CENTURY CASINOS INC /CO/ Leases Disclosure
The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 47 years.
The components of lease expense were as follows:
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| For the year ended | ||||
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| December 31, | ||||
Amounts in thousands |
| 2025 |
| 2024 | ||
Operating lease expense |
| $ | 7,415 |
| $ | 6,288 |
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Finance lease expense: |
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Amortization of right-of-use assets |
| $ | 264 |
| $ | 168 |
Interest on lease liabilities |
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| 67 |
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| 61 |
Total finance lease expense |
| $ | 331 |
| $ | 229 |
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Short-term lease expense |
| $ | 130 |
| $ | 137 |
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Variable lease expense |
| $ | 1,593 |
| $ | 1,005 |
Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland.
Supplemental cash flow information related to leases was as follows:
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| For the year ended | ||||
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| December 31, | ||||
Amounts in thousands |
| 2025 |
| 2024 | ||
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from finance leases |
| $ | 67 |
| $ | 59 |
Operating cash flows from operating leases |
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| 7,234 |
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| 6,230 |
Financing cash flows from finance leases |
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| 362 |
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| 264 |
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Right-of-use assets obtained in exchange for operating lease liabilities |
| $ | 4,902 |
| $ | 10,014 |
Right-of-use assets obtained in exchange for finance lease liabilities |
| $ | 402 |
| $ | 448 |
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Supplemental balance sheet information related to leases was as follows:
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| As of |
| As of | ||
Amounts in thousands |
| December 31, 2025 |
| December 31, 2024 | ||
Operating leases |
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Leased right-of-use assets, net |
| $ | 32,753 |
| $ | 30,015 |
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Current portion of operating lease liabilities |
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| 5,155 |
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| 4,034 |
Operating lease liabilities, net of current portion |
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| 31,093 |
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| 29,148 |
Total operating lease liabilities |
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| 36,248 |
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| 33,182 |
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Finance leases |
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Finance lease right-of-use assets, gross |
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| 1,657 |
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| 1,198 |
Accumulated depreciation |
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| (533) |
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| (256) |
| 1,124 |
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| 942 | ||
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Current portion of finance lease liabilities |
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| 330 |
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| 260 |
Finance lease liabilities, net of current portion |
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| 499 |
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| 494 |
Total finance lease liabilities |
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| 829 |
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| 754 |
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Weighted-average remaining lease term |
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Operating leases |
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| 11.2 years |
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| 12.5 years |
Finance leases |
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| 2.5 years |
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| 3.3 years |
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Weighted-average discount rate |
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Operating leases |
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| 8.4% |
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| 8.6% |
Finance leases |
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| 7.1% |
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| 7.7% |
Maturities of lease liabilities as of December 31, 2025 were as follows:
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Amounts in thousands |
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| Operating Leases |
| Finance Leases | |
2026 |
| $ | 7,066 |
| $ | 377 |
2027 |
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| 7,018 |
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| 306 |
2028 |
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| 6,878 |
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| 180 |
2029 |
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| 6,416 |
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| 47 |
2030 |
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| 4,343 |
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Thereafter |
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| 30,208 |
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Total lease payments |
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| 61,929 |
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| 910 |
Less imputed interest |
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| (25,681) |
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| (81) |
Total |
| $ | 36,248 |
| $ | 829 |
10
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 13, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.