Century Casinos, Inc. Announces First Quarter 2026 Results

May 8, 2026 6:00 AM

All-Time Record First Quarter Net Operating Revenue

COLORADO SPRINGS, Colo., May 8, 2026 /PRNewswire/ -- 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, 2026.

First Quarter 2026 Highlights*
Compared to the three months ended March 31, 2025:

Net operating revenue was $137.2 million, an increase of 5%.
Earnings from operations was $11.8 million, an increase of 65%.
Net loss attributable to Century Casinos, Inc. shareholders was ($16.5) million, a change of 20%, and basic net loss per share was ($0.58).
Adjusted EBITDAR** was $24.9 million, an increase of 24%.

"The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the Company's history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR**. The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase to Adjusted EBITDAR** of 93% compared to the first quarter of 2025," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked.

RESULTS

The consolidated results for the three months ended March 31, 2026 and 2025 are as follows:

	For the three months
Amounts in thousands, except per share data	ended March 31,					%
Consolidated Results:			2026		2025	Change
Net operating revenue		$	137,239	$	130,443	5 %
Earnings from operations			11,763		7,140	65 %
Net loss attributable to Century Casinos, Inc. shareholders		$	(16,504)	$	(20,613)	20 %

Adjusted EBITDAR**		$	24,940	$	20,155	24 %

Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic		$	(0.58)	$	(0.67)	13 %
Diluted		$	(0.58)	$	(0.67)	13 %

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, 2026, compared to the three months ended March 31, 2025:

	Net Operating Revenue
	For the three months
Amounts in	ended March 31,					$	%
thousands	2026		2025			Change	Change
US East	$	38,930	$	37,136	$	1,794	5 %
US Midwest		41,805		39,751		2,054	5 %
US West		17,067		16,409		658	4 %
Canada		18,324		16,516		1,808	11 %
Poland		21,113		20,631		482	2 %
Other ⁽¹⁾		—		—		—	—
Consolidated	$	137,239	$	130,443	$	6,796	5 %


(1)	Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes.

Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months ended March 31, 2026, compared to the three months ended March 31, 2025:

	Earnings (Loss) from Operations
	For the three months
Amounts in	ended March 31,					$	%
thousands	2026		2025			Change	Change
US East	$	1,493	$	435	$	1,058	243 %
US Midwest		11,813		9,575		2,238	23 %
US West		(1,992)		(2,666)		674	25 %
Canada		4,277		3,363		914	27 %
Poland		(177)		(109)		(68)	(62 %)
Other ⁽¹⁾		(3,651)		(3,458)		(193)	(6 %)
Consolidated	$	11,763	$	7,140	$	4,623	65 %


(1)	Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes.

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, 2026, compared to the three months ended March 31, 2025:

	Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders
	For the three months
Amounts in	ended March 31,					$	%
thousands	2026		2025			Change	Change
US East	$	(5,145)	$	(6,203)	$	1,058	17 %
US Midwest		4,942		3,103		1,839	59 %
US West		(3,826)		(4,450)		624	14 %
Canada		548		(61)		609	998 %
Poland		(307)		(165)		(142)	(86 %)
Other ⁽¹⁾		(12,716)		(12,837)		121	1 %
Consolidated	$	(16,504)	$	(20,613)	$	4,109	20 %


(1)	Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes.

Items deducted from or added to earnings (loss) 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.

Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months ended March 31, 2026 compared to the three months ended March 31, 2025:

	Adjusted EBITDAR**
	For the three months
Amounts in	ended March 31,					$	%
thousands	2026		2025			Change	Change
US East	$	5,390	$	4,240	$	1,150	27 %
US Midwest		15,646		13,436		2,210	16 %
US West		1,392		722		670	93 %
Canada		5,480		4,360		1,120	26 %
Poland		505		546		(41)	(8 %)
Other ⁽¹⁾		(3,473)		(3,149)		(324)	(10 %)
Consolidated	$	24,940	$	20,155	$	4,785	24 %


(1)	Represents additional business activities including certain other corporate and management operations that are not included in the Company's reportable segments. Information is presented for reconciliation purposes.

BALANCE SHEET AND LIQUIDITY

As of March 31, 2026, the Company had $60.0 million in cash and cash equivalents compared to $68.9 million in cash and cash equivalents at December 31, 2025. As of March 31, 2026, the Company had $336.7 million in outstanding debt compared to $337.7 million in outstanding debt at December 31, 2025. The outstanding debt as of March 31, 2026 included $332.5 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $1.0 million under a credit agreement related to Casinos Poland ("CPL") and $3.2 million under a revolving credit facility related to CPL. The Company also has a revolving line of credit with Goldman of up to $30.0 million. If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of March 31, 2026, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $712.0 million long-term financing obligation under its master lease with subsidiaries of VICI Properties, Inc. ("Master Lease").

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, 2026 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 2026 earnings conference call today, Friday, May 8, 2026 at 10:00 am EDT / 8:00 am MDT. U.S. domestic participants should dial 888-999-6281. For all international participants, please use 848-280-6550 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at https://app.webinar.net/VJQo9LX97a5 or obtain a recording of the call on the Company's website until May 31, 2026 at www.cnty.com/investor/financials/financial-results/.

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

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

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		2026		2025
Operating revenue:
Net operating revenue		$	137,239	$	130,443
Operating costs and expenses:
Total operating costs and expenses			125,476		123,303
Earnings from operations			11,763		7,140
Non-operating (expense) income, net			(25,638)		(25,538)
Loss before income taxes			(13,875)		(18,398)
Income tax expense			(909)		(481)
Net loss			(14,784)		(18,879)
Net earnings attributable to non-controlling interests			(1,720)		(1,734)
Net loss attributable to Century Casinos, Inc. shareholders		$	(16,504)	$	(20,613)

Net loss per share attributable to Century Casinos, Inc. shareholders:
Basic		$	(0.58)	$	(0.67)
Diluted		$	(0.58)	$	(0.67)

Weighted average common shares
Basic			28,633		30,683
Diluted			28,633		30,683

Condensed Consolidated Balance Sheets
	March 31,		December 31,
Amounts in thousands	2026		2025
Assets
Current assets	$	95,614	$	104,072
Property and equipment, net		892,191		902,756
Other assets		135,030		140,443
Total assets	$	1,122,835	$	1,147,271

Liabilities and (Deficit) Equity
Current liabilities	$	78,221	$	79,780
Non-current liabilities		1,068,907		1,074,273
Century Casinos, Inc. shareholders' (deficit) equity		(114,742)		(97,697)
Non-controlling interests		90,449		90,915
Total liabilities and (deficit) equity	$	1,122,835	$	1,147,271

CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDAR* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.

	For the three months ended March 31, 2026
Amounts in thousands			US East		US Midwest		US West		Canada		Poland		Other ⁽¹⁾		Total
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(5,145)	$	4,942	$	(3,826)	$	548	$	(307)	$	(12,716)	$	(16,504)
Interest income			—		—		—		(48)		(3)		(85)		(136)
Interest expense⁽²⁾			6,634		6,818		—		3,502		62		8,931		25,947
Income tax expense			—		49		—		237		407		216		909
Depreciation and amortization			3,897		3,833		3,384		1,203		682		17		13,016
Net earnings (loss) attributable to non-controlling interests			—		—		1,833		41		(154)		—		1,720
Non-cash stock-based compensation			—		—		—		—		—		161		161
(Gain) loss on foreign currency transactions, cost recovery income and other			—		—		—		(4)		(191)		3		(192)
Loss on disposition of fixed assets			4		4		1		1		9		—		19
Adjusted EBITDAR		$	5,390	$	15,646	$	1,392	$	5,480	$	505	$	(3,473)	$	24,940


(1)	Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes.
(2)	See "Summary of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease.

CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDAR* to Net Loss Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.

	For the three months ended March 31, 2025
Amounts in thousands			US East		US Midwest		US West		Canada		Poland		Other ⁽¹⁾		Total
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(6,203)	$	3,103	$	(4,450)	$	(61)	$	(165)	$	(12,837)	$	(20,613)
Interest income			—		(8)		—		(94)		(8)		(270)		(380)
Interest expense⁽²⁾			6,638		6,480		—		3,301		50		9,568		26,037
Income tax expense			—		—		—		217		89		175		481
Depreciation and amortization			3,802		3,862		3,343		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			3		(1)		45		(1)		4		—		50
Pre-opening and termination expenses			—		—		—		—		281		—		281
Adjusted EBITDAR		$	4,240	$	13,436	$	722	$	4,360	$	546	$	(3,149)	$	20,155


(1)	Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes.
(2)	See "Summary of Interest Expense" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease.

CENTURY CASINOS, INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION
Net Earnings (Loss) Margins and Adjusted EBITDAR Margins*

			For the three months
			ended March 31,
			2026		2025
US East	Net Operating Revenue	$	38,930	$	37,136
	Net Earnings (Loss) Margin		(13 %)		(17 %)
	Adjusted EBITDAR Margin		14 %		11 %
US Midwest	Net Operating Revenue	$	41,805	$	39,751
	Net Earnings (Loss) Margin		12 %		8 %
	Adjusted EBITDAR Margin		37 %		34 %
US West	Net Operating Revenue	$	17,067	$	16,409
	Net Earnings (Loss) Margin		(22 %)		(27 %)
	Adjusted EBITDAR Margin		8 %		4 %
Canada	Net Operating Revenue	$	18,324	$	16,516
	Net Earnings (Loss) Margin		3 %		—
	Adjusted EBITDAR Margin		30 %		26 %
Poland	Net Operating Revenue	$	21,113	$	20,631
	Net Earnings (Loss) Margin		(1 %)		(1 %)
	Adjusted EBITDAR Margin		2 %		3 %
Other ⁽¹⁾	Net Operating Revenue	$	—	$	—
	Net Earnings (Loss) Margin		NM ⁽²⁾		NM
	Adjusted EBITDAR Margin		NM		NM
Consolidated	Net Operating Revenue	$	137,239	$	130,443
	Net Earnings (Loss) Margin		(12 %)		(16 %)
	Adjusted EBITDAR Margin		18 %		16 %


(1)	Represents additional business activities including certain other corporate and management operations that are not included in our reportable segments. Information is presented for reconciliation purposes.
(2)	Not meaningful.

Summary of Interest Expense
	For the three months
	ended March 31,
Amounts in thousands			2026		2025
Interest expense - Credit Agreements			8,155		8,792
Interest expense - Master Lease Financing Obligation			16,940		16,402
Interest expense - Deferred Financing Costs			674		674
Interest expense - Miscellaneous			178		169
Interest expense		$	25,947	$	26,037

Cash Rent Payments
	For the three months
	ended March 31,
Amounts in thousands			2026		2025
Master Lease		$	18,075	$	14,327
Nugget Lease ⁽¹⁾			2,005		1,913


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

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, 2026.

Reportable Segment and Operating Segment	Reporting Unit
US East	Mountaineer Casino, Resort & Races
	Rocky Gap Casino, Resort & Golf
US Midwest	Century Casino & Hotel Central City
	Century Casino & Hotel Cripple Creek
	Century Casino & Hotel Cape Girardeau and The Riverview
	Century Casino & Hotel Caruthersville and The Farmstead
US West	Nugget Casino Resort and Smooth Bourbon, LLC
Canada	Century Casino & Hotel Edmonton
	Century Casino St. Albert
	Century Mile Racetrack and Casino
	Century Downs Racetrack and Casino
Poland	Casinos Poland

* 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, termination expenses related to closing a casino, 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 US 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 US 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.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION

Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable US GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDAR also 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. 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-US GAAP financial measures of other companies.

** We define net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue.

*** We define 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 our casino operations.

ABOUT CENTURY CASINOS, INC.:

Century Casinos, Inc. is a casino entertainment company. The Company operates the following reportable segments: (i) US East includes the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) US Midwest includes the Century Casinos & Hotels in Cape Girardeau and Caruthersville, Missouri, and in Cripple Creek and Central City, Colorado; (iii) US West includes the Nugget Casino Resort in Reno-Sparks, Nevada; (iv) Canada includes Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta; and (v) Poland, where the Company operates six 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 the potential for our portfolio of casinos, the strategic review process and the potential sale of our Poland operations, projects in development and other opportunities, our credit agreement with Goldman 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, impairments, and plans for our casinos and our Company including expectations regarding Adjusted EBITDAR and cash flow in 2026 and other estimates, forecasts and expectations regarding 2026 and later results, and any other statements that are not purely historical. 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, 2025, 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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Century Casinos, Inc. Announces First Quarter 2026 Results

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