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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, 2022

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 ¨

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:

29,814,047 shares of common stock, $0.01 par value per share, were outstanding as of May 2, 2022.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

3

Condensed Consolidated Statements of Earnings (Loss) for the Three Months Ended March 31, 2022 and 2021

4

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021

5

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021

6

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

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

28

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

Item 4.

Controls and Procedures

43

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 6.

Exhibits

45

Signatures

46


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

2022

2021

ASSETS

Current Assets:

Cash and cash equivalents

$

117,217

$

107,821

Receivables, net

7,482

9,414

Prepaid expenses

11,142

12,417

Inventories

1,452

1,443

Restricted cash

20

Other current assets

1,739

1,163

Assets held for sale

8,422

Total Current Assets

139,052

140,680

Property and equipment, net

474,671

472,302

Leased right-of-use assets, net

28,214

28,383

Goodwill

10,230

10,347

Intangible assets, net

48,120

48,930

Deferred income taxes

491

555

Note receivable, net of current portion and unamortized discount

358

358

Deposits and other

3,218

1,803

Total Assets

$

704,354

$

703,358

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

3,885

$

3,958

Current portion of operating lease liabilities

3,783

3,915

Current portion of finance lease liabilities

160

38

Accounts payable

10,353

12,651

Accrued liabilities

19,536

13,592

Accrued payroll

9,422

11,190

Taxes payable

11,756

15,089

Total Current Liabilities

58,895

60,433

Long-term debt, net of current portion and deferred financing costs (Note 4)

177,110

177,526

Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 5)

282,243

281,901

Operating lease liabilities, net of current portion

27,261

27,229

Finance lease liabilities, net of current portion

268

43

Taxes payable and other

2,962

2,954

Deferred income taxes

2,827

2,915

Total Liabilities

551,566

553,001

Commitments and Contingencies (Note 6)

 

 

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; 29,814,047 and 29,624,814 shares issued and outstanding

298

296

Additional paid-in capital

118,706

118,469

Retained earnings

29,507

29,289

Accumulated other comprehensive loss

(4,949)

(6,430)

Total Century Casinos, Inc. Shareholders' Equity

143,562

141,624

Non-controlling interests

9,226

8,733

Total Equity

152,788

150,357

Total Liabilities and Equity

$

704,354

$

703,358

See notes to unaudited condensed consolidated financial statements.

3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)

 

For the three months

 

ended March 31,

Amounts in thousands, except for per share information

2022

2021

Operating revenue:

Gaming

$

89,876

$

63,428

Pari-mutuel, sports betting and iGaming

3,430

2,484

Hotel

2,074

1,750

Food and beverage

5,038

2,720

Other

2,685

2,033

Net operating revenue

103,103

72,415

Operating costs and expenses:

Gaming

44,749

31,739

Pari-mutuel, sports betting and iGaming

3,768

2,401

Hotel

642

511

Food and beverage

4,979

2,605

General and administrative

26,971

20,268

Depreciation and amortization

6,795

6,643

Loss on sale of assets (Note 1)

2,154

Total operating costs and expenses

90,058

64,167

Earnings from operations

13,045

8,248

Non-operating (expense) income:

Interest income

17

Interest expense

(10,811)

(10,522)

Gain on foreign currency transactions, cost recovery income and other

1,893

470 

Non-operating (expense) income, net

(8,901)

(10,052)

Earnings (loss) before income taxes

4,144

(1,804)

Income tax expense

(1,435)

(99)

Net earnings (loss)

2,709

(1,903)

Net (earnings) loss attributable to non-controlling interests

(2,491)

484 

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

$

218

$

(1,419)

Earnings (loss) per share attributable to Century Casinos, Inc. shareholders:

Basic

$

0.01

$

(0.05)

Diluted

$

0.01

$

(0.05)

Weighted average shares outstanding - basic

29,661

29,576

Weighted average shares outstanding - diluted

31,335

29,576

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

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

 

For the three months

ended March 31,

Amounts in thousands

2022

2021

 

Net earnings (loss)

$

2,709

$

(1,903)

Other comprehensive income (loss)

Foreign currency translation adjustments

1,443

747

Other comprehensive income

1,443

747

Comprehensive income (loss)

$

4,152

$

(1,156)

Comprehensive income (loss) attributable to non-controlling interests

Net (earnings) loss attributable to non-controlling interests

(2,491)

484

Foreign currency translation adjustments

38

269

Comprehensive income (loss) attributable to Century Casinos, Inc. shareholders

$

1,699

$

(403)

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

2022

2021

Common Stock

Balance, beginning of period

$

296

$

296

Performance stock unit issuance

2

Balance, end of period

298

296

Additional Paid-in Capital

Balance, beginning of period

$

118,469

$

115,570

Amortization of stock-based compensation

673

259

Performance stock unit issuance

(436)

Balance, end of period

118,706

115,829

Accumulated Other Comprehensive Loss

Balance, beginning of period

$

(6,430)

$

(6,379)

Foreign currency translation adjustment

1,481

1,016

Balance, end of period

(4,949)

(5,363)

Retained Earnings

Balance, beginning of period

$

29,289

$

8,667

Net earnings (loss)

218

(1,419)

Balance, end of period

29,507

7,248

Total Century Casinos, Inc. Shareholders' Equity

$

143,562

$

118,010

Noncontrolling Interests

Balance, beginning of period

$

8,733

$

8,829

Net earnings (loss)

2,491

(484)

Foreign currency translation adjustment

(38)

(269)

Distribution to non-controlling interest

(1,960)

(655)

Balance, end of period

9,226

7,421

Total Equity

$

152,788

$

125,431

Common shares issued

189,233

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

2022

2021

Cash Flows provided by Operating Activities:

Net earnings (loss)

$

2,709

$

(1,903)

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

Depreciation and amortization

6,795

6,643

Lease amortization

1,043

1,116

Loss on disposition of fixed assets

36

105

Adjustment of contingent liability (Note 6)

6

Amortization of stock-based compensation expense

673

259

Amortization of deferred financing costs and discount on note receivable

391

391

Loss on sale of assets (Note 1)

2,154

Deferred taxes

(24)

(772)

Changes in Operating Assets and Liabilities:

Receivables, net