Century Casinos cuts Q1 loss as revenue climbs to $137.2 million

Century Casinos reported higher revenue and operating earnings for the first quarter, while its net loss narrowed from a year earlier, supported by gains across its North American properties.

The Nasdaq-listed casino operator posted net operating revenue of $137.2 million for the three months ended March 31, up 5% from $130.4 million in the same period of 2025. Earnings from operations rose 65% to $11.8 million from $7.1 million.

Net loss attributable to Century Casinos shareholders stood at $16.5 million, compared with a loss of $20.6 million a year earlier. Basic and diluted net loss per share were both $0.58, compared with $0.67 in the first quarter of 2025. Adjusted EBITDAR increased 24% to $24.9 million from $20.2 million.

Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, remarked: “The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the company’s history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR.”

“The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase in Adjusted EBITDAR of 93% compared to the first quarter of 2025.”

Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers

By segment, the company’s US Midwest operations recorded the largest net operating revenue contribution at $41.8 million, up 5% from $39.8 million. US East revenue rose 5% to $38.9 million, while US West increased 4% to $17.1 million. Canada posted an 11% rise to $18.3 million, and Poland increased 2% to $21.1 million.

US Midwest earnings from operations rose 23% to $11.8 million, while Canada increased 27% to $4.3 million. US East earnings rose to $1.5 million from $435,000, while US West narrowed its operating loss to $2 million from $2.7 million.

Poland reported an operating loss of $177,000, compared with a loss of $109,000 a year earlier. Other corporate and management operations recorded a loss from operations of $3.7 million.

Adjusted EBITDAR rose across the company’s North American segments. US Midwest increased 16% to $15.6 million, US East rose 27% to $5.4 million, US West increased 93% to $1.4 million, and Canada rose 26% to $5.5 million. Poland declined 8% to $505,000, while other operations recorded negative Adjusted EBITDAR of $3.5 million.

The company had $60 million in cash and cash equivalents as of March 31, 2026, down from $68.9 million at the end of 2025. Outstanding debt stood at $336.7 million, compared with $337.7 million as of December 31, 2025.

The debt included $332.5 million related to a term loan under Century Casinos’ credit agreement with Goldman Sachs Bank USA, $1.0 million under a credit agreement related to Casinos Poland, and $3.2 million under a Casinos Poland revolving credit facility. The company also has a revolving line of credit with Goldman of up to $30.0 million.

Century Casinos said its Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00 as of March 31, 2026. However, the company had no outstanding revolving loans, swingline loans, or letters of credit under the Goldman credit agreement at quarter-end. It also reported a $712.0 million long-term financing obligation under its master lease with subsidiaries of VICI Properties.