UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 0-22900 CENTURY CASINOS, INC. (Exact name of registrant as specified in its charter) DELAWARE 84-1271317 (State or other jur ...

Core Viewpoint - Century Casinos, Inc. is facing challenges in financial performance but shows potential for growth with a significant upside suggested by analysts [2][3][5]. Financial Performance - The company reported a quarterly loss of $0.61 per share, which was larger than the Zacks Consensus Estimate of a $0.46 loss, but shows slight improvement from a $0.69 loss per share a year ago [3]. - Revenues for the quarter ending December 2025 were $138 million, slightly below the Zacks Consensus Estimate by 3.77%, and nearly unchanged from $137.77 million reported in the same quarter the previous year [4]. - Century Casinos has not surpassed consensus revenue estimates in the last four quarters, indicating ongoing challenges in meeting market expectations [4]. Growth Indicators - Despite the financial challenges, Century Casinos experienced a 13% growth in Adjusted EBITDAR and improved margins in Q4 2025 compared to the same period in 2024 [5]. - Co-CEOs expressed satisfaction with improvements in the lower-end of their customer base and are exploring strategic options, including the potential sale of operations in Poland, to unlock further value [5]. Analyst Outlook - Jeffrey Stantial from Stifel Nicolaus set a price target of $2.50 for CNTY, indicating a potential upside of approximately 90.84% from its current trading price of $1.31 [2][6].

Management View - Century Casinos, Inc. (CNTY) reported a 3% year-over-year increase in full year adjusted EBITDAR despite facing regulatory challenges [2] - Excluding the impact of sports betting income in Colorado and operations in Poland, EBITDAR would have increased by 5%, indicating strong performance in other areas [2]

Core Insights - Century Casinos, Inc. reported strong financial performance in 2025, with a notable increase in EBITDA across various properties, particularly in Missouri [2][4][19] - The company has successfully transitioned its Caruthersville property to a permanent facility, resulting in significant EBITDA growth [1][2] - The overall trend indicates a recovery in retail customer engagement across the U.S. portfolio, with double-digit growth expected to continue into 2026 [19][21] Financial Performance - Caruthersville's EBITDA grew from $19 million in 2024 to $24.4 million in 2025, marking a 28% increase [2] - The Nugget in Reno saw a 21% increase in EBITDA, while Mountaineer in West Virginia's EBITDA rose from $13.1 million to $14.1 million in 2025 [3][10] - Century Casino Cape Girardeau experienced a decline in EBITDA from $25.6 million to $24.7 million due to increased competition [5][6] Property Developments - The transition to a permanent casino and hotel in Caruthersville was completed in November 2024, contributing to its growth [1] - New amenities, including a hotel and retail sportsbook, were added to Century Casino Cape Girardeau, enhancing its appeal [6] - The company is optimistic about the performance of Rocky Gap and the Nugget, with improvements expected in 2026 [12][13] Market Trends - The company noted a strong performance from high-value customers, particularly those aged 40-59 and from distances greater than 49 miles [1] - Despite challenges in Colorado due to the loss of sports betting income, overall EBITDAR increased by 3% year-over-year [4] - The competitive landscape in Missouri is expected to benefit from recent court rulings against unregulated gaming machines [32] Strategic Outlook - The company plans to focus on debt paydown and operational performance, with no debt maturities until 2029 [17][41] - A comprehensive strategic review is ongoing, which may lead to divestitures, although no final decisions have been made [21][41] - The company anticipates a strong growth trend across its North American portfolio, supported by improved customer engagement and marketing efforts [20][21]

Financial Data and Key Metrics Changes - Full year adjusted EBITDAR increased by 3% year-over-year despite losses from sports betting income in Colorado and licensing disruptions in Poland [2][3] - Fourth quarter net operating revenue was flat, but adjusted EBITDAR was up 13% [3] - Across the entire U.S. portfolio, there was strong play from high-value and core customer segments [3] Business Line Data and Key Metrics Changes - Century Casino & Hotel Caruthersville saw Q4 EBITDAR increase from $4.9 million to $6.1 million, with a full year growth from $19 million to $24.4 million, a 28% increase [5][6] - Century Casino Cape Girardeau experienced a decline in Q4 EBITDAR from $6.8 million to $5.9 million and a decrease for the year from $25.6 million to $24.7 million [8][9] - At Century Casino & Hotel Cripple Creek, Q4 EBITDAR increased from $1.1 million to $1.5 million, but full year EBITDAR decreased from $7.5 million to $6.3 million [10] - Mountaineer in West Virginia saw Q4 EBITDAR increase from $2.6 million to $3 million, with full year EBITDAR rising from $13.1 million to $14.1 million [11][12] - Nugget Casino Resort in Reno Sparks had Q4 EBITDAR increase from $1.1 million to $1.3 million, but full year EBITDAR declined from $9.7 million to $9.1 million [14] Market Data and Key Metrics Changes - In Canada, slot coin-in was up 4%, net operating revenue up 2%, and EBITDAR up 1% to $20.3 million for the year [15] - In Poland, net operating revenue increased by 4% and EBITDAR surged by 245% to $0.9 million in Q4 [16] Company Strategy and Development Direction - The company is focused on harvesting investments made over the last couple of years, expecting higher EBITDAR and cash flow for 2026 and beyond [17][18] - A comprehensive strategic review process is ongoing, which may lead to divestitures, but no final decisions have been made [20] Management's Comments on Operating Environment and Future Outlook - Management noted strong growth trends across the entire portfolio in North America, with double-digit EBITDAR growth expected to continue [19] - The company anticipates benefits from tax cuts in Alberta and decreasing capex, projecting a reduction from $18 million in 2025 to between $14 million and $15 million in 2026 [17][18] Other Important Information - Cash and cash equivalents as of December 31 were $69 million, with total debt outstanding at $338 million [17] - The net debt to EBITDAR ratio remained unchanged at 6.9 times [17] Q&A Session Summary Question: Where are the green shoots seen in retail players? - Management indicated that retail customers are returning across the board, with increases in both casino and hotel performance [26] Question: Historical precedent of higher oil prices benefiting properties? - Management stated that there has been no historical correlation between higher oil prices and increased business [27] Question: Guidance for Q1 and trends for the rest of the year? - Management confirmed double-digit growth at every U.S. property and expressed optimism that trends would continue [31] Question: Impact of weather on revenues and EBITDA in Q4? - Management acknowledged some impact from weather in December but did not quantify it [54] Question: Approach to capital allocation regarding share repurchases and debt pay down? - The focus will be on debt pay down rather than share repurchases, subject to cash flow and operational performance [61]

Financial Data and Key Metrics Changes - Full year adjusted EBITDA increased by 3% year-over-year despite losses from sports betting income in Colorado and licensing disruptions in Poland [2][3] - Fourth quarter net operating revenue was flat, but adjusted EBITDA rose by 13% [3] - Across the U.S. portfolio, there was strong play from high-value and core customer segments, with double-digit EBITDA growth at several casinos [3] Business Line Data and Key Metrics Changes - Century Casino & Hotel Caruthersville saw Q4 EBITDA increase from $4.9 million to $6.1 million, with a full year increase from $19 million to $24.4 million, a 28% rise [5][6] - Century Casino Cape Girardeau experienced a decline in Q4 EBITDA from $6.8 million to $5.9 million and a full year decrease from $25.6 million to $24.7 million [8][9] - At Century Casino & Hotel Cripple Creek, Q4 EBITDA increased from $1.1 million to $1.5 million, but full year EBITDA decreased from $7.5 million to $6.3 million [10] - Mountaineer in West Virginia saw Q4 EBITDA rise from $2.6 million to $3 million, with full year EBITDA increasing from $13.1 million to $14.1 million [11][12] - Nugget Casino Resort in Reno Sparks had Q4 EBITDA increase from $1.1 million to $1.3 million, but full year EBITDA declined from $9.7 million to $9.1 million [14] Market Data and Key Metrics Changes - In Canada, slot coin-in was up 4%, net operating revenue increased by 2%, and EBITDA rose by 1% to $20.3 million in 2025 [15] - In Poland, net operating revenue increased by 4% and EBITDA surged by 245% to $0.9 million in Q4 [16] Company Strategy and Development Direction - The company is focused on harvesting investments made over the last couple of years, expecting higher EBITDA and cash flow for 2026 and beyond [17][18] - A comprehensive strategic review process is ongoing, which may lead to divestitures, but no final decisions have been made [20] Management's Comments on Operating Environment and Future Outlook - Management noted a strong start to 2026 with double-digit EBITDA growth across all U.S. properties, particularly highlighting performances in Colorado and the Nugget [19] - The company anticipates benefits from tax cuts in Alberta and decreasing CapEx, projecting a reduction from $18 million in 2025 to between $14 million and $15 million in 2026 [18] Other Important Information - Cash and cash equivalents as of December 31st were $69 million, with total debt outstanding at $338 million [17] - The net debt to EBITDA ratio remained unchanged at 6.9x [17] Q&A Session Summary Question: Where are the green shoots in retail players being seen? - Management indicated that retail customers are returning across the board, with increases in both casino and hotel performance [26] Question: Historical precedent of higher oil prices affecting properties? - Management stated that there has been no historical correlation between higher oil prices and business performance [27] Question: Guidance for Q1 and trends for the rest of the year? - Management confirmed double-digit growth at every U.S. property and expressed optimism that trends would continue [32] Question: Impact of weather on revenues and EBITDA during Q4? - Management acknowledged some impact from weather in December but did not quantify it, indicating it was not disastrous [53][56] Question: Capital allocation approach regarding share repurchases and debt pay down? - Management emphasized a focus on debt pay down over share repurchases, subject to cash flow and operational performance [60]

Financial Data and Key Metrics Changes - Century Casinos reported a 3% year-over-year increase in full-year adjusted EBITDAR for 2025, despite challenges such as the loss of sports betting income in Colorado and licensing disruptions in Poland [2][3] - In Q4 2025, net operating revenue was flat, but adjusted EBITDAR increased by 13%, with double-digit EBITDAR growth at several casinos [3][4] Business Line Data and Key Metrics Changes - Century Casino & Hotel Caruthersville saw Q4 EBITDAR increase from $4.9 million to $6.1 million, and full-year EBITDAR grew from $19 million to $24.4 million, a 28% increase [5][6] - Century Casino Cape Girardeau experienced a decline in both Q4 and full-year EBITDAR, with Q4 EBITDAR decreasing from $6.8 million to $5.9 million and full-year EBITDAR from $25.6 million to $24.7 million [7][9] - In Colorado, Century Casino & Hotel Cripple Creek's Q4 EBITDAR increased from $1.1 million to $1.5 million, while full-year EBITDAR decreased from $7.5 million to $6.3 million [10] - Mountaineer in West Virginia reported Q4 EBITDAR growth from $2.6 million to $3 million, and full-year EBITDAR increased from $13.1 million to $14.1 million [11][12] - Rocky Gap's Q4 EBITDAR declined from $3.2 million to $2.9 million, and full-year EBITDAR decreased from $14 million to $13.2 million [13] - The Nugget Casino Resort in Reno Sparks saw Q4 EBITDAR increase from $1.1 million to $1.3 million, but full-year EBITDAR declined from $9.7 million to $9.1 million [14] Market Data and Key Metrics Changes - In Alberta, Canada, slot coin-in was up 4%, net operating revenue increased by 2%, and EBITDAR rose by 1% to $20.3 million for 2025 [15][16] - In Poland, Q4 net operating revenue increased by 4% and EBITDAR surged by 245% to $0.9 million, following the resolution of licensing issues [17] Company Strategy and Development Direction - The company is focused on leveraging investments made over the past few years to drive higher EBITDAR and cash flow in 2026 and beyond [18][19] - A comprehensive strategic review process is ongoing, which may lead to divestitures, although no final decisions have been made [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trend across the entire portfolio in North America, with double-digit EBITDAR growth expected to continue [20] - The company anticipates benefits from tax cuts in Alberta and a decrease in capital expenditures, projecting a reduction from $18 million in 2025 to between $14 million and $15 million in 2026 [19] Other Important Information - As of December 31, the company had cash and cash equivalents of $69 million and total debt outstanding of $338 million, with a net debt to EBITDAR ratio of 6.9 times [18] Q&A Session Summary Question: Where are the green shoots in retail players being seen? - Management noted that retail customers are returning across the board, with increases in both casino and hotel performance [25][28] Question: How do oil and gas prices affect Canadian properties? - Management indicated that there is no direct correlation between oil prices and business performance, as employee salaries do not adjust immediately with oil price changes [29] Question: Is there double-digit growth expected at U.S. properties? - Management confirmed double-digit growth at every U.S. property and expressed confidence that these trends would continue throughout the year [33][34] Question: What initiatives are in place to drive visitation in Missouri? - Management highlighted that Caruthersville is a model property with high margins, and there is still room for revenue growth through marketing efforts [53][54] Question: What is the approach to capital allocation regarding share repurchases and debt pay down? - The focus for 2026 will be on debt pay down rather than share repurchases, with decisions on divestitures expected soon [62][63]

Results through Q4 2025 PRESENTATION INVESTOR Peter Hoetzinger, Co CEO & President FORWARD-LOOKING STATEMENTS This presentation 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 (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Century Casinos, Inc. (together with its subsidiaries, the "Company", "we", "us", "our") may make other written and oral co ...

Financial Performance - Net operating revenue for Q4 2025 was $138.0 million, remaining constant compared to Q4 2024, while full-year revenue was $573.0 million, a decrease of 1%[6] - Earnings from operations increased by 117% to $10.4 million in Q4 2025, and by 331% to $51.3 million for the full year[6] - Adjusted EBITDAR for Q4 2025 was $23.9 million, an increase of 13%, and for the full year, it was $105.4 million, an increase of 3%[6] - The company reported a basic net loss per share of ($0.61) for Q4 2025, a 79% improvement from ($2.94) in Q4 2024[8] - The net loss attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2025, was $61.416 million, compared to a net loss of $153.601 million in 2024[19] - Adjusted EBITDAR for the year ended December 31, 2025, was $105,377 thousand, reflecting an increase from $102,678 thousand in 2024[33] - Interest expense for the year ended December 31, 2025, totaled $104,783 thousand, slightly higher than $103,367 thousand in 2024[34] - Non-cash stock-based compensation for the year ended December 31, 2025, was $1,128 thousand, up from $66 thousand in 2024[28] Segment Performance - The US Midwest segment showed a 2% increase in net operating revenue for Q4 2025, while the US West segment experienced a 7% decrease[9] - Earnings from operations in the US East segment improved significantly, with a 108% increase in Q4 2025 compared to Q4 2024[10] - The US East segment reported a net operating revenue of $169,496 thousand for 2025, with an adjusted EBITDAR margin of 16%[33] - The US Midwest segment achieved a net operating revenue of $163,810 thousand in 2025, maintaining an adjusted EBITDAR margin of 36%[33] - The Canada segment's net operating revenue was $75,929 thousand for 2025, with a net earnings margin of 2%[33] - The Poland segment reported a net operating revenue of $84,168 thousand for 2025, with an adjusted EBITDAR margin of 4%[33] - The US West segment's net operating revenue decreased to $79,561 thousand in 2025, with a net earnings margin of (15%) compared to (70%) in 2024[33] Strategic Initiatives - The company opened a second casino in Wroclaw, Poland, in February 2026, indicating ongoing market expansion efforts[4] - The partnership with BetMGM, LLC for sports betting in Missouri began operations in December 2025, contributing to new revenue streams[4] - The company is exploring strategic alternatives, including the potential sale of its operations in Poland, to enhance portfolio performance[2] - The company is considering the potential sale of its Poland operations as part of a strategic review process[42] - Century Casinos is pursuing various projects in different stages of development, including the recently opened land-based casino and hotel in Caruthersville, Missouri[42] Financial Position - As of December 31, 2025, the Company had $68.9 million in cash and cash equivalents, down from $98.8 million at the end of 2024, primarily due to $22.3 million used in investing activities[16] - Total assets decreased to $1.147 billion as of December 31, 2025, from $1.200 billion at the end of 2024[20] - The Company had $337.7 million in outstanding debt as of December 31, 2025, a slight decrease from $339.6 million in 2024[16] - The Consolidated First Lien Net Leverage Ratio exceeded the required 5.50 to 1.00 as of December 31, 2025, although there were no outstanding revolving loans or letters of credit[16] Reporting and Compliance - The Company plans to post its Annual Report on Form 10-K for the year ended December 31, 2025, on its website once filed[17] - Century Casinos' common stock trades on The Nasdaq Capital Market under the symbol CNTY[41] - Management uses Adjusted EBITDAR margins as a measure to evaluate the efficiency of the company's casino operations[39] - The company defines net earnings margin as net earnings attributable to shareholders divided by net operating revenue, and Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue[39] - Adjusted EBITDAR is not a direct alternative to net earnings and may not be comparable to similar measures used by other companies in the industry[38] Future Outlook - Future expectations include projections for Adjusted EBITDAR and cash flow in 2026, with potential risks and uncertainties affecting these forecasts[42]

公司项目推进 新赌场开设计划：公司计划于2026年1月在波兰弗罗茨瓦夫开设一家新赌场，以拓展欧洲市场。 体育博彩合作：通过与BetMGM的合作，公司专注于在密苏里州扩展体育博彩业务，原计划于2025年12 月启动。 截至2026年2月20日，公开资料中未提及在此日期之后的新增事件。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 根据已知信息，世纪赌场（CNTY.us）在近期公告中提及的事件主要涉及业务扩展计划，但 相关时间点已接近或早于当前日期（2026年2月20日）。具体如下： ...