UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
OR
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ___________
Commission file number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer Identification No.) |
incorporation or organization) |
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(Address of principal executive offices, including zip code)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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 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 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.
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| Large Accelerated Filer ¨ |
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| Non-accelerated Filer ¨ |
| Smaller Reporting Company |
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| Emerging Growth Company |
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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
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
INDEX
PART I – FINANCIAL INFORMATION
Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
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| March 31, |
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| December 31, | |
Amounts in thousands, except for share and per share information |
| 2022 |
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| 2021 | |
ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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Receivables, net |
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Prepaid expenses |
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Inventories |
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Restricted cash |
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Other current assets |
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Assets held for sale |
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Total Current Assets |
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Property and equipment, net |
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Leased right-of-use assets, net |
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Goodwill |
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Intangible assets, net |
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Deferred income taxes |
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Note receivable, net of current portion and unamortized discount |
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Deposits and other |
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Total Assets |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Current portion of long-term debt |
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Current portion of operating lease liabilities |
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Current portion of finance lease liabilities |
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Accounts payable |
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Accrued liabilities |
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Accrued payroll |
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Taxes payable |
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Total Current Liabilities |
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Long-term debt, net of current portion and deferred financing costs (Note 4) |
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Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 5) |
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Operating lease liabilities, net of current portion |
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Finance lease liabilities, net of current portion |
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Taxes payable and other |
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Deferred income taxes |
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Total Liabilities |
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Commitments and Contingencies (Note 6) |
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Equity: |
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Preferred stock; $ |
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Common stock; $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss |
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Total Century Casinos, Inc. Shareholders' Equity |
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Non-controlling interests |
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Total Equity |
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Total Liabilities and Equity |
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See notes to unaudited condensed consolidated financial statements.
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited)
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| For the three months | ||||
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Amounts in thousands, except for per share information |
| 2022 |
| 2021 | ||
Operating revenue: |
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Gaming |
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Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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Other |
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Net operating revenue |
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Operating costs and expenses: |
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Gaming |
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Pari-mutuel, sports betting and iGaming |
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Hotel |
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Food and beverage |
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General and administrative |
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Depreciation and amortization |
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Loss on sale of assets (Note 1) |
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Total operating costs and expenses |
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Earnings from operations |
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Non-operating (expense) income: |
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Interest income |
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Interest expense |
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Gain on foreign currency transactions, cost recovery income and other |
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Non-operating (expense) income, net |
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Earnings (loss) before income taxes |
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Income tax expense |
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Net earnings (loss) |
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Net (earnings) loss attributable to non-controlling interests |
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Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
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Earnings (loss) per share attributable to Century Casinos, Inc. shareholders: |
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Basic |
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Diluted |
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Weighted average shares outstanding - basic |
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Weighted average shares outstanding - diluted |
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See notes to unaudited condensed consolidated financial statements.
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
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| For the three months | ||||
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Amounts in thousands |
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Net earnings (loss) |
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| $ | ( | |
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Other comprehensive income (loss) |
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Foreign currency translation adjustments |
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Other comprehensive income |
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Comprehensive income (loss) |
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Comprehensive income (loss) attributable to non-controlling interests |
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Net (earnings) loss attributable to non-controlling interests |
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Foreign currency translation adjustments |
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Comprehensive income (loss) attributable to Century Casinos, Inc. shareholders |
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| $ | ( | |
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See notes to unaudited condensed consolidated financial statements.
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
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| For the three months | ||||
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Amounts in thousands, except for share information |
| 2022 |
| 2021 | ||
Common Stock |
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Balance, beginning of period |
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Performance stock unit issuance |
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Balance, end of period |
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Additional Paid-in Capital |
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Balance, beginning of period |
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Amortization of stock-based compensation |
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Performance stock unit issuance |
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Balance, end of period |
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Accumulated Other Comprehensive Loss |
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Balance, beginning of period |
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Foreign currency translation adjustment |
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Balance, end of period |
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Retained Earnings |
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Balance, beginning of period |
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Net earnings (loss) |
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Balance, end of period |
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Total Century Casinos, Inc. Shareholders' Equity |
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| $ | ||
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Noncontrolling Interests |
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Balance, beginning of period |
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Net earnings (loss) |
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Foreign currency translation adjustment |
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Distribution to non-controlling interest |
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Balance, end of period |
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Total Equity |
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Common shares issued |
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See notes to unaudited condensed consolidated financial statements.
CENTURY CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
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| For the three months | |||||
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Amounts in thousands |
| 2022 |
| 2021 | ||
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Cash Flows provided by Operating Activities: |
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Net earnings (loss) |
| $ |
| $ | ( | |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
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Lease amortization |
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Loss on disposition of fixed assets |
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Adjustment of contingent liability (Note 6) |
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Amortization of stock-based compensation expense |
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Amortization of deferred financing costs and discount on note receivable |
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Loss on sale of assets (Note 1) |
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Deferred taxes |
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Changes in Operating Assets and Liabilities: |
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Receivables, net |
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