10-Q 1 cnty-20240331x10q.htm 10-Q cnty-20240331x10q
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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 March 31, 2024

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:

30,682,603 shares of common stock, $0.01 par value per share, were outstanding as of May 3, 2024.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

3

Condensed Consolidated Statements of Loss for the Three Months Ended March 31, 2024 and 2023

4

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023

5

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023

6

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 5.

Other Information

47

Item 6.

Exhibits

47

Signatures

48


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2024

2023

ASSETS

Current Assets:

Cash and cash equivalents

$

136,543

$

171,327

Receivables, net

15,679

18,253

Prepaid expenses

18,235

11,859

Inventories

4,613

4,652

Other current assets

1,005

926

Total Current Assets

176,075

207,017

Property and equipment, net

917,695

913,561

Leased right-of-use assets, net

24,767

25,973

Goodwill

80,356

80,583

Intangible assets, net

91,806

93,207

Deferred income taxes

42,412

37,646

Note receivable, net of current portion and unamortized discount

316

316

Deposits and other

2,065

1,359

Total Assets

$

1,335,492

$

1,359,662

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

4,937

$

8,468

Current portion of operating lease liabilities

3,411

3,395

Current portion of finance lease liabilities

194

199

Accounts payable

14,203

15,279

Accrued liabilities

38,887

29,056

Accrued payroll

14,696

16,221

Taxes payable

8,962

21,001

Total Current Liabilities

85,290

93,619

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

323,611

324,212

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

654,763

658,007

Operating lease liabilities, net of current portion

24,701

25,834

Finance lease liabilities, net of current portion

371

427

Taxes payable and other

47,636

41,758

Deferred income taxes

171

1,364

Total Liabilities

1,136,543

1,145,221

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; 30,682,603 and 30,359,931 shares issued and outstanding

307

304

Additional paid-in capital

124,359

124,094

Retained (loss) earnings

(4,477)

9,067

Accumulated other comprehensive loss

(14,138)

(12,073)

Total Century Casinos, Inc. Shareholders' Equity

106,051

121,392

Non-controlling interests

92,898

93,049

Total Equity

198,949

214,441

Total Liabilities and Equity

$

1,335,492

$

1,359,662

See notes to unaudited condensed consolidated financial statements.


3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)

 

For the three months

 

ended March 31,

Amounts in thousands, except for per share information

2024

2023

Operating revenue:

Gaming

$

105,418

$

94,297

Pari-mutuel, sports betting and iGaming

3,389

3,385

Hotel

9,302

2,522

Food and beverage

12,745

5,767

Other

5,163

2,537

Net operating revenue

136,017

108,508

Operating costs and expenses:

Gaming

55,905

48,062

Pari-mutuel, sports betting and iGaming

3,751

3,712

Hotel

4,414

797

Food and beverage

12,231

5,645

Other

1,474

223

General and administrative

37,924

26,479

Depreciation and amortization

12,031

6,855

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

(574)

Total operating costs and expenses

127,730

91,199

Earnings from equity investment

1,091

Earnings from operations

8,287

18,400

Non-operating (expense) income:

Interest income

686

145

Interest expense

(25,815)

(17,649)

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

1,162

3,758 

Non-operating (expense) income, net

(23,967)

(13,746)

(Loss) earnings before income taxes

(15,680)

4,654

Income tax benefit (expense)

3,986

(1,623)

Net (loss) earnings

(11,694)

3,031

Net earnings attributable to non-controlling interests

(1,850)

(4,274)

Net loss attributable to Century Casinos, Inc. shareholders

$

(13,544)

$

(1,243)

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

Basic

$

(0.45)

$

(0.04)

Diluted

$

(0.45)

$

(0.04)

Weighted average shares outstanding - basic

30,420

30,056

Weighted average shares outstanding - diluted

30,420

30,056

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2024

2023

Net (loss) earnings

$

(11,694)

$

3,031

Other comprehensive (loss) income

Foreign currency translation adjustments

(2,105)

641

Other comprehensive income

(2,105)

641

Comprehensive (loss) income

$

(13,799)

$

3,672

Comprehensive loss attributable to non-controlling interests

Net earnings attributable to non-controlling interests

(1,850)

(4,274)

Foreign currency translation adjustments

40

(175)

Comprehensive loss attributable to Century Casinos, Inc. shareholders

$

(15,609)

$

(777)

See notes to unaudited condensed consolidated financial statements.

5


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

For the three months

ended March 31,

Amounts in thousands, except for share information

2024

2023

Common Stock

Balance, beginning of period

$

304

$

299

Performance stock unit issuance

3

4

Balance, end of period

307

303

Additional Paid-in Capital

Balance, beginning of period

$

124,094

$

121,653

Amortization of stock-based compensation

503

736

Performance stock unit issuance

(238)

(1,294)

Balance, end of period

124,359

121,095

Accumulated Other Comprehensive Loss

Balance, beginning of period

$

(12,073)

$

(15,189)

Foreign currency translation adjustment

(2,065)

466

Balance, end of period

(14,138)

(14,723)

Retained (Loss) Earnings

Balance, beginning of period

$

9,067

$

37,265

Net loss

(13,544)

(1,243)

Balance, end of period

(4,477)

36,022

Total Century Casinos, Inc. Shareholders' Equity

$

106,051

$

142,697

Non-controlling Interests

Balance, beginning of period

$

93,049

$

10,171

Net earnings

1,850

4,274

Foreign currency translation adjustment

(40)

175

Distributions to non-controlling interests

(1,961)

(3,536)

Balance, end of period

92,898

11,084

Total Equity

$

198,949

$

153,781

Common shares issued

322,672

464,384

See notes to unaudited condensed consolidated financial statements.

6


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2024

2023

Cash Flows (used in) provided by Operating Activities:

Net (loss) earnings

$

(11,694)

$

3,031

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:

Depreciation and amortization

12,031

6,855

Lease amortization

865

965

Loss on disposition of fixed assets

594

480

Income from equity investment

(1,091)

Amortization of stock-based compensation expense

503

736

Amortization of deferred financing costs

674

674

Gain on debt repurchase (Note 5)

(146)

Gain on sale of operations (Note 1)

(574)

Deferred taxes

(5,959)

(1,866)

Changes in Operating Assets and Liabilities:

Receivables, net

2,485

2,821

Prepaid expenses and other assets

(5,944)

1,010

Accounts payable

(2,403)

(2,127)

Other current and long-term liabilities

11,004

325

Inventories

23

(90)

Accrued payroll

(1,379)

(467)

Taxes payable