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.
Gambling in the USA
Scientific Games’ iLottery Games Portfolio Expands as Pixiu Gaming Joins SG Content Hub
Exciting New Hasbro-Licensed MONOPOLY and BATTLESHIP iLottery Games Coming Via SG Content Hub
Scientific Games welcomed Pixiu Gaming as the newest studio partner to the SG Content Hub. Pixiu Gaming joins the government-regulated lottery industry’s premier iLottery content delivery platform, featuring an expanding, highly curated selection of iLottery games from Scientific Games and partner studios around the globe. The games are available to lotteries in multiple languages and in a variety of play styles for all player segments.
Widely recognized as the leading supplier of Keno games in North American regulated gaming markets, Pixiu Gaming is a boutique developer focused on authentic, engaging and player-centric games. Founded in 2014 and based in London, UK with a remote global team, Pixiu is named after a fierce Chinese mythical creature that attracts and preserves great wealth.
Scientific Games, the world’s largest lottery games company, is collaborating with Pixiu Gaming to bring exciting new MONOPOLY and BATTLESHIP iLottery games to lotteries through its exclusive licensing agreement with Hasbro. Games created by Pixiu Gaming will be available in the SG Content Hub, in addition to games from Scientific Games’ own SG Studios and other premier partner studios worldwide.
Tony Plaskow, Pixiu Gaming Co-Founder, said, “Pixiu Gaming is thrilled to join the SG Content Hub to bring our games to more lotteries. We look forward to working with Scientific Games and Hasbro to create exciting, brand-sensitive MONOPOLY and BATTLESHIP-themed iLottery game experiences. These iconic brands are familiar worldwide, and each provides the perfect mix of strategy and luck. We will weave a true-to-brand digital game experience with fun, simple-to-understand content that entertains players.”
Matt Lynch, President, Digital for Scientific Games, said, “We are very excited to partner with Pixiu Gaming, an up-and-coming studio. Their unique approach to game development and artistic vision brings a differentiated offering to market that will add depth to iLottery portfolios by expanding game play options for existing players while bringing new game experiences to attract new players. Scientific Games is focused on creating an unparalleled range of playstyles and game mechanics for players with the SG Content Hub, and we are proud to soon include play experiences from Pixiu Gaming.”
SG Content Hub offers partner studios select exclusively licensed brands from the company’s portfolio of more than 100 licensed brands, which also includes other Hasbro-licensed games such as CONNECT 4, THE GAME OF LIFE and YAHTZEE. MONOPOLY is perennially the lottery industry’s top performer, with 33 lotteries worldwide offering MONOPOLY-themed games in fiscal year 2025, resulting in more than $2 billion in retail and digital sales during the year.
Scientific Games provides retail and digital games, technology, analytics and services to 150 lotteries in 50 countries worldwide. The company is a digital lottery innovator offering lotteries entertaining game content featuring the most extensive portfolio of licensed brands in the industry, and world-leading digital programs, including CRM, loyalty, promotions, second chance, mobile and web applications.
BATTLESHIP, CONNECT 4, THE GAME OF LIFE, YAHTZEE and HASBRO and all related trademarks and logos are trademarks of Hasbro, Inc. ©2025 Hasbro.
The MONOPOLY name and logo, the distinctive design of the game board, the four corner squares, the MR. MONOPOLY name and character, as well as each of the distinctive elements of the board and playing pieces are trademarks of Hasbro for its property trading game and game equipment. © 1935, 2025 Hasbro. All Rights Reserved. Licensed by Hasbro.
© 2025 Scientific Games, LLC. All Rights Reserved.
Gambling in the USA
Caesars Entertainment Bolsters Online Casino Live Dealer Offering with the Launch of Branded Live Dealer Studio in Michigan
Caesars Entertainment Inc. announced the launch of its third branded online casino live dealer studio, available now to players on Caesars Palace Online Casino, Horseshoe Online Casino and Caesars Sportsbook & Casino in Michigan. Developed in partnership with Evolution, the new studio reinforces Caesars’ commitment to delivering world-class, immersive experiences across its online platforms, inspired by the iconic atmosphere of its Caesars Rewards destinations.
The debut of the new studio marks Caesars’ third branded live dealer studio that has opened in 2025 and draws inspiration from table game play at the Las Vegas Strip’s most iconic casino, Caesars Palace. Its opening follows the successful launch of Caesars’ first branded studio with Evolution in Pennsylvania in January. In April, the Company also debuted its first studio inside a Caesars Rewards destination at Tropicana Atlantic City in New Jersey.
“Our third live dealer studio expands our fully customized live dealer experience that is already extremely popular in Pennsylvania and New Jersey into another key jurisdiction where our online casino platforms are live. The studio design takes inspiration from our flagship destination, Caesars Palace, to authentically recreate the atmosphere of Las Vegas for online players. We look forward to our Michigan players enjoying the new experience,” said Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.
The new live dealer studio in The Great Lakes State is composed of five blackjack tables, including a VIP-exclusive blackjack table, one roulette table, and one baccarat table. The tables are adorned with custom-branded felts featuring iconic Caesars destinations and each marquee online casino platform, including Caesars Palace Online Casino, Caesars Sportsbook & Casino, Horseshoe Online Casino, and, for the first time, Tropicana Online Casino.
Select tables also feature custom felts co-branded through partnerships with professional sports teams. Like Caesars Rewards destinations across North America, the studio caters to VIP players with an exclusive high-limit blackjack table offering an authentic 1-to-1 live experience that could previously only be found in a physical casino.
“As the global leader in online live casino with nearly two decades of experience, Evolution is proud to partner once again with Caesars to launch this bespoke live dealer studio in Michigan. The studio brings the unmistakable character of Caesars’ iconic destinations to the online space, offering players in the state a polished, immersive entertainment experience that mirrors the energy and elegance of the casino floor. It’s another bold step forward in our shared commitment to innovation and quality at scale in the online live casino market,” said Marcus Huber, Chief Commercial Officer of Evolution North America.
Caesars Palace Online Casino, Horseshoe Online Casino and Caesars Sportsbook & Casino are available on iOS, Android, and desktop for those 21 and older in New Jersey, Pennsylvania, Michigan, Ontario, and West Virginia. Each platform offers a dynamic online casino experience with a range of unique Caesars-branded games alongside hundreds of classic land-based casino favorites and core casino game mechanics, including high limit slots, private live dealer tables, linked progressive jackpots, variations of poker and roulette, and more.
Snoqualmie Casino & Hotel has officially opened its newly expanded non-smoking gaming floor, marking a significant milestone in the property’s continued commitment to exceptional guest experiences.
Located adjacent to the hotel lobby, the new, larger non-smoking slot floor will feature nearly 400 of today’s most popular slot machines in a fresh, modern environment designed exclusively for non-smoking guests. This addition enhances the casino’s dedication to providing smoke-free gaming options in a luxury setting. For convenience and ease of access, non-smoking guests can also take advantage of the smoke-free entrance via the hotel’s valet parking.
This new space complements Snoqualmie Casino & Hotel’s existing fully enclosed, non-smoking slot area near Falls Buffet and Snoqualmie Café & Deli, offering guests even more choice and accessibility when it comes to their preferred gaming environment.
In addition to these gaming enhancements, all restaurants on property are 100% non-smoking, making Snoqualmie Casino & Hotel a premier destination for guests seeking an elevated, smoke-free entertainment and dining experience.
“We’re thrilled to offer our guests even more smoke-free options. The expansion of our non-smoking gaming floor reflects our ongoing efforts to listen to our guests and create an atmosphere that’s both exciting and comfortable for everyone,” said Mary Lou Patterson, CEO of Snoqualmie Casino & Hotel.
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