Financial Performance & Strategic Review - Century Casinos' Q2 2025 net operating revenue reached $15081 million[122] - Adjusted EBITDAR for Q2 2025 was $3030 million[122] - The company initiated a strategic review process to explore options for enhancing shareholder value, including potential asset sales, partnerships, or a company sale[108] Regional Market Overview - US regional Gross Gaming Revenue (GGR) has shown stable growth since 2001[20] - Missouri's gaming revenue was approximately $19 billion in 2024, with over 9% growth since 2019[63] - West Virginia's gaming market experienced 43% growth from 2019 to 2024[39] Capital Expenditures & Debt - Total growth capital expenditures are estimated at $385 million, excluding VICI funding[101] - Regular maintenance capital expenditures are projected at $68 million spent and $81 million remaining for 2025[101] - The company's total principal debt as of June 30, 2025, was $3381 million[99] - Net debt leverage was 62x, with expectations to trend towards 47-60x by the end of 2025[96]

[Second Quarter 2025 Financial & Operational Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20%26%20Operational%20Highlights) Century Casinos reported a 3% increase in net operating revenue and a 10% rise in Adjusted EBITDAR for Q2 2025, while the Board initiated a strategic review to enhance shareholder value [Key Financial Results](index=1&type=section&id=Key%20Financial%20Results) Q2 2025 saw net operating revenue increase 3% to $150.8 million, earnings from operations grow 16%, and Adjusted EBITDAR rise 10% Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Change vs Q2 2024 | | :--- | :--- | :--- | | Net Operating Revenue (in millions) | $150.8 | +3% | | Earnings from Operations (in millions) | $16.6 | +16% | | Net Loss Attributable to Shareholders (in millions) | ($12.3) | 70% decrease in loss | | Basic Net Loss per Share (USD) | ($0.40) | 71% decrease in loss | | Adjusted EBITDAR (in millions) | $30.3 | +10% | [Strategic & Operational Updates](index=1&type=section&id=Strategic%20%26%20Operational%20Updates) The company launched a strategic review to maximize shareholder value, formed a BetMGM partnership for Missouri online sports betting, and saw strong results from the new Caruthersville property - The Board of Directors has initiated a strategic review to explore alternatives such as optimizing the capital structure, potential mergers, strategic partnerships, asset divestments, or the sale of the Company to enhance shareholder value[2](index=2&type=chunk)[7](index=7&type=chunk) - A partnership was formed with BetMGM for online and mobile sports betting in Missouri, which includes a revenue sharing agreement with a guaranteed minimum for the company[4](index=4&type=chunk) - The new Caruthersville, Missouri casino and hotel, opened in November 2024, has seen net operating revenue and Adjusted EBITDAR increase by **26%** and **31%**, respectively[5](index=5&type=chunk) - In Poland, the company was awarded a new casino license in Wroclaw (expected to open Q4 2025) but closed a casino in Warsaw after failing to receive a new license for that location[6](index=6&type=chunk) [Financial Results Analysis](index=2&type=section&id=Financial%20Results%20Analysis) For Q2 2025, consolidated net operating revenue grew 3% year-over-year, driven by Poland's 23% increase, while US revenue was flat and Canada rose 1% [Consolidated Performance](index=2&type=section&id=Consolidated%20Performance) Q2 2025 consolidated net operating revenue increased 3% to $150.8 million, earnings from operations rose 16% to $16.6 million, and net loss attributable to shareholders improved 70% Consolidated Financial Results (in thousands) | Metric | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Operating Revenue | $150,818 | $146,435 | 3% | $281,261 | $282,451 | 0% | | Earnings from Operations | $16,575 | $14,261 | 16% | $23,715 | $22,547 | 5% | | Net Loss Attributable to Shareholders | ($12,309) | ($41,613) | 70% | ($32,922) | ($55,157) | 40% | | Adjusted EBITDAR** | $30,304 | $27,448 | 10% | $50,459 | $48,697 | 4% | | Basic Net Loss per Share | ($0.40) | ($1.36) | 71% | ($1.08) | ($1.81) | 40% | [Performance by Reportable Segment](index=2&type=section&id=Performance%20by%20Reportable%20Segment) Poland was the main Q2 2025 growth driver, with revenue up 23% to $24.7 million and Adjusted EBITDAR up 332% to $1.9 million, while US and Canada segments saw modest changes Q2 2025 Net Operating Revenue by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $106,104 | $106,515 | 0% | | Canada | $20,005 | $19,827 | 1% | | Poland | $24,709 | $20,093 | 23% | | **Consolidated** | **$150,818** | **$146,435** | **3%** | Q2 2025 Earnings from Operations by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $14,729 | $14,102 | 4% | | Canada | $4,533 | $4,362 | 4% | | Poland | $464 | ($181) | 356% | | **Consolidated** | **$16,575** | **$14,261** | **16%** | Q2 2025 Adjusted EBITDAR by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | United States | $25,693 | $25,037 | 3% | | Canada | $5,607 | $5,451 | 3% | | Poland | $1,942 | $450 | 332% | | **Consolidated** | **$30,304** | **$27,448** | **10%** | [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, cash was $85.5 million (down from $98.8 million), primarily due to $12.5 million in capital expenditures, with total outstanding debt at $338.1 million [Cash and Debt Position](index=3&type=section&id=Cash%20and%20Debt%20Position) The company's cash stood at $85.5 million at Q2 2025 end, with total debt at $338.1 million, mainly a term loan, and a $712.9 million long-term financing obligation Key Balance Sheet Items (in millions) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $85.5 | $98.8 | | Outstanding Debt | $338.1 | $339.6 | - The decrease in cash from year-end 2024 was primarily driven by **$12.5 million** in purchases of property and equipment[19](index=19&type=chunk) - As of June 30, 2025, the company's Consolidated First Lien Net Leverage Ratio exceeded the 5.50 to 1.00 covenant limit; however, because there were no outstanding revolving loans, this did not constitute a breach[19](index=19&type=chunk) [Financial Statements (Unaudited)](index=5&type=section&id=Financial%20Statements%20(Unaudited)) The unaudited financial statements detail a Q2 2025 net loss attributable to shareholders of $12.3 million (improved from $41.6 million loss), with total assets of $1.21 billion and a shareholders' deficit of $41.5 million [Condensed Consolidated Statements of Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Loss) For Q2 2025, net operating revenue was $150.8 million, earnings from operations $16.6 million, resulting in a net loss of $9.6 million and a net loss attributable to shareholders of $12.3 million, or ($0.40) per share Q2 2025 Statement of Loss Summary (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Operating Revenue | $150,818 | $146,435 | | Earnings from Operations | $16,575 | $14,261 | | Loss Before Income Taxes | ($8,323) | ($9,394) | | Net Loss | ($9,573) | ($39,013) | | Net Loss Attributable to Shareholders | ($12,309) | ($41,613) | | Basic & Diluted Loss Per Share | ($0.40) | ($1.36) | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $1.208 billion (down from $1.226 billion), total liabilities increased to $1.158 billion, and shareholders' deficit grew to $41.5 million Balance Sheet Summary (in thousands) | Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Current Assets | $119,292 | $135,549 | | Property and Equipment, net | $916,120 | $922,146 | | **Total Assets** | **$1,208,451** | **$1,226,312** | | **Liabilities and Equity** | | | | Current Liabilities | $84,230 | $86,044 | | Non-current Liabilities | $1,074,022 | $1,058,264 | | Shareholders' Equity (Deficit) | ($41,493) | ($9,300) | | **Total Liabilities and Equity** | **$1,208,451** | **$1,226,312** | [Supplemental Information & Non-GAAP Reconciliations](index=6&type=section&id=Supplemental%20Information%20%26%20Non-GAAP%20Reconciliations) This section reconciles Adjusted EBITDAR, a key non-GAAP metric, showing Q2 2025 consolidated Adjusted EBITDAR of $30.3 million (up 10%) and an improved margin of 20% [Reconciliation of Adjusted EBITDAR](index=6&type=section&id=Reconciliation%20of%20Adjusted%20EBITDAR) Reconciliation tables detail adjustments from net loss to Adjusted EBITDAR, with Q2 2025 consolidated Adjusted EBITDAR at $30.3 million, and Caruthersville property's Adjusted EBITDAR increasing to $6.1 million - The reconciliation from Net Loss to Adjusted EBITDAR for Q2 2025 shows major add-backs including **Interest Expense ($25.9 million)**, **Depreciation & Amortization ($12.8 million)**, and **Income Tax Expense ($1.3 million)**[27](index=27&type=chunk) - The Caruthersville property's Adjusted EBITDAR increased to **$6.1 million** in Q2 2025, up from **$4.7 million** in Q2 2024, demonstrating strong performance since its redevelopment[37](index=37&type=chunk) [Key Performance Margins](index=8&type=section&id=Key%20Performance%20Margins) Consolidated Adjusted EBITDAR margin improved to 20% in Q2 2025 from 19%, with Poland showing significant expansion from 2% to 8%, while US and Canada margins remained stable Adjusted EBITDAR Margins by Segment | Segment | Q2 2025 Margin | Q2 2024 Margin | | :--- | :--- | :--- | | United States | 24% | 24% | | Canada | 28% | 28% | | Poland | 8% | 2% | | **Consolidated** | **20%** | **19%** | [Definition of Non-GAAP Measures](index=10&type=section&id=Definition%20of%20Non-GAAP%20Measures) Adjusted EBITDAR is defined as net earnings (loss) adjusted for interest, taxes, depreciation, amortization, non-controlling interests, and specific one-time items, used by analysts for valuation and comparability - Adjusted EBITDAR is defined as net earnings (loss) adjusted for interest, taxes, depreciation, amortization, non-controlling interests, stock-based compensation, and other specific items[42](index=42&type=chunk) - The company states that Adjusted EBITDAR is used by analysts and investors as a valuation metric because it isolates the effects of financing real estate and allows for better comparability among gaming operators with different capital and leasing structures[43](index=43&type=chunk)

Financial Performance & Growth Strategy - The company's North American property footprint includes 11 properties with 7,104 slot machines and 142 table games as of December 31, 2023 [11, 14] - The company targets revenue of $635 million in 2024, a 10% increase, and $700 million in 2025 [35] - The company projects Adjusted EBITDAR of $134 million in 2024 and $168 million in 2025 [35] - The company anticipates net cash generation of -$31 million in 2024 and $30 million in 2025 [35] Missouri Casino Operations - In 2023, Cape Girardeau and Caruthersville generated $111.673 thousand in Net Operating Revenue, an 18.4% increase compared to $94.309 thousand in 2019 [50] - In 2023, Cape Girardeau and Caruthersville generated $45.745 thousand in Adjusted EBITDAR, a 45.3% increase compared to $31.475 thousand in 2019 [50] - The Adjusted EBITDAR margin for Cape Girardeau and Caruthersville was 41.0% in 2023, compared to 33.4% in 2019 [50] Strategic Initiatives & Capital Projects - The company is undertaking various capital projects with an estimated total capex requirement of $18 million - $22 million, projected to yield an Adjusted EBITDAR impact of $10 million - $15 million [31] - The Caruthersville land-based casino and hotel project is expected to increase GGR by a projected 22% [101, 102] - The Riverview hotel project is projected to generate $10 million - $12 million in annualized incremental revenue and $3 million - $5 million in annualized incremental Adjusted EBITDAR [82, 83]

Core Viewpoint - Century Casinos, Inc. has entered a long-term agreement with BetMGM to introduce BetMGM's sports betting platform in Missouri, enhancing its market presence and revenue potential [1][2][3]. Group 1: Agreement Details - BetMGM will operate an online and mobile sports betting application under Century's license in Missouri, including a percentage of net gaming revenue payable to Century with a guaranteed minimum [2]. - The agreement also allows for retail sportsbook options to be exercised at Century's discretion [2]. Group 2: Company Statements - Century Casinos' Co-CEOs expressed excitement about the partnership with BetMGM, highlighting it as a step forward in leveraging their Missouri licenses and providing premium entertainment experiences [3]. - The agreement is contingent upon obtaining all necessary gaming licenses and regulatory approvals [3]. Group 3: Company Overview - Century Casinos operates various casino entertainment properties across the United States, Canada, and Poland, with a focus on expanding its portfolio [5]. - The company trades on The Nasdaq Capital Market under the symbol CNTY [6].

Financial Data and Key Metrics Changes - Revenues for Q1 were $130.4 million, with EBITDAR at $20.2 million, maintaining operating margins consistent with Q1 of the previous year despite challenges [4][5] - The impact of weather, leap year, and reduced sports betting revenue in Colorado was estimated to be around $2 million compared to Q1 last year [5] - Carded gaming revenue increased by 1%, while uncarded gaming revenue decreased by 2.5% across all U.S. properties [5] Business Line Data and Key Metrics Changes - In Missouri, the new Carratus property saw carded gaming revenue grow by 12% and uncarded revenue increase by 23%, leading to a total gaming revenue increase of 17% or $2.1 million compared to Q1 last year [6][7] - The Century Casino and Hotel in Cape Girardeau experienced a 5% increase in patrons and a 2% increase in trips, although gaming win was flat due to lower hold [12] - In Colorado, carded revenue grew by 7% in Central City, while uncarded revenue decreased by 36% [13][14] Market Data and Key Metrics Changes - Total visitor volume decreased by 3%, with a notable reduction in visits from the 50 age group, partially offset by a 1% increase from younger guests [6] - The number of patrons living more than 75 miles from the Carratus property increased by 34%, contributing to a 23% increase in total visitors [9] - In the East segment, high-end customers outperformed low to mid-tier customers, with gaming revenue from the upper segment increasing by 10% [16] Company Strategy and Development Direction - The company is focusing on expanding its market presence, particularly in Missouri, with plans for sports betting to go live towards the end of the year [13] - There is a commitment to operational discipline and efficiency improvements, with expectations for higher EBITDA and cash flow moving forward [24] - The company plans to balance a conservative CapEx program with returning capital to shareholders, including stock buybacks [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer behavior and spending patterns since mid-March, with April showing an estimated 5% increase in EBITDA compared to last year [25][26] - Despite economic uncertainties, management is more confident in the long-term prospects of the company than in the previous year [26] - The company does not anticipate significant competitive supply impacting its operations this year or next [27] Other Important Information - The company's cash and cash equivalents at the end of the quarter were $85 million, with a total principal amount of debt outstanding at €340 million [23] - The company expects to spend $4 million on growth projects and $14 million on maintenance CapEx this year [24] - The company is in discussions regarding the potential sale of its Polish operations, with two interested parties emerging [22] Q&A Session Summary Question: Have you noticed any softening in consumer behavior for your Canadian assets? - Management indicated that lower revenue is not significant and attributed it to weather and one less gaming day, expressing no concerns [33] Question: Can you provide an update on initiatives at Rocky Gap? - Management mentioned completed renovations and marketing initiatives targeting the Baltimore and Washington DC areas to attract higher net worth guests [36] Question: What has changed regarding year-end leverage targets? - Management noted a positive trend since mid-March but remained cautious about projecting this trend for the full year [44] Question: Are you looking to monetize your casino database in Alberta? - Management mentioned potential partnerships with the Alberta Gaming Commission for database sharing but did not see other opportunities at this time [48] Question: What is the strategy for revenue growth in Missouri? - Management confirmed a proactive approach to push revenue up while maintaining cost discipline, particularly targeting the 75+ mile customer base [55] Question: What is the timeline for the sale of Polish assets? - Management believes the sale could happen in 2025 but acknowledged previous misestimations regarding the timeline [57] Question: What is the capacity for stock buybacks? - Management indicated plans to start stock buybacks with a single-digit million dollar volume between now and the next earnings release [59]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $130.4 million, with EBITDAR at $20.2 million, maintaining operating margins consistent with Q1 of the previous year despite challenges [4][5] - The impact of weather, leap year, and lower sports betting revenue in Colorado was estimated to reduce EBITDAR by approximately $2 million compared to Q1 of last year [5][25] - Carded gaming revenue increased by 1%, while uncarded gaming revenue decreased by 2.5% across all U.S. properties [5] Business Line Data and Key Metrics Changes - In Missouri, the new Caradasil property saw carded gaming revenue grow by 12% and uncarded revenue increase by 23%, leading to a total gaming revenue increase of 17% or $2.1 million compared to Q1 of last year [6][7] - The Century Casino and Hotel in Cape Girardeau experienced a 5% increase in patrons and a 2% increase in trips, although gaming win was flat due to lower hold [10][11] - In Colorado, carded revenue grew by 7% in Central City, while uncarded revenue decreased by 36% [12][13] Market Data and Key Metrics Changes - Total visitor volume decreased by 3%, with a notable reduction in visits from the 50 age group, partially offset by a 1% increase from younger guests [6] - The number of patrons living more than 75 miles from the new Caradasil property increased by 34%, contributing to a 23% increase in total visitors [8] - In the East segment, gaming revenue from upper-tier customers increased by 10%, while lower-tier customers saw a decline [15][16] Company Strategy and Development Direction - The company is focusing on expanding its market presence, particularly in Missouri, by targeting customers living 75 miles or more from its properties [12][54] - There is an emphasis on operational discipline and cost management to improve profitability, with plans to enhance marketing initiatives to attract higher net worth guests [11][54] - The company is also finalizing partnership agreements for sports betting in Missouri, expected to provide high-margin EBITDAR [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving consumer behavior and spending patterns since mid-March, with April showing an estimated 5% increase in EBITDA compared to last year [25][26] - Despite economic uncertainties, management is confident in the long-term prospects of the company, noting no significant competitive supply issues anticipated for this year or next [26][27] - The company plans to balance its capital expenditures with shareholder returns, indicating a cautious approach to stock buybacks in light of market conditions [27] Other Important Information - The company reported a cash position of approximately $85 million and no debt maturities until 2029, with expectations for net debt to EBITDA ratios to decrease significantly by year-end [23][24] - The company is committed to divesting its operations in Poland, with ongoing discussions with interested parties [22] Q&A Session Summary Question: Have you noticed any softening in consumer behavior for your Canadian assets? - Management indicated that lower revenue is not significant and attributed it to weather and one less gaming day, expressing no concerns [31][33] Question: Can you provide an update on initiatives at Rocky Gap? - Management confirmed completed renovations and marketing initiatives targeting Baltimore and Washington DC areas to attract higher net worth guests [35] Question: What has changed regarding year-end leverage targets? - Management acknowledged a positive trend since mid-March but remained cautious about projecting this trend for the full year [41][43] Question: Are you looking to monetize your casino database in Alberta? - Management mentioned potential partnerships with the Alberta Gaming Commission for database sharing but did not foresee other opportunities [44][47] Question: Are you focusing on revenue growth or maintaining EBITDA levels in Missouri? - Management aims for both revenue growth and cost discipline, particularly targeting the 75-mile customer base [52][54] Question: What is the timeline for divesting Polish assets? - Management believes divestment could occur in 2025 but acknowledged previous misestimations [55][56] Question: What is the capacity for stock buybacks? - Management plans to initiate stock buybacks with a single-digit million dollar volume between now and the next earnings release [57][58]

Group 1: Earnings Performance - Century Casinos reported a quarterly loss of $0.67 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.56, and compared to a loss of $0.45 per share a year ago, indicating a decline in performance [1] - The company posted revenues of $130.44 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.93% and down from $136.02 million year-over-year [2] - Over the last four quarters, Century Casinos has surpassed consensus EPS estimates only once, indicating ongoing challenges in meeting market expectations [2] Group 2: Stock Performance and Outlook - Century Casinos shares have declined approximately 53.7% since the beginning of the year, significantly underperforming the S&P 500, which has declined by only 3.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.31 on revenues of $153.3 million, and for the current fiscal year, it is -$1.11 on revenues of $609.3 million [7] - The estimate revisions trend for Century Casinos is currently unfavorable, resulting in a Zacks Rank 4 (Sell), suggesting that the shares are expected to underperform the market in the near future [6] Group 3: Industry Context - The Gaming industry, to which Century Casinos belongs, is currently ranked in the bottom 45% of over 250 Zacks industries, which may negatively impact the stock's performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these revisions for investment decisions [5]

Financial Performance & Leverage - Q1 2025 net operating revenue was $13044 million[97], compared to $13602 million in Q1 2024[97] - Q1 2025 Adjusted EBITDAR was $2016 million[120], compared to $2125 million in Q1 2024[120] - The company anticipates net debt leverage to trend towards 47-60x by the end of 2025[100] - The company's lease adjusted net leverage is expected to trend towards 66-72x by the end of 2025[102] Regional Operations - US operations contributed 79% of the company's revenue in Q1 2025[99] - Canada accounted for 13% of the company's revenue in Q1 2025[97] - Poland represented 16% of the company's revenue in Q1 2025[97] - West Virginia's gaming market has grown 43% from 2019 to 2024[38] - Missouri's gaming revenue was approximately $19 billion in 2024, growing over 9% since 2019[68] Capital Expenditures & Projects - The Caruthersville project, financed by VICI, cost approximately $519 million, with rent increasing by approximately $42 million (8%) per year[77] - Total growth capital expenditures are estimated at $389 million (excluding VICI funding), with $17 million spent and $18 million remaining[105]

Financial Performance - Net operating revenue for Q1 2025 was $130.4 million, a decrease of 4% compared to $136.0 million in Q1 2024[6]. - Earnings from operations decreased by 14% to $7.1 million in Q1 2025 from $8.3 million in Q1 2024[6]. - Net loss attributable to Century Casinos, Inc. shareholders was $20.6 million, a 52% increase from a loss of $13.5 million in Q1 2024, with a basic net loss per share of $0.67[8]. - Adjusted EBITDAR for Q1 2025 was $20.2 million, down 5% from $21.3 million in Q1 2024[8]. - For the three months ended March 31, 2025, Century Casinos reported a net loss attributable to shareholders of $20,613,000, compared to a net loss of $13,544,000 for the same period in 2024, representing a 52% increase in losses year-over-year[20]. - Adjusted EBITDAR for Q1 2025 was $20,155,000, a decrease from $21,250,000 in Q1 2024, indicating a decline of approximately 5%[21]. - Consolidated net operating revenue for Q1 2025 was $130,443,000, down from $136,017,000 in Q1 2024, reflecting a decrease of about 4%[22]. - The net earnings (loss) margin for the consolidated segment in Q1 2025 was -16%, compared to -10% in Q1 2024, indicating a worsening margin situation[22]. - Interest expense (income), net for Q1 2025 was $25,657,000, slightly higher than $25,129,000 in Q1 2024, marking an increase of 2%[23]. - The Master Lease cash rent payments increased significantly to $14,327,000 in Q1 2025 from $9,444,000 in Q1 2024, representing a 51% increase[23]. Segment Performance - In the United States segment, net operating revenue was $93,296,000 in Q1 2025, down from $96,034,000 in Q1 2024, a decrease of approximately 3%[22]. - The Canada segment reported a net operating revenue of $16,516,000 in Q1 2025, down from $18,321,000 in Q1 2024, reflecting a decline of about 10%[22]. - The Poland segment's net operating revenue decreased to $20,631,000 in Q1 2025 from $21,649,000 in Q1 2024, a decline of approximately 5%[22]. Operational Developments - The Company maintained an Adjusted EBITDAR margin from Q1 2024 despite adverse weather impacts and operational challenges[2]. - The new Caruthersville casino, opened in November 2024, showed initial success contributing positively to operations[2]. - Century Casinos continues to explore new projects and opportunities, including the reopening of casinos in Poland and the development of the Caruthersville land-based casino and hotel[32]. Future Outlook - The Company expects capital expenditures to decrease for the remainder of 2025, anticipating improved cash generation[2]. - The Company was awarded a second casino license in Wroclaw, Poland, expected to open in Q4 2025[4]. - The consolidated first lien net leverage ratio exceeded 5.50 to 1.00 as of March 31, 2025, but no outstanding revolving loans were reported[14]. - As of March 31, 2025, the Company had $84.7 million in cash and cash equivalents, down from $98.8 million at the end of 2024[14].

Financial Performance - Gaming revenue for Q1 2025 was $100.666 million, a decrease of 4.5% from $105.418 million in Q1 2024[121] - Net operating revenue decreased by 4.1% to $130.443 million in Q1 2025 from $136.017 million in Q1 2024[121] - Net loss attributable to Century Casinos, Inc. shareholders was $20.613 million in Q1 2025, compared to a loss of $13.544 million in Q1 2024, representing a 52.2% increase in losses[121] - Adjusted EBITDAR for Q1 2025 was $20.155 million, down 5.2% from $21.250 million in Q1 2024[121] - Earnings from operations decreased by $1.1 million, or 13.8%, for the three months ended March 31, 2025, compared to the same period in 2024[124] - Net loss attributable to Century Casinos, Inc. shareholders increased by $7.1 million, or 52.2%, for the three months ended March 31, 2025, compared to the same period in 2024[124] - Adjusted EBITDAR for the three months ended March 31, 2025, was $20.155 million, a decrease of $1.095 million, or 5.2%, compared to $21.250 million for the same period in 2024[133][135] Revenue Breakdown - The company experienced a 14.9% decline in pari-mutuel, sports betting, and iGaming revenue, from $3.389 million in Q1 2024 to $2.885 million in Q1 2025[121] - Gaming revenue in the United States decreased by $2.409 million, or 3.3%, for the three months ended March 31, 2025, compared to the same period in 2024[139] - Net operating revenue in the United States decreased by 2.9% to $93.4 million for the three months ended March 31, 2025, compared to $96.1 million in the same period of 2024[145] - In Canada, net operating revenue decreased by 9.9% to $16.5 million for the three months ended March 31, 2025, down from $18.3 million in 2024[152] - Gaming revenue in Poland decreased by 5.3% to $19.988 million for the three months ended March 31, 2025, compared to $21.096 million in 2024[158] Operational Changes - The company opened a new land-based casino in Caruthersville, Missouri, on November 1, 2024, with a project cost of approximately $51.9 million[116] - A new hotel, The Riverview, was opened on April 4, 2024, at the Cape Girardeau location, costing approximately $30.5 million[117] - The company closed casinos in Katowice and Bielsko-Biala in October 2023 due to license expiration, with both reopening in early 2024[118] - The company anticipates opening a second casino location in Wroclaw in Q4 2025, with 50 slot machines and four table games[118] - The new land-based casino and hotel in Caruthersville opened on November 1, 2024, featuring 579 slot machines and nine live table games, representing a nearly 50% increase in gaming positions[139] - The Riverview in Cape Girardeau, a 69-room hotel, opened in April 2024, adjacent to Century Casino Cape Girardeau[140] Debt and Cash Management - Total long-term debt, including current portion, was $328.803 million as of March 31, 2025, compared to $328.548 million as of March 31, 2024[137] - Net Debt increased to $254.878 million as of March 31, 2025, from $205.480 million as of March 31, 2024[137] - Total debt as of March 31, 2025, was $328.8 million, with net debt increasing to $254.9 million from $205.5 million in 2024, primarily due to decreased cash[185] - Cash, cash equivalents, and restricted cash decreased to $84,986,000 as of March 31, 2025, compared to $136,805,000 in 2024[179] - Approximately $41.7 million of the total $84.7 million in cash and cash equivalents as of March 31, 2025, is held by foreign subsidiaries, with $21.0 million in Canada and $15.4 million in Austria[197] - Cash held by foreign subsidiaries is not available for US operations unless repatriated, which may incur withholding tax[197] Future Plans and Capital Expenditures - The company plans to utilize its remaining $14.7 million under the common stock repurchase program, which has no set expiration date[191] - Estimated cash payments due under the Master Lease for the remainder of 2025 are $44.1 million, including a CPI increase[188] - The company has spent approximately one-third of its planned capital expenditures for 2025 in Q1, with remaining capital expenditures estimated at $12.0 million, including $1.8 million for growth and the rest for maintenance[193] - The company may need to raise additional capital, with a shelf registration statement effective since June 2023 allowing for the issuance of up to $100 million in various securities[194] - The company may seek further term loans or lines of credit to supplement working capital, with financing availability dependent on global economic conditions and credit ratings[195] Market Risks and Accounting - There were no significant changes in critical accounting estimates from the previous annual report[198] - The company reported no material changes in exposure to market risks compared to the previous annual report[199]