Gambling in the USA
Century Casinos, Inc. Announces Fourth Quarter and Full Year 2019 Results
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:
|
For the three months |
For the year |
|||||||||||||||
|
Amounts in thousands, except per share data |
ended December 31, |
ended December 31, |
||||||||||||||
|
Consolidated Results: |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
|
Net Operating Revenue |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
|
(Loss) Earnings from Operations |
(14,745) |
1,976 |
(846%) |
(5,220) |
9,459 |
(155%) |
||||||||||
|
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
|
Adjusted EBITDA** |
$ |
9,776 |
$ |
5,801 |
69% |
$ |
30,281 |
$ |
23,377 |
30% |
||||||
|
(Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders: |
||||||||||||||||
|
Basic |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.12 |
(642%) |
||||||
|
Diluted |
$ |
(0.68) |
$ |
0.02 |
(3500%) |
$ |
(0.65) |
$ |
0.11 |
(691%) |
||||||
“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 |
Operating Segment |
Reporting Unit |
|
United States |
Colorado |
Century Casino & Hotel – Central City |
|
Century Casino & Hotel – Cripple Creek |
||
|
West Virginia |
Mountaineer Casino, Racetrack & Resort |
|
|
Missouri |
Century Casino Cape Girardeau |
|
|
Century Casino Caruthersville |
||
|
Canada |
Edmonton |
Century Casino & Hotel – Edmonton |
|
Century Casino St. Albert |
||
|
Century Mile Racetrack and Casino |
||
|
Calgary |
Century Casino Calgary |
|
|
Century Downs Racetrack and Casino |
||
|
Century Bets! Inc. |
||
|
Poland |
Poland |
Casinos Poland |
|
Corporate and Other |
Corporate and Other |
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 |
||||||||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
23,926 |
$ |
7,938 |
$ |
15,988 |
201% |
$ |
49,998 |
$ |
33,483 |
$ |
16,515 |
49% |
||||||||
|
Canada |
20,291 |
15,678 |
4,613 |
29% |
80,650 |
61,361 |
19,289 |
31% |
||||||||||||||
|
Poland |
21,675 |
19,514 |
2,161 |
11% |
81,894 |
68,209 |
13,685 |
20% |
||||||||||||||
|
Corporate and Other |
1,344 |
1,976 |
(632) |
(32%) |
5,685 |
5,885 |
(200) |
(3%) |
||||||||||||||
|
Consolidated |
$ |
67,236 |
$ |
45,106 |
$ |
22,130 |
49% |
$ |
218,227 |
$ |
168,938 |
$ |
49,289 |
29% |
||||||||
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, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
4,685 |
$ |
1,033 |
$ |
3,652 |
354% |
$ |
9,478 |
$ |
5,882 |
$ |
3,596 |
61% |
||||||||
|
Canada |
4,000 |
3,675 |
325 |
9% |
16,115 |
14,633 |
1,482 |
10% |
||||||||||||||
|
Poland |
1,627 |
460 |
1,167 |
254% |
5,915 |
145 |
5,770 |
3979% |
||||||||||||||
|
Corporate and Other |
(25,057) |
(3,192) |
(21,865) |
(685%) |
(36,728) |
(11,201) |
(25,527) |
(228%) |
||||||||||||||
|
Consolidated |
$ |
(14,745) |
$ |
1,976 |
$ |
(16,721) |
(846%) |
$ |
(5,220) |
$ |
9,459 |
$ |
(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 |
For the year |
|||||||||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
2,261 |
$ |
767 |
$ |
1,494 |
195% |
$ |
5,825 |
$ |
4,373 |
$ |
1,452 |
33% |
||||||||
|
Canada |
948 |
2,077 |
(1,129) |
(54%) |
6,669 |
7,715 |
(1,046) |
(14%) |
||||||||||||||
|
Poland |
1,352 |
179 |
1,173 |
655% |
3,466 |
(153) |
3,619 |
2365% |
||||||||||||||
|
Corporate and Other |
(24,701) |
(2,517) |
(22,184) |
(881%) |
(35,115) |
(8,541) |
(26,574) |
(311%) |
||||||||||||||
|
Consolidated |
$ |
(20,140) |
$ |
506 |
$ |
(20,646) |
(4080%) |
$ |
(19,155) |
$ |
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.
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, |
ended December 31, |
|||||||||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
$ Change |
% Change |
2019 |
2018 |
$ Change |
% Change |
||||||||||||||
|
United States |
$ |
5,441 |
$ |
1,582 |
$ |
3,859 |
244% |
$ |
11,825 |
$ |
8,061 |
$ |
3,764 |
47% |
||||||||
|
Canada |
5,378 |
4,991 |
387 |
8% |
21,212 |
19,522 |
1,690 |
9% |
||||||||||||||
|
Poland |
2,484 |
1,733 |
751 |
43% |
9,392 |
4,890 |
4,502 |
92% |
||||||||||||||
|
Corporate and Other |
(3,527) |
(2,505) |
(1,022) |
(41%) |
(12,148) |
(9,096) |
(3,052) |
(34%) |
||||||||||||||
|
Consolidated |
$ |
9,776 |
$ |
5,801 |
$ |
3,975 |
69% |
$ |
30,281 |
$ |
23,377 |
$ |
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.
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
|
Condensed Consolidated Statements of (Loss) Earnings |
||||||||||||
|
For the three months |
For the year |
|||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||
|
Amounts in thousands, except for per share information |
2019 |
2018 |
2019 |
2018 |
||||||||
|
Operating revenue: |
||||||||||||
|
Net operating revenue |
$ |
67,236 |
$ |
45,106 |
$ |
218,227 |
$ |
168,938 |
||||
|
Operating costs and expenses: |
||||||||||||
|
Total operating costs and expenses |
81,981 |
43,152 |
223,446 |
159,502 |
||||||||
|
Earnings (loss) from equity investment |
— |
22 |
(1) |
23 |
||||||||
|
(Loss) earnings from operations |
(14,745) |
1,976 |
(5,220) |
9,459 |
||||||||
|
Non-operating income (expense), net |
(3,569) |
(1,053) |
(6,747) |
(3,536) |
||||||||
|
(Loss) earnings before income taxes |
(18,314) |
923 |
(11,967) |
5,923 |
||||||||
|
Income tax provision |
(955) |
(133) |
(4,174) |
(1,917) |
||||||||
|
Net (loss) earnings |
(19,269) |
790 |
(16,141) |
4,006 |
||||||||
|
Net earnings attributable to non-controlling interests |
(871) |
(284) |
(3,014) |
(612) |
||||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
$ |
(20,140) |
$ |
506 |
$ |
(19,155) |
$ |
3,394 |
||||
|
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
|
Basic |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
|
Diluted |
$ |
(0.68) |
$ |
0.02 |
$ |
(0.65) |
$ |
0.10 |
||||
|
Weighted average common shares |
||||||||||||
|
Basic |
29,474 |
29,439 |
29,452 |
29,401 |
||||||||
|
Diluted |
29,474 |
29,861 |
29,452 |
29,962 |
||||||||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||
|
Condensed Consolidated Balance Sheets |
||||||
|
December 31, |
December 31, |
|||||
|
Amounts in thousands |
2019 |
2018 |
||||
|
Assets |
||||||
|
Current assets |
$ |
79,366 |
$ |
54,974 |
||
|
Property and equipment, net |
503,933 |
187,017 |
||||
|
Other assets |
143,601 |
36,834 |
||||
|
Total assets |
$ |
726,900 |
$ |
278,825 |
||
|
Liabilities and Equity |
||||||
|
Current liabilities |
$ |
56,570 |
$ |
50,020 |
||
|
Non-current liabilities |
498,255 |
45,422 |
||||
|
Century Casinos, Inc. shareholders’ equity |
163,306 |
176,321 |
||||
|
Non-controlling interests |
8,769 |
7,062 |
||||
|
Total liabilities and equity |
$ |
726,900 |
$ |
278,825 |
||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||||||
|
Constant Currency* Results (unaudited) |
||||||||||||||||
|
For the three months |
For the year |
|||||||||||||||
|
ended December 31, |
ended December 31, |
|||||||||||||||
|
Amounts in thousands |
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
||||||||||
|
Net operating revenue as reported (GAAP) |
$ |
67,236 |
$ |
45,106 |
49% |
$ |
218,227 |
$ |
168,938 |
29% |
||||||
|
Foreign currency impact vs. 2018 |
559 |
7,207 |
||||||||||||||
|
Net operating revenue constant currency (non-GAAP)* |
$ |
67,795 |
$ |
45,106 |
50% |
$ |
225,434 |
$ |
168,938 |
33% |
||||||
|
(Loss) earnings from operations (GAAP) |
$ |
(14,745) |
$ |
1,976 |
(846%) |
$ |
(5,220) |
$ |
9,459 |
(155%) |
||||||
|
Foreign currency impact vs. 2018 |
934 |
955 |
||||||||||||||
|
(Loss) earnings from operations constant currency (non-GAAP)* |
$ |
(13,811) |
$ |
1,976 |
(799%) |
$ |
(4,265) |
$ |
9,459 |
(145%) |
||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders as reported (GAAP) |
$ |
(20,140) |
$ |
506 |
(4080%) |
$ |
(19,155) |
$ |
3,394 |
(664%) |
||||||
|
Foreign currency impact vs. 2018 |
339 |
(40) |
||||||||||||||
|
Net (loss) earnings attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)* |
$ |
(19,801) |
$ |
506 |
(4013%) |
$ |
(19,195) |
$ |
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) |
||||
|
For the three months |
For the year |
|||
|
ended December 31, |
ended December 31, |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
United States |
23% |
20% |
24% |
24% |
|
Canada |
27% |
32% |
26% |
32% |
|
Poland |
11% |
9% |
11% |
7% |
|
Corporate and Other |
(262%) |
(127%) |
(214%) |
(155%) |
|
Consolidated Adjusted EBITDA Margin |
15% |
13% |
14% |
14% |
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
|
For the three months ended December 31, 2019 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
2,261 |
$ |
948 |
$ |
1,352 |
$ |
(24,701) |
$ |
(20,140) |
|||||
|
Interest expense (income), net |
1,635 |
1,456 |
55 |
1,020 |
4,166 |
||||||||||
|
Income taxes (benefit) |
789 |
1,375 |
222 |
(1,431) |
955 |
||||||||||
|
Depreciation and amortization |
756 |
1,356 |
781 |
254 |
3,147 |
||||||||||
|
Net earnings attributable to non-controlling interests |
— |
195 |
676 |
— |
871 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
324 |
324 |
||||||||||
|
Loss (gain) on foreign currency transactions, cost recovery income and other |
— |
26 |
(678) |
16,704 |
16,052 |
||||||||||
|
Loss on disposition of fixed assets |
— |
22 |
76 |
1 |
99 |
||||||||||
|
Acquisition costs |
— |
— |
— |
4,302 |
4,302 |
||||||||||
|
Adjusted EBITDA |
$ |
5,441 |
$ |
5,378 |
$ |
2,484 |
$ |
(3,527) |
$ |
9,776 |
|||||
|
For the three months ended December 31, 2018 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
767 |
$ |
2,077 |
$ |
179 |
$ |
(2,517) |
$ |
506 |
|||||
|
Interest expense (income), net |
— |
1,084 |
50 |
65 |
1,199 |
||||||||||
|
Income taxes (benefit) |
266 |
435 |
280 |
(848) |
133 |
||||||||||
|
Depreciation and amortization |
548 |
779 |
1,025 |
402 |
2,754 |
||||||||||
|
Net earnings attributable to non-controlling interests |
— |
174 |
89 |
21 |
284 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
255 |
255 |
||||||||||
|
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(95) |
(138) |
94 |
(139) |
||||||||||
|
Loss on disposition of fixed assets |
1 |
4 |
27 |
23 |
55 |
||||||||||
|
Pre-opening expenses |
— |
533 |
221 |
— |
754 |
||||||||||
|
Adjusted EBITDA |
$ |
1,582 |
$ |
4,991 |
$ |
1,733 |
$ |
(2,505) |
$ |
5,801 |
|||||
|
CENTURY CASINOS, INC. AND SUBSIDIARIES |
|||||||||||||||
|
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 |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
5,825 |
$ |
6,669 |
$ |
3,466 |
$ |
(35,115) |
$ |
(19,155) |
|||||
|
Interest expense (income), net |
1,635 |
5,312 |
197 |
1,085 |
8,229 |
||||||||||
|
Income taxes (benefit) |
2,018 |
3,278 |
1,617 |
(2,739) |
4,174 |
||||||||||
|
Depreciation and amortization |
2,330 |
4,539 |
3,064 |
910 |
10,843 |
||||||||||
|
Net earnings (loss) attributable to non-controlling interests |
— |
1,295 |
1,731 |
(12) |
3,014 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
1,303 |
1,303 |
||||||||||
|
(Gain) loss on foreign currency transactions, cost recovery income and other |
— |
(439) |
(1,096) |
16,709 |
15,174 |
||||||||||
|
Loss on disposition of fixed assets |
17 |
20 |
413 |
345 |
795 |
||||||||||
|
Acquisition costs |
— |
— |
— |
5,366 |
5,366 |
||||||||||
|
Pre-opening expenses |
— |
538 |
— |
— |
538 |
||||||||||
|
Adjusted EBITDA |
$ |
11,825 |
$ |
21,212 |
$ |
9,392 |
$ |
(12,148) |
$ |
30,281 |
|||||
|
For the Year ended December 31, 2018 |
|||||||||||||||
|
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
|
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
4,373 |
$ |
7,715 |
$ |
(153) |
$ |
(8,541) |
$ |
3,394 |
|||||
|
Interest expense (income), net |
1 |
3,895 |
206 |
12 |
4,114 |
||||||||||
|
Income taxes (benefit) |
1,508 |
2,536 |
595 |
(2,722) |
1,917 |
||||||||||
|
Depreciation and amortization |
2,178 |
3,211 |
3,065 |
945 |
9,399 |
||||||||||
|
Net earnings (loss) attributable to non-controlling interests |
— |
722 |
(75) |
(35) |
612 |
||||||||||
|
Non-cash stock-based compensation |
— |
— |
— |
868 |
868 |
||||||||||
|
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(235) |
(428) |
2 |
(661) |
||||||||||
|
Loss on disposition of fixed assets |
1 |
10 |
1,054 |
25 |
1,090 |
||||||||||
|
Pre-opening expenses |
— |
1,668 |
626 |
350 |
2,644 |
||||||||||
|
Adjusted EBITDA |
$ |
8,061 |
$ |
19,522 |
$ |
4,890 |
$ |
(9,096) |
$ |
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 |
2019 |
2018 |
% Change |
|||
|
Canadian dollar (CAD) |
1.3199 |
1.3218 |
0.1% |
|||
|
Euros (EUR) |
0.9032 |
0.8763 |
(3.1%) |
|||
|
Polish zloty (PLN) |
3.8702 |
3.7668 |
(2.7%) |
|||
|
British pound (GBP) |
0.7766 |
0.7773 |
0.1% |
|||
|
Source: Pacific Exchange Rate Service |
||||||
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.
Selected research projects will generate new insights into how responsible gambling messages are delivered and perceived in the rapidly evolving sports media landscape
The University of Nevada, Las Vegas International Gaming Institute (IGI) is proud to announce the recipients of the 2025 ESPN Research Fellowships. This year’s cohort features a group of scholars whose proposals will advance understanding of responsible gambling messaging in sports media and its implications for consumer well-being.
Fellowships recipients include:
-
Dr. Brandon Mastromartino, Director of the Institute on Sports Wagering and Gaming and Assistant Professor of Experiential Marketing at the L. Robert Payne School of Hospitality and Tourism Management, San Diego State University. Dr. Mastromartino’s project will evaluate two of the NFL’s responsible gambling PSAs using a fan-centered marketing framework.
-
Dr. Chris R. Noland, Assistant Professor of Advertising at the University of South Florida’s Zimmerman School of Advertising & Mass Communications. Dr. Noland will examine the influence of celebrity endorsements and promotional inducements in Instagram advertisements on online sports betting behavior.
-
Dr. Ramon Silva Leite, Professor in the Postgraduate Program in Management at Pontifical Catholic University of Minas Gerais, Brazil. Dr. Silva’s project will investigate how responsible gambling messages are constructed and delivered through sports media, and how young sports bettors perceive and respond to them.
-
Dr. Sarah Stokowski, Associate Professor of Athletic Leadership at Clemson University’s Department of Educational and Organizational Leadership Development. Dr. Stokowski will investigate how college student-athletes perceive and interact with sports betting content on social media.
These projects will provide important insights into practical strategies that policymakers and the industry can adopt to help safeguard the wellbeing of sports enthusiasts and the public at large.
“IGI is tremendously proud of the work our previous Fellowships produced. A key goal of this initiative is to support innovative and impactful research to better understand the rapidly changing global sports and betting environment,” said Dr. Kasra Ghaharian, Director of Research at IGI. “This research represents critical perspectives on how gambling is represented in sports media and holds important implications for all gambling stakeholders.”
“Responsible gaming continues to be a priority for ESPN, and we are proud to continue our collaboration with IGI to support research that delivers real-world impact,” said Kevin Martinez, Vice President of ESPN Corporate Citizenship. “These new projects will provide valuable insights into how responsible gaming messages can be delivered effectively across sports media and help strengthen standards that protect fans everywhere.”
Each research fellowship lasts six months. Research results will be featured in an IGI webinar in 2026.
The post UNLV International Gaming Institute Announces 2025 ESPN Research Fellows appeared first on Gaming and Gambling Industry in the Americas.
Bluhare Studios
Iconic Online Games Set for Land-Based Debut Through Collaboration of Gaming Arts and Evolution
Gaming Arts, LLC and Evolution, through its dedicated land-based slot games partner Bluhare Studios, announced a landmark collaboration to adapt a select group of Evolution’s most celebrated online slot titles for the land-based Class III gaming market. This partnership combines proven game mechanics, strong brand recognition, innovative features, and Gaming Arts’ suite of high-performance MOD EX cabinets to deliver products designed to meet the expectations of today’s land-based casino players.
The first wave of releases is scheduled for Q4 2025 in North America and will be available across Gaming Arts’ latest cabinet line-up: the MOD EX J55, MOD EX 227, and MOD EX 337. Four titles will lead the launch, each carrying a strong legacy in online gaming along with exciting new enhancements for the casino floor.
Divine Fortune has been a global standout since its debut, ranking as the number one title for Evolution in the United States. Performing well in New Jersey, Pennsylvania, Michigan, and in all states it can be found online. It’s no surprise it has inspired successful online sequels such as Divine Fortune Megaways and Divine Fortune Black. Now, this player favorite will make its long-awaited land-based debut. Developed in collaboration with Gaming Arts, Divine Fortune Ascensionbuilds on the success of the original with a fresh twist, introducing an all-new three-pot perceived persistence feature designed to heighten engagement.
Starburst, released in 2012, is one of the most recognizable slot titles in online gaming history and Evolution’s top performer globally. With its simple yet captivating gameplay, it has remained a staple for over a decade, inspiring sequels such as Starburst XXXtreme and Starburst Galaxy. Starburst Supernovareimagines this classic with a multiplayer-enabled format, launching as part of a two-game multi-pack. Both titles will feature a new perceived persistent bonus mechanic that culminates in a hold-and-spin feature, adding a fresh layer of excitement to an already proven brand.
This collaboration also creates new opportunities for integrated marketing campaigns across both online and land-based platforms, reinforcing brand engagement and building stronger connections with players.
“We are thrilled to be working with the Evolution team, which has long been an industry leader in creating compelling content for online gambling markets. This partnership allows us to work with two of Evolution’s most celebrated titles and bring them to a brand new player base”, said Greg Colella, Chief Product Officer, Gaming Arts.
“Bringing these iconic titles to land-based casinos represents a major step forward for Gaming Arts,” said Rob Ziems, CEO of Gaming Arts. “This collaboration goes beyond simply combining Evolution’s exceptional game brands with our latest MOD EX hardware. We are working closely with Evolution to effectively adapt these classics for land-based play while also innovating and modernizing them to create fresh, engaging experiences that will truly resonate with today’s casino players.”
Todd Haushalter, Chief Product Officer at Evolution, said: “Since the beginning of online gaming, content has traditionally flowed in one direction; from land-based casinos to online. That approach made sense, as it brought proven experiences to digital audiences. What excites us now is reversing that trend by taking some of the most successful games in the history of online gaming and bringing them to land-based casinos. Evolution is thrilled to be at the forefront of this shift. This collaboration allows us to bring our world-class IP to the incredibly talented team at Gaming Arts, and watching them work their land-based magic to adapt and reimagine our games has been truly inspiring.”
The post Iconic Online Games Set for Land-Based Debut Through Collaboration of Gaming Arts and Evolution appeared first on Gaming and Gambling Industry in the Americas.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
IGT announced that its much-anticipated Wheel of Fortune Big Money Spin electronic table game (ETG) recently made its world debut at Downtown Grand Casino in Las Vegas, Nev. The vibrant standalone ETG game includes many of the attributes that have propelled the success of the Wheel of Fortune slots franchise for nearly three decades including word puzzles, wheel spins and exciting jackpot rewards. The game is accompanied by an attention-grabbing, 9-plus-feet upright video wheel that stands independent of the ETG terminals and entertains casino guests with the famous “WHEEL-OF-FORTUNE!” chant.
MGM Resorts International has announced that Corey Sanders, Chief Operating Officer, will retire from the company after more than 30 years of dedicated service and leadership. Sanders has agreed to remain COO through Dec. 31, 2025, and to serve as an advisor to the President and CEO through Dec. 31, 2026. The Company intends to name a new COO to serve as Sanders’ successor later this month. Sanders is currently MGM Resorts’ Chief Operating Officer, overseeing the company’s Las Vegas and regional properties as well as multiple corporate departments, including Hospitality, Gaming, Human Resources and Strategic Initiatives. Prior to that, he served as the company’s Chief Financial Officer and Treasurer.
Members of Kletsel Dehe Wintun Nation, the Sherwood Valley Rancheria of Pomo Indians, the Mechoopda Indian Tribe of Chico Rancheria and Big Lagoon Rancheria gathered outside the State Capitol in Sacramento to protest Assembly Bill 831 (AB 831). If passed, the bill would limit economic opportunities available to less wealthy tribes in the state by banning legitimate online social games using sweepstakes promotions. It would also eliminate more than $1 billion of existing economic activity generated by the industry in California, and close off a potential new revenue source for the state via sensible, modern regulation and taxation.
Partnerships
Genius Sports Limited has expanded its long-term partnership with Hard Rock Bet Sportsbook (Hard Rock Bet) to power the top-rated platform with its market-leading official data, trading and marketing solutions, as well as its ground-breaking BetVision product. Genius Sports has worked in partnership with the leading operator since 2021, providing the highest quality official data and pinpoint trading solutions across top tier leagues globally, including the Premier League, Serie A, European Leagues, Liga MX, NFL and more. Hard Rock Bet will be able to provide its customers with Genius Sports’ first-of-its-kind BetVision low latency streaming solution.
Quick Custom Intelligence (QCI), a leading provider of data-driven casino intelligence and player engagement platforms, has announced that Dania Beach Casino is continuing to benefit from its deployment of the QCI Nimble platform. While the property currently focuses on the QCI Host and QCI Marketing modules, it has expressed enthusiasm about the capabilities of the new AGI56 release and its impact on future customer engagement strategies. AGI56 represents the most ambitious release in QCI’s history, with the platform undergoing a full refresh of its technology stack, improved integration of advanced analytics, and the introduction of generative AI-driven tooling through Chatalytics.com. QCI’s platform is currently deployed in more than 350 casinos worldwide.
The post Gaming Americas Weekly Roundup – September 8-15 appeared first on European Gaming Industry News.
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