Century Casinos revenue rises 1% in Q2 as North American growth offsets Poland declines

Century Casinos reported a 1% increase in second-quarter 2026 net operating revenue to $152.0 million, as stronger results in its U.S. West and Midwest operations offset a sharp decline in Poland.

Earnings from operations rose 4% to $17.2 million, while Adjusted EBITDAR increased 5% to $31.7 million. The net loss attributable to Century Casinos shareholders narrowed 11% to $10.9 million from $12.3 million a year earlier, with the loss per share at $0.39 compared with $0.40.

The U.S. West segment posted the strongest revenue growth, rising 16% to $23.4 million. Adjusted EBITDAR increased 93% to $4.5 million, while the segment’s net loss narrowed 75% to $0.7 million. Management attributed much of the improvement to the Nugget casino in Sparks, Nevada.

The U.S. Midwest segment, which includes Century’s Missouri and Colorado properties, recorded an 8% increase in revenue to $44.7 million and an 8% rise in Adjusted EBITDAR to $16.7 million. Canada revenue grew 2% to $20.4 million, while U.S. East revenue declined 2% to $43.6 million.

Poland remained the main drag on the quarter, with revenue falling 19% to $19.9 million and Adjusted EBITDAR dropping 97% to $52,000. Century said the business was affected partly by low table-game hold in June and the absence of its Warsaw casino, which closed in June 2025.

“Poland spoiled the party a bit,” Century Casinos President Peter Hoetzinger said during the company’s second-quarter earnings call, while describing the overall period as “a strong solid quarter.”

Management said North America accounted for 90% of the company’s total results. Hoetzinger highlighted a “tremendous performance” at the Nugget and stronger results in Missouri and Colorado. “We benefited from growth across all retail customers,” he said, “despite higher gas prices.”

Century Casinos President Peter Hoetzinger and Chairman Erwin Haitzmann 

For the first six months of 2026, consolidated revenue increased 3% to $289.2 million, while earnings from operations rose 22% to $28.9 million. Adjusted EBITDAR increased 12% to $56.6 million, and the net loss attributable to shareholders narrowed 17% to $27.4 million.

Century ended June with $60.2 million in cash and cash equivalents, compared with $68.9 million at the end of 2025. Outstanding debt stood at $336.5 million, down from $337.7 million at December 31.

In Alberta, Chairman Erwin Haitzmann said all four Century casinos improved their results. Hoetzinger also raised the possibility of selling the Alberta properties, either together or in separate casino and racino groups, with a potential disclosure by the end of 2026.

Management also pointed to signs of stabilization in Poland despite continued weakness. “This is a year of harvesting for us,” Hoetzinger said. “We’re actually feeling really good about the rest of the year,” including Poland. He said Century expects its debt load to decline to six times cash flow by year-end, with no debt maturities for three years.