CENTURY CASINOS INC /CO/ Segments Disclosure
During the fourth quarter of 2025, due to changes in expected long-term future economic characteristics, the Company determined that the aggregation of operating segments within the United States reportable segment was no longer appropriate. As a result, the Company reorganized its reportable segments to provide greater specificity within the United States. Although the Company’s consolidated results of operations, financial position and cash flows were not impacted, the Company has updated the segment disclosures for prior periods to reflect the new reporting structure.
The Company reports its financial performance in five reportable segments based on the geographical locations in which its casinos operate: United States – East (“US East”), United States – Midwest (“US Midwest”), United States – West (“US West”), Canada and Poland. The Company views each casino or other operation within those markets as a reporting unit. Reporting units are aggregated within operating and reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. All intercompany transactions are eliminated in consolidation.
The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDAR as a primary profit measure for its reportable segments and is utilized by the chief operating decision makers as follows:
within the annual budget and forecasting process when making decisions about the allocation of operating and capital resources to each segment;
to evaluate monthly results compared to budget which are used in assessing segment performance;
to determine whether to invest in growth projects in the segment; and
to determine initiatives such as acquisitions or deleveraging.
The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments as of December 31, 2025:
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Reportable Segment and | Reporting Unit |
US East | Mountaineer Casino, Resort & Races (1) |
| Rocky Gap Casino, Resort & Golf (1) |
US Midwest | Century Casino & Hotel Central City |
| Century Casino & Hotel Cripple Creek |
| Century Casino & Hotel Cape Girardeau and The Riverview (1) |
| Century Casino & Hotel Caruthersville and The Farmstead (1) |
US West | Nugget Casino Resort and Smooth Bourbon, LLC |
Canada | Century Casino & Hotel Edmonton (1) |
| Century Casino St. Albert (1) |
| Century Mile Racetrack and Casino (1) |
| Century Downs Racetrack and Casino (1) |
Poland | Casinos Poland |
(1)The real estate assets, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, are owned by VICI PropCo and leased under the Master Lease.
Adjusted EBITDAR
Adjusted EBITDAR is a measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in interest expense. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of Segment Adjusted EBITDAR. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDAR is not considered a measure of performance recognized under US GAAP.
The following tables provide summary information regarding the Company’s reportable segments:
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| For the year ended December 31, 2025 | ||||||||||||||||||||
Amounts in thousands |
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| US |
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| US |
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| US |
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| Canada |
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| Poland |
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| Other (1) |
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| Total |
Net operating revenue |
| $ | 169,496 |
| $ | 163,810 |
| $ | 79,561 |
| $ | 75,929 |
| $ | 84,168 |
| $ | 11 |
| $ | 572,975 |
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Less: |
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Payroll expense |
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| 37,196 |
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| 35,614 |
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| 31,146 |
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| 23,706 |
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| 25,147 |
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Operating expenses (2) |
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| 29,134 |
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| 28,764 |
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| 24,665 |
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| 24,605 |
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| 12,923 |
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Gaming tax expense |
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| 68,679 |
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| 34,781 |
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| 2,499 |
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| — |
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| 41,447 |
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Cost of goods sold |
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| 4,221 |
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| 2,543 |
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| 7,141 |
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| 4,403 |
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| 727 |
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Other segment items (3) |
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| 2,989 |
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| 3,740 |
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| 5,056 |
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| 2,916 |
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| 2,995 |
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Pre-opening and termination expenses |
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| — |
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| — |
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| — |
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| — |
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| (2,013) |
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Segment Adjusted EBITDAR |
| $ | 27,277 |
| $ | 58,368 |
| $ | 9,054 |
| $ | 20,299 |
| $ | 2,942 |
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| $ | 117,940 |
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Other operating benefits (costs) and other income (expenses): |
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Corporate and other expenses |
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| $ | (12,563) | |||||||||||||||
Interest income |
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| 1,317 | |||||||||||||||
Interest expense (4) |
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| (104,783) | |||||||||||||||
Depreciation and amortization |
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| (50,921) | |||||||||||||||
Non-cash stock-based compensation |
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| (1,128) | |||||||||||||||
Gain on foreign currency transactions, cost recovery income and other (5) |
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| 1,093 | |||||||||||||||
Loss on disposition of fixed assets |
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| (90) | |||||||||||||||
Pre-opening and termination expenses |
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| (2,013) | |||||||||||||||
Loss before income taxes |
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| (51,148) | |||||||||||||||
Income tax expense |
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| (2,748) | |||||||||||||||
Net loss |
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| $ | (53,896) | |||||||||||||||
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(1)Represents additional business activities including certain other corporate and management operations that are not included in the Company’s reportable segments. Information is presented for reconciliation purposes.
(2)Operating expenses include professional services, supplies, maintenance, utilities and other expenses not otherwise categorized in this table.
(3)Other segment items include marketing expenses.
(4)Interest expense primarily relates to the Master Lease and the Goldman Credit Agreement.
(5)Includes $1.0 million cost recovery income for CDR.
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| For the year ended December 31, 2024 | ||||||||||||||||||||
Amounts in thousands |
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| US |
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| US |
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| US |
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| Canada |
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| Poland |
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| Other (1) |
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| Total |
Net operating revenue |
| $ | 171,640 |
| $ | 160,536 |
| $ | 87,492 |
| $ | 76,317 |
| $ | 79,900 |
| $ | 34 |
| $ | 575,919 |
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Less: |
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Payroll expense |
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| 37,006 |
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| 36,845 |
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| 33,503 |
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| 23,491 |
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| 26,137 |
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Operating expenses (2) |
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| 29,790 |
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| 26,408 |
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| 25,622 |
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| 25,145 |
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| 12,112 |
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Gaming tax expense |
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| 70,531 |
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| 33,207 |
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| 2,731 |
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| — |
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| 39,304 |
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Cost of goods sold |
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| 4,265 |
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| 2,783 |
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| 8,982 |
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| 4,325 |
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| 642 |
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Other segment items (3) |
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| 3,020 |
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| 4,231 |
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| 6,953 |
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| 3,194 |
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| 2,667 |
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Pre-opening and termination expenses |
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| — |
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| — |
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| — |
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| — |
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| (3,525) |
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Segment Adjusted EBITDAR |
| $ | 27,028 |
| $ | 57,062 |
| $ | 9,701 |
| $ | 20,162 |
| $ | 2,563 |
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| $ | 116,516 |
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Other operating benefits (costs) and other income (expenses): |
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Corporate and other expenses |
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| $ | (13,838) | |||||||||||||||
Interest income |
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| 2,644 | |||||||||||||||
Interest expense (4) |
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| (103,367) | |||||||||||||||
Depreciation and amortization |
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| (49,595) | |||||||||||||||
Non-cash stock-based compensation |
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| (66) | |||||||||||||||
Gain on foreign currency transactions, cost recovery income and other (5) |
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| 2,973 | |||||||||||||||
Impairment - goodwill (6) |
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| (70,189) | |||||||||||||||
Loss on disposition of fixed assets |
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| (1,457) | |||||||||||||||
Acquisition costs |
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| 19 | |||||||||||||||
Pre-opening and termination expenses |
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| (3,525) | |||||||||||||||
Loss before income taxes |
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| (119,885) | |||||||||||||||
Income tax expense |
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| (26,631) | |||||||||||||||
Net loss |
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| $ | (146,516) | |||||||||||||||
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(1)Represents additional business activities including certain other corporate and management operations that are not included in the Company’s reportable segments. Information is presented for reconciliation purposes.
(2)Operating expenses include professional services, supplies, maintenance, utilities and other expenses not otherwise categorized in this table.
(3)Other segment items include marketing expenses.
(4)Interest expense primarily relates to the Master Lease and the Goldman Credit Agreement.
(5)Includes $1.1 million cost recovery income related to CDR.
(6)Related to the impairment of goodwill at the Nugget and Rocky Gap.
Additional reconciliations of the Company’s assets by reportable segment are included in the table below.
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| As of December 31, | ||||||||||||||||
Amounts in thousands |
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| 2025 |
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| 2024 |
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| 2025 |
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| 2024 |
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| 2025 |
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| 2024 |
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| Segment Assets (1) |
| Long-Lived Assets (2) |
| Total Assets | ||||||||||||
US East |
| $ | 9,325 |
| $ | 11,007 |
| $ | 308,195 |
| $ | 319,668 |
| $ | 326,430 |
| $ | 338,960 |
US Midwest |
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| 12,724 |
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| 13,551 |
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| 321,534 |
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| 332,390 |
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| 337,262 |
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| 349,398 |
US West |
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| 3,793 |
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| 5,025 |
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| 220,760 |
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| 231,237 |
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| 231,180 |
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| 242,197 |
Canada |
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| 21,419 |
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| 21,605 |
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| 130,572 |
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| 126,335 |
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| 174,043 |
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| 169,368 |
Poland |
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| 3,740 |
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| 4,183 |
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| 41,948 |
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| 35,575 |
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| 48,012 |
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| 41,988 |
Other (3) |
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| 17,920 |
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| 43,398 |
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| 2,509 |
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| 2,926 |
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| 30,344 |
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| 57,928 |
Total |
| $ | 68,921 |
| $ | 98,769 |
| $ | 1,025,518 |
| $ | 1,048,131 |
| $ | 1,147,271 |
| $ | 1,199,839 |
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(1)Segment assets are cash and cash equivalents.
(2)Long-lived assets are calculated as total assets less total current assets and deferred income taxes.
(3)Represents additional business activities including certain other corporate and management operations that are not included in the Company’s reportable segments. Information is presented for reconciliation purposes.
Additional reconciliations of capital expenditures by reportable segment are included in the table below.
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| For the year ended | ||||
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| December 31, | ||||
Amounts in thousands |
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| 2025 |
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| 2024 |
US East |
| $ | 4,176 |
| $ | 3,621 |
US Midwest |
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| 8,442 |
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| 42,405 |
US West |
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| 4,852 |
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| 4,250 |
Canada |
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| 2,595 |
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| 3,796 |
Poland |
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| 1,845 |
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| 5,101 |
Other (1) |
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| 41 |
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| 62 |
Total |
| $ | 21,951 |
| $ | 59,235 |
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(1)Represents additional business activities including certain other corporate and management operations that are not included in the Company’s reportable segments. Information is presented for reconciliation purposes.
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 | |
| 2018 | Mar 11, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.