Century Casinos posts wider Q1 loss as weather, sports betting hit revenue

Century Casinos Inc on Monday reported a wider first-quarter loss as winter weather, the end of sports betting in Colorado, and one fewer operating day weighed on revenue across its North American properties.

The Colorado-based gaming company posted a net loss attributable to shareholders of $20.6 million, or 67 cents per share, for the quarter ended March 31, compared with a loss of $13.5 million a year earlier.

Net operating revenue fell 4% year-over-year to $130.4 million, while adjusted EBITDAR — a key measure of profitability — slipped 5% to $20.2 million.

"We were able to maintain the Adjusted EBITDAR margin from the first quarter of 2024 despite decreased revenue from weather impacts throughout North America, one fewer operating day compared to 2024 and the loss of high margin sports betting revenue in Colorado," co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger said in a joint statement.

They credited cost-cutting initiatives, particularly at the Nugget Casino Resort in Nevada, for helping preserve margins. “This is due primarily to successful cost cutting strategies at the Nugget, which generated positive Adjusted EBITDAR in what typically is the most challenging quarter for the property,” the executives said.

Cash and cash equivalents declined to $84.7 million from $98.8 million at year-end 2024, primarily due to $6.7 million in capital expenditures. Total debt held steady at $339.6 million, including a $336 million term loan with Goldman Sachs. The company also holds a $703.5 million long-term lease obligation with real estate investment trust VICI Properties Inc (VICI.N).

Despite the Q1 challenges, Century Casinos pointed to early success at its new Caruthersville casino in Missouri, which opened in November 2024, and plans to reopen a second licensed casino in Wroclaw, Poland later this year.

“With overall capital expenditures substantially lower in 2025 due to the completion of our capital projects and properties such as Caruthersville open and operating, we anticipate cash generation and our cash position to improve during the remainder of 2025 and into 2026,” the co-CEOs added.