Century Casinos, Inc. Announces Fourth Quarter and Full Year 2023 Results

News provided by

Century Casinos, Inc.

Mar 14, 2024, 06:00 ET

2024 To Continue Company's Transition as Acquisition Integration Proceeds and Construction Projects Near Completion

COLORADO SPRINGS, Colo., March 14, 2024 /CNW/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2023.

Fourth Quarter 2023 Highlights*
Compared to the three months ended December 31, 2022:

  • Net operating revenue was $143.8 million, an increase of 39%.
  • Earnings from operations were $12.6 million, a decrease of (9%).
  • Net loss attributable to Century Casinos, Inc. shareholders was ($10.8) million, a change of (168%), and basic loss per share was ($0.36).
  • Adjusted EBITDAR** was $25.4 million, an increase of 17%.

2023 Highlights*
Compared to the year ended December 31, 2022:

  • Net operating revenue was $550.2 million, an increase of 28%.
  • Earnings from operations were $64.0 million, a decrease of (5%).
  • Net loss attributable to Century Casinos, Inc. shareholders was ($28.2) million, a change of (454%), and basic loss per share was ($0.93).
  • Adjusted EBITDAR** was $114.0 million, an increase of 10%.

"2023 was a transitional year for Century. We completed two major acquisitions to expand our US portfolio to seven casinos. We continued our large construction projects in Missouri, which remain on time and on budget to open in early April for the Cape Girardeau hotel and late 2024 for the Caruthersville casino and hotel," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "Unanticipated licensing delays that resulted in closures of three of our casinos in Poland in the fourth quarter caused earnings from operations in Poland to decrease compared to 2022. We have been awarded all three licenses, we reopened one casino in February 2024 and anticipate reopening the second casino this month and the final casino in a new location in the third quarter of 2024. We are excited to look forward to 2025, when our newly acquired casinos are fully integrated into the company and to what we anticipate will be our first year since 2022 with no significant construction or renovation disruptions at our properties," Messrs. Haitzmann and Hoetzinger concluded.

RESULTS

The consolidated results for the three months and years ended December 31, 2023 and 2022 are as follows:

For the three months



For the year

Amounts in thousands, except per share data

ended December 31,

%

ended December 31,

%

Consolidated Results:

2023

2022

Change

2023

2022

Change

Net Operating Revenue

$

143,760

$

103,754

39 %

$

550,206

$

430,529

28 %

Earnings from Operations

12,551

13,757

(9 %)

64,046

67,612

(5 %)

Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders

$

(10,821)

$

(4,042)

(168 %)

$

(28,198)

$

7,976

(454 %)

















Adjusted EBITDAR**

$

25,358

$

21,666

17 %

$

114,047

$

103,340

10 %

















Net (Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders:

Basic

$

(0.36)

$

(0.14)

(157 %)

$

(0.93)

$

0.27

(444 %)

Diluted

$

(0.36)

$

(0.14)

(157 %)

$

(0.93)

$

0.25

(472 %)

















RESULTS BY REPORTABLE SEGMENT*

The Company's net operating revenue increased by $40.0 million, or 39%, and by $119.7 million, or 28%, for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022:























Net Operating Revenue


For the three months







For the year




Amounts in

ended December 31,

$

%

ended December 31,

$

%

thousands

2023

2022

Change

Change

2023

2022

Change

Change

United States

$

102,957

$

62,311

$

40,646

65 %

$

380,591

$

268,582

$

112,009

42 %

Canada

19,187

16,467

2,720

17 %

75,449

71,572

3,877

5 %

Poland

21,616

24,904

(3,288)

(13 %)

94,105

90,169

3,936

4 %

Corporate and Other

—

72

(72)

(100 %)

61

206

(145)

(70 %)

Consolidated


$

143,760

$

103,754

$

40,006

39 %

$

550,206

$

430,529

$

119,677

28 %























The Company's earnings from operations decreased by ($1.2) million, or (9%), and by ($3.6) million, or (5%), for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022:

Earnings (Loss) from Operations


For the three months







For the year




Amounts in

ended December 31,

$

%

ended December 31,

$

%

thousands

2023

2022

Change

Change

2023

2022

Change

Change

United States

$

12,386

$

11,401

$

985

9 %

$

63,998

$

60,884

$

3,114

5 %

Canada

4,344

2,621

1,723

66 %

15,074

11,461

3,613

32 %

Poland

413

2,536

(2,123)

(84 %)

5,549

9,205

(3,656)

(40 %)

Corporate and Other

(4,592)

(2,801)

(1,791)

(64 %)

(20,575)

(13,938)

(6,637)

(48 %)

Consolidated


$

12,551

$

13,757

$

(1,206)

(9 %)

$

64,046

$

67,612

$

(3,566)

(5 %)

Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($6.8) million, or (168%), and by ($36.2) million, or (454%), for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022. Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2023, compared to the three months and year ended December 31, 2022:























Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders


For the three months







For the year




Amounts in

ended December 31,

$

%

ended December 31,

$

%

thousands

2023

2022

Change

Change

2023

2022

Change

Change

United States

$

483

$

3,355

$

(2,872)

(86 %)

$

18,036

$

24,759

$

(6,723)

(27 %)

Canada

6,087

1,274

4,813

378 %

8,626

6,070

2,556

42 %

Poland

385

1,526

(1,141)

(75 %)

3,446

5,811

(2,365)

(41 %)

Corporate and Other

(17,776)

(10,197)

(7,579)

(74 %)

(58,306)

(28,664)

(29,642)

(103 %)

Consolidated


$

(10,821)

$

(4,042)

$

(6,779)

(168 %)

$

(28,198)

$

7,976

$

(36,174)

(454 %)























Items deducted from or added to earnings 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 expense and non-controlling interests. Increased interest expense negatively impacted net loss attributable to Century Casinos, Inc. shareholders for the 2023 periods. For the year ended December 31, 2023, interest expense increased $13.0 million due to additional properties added to the Company's triple net master lease with subsidiaries of VICI Properties Inc.(the "Master Lease"), approximately $14.6 million due to increased borrowings under our Goldman Credit Agreement in April 2022 in connection with the Nugget Acquisition that was outstanding throughout 2023, increased interest rates on the term loan and borrowing on the revolving facility under our Goldman Credit Agreement, and $7.3 million related to the Century Downs Racetrack and Casino ("CDR") land lease debt extinguishment in connection with the sale of the real estate assets of the Company's Canada properties.

Adjusted EBITDAR** increased by $3.7 million, or 17%, and by $10.7 million, or 10%, for the three months and year ended December 31, 2023 compared to the three months and year ended December 31, 2022. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months and year ended December 31, 2023 compared to the three months and year ended December 31, 2022:























Adjusted EBITDAR**


For the three months







For the year




Amounts in

ended December 31,

$

%

ended December 31,

$

%

thousands

2023

2022

Change

Change

2023

2022

Change

Change

United States

$

22,109

$

16,365

$

5,744

35 %

$

98,190

$

80,297

$

17,893

22 %

Canada

5,617

3,748

1,869

50 %

20,003

18,396

1,607

9 %

Poland

952

3,195

(2,243)

(70 %)

8,062

11,874

(3,812)

(32 %)

Corporate and Other

(3,320)

(1,642)

(1,678)

(102 %)

(12,208)

(7,227)

(4,981)

(69 %)

Consolidated


$

25,358

$

21,666

$

3,692

17 %

$

114,047

$

103,340

$

10,707

10 %























BALANCE SHEET AND LIQUIDITY

As of December 31, 2023, the Company had $171.3 million in cash and cash equivalents compared to $101.8 million in cash and cash equivalents at December 31, 2022. As of December 31, 2023, the Company had $346.8 million in outstanding debt compared to $366.4 million in outstanding debt at December 31, 2022. The outstanding debt as of December 31, 2023 included $343.9 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman") and $3.0 million of bank debt related to Century Resorts Management GmbH ("CRM"). The Company also has a $658.0 million long-term financing obligation under the Master Lease.

CONFERENCE CALL INFORMATION

Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2023 on its website at www.cnty.com/investor/financials/sec-filings/.

The Company will host its fourth quarter 2023 earnings conference call today, Thursday, March 14, 2024 at 8:00 am MDT. U.S. domestic participants should dial 1-800-343-5172. For all international participants, please use 203-518-9814 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at http://join.eventcastplus.com/eventcastplus/Century-Casinos-Q4-2023-Earnings-Call or obtain a recording of the call on the Company's website until March 31, 2024 at www.cnty.com/investor/financials/sec-filings/.

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDAR is a Non-US GAAP financial measure. 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) Earnings



























For the three months

For the year

ended December 31,

ended December 31,

Amounts in thousands, except for per share information

2023

2022

2023

2022

Operating revenue:











Net operating revenue

$

143,760

$

103,754

$

550,206

$

430,529

Operating costs and expenses:











Total operating costs and expenses

131,209

91,111

487,281

366,166

Earnings from equity investment

—

1,114

1,121

3,249

Earnings from operations

12,551

13,757

64,046

67,612

Non-operating (expense) income, net

(24,963)

(16,388)

(87,878)

(61,602)

(Loss) earnings before income taxes



(12,412)

(2,631)

(23,832)

6,010

Income tax benefit (expense)

3,994

(470)

5,343

7,660

Net (loss) earnings

(8,418)

(3,101)

(18,489)

13,670

Net earnings attributable to non-controlling interests

(2,403)

(941)

(9,709)

(5,694)

Net (loss) earnings attributable to Century Casinos, Inc. shareholders

$

(10,821)

$

(4,042)

$

(28,198)

$

7,976













Net (loss) earnings per share attributable to Century Casinos, Inc. shareholders:

  Basic


$

(0.36)

$

(0.14)

$

(0.93)

$

0.27

  Diluted


$

(0.36)

$

(0.14)

$

(0.93)

$

0.25













Weighted average common shares











  Basic



30,360

29,866

30,274

29,809

  Diluted



30,360

29,866

30,274

31,480




















Condensed Consolidated Balance Sheets









December 31,


December 31,

Amounts in thousands

2023

2022

Assets





Current assets

$

207,017

$

228,019

Property and equipment, net

913,561

464,650

Other assets

239,084

192,298

Total assets

$

1,359,662

$

884,967







Liabilities and Equity





Current liabilities

$

93,619

$

65,413

Non-current liabilities

1,051,602

665,355

Century Casinos, Inc. shareholders' equity

121,392

144,028

Non-controlling interests

93,049

10,171

Total liabilities and equity

$

1,359,662

$

884,967

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDAR** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


For the three months ended December 31, 2023

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

483

$

6,087

$

385

$

(17,776)

$

(10,821)

Interest expense (income), net (1)

11,653

1,747

(60)

11,369

24,709

Income tax (benefit) expense

(1,471)

(3,962)

135

1,304

(3,994)

Depreciation and amortization

9,675

1,214

534

57

11,480

Net earnings attributable to non-controlling interests

1,721

491

192

—

2,404

Non-cash stock-based compensation

—

—

—

864

864

Loss (gain) on foreign currency transactions, cost recovery income and other (2)

1

35

(239)

444

241

Loss on disposition of fixed assets

47

5

5

108

165

Acquisition costs

—

—

—

310

310

Adjusted EBITDAR

$

22,109

$

5,617

$

952

$

(3,320)

$

25,358


















(1)

See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease.

(2)

Included in the Canada segment is $0.1 million gain related to an earn out payment from the sale of casino operations in Calgary in 2020.

















For the three months ended December 31, 2022

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

3,355

$

1,274

$

1,526

$

(10,197)

$

(4,042)

Interest expense (income), net (1)

7,221

547

(100)

9,373

17,041

Income tax expense (benefit)

826

636

788

(1,780)

470

Depreciation and amortization

4,946

1,123

627

63

6,759

Net earnings attributable to non-controlling interests

—

178

763

—

941

Non-cash stock-based compensation

—

—

—

697

697

Gain on foreign currency transactions and cost recovery income

(1)

(14)

(441)

(197)

(653)

Loss on disposition of fixed assets

18

4

32

—

54

Acquisition costs

—

—

—

399

399

Adjusted EBITDAR

$

16,365

$

3,748

$

3,195

$

(1,642)

$

21,666
















(1)

See "Reconciliation of Interest Expense (Income), Net" 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 Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.


For the year ended December 31, 2023

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

18,036

$

8,626

$

3,446

$

(58,306)

$

(28,198)

Interest expense (income), net (1)

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 (2)

(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
















(1)

See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease.

(2)

Included in the Canada segment is $1.7 million gain related to the earn out payment from the sale of casino operations in Calgary in 2020 and $3.5 million cost recovery income for CDR.

















For the year ended December 31, 2022

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

24,759

$

6,070

$

5,811

$

(28,664)

$

7,976

Interest expense (income), net (1)

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 (2)

(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
















(1)

See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease.

(2)

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.

CENTURY CASINOS, INC. AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL INFORMATION

Adjusted EBITDAR Margins ***


For the three months

For the year

ended December 31,

ended December 31,

2023

2022

2023

2022

United States

22 %

26 %

26 %

30 %

Canada

29 %

23 %

27 %

26 %

Poland

4 %

13 %

9 %

13 %

Corporate and Other

NM (1)

NM

NM

NM

Consolidated

18 %

21 %

21 %

24 %





(1)

Not meaningful.

Reconciliation of Interest Expense (Income), Net


For the three months

For the year

ended December 31,

ended December 31,

Amounts in thousands

2023

2022

2023

2022

Interest income

$

(1,775)

$

(152)

$

(2,114)

$

(851)

Interest expense - Credit Agreements

10,649

8,687

39,703

25,089

Interest expense - VICI Financing Obligation

15,081

7,221

42,426

28,533

Interest expense - CDR Land Lease

—

537

1,450

2,254

Interest expense - Deferred Financing Costs

673

674

2,695

2,412

Interest expense - Misc

81

74

327

239

Interest expense - Other (1)

—

—

7,324

7,304

Interest expense (income), net

$

24,709

$

17,041

$

91,811

$

64,980













(1)

Interest expense – Other consists of $7.3 million related to the loss on debt extinguishment related to our CDR land lease in 2023 and $7.3 million of deferred financing costs written off in connection with the prepayment of the $170.0 million term loan issued under a credit agreement with Macquarie Capital in 2022.

Cash Rent Payments


For the three months

For the year

ended December 31,

ended December 31,

Amounts in thousands

2023

2022

2023

2022

Master Lease

$

15,085

$

6,539

$

40,739

$

25,666

CDR land lease

—

507

1,258

2,088

Nugget lease (50%)

2,513

—

6,313

—

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 December 31, 2023:

Reportable Segment

Operating Segment

Reporting Unit

United States

East

Mountaineer Casino, Resort & Races


Rocky Gap Casino, Resort & Golf

Midwest

Century Casino & Hotel - Central City


Century Casino & Hotel - Cripple Creek


Century Casino Cape Girardeau


Century Casino Caruthersville and The Farmstead

West

Nugget Casino Resort and Smooth Bourbon, LLC

Canada

Canada (1)

Century Casino & Hotel - Edmonton


Century Casino St. Albert


Century Mile Racetrack and Casino


Century Downs Racetrack and Casino

Poland

Poland

Casinos Poland

Corporate and Other

Corporate and Other

Cruise Ships & Other (2)


Corporate Other (3)

(1)

The Company operated the Century Sports facility through February 10, 2022.

(2)

The Company operated on ship-based casinos through April 16, 2023.

(3)

The Company's equity interest in Smooth Bourbon, LLC was included in the Corporate Other reporting unit until April 3, 2023, when the Company acquired the Nugget Casino Resort and the Company began consolidating Smooth Bourbon, LLC.

**  We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company's triple net lease with VICI (the "Master Lease")), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, 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 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 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.

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

*** The Company defines Adjusted EBITDAR margins 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 the Company's casino operations.

ABOUT CENTURY CASINOS, INC.:

Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos in Cape Girardeau and Caruthersville, Missouri, and Century Casino & Hotels in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno/Sparks, Nevada. In Alberta, Canada the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company holds eight casino licenses and currently 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.

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 projects in development and other opportunities, including our Missouri construction projects, reopening our Poland casinos, 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, and plans for our casinos and our Company including expectations regarding 2024, 2025 and later results. 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, 2023, 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.

SOURCE Century Casinos, Inc.

Peter Hoetzinger, CO-CEO and President, Landline: +1-719-689-5813, Mobile: +43 664 355 3935, [email protected]

Organization Profile

Century Casinos, Inc.