Goodwill And Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill And Intangible Assets [Abstract]

Goodwill And Intangible Assets

4.  GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of the reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of December 31, 2025 were Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements

using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The impairment analysis requires management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. During the 2025 annual impairment testing, the Company performed a qualitative goodwill impairment test of each reporting unit with goodwill balances using a combination of (i) actual results compared to previously forecast estimates and (ii) analysis of the markets in which the casinos operate.

During its 2024 annual impairment testing, the Company determined that goodwill related to the Nugget was impaired. On July 30, 2024, the Company announced that it was replacing the management team at the Nugget. During the annual forecast process that began mid-fourth quarter 2024, the new management team revised the future operating results assumptions due to revised future performance expectations for the Nugget based on estimated future market conditions and analysis of the property’s sustained decrease in performance since its acquisition. The Company recorded $43.7 million to impairment – goodwill in its consolidated statement of loss for the year ended December 31, 2024 related to the impairment of the Nugget’s goodwill.

During 2024, the Company determined that goodwill related to Rocky Gap was impaired. During the annual forecast process that began mid-fourth quarter 2024, the management team at Rocky Gap revised the future operating results assumptions due to delays in the execution of a planned player engagement strategy. As a result of the updated forecast, goodwill related to Rocky Gap was concluded to be impaired during the fourth quarter of the year ended December 31, 2024. The Company recorded $26.5 million to impairment – goodwill in its consolidated statement of loss for the year ended December 31, 2024 related to the impairment of Rocky Gap’s goodwill.

Changes in the carrying value of goodwill related to US East, US Midwest, US West, Canada and Poland segments are as follows:

Amounts in thousands	US East		US Midwest		US West		Canada		Poland		Total
Gross Carrying Value
As of January 1, 2024	$	27,290	$	18,969	$	43,716	$	7,233	$	6,536	$	103,744
Currency translation		—		—		—		(301)		(310)		(611)
As of December 31, 2024		27,290		18,969		43,716		6,932		6,226		103,133
Currency translation		—		—		—		168		885		1,053
As of December 31, 2025		27,290		18,969		43,716		7,100		7,111		104,186
Accumulated impairment losses
As of January 1, 2024		(817)		(18,969)		—		(3,375)		—		(23,161)
Impairments		(26,473)		—		(43,716)		—		—		(70,189)
As of December 31, 2024		(27,290)		(18,969)		(43,716)		(3,375)		—		(93,350)
As of December 31, 2025		(27,290)		(18,969)		(43,716)		(3,375)		—		(93,350)
Net carrying value
At December 31, 2024	$	—	$	—	$	—	$	3,557	$	6,226	$	9,783
At December 31, 2025	$	—	$	—	$	—	$	3,725	$	7,111	$	10,836

Intangible Assets

The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology (“MPEEM”) and the relief from royalty method under the income approach. During the 2025 annual impairment testing, the Company performed a qualitative impairment test of each reporting unit with indefinite-lived intangible assets using a combination of (i) actual results compared to previously forecast estimates and (ii) analysis of the markets in which the casinos operate.

‎

Intangible assets at December 31, 2025 and 2024 consisted of the following:

		December 31,		December 31,
Amounts in thousands	2025		2024
Finite-lived
Casino licenses	$	3,788	$	3,055
Less: accumulated amortization		(1,167)		(844)
		2,621		2,211
Trademarks		16,718		16,718
Less: accumulated amortization		(5,173)		(3,508)
		11,545		13,210
Player's club lists		59,253		59,253
Less: accumulated amortization		(27,846)		(21,048)
		31,407		38,205
Total finite-lived intangible assets, net		45,573		53,626
Indefinite-lived
Casino licenses		30,206		29,698
Trademarks		1,804		1,592
Total indefinite-lived intangible assets		32,010		31,290
Total intangible assets, net	$	77,583	$	84,916

Trademarks

The Company currently owns five trademarks: Century Casinos, Mountaineer, Nugget, Rocky Gap and Casinos Poland. The trademarks are reported as intangible assets on the Company’s consolidated balance sheets.

Trademarks: Finite-Lived

The Company has determined that each of the Mountaineer and Rocky Gap trademarks, reported in the US East segment, and the Nugget trademark, reported in the US West segment, have a useful life of ten years after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trademark. As such, the trademarks will be amortized over their useful lives. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s consolidated statements of loss.

Changes in the carrying amount of the finite-lived trademarks are as follows:

Amounts in thousands		Balance at ‎January 1, 2025		Amortization		Balance at ‎December 31, 2025
US East	$	6,483	$	(858)	$	5,625
US West		6,727		(807)		5,920
Total	$	13,210	$	(1,665)	$	11,545
Amounts in thousands		Balance at ‎January 1, 2024		Amortization		Balance at ‎December 31, 2024
US East	$	7,340	$	(857)	$	6,483
US West		7,535		(808)		6,727
Total	$	14,875	$	(1,665)	$	13,210

As of December 31, 2025, estimated amortization expense for the finite-lived trademarks over the next five years was as follows:

Amounts in thousands
2026	$	1,665
2027		1,665
2028		1,665
2029		1,645
2030		1,428
Thereafter		3,477
	$	11,545

Trademark amortization expense was $1.7 million for each of the years ended December 31, 2025 and 2024. The weighted-average amortization period of the United States trademarks is 6.3 years.

Trademarks: Indefinite-Lived

The Company has determined the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, presented in the table below as Corporate and Other for reconciliation purposes, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s consolidated statements of loss.

Changes in the carrying amount of the indefinite-lived trademarks are as follows:

Amounts in thousands		Balance at January 1, 2025		Currency translation		Balance at ‎December 31, 2025
Poland	$	1,484	$	212	$	1,696
Corporate and Other		108		—		108
Total	$	1,592	$	212	$	1,804
Amounts in thousands		Balance at January 1, 2024		Currency translation		Balance at ‎December 31, 2024
Poland	$	1,557	$	(73)	$	1,484
Corporate and Other		108		—		108
Total	$	1,665	$	(73)	$	1,592

Casino Licenses: Finite-Lived

As of December 31, 2025, Casinos Poland had six casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives.

Changes in the carrying amount of the finite-lived licenses are as follows:

Amounts in thousands		Balance at January 1, 2025		New Casino License		Amortization		Currency translation		Balance at ‎December 31, 2025
Poland	$	2,211	$	677	$	(606)	$	339	$	2,621
Amounts in thousands		Balance at January 1, 2024		New Casino License		Amortization		Currency translation		Balance at December 31, 2024
Poland	$	1,082	$	1,760	$	(556)	$	(75)	$	2,211

As of December 31, 2025, estimated amortization expense for the finite-lived casino licenses over the next five years was as follows:

Amounts in thousands
2026	$	631
2027		631
2028		588
2029		547
2030		194
Thereafter		30
	$	2,621

These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. Casino license amortization expense was $0.6 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. The weighted average period before the next license expiration is 4.2 years. In Poland, casino gaming licenses are granted for a term of six years and are not renewable. Before a gaming license expires for a particular city, there is a public notification of an available license and any gaming company can apply for the license for that city. Although the Company applies for the new license prior to the expiration of the current license, there is no guarantee a new license will be awarded prior to the expiration of the current license or at all. The Company was awarded a second license in the city of Wroclaw in March 2025. The Company opened the casino in February 2026.

Casino Licenses: Indefinite-Lived

The Company has determined that the casino licenses held in the US East segment from the West Virginia Lottery Commission, in the US Midwest segment from the Missouri Gaming Commission, in the US West segment from the Nevada Gaming Commission (held by Smooth Bourbon) and in the Canada segment from the AGLC and the HRA are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s consolidated statements of loss. Changes in the carrying amount of the licenses are as follows:

Amounts in thousands		Balance at ‎January 1, 2025		Currency translation		Balance at ‎December 31, 2025
US East	$	7,009	$	—	$	7,009
US Midwest		10,953		—		10,953
US West		1,000		—		1,000
Canada		10,736		508		11,244
Total	$	29,698	$	508	$	30,206
Amounts in thousands		Balance at ‎January 1, 2024		Currency translation		Balance at ‎December 31, 2024
US East	$	7,009	$	—	$	7,009
US Midwest		10,953		—		10,953
US West		1,000		—		1,000
Canada		11,642		(906)		10,736
Total	$	30,604	$	(906)	$	29,698

Player’s Club Lists

The Company has determined that the player’s club lists, reported in the US East, US Midwest and US West segments, have useful lives of seven years to 10 years based on estimated revenue attrition among the player’s club members as estimated by management over each property’s historical operations. As such, the player’s club lists are amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows:

Amounts in thousands		Balance at ‎January 1, 2025		Amortization		Balance at ‎December 31, 2025
US East	$	16,892	$	(2,889)	$	14,003
US Midwest		3,315		(1,729)		1,586
US West		17,998		(2,180)		15,818
Total	$	38,205	$	(6,798)	$	31,407
Amounts in thousands		Balance at ‎January 1, 2024		Amortization		Balance at ‎December 31, 2024
US East	$	19,781	$	(2,889)	$	16,892
US Midwest		5,044		(1,729)		3,315
US West		20,156		(2,158)		17,998
Total	$	44,981	$	(6,776)	$	38,205

As of December 31, 2025, estimated amortization expense for the player’s club lists over the next five years was as follows:

Amounts in thousands
2026	$	6,556
2027		3,888
2028		3,888
2029		3,888
2030		3,888
Thereafter		9,299
	$	31,407

Player’s club amortization expense was $6.8 million for each of the years ended December 31, 2025 and 2024. The weighted-average amortization period for the player’s club lists is 3.5 years.