Century Casinos, Inc. Announces Fourth Quarter and Full Year 2024 Results

2025 Looks Promising After Opening of New Land-Based Casino in Missouri , /PRNewswire/ -- Century Casinos, Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2024. Fourth Quarter 2024 Results* Compared to the three months ended December 31, 2023: Net operating revenue was $137.8 million, a decrease of (4%). Loss from operations was ($36.2) million, a change of (388%). Net loss attributable to Century Casinos, Inc. shareholders was ($64.9) million, a change of (500%), and basic net loss per share was ($2.11). Adjusted EBITDAR** was $21.1 million, a decrease of (17%). 2024 Results* Compared to the year ended December 31, 2023: Net operating revenue was $575.9 million, an increase of 5%. Earnings from operations were $4.3 million, a decrease of (93%). Net loss attributable to Century Casinos, Inc. shareholders was ($128.2) million, a change of (355%), and basic net loss per share was ($4.19). Adjusted EBITDAR** was $102.7 million, a decrease of (10%). "The highlight of the fourth quarter 2024 was the successful opening of the new land-based casino and hotel in Caruthersville, Missouri on November 1, 2024," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We continue to see weak trends from retail and low-end customers, which we believe is due to macro-economics impacting consumer spending in our markets. However, with no construction or renovation disruptions and the opportunity to realize returns from our recent growth capital initiatives, we believe Adjusted EBITDAR and cash flow will improve in 2025 as compared to 2024," Messrs. Haitzmann and Hoetzinger concluded. UPDATES Nugget Goodwill Impairment – The Company impaired goodwill at its Nugget Casino Resort (the "Nugget") property based on estimated market conditions and performance, resulting in $43.7 million recorded to impairment – goodwill for the three months and year ended December 31, 2024. The impairment negatively impacted (loss) earnings from operations and net loss attributable to Century Casinos, Inc. shareholders for the three months and year ended December 31, 2024. RESULTS The consolidated results for the three months and years ended December 31, 2024 and 2023 are as follows: For the three months For the year Amounts in thousands, except per share data ended December 31, % ended December 31, % Consolidated Results: 2024 2023 Change 2024 2023 Change Net Operating Revenue $ 137,766 $ 143,760 (4 %) $ 575,919 $ 550,206 5 % (Loss) Earnings from Operations (36,154) 12,551 (388 %) 4,316 64,046 (93 %) Net Loss Attributable to Century Casinos, Inc. Shareholders $ (64,894) $ (10,821) (500 %) $ (128,170) $ (28,198) (355 %) Adjusted EBITDAR** $ 21,078 $ 25,358 (17 %) $ 102,678 $ 114,047 (10 %) Net Loss Per Share Attributable to Century Casinos, Inc. Shareholders: Basic $ (2.11) $ (0.36) (486 %) $ (4.19) $ (0.93) (351 %) Diluted $ (2.11) $ (0.36) (486 %) $ (4.19) $ (0.93) (351 %) RESULTS BY REPORTABLE SEGMENT* The Company's net operating revenue decreased by ($6.0) million, or (4%), and increased by $25.7 million, or 5%, for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023: Net Operating Revenue For the three months For the year Amounts in ended December 31, $ % ended December 31, $ % thousands 2024 2023 Change Change 2024 2023 Change Change United States $ 99,981 $ 102,957 $ (2,976) (3 %) $ 419,668 $ 380,591 $ 39,077 10 % Canada 17,894 19,187 (1,293) (7 %) 76,317 75,449 868 1 % Poland 19,870 21,616 (1,746) (8 %) 79,900 94,105 (14,205) (15 %) Corporate and Other 21 — 21 100 % 34 61 (27) (44 %) Consolidated $ 137,766 $ 143,760 $ (5,994) (4 %) $ 575,919 $ 550,206 $ 25,713 5 % The Company's earnings from operations decreased by ($48.7) million, or (388%), and by ($59.7) million, or (93%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in (loss) earnings from operations by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023: (Loss) Earnings from Operations For the three months For the year Amounts in ended December 31, $ % ended December 31, $ % thousands 2024 2023 Change Change 2024 2023 Change Change United States $ (34,507) $ 12,386 $ (46,893) (379 %) $ 6,257 $ 63,998 $ (57,741) (90 %) Canada 3,630 4,344 (714) (16 %) 15,832 15,074 758 5 % Poland (2,310) 413 (2,723) (659 %) (3,726) 5,549 (9,275) (167 %) Corporate and Other (2,967) (4,592) 1,625 35 % (14,047) (20,575) 6,528 32 % Consolidated $ (36,154) $ 12,551 $ (48,705) (388 %) $ 4,316 $ 64,046 $ (59,730) (93 %) (Loss) earnings from operations was impacted by the impairment of goodwill at the Nugget, resulting in $43.7 million of expense during the fourth quarter of 2024. Net earnings attributable to Century Casinos, Inc. shareholders decreased by ($54.1) million, or (500%), and by ($100.0) million, or (355%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in net (loss) earnings attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023: Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders For the three months For the year Amounts in ended December 31, $ % ended December 31, $ % thousands 2024 2023 Change Change 2024 2023 Change Change United States $ (50,756) $ 483 $ (51,239) (10608 %) $ (76,422) $ 18,036 $ (94,458) (524 %) Canada 117 6,087 (5,970) (98 %) 3,390 8,626 (5,236) (61 %) Poland (1,194) 385 (1,579) (410 %) (1,909) 3,446 (5,355) (155 %) Corporate and Other (13,061) (17,776) 4,715 27 % (53,229) (58,306) 5,077 9 % Consolidated $ (64,894) $ (10,821) $ (54,073) (500 %) $ (128,170) $ (28,198) $ (99,972) (355 %) Items deducted from or added to (loss) earnings from operations to arrive at net (loss) earnings attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Increased interest expense negatively impacted net loss (earnings) attributable to Century Casinos, Inc. shareholders. In 2024, interest expense increased primarily due to additional properties added to the Company's triple net master lease ("Master Lease") with subsidiaries of VICI Properties Inc. Net loss (earnings) attributable to Century Casinos, Inc. shareholders also was impacted by the recording of a valuation allowance on our net deferred tax assets related to the United States resulting in additional income tax expense and, as stated above, the impairment of goodwill at the Nugget during the fourth quarter of 2024. Adjusted EBITDAR** decreased by ($4.3) million, or (17%), and by ($11.4) million, or (10%), for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three months and year ended December 31, 2024 compared to the three months and year ended December 31, 2023: Adjusted EBITDAR** For the three months For the year Amounts in ended December 31, $ % ended December 31, $ % thousands 2024 2023 Change Change 2024 2023 Change Change United States $ 20,436 $ 22,109 $ (1,673) (8 %) $ 93,791 $ 98,190 $ (4,399) (4 %) Canada 4,681 5,617 (936) (17 %) 20,162 20,003 159 1 % Poland (603) 952 (1,555) (163 %) 2,563 8,062 (5,499) (68 %) Corporate and Other (3,436) (3,320) (116) (3 %) (13,838) (12,208) (1,630) (13 %) Consolidated $ 21,078 $ 25,358 $ (4,280) (17 %) $ 102,678 $ 114,047 $ (11,369) (10 %) BALANCE SHEET AND LIQUIDITY As of December 31, 2024, the Company had $98.8 million in cash and cash equivalents compared to $171.3 million in cash and cash equivalents at December 31, 2023. Cash and cash equivalents decreased primarily due to purchases of property and equipment of $59.2 million and tax payments of $12.2 million related to the September 2023 sale and leaseback of the Company's Canada properties. As of December 31, 2024, the Company had $339.6 million in outstanding debt compared to $346.8 million in outstanding debt at December 31, 2023. The outstanding debt as of December 31, 2024 included $336.9 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $1.4 million of bank debt related to Century Resorts Management GmbH ("CRM") and $1.3 million related to a revolving credit facility related to Casinos Poland ("CPL"). The Company also has a revolving line of credit with Goldman of up to $30.0 million. If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of December 31, 2024, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $701.0 million long-term financing obligation under the Master Lease. CONFERENCE CALL INFORMATION Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2024 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will host its fourth quarter 2024 earnings conference call today, Thursday, March 13, 2025 at 8:00 am MDT. U.S. domestic participants should dial 1-888-999-5318. For all international participants, please use 848-280-6460 to dial-in. The conference ID is 'Casinos'. Participants may listen to the call live at https://app.webinar.net/8L4ERZvR0xq or obtain a recording of the call on the Company's website until March 31, 2025 at www.cnty.com/investor/financials/sec-filings/. * Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported. ** Adjusted EBITDAR is a Non-US GAAP financial measure. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED FINANCIAL INFORMATION – US GAAP BASIS Condensed Consolidated Statements of Loss For the three months For the year ended December 31, ended December 31, Amounts in thousands, except for per share information 2024 2023 2024 2023 Operating revenue: Net operating revenue $ 137,766 $ 143,760 $ 575,919 $ 550,206 Operating costs and expenses: Total operating costs and expenses 173,920 131,209 571,603 487,281 Earnings from equity investment — — — 1,121 (Loss) earnings from operations (36,154) 12,551 4,316 64,046 Non-operating (expense) income, net (25,125) (24,963) (97,728) (87,878) Loss before income taxes (61,279) (12,412) (93,412) (23,832) Income tax (expense) benefit (2,374) 3,994 (27,673) 5,343 Net loss (63,653) (8,418) (121,085) (18,489) Net earnings attributable to non-controlling interests (1,241) (2,403) (7,085) (9,709) Net loss attributable to Century Casinos, Inc. shareholders $ (64,894) $ (10,821) $ (128,170) $ (28,198) Net loss per share attributable to Century Casinos, Inc. shareholders: Basic $ (2.11) $ (0.36) $ (4.19) $ (0.93) Diluted $ (2.11) $ (0.36) $ (4.19) $ (0.93) Weighted average common shares Basic 30,683 30,360 30,617 30,274 Diluted 30,683 30,360 30,617 30,274 Condensed Consolidated Balance Sheets December 31, December 31, Amounts in thousands 2024 2023 Assets Current assets $ 135,549 $ 207,017 Property and equipment, net 922,146 913,561 Other assets 168,617 239,084 Total assets $ 1,226,312 $ 1,359,662 Liabilities and Equity Current liabilities $ 86,044 $ 93,619 Non-current liabilities 1,058,264 1,051,602 Century Casinos, Inc. shareholders' equity (9,300) 121,392 Non-controlling interests 91,304 93,049 Total liabilities and equity $ 1,226,312 $ 1,359,662 CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. For the three months ended December 31, 2024 Amounts in thousands UnitedStates Canada Poland Corporateand Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (50,756) $ 117 $ (1,194) $ (13,061) $ (64,894) Interest expense (income), net (1) 12,406 3,243 29 9,729 25,407 Income tax expense (benefit) 2,073 306 (380) 375 2,374 Depreciation and amortization 11,222 1,053 349 29 12,653 Net earnings (loss) attributable to non-controlling interests 1,770 68 (597) — 1,241 Non-cash stock-based compensation — — — (500) (500) Gain on foreign currency transactions, cost recovery income and other — (106) (168) (8) (282) Impairment - goodwill (2) 43,716 — — — 43,716 Loss on disposition of fixed assets 5 — 586 — 591 Pre-opening and termination expenses — — 772 — 772 Adjusted EBITDAR $ 20,436 $ 4,681 $ (603) $ (3,436) $ 21,078 (1) See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. (2) Related to impairment of goodwill at the Nugget. For the three months ended December 31, 2023 Amounts in thousands United States Canada Poland Corporateand Other Total Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 483 $ 6,087 $ 385 $ (17,776) $ (10,821) Interest expense (income), net (1) 11,653 1,747 (60) 11,369 24,709 Income tax (benefit) expense (1,471) (3,962) 135 1,304 (3,994) Depreciation and amortization 9,675 1,214 534 57 11,480 Net earnings attributable to non-controlling interests 1,721 491 192 — 2,404 Non-cash stock-based compensation — — — 864 864 Loss (gain) on foreign currency transactions and cost recovery income 1 35 (239) 444 241 Loss on disposition of fixed assets 47 5 5 108 165 Acquisition costs — — — 310 310 Adjusted EBITDAR $ 22,109 $ 5,617 $ 952 $ (3,320) $ 25,358 (1) See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDAR** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. For the year ended December 31, 2024 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (76,422) $ 3,390 $ (1,909) $ (53,229) $ (128,170) Interest expense (income), net (1) 47,566 12,544 (41) 40,654 100,723 Income tax expense (benefit) 28,016 1,010 (237) (1,116) 27,673 Depreciation and amortization 43,254 4,368 1,811 162 49,595 Net earnings (loss) attributable to non-controlling interests 7,097 943 (955) — 7,085 Non-cash stock-based compensation — — — 66 66 Loss (gain) on foreign currency transactions, cost recovery income and other (2) 24 (2,057) (584) (356) (2,973) Impairment - goodwill (3) 43,716 — — — 43,716 Loss (gain) on disposition of fixed assets 540 (36) 953 — 1,457 Acquisition costs — — — (19) (19) Pre-opening and termination expenses — — 3,525 — 3,525 Adjusted EBITDAR $ 93,791 $ 20,162 $ 2,563 $ (13,838) $ 102,678 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. (2) Included in the Canada segment is $1.1 million related to cost recovery income for CDR. (3) Related to goodwill impairment at the Nugget. For the year ended December 31, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 18,036 $ 8,626 $ 3,446 $ (58,306) $ (28,198) Interest expense (income), net (1) 38,024 11,527 (345) 42,605 91,811 Income tax expense (benefit) 2,654 (4,256) 1,534 (5,275) (5,343) Depreciation and amortization 33,739 4,590 2,482 232 41,043 Net earnings attributable to non-controlling interests 5,284 2,701 1,724 — 9,709 Non-cash stock-based compensation — — — 3,610 3,610 (Gain) loss on foreign currency transactions, cost recovery income and other (2) (84) (3,195) (810) 401 (3,688) Loss on disposition of fixed assets 537 10 31 113 691 Acquisition costs — — — 4,412 4,412 Adjusted EBITDAR $ 98,190 $ 20,003 $ 8,062 $ (12,208) $ 114,047 (1) See "Reconciliation of Interest Expense (Income), Net" below for a breakdown of interest expense and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. (2) Included in the Canada segment is $1.7 million gain related to the earn out payment from the sale of casino operations in Calgary in 2020 and $3.5 million cost recovery income for CDR. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION Adjusted EBITDAR Margins *** For the three months For the year ended December 31, ended December 31, 2024 2023 2024 2023 United States Net Operating Revenue $ 99,981 $ 102,957 $ 419,668 $ 380,591 Net Earnings (Loss) Margin (51 %) 1 % (18 %) 5 % Adjusted EBITDAR Margin 20 % 22 % 22 % 26 % Canada Net Operating Revenue $ 17,894 $ 19,187 $ 76,317 $ 75,449 Net Earnings (Loss) Margin 1 % 32 % 4 % 11 % Adjusted EBITDAR Margin 26 % 29 % 26 % 27 % Poland Net Operating Revenue $ 19,870 $ 21,616 $ 79,900 $ 94,105 Net Earnings (Loss) Margin (6 %) 2 % (2 %) 4 % Adjusted EBITDAR Margin (3 %) 4 % 3 % 9 % Corporate and Other Net Operating Revenue $ 21 $ — $ 34 $ 61 Net Earnings (Loss) Margin NM (1) NM NM NM Adjusted EBITDAR Margin NM NM NM NM Consolidated Net Operating Revenue $ 137,766 $ 143,760 $ 575,919 $ 550,206 Net Earnings (Loss) Margin (47 %) (8 %) (22 %) (5 %) Adjusted EBITDAR Margin 15 % 18 % 18 % 21 % Reconciliation of Interest (Income) Expense, Net For the three months For the year ended December 31, ended December 31, Amounts in thousands 2024 2023 2024 2023 Interest income $ (534) $ (1,775) $ (2,644) $ (2,114) Interest expense - Credit Agreements 9,330 10,649 38,931 39,703 Interest expense - Master Lease Financing Obligation 15,770 15,081 61,356 42,426 Interest expense - CDR Land Lease (1) — — — 1,450 Interest expense - Deferred Financing Costs 673 673 2,695 2,695 Interest expense - Miscellaneous 168 81 385 327 Interest expense - Other (2) — — — 7,324 Interest expense (income), net $ 25,407 $ 24,709 $ 100,723 $ 91,811 (1) The CDR land lease ended on September 6, 2023 in conjunction with the sale and leaseback of our Canada properties. (2) Interest expense – Other consists of $7.3 million related to the loss on debt extinguishment related to our CDR land lease in 2023. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION Cash Rent Payments For the three months For the year ended December 31, ended December 31, Amounts in thousands 2024 2023 2024 2023 Master Lease $ 14,005 $ 15,085 $ 51,834 $ 40,739 CDR Land Lease — — — 1,258 Nugget Lease (1) 1,912 2,513 7,001 6,313 (1) Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC ("Smooth Bourbon"), a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort. The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of December 31, 2024: Reportable Segment Operating Segment Reporting Unit United States East Mountaineer Casino, Resort & Races Rocky Gap Casino, Resort & Golf Midwest Century Casino & Hotel — Central City Century Casino & Hotel — Cripple Creek Century Casino & Hotel — Cape Girardeau Century Casino & Hotel — Caruthersville and The Farmstead West Nugget Casino Resort and Smooth Bourbon, LLC Canada Canada Century Casino & Hotel — Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Century Downs Racetrack and Casino Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other (1) Corporate Other (2) (1) The Company operated on ship-based casinos through April 16, 2023. (2) The Company's equity interest in Smooth Bourbon was included in the Corporate Other reporting unit until April 3, 2023, when the Company acquired the Nugget Casino Resort and the Company began consolidating Smooth Bourbon. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION * We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items. ** The Company defines net earnings (loss) margin as net earnings (loss) attributable to Century Casinos, Inc. shareholders divided by net operating revenue. *** The Company defines Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of the Company's casino operations. CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION ABOUT CENTURY CASINOS, INC.: Century Casinos, Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino, Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino, Resort & Golf in Flintstone, Maryland; (ii) in the Midwest, the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri, and in Cripple Creek and Central City, Colorado; and (iii) in the West, the Nugget Casino Resort, in Reno-Sparks, Nevada. In Alberta, Canada, the Company operates Century Casino & Hotel in Edmonton, the Century Casino in St. Albert, Century Mile Racetrack and Casino in Edmonton and Century Downs Racetrack and Casino in Calgary. In Poland, the Company operates six casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development. Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com. This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding projects in development and other opportunities, including our recently opened Caruthersville, Missouri land-based casino and hotel, licensing and reopening of our Poland casinos, our credit agreement with Goldman and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, impairments, and plans for our casinos and our Company including expectations regarding Adjusted EBITDAR and cash flow in 2025 and other estimates, forecasts and expectations regarding 2025 and later results, and any other statements that are not purely historical. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf. SOURCE Century Casinos, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Century Casinos, Inc. Announces Fourth Quarter and Full Year 2024 Results

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