Revenue climbs and losses narrow in Q2 as Century Casinos begins strategic review of assets

Century Casinos reported a 3% increase in net operating revenue for the second quarter of 2025, reaching $150.8 million, with gains led by its Polish and U.S. properties. Despite the improvement, the company posted a net loss of $12.3 million attributable to shareholders, a significant reduction from the $41.6 million loss recorded in the same period last year.

The company’s earnings from operations rose 16% year-over-year to $16.6 million, while adjusted EBITDAR increased 10% to $30.3 million. Nearly all of the net loss stemmed from the Corporate and Other segment, which posted a $12.7 million shortfall for the quarter.

Among Century’s operating jurisdictions, the U.S. generated the highest revenue with $106.1 million, though it was nearly flat compared to last year. Poland showed the strongest growth, increasing 23% to $24.7 million. Canada reported modest growth of 1%, reaching $20 million.

Segment performance also varied in terms of profitability. In Poland, net earnings improved sharply to $245,000, a 713% increase. The U.S. segment reduced its net loss by 98% to $487,000, while Canada’s net earnings fell 41% to $599,000.

During the quarter, Century closed its Hilton Hotel casino in Warsaw following a license denial, but it was granted a second license in Wroclaw, with the new casino expected to open in the fourth quarter. The company’s Warsaw operation at The Presidential Hotel continues under a license valid through 2028.

In the U.S., Century Casinos is preparing to enter Missouri’s online sports betting market through a partnership with BetMGM. The state is expected to launch legal betting in the final quarter of 2025. Additionally, its Caruthersville property in Missouri, which opened in November 2024, posted a 26% increase in net operating revenue and a 31% rise in adjusted EBITDAR.

Amid inquiries from third parties regarding potential asset sales and strategic partnerships, Century’s board has launched a strategic review. The process will evaluate options, including asset divestitures, mergers, or even a sale of the company. Legal firm Faegre Drinker Biddle & Reath LLP and financial advisor Macquarie Capital have been retained to support the review.

“The review will explore a range of potential strategic alternatives for the company’s assets and businesses aimed at enhancing shareholder value and supporting long-term growth,” the company said in a statement.

Co-CEOs Erwin Haitzmann and Peter Hoetzinger

Co-CEOs Erwin Haitzmann and Peter Hoetzinger added: “We are proud of the strength and momentum we have built across our portfolio, which has shown solid year-over-year growth and generated positive cash flow in the quarter.”

Century Casinos currently operates seven properties in the U.S., four in Canada, and holds a 66.6% stake in Casinos Poland, which includes five properties. The company held $85.5 million in cash and cash equivalents as of June 30, 2025, and reported $338.1 million in outstanding debt.