Century Casinos, Inc. Announces Third Quarter 2024 Results

News provided by

Century Casinos, Inc.

Nov 04, 2024, 06:00 ET

2025 Looks Promising After Opening of New Land-Based Casino in Missouri and Reopening of the Wroclaw Casino in Poland

COLORADO SPRINGS, Colo., Nov. 4, 2024 /CNW/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2024.

Third Quarter 2024 Highlights*
Compared to the three months ended September 30, 2023:

  • Net operating revenue was $155.7 million, a decrease of 3%.
  • Earnings from operations were $17.9 million, an increase of 24%.
  • Net loss attributable to Century Casinos, Inc. shareholders was ($8.1) million, a decrease in net loss of 43%, and basic net loss per share was ($0.26).
  • Adjusted EBITDAR** was $32.9 million, a decrease of (1%).

"Earnings from operations were in line with our expectations for the third quarter and grew 24% compared to the third quarter of 2023. This past Friday we opened the new land-based casino and hotel in Caruthersville, Missouri. We are excited for the potential of this new casino and hotel to expand our customer base further into Arkansas and the north Memphis area of Tennessee," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We have also reopened the Wroclaw casino in Poland. This will decrease the disruptions we have had in our Poland segment," they continued.

UPDATES

Caruthersville Project – The Company opened its new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024. The new Century Casino & Hotel Caruthersville has 599 slot machines and nine live table games, a 50% increase in gaming positions compared with the temporary casino location. The number of hotel rooms doubled to 74. The project cost an estimated $51.9 million. The Company funded this project through VICI Properties Inc. ("VICI"). VICI owns the real estate improvements associated with the Caruthersville project, which becomes a part of the Company's triple net master lease ("Master Lease") with subsidiaries of VICI.

Poland – The Company reopened the Wroclaw casino at its new location on October 24, 2024. The Company was notified in October 2024 that it had not received new licenses for its Krakow casino or LIM Center casino in Warsaw.

RESULTS

The consolidated results for the three and nine months ended September 30, 2024 and 2023 are as follows:
















For the three months



For the nine months

Amounts in thousands, except per share data

ended September 30,

%

ended September 30,

%

Consolidated Results:

2024

2023

Change

2024

2023

Change

Net Operating Revenue

$

155,701

$

161,179

(3 %)

$

438,147

$

406,448

8 %

Earnings from Operations

17,918

14,467

24 %

40,466

51,494

(21 %)

Net Loss Attributable to Century
Casinos, Inc. Shareholders

$

(8,119)

$

(14,175)

43 %

$

(63,276)

$

(17,377)

(264 %)

















Adjusted EBITDAR**

$

32,902

$

33,347

(1 %)

$

81,598

$

88,686

(8 %)

















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

Basic

$

(0.26)

$

(0.47)

45 %

$

(2.07)

$

(0.57)

(264 %)

Diluted

$

(0.26)

$

(0.47)

45 %

$

(2.07)

$

(0.57)

(264 %)

















RESULTS BY REPORTABLE SEGMENT*

Following is a summary of the changes in net operating revenue by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:























Net Operating Revenue


For the three months







For the nine months




Amounts in

ended September 30,

$

%

ended September 30,

$

%

thousands

2024

2023

Change

Change

2024

2023

Change

Change

United States

$

117,139

$

116,861

$

278

—

$

319,680

$

277,636

$

42,044

15 %

Canada

20,275

20,921

(646)

(3 %)

58,425

56,262

2,163

4 %

Poland

18,287

23,397

(5,110)

(22 %)

60,029

72,489

(12,460)

(17 %)

Corporate and
Other

—

—

—

—

13

61

(48)

(79 %)

Consolidated


$

155,701

$

161,179

$

(5,478)

(3 %)

$

438,147

$

406,448

$

31,699

8 %























Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:























Earnings (Loss) from Operations


For the three months







For the nine months




Amounts in

ended September 30,

$

%

ended September 30,

$

%

thousands

2024

2023

Change

Change

2024

2023

Change

Change

United States

$

18,195

$

19,812

$

(1,617)

(8 %)

$

40,760

$

51,614

$

(10,854)

(21 %)

Canada

3,811

2,080

1,731

83 %

12,203

10,727

1,476

14 %

Poland

(1,214)

1,271

(2,485)

(196 %)

(1,416)

5,138

(6,554)

(128 %)

Corporate and
Other

(2,874)

(8,696)

5,822

67 %

(11,081)

(15,985)

4,904

31 %

Consolidated


$

17,918

$

14,467

$

3,451

24 %

$

40,466

$

51,494

$

(11,028)

(21 %)

Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023:























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


For the three months







For the nine months




Amounts in

ended September 30,

$

%

ended September 30,

$

%

thousands

2024

2023

Change

Change

2024

2023

Change

Change

United States

$

4,701

$

5,273

$

(572)

(11 %)

$

(25,066)

$

17,026

$

(42,092)

(247 %)

Canada

1,134

(1,730)

2,864

166 %

3,276

2,865

411

14 %

Poland

(681)

788

(1,469)

(186 %)

(716)

3,066

(3,782)

(123 %)

Corporate and
Other

(13,273)

(18,506)

5,233

28 %

(40,770)

(40,334)

(436)

(1 %)

Consolidated


$

(8,119)

$

(14,175)

$

6,056

43 %

$

(63,276)

$

(17,377)

$

(45,899)

(264 %)























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 (benefit) expense, and non-controlling interests. Increased interest expense and a valuation allowance on net deferred tax assets in the United States negatively impacted net loss attributable to Century Casinos, Inc. shareholders. Interest expense increased primarily due to additional properties added to the Master Lease. The Company recorded a valuation allowance on its net deferred tax assets related to the United States, resulting in $23.8 million of tax expense during the second quarter of 2024. Based on the analysis of future realization of the United States deferred tax assets, the Company concluded that it is more likely than not that the benefit from certain deferred tax assets will not be realized and therefore recorded the valuation allowance.

Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023:























Adjusted EBITDAR**


For the three months







For the nine months




Amounts in

ended September 30,

$

%

ended September 30,

$

%

thousands

2024

2023

Change

Change

2024

2023

Change

Change

United States

$

29,172

$

30,489

$

(1,317)

(4 %)

$

73,349

$

76,086

$

(2,737)

(4 %)

Canada

4,889

4,706

183

4 %

15,482

14,380

1,102

8 %

Poland

1,958

1,948

10

1 %

3,166

7,111

(3,945)

(55 %)

Corporate and Other

(3,117)

(3,796)

679

18 %

(10,399)

(8,891)

(1,508)

(17 %)

Consolidated


$

32,902

$

33,347

$

(445)

(1 %)

$

81,598

$

88,686

$

(7,088)

(8 %)























BALANCE SHEET AND LIQUIDITY

As of September 30, 2024, the Company had $118.8 million in cash and cash equivalents compared to $171.3 million in cash and cash equivalents at December 31, 2023. Cash and cash equivalents decreased primarily due to tax payments of $12.2 million related to the September 2023 sale and leaseback of the Company's Canada properties and purchases of property and equipment of $44.5 million. As of September 30, 2024, the Company had $339.6 million in outstanding debt compared to $346.8 million in outstanding debt at December 31, 2023. The outstanding debt as of September 30, 2024 included $337.8 million related to the term loan under the Goldman Credit Agreement and $1.9 million of bank debt related to Century Resorts Management GmbH ("CRM"). The Company also has a $657.4 million long-term financing obligation under its 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 September 30, 2024 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 third quarter 2024 earnings conference call today, Monday, November 4, 2024 at 10:00 am EST / 8:00 am MST. U.S. domestic participants should dial 888-999-5318. For all international participants, please use 848-280-6460 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at http://app.webinar.net/rLbQDZExEzo or obtain a recording of the call on the Company's website until November 30, 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, Adjusted EBITDAR margin and Net Debt 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

For the nine months

ended September 30,

ended September 30,

Amounts in thousands, except for per share information

2024

2023

2024

2023

Operating revenue:











Net operating revenue

$

155,701

$

161,179

$

438,147

$

406,448

Operating costs and expenses:











Total operating costs and expenses

137,783

146,712

397,681

356,075

Earnings from equity investment

—

—

—

1,121

Earnings from operations

17,918

14,467

40,466

51,494

Non-operating (expense) income, net

(24,977)

(31,001)

(72,599)

(62,915)

Loss before income taxes



(7,059)

(16,534)

(32,133)

(11,421)

Income tax benefit (expense)

334

3,068

(25,299)

1,349

Net loss

(6,725)

(13,466)

(57,432)

(10,072)

Net earnings attributable to non-controlling interests

(1,394)

(709)

(5,844)

(7,305)

Net loss attributable to Century Casinos, Inc.
shareholders

$

(8,119)

$

(14,175)

$

(63,276)

$

(17,377)













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

  Basic


$

(0.26)

$

(0.47)

$

(2.07)

$

(0.57)

  Diluted


$

(0.26)

$

(0.47)

$

(2.07)

$

(0.57)













Weighted average common shares











  Basic



30,683

30,340

30,595

30,245

  Diluted



30,683

30,340

30,595

30,245




















Condensed Consolidated Balance Sheets









September 30,


December 31,

Amounts in thousands

2024

2023

Assets





Current assets

$

155,017

$

207,017

Property and equipment, net

926,633

913,561

Other assets

221,005

239,084

Total assets

$

1,302,655

$

1,359,662







Liabilities and Equity





Current liabilities

$

86,825

$

93,619

Non-current liabilities

1,066,797

1,051,602

Century Casinos, Inc. shareholders' equity

56,805

121,392

Non-controlling interests

92,228

93,049

Total liabilities and equity

$

1,302,655

$

1,359,662

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 September 30, 2024

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

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

$

4,701

$

1,134

$

(681)

$

(13,273)

$

(8,119)

Interest expense (income), net (1)

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

(1)

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

















For the three months ended September 30, 2023

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

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

$

5,273

$

(1,730)

$

788

$

(18,506)

$

(14,175)

Interest expense (income), net (1)

11,951

8,706

(74)

10,785

31,368

Income tax expense (benefit)

818

(3,403)

378

(861)

(3,068)

Depreciation and amortization

10,706

1,102

653

57

12,518

Net earnings (loss) attributable to non-
controlling interests

1,770

(1,453)

392

—

709

Non-cash stock-based compensation

—

—

—

1,082

1,082

(Gain) loss on foreign currency
transactions and cost recovery income (2)

(85)

1,484

(213)

(46)

1,140

Loss on disposition of fixed assets

56

—

24

—

80

Acquisition costs

—

—

—

3,693

3,693

Adjusted EBITDAR

$

30,489

$

4,706

$

1,948

$

(3,796)

$

33,347

(1)

See "Summary 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 $0.3 million related to the earn out from the sale of casino operations in Calgary in 2020.

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

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

















For the nine months ended September 30, 2024

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

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

$

(25,066)

$

3,276

$

(716)

$

(40,770)

$

(63,276)

Interest expense (income), net (1)

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 (2)

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

(1)

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

(2)

Included in the Canada segment is $1.1 million related to cost recovery income for CDR.

















For the nine months ended September 30, 2023

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Total

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

$

17,026

$

2,865

$

3,066

$

(40,334)

$

(17,377)

Interest expense (income), net (1)

26,370

9,776

(285)

31,238

67,099

Income tax expense (benefit)

4,656

(624)

1,398

(6,779)

(1,349)

Depreciation and amortization

24,065

3,374

1,948

175

29,562

Net earnings attributable to non-
controlling interests

3,562

2,212

1,531

—

7,305

Non-cash stock-based compensation

—

—

—

2,746

2,746

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

(85)

(3,228)

(572)

(42)

(3,927)

Loss on disposition of fixed assets

492

5

25

4

526

Acquisition costs

—

—

—

4,101

4,101

Adjusted EBITDAR

$

76,086

$

14,380

$

7,111

$

(8,891)

$

88,686

(1)

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

(2)

Included in the Canada segment is $1.6 million related to the earn out from the sale of casino operations in Calgary in 2020 and $3.5 million related to cost recovery income for CDR.

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Net Earnings (Loss) Margins** and Adjusted EBITDAR Margins***


















For the three months



For the nine months




ended September 30,

ended September 30,




2024

2023

2024

2023

United States

Net Operating Revenue

$

117,139

$

116,861

$

319,680

$

277,636

Net Earnings (Loss) Margin

4 %

5 %

(8 %)

6 %

Adjusted EBITDAR Margin

25 %

26 %

23 %

27 %














Canada

Net Operating Revenue

$

20,275

$

20,921

$

58,425

$

56,262

Net Earnings (Loss) Margin

6 %

(8 %)

6 %

5 %

Adjusted EBITDAR Margin

24 %

23 %

27 %

26 %














Poland

Net Operating Revenue

$

18,287

$

23,397

$

60,029

$

72,489

Net Earnings (Loss) Margin

(4 %)

3 %

(1 %)

4 %

Adjusted EBITDAR Margin

11 %

8 %

5 %

10 %














Corporate and Other

Net Operating Revenue

$

—

$

—

$

13

$

61

Net Earnings (Loss) Margin

NM (1)

NM

NM

NM

Adjusted EBITDAR Margin

NM

NM

NM

NM














Consolidated

Net Operating Revenue

$

155,701

$

161,179

$

438,147

$

406,448

Net Earnings (Loss) Margin

(5 %)

(9 %)

(14 %)

(4 %)

Adjusted EBITDAR Margin

21 %

21 %

19 %

22 %

(1)   Not meaningful.

Summary of Interest Expense (Income), Net















For the three months

For the nine months

ended September 30,

ended September 30,

Amounts in thousands

2024

2023

2024

2023

Interest income

$

(751)

$

(75)

$

(2,110)

$

(340)

Interest expense - Credit Agreements

9,881

10,056

29,601

29,054

Interest expense - VICI Financing Obligation

15,212

12,902

45,586

27,344

Interest expense - CDR Land Lease (1)

—

400

—

1,452

Interest expense - Deferred Financing Costs

674

674

2,022

2,021

Interest expense - Misc

88

87

217

244

Interest expense - Other (2)

—

7,324

—

7,324

Interest expense (income), net

$

25,104

$

31,368

$

75,316

$

67,099













(1)

The CDR land lease ended on September 6, 2023 in conjunction with the sale and leaseback of our Canada properties.

(2)

Interest expense – Other is $7.3 million related to the debt extinguishment of the CDR land lease in Canada for the three and nine months ended September 30, 2023.

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Cash Rent Payments














For the three months

For the nine months

ended September 30,

ended September 30,

Amounts in thousands

2024

2023

2024

2023

Master Lease

$

13,190

$

11,923

$

37,829

$

25,654

CDR Land Lease

—

275

—

1,258

Nugget Lease (1)

1,913

1,900

5,088

3,800

(1)

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

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 September 30, 2024.

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 & Hotel — Cape Girardeau


Century Casino & Hotel — Caruthersville and The Farmstead

West

Nugget Casino Resort and Smooth Bourbon, LLC

Canada

Canada

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 (1)


Corporate Other (2)

(1)

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

(2)

The Company's equity interest in Smooth Bourbon 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.

* 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, 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.

CENTURY CASINOS, INC. AND SUBSIDIARIES 
UNAUDITED SUPPLEMENTAL INFORMATION

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

*** The Company defines 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 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 & Hotels Cape Girardeau and Caruthersville in Missouri, and Century Casinos & 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 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 projects in development and other opportunities, including the benefits of our Caruthersville land-based casino and hotel, licensing and reopening of our Poland casinos, expectations for our Poland segment moving forward, the Goldman Credit Agreement 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.