(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)Includes $1.0 million related to cost recovery income for CDR in the Canada segment.

(4)Segment assets are cash and cash equivalents.

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

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	For the nine months ended September 30, 2024
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue		$	319,680	$	58,425	$	60,029	$	13	$	438,147
Less:
Payroll expense			81,146		17,874		18,982		4,135		122,137
Operating expenses			61,380		19,425		8,791		6,254		95,850
Gaming tax expense			80,527		—		29,554		—		110,081
Other segment items (1)			23,278		5,644		2,289		4		31,215
Acquisition costs			—		—		—		19		19
Pre-opening expenses			—		—		(2,753)		—		(2,753)
Adjusted EBITDAR		$	73,349	$	15,482	$	3,166	$	(10,399)	$	81,598
Earnings (loss) before income taxes		$	5,601	$	4,853	$	(931)	$	(41,656)	$	(32,133)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(25,066)	$	3,276	$	(716)	$	(40,770)	$	(63,276)
Interest expense (income), net (2)			35,159		9,300		(70)		30,927		75,316
Income tax expense (benefit)			25,340		702		143		(886)		25,299
Depreciation and amortization			32,030		3,315		1,462		135		36,942
Net earnings (loss) attributable to non-controlling interests			5,327		875		(358)		—		5,844
Non-cash stock-based compensation			—		—		—		566		566
Loss (gain) on foreign currency transactions, cost recovery income and other (3)			24		(1,950)		(415)		(352)		(2,693)
Loss (gain) on disposition of fixed assets			535		(36)		367		—		866
Acquisition costs			—		—		—		(19)		(19)
Pre-opening expenses			—		—		2,753		—		2,753
Adjusted EBITDAR		$	73,349	$	15,482	$	3,166	$	(10,399)	$	81,598
Segment assets (4)		$	31,808	$	24,870	$	4,751	$	57,341	$	118,770
Long-lived assets (5)			954,260		133,480		37,901		3,026		1,128,667
Total assets			1,007,107		184,380		44,696		66,472		1,302,655
Capital expenditures			39,492		1,660		3,342		52		44,546

(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)Includes $1.1 million related to cost recovery income for CDR in the Canada segment.

(4)Segment assets are cash and cash equivalents.

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