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Century Casinos, Inc. Announces Fourth Quarter and Full Year 2019 Results

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Century Casinos, Inc.  announced its financial results for the three months and year ended December 31, 2019.

Fourth Quarter 2019 Highlights*

  • Net operating revenue was $67.2 million, an increase of 49% from the three months ended December 31, 2018.
  • Loss from operations was ($14.7) million, a decrease of 846% from the three months ended December 31, 2018.
  • Net loss attributable to Century Casinos, Inc. shareholders was ($20.1) million, a decrease of 4080% from the three months ended December 31, 2018.
  • Adjusted EBITDA** was $9.8 million, an increase of 69% from the three months ended December 31, 2018.
  • Loss per share was ($0.68).

2019 Highlights*

  • Net operating revenue was $218.2 million, an increase of 29% from the year ended December 31, 2018.
  • Loss from operations was ($5.2) million, a decrease of 155% from the year ended December 31, 2018.
  • Net loss attributable to Century Casinos, Inc. shareholders was ($19.2) million, a decrease of 664% from the year ended December 31, 2018.
  • Adjusted EBITDA** was $30.3 million, an increase of 30% from the year ended December 31, 2018.
  • Basic loss per share was ($0.65), a decrease of 642% from the year ended December 31, 2018.
  • Diluted loss per share was ($0.65), a decrease of 691% from the year ended December 31, 2018.
  • Book value per share*** at December 31, 2019 was $5.54.

In December 2019, the Company determined that the intangible and tangible assets at Century Casino Bath were impaired. The impairment, which totaled $16.5 million, was determined after evaluating losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England.

On December 6, 2019, the Company completed its acquisition (the “Acquisition”) of the operations of Isle Casino Cape Girardeau, located in Cape Girardeau, Missouri, Lady Luck Caruthersville, located in Caruthersville, Missouri, and Mountaineer Casino, Racetrack and Resort located in New Cumberland, West Virginia (collectively, the “Acquired Casinos”), from Eldorado Resorts, Inc. for an aggregate purchase price of approximately $110.6 million. Immediately prior to the Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affiliate of VICI Properties Inc. (“VICI PropCo”). On the closing date, the Company and VICI PropCo entered into a triple net lease agreement (the “Master Lease”) for the three Acquired Casino properties. The Master Lease has an initial annual rent of approximately $25.0 million and an initial term of 15 years, with four five-year renewal options.

The consolidated results for the three months and year ended December 31, 2019 and 2018 are as follows:

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For the three months

For the year

Amounts in thousands, except per share data

ended December 31,

ended December 31,

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Consolidated Results:

2019

2018

% Change

2019

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2018

% Change

Net Operating Revenue

$

67,236

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European Gaming Congress 2024 (Warsaw, Poland)

$

45,106

49%

$

218,227

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European Gaming Congress 2024 (Warsaw, Poland)

$

168,938

29%

(Loss) Earnings from Operations

(14,745)

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European Gaming Congress 2024 (Warsaw, Poland)

1,976

(846%)

(5,220)

9,459

(155%)

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

$

(20,140)

$

506

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(4080%)

$

(19,155)

$

3,394

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European Gaming Congress 2024 (Warsaw, Poland)

(664%)

Adjusted EBITDA**

$

9,776

$

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European Gaming Congress 2024 (Warsaw, Poland)

5,801

69%

$

30,281

$

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European Gaming Congress 2024 (Warsaw, Poland)

23,377

30%

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

Basic

$

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European Gaming Congress 2024 (Warsaw, Poland)

(0.68)

$

0.02

(3500%)

$

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European Gaming Congress 2024 (Warsaw, Poland)

(0.65)

$

0.12

(642%)

Diluted

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European Gaming Congress 2024 (Warsaw, Poland)

$

(0.68)

$

0.02

(3500%)

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European Gaming Congress 2024 (Warsaw, Poland)

$

(0.65)

$

0.11

(691%)

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European Gaming Congress 2024 (Warsaw, Poland)

“We are pleased with the fourth quarter results and the immediate impact the addition of the three casinos acquired from Eldorado Resorts had on our operating results,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “The acquired casinos have had very encouraging initial results, and we are excited to continue integrating the operations into the Century brand and to see anticipated meaningful growth from this acquisition on Century Casinos in the future,” Messrs. Haitzmann and Hoetzinger concluded.

The Company is carefully monitoring the situation caused by the coronavirus (COVID-19) pandemic. Although the entire situation is unpredictable, our management teams are prepared to control what they can control. Our casinos are following and implementing the recommendations from the US Centers for Disease Control and Prevention, which include everyday preventative actions to help prevent the spread of respiratory viruses, such as washing your hands often with soap and water, avoiding touching your eyes, nose, and mouth with unwashed hands, covering your cough or sneeze with a tissue, cleaning and disinfecting frequently touched objects and surfaces and of course staying home when you are sick. We are also putting an extra effort into straight-forward and realistic guest messaging and have stepped-up employee trainings to ensure strict compliance with our policies and procedures. We are in constant communication with our employees to reinforce our sanitation safety procedures in both guest-facing and back-of-house areas. We are sanitizing high-traffic public areas at an increased frequency. Proper procedures are posted in all back-of-house work areas.

To date, COVID-19 has not had a significant impact on our US or Canadian markets, while the market in Poland has been weakening by approximately ten percent. Our customer base is very diversified within North America. Our casinos are ‘local’ casinos in urban and suburban locations, with the vast majority of our business from customers who live within an hour from our facilities. Our casinos have negligible meeting and convention business and few of our customers travel by air to visit us. This may temper the impact of COVID-19 on our business, but this situation continues to evolve and could adversely impact us until the virus runs its course.

Reportable Segment Results*
The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of December 31, 2019:

Reportable Segment

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Operating Segment

Reporting Unit

United States

Colorado

Century Casino & Hotel – Central City

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Century Casino & Hotel – Cripple Creek

West Virginia

Mountaineer Casino, Racetrack & Resort

Missouri

Century Casino Cape Girardeau

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Century Casino Caruthersville

Canada

Edmonton

Century Casino & Hotel – Edmonton

Century Casino St. Albert

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Century Mile Racetrack and Casino

Calgary

Century Casino Calgary

Century Downs Racetrack and Casino

Century Bets! Inc.

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Poland

Poland

Casinos Poland

Corporate and Other

Corporate and Other

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Cruise Ships & Other

Century Casino Bath

Corporate Other

The Company’s net operating revenue increased by $22.1 million, or 49%, and by $49.3 million, or 29%, for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:

Net Operating Revenue

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For the three months

For the year

ended December 31,

ended December 31,

Amounts in thousands

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2019

2018

$ Change

% Change

2019

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2018

$ Change

% Change

United States

$

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European Gaming Congress 2024 (Warsaw, Poland)

23,926

$

7,938

$

15,988

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201%

$

49,998

$

33,483

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European Gaming Congress 2024 (Warsaw, Poland)

$

16,515

49%

Canada

20,291

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European Gaming Congress 2024 (Warsaw, Poland)

15,678

4,613

29%

80,650

61,361

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European Gaming Congress 2024 (Warsaw, Poland)

19,289

31%

Poland

21,675

19,514

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European Gaming Congress 2024 (Warsaw, Poland)

2,161

11%

81,894

68,209

13,685

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European Gaming Congress 2024 (Warsaw, Poland)

20%

Corporate and Other

1,344

1,976

(632)

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European Gaming Congress 2024 (Warsaw, Poland)

(32%)

5,685

5,885

(200)

(3%)

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Consolidated

$

67,236

$

45,106

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European Gaming Congress 2024 (Warsaw, Poland)

$

22,130

49%

$

218,227

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European Gaming Congress 2024 (Warsaw, Poland)

$

168,938

$

49,289

29%

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The Company’s earnings from operations decreased by ($16.7) million, or (846%), and by ($14.7) million, or (155%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018.  Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:

Earnings (Loss) from Operations

For the three months

For the year

ended December 31,

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ended December 31,

Amounts in thousands

2019

2018

$ Change

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% Change

2019

2018

$ Change

% Change

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United States

$

4,685

$

1,033

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European Gaming Congress 2024 (Warsaw, Poland)

$

3,652

354%

$

9,478

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European Gaming Congress 2024 (Warsaw, Poland)

$

5,882

$

3,596

61%

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Canada

4,000

3,675

325

9%

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European Gaming Congress 2024 (Warsaw, Poland)

16,115

14,633

1,482

10%

Poland

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European Gaming Congress 2024 (Warsaw, Poland)

1,627

460

1,167

254%

5,915

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European Gaming Congress 2024 (Warsaw, Poland)

145

5,770

3979%

Corporate and Other

(25,057)

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European Gaming Congress 2024 (Warsaw, Poland)

(3,192)

(21,865)

(685%)

(36,728)

(11,201)

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European Gaming Congress 2024 (Warsaw, Poland)

(25,527)

(228%)

Consolidated

$

(14,745)

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European Gaming Congress 2024 (Warsaw, Poland)

$

1,976

$

(16,721)

(846%)

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European Gaming Congress 2024 (Warsaw, Poland)

$

(5,220)

$

9,459

$

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European Gaming Congress 2024 (Warsaw, Poland)

(14,679)

(155%)

Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($20.6) million, or (4080%), and by ($22.5) million, or (664%), for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2019, compared to the three months and year ended December 31, 2018:

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

For the three months

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For the year

ended December 31,

ended December 31,

Amounts in thousands

2019

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2018

$ Change

% Change

2019

2018

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$ Change

% Change

United States

$

2,261

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European Gaming Congress 2024 (Warsaw, Poland)

$

767

$

1,494

195%

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European Gaming Congress 2024 (Warsaw, Poland)

$

5,825

$

4,373

$

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European Gaming Congress 2024 (Warsaw, Poland)

1,452

33%

Canada

948

2,077

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European Gaming Congress 2024 (Warsaw, Poland)

(1,129)

(54%)

6,669

7,715

(1,046)

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European Gaming Congress 2024 (Warsaw, Poland)

(14%)

Poland

1,352

179

1,173

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European Gaming Congress 2024 (Warsaw, Poland)

655%

3,466

(153)

3,619

2365%

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Corporate and Other

(24,701)

(2,517)

(22,184)

(881%)

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European Gaming Congress 2024 (Warsaw, Poland)

(35,115)

(8,541)

(26,574)

(311%)

Consolidated

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$

(20,140)

$

506

$

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European Gaming Congress 2024 (Warsaw, Poland)

(20,646)

(4080%)

$

(19,155)

$

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European Gaming Congress 2024 (Warsaw, Poland)

3,394

$

(22,549)

(664%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) 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.

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The Company’s Adjusted EBITDA** increased by $4.0 million, or 69%, and by $6.9 million, or 30%, for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2019 compared to the three months and year ended December 31, 2018:

Adjusted EBITDA**

For the three months

For the year

ended December 31,

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ended December 31,

Amounts in thousands

2019

2018

$ Change

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% Change

2019

2018

$ Change

% Change

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European Gaming Congress 2024 (Warsaw, Poland)

United States

$

5,441

$

1,582

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European Gaming Congress 2024 (Warsaw, Poland)

$

3,859

244%

$

11,825

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European Gaming Congress 2024 (Warsaw, Poland)

$

8,061

$

3,764

47%

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European Gaming Congress 2024 (Warsaw, Poland)

Canada

5,378

4,991

387

8%

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European Gaming Congress 2024 (Warsaw, Poland)

21,212

19,522

1,690

9%

Poland

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European Gaming Congress 2024 (Warsaw, Poland)

2,484

1,733

751

43%

9,392

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European Gaming Congress 2024 (Warsaw, Poland)

4,890

4,502

92%

Corporate and Other

(3,527)

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European Gaming Congress 2024 (Warsaw, Poland)

(2,505)

(1,022)

(41%)

(12,148)

(9,096)

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European Gaming Congress 2024 (Warsaw, Poland)

(3,052)

(34%)

Consolidated

$

9,776

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European Gaming Congress 2024 (Warsaw, Poland)

$

5,801

$

3,975

69%

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European Gaming Congress 2024 (Warsaw, Poland)

$

30,281

$

23,377

$

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European Gaming Congress 2024 (Warsaw, Poland)

6,904

30%

Balance Sheet and Liquidity
As of December 31, 2019, the Company had $54.8 million in cash and cash equivalents and $179.0 million in outstanding debt on its balance sheet compared to $45.6 million in cash and cash equivalents and $59.5 million in outstanding debt at December 31, 2018. The outstanding debt as of December 31, 2019 included the following: $170.0 million related to the Company’s credit agreement with a group of lenders led by Macquarie Capital that the Company entered into in December 2019 in connection with the Acquisition, replacing the Company’s credit agreement with the Bank of Montreal$2.0 million of bank debt related to Casinos Poland; $2.0 million of bank debt related to Century Casino Bath; and $15.0 million related to a long-term land lease for CDR, net of $10.0 million in deferred financing costs.

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, 2019 on its website at www.cnty.com/investor/financials/sec-filings. The Company will also post a presentation on the year end results on its website at www.cnty.com/investor/presentations.

The Company will host its fourth quarter 2019 earnings conference call today, Friday, March 13th, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at www.centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until March 31, 2020 at www.cnty.com/investor/financials/sec-filings.

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CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of (Loss) Earnings

For the three months

For the year

ended December 31,

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ended December 31,

Amounts in thousands, except for per share information

2019

2018

2019

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2018

Operating revenue:

Net operating revenue

$

67,236

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European Gaming Congress 2024 (Warsaw, Poland)

$

45,106

$

218,227

$

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European Gaming Congress 2024 (Warsaw, Poland)

168,938

Operating costs and expenses:

Total operating costs and expenses

81,981

43,152

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European Gaming Congress 2024 (Warsaw, Poland)

223,446

159,502

Earnings (loss) from equity investment

22

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(1)

23

(Loss) earnings from operations

(14,745)

1,976

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European Gaming Congress 2024 (Warsaw, Poland)

(5,220)

9,459

Non-operating income (expense), net

(3,569)

(1,053)

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(6,747)

(3,536)

(Loss) earnings before income taxes

(18,314)

923

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European Gaming Congress 2024 (Warsaw, Poland)

(11,967)

5,923

Income tax provision

(955)

(133)

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European Gaming Congress 2024 (Warsaw, Poland)

(4,174)

(1,917)

Net (loss) earnings

(19,269)

790

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(16,141)

4,006

Net earnings attributable to non-controlling interests

(871)

(284)

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European Gaming Congress 2024 (Warsaw, Poland)

(3,014)

(612)

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

$

(20,140)

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European Gaming Congress 2024 (Warsaw, Poland)

$

506

$

(19,155)

$

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European Gaming Congress 2024 (Warsaw, Poland)

3,394

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

  Basic

$

(0.68)

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European Gaming Congress 2024 (Warsaw, Poland)

$

0.02

$

(0.65)

$

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European Gaming Congress 2024 (Warsaw, Poland)

0.10

  Diluted

$

(0.68)

$

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European Gaming Congress 2024 (Warsaw, Poland)

0.02

$

(0.65)

$

0.10

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Weighted average common shares

  Basic

29,474

29,439

29,452

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European Gaming Congress 2024 (Warsaw, Poland)

29,401

  Diluted

29,474

29,861

29,452

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European Gaming Congress 2024 (Warsaw, Poland)

29,962

CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Balance Sheets

December 31,

December 31,

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Amounts in thousands

2019

2018

Assets

Current assets

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$

79,366

$

54,974

Property and equipment, net

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503,933

187,017

Other assets

143,601

36,834

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Total assets

$

726,900

$

278,825

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Liabilities and Equity

Current liabilities

$

56,570

$

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50,020

Non-current liabilities

498,255

45,422

Century Casinos, Inc. shareholders’ equity

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163,306

176,321

Non-controlling interests

8,769

7,062

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European Gaming Congress 2024 (Warsaw, Poland)

Total liabilities and equity

$

726,900

$

278,825

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CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Constant Currency* Results (unaudited)

For the three months

For the year

ended December 31,

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ended December 31,

Amounts in thousands

2019

2018

% Change

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European Gaming Congress 2024 (Warsaw, Poland)

2019

2018

% Change

Net operating revenue as reported (GAAP)

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

67,236

$

45,106

49%

$

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European Gaming Congress 2024 (Warsaw, Poland)

218,227

$

168,938

29%

Foreign currency impact vs. 2018

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European Gaming Congress 2024 (Warsaw, Poland)

559

7,207

Net operating revenue constant currency (non-GAAP)*

$

67,795

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European Gaming Congress 2024 (Warsaw, Poland)

$

45,106

50%

$

225,434

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European Gaming Congress 2024 (Warsaw, Poland)

$

168,938

33%

(Loss) earnings from operations (GAAP)

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(14,745)

$

1,976

(846%)

$

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European Gaming Congress 2024 (Warsaw, Poland)

(5,220)

$

9,459

(155%)

Foreign currency impact vs. 2018

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European Gaming Congress 2024 (Warsaw, Poland)

934

955

(Loss) earnings from operations constant currency (non-GAAP)*

$

(13,811)

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European Gaming Congress 2024 (Warsaw, Poland)

$

1,976

(799%)

$

(4,265)

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European Gaming Congress 2024 (Warsaw, Poland)

$

9,459

(145%)

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

$

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European Gaming Congress 2024 (Warsaw, Poland)

(20,140)

$

506

(4080%)

$

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European Gaming Congress 2024 (Warsaw, Poland)

(19,155)

$

3,394

(664%)

Foreign currency impact vs. 2018

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European Gaming Congress 2024 (Warsaw, Poland)

339

(40)

Net (loss) earnings attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*

$

(19,801)

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European Gaming Congress 2024 (Warsaw, Poland)

$

506

(4013%)

$

(19,195)

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European Gaming Congress 2024 (Warsaw, Poland)

$

3,394

(666%)

Gains and losses on foreign currency transactions are added back to net (loss) earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.

Adjusted EBITDA Margins *** (unaudited)

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For the three months

For the year

ended December 31,

ended December 31,

2019

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2018

2019

2018

United States

23%

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European Gaming Congress 2024 (Warsaw, Poland)

20%

24%

24%

Canada

27%

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European Gaming Congress 2024 (Warsaw, Poland)

32%

26%

32%

Poland

11%

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European Gaming Congress 2024 (Warsaw, Poland)

9%

11%

7%

Corporate and Other

(262%)

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European Gaming Congress 2024 (Warsaw, Poland)

(127%)

(214%)

(155%)

Consolidated Adjusted EBITDA Margin

15%

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European Gaming Congress 2024 (Warsaw, Poland)

13%

14%

14%

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

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For the three months ended December 31, 2019

Amounts in thousands

United
States

Canada

Poland

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Corporate
and Other

Total

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

$

2,261

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European Gaming Congress 2024 (Warsaw, Poland)

$

948

$

1,352

$

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European Gaming Congress 2024 (Warsaw, Poland)

(24,701)

$

(20,140)

Interest expense (income), net

1,635

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European Gaming Congress 2024 (Warsaw, Poland)

1,456

55

1,020

4,166

Income taxes (benefit)

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European Gaming Congress 2024 (Warsaw, Poland)

789

1,375

222

(1,431)

955

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European Gaming Congress 2024 (Warsaw, Poland)

Depreciation and amortization

756

1,356

781

254

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European Gaming Congress 2024 (Warsaw, Poland)

3,147

Net earnings attributable to non-controlling interests

195

676

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European Gaming Congress 2024 (Warsaw, Poland)

871

Non-cash stock-based compensation

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European Gaming Congress 2024 (Warsaw, Poland)

324

324

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

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European Gaming Congress 2024 (Warsaw, Poland)

26

(678)

16,704

16,052

Loss on disposition of fixed assets

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European Gaming Congress 2024 (Warsaw, Poland)

22

76

1

99

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European Gaming Congress 2024 (Warsaw, Poland)

Acquisition costs

4,302

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European Gaming Congress 2024 (Warsaw, Poland)

4,302

Adjusted EBITDA

$

5,441

$

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European Gaming Congress 2024 (Warsaw, Poland)

5,378

$

2,484

$

(3,527)

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European Gaming Congress 2024 (Warsaw, Poland)

$

9,776

For the three months ended December 31, 2018

Amounts in thousands

United
States

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European Gaming Congress 2024 (Warsaw, Poland)

Canada

Poland

Corporate
and Other

Total

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

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European Gaming Congress 2024 (Warsaw, Poland)

$

767

$

2,077

$

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European Gaming Congress 2024 (Warsaw, Poland)

179

$

(2,517)

$

506

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European Gaming Congress 2024 (Warsaw, Poland)

Interest expense (income), net

1,084

50

65

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European Gaming Congress 2024 (Warsaw, Poland)

1,199

Income taxes (benefit)

266

435

280

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(848)

133

Depreciation and amortization

548

779

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European Gaming Congress 2024 (Warsaw, Poland)

1,025

402

2,754

Net earnings attributable to non-controlling interests

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European Gaming Congress 2024 (Warsaw, Poland)

174

89

21

284

Non-cash stock-based compensation

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European Gaming Congress 2024 (Warsaw, Poland)

255

255

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European Gaming Congress 2024 (Warsaw, Poland)

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

(95)

(138)

94

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European Gaming Congress 2024 (Warsaw, Poland)

(139)

Loss on disposition of fixed assets

1

4

27

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European Gaming Congress 2024 (Warsaw, Poland)

23

55

Pre-opening expenses

533

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European Gaming Congress 2024 (Warsaw, Poland)

221

754

Adjusted EBITDA

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,582

$

4,991

$

1,733

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European Gaming Congress 2024 (Warsaw, Poland)

$

(2,505)

$

5,801

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

For the Year ended December 31, 2019

Amounts in thousands

United
States

Canada

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European Gaming Congress 2024 (Warsaw, Poland)

Poland

Corporate
and Other

Total

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

$

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European Gaming Congress 2024 (Warsaw, Poland)

5,825

$

6,669

$

3,466

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European Gaming Congress 2024 (Warsaw, Poland)

$

(35,115)

$

(19,155)

Interest expense (income), net

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European Gaming Congress 2024 (Warsaw, Poland)

1,635

5,312

197

1,085

8,229

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European Gaming Congress 2024 (Warsaw, Poland)

Income taxes (benefit)

2,018

3,278

1,617

(2,739)

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European Gaming Congress 2024 (Warsaw, Poland)

4,174

Depreciation and amortization

2,330

4,539

3,064

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European Gaming Congress 2024 (Warsaw, Poland)

910

10,843

Net earnings (loss) attributable to non-controlling interests

1,295

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European Gaming Congress 2024 (Warsaw, Poland)

1,731

(12)

3,014

Non-cash stock-based compensation

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European Gaming Congress 2024 (Warsaw, Poland)

1,303

1,303

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

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European Gaming Congress 2024 (Warsaw, Poland)

(439)

(1,096)

16,709

15,174

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European Gaming Congress 2024 (Warsaw, Poland)

Loss on disposition of fixed assets

17

20

413

345

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European Gaming Congress 2024 (Warsaw, Poland)

795

Acquisition costs

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European Gaming Congress 2024 (Warsaw, Poland)

5,366

5,366

Pre-opening expenses

538

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European Gaming Congress 2024 (Warsaw, Poland)

538

Adjusted EBITDA

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

11,825

$

21,212

$

9,392

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European Gaming Congress 2024 (Warsaw, Poland)

$

(12,148)

$

30,281

For the Year ended December 31, 2018

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European Gaming Congress 2024 (Warsaw, Poland)

Amounts in thousands

United
States

Canada

Poland

Corporate
and Other

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total

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

$

4,373

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

7,715

$

(153)

$

(8,541)

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European Gaming Congress 2024 (Warsaw, Poland)

$

3,394

Interest expense (income), net

1

3,895

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

206

12

4,114

Income taxes (benefit)

1,508

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,536

595

(2,722)

1,917

Depreciation and amortization

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,178

3,211

3,065

945

9,399

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European Gaming Congress 2024 (Warsaw, Poland)

Net earnings (loss) attributable to non-controlling interests

722

(75)

(35)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

612

Non-cash stock-based compensation

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

868

868

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

(235)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(428)

2

(661)

Loss on disposition of fixed assets

1

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10

1,054

25

1,090

Pre-opening expenses

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European Gaming Congress 2024 (Warsaw, Poland)

1,668

626

350

2,644

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European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA

$

8,061

$

19,522

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

4,890

$

(9,096)

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

23,377

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
*  The impact of foreign exchange rates is highly variable and difficult to predict.  The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period financial information compared to prior period financial information using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, (loss) earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2019 and 2018 are presented below.

For the three months

ended December 31,

Average Rates

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European Gaming Congress 2024 (Warsaw, Poland)

2019

2018

% Change

Canadian dollar (CAD)

1.3199

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European Gaming Congress 2024 (Warsaw, Poland)

1.3218

0.1%

Euros (EUR)

0.9032

0.8763

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3.1%)

Polish zloty (PLN)

3.8702

3.7668

(2.7%)

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European Gaming Congress 2024 (Warsaw, Poland)

British pound (GBP)

0.7766

0.7773

0.1%

Source: Pacific Exchange Rate Service

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Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, (loss) earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.

SOURCE Century Casinos, Inc.

Gambling in the USA

Aristocrat Interactive™ to Showcase Innovative iLottery Solutions at NASPL 2025 Annual Conference & Trade Show

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on

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Aristocrat Interactive™, the Real Money Gaming (RMG) division of Aristocrat, today announced its participation as a Level II Sponsor at the North American Association of State and Provincial Lotteries (NASPL) 2025 Annual Conference & Trade Show.

NASPL, the leading trade association representing 53 lottery organizations across North America, serves as a platform for collaboration, research, standards, and best practices that drive the future of the industry. Taking place September 8–11, 2025 at the Niagara Falls Convention Center in Ontario, Canada, the event, themed “Here to Play”, will gather lottery leaders from across North America to explore the evolving future of the industry.

Aristocrat Interactive will be showcasing its latest innovations for the iLottery sector through an interactive booth setup, one-on-one director’s dialogue sessions, a product and services showcase, and more. Attendees will get a first look at new eInstant titles, featuring fresh game mechanics and the business’s first cross-over game with its iGaming & Sports division. Aristocrat Interactive will also highlight its successful omnichannel solutions, which connect retail and online play to enhance player engagement and experience.

Building on this momentum, Aristocrat Interactive recently launched the New Hampshire Lottery’s new digital platform, signed long-term contracts with the Michigan Lottery and the Massachusetts Lottery, and secured a two-year extension with its NeoPollard Joint Venture in North Carolina—where Aristocrat Interactive provides the iLottery platform. These partnerships underscore Aristocrat Interactive’s commitment to helping lotteries deliver engaging digital experiences and sustainable growth.

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“NASPL always sets the table for engaging discussions that can advance our customer-driven strategies to drive real digital growth for lotteries,” said Chris Shaban, Managing Director, iLottery at Aristocrat Interactive. “We’re looking forward to another opportunity to showcase Aristocrat Interactive as a solidified, future-ready unit with global gaming expertise.”

Attendees can connect with Aristocrat Interactive at Booth #209 and meet the team for one-on-one discussions in Room #205. Aristocrat Interactive will also hold a showcase on Wednesday, September 10 at 1:30 p.m. at its booth.

For more information about Aristocrat Interactive and its iLottery solutions, please visit  aristocratinteractive.com.

 

The post Aristocrat Interactive™ to Showcase Innovative iLottery Solutions at NASPL 2025 Annual Conference & Trade Show appeared first on Gaming and Gambling Industry in the Americas.

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Gambling in the USA

Scientific Games Introduces Obsidian, All-Black Holographic Lottery Scratch Games

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on

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Premium Instant Scratch Game Innovation Adds Luxury and Uniqueness at Retail with Exclusive Play Experience

Scientific Games announces Obsidian, its latest breakthrough in instant scratch game innovation. A revolutionary addition to the global lottery company’s holographic product offerings, Obsidian will debut at the North American Association of State & Provincial Lotteries 2025 Conference taking place September 8 to September 11 in Ontario, Canada.

2025_Cision_500x625px_ObsidianDebut.png

With 18 unique design concepts, Obsidian games feature a dramatic combination of all-black tones and holographics to create a sleek, glasslike appearance. Named after naturally occurring volcanic rock, the Obsidian line offers a bold, ultra-premium look and scratch experience.

Obsidian is one of a number of new product designs from Scientific Games to be unveiled at NASPL 2025. The new products were developed by Scientific Games’ Innovation and Discovery teams at its metro Atlanta global headquarters, the largest lottery instant game production facility in the world. Obsidian games will also be produced at the company’s Canadian and UK facilities.

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“Our game innovators have followed holographic trends on high-end luxury items and were inspired to create fresh, new games centered on value proposition design for our lottery partners,” said Danielle Hodges, Senior Director, Global Product Innovation & Development for Scientific Games. “At a time when the market basket average is increasing, holographic games allow lotteries to differentiate their games by adding a touch of luxury and uniqueness. In sneak previews of Obsidian with several lotteries, the response we’ve received is pure excitement.”

The company continues to lead the industry in scratch game innovation, using holographics to heighten retail appeal and create immersive player experiences.

Scientific Games, the world’s largest creator, producer and manager of lottery instant games, offers more than 100 strategic enhancements for its world-leading scratch products. The company’s products represent 70% of global instant game retail sales.

Innovating products and solutions that move the global lottery industry forward since 1973, Scientific Games provides retail and digital games, technology, analytics and services to 150 lotteries in 50 countries around the globe, including nearly every North American lottery.

Obsidian™ is a trademark of Scientific Games, LLC. © 2025 Scientific Games, LLC. All Rights Reserved.

 

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The post Scientific Games Introduces Obsidian, All-Black Holographic Lottery Scratch Games appeared first on Gaming and Gambling Industry in the Americas.

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Gambling in the USA

ETPL APPOINTS LONDON-BASED OAKVALE CAPITAL AS EXCLUSIVE INVESTMENT BANKER TO LEAD CAPITAL RAISE AND GROWTH STRATEGY

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The European T20 Premier League (ETPL), an ICC-approved T20 league co-owned by Abhishek Bachchan and backed by Cricket Ireland, Cricket Scotland, and the Royal Dutch Cricket Association, has appointed Oakvale Capital as its exclusive investment banker.

“Oakvale’s deep expertise in sports finance will be a game-changer for ETPL’s long-term vision. We look forward to working closely with their expert team to help bring our event to fruition,” said Warren Deutrom, CEO, Cricket Ireland.

“Oakvale is one of the leading London-based investment banks in the sports and gaming ecosystem. Their sector depth, global network, and track record advising rights-holders, clubs, and technology platforms make them the right partner for ETPL as we scale,” said Saurav Banerjee, Co-owner and Director, ETPL.

“We’re excited to support ETPL’s bold and innovative approach to cricket. The vision to elevate the sport in Europe with a premium, differentiated offering aligns well with Oakvale’s strategic focus in global sports properties,” said Sandford Loudon, Partner, Oakvale Capital.

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Blending world-class cricket with a distinctively European experience, ETPL aims to redefine the sport through elite talent, immersive fan experiences, and data-driven innovation. In addition, KPMG in India has been appointed as ETPL’s strategic advisor.

 

The post ETPL APPOINTS LONDON-BASED OAKVALE CAPITAL AS EXCLUSIVE INVESTMENT BANKER TO LEAD CAPITAL RAISE AND GROWTH STRATEGY appeared first on Gaming and Gambling Industry in the Americas.

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