Century Casinos (NASDAQ:CNTY) executives said the company delivered “solid results” in 2025, with full-year adjusted EBITDAR increasing 3% year over year despite the loss of sports betting income in Colorado and significant licensing disruptions in Poland. Co-CEO Peter Hoetzinger said that excluding both the Colorado sports betting impact and the Poland disruption, adjusted EBITDAR would have increased 5%, citing strong performance in Missouri and a rebound at the Mountaineer property in West Virginia.
For the fourth quarter, Hoetzinger said net operating revenue was flat, pressured by unusually poor winter weather in December, but adjusted EBITDAR rose 13%. He pointed to double-digit EBITDAR growth at several casinos, including the company’s Colorado properties, Mountaineer, and Century Casino & Hotel Caruthersville in Missouri. The Nugget in Reno also posted a strong quarter, with EBITDAR up 21%.
U.S. property performance: Missouri strength, mixed results elsewhere
Haitzmann recapped Caruthersville’s multi-year transformation since Century acquired it in December 2019, including improvements to the gaming floor, a move from a riverboat to a temporary land-based facility, and completion of a permanent casino and hotel building in November 2024. He said the property is now “an almost $25 million EBITDAR property,” attributing performance to broader customer attraction across demographics and distance, with the biggest gains among high-value customers (400+ ADT), customers aged 40-59, and those traveling from more than 49 miles away.
At Century Casino & Hotel Cape Girardeau, Haitzmann said results declined as the property lost some market share to Caruthersville after Caruthersville completed its permanent facility. Fourth-quarter EBITDAR declined to $5.9 million from $6.8 million, and full-year EBITDAR decreased to $24.7 million from $25.6 million. He emphasized ongoing amenity investments at Cape Girardeau, including the 69-room The Riverview hotel opened in April 2024, a Starbucks cafe, and a retail sportsbook, while also noting a competitor opened in a feeder market in Illinois in summer 2023.
In Colorado, Haitzmann said fourth-quarter EBITDA increased at both Century Casino & Hotel Cripple Creek ($1.5 million from $1.1 million) and Century Casino & Hotel Central City ($0.7 million from $0.5 million), while full-year EBITDA declined at both properties. He said the year-over-year comparisons were skewed by one-time sports betting provider termination payments received in 2024 ($1.1 million at Cripple Creek and $1.4 million at Central City). Haitzmann also described a significant operational change: the company eliminated table games at both Colorado properties at the start of 2025, and he said the lost table games revenue was more than offset by payroll savings, while slot revenue did not suffer.
In West Virginia, Mountaineer posted fourth-quarter EBITDA of $3.0 million, up from $2.6 million, and full-year EBITDA of $14.1 million, up from $13.1 million. Haitzmann characterized 2025 as a year with early weather-related challenges, a stretch of seven strong months, and additional weather headwinds in December. He said EBITDA growth was driven by cost-saving initiatives, while overall revenues were slightly down except for iGaming. Haitzmann noted Mountaineer’s competitive pressures from Pennsylvania and Ohio and said the property’s margins have historically been low due to West Virginia gaming taxes exceeding 50% and the presence of a thoroughbred horse track.
At Rocky Gap in western Maryland, fourth-quarter EBITDA decreased to $2.9 million from $3.2 million, and full-year EBITDA declined to $13.2 million from $14.0 million. Haitzmann said the property is particularly vulnerable to adverse weather because of accessibility challenges, and he attributed much of the 2025 weakness to bad weather often occurring on weekends. He added that the first two months of 2026 “look very promising.”
In Nevada, the Nugget Casino Resort in Reno Sparks posted fourth-quarter EBITDA of $1.3 million, up from $1.1 million, while full-year EBITDA declined to $9.1 million from $9.7 million. Haitzmann said the company has been focusing on developing the mid-value customer segment, improving amenities, reducing operating expenses where possible, and revamping marketing programs. He said 2026 would feature a strong concert lineup, and he cited early improvement from loyalty program changes, a rebound in group business, and the hiring of a new general manager with Reno-Tahoe experience.
Canada and Poland: Alberta steady, Poland stabilizing after disruptions
In Alberta, Haitzmann said 2025 performance was slightly higher than the prior year despite a slow start due to extreme weather. He attributed improvement to better performance at St. Albert following a facade upgrade completed in the second quarter and disciplined cost management across all four Alberta sites. In 2025, slot coin-in rose 4%, net operating revenue increased 2% in local currency, and EBITDAR increased 1% to $20.3 million. In the fourth quarter, slot coin-in rose 4%, net operating revenue increased 5%, and EBITDAR rose 5% to $4.9 million.
In Poland, Haitzmann said the “challenging period” involving license delays and relocation has ended. He said the company’s second Wrocław location began operations in February 2026. For the fourth quarter, he reported net operating revenue up 4% and EBITDAR up 245% to $0.9 million. He added that all current licenses are valid through at least 2028 and that the company expects stable operations going forward.
Balance sheet, capital spending, and leverage
Chief Financial Officer Margaret Stapleton reported cash and cash equivalents of $69 million as of Dec. 31. The company spent approximately $4.5 million in fourth-quarter capex, mainly related to a new retail sportsbook at Cape Girardeau, gaming equipment and exterior upgrades at Mountaineer and Rocky Gap, and a new casino in Poland.
Total debt outstanding was $338 million, resulting in net debt of $269 million. Stapleton said the net debt-to-EBITDAR ratio was unchanged at 6.9x, and on a lease-adjusted basis it was unchanged at 7.6x. She also noted there are no debt maturities for three years, until the second quarter of 2029.
Early 2026 trends and outlook commentary
Management said it sees a “good path forward to higher EBITDAR and cash flow for 2026 and beyond,” framing the outlook as harvesting investments made over the past couple of years. Stapleton said Century expects to benefit from improvement at the Nugget and the continued ramp at the new land-based Caruthersville facility. She also pointed to potential consumer benefits from tax cuts in Alberta as a catalyst in 2026 and said capex is expected to decrease to $14 million to $15 million in 2026 from $18 million spent in 2025.
Near the end of the first quarter, Stapleton said net operating revenue and adjusted EBITDAR were up “significantly” compared with last year, and stated that every property in the U.S. and Canada was showing double-digit EBITDAR growth, highlighting the Colorado casinos, the Nugget, and Rocky Gap. She provided examples of early-year activity, including February net operating revenue at Cape Girardeau being the highest for any February in the property’s history and the hotel achieving its highest monthly occupancy rate since opening. She also said the company’s sports betting partnership with BetMGM began well, citing statewide reports indicating the BetMGM sportsbook at Cape Girardeau had the highest retail handle in Missouri for January. In St. Albert, she said coin-in and GGR were the highest for any 20-day February in the property’s history.
In the Q&A session, management said it was seeing retail customer strength “all across the board” in the U.S., including in hotels where the company has rooms. Executives also said they did not see a direct relationship between oil or gas prices and business levels in Alberta. On promotions, management said it was not seeing anything unusual in promotional intensity.
Asked about Missouri video lottery terminal (VLT) games in light of a reported court ruling, management said removal of such machines would “definitely” be good for Century’s Missouri casinos, and confirmed the machines are present within proximity to both Missouri properties.
On the company’s capital priorities, Hoetzinger said that in 2026 and 2027, subject to cash flow, operational performance, and divestitures, the main focus would be debt paydown rather than share repurchases. He also reiterated the company is conducting a comprehensive strategic review, noted that selected assets are under exclusivity agreements, and said the company would not take questions on that topic during the call.
About Century Casinos (NASDAQ:CNTY)
Century Casinos, Inc is an international gaming and entertainment company that owns and operates casino properties across North America and Europe. The company offers a full range of gaming services, including slot machines, table games, poker rooms and sports wagering, complemented by hotel accommodations, food and beverage outlets, live entertainment and meeting facilities.
In the United States, Century Casinos’ portfolio includes Century Casino & Hotel Cripple Creek and Century Casino & Hotel Central City in Colorado, as well as Century Casino Cape Girardeau in Missouri.
