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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

84-1271317

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Per Share Par Value

CNTY

Nasdaq Capital Market, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer þ

Non-accelerated Filer ¨

Smaller Reporting Company þ

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

30,359,931 shares of common stock, $0.01 par value per share, were outstanding as of November 3, 2023.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

3

Condensed Consolidated Statements of (Loss) Earnings for the Three and Nine Months Ended September 30, 2023 and 2022

4

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2023 and 2022

5

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2023 and 2022

6

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

58


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30,

December 31,

Amounts in thousands, except for share and per share information

2023

2022

ASSETS

Current Assets:

Cash and cash equivalents

$

189,005

$

101,785

Receivables, net

16,113

9,085

Prepaid expenses

15,568

13,780

Inventories

4,768

1,530

Restricted cash

100,151

Other current assets

2,367

1,688

Total Current Assets

227,821

228,019

Property and equipment, net

903,191

464,650

Leased right-of-use assets, net

26,018

27,190

Goodwill

85,636

9,583

Intangible assets, net

85,735

44,771

Deferred income taxes

29,035

15,579

Equity investment

93,260

Note receivable, net of current portion and unamortized discount

336

336

Deposits and other

1,089

1,579

Total Assets

$

1,358,861

$

884,967

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

4,909

$

5,322

Current portion of operating lease liabilities

3,580

3,947

Current portion of finance lease liabilities

158

150

Accounts payable

14,586

15,341

Accrued liabilities

32,283

19,012

Accrued payroll

16,047

11,840

Taxes payable

21,768

9,801

Total Current Liabilities

93,331

65,413

Long-term debt, net of current portion and deferred financing costs (Note 5)

328,177

344,258

Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6)

653,996

284,904

Operating lease liabilities, net of current portion

25,490

26,016

Finance lease liabilities, net of current portion

281

399

Taxes payable and other

32,019

6,965

Deferred income taxes

2,813

Total Liabilities

1,133,294

730,768

Commitments and Contingencies (Note 7)

 

 

Equity:

Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding

Common stock; $0.01 par value; 50,000,000 shares authorized; 30,359,931 and 29,870,547 shares issued and outstanding

304

299

Additional paid-in capital

123,230

121,653

Retained earnings

19,888

37,265

Accumulated other comprehensive loss

(14,543)

(15,189)

Total Century Casinos, Inc. Shareholders' Equity

128,879

144,028

Non-controlling interests

96,688

10,171

Total Equity

225,567

154,199

Total Liabilities and Equity

$

1,358,861

$

884,967

See notes to unaudited condensed consolidated financial statements.

3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS (Unaudited)

 

For the three months

For the nine months

 

ended September 30,

ended September 30,

Amounts in thousands, except for per share information

2023

2022

2023

2022

Operating revenue:

Gaming

$

111,232

$

93,505

$

306,373

$

277,853

Pari-mutuel, sports betting and iGaming

6,095

6,067

14,537

14,755

Hotel

15,937

2,619

30,694

7,234

Food and beverage

18,492

7,031

36,078

18,095

Other

9,423

3,330

18,766

8,839

Net operating revenue

161,179

112,552

406,448

326,776

Operating costs and expenses:

Gaming

59,624

46,729

158,658

137,755

Pari-mutuel, sports betting and iGaming

7,201

6,922

16,718

16,724

Hotel

4,650

754

9,212

2,088

Food and beverage

15,147

6,257

31,378

16,983

Other

4,726

332

8,214

970

General and administrative

43,187

25,847

103,920

78,032

Depreciation and amortization

12,518

6,776

29,562

20,350

(Gain) on sale of casino operations (Note 1)

(341)

(1,587)

Loss on sale of assets (Note 1)

2,154

Total operating costs and expenses

146,712

93,617

356,075

275,056

Earnings from equity investment

1,071

1,121

2,134

Earnings from operations

14,467

20,006

51,494

53,854

Non-operating (expense) income:

Interest income

75

574

340

699

Interest expense

(31,443)

(15,924)

(67,439)

(48,638)

Gain on foreign currency transactions, cost recovery income and other (Note 1)

367

409

4,184

2,725

Non-operating (expense) income, net

(31,001)

(14,941)

(62,915)

(45,214)

(Loss) earnings before income taxes

(16,534)

5,065

(11,421)

8,640

Income tax (expense) benefit

3,068

(855)

1,349

8,130

Net (loss) earnings

(13,466)

4,210

(10,072)

16,770

Net earnings attributable to non-controlling interests

(709)

(1,266)

(7,305)

(4,752)

Net (loss) earnings attributable to Century Casinos, Inc. shareholders

$

(14,175)

$

2,944

$

(17,377)

$

12,018

(Loss) earnings per share attributable to Century Casinos, Inc. shareholders:

Basic

$

(0.47)

$

0.10

$

(0.57)

$

0.40

Diluted

$

(0.47)

$

0.09

$

(0.57)

$

0.38

Weighted average shares outstanding - basic

30,340

29,864

30,245

29,790

Weighted average shares outstanding - diluted

30,340

31,404

30,245

31,523

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

 

For the three months

For the nine months

ended September 30,

ended September 30,

Amounts in thousands

2023

2022

2023

2022

Net (loss) earnings

$

(13,466)

$

4,210

$

(10,072)

$

16,770

Other comprehensive (loss) income

Foreign currency translation adjustments

(3,643)

(9,272)

659

(13,002)

Other comprehensive (loss) income

(3,643)

(9,272)

659

(13,002)

Comprehensive (loss) income

$

(17,109)

$

(5,062)

$

(9,413)

$

3,768