Century Casinos posts $10.5 million quarterly loss, eyes recovery with new Wroclaw casino and BetMGM launch

Century Casinos reported a net loss of $10.5 million for the third quarter of 2025, as the company continued to navigate one-time costs in its Poland operations and a restatement related to a prior goodwill impairment.

Net operating revenue fell 1% year-over-year to $153.7 million for the three months ended September 30, 2025. Earnings from operations dropped 4% to $17.1 million, while adjusted EBITDAR declined 6% to $31.1 million. The company’s basic net loss per share widened to $0.35 from $0.26 a year earlier.

“We are pleased with the growth in the East and Midwest regions of the United States,” said Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger. “At the Nugget in the West region, we continue to focus on increasing local play and enhancing our concert and conference line-up to improve results."

"Poland suffered from one-time costs associated with closing the Hilton Hotel casino. Excluding Poland, the third quarter Adjusted EBITDAR would have increased year over year. We look forward to opening the new Wroclaw casino early next year and results to improve in Poland with no licensing disruptions for the next three years.”

Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger

The company’s operations in the United States generated $115 million in revenue during the quarter, a 2% decline from the previous year. Canada posted a modest 2% gain at $20.6 million, while revenue in Poland slipped 1% to $18.1 million. For the nine-month period, consolidated revenue totaled $435 million, down 1% compared to the same period in 2024.

Earnings from operations in the U.S. fell slightly to $18 million, while Canada recorded a 12% increase to $4.3 million. Poland, however, saw a 46% decline in operating income, largely due to the closure-related expenses in Warsaw and Wroclaw.

The company also disclosed that it will restate prior financial statements due to a material error in calculating the carrying value of invested capital used in valuing the Rocky Gap reporting unit. The adjustment resulted in a goodwill impairment that reduced previously reported 2024 earnings but did not affect adjusted EBITDAR. Century Casinos has filed a Form 8-K describing the restatement and plans to amend its Form 10-K and 10-Q filings within five days.

During the quarter, Century continued to expand its U.S. operations. In May 2025, it signed a partnership with BetMGM to operate an online and mobile sportsbook under its Missouri license. The agreement provides for a share of net gaming revenue with a guaranteed minimum and includes the option to establish a retail sportsbook. Sports betting operations in Missouri are expected to begin on December 1, 2025.

In Europe, the company was awarded a second casino license in Wroclaw, Poland, in March 2025 and expects to open the new property in January 2026.

As of September 30, 2025, Century Casinos reported $77.7 million in cash and cash equivalents, down from $98.8 million at the end of 2024, largely due to $17.4 million in capital expenditures. Outstanding debt stood at $338.7 million, including a $334.3 million term loan with Goldman Sachs Bank USA, and the company maintained access to a $30 million revolving credit facility with the bank.

Century Casinos also has a long-term $712.1 million financing obligation under its master lease with subsidiaries of VICI Properties, Inc. Although its consolidated first-lien net leverage ratio exceeded the 5.50-to-1.00 threshold at the end of the quarter, the company noted it had no outstanding revolving loans or letters of credit under the Goldman credit agreement.