Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CENTURY CASINOS INC /CO/ | ||
Entity Central Index Key | 911,147 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Trading Symbol | cnty | ||
Entity Public Float | $ 236,246,448 | ||
Entity Common Stock, Shares Outstanding | 29,439,179 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 45,575 | $ 74,677 |
Receivables, net | 6,035 | 6,281 |
Prepaid expenses | 1,650 | 1,482 |
Inventories | 898 | 740 |
Restricted cash | 1,023 | |
Other current assets | 816 | 118 |
Total Current Assets | 54,974 | 84,321 |
Property and equipment, net | 187,017 | 152,778 |
Goodwill | 13,993 | 15,162 |
Deferred income taxes | 1,545 | 1,522 |
Casino licenses | 14,628 | 15,065 |
Trademarks | 1,730 | 1,859 |
Cost investment | 1,000 | 1,000 |
Equity investment | 659 | |
Deposits and other | 3,279 | 3,169 |
Total Assets | 278,825 | 274,876 |
Current Liabilities: | ||
Current portion of long-term debt | 17,482 | 5,697 |
Accounts payable | 3,304 | 4,765 |
Accrued liabilities | 15,664 | 10,434 |
Accrued payroll | 7,171 | 6,894 |
Taxes payable | 5,570 | 4,815 |
Contingent liability (Note 14) | 829 | 1,833 |
Total Current Liabilities | 50,020 | 34,438 |
Long-term debt, net of current portion and deferred financing costs (Note 7) | 42,041 | 51,016 |
Taxes payable and other | 3,381 | 2,104 |
Total Liabilities | 95,442 | 87,558 |
Commitments and Contingencies (Note 14) | ||
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; 29,439,179 and 29,359,820 shares issued and outstanding | 294 | 294 |
Additional paid-in capital | 114,214 | 113,068 |
Retained earnings | 76,056 | 72,662 |
Accumulated other comprehensive loss | (14,243) | (6,127) |
Total Century Casinos, Inc. shareholders’ equity | 176,321 | 179,897 |
Non-controlling interests | 7,062 | 7,421 |
Total Equity | 183,383 | 187,318 |
Total Liabilities and Equity | $ 278,825 | $ 274,876 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,439,179 | 29,359,820 |
Common stock, shares outstanding | 29,439,179 | 29,359,820 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Operating revenue: | ||||
Operating revenue | $ 168,938 | $ 164,455 | $ 148,177 | |
Less: Promotional allowances | [1],[2] | (10,386) | (8,943) | |
Net operating revenue | 168,938 | 154,069 | 139,234 | |
Operating costs and expenses: | ||||
General and administrative | 60,194 | 50,526 | 44,306 | |
Depreciation and amortization | 9,399 | 8,945 | 8,349 | |
Total operating costs and expenses | 159,502 | 139,454 | 123,069 | |
Earnings from equity investment | 23 | |||
Earnings from operations | 9,459 | 14,615 | 16,165 | |
Non-operating income (expense): | ||||
Interest income | 103 | 92 | 72 | |
Interest expense | (4,217) | (3,661) | (3,160) | |
Gain on foreign currency transactions, cost recovery income and other | 578 | 1,405 | 2,523 | |
Non-operating (expense) income, net | (3,536) | (2,164) | (565) | |
Earnings before income taxes | 5,923 | 12,451 | 15,600 | |
Income tax expense | (1,917) | (4,560) | (1,787) | |
Net earnings | 4,006 | 7,891 | 13,813 | |
Net earnings attributable to non-controlling interests | (612) | (1,632) | (4,598) | |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 3,394 | $ 6,259 | $ 9,215 | |
Earnings per share attributable to Century Casinos, Inc. shareholders: | ||||
Basic | $ 0.12 | $ 0.25 | $ 0.38 | |
Diluted | $ 0.11 | $ 0.24 | $ 0.37 | |
Weighted average shares outstanding - basic | 29,401 | 25,068 | 24,435 | |
Weighted average shares outstanding - diluted | 29,962 | 25,559 | 24,668 | |
Gaming [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 140,301 | $ 137,871 | $ 123,355 | |
Operating costs and expenses: | ||||
Operating costs and expenses | 73,328 | 66,364 | 58,928 | |
Hotel [Member] | ||||
Operating revenue: | ||||
Operating revenue | 1,986 | 1,943 | 1,906 | |
Operating costs and expenses: | ||||
Operating costs and expenses | 727 | 660 | 541 | |
Food And Beverage [Member] | ||||
Operating revenue: | ||||
Operating revenue | 15,742 | 14,513 | 12,500 | |
Operating costs and expenses: | ||||
Operating costs and expenses | 15,854 | 12,959 | 10,945 | |
Other [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 10,909 | $ 10,128 | $ 10,416 | |
[1] | See Note 2, "Significant Accounting Policies," of the consolidated financial statements for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. | |||
[2] | With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | |||
Net earnings | $ 4,006 | $ 7,891 | $ 13,813 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | (8,960) | 7,944 | (390) |
Other comprehensive (loss) income | (8,960) | 7,944 | (390) |
Comprehensive (loss) income | (4,954) | 15,835 | 13,423 |
Comprehensive (loss) income attributable to non-controlling interests | |||
Net earnings attributable to non-controlling interests | (612) | (1,632) | (4,598) |
Foreign currency translation adjustments | 844 | (1,462) | 464 |
Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders | $ (4,722) | $ 12,741 | $ 9,289 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total Century Casinos Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total | |
BALANCE at Dec. 31, 2015 | $ 244 | $ 77,318 | $ (12,683) | $ 57,171 | $ 122,050 | $ 4,737 | $ 126,787 | |
BALANCE, Shares at Dec. 31, 2015 | 24,414,083 | |||||||
Net earnings | 9,215 | 9,215 | 4,598 | 13,813 | ||||
Foreign currency translation adjustment | 74 | 74 | (464) | (390) | ||||
Amortization of stock-based compensation | 759 | 759 | 759 | |||||
Distribution to non-controlling interest | (2,483) | (2,483) | ||||||
Exercise of stock options | $ 1 | 97 | 98 | 98 | ||||
Exercise of stock options, shares | 37,499 | |||||||
BALANCE at Dec. 31, 2016 | $ 245 | 78,174 | (12,609) | 66,386 | 132,196 | 6,388 | 138,584 | |
BALANCE, Shares at Dec. 31, 2016 | 24,451,582 | |||||||
Net earnings | 6,259 | 6,259 | 1,632 | 7,891 | ||||
Foreign currency translation adjustment | 6,482 | 6,482 | 1,462 | 7,944 | ||||
Amortization of stock-based compensation | 669 | 669 | 669 | |||||
Distribution to non-controlling interest | (2,061) | (2,061) | ||||||
Incremental direct costs of common stock issuance | $ 49 | 34,210 | 34,259 | 34,259 | ||||
Incremental direct costs of common stock issuance, shares | 4,887,500 | |||||||
Exercise of stock options | 32 | 32 | 32 | |||||
Exercise of stock options, shares | 20,738 | |||||||
BALANCE at Dec. 31, 2017 | $ 294 | 113,068 | (6,127) | 72,662 | 179,897 | 7,421 | $ 187,318 | |
BALANCE, Shares at Dec. 31, 2017 | 29,359,820 | 29,359,820 | ||||||
Cumulative effect of accounting change | [1] | (17) | 17 | |||||
Net earnings | 3,394 | 3,394 | 612 | $ 4,006 | ||||
Foreign currency translation adjustment | (8,116) | (8,116) | (844) | (8,960) | ||||
Amortization of stock-based compensation | 868 | 868 | 868 | |||||
Distribution to non-controlling interest | (572) | (572) | ||||||
Fair value of non-controlling interest | 445 | 445 | ||||||
Incremental direct costs of common stock issuance | (59) | (59) | (59) | |||||
Exercise of stock options | 337 | 337 | 337 | |||||
Exercise of stock options, shares | 79,359 | |||||||
BALANCE at Dec. 31, 2018 | $ 294 | $ 114,214 | $ (14,243) | $ 76,056 | $ 176,321 | $ 7,062 | $ 183,383 | |
BALANCE, Shares at Dec. 31, 2018 | 29,439,179 | 29,439,179 | ||||||
[1] | Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-09. See Note 2 of the consolidated financial statements for further details on the adoption of this accounting standard. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net earnings | $ 4,006 | $ 7,891 | $ 13,813 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 9,399 | 8,945 | 8,349 |
Loss on disposition of fixed assets | 1,299 | 767 | 330 |
Adjustment of contingent liability (Note 14) | 125 | 150 | 54 |
Unrealized loss (gain) on interest rate swaps | 87 | (413) | (79) |
Amortization of stock-based compensation expense | 868 | 669 | 759 |
Amortization of deferred financing costs | 122 | 149 | 129 |
Deferred (benefit) taxes | (22) | 183 | (196) |
Income from unconsolidated subsidiary | (23) | ||
Changes in Operating Assets and Liabilities, Net of Acquisition: | |||
Receivables, net | 836 | (1,449) | (1,417) |
Prepaid expenses and other assets | (1,674) | (1,734) | (1,583) |
Accounts payable | 1,533 | (531) | (196) |
Accrued liabilities | 4,189 | 2,896 | 2,540 |
Inventories | (202) | (127) | (1) |
Other operating assets | (20) | ||
Other operating liabilities | 1,636 | 173 | 5 |
Accrued payroll | 703 | 1,307 | 1,162 |
Taxes payable | 446 | 1,410 | (1,350) |
Contingent liability payment | (999) | (840) | |
Net cash provided by operating activities | 22,329 | 19,446 | 22,299 |
Cash Flows used in Investing Activities: | |||
Purchases of property and equipment | (56,774) | (11,127) | (7,104) |
Acquisition of Century Casino St. Albert (net of cash acquired) | (1,494) | (19,735) | |
Acquisition of Century Casino Bath licenses (Note 1) | (398) | ||
Acquisition of Golden Hospitality Ltd., net of $0.2 million cash acquired (Note 4) | (337) | ||
Investment in Minh Chau Ltd. (Note 4) | (640) | ||
Proceeds from disposition of assets | 19 | 23 | 10 |
Net cash used in investing activities | (57,732) | (12,996) | (26,829) |
Cash Flows provided by Financing Activities: | |||
Proceeds from borrowings | 16,192 | 2,680 | 22,788 |
Principal payments | (8,339) | (5,686) | (5,165) |
Payment of deferred financing costs | (395) | (266) | |
Distribution to non-controlling interest | (642) | (2,043) | (1,897) |
Common stock issuance | 34,259 | ||
Proceeds from exercise of stock options | 337 | 32 | 97 |
Net cash provided by financing activities | 7,153 | 29,242 | 15,557 |
Effect of Exchange Rate Changes on Cash | (1,910) | 1,732 | (1,575) |
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (30,160) | 37,424 | 9,452 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 76,444 | 39,020 | 29,568 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 46,284 | 76,444 | 39,020 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 4,361 | 5,187 | 2,729 |
Income taxes paid | 2,794 | 2,893 | 4,051 |
Non-Cash Investing Activities: | |||
Purchase of property and equipment on account | $ 2,563 | 3,676 | 479 |
Non-Cash Financing Activities: | |||
Assets acquired under capital lease obligation | 145 | 560 | |
Distributions payable to non-controlling shareholders | $ 604 | $ 586 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Consolidated Statements of Cash Flows [Abstract] | |
Cash acquired | $ 0.2 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Century Casinos, Inc. (the “Company”) is an international casino entertainment company. As of December 31, 2018 , the Company owned casino operations in North America and England; was developing a racetrack and entertainment center (“REC”) in Edmonton, Canada; held a majority ownership interest in eight casino licenses throughout Poland; held a majority interest in a REC in Calgary, Canada, and the pari-mutuel off-track betting network in southern Alberta, Canada; managed cruise ship-based casinos on international waters; managed a hotel, entertainment and gaming club in Vietnam through a majority-owned subsidiary, and provided gaming services in Argentina. The Company currently owns, operates and manages the following casinos through wholly-owned subsidiaries in North America and England: · The Century Casino & Hotel in Edmonton, Alberta, Canada · The Century Casino St. Albert in St. Albert, Alberta, Canada · The Century Casino Calgary in Calgary, Alberta, Canada · The Century Casino & Hotel in Central City, Colorado · The Century Casino & Hotel in Cripple Creek, Colorado; and · The Century Casino Bath (formerly Saw Close Casino) in Bath, England (“CCB”) In June 2017, the Company, through its subsidiary Century Resorts Management GmbH (formerly Century Casinos Europe GmbH) (“CRM”), acquired licenses held by Saw Close Casino Ltd. in Bath, England. The Company uses those licenses to operate Century Casino Bath, a 20,000 square foot casino that includes 60 slot and electronic roulette machines and 15 table games. The Company opened the casino in May 2018. The Company currently has a controlling financial interest through its subsidiary CRM in the following majority-owned subsidiaries: · The Company owns 66.6% of Casinos Poland Ltd. (“CPL” or “Casinos Poland”). As of December 31, 2018 , CPL owned eight casino licenses and operated seven casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest. · The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. · The Company owns 75% of Century Bets! Inc. (“CBS” or “Century Bets”). CBS is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Rocky Mountain Turf Club (“RMTC”) owns the remaining 25% of CBS, which is reported as a non-controlling financial interest. CBS operates the pari-mutuel off-track betting network of southern Alberta. The Company has the following concession, management and consulting service agreements: · As of December 31, 2018 , the Company operated 11 ship-based casinos through concession agreements with three cruise lines. The concession agreements to operate the ship-based casinos onboard the Mein Schiff 1, Marella Discovery and Wind Star ended in April 2018, October 2018 and November 2018, respectively. The concession agreement to operate the ship-based casino onboard the Wind Spirit ended in January 2019. In March 2015, the Company mutually agreed with Norwegian Cruise Line Holdings (“Norwegian”) to terminate its concession agreements with Oceania Cruises (“Oceania”) and Regent Seven Seas Cruises (“Regent”). The Company entered into a two -year consulting agreement, which became effective on June 1, 2015, under which the Company provided limited consulting services for the ship-based casinos of Oceania and Regent in exchange for receiving a consulting fee of $2.0 million, which was payable $250,000 per quarter through May 2017. · The Company, through its subsidiary CRM, has a 7.5% ownership interest in Mendoza Central Entretenimientos S.A, an Argentina company (“MCE”). The shares are reported on the consolidated balance sheet using the cost method of accounting. MCE has an exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina and owned by the Province of Mendoza. In addition, CRM and MCE have entered into a consulting services agreement pursuant to which CRM provides advice on casino matters and receives a service fee consisting of a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). See Note 4 for additional information regarding MCE. · The Company had a management agreement to direct the operation of the casino at the Hilton Aruba Caribbean Resort & Casino from which the Company received a monthly management fee. The management agreement ended November 30, 2017. · On April 25, 2018, the Company’s subsidiary CRM entered into a Shareholder’s Agreement with Golden Hospitality Ltd. (“GHL”) and GHL’s shareholders, pursuant to which CRM purchased a 51% ownership interest in GHL. The remaining 49% of GHL is owned by unaffiliated shareholders and is reported by the Company as a non-controlling financial interest. For its ownership interest in GHL, the Company recognized assets of $0.5 million, including $0.2 million in cash, and assumed liabilities of $0.1 million as of the date of acquisition. The Company consolidates GHL as a majority-owned subsidiary for which the Company has a controlling financial interest. GHL is included in the Corporate and Other reportable segment. The Company, through its subsidiary GHL, has a 9.21% ownership interest in Minh Chau Ltd. (“MCL”). The investment is reported on the consolidated balance sheet using the equity method of accounting. MCL is the owner of a small hotel and entertainment and gaming club in the Cao Bang province of Vietnam that is 300 feet from the Vietnamese – Chinese border station. GHL and MCL also entered into a management agreement under which GHL is managing the operations at the hotel and entertainment and gaming club in exchange for receiving a portion of MCL’s net profit. See Note 4 for additional information regarding MCL. Additional Projects and Other Developments The Company is building a horse racing facility in the Edmonton market area, which it is planning to operate as Century Mile Racetrack and Casino (“Century Mile” or “CMR”). Century Mile will be a one-mile horse racetrack and a multi-level REC. The project is located on Edmonton International Airport land close to the city of Leduc, south of Edmonton. The Company began construction on the Century Mile project in July 2017 and the REC will open on April 1, 2019. In August 2017, the Company announced that, together with the owner of the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda, it had submitted a license application to the Bermudan government for a casino at the Hamilton Princess Hotel & Beach Club. The casino will feature approximately 200 slot machines, 17 live table games, one or more electronic table games and a high limit area and salon privé. In September 2017, the Bermuda Casino Gaming Commission granted a provisional casino gaming license, which is subject to certain conditions and approvals including the adoption of certain rules and regulations by the Parliament of Bermuda. CRM entered into a long-term management agreement with the owner of the hotel to manage the operations of the casino and receive a management fee if the license is awarded. CRM will also provide a $5.0 million loan for the purchase of casino equipment if the license is awarded. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL, CDR, CBS and GHL as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL, CDR, CBS and GHL that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. Recently Issued Accounting Pronouncements – In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous US generally accepted accounting principles (“GAAP”). ASU 2016-02 requires lessees to account for leases as finance leases or operating leases. Both finance and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and, for operating leases, the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The standard must be adopted by recognizing and measuring leases at the beginning of the earliest period being presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements (“ASU 2018-11”), which provides that entities may elect not to recast the comparative periods presented upon transition. Accounting Standards Codification (“ASC”) 842, which codifies ASU 2016-02, is effective for the Company in the first quarter of 2019. The Company expects the most significant impact will relate to its real estate operating leases and the related recognition of right-of-use assets and lease liabilities in both noncurrent assets and noncurrent liabilities on its consolidated balance sheet. The value of the right-of-use assets and lease liabilities that the Company recognizes on its balance sheet will depend on its lease portfolio and discount rates at the date of adoption. The Company will use the transition package of practical expedients permitted within the new standard, which, among other things, allows the carryforward of historical lease classification. The adoption of the new guidance will not have a material impact on the Company’s consolidated statement of earnings, cash flows or shareholders’ equity. See Note 14 for details on our current lease arrangements, the amounts of which represent the future undiscounted commitments. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for fiscal years beginning after December 31, 2021, and interim periods within those fiscal years. Early adoption of ASU 2017-04 is permitted on goodwill impairment tests performed after January 1, 2017. ASU 2017-04 should be applied on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2017-04; however, the standard is not expected to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (“ASU 2018-02”). The objective of ASU 2018-02 is to provide guidance on the impacts of the Tax Cuts and Jobs Act (“ Tax Act”). The guidance permits the reclassification of certain income tax effects of the Tax Act from other comprehensive income to retained earnings (stranded tax effects). The guidance also requires certain new disclosures. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. Entities may adopt the guidance using one of two transition methods: retrospective to each period or periods in which the income tax effects of the Tax Act related to the items remaining in other comprehensive income are recognized, or at the beginning of the period of adoption. The Company has completed its evaluation and has determined that this standard will not have an impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). The objective of ASU 2018-13 is to modify disclosure requirements on fair value measurements. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be adopted using the prospective method for certain disclosures within the guidance and retrospectively upon the effective date. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). The objective of ASU 2018-15 is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with those incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied either retrospectively or prospectively. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The objective of ASU 2018-17 is to improve applying variable interest entity guidance to private companies under common control and improving consideration of indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2018 2017 Cash and cash equivalents $ 45,575 $ 74,677 Restricted cash — 1,023 Restricted cash included in deposits and other 709 744 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 46,284 $ 76,444 For the year ended December 31, 2018 , restricted cash included $0.6 million in deposits and other related to a cash guarantee for the Company’s CCB credit agreement and $0.1 million in deposits related to payments of prizes and giveaways for Casinos Poland. Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. During the year ended December 31, 2017, the Company wrote down the leasehold improvements at Casinos Poland’s LIM Center casino in Warsaw based on the transfer of the casino license to the Hilton Warsaw casino and charged $0.1 million to operating costs and expenses. During the year ended December 31, 2016, the Company wrote down the leasehold improvements at Casinos Poland’s Katowice casino based on the expiration of the license for that location and charged $0.4 million to operating costs and expenses. No long-lived asset impairment charges were recorded for the year ended December 31, 2018 . Goodwill— Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 6. Intangible Assets— Identifiable intangible assets include trademarks and casino licenses. The Company’s trademarks, CDR’s licenses issued by Alberta Gaming, Liquor and Cannabis (“AGLC”) and Horse Racing Alberta (“HRA”), CSA’s license issued by the AGLC and CCB’s licenses issued by the Great Britain Gambling Commission are indefinite-lived intangible assets and therefore are not amortized. The Company’s casino licenses related to CPL are finite-lived intangible assets and are amortized over their respective useful lives. See Note 6 . Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows: December 31, December 31, Ending Rates 2018 2017 Canadian dollar (CAD) 1.3642 1.2545 Euros (EUR) 0.8738 0.8334 Polish zloty (PLN) 3.7606 3.4841 British pound (GBP) 0.7823 0.7396 For the year ended December 31, % Change Average Rates 2018 2017 2016 2018/2017 2017/2016 Canadian dollar (CAD) 1.2960 1.2981 1.3256 0.2% 2.1% Euros (EUR) 0.8473 0.8871 0.9041 4.5% 1.9% Polish zloty (PLN) 3.6103 3.7764 3.9455 4.4% 4.3% British pound (GBP) 0.7497 0.7767 0.7410 3.5% (4.8%) Source: Pacific Exchange Rate Service Comprehensive Income – Comprehensive income includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard under US GAAP and International Financial Reporting Standards. The Company adopted ASU 2014-09 in its consolidated financial statements for 2018 using the modified retrospective approach. The Company applied ASU 2014-09 to contracts that were not completed as of January 1, 2018. The Company determined that all contractual performance obligations were completed as of December 31, 2017 and that no adjustment to retained earnings was required. The Company determined there was no impact to its consolidated balance sheet, consolidated statement of comprehensive (loss) income or consolidated statement of cash flows. The standard impacts the presentation of the Company’s consolidated statement of earnings in its consolidated financial statements for the year ended December 31, 2018 , and the Company has added the following additional disclosures in this Note 2 related to the impact of ASU 2014-09. Changes Related to Adoption of ASU 2014-09 The most significant impacts on the Company of its adoption of ASU 2014-09 were as follows: · Promotional Allowances : The Company recognizes revenue for goods and services provided to customers for free as an inducement to gamble as gaming revenue with an offset to gaming revenue based on the stand-alone selling price rather than an offset to promotional allowances. This change primarily resulted in a reclassification between revenue line items. · Loyalty Accounting : Complimentary points earned through game play at the Company’s casinos are identified as separate performance obligations and recorded as a reduction in gaming revenue when earned at the retail value of the benefits owed to the customer (less estimated breakage) and an increase to the loyalty program liability representing outstanding performance obligations. Such amounts are recognized as revenue in the line item of the corresponding good or service provided when the performance obligation is fulfilled. This change primarily resulted in a reclassification between revenue line items. · Estimated Cost of Promotional Allowances : The Company no longer reclassifies the estimated direct cost of providing promotional allowances from other expense line items to the gaming expense line item. This change resulted in a reclassification between expense line items that reduced gaming expense and increased hotel and food and beverage expenses by $1.2 million for the year ended December 31, 2018 . Revenue The Company derives revenue from: 1. contracts with customers, 2. financial instruments, 3. cost recovery payments, and 4. dividends from its cost investment. A breakout of the Company’s derived revenue is presented in the table below. For the year ended December 31, Amounts in thousands 2018 2017 2016 Revenue from contracts with customers $ 168,938 $ 154,069 $ 139,234 Interest income 103 92 72 Cost recovery income — 604 2,186 Dividend revenue — 43 — Total revenue $ 169,041 $ 154,808 $ 141,492 The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the AGLC and HRA. Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company does not extend lines of credit to customers. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at the retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. The Company records a liability based on the redemption value of the points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage, Bowling and Other Sales Goods and services provided include hotel room rentals, food and beverage sales, bowling lane rentals and retail sales. Revenue is recognized over time as specified in the contract; however, the majority of the contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company has elected the practical expedient permitted under ASU 2014-09 and excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Southern Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Management and Consulting Fees Revenue from the Company’s consulting services agreement with MCE and the management agreement with MCL are recorded monthly as services are provided. Payments are typically due within 30 days of the month to which the services relate. The agreed upon price in the contract does not contain variable consideration. The Company did not incur any costs to obtain its current agreements with MCE or MCL. The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting) and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, hotel, food and beverage, and pari-mutuel and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below. For the year ended December 31, 2018 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 40,470 $ 27,736 $ 67,289 $ 4,806 $ 140,301 Hotel 542 1,444 — — 1,986 Food and Beverage 10,528 3,931 782 501 15,742 Other 9,821 372 138 578 10,909 Net Operating Revenue $ 61,361 $ 33,483 $ 68,209 $ 5,885 $ 168,938 For the year ended December 31, 2017 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 39,866 $ 34,610 $ 60,180 $ 3,215 $ 137,871 Hotel 554 1,389 — — 1,943 Food and Beverage 10,017 3,782 714 — 14,513 Other 8,427 334 158 1,209 10,128 Promotional Allowances (1) (1,132) (7,961) (1,256) (37) (10,386) Net Operating Revenue $ 57,732 $ 32,154 $ 59,796 $ 4,387 $ 154,069 For the year ended December 31, 2016 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 34,009 $ 32,398 $ 54,791 $ 2,157 $ 123,355 Hotel 561 1,345 — — 1,906 Food and Beverage 8,501 3,397 602 — 12,500 Other 8,035 352 214 1,815 10,416 Promotional Allowances (1) (869) (7,357) (717) — (8,943) Net Operating Revenue $ 50,237 $ 30,135 $ 54,890 $ 3,972 $ 139,234 (1) With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year. The amount of revenue recognized that was included in the opening contract liability balance was $0.2 million for each of the years ended December 31, 2018 and 2017 . This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s contract receivables and liabilities is presented in the table below. For the year For the year ended December 31, 2018 ended December 31, 2017 Amounts in thousands Receivables Contract Liability Receivables Contract Liability Opening $ 266 $ 235 $ 270 $ 232 Closing 305 219 266 235 Increase/(Decrease) $ 39 $ (16) $ (4) $ 3 The Company did no t have any contract assets for the years ended December 31, 2018 and 2017 . Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s consolidated balance sheets. There were no impairment losses for the Company’s receivables or contract liabilities recognized for the years ended December 31, 2018 and 2017 . Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. The current period amounts within the Company’s consolidated statement of earnings have been revised in the table below to provide a comparison of revenue and the direct cost of providing promotional allowances to the Company’s consolidated statement of earnings for the year ended December 31, 2018 . Consolidated Statement of Earnings Amounts in thousands As Reported Changes Related to Adoption of ASU 2014-09 Revised For the year ended December 31, 2018 Operating revenue: Gaming $ 140,301 $ 11,609 $ 151,910 Operating revenue 168,938 11,609 180,547 Less: Promotional allowances — (11,609) (11,609) Net operating revenue 168,938 — 168,938 Operating costs and expenses Gaming 73,328 1,208 74,536 Hotel 727 (49) 678 Food and beverage $ 15,854 $ (1,159) $ 14,695 Promotional Allowances – Prior to the adoption of ASU 2014-09, hotel accommodations and food and beverage furnished without charge to customers were included in gross revenue at retail value and were deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of providing promotional allowances is included in casino expenses. For the years ended December 31, 2018 , 2017 , and 2016 , the estimated direct cost of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2018 2017 2016 Hotel $ 49 $ 47 $ 49 Food and beverage 1,159 1,117 1,047 $ 1,208 $ 1,164 $ 1,096 See “Revenue Recognition – Gaming” above for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2018 and 2017 , the outstanding balance of this liability on the Company’s consolidated balance sheet was $0.7 million. Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 10. Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $2.2 million, $2.1 million and $2.0 million in the years ended December 31, 2018 , 2017 and 2016 , respectively. Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. T he Tax Act, which was enacted on December 22, 2017, included significant changes to the Internal Revenue Code, including, among other items, a reduction of the federal corporate tax rate to 21% , a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred, and the creation of new taxes on certain foreign earnings. T he Company has completed its analysis of the tax impact resulting from the enactment of the Tax Act. See Note 11 for more discussion of the provisional amounts recorded by the Company related to the Tax Act. Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 were as follows: For the year ended December 31, Amounts in thousands 2018 2017 2016 Weighted average common shares, basic 29,401 25,068 24,435 Dilutive effect of stock options 561 491 233 Weighted average common shares, diluted 29,962 25,559 24,668 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2018 2017 2016 Stock options 69 — 35 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS Apex Acquisition On October 1, 2016, the Company’s subsidiary, Century Casino St. Albert Inc., acquired 100% of the issued and outstanding shares of Casino St. Albert Inc. (“CSAI”), Action ATM Inc. (“AAI”) and MVP Sports Bar Ltd. (“MVP”), collectively operating the Apex Casino in St. Albert, Edmonton, Canada and acquired the related land and real property held by Game Plan Developments Ltd. (the “Apex Acquisition”). The Company merged CSAI, AAI and MVP with Century Casino St. Albert Inc., the surviving company, and renamed the casino Century Casino St. Albert. The Company paid total consideration of CAD 31.9 million ( $24.3 million) for the acquisition, using additional financing from the second amended and restated credit agreement with the Bank of Montreal (“BMO”) (see Note 7). As of October 1, 2016, the Company began consolidating Century Casino St. Albert Inc. as a wholly-owned subsidiary. CSA contributed $9.1 million in net operating revenue and $1.1 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2018, $8.8 million in net operating revenue and $1.1 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2017 and $2.0 million in net operating revenue and $0.3 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2016. Acquisition-related costs The Company incurred acquisition costs of approximately $0.2 million for the year ended December 31, 2016 in connection with the Apex Acquisition. These costs include legal and accounting fees and have been recorded as general and administrative expenses in the Corporate Other segment. Pro forma results (Unaudited) The following table provides unaudited pro forma information of the Company as if the Apex Acquisition had occurred at the beginning of the earliest comparable period presented. This pro forma information is not necessarily indicative either of the combined results of operations that actually would have been realized had the acquisition been consummated during the periods for which the pro forma information is presented, or of future results. For the year ended Amounts in thousands, except for per share information December 31, 2016 (Unaudited) Net operating revenue $ 145,186 Net earnings attributable to Century Casinos, Inc. shareholders $ 10,197 Basic and diluted earnings per share $ 0.41 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investments | 4. INVESTMENTS Cost Investment Mendoza Central Entretenimientos S.A. On October 31, 2014, CRM entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CRM purchased 7.5% of the shares of MCE, a company formed in Argentina, for $1.0 million. Pursuant to the MCE Agreement, CRM is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina, and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CRM appointed one director to MCE’s board of directors and had a three -year option through October 2017 to purchase up to 50% of the shares of MCE, which the Company did not exercise. The Company accounts for the $1.0 million investment in MCE using the cost method. Equity Investment Minh Chau Ltd. In April 2018, the Company’s subsidiary GHL entered into an agreement with MCL and its owners, pursuant to which GHL purchased an initial 6.36% ownership interest in MCL for $0.4 million and agreed to purchase an additional ownership interest in MCL up to a total of 51% of MCL over a three -year period for approximately $3.6 million. GHL has the option to purchase an additional 19% ownership interest in MCL for a total of 70% of MCL under certain conditions. In October 2018, GHL purchased an additional 2.85% ownership interest in MCL for $0.2 million, for a total ownership interest of 9.21% . GHL and MCL also entered into a management agreement under which GHL is managing the operations at MCL’s hotel and entertainment and gaming club in exchange for receiving a portion of MCL’s net profit. The Company valued the management agreement with MCL at $0.1 million and recorded it in deposits and other on its consolidated balance sheet as of the date of its investment in MCL. The Company accounts for GHL’s interest in MCL as an equity investment. The Company excluded the presentation of MCL’s financial information upon the Company’s determination that MCL’s financial results are not significant compared to the Company’s consolidated results. The Company’s maximum exposure to losses at December 31, 2018 , based on the value of the equity investment in MCL and GHL’s 51% purchase commitment in MCL, was $3.6 million. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Property And Equipment | 5. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2018 and 2017 consisted of the following: December 31, Amounts in thousands 2018 2017 Land $ 48,090 $ 50,300 Buildings and improvements 116,186 110,733 Gaming equipment 23,419 24,212 Furniture and non-gaming equipment 20,923 20,501 Capital leases 1,496 1,628 Capital projects in process 41,963 9,872 $ 252,077 $ 217,246 Less: accumulated depreciation (65,060) (64,468) Property and equipment, net $ 187,017 $ 152,778 Depreciation expense was $9.0 million, $ 8.6 million and $ 8.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 6. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of the reporting units to the reporting units’ carrying values. The reporting units with goodwill balances as of December 31, 2018 include CRA, CDR, CSA and CPL. The Company considers a variety of factors when estimating the fair value of its reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available to the Company. The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values. If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary. No impairment charges related to goodwill related to CRA, CDR, CSA or CPL have been recorded. Changes in the carrying amount of goodwill related to CRA, CDR, CSA and CPL are as follows: Canada Poland Amounts in thousands Century Resorts Alberta Century Downs Century Casino St. Albert Casinos Poland Total Balance -- January 1, 2017 $ 3,661 $ 141 $ 3,501 $ 6,084 $ 13,387 Effect of foreign currency translation 258 10 246 1,261 1,775 Balance – December 31, 2017 $ 3,919 $ 151 $ 3,747 $ 7,345 $ 15,162 Effect of foreign currency translation (316) (12) (301) (540) (1,169) Balance -- December 31, 2018 $ 3,603 $ 139 $ 3,446 $ 6,805 $ 13,993 Intangible Assets Trademarks The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s consolidated balance sheets. Changes in the carrying amount of the trademarks are as follows: Amounts in thousands Century Casinos Casinos Poland Total Balance -- January 1, 2017 $ 108 $ 1,450 $ 1,558 Effect of foreign currency translation — 301 301 Balance – December 31, 2017 $ 108 $ 1,751 $ 1,859 Effect of foreign currency translation — (129) (129) Balance -- December 31, 2018 $ 108 $ 1,622 $ 1,730 The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize trademarks. Rather, the Company tests its trademarks for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference. No impairment charges related to the Company’s Century Casinos and Casinos Poland trademarks have been recorded. Licenses Casino licenses at December 31, 2018 and 2017 consisted of the following: December 31, December 31, Amounts in thousands 2018 2017 Finite-lived Casino licenses $ 2,883 $ 2,992 Less: accumulated amortization (708) (1,434) Total finite-lived casino licenses, net 2,175 1,558 Infinite-lived Casino licenses 12,453 13,507 Total infinite-lived casino licenses 12,453 13,507 Casino licenses, net $ 14,628 $ 15,065 Poland As of December 31, 2018 , Casinos Poland had eight casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows: Amounts in thousands Casinos Poland Balance -- January 1, 2017 $ 667 New casino licenses 1,127 Amortization (385) Effect of foreign currency translation 149 Balance – December 31, 2017 $ 1,558 New casino licenses 1,151 Amortization (427) Effect of foreign currency translation (107) Balance -- December 31, 2018 $ 2,175 As of December 31, 2018 , estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2019 $ 442 2020 429 2021 429 2022 414 2023 361 Thereafter 100 $ 2,175 These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the next license expiration is 4.4 years. In Poland, gaming licenses are not renewable. Before a gaming license expires, the public is notified of the license availability and any gaming company can apply for the license. The Company was not awarded the licenses in Poznan and Plock, which expired and were fully amortized. No impairment charges related to the loss of the license tenders for these licenses were recorded. Canada and Corporate and Other The licenses at CDR, CSA and CCB are infinite-lived intangible assets that are not amortized. CDR holds licenses from the AGLC and from the HRA, CSA holds a license from the AGLC, and CCB holds licenses from the Great Britain Gambling Commission. No impairment charges related to the licenses have been recorded. Changes in the carrying amount of the licenses are as follows: Canada Corporate and Other Amounts in thousands Century Downs Century Casino St. Albert Century Casino Bath Balance -- January 1, 2017 $ 2,369 $ 9,104 $ — Purchase of Century Casino Bath — — 1,160 Effect of foreign currency translation 167 640 67 Balance – December 31, 2017 $ 2,536 $ 9,744 $ 1,227 Effect of foreign currency translation (204) (784) (66) Balance -- December 31, 2018 $ 2,332 $ 8,960 $ 1,161 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. LONG-TERM DEBT Long-term debt and the weighted average interest rates at December 31, 2018 and 2017 consisted of the following: Amounts in thousands December 31, 2018 December 31, 2017 Credit agreement - Bank of Montreal $ 40,515 4.43% $ 38,203 4.19% Credit agreements - CPL 1,949 1.77% — — Credit facilities - CPL 647 3.57% — — Credit agreement - CCB 2,429 2.34% 2,704 4.94% Financing obligation - CDR land lease 14,291 13.79% 15,541 13.44% Capital leases 188 7.06% 523 6.89% Total principal $ 60,019 6.74% $ 56,971 6.67% Deferred financing costs (496) (258) Total long-term debt $ 59,523 $ 56,713 Less current portion (17,482) (5,697) Long-term portion $ 42,041 $ 51,016 Credit Agreement – Bank of Montreal In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal (“BMO”). On August 15, 2014, the Company, through its Canadian subsidiaries, entered into an amended and restated credit agreement with BMO that increased the Company’s borrowing capacity to CAD 39.1 million. In September 2016, the Company, through its Canadian subsidiaries, entered into a second amended and restated credit agreement that increased the Company’s borrowing capacity to CAD 69.2 million. In August 2018, the Company, through its Canadian subsidiaries, entered into a third amended and restated credit agreement (the “BMO Credit Agreement”), to provide additional financing for the construction and development of the CMR project, which increased the Company’s borrowing capacity to CAD 102.2 million. The interest rate under the BMO Credit Agreement is BMO’s floating rate plus a margin, except for the rates for Credit Facility H, which will be determined upon execution of a lease agreement. As discussed further below, the Company has entered into interest rate swap agreements to fix the interest rate paid related to a portion of the outstanding balance on the BMO Credit Agreement. As of December 31, 2018 , the Company had borrowed CAD 77.8 million, of which the outstanding balance was CAD 55.3 million ( $40.5 million based on the exchange rate in effect on December 31, 2018 ) and the Company had approximately CAD 26.1 million ( $19.1 million based on the exchange rate in effect on December 31, 2018 ) available under the BMO Credit Agreement. In addition, the Company is using CAD 3.0 million ( $2.2 million based on the exchange rate in effect on December 31, 2018 ) from Credit Facility E for the interest rate swap agreements discussed below. The BMO Credit Agreement consists of the following credit facilities: 1. Credit Facility A is a CAD 1.1 million revolving credit facility with a term of five years that expires in August 2019 . Credit Facility A may be used for general corporate purposes, including for the payment of costs related to the BMO Credit Agreement, ongoing working capital requirements and operating regulatory requirements. As of December 31, 2018 , the Company had CAD 1.1 million ( $0.8 million based on the exchange rate in effect on December 31, 2018 ) available for borrowing under Credit Facility A. 2. Credit Facility B is an approximately CAD 24.1 million committed, non-revolving, reducing standby facility with a term of five years that expires in August 2019 . The Company used borrowings under Credit Facility B primarily to repay the Company’s mortgage loan related to CRA, pay for the additional 33.3% investment in CPL, pay for development costs related to CDR and for working capital and general corporate purposes. Once the principal amount of an advance has been repaid, it cannot be re-borrowed. As of December 31, 2018 , the Company had no additional available borrowings under Credit Facility B. 3. Credit Facility C is a CAD 11.0 million revolving credit facility with a term of five years that expires in August 2019 . Credit Facility C may be used as additional financing for the development of CDR. The Company may re-borrow the principal amount within the limits described in the BMO Credit Agreement. As of December 31, 2018 , the Company had CAD 5.9 million ( $4.3 million based on the exchange rate in effect on December 31, 2018 ) available for borrowing under Credit Facility C. 4. Credit Facility D is a CAD 30.0 million committed, reducing term credit facility with a term of five years that expires in September 2021 . The Company used borrowings under Credit Facility D to pay for the Apex Acquisition. Once the principal amount of an advance has been repaid, it cannot be re-borrowed. As of December 31, 2018 , the Company had no additional available borrowings under Credit Facility D. 5. Credit Facility E is a CAD 3.0 million treasury risk management facility. The Company may use this facility to hedge interest rate risk or currency exchange rate risk. Credit Facility E has a term of five years that expires in August 2019 . The Company is currently utilizing Credit Facility E to hedge interest rate risk as discussed below. 6. Credit Facility F is a CAD 33.0 million demand, non-revolving, construction credit facility for use for the construction and development of the CMR project. Advances for funding the CMR project can be borrowed through the BMO Credit Agreement until the earliest of (i) the date on which demand for payment is made by BMO; (ii) August 24, 2019 ; (iii) the Project Construction Completion Date, as defined in the BMO Credit Agreement; or (iv) the occurrence of event of default, as defined in the BMO Credit Agreement (each, a “Facility Termination Date”). On the Facility Termination Date, the principal balance will be converted to Credit Facility G. Once funds are advanced from Credit Facility F, they cannot be re-borrowed. As of December 31, 2018, the Company had CAD 19.1 million ( $14.0 million based on the exchange rate in effect on December 31, 2018) available for borrowing under Credit Facility F. 7. Credit Facility G is a committed, non-revolving, term credit facility that the Company will utilize at the maturity of Credit Facility F. Credit Facility G has a term of five years from the date of conversion of Credit Facility F. The Company cannot re-borrow funds that have been repaid under Credit Facility G. 8. Credit Facility H is a CAD 2.0 million equipment leasing credit facility for use for the Century Mile project pursuant to the Interim Funding Agreement and Master Lease Agreement described in the BMO Credit Agreement. The Company may re-borrow the principal amount within the limits described in the BMO Credit Agreement pursuant to the Interim Funding Agreement and Master Lease Agreement. Maturity dates will be set once the facility is utilized. As of December 31, 2018, the Company had CAD 2.0 million ( $1.5 million based on the exchange rate in effect on December 31, 2018) available for borrowing under Credit Facility H. Any funds not drawn down under the BMO Credit Agreement are subject to standby fees ranging from 0.50% to 0.75% payable quarterly in arrears. Standby fees of CAD 0.1 million ( $0.1 million based on the exchange rate in effect on December 31, 2018 ) were recorded as interest expense in the consolidated statement of earnings for the year ended December 31, 2018 . The shares of the Company’s subsidiaries that own CRA, CAL, CSA and CMR and the Company’s 75% interest in CDR are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of financial covenants applicable to the Canadian subsidiaries, including restricting their incurrence of additional debt, a debt to EBITDA ratio less than 4:1 , a fixed charge coverage ratio greater than 1:1 , maintenance of a CAD 50.0 million equity balance and a capital expenditure limit of CAD 4.0 million for 2018, CAD 5.5 million for 2019 and CAD 2.5 million per year thereafter. The Company was in compliance with all financial covenants of the BMO Credit Agreement as of December 31, 2018 . The Company has entered into interest rate swap agreements to partially hedge the risk of future increases in the variable rate debt under the BMO Credit Agreement. The interest rate swap agreements are not designated as hedges for accounting purposes. As a result, changes in fair value of the interest rate swaps are recognized in interest expense on the Company’s consolidated statements of earnings. The interest rate is calculated as the fixed rate plus an applicable margin. As of December 31, 2018 , the Company had the following interest rate swap agreements set at a Canadian Dollar Offered Rate (“CDOR”): · Notional amount of CAD 6.5 million ( $4.8 million based on the exchange rate in effect on December 31, 2018 ) with a rate of 3.89% expiring in August 2019 . · Notional amount of CAD 6.5 million ( $4.8 million based on the exchange rate in effect on December 31, 2018 ) with a rate of 3.92% expiring in August 2019 . · Notional amount of CAD 11.6 million ( $8.5 million based on the exchange rate in effect on December 31, 2018 ) with a rate of 4.08% expiring in December 2021 . Deferred financing costs consist of the Company’s costs related to the financing of the BMO Credit Agreement. The Company recognized $0.4 million and $0.3 million in deferred financing costs related to the BMO Credit Agreement for the years ended December 31, 2018 and 2016, respectively. Amortization expenses relating to deferred financing charges were $0.1 million for each of the years ended December 31, 2018 , 2017 and 2016 . These costs are included in interest expense in the consolidated statements of earnings (loss). Casinos Poland As of December 31, 2018 , CPL had a short-term line of credit with Alior Bank (formerly BPH Bank) used to finance current operations. The line of credit bears an interest rate of one-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.85% with a borrowing capacity of PLN 13.0 million, of which PLN 2.0 million may only be used to secure bank guarantees. The credit facility terminates March 20, 2019 , and CPL is seeking to extend the term of this agreement. As of December 31, 2018 , the credit facility had an outstanding balance of PLN 2.4 million ( $0.6 million based on the exchange rate in effect on December 31, 2018 ), Alior Bank had secured bank guarantees of PLN 3.1 million ( $0.8 million based on the exchange rate in effect on December 31, 2018 ), and approximately PLN 7.5 million ( $2.0 million based on the exchange rate in effect on December 31, 2018 ) was available for borrowing. The credit facility contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt by CPL and require CPL to maintain certain debt to EBITDA ratios. CPL was in compliance with all financial covenants of this credit facility as of December 31, 2018 . As of December 31, 2018 , CPL also had a short-term line of credit with mBank used to finance current operations that was entered into on April 9, 2018. The line of credit bears an interest rate of overnight WIBOR plus 1.40% with a borrowing capacity of PLN 5.0 million. The credit facility terminates on March 28, 2019 , and CPL is seeking to extend the term of this agreement. As of December 31, 2018 , there was no outstanding balance on the line of credit and approximately PLN 5.0 million ( $1.3 million based on the exchange rate in effect on December 31, 2018 ) was available for borrowing. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. CPL was in compliance with all financial covenants of this credit facility as of December 31, 2018. On December 12, 2018, CPL entered into three credit agreements. The first credit agreement between CPL and mBank is a PLN 3.0 million term loan that will be used to renovate the existing casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70% . The credit agreement has a three -year term through November 2021 . As of December 31, 2018 , the credit agreement had an outstanding balance of PLN 3.0 million ( $0.8 million based on the exchange rate in effect on December 31, 2018 ). CPL has no further borrowing availability under this credit agreement. The credit agreement is guaranteed with a promissory note and by a building owned by CPL in Warsaw, Poland. In addition, CPL is required to maintain both cash inflows of PLN 5.0 million to its account held with mBank and financial covenants, including covenants that relate to profit margins not lower than 0.1% to 1.0% , liquidity ratios no less than 0.8% to 1.3% and a debt ratio not higher than 50% to 60% . CPL was in compliance with all financial covenants of this credit agreement as of December 31, 2018. The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that will be used to renovate casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70% . The credit agreement has a three -year term through November 2021 . As of December 31, 2018, the credit agreement had an outstanding balance of PLN 4.0 million ( $1.1 million based on the exchange rate in effect on December 31, 2018). CPL has no further borrowing availability under this credit agreement. The credit agreement is guaranteed with a promissory note and by a building owned by CPL in Warsaw, Poland. In addition, CPL is required to maintain both cash inflows of PLN 1.0 million to its account held with mBank and financial covenants, including covenants that relate to profit margins not lower than 0.1% to 0.5% , liquidity ratios no less than 0.8% to 1.2% and a debt ratio not higher than 60% to 75% . CPL was in compliance with all financial covenants of this credit agreement as of December 31, 2018. The third credit agreement between CPL and mBank is a PLN 2.5 million term loan that will be used to purchase gaming and other equipment for the Marriott Hotel in Warsaw. The credit agreement bears interest at an interest rate of 1-month WIBOR plus 1.90% . The credit agreement has a four -year term through November 2022 . As of December 31, 2018, the credit agreement had an outstanding balance of PLN 0.3 million ( $0.1 million based on the exchange rate in effect on December 31, 2018). CPL had PLN 2.2 million ( $0.6 million based on the exchange rate in effect on December 31, 2018) available to borrow as of December 31, 2018 . The credit agreement is guaranteed with a promissory note and by a building owned by CPL in Warsaw, Poland. In addition, CPL is required to maintain both cash inflows of PLN 1.0 million to its account held with mBank and financial covenants, including covenants that relate to profit margins not lower than 0.1% to 0.5% , liquidity ratios no less than 0.8% to 1.2% and a debt ratio not higher than 60% to 75% . CPL was in compliance with all financial covenants of this credit agreement as of December 31, 2018. Under Polish gaming law, CPL is required to maintain PLN 4.8 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations. mBank issued guarantees to CPL for this purpose totaling PLN 6.0 million ( $1. 6 million based on the exchange rate in effect as of December 31, 2018 ). The additional guarantee amounts are due to the timing of releasing the guarantees after casino closures in 2018. The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.7 million ( $0.5 million based on the exchange rate in effect as of December 31, 2018 ) with mBank and terminate in May and December 2024. In addition, CPL is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 0.4 million ( $0.1 million based on the exchange rate in effect as of December 31, 2018 ) in deposits for this purpose as of December 31, 2018 . These deposits are included in deposits and other on the Company’s consolidated balance sheet for the year ended December 31, 2018 . Century Casinos Bath In August 2017, the Company’s subsidiary CCB entered into a GBP 2.0 million term loan with UniCredit Bank Austria AG (“UniCredit”). The loan matures in September 2023 and bears interest at the three-month pound London Interbank Offered Rate (“LIBOR”) plus 1.625% . Proceeds from the loan were used for construction and fitting out of CCB. As of December 31, 2018 , the amount outstanding on the loan was GBP 1.9 million ( $2.4 million based on the exchange rate in effect on December 31, 2018 ). CCB has no further borrowing availability under the loan agreement. The loan is guaranteed by a $0.6 million cash guarantee by CRM. This guarantee is included in deposits and other on the Company’s consolidated balance sheet as of December 31, 2018 . Century Downs Racetrack and Casino CDR’s land lease is a financing obligation to the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of land on which Century Downs is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option is on July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of December 31, 2018 , the outstanding balance on the financing obligation was CAD 19.5 million ($14.3 million based on the exchange rate in effect on December 31, 2018 ). Century Resorts Management On August 13, 2018, the Company’s subsidiary, CRM, entered into a loan agreement with UniCredit (the “UniCredit Agreement”) for a revolving line of credit of up to EUR 7.0 million ( $8.0 million based on the exchange rate in effect on December 31, 2018 ) to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. The borrowings may be denominated in EUR, bearing an interest rate of EURIBOR plus a margin of 1.5% , or USD, bearing an interest rate of LIBOR plus a margin of 1.5% . The line of credit is available until terminated by either party. Funds can be borrowed with terms of 1 , 3 , 6 , 9 or 12 months. The UniCredit Agreement is secured by a EUR 7.0 million guarantee by the Company. The UniCredit Agreement contains customary events of default, including the failure to make required payments. Upon a failure to make required payments following a grace period, amounts due under the UniCredit Agreement may be accelerated. The Company had not borrowed any funds under the UniCredit Agreement as of December 31, 2018 . Capital Lease Agreements As of December 31, 2018 , the Company had the following capital leases: · CRA had two capital lease agreements for surveillance and general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on December 31, 2018 ); · CAL had two capital lease agreements for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on December 31, 2018 ); · CDR had three capital lease agreements for racing-related equipment with an outstanding balance of CAD 0.1 million ( $0.1 million based on the exchange rate in effect on December 31, 2018 ); · CSA had a capital lease agreement for general equipment with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on December 31, 2018 ); and · the Century Mile project had a capital lease agreement for trailers with an outstanding balance of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on December 31, 2018 ). As of December 31, 2018 , scheduled maturities related to long-term debt were as follows: Amounts in thousands Bank of Montreal Casinos Poland Credit Agreements Casinos Poland Credit Facilities Century Casino Bath Credit Agreement Century Downs Land Lease Capital Leases Total 2019 $ 15,679 $ 522 $ 647 $ 511 $ — $ 123 $ 17,482 2020 2,709 745 — 511 — 47 4,012 2021 13,155 682 — 511 — 17 14,365 2022 510 — — 511 — 1 1,022 2023 510 — — 385 — — 895 Thereafter 7,952 — — — 14,291 — 22,243 Total $ 40,515 $ 1,949 $ 647 $ 2,429 $ 14,291 $ 188 $ 60,019 There is no set repayment schedule for the CPL credit facilities. The Company classifies them as short-term debt due to the nature of the agreements. The Company estimates that Credit Facility F of the BMO Credit Agreement will be converted to Credit Facility G, a term loan, in August 2019, and the Bank of Montreal maturity schedule above is based on this assumption. The current amount borrowed, any additional borrowings or a different conversion date will change the maturity of that debt. The UniCredit Agreement is not included in the table above because no amounts were borrowed as of December 31, 2018 . |
Other Balance Sheet And Stateme
Other Balance Sheet And Statement Of Earnings Captions | 12 Months Ended |
Dec. 31, 2018 | |
Other Balance Sheet And Statement Of Earnings Captions [Abstract] | |
Other Balance Sheet And Statement Of Earnings Captions | 8. OTHER BALANCE SHEET AND STATEMENT OF EARNINGS CAPTIONS Accrued liabilities include the following as of December 31, 2018 and 2017 : December 31, Amounts in thousands 2018 2017 Accrued commissions (AGLC) $ 2,262 $ 2,401 Progressive slot, table and on track liability 1,713 1,866 Player point liability 682 727 Chip liability 721 477 Off-track betting liability 355 522 Deposit liability 2,716 1,002 Deferred rent 756 220 Construction liability 2,154 — Other accrued liabilities 4,305 3,219 Total $ 15,664 $ 10,434 Accrued commissions (AGLC) include the portion of slot machine net sales and table game wins owed to the AGLC as of December 31, 2018 and 2017 . Taxes payable include the following as of December 31, 2018 and 2017 : December 31, Amounts in thousands 2018 2017 Accrued property taxes $ 1,041 $ 1,024 Gaming taxes payable 4,364 3,708 Other taxes payable 165 83 Total $ 5,570 $ 4,815 Other operating revenue includes the following for the years ended December 31, 2018 , 2017 and 2016 : For the year ended December 31, Amounts in thousands 2018 2017 2016 Pari-mutuel revenue $ 4,572 $ 3,665 $ 3,674 Bowling revenue 735 642 644 Other revenue 5,602 5,821 6,098 Total $ 10,909 $ 10,128 $ 10,416 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 9. SHAREHOLDERS’ EQUITY In March 2000, the Company’s board of directors approved a discretionary program to repurchase the Company’s outstanding common stock. In November 2009, the Company’s board of directors increased the amount available to be repurchased to $ 15.0 million. The Company did no t repurchase any shares of its common stock during 2018 and 2017 . The total remaining authorization under the repurchase program was $ 14.7 million as of December 31, 2018 . The repurchase program has no set expiration or termination date. The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the board of directors. At the present time, the Company intends to use any earnings that may be generated to finance the growth of its business. The Company does not have any minimum capital requirements related to its status as a US corporation in the state of Delaware. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION At the 2005 annual meeting of stockholders, stockholders of the Company approved an equity incentive plan (as amended, the “2005 Plan”). The 2005 Plan expired in June 2015. There are options issued under the 2005 Plan that remain outstanding. The 2005 Plan provided for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provided for the issuance of up to 2,000,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company was not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options were required to have an exercise period not to exceed ten years. The Company had granted awards of incentive stock options and non-qualified stock options under the 2005 Plan, all of which had exercise prices that were not less than the fair market value at the date of grant. Options granted had six -month, one -year, three -year or four -year vesting periods. All outstanding options were issued at market value as of the date of the grant. Stockholders of the Company approved the 2016 Equity Incentive Plan (the “2016 Plan”) at the 2016 annual meeting of stockholders. The 2016 Plan will expire in June 2026 . The 2016 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2016 Plan. The 2016 Plan provides for the issuance of up to 3,500,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company is not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options are required to have an exercise period not to exceed ten years. As of December 31, 2018 , the Company has granted 308,970 target performance stock units (“PSUs”) under the 2016 Plan. Any committee as delegated by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2016 Plan also allows limited transferability of any stock options to legal entities that are 100% owned or controlled by the optionee or to the optionee’s family trust. PSUs The PSUs vest subject to market and performance conditions. The conditions are weighted 25% based on market conditions and 75% based on performance conditions. Market conditions are based on the Company’s total shareholder return (“TSR”) relative to a select group of peer companies at the end of a three-year performance period. Performance conditions are based on the Company’s actual Adjusted EBITDA over the three -year performance period compared to forecasted Adjusted EBITDA over the same period. Depending on the TSR and Adjusted EBITDA at the end of the performance period, anywhere from 0% to 200% of the target grant may vest. Expense is recognized on a straight-line basis over the performance period beginning on the date of grant. Probability is assessed quarterly on the performance conditions and compensation expense is adjusted accordingly. Actual forfeitures are recognized as they occur. Activity in the Company’s stock-based compensation plan for the PSUs was as follows: Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2017 — $ — Granted 167,968 8.03 Vested — — Forfeited — — Nonvested at December 31, 2017 167,968 $ 8.03 Granted 141,002 11.97 Vested — — Forfeited — — Nonvested at December 31, 2018 308,970 $ 9.83 At December 31, 2018 , there was a total of $1.7 million of total unrecognized compensation expense related to the PSUs. The cost is expected to be recognized over a weighted-average period of 1.8 years. The fair value of the PSUs granted is estimated on the date of grant using the Monte Carlo model with the following assumptions: Assumptions for PSU Awards 2018 2017 Risk-free interest rate 2.61% 1.59% Expected life 2.7 years 3.0 years Expected volatility 34.7% 36.50% Expected dividends $0 $0 Forfeiture rate 0% 0% Stock Options Activity related to options in the Company’s stock-based compensation plans for employee stock options was as follows: Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2018 1,276,411 $ 4.98 6.88 1,276,411 $ 4.98 Granted — — Exercised (41,411) 3.87 Cancelled or forfeited — — Expired — — Outstanding at December 31, 2018 1,235,000 $ 5.02 5.94 1,235,000 $ 5.02 (1) In years As of December 31, 2018 , there were 31,700 options outstanding to independent directors of the Company with a weighted-average exercise price of $5.10. At December 31, 2018 , there was no unrecognized compensation expense. The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2018 : Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $2.30 15,000 15,000 $ 76 $ 76 1.4 1.4 $5.05 1,220,000 1,220,000 2,855 2,855 6.0 6.0 1,235,000 1,235,000 $ 2,931 $ 2,931 5.9 5.9 (1) In years The aggregate intrinsic value represents the difference between the Company’s closing stock price of $ 7.39 per share as of December 31, 2018 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. Activity in the Company’s stock-based compensation plan for nonvested employee stock options was as follows: Options Weighted-Average Grant Date Fair Value Nonvested at January 1, 2016 682,500 $ 2.55 Granted — — Vested (335,000) 2.55 Forfeited (12,500) 2.55 Nonvested at December 31, 2016 335,000 $ 2.55 Granted — — Vested (331,250) 2.55 Forfeited (3,750) 2.55 Nonvested at December 31, 2017 — $ — In addition, 18,750 options granted to the Company’s independent directors vested during the year ended December 31, 2017. The total fair value of options vested was $0.9 million and $1.1 million for the years ended December 31, 2017 and 2016 , respectively. All options for employees and directors were fully vested as of December 31, 2017. No additional options were issued during the year ended December 31, 2018. The following table includes additional information related to cash exercises of stock options: For the Year Ended December 31, Amounts in thousands 2018 2017 2016 Intrinsic value of share-based awards exercised $ 298 $ 16 $ 28 The intrinsic value of options exercised through net share settlement was less than $0.1 million for the year ended December 31, 2018 . The tax benefit from option exercises was $0.1 million for the year ended December 31, 2018 . Stock-based compensation expense was recognized in general and administrative expenses on the Company’s consolidated statement of earnings as follows: For the Year Ended December 31, Amounts in thousands 2018 2017 2016 Compensation cost: 2005 Plan $ — $ 277 $ 759 2016 Plan 868 392 — Total compensation cost $ 868 $ 669 $ 759 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 11. INCOME TAXES The Company’s US and foreign pre-tax income is summarized in the table below: Amounts in thousands 2018 2017 2016 Income before taxes: US $ 1,329 $ 1,059 $ 138 Foreign 4,594 11,392 15,462 Total income before taxes $ 5,923 $ 12,451 $ 15,600 The Company’s provision for income taxes is summarized as follows: For the year Amounts in thousands ended December 31, 2018 2017 2016 US - Current $ 682 $ 1,283 $ 85 US - Deferred 12 (786) — Provision for US income taxes $ 694 $ 497 $ 85 Foreign - Current $ 1,257 $ 3,094 $ 1,898 Foreign - Deferred (34) 969 (196) Provision for foreign income taxes 1,223 4,063 1,702 Total provision for income taxes $ 1,917 $ 4,560 $ 1,787 The Company’s effective income tax rate differs from the statutory federal income tax rate as follows: Amounts in thousands 2018 2017 2016 US Federal income tax statutory rate 21.0% 35.0% 34.0% Foreign income taxes 8.9% (9.1%) (10.0%) State income tax (net of federal benefit) 0.9% 2.4% 0.2% Meals, entertainment, gifts & giveaways 3.1% 2.0% 1.1% Statutory to US GAAP adjustments, including foreign currency (16.0%) 2.8% 0.5% Valuation allowance — (45.9%) (17.4%) Unrecognized tax benefit 1.1% 0.1% — Stock options 2.5% 1.6% 1.6% Tax Act impact 7.0% 43.5% — Permanent and other items 3.9% 4.2% 1.5% Total provision for income taxes 32.4% 36.6% 11.5% The Company’s current year effective income tax rate was impacted by a decrease in pre-tax income in Canada, Poland, the United Kingdom and Mauritius. The comparison of pre-tax income of $ 5.9 million for the year ended December 31, 2018 compared to pre-tax income of $12.5 million for the year ended December 31, 2017 should be considered when comparing tax rates year-over-year. The Company’s overall effective tax rate of 32.4% was significantly driven by the reduction of the US corporate tax rate, various other provisions of the Tax Act, and statutory to US GAAP adjustments , including foreign currency adjustments for foreign subsidiaries. A majority of the earnings recognized by the Company during the year ended December 31, 2018 were from the Company’s properties in Canada, which accounted for 82.1% of the total tax expense recorded. The Tax Act, which was enacted on December 22, 2017, made significant changes to the Internal Revenue Code. The Tax Act reduced the US federal corporate income tax rate from 35% to 21% , required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries, and created new taxes on certain foreign-sourced earnings. Due to the complexities involved in accounting for the enactment of the Tax Act, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provided guidance on accounting for the income tax effects of the Tax Act. SAB 118 provided a measurement period that may not extend beyond one year from the Tax Act enactment date to complete the accounting for the impact of the Tax Act. In 2017, the Company recorded provisional amounts for certain items required by the Tax Act that were effective for the year ended December 31, 2017 by applying the guidance of SAB 118, as accounting for these items had not been completed as of December 31, 2017. As of December 31, 2018, the Company completed its accounting for all income tax effects of the Tax Act. As further discussed below, as a component of income tax expense for 2018, the Company recognized adjustments of $0.4 million to the provisional amounts recorded during 2017. 2017 provisional amounts remeasured and adjusted in 2018 are discussed below. · Deferred tax assets and liabilities: The Company remeasured deferred tax assets and liabilities using the rates at which they are expected to reverse in the future, which would be a blended rate of 24.66% , comprised of a 21% federal rate and a 3.66% state income tax rate net of federal benefit. The provisional amounts recorded as of December 31, 2017 for the remeasurement of the Company's deferred tax assets and liabilities was an income tax expense of $0.3 million. However, this remeasurement was based on estimates as of the enactment date of the Tax Act and the Company’s current analysis of the numerous complex tax law changes in the Tax Act. Upon completing the analysis of the Tax Act and associated regulations, the Company adjusted the provision amount by less than $0.1 million, which was included as a component of income tax expense for the year ended December 31, 2018. · US taxation on foreign earnings: A key component of the Tax Act includes a one-time transition tax applied to foreign earnings that were not previously subject to US tax. This one-time transition tax is based on total post-1986 foreign earnings and profits that were previously deferred from US income taxes. The Company recorded a provisional amount of $ 5.1 million for the one-time transition tax liability based on its estimates of post-1986 foreign earnings and profits as of December 31, 2017. Upon further analysis of the Tax Act and notices and regulations issued and proposed by the US Treasury Department, as well the Company’s completion of post-1986 foreign earnings and profits support and historical tax pool data, the Company adjusted its provisional amount by recording an additional $0.4 million in income tax expense for the year ended December 31, 2018. The Company’s accounting for the one-time transition tax has been completed based on proposed regulations issued during 2018, which were finalized in January 2019. The Tax Act creates a new requirement that certain income, such as global intangible low-taxed income (“GILTI”), earned by a controlled foreign corporation (“CFC”) must be included currently in the gross income of the CFC’s US shareholder, effective in 2018. Under US GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future US inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company has elected to account for GILTI as a period cost and recorded a net tax expense of less than $0.1 million for the year ended December 31, 2018. Additionally, the Tax Act provides US companies with a new permanent deduction of 37.5% for foreign derived intangible income (“FDII”). The Company recorded a tax benefit of less than $0.1 million in 2018 for the FDII deduction. The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income. The Company assesses the need for a valuation allowance based on its ability to realize the benefits of the Company’s deferred tax assets. The Company’s deferred income taxes at December 31, 2018 and 2017 are summarized as follows: Amounts in thousands 2018 2017 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 140 $ 175 Amortization of startup costs 70 98 Property and equipment 471 433 NOL carryforward 45 51 Accrued liabilities and other 188 172 914 929 Valuation allowance — — $ 914 $ 929 Deferred tax liabilities Prepaid expenses $ (140) $ (143) $ (140) $ (143) Long-term deferred tax asset $ 774 $ 786 Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 977 $ 675 NOL carryforward 2,247 2,745 Tax credits — — Accrued liabilities and other 864 1,046 Contingent liability 157 348 Exchange rate gain 1,035 762 5,280 5,576 Valuation allowance — — $ 5,280 $ 5,576 Deferred tax liabilities Property and equipment $ (2,606) $ (2,786) Exchange rate loss (55) (95) Intangibles (1,211) (1,317) Others (637) (642) $ (4,509) $ (4,840) Long-term deferred tax asset $ 771 $ 736 The Company has analyzed filing positions in all of the US federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its US federal tax return, its state tax return in Colorado and its foreign tax returns in Canada and Poland as “major” tax jurisdictions, as defined by the Internal Revenue Code. The Company is not currently under an income tax audit in any US or foreign jurisdiction. The Company does not maintain a valuation allowance related to its US or foreign entities, and as a result any adjustment made by a taxing authority in the future could impact the effective tax rate. The Company’s income tax returns for the following periods are subject to examination: Jurisdiction: Periods US Federal 2007 -2017 US State - Colorado 2007 -2017 Canada 2006 - 2017 Mauritius 2015 - 2017 Poland 2013 -2017 Austria 2013 - 2017 United Kingdom 2017 The Company had income tax net operating loss carryforwards related to its domestic and international operations of approximately $13.0 million as of December 31, 2018 . The Company had recorded $2.8 million of deferred tax assets related to the net operating loss carryforwards, excluding the impact of the adjustment of unrecognized tax benefits. The deferred tax assets expire as follows: Amounts in thousands 2019 - 2030 $ 22 2031 - 2038 1,453 No expiration 1,323 Total deferred tax assets $ 2,798 Certain net operating loss carryforwards in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those net operating loss carryforwards are presented net of these unrecognized tax benefits. As of December 31, 2018, the Company has accumulated undistributed earnings generated by its foreign subsidiaries that significantly exceed the approximately $25.8 million of cash and cash equivalents held by its foreign subsidiaries. Because substantially all of these accumulated undistributed earnings have previously been subject to the one-time transition tax on foreign earnings required by the Tax Act or have been subject to tax under the GILTI regime, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company’s foreign investments would generally be limited to foreign and state taxes. The determination of the additional deferred taxes that would be provided for undistributed earnings has not been determined because the hypothetical calculation is not practicable. The Company intends, however, to indefinitely reinvest these earnings and expect s its future US cash generation to be sufficient to meet its future US cash needs. As of December 31, 2018 , the Company’s unrecognized tax benefit totaled $ 0.8 million. The current year unrecognized tax benefit increased as a result of the Company’s assessment of the full implementation of the Tax Act. The current year unrecognized tax benefit decreased due to a favorable change in foreign exchange rates. A portion of this adjustment has been recorded as a component of taxes payable, and a portion of this adjustment has been recorded as a reduction to deferred tax assets in the accompanying consolidated balance sheet as of December 31, 2018 . It is not anticipated that certain tax positions will be resolved within the next 12 months, which would decrease the Company’s balance of unrecognized tax benefits . The Company may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. The Company’s total amount of unrecognized tax benefit and changes to unrecognized tax benefit during the years ended December 31, 2018 and 2017 are summarized in the table below: Amounts in thousands 2018 2017 Unrecognized tax benefit - January 1 $ 803 $ 754 Gross increases - tax positions in prior period 66 49 Gross decreases - tax positions in prior period (49) — Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations — — Unrecognized tax benefit - December 31 $ 820 $ 803 The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued penalties and interest of less than $0.1 million during 2018 and 2017. The $0.8 million balance of unrecognized tax benefits, if recognized, would affect the effective tax rate. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 12. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING Fair Value Measurements The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs: · Level 1 – quoted prices in active markets for identical assets or liabilities · Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable · Level 3 – significant inputs to the valuation model are unobservable A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. Recurring Fair Value Measurements The estimated fair value and basis of valuation of the Company’s financial liabilities that are measured at fair value on a recurring basis were as follows: Amounts in thousands December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swap asset (1) $ — $ 169 $ — $ — $ 275 $ — (1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements. The Company determines the fair value of its interest rate swap agreements based on the notional amount of the swaps and the forward rate CAD-CDOR curve provided by Bloomberg and zero-coupon Canadian spot rates as of the valuation date. The Company classifies these instruments as Level 2 because the inputs into the valuation model can be corroborated utilizing observable benchmark market rates at commonly quoted intervals. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. During 2017, the Company transferred the LIM Center casino license at Casinos Poland to the Hilton Warsaw Hotel and, as a result, charged $0.1 million related to LIM Center leasehold improvements to operating costs and expenses during the year ended December 31, 2017. During 2016, the Company determined that the fair value of the Katowice leasehold improvements was zero based on the expiration of the license for that casino. As a result, $0.4 million was charged to operating costs and expenses during the year ended December 31, 2016. Long-Term Debt – The carrying value of the Company’s BMO Credit Agreement approximates fair value based on the recently negotiated terms of the third amended and restated credit agreement and the variable interest paid on the obligation. The carrying value of the Company’s CCB credit agreement approximates fair value based on the variable interest paid on the obligation. The carrying value of the Company’s CPL short-term lines of credit approximates fair value based on the variable interest paid on the obligations. In addition, CPL’s credit agreements approximate fair value due to the recently negotiated terms. The estimated fair values of the outstanding balances under the BMO Credit Agreement, CCB credit agreement and CPL lines of credit and credit agreements are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The fair values of the Company’s capital lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings. The Company had a valuation of the land at CDR completed in 2017 and the fair value of CDR’s land lease was CAD 28.6 million ( $21.0 million based on the exchange rate in effect on December 31, 2018 ). The Company will update the valuation when factors indicate a revaluation is necessary. The estimated fair values of the outstanding balances related to the Company’s capital lease obligations and CDR’s land lease are designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate such liabilities. Other Estimated Fair Value Measurements – The estimated fair values of other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of December 31, 2018 and 2017 , the Company had no cash equivalents. Derivative Instruments Reporting In April 2016, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. The interest rate swaps were not designated as accounting hedges. These interest rate swaps reset monthly, and the difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt. See Note 7 for details of the Company’s three interest rate swap agreements. Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements are recognized in interest expense on the Company’s consolidated statement of earnings. The location and effects of derivative instruments in the consolidated statements of earnings were as follows: Amounts in thousands For the year Derivatives not designated as Income Statement ended December 31, ASC 815 hedges Classification 2018 2017 2016 Interest Rate Swaps Interest Expense $ 953 $ 476 $ 500 The location and fair value amounts of the Company’s derivative instruments in the consolidated balance sheets were as follows: Amounts in thousands As of December 31, 2018 As of December 31, 2017 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Assets (Liabilities) Gross Amounts Offset Net Recognized Fair Value Assets (Liabilities) Gross Recognized Assets (Liabilities) Gross Amounts Offset Net Recognized Fair Value Assets (Liabilities) Derivative assets: Interest rate swaps - current Other current assets $ 94 $ — $ 94 $ 77 $ — $ 77 Interest rate swaps - non-current Deposits and other 75 — 75 198 — 198 Total derivative assets $ 169 $ — $ 169 $ 275 $ — $ 275 |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | 13. SEGMENT AND GEOGRAPHIC INFORMATION The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company added Century Mile Racetrack and Casino to its operating segments based on the characteristics that the property will have once operational. The Company’s operations related to Century Casino Bath, its concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. The Company concluded that CCB did not meet the materiality threshold to create a separate reportable segment as of December 31, 2018 . The Company will continue to evaluate CCB for this purpose. All intercompany transactions are eliminated in consolidation. The table below provides information about the aggregation of the Company’s operating segments into reportable segments: Reportable Segment Operating Segment Canada Century Casino & Hotel - Edmonton Canada Century Casino St. Albert Canada Century Casino Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! Canada Century Mile Racetrack and Casino United States Century Casino & Hotel – Central City United States Century Casino & Hotel – Cripple Creek Poland Casinos Poland Corporate and Other Cruise Ships & Other Corporate and Other Century Casino Bath Corporate and Other Corporate Other The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA is a non-GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination and certain other one-time transactions. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers. The following tables provide summary information regarding the Company’s segments for the years ended December 31, 2018 , 2017 and 2016 : For the year ended December 31, 2018 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 61,361 $ 33,483 $ 68,209 $ 5,885 $ 168,938 Earnings before income taxes $ 10,973 $ 5,881 $ 367 $ (11,298) $ 5,923 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,715 $ 4,373 $ (153) $ (8,541) $ 3,394 Interest expense (income), net 3,895 1 206 12 4,114 Income taxes (benefit) 2,536 1,508 595 (2,722) 1,917 Depreciation and amortization 3,211 2,178 3,065 945 9,399 Net earnings (loss) attributable to non-controlling interests 722 — (75) (35) 612 Non-cash stock-based compensation — — — 868 868 (Gain) loss on foreign currency transactions, cost recovery income and other (235) — (428) 2 (661) Loss on disposition of fixed assets 10 1 1,054 25 1,090 Pre-opening expenses 1,668 — 626 350 2,644 Adjusted EBITDA $ 19,522 $ 8,061 $ 4,890 $ (9,096) $ 23,377 Long-lived assets $ 115,861 $ 48,381 $ 12,465 $ 10,310 $ 187,017 Capital expenditures (2) $ 42,029 $ 1,183 $ 5,134 $ 8,428 $ 56,774 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. (2) Capital expenditures in 2018 included construction costs of $40.0 million related to Century Mile in the Canada segment. For the year ended December 31, 2017 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 57,732 $ 32,154 $ 59,796 $ 4,387 $ 154,069 Earnings before income taxes $ 11,685 $ 5,597 $ 3,304 $ (8,135) $ 12,451 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,681 $ 3,469 $ 1,280 $ (6,171) $ 6,259 Interest expense (income), net 3,487 2 105 (25) 3,569 Income taxes (benefit) 3,008 2,128 1,388 (1,964) 4,560 Depreciation and amortization 3,427 2,405 2,747 366 8,945 Net earnings attributable to non-controlling interests 996 — 636 — 1,632 Non-cash stock-based compensation — — — 669 669 (Gain) loss on foreign currency transactions, cost recovery income and other (564) — (822) 24 (1,362) Loss on disposition of fixed assets 83 1 535 3 622 Acquisition costs 28 — — 327 355 Pre-opening expenses 25 — 537 275 837 Adjusted EBITDA $ 18,171 $ 8,005 $ 6,406 $ (6,496) $ 26,086 Long-lived assets $ 86,361 $ 49,403 $ 12,512 $ 4,502 $ 152,778 Capital expenditures (2) $ 6,476 $ 672 $ 2,186 $ 1,793 $ 11,127 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Capital expenditures in 2017 included purchases of property and equipment of $4.6 million related to Century Mile in the Canada segment and $1.5 million related to CCB in the Corporate and Other segment. For the year ended December 31, 2016 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 50,237 $ 30,135 $ 54,890 $ 3,972 $ 139,234 Earnings before income taxes $ 12,381 $ 4,705 $ 5,647 $ (7,133) $ 15,600 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 8,448 $ 2,890 $ 2,921 $ (5,044) $ 9,215 Interest expense (income), net 3,037 2 71 (22) 3,088 Income taxes (benefit) 796 1,815 1,265 (2,089) 1,787 Depreciation and amortization 3,049 2,488 2,430 382 8,349 Net earnings attributable to non-controlling interests 3,137 — 1,461 — 4,598 Non-cash stock-based compensation — — — 759 759 (Gain) loss on foreign currency transactions, cost recovery income and other (2,232) — (310) 19 (2,523) Loss on disposition of fixed assets 27 2 301 — 330 Acquisition costs — — — 159 159 Adjusted EBITDA $ 16,262 $ 7,197 $ 8,139 $ (5,836) $ 25,762 Long-lived assets $ 77,015 $ 51,142 $ 10,612 $ 1,994 $ 140,763 Capital expenditures (2) $ 13,536 $ 1,165 $ 1,334 $ 611 $ 16,646 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Capital expenditures for Canada in 2016 included purchases of property and equipment of $9.5 million related to the acquisition of Century Casino St. Albert. |
Commitments, Contingencies And
Commitments, Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2018 | |
Commitments, Contingencies And Other Matters [Abstract] | |
Commitments, Contingencies And Other Matters | 14. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations, except for the proceedings involving the Polish Internal Revenue Service (“Polish IRS”) described below. Casinos Poland Since 2011, the Polish IRS has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through December 31, 2018 , CPL has paid PLN 14.3 million ( $4.2 million) to the Polish IRS related to these audits. In April 2018, a Polish appeals court issued a verbal decision on the 2009 tax audit, ruling in favor of the Polish IRS. The Company previously paid the amount owed related to this audit. In May 2018, the Polish IRS issued an official decision on the 2012 and 2013 tax audits and, as a result of the decision, CPL paid PLN 4.9 million ( $1.3 million). The balance of the estimated potential contingent liability on the Company’s consolidated balance sheet for all open periods as of December 31, 2018 is PLN 3.1 million ( $0.8 million based on the exchange rate in effect on December 31, 2018 ). The Company has evaluated the contingent liability recorded on its consolidated balance sheet as of December 31, 2018 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of December 31, 2018 . Additional court decisions and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future. Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of December 31, 2018 . Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows. In October 2016, the Company filed a motion for arbitration in Poland against LOT Polish Airlines, which previously owned a 33.3% interest in CPL that it sold to the Company in 2013. The Company sought to collect amounts owed to the Company by LOT Polish Airlines in connection with the payments made to the Polish IRS for the tax periods December 1, 2007 to December 31, 2008 and January 1, 2011 to January 31, 2011 pursuant to an agreement with LOT Polish Airlines under which the Company acquired the additional 33.3% interest in CPL. In June 2017, an arbitrator ruled in favor of CPL, and LOT Polish Airlines paid the Company PLN 1.2 million ( $0.3 million based on the exchange rate in effect on December 31, 2018) related to this claim in the third quarter of 2018. Distribution to Non-Controlling Interest – The Company purchased a portion of its ownership interest in CDR in November 2013. Prior to the Company’s acquisition of its ownership interest in CDR, the non-controlling shareholders built infrastructure in the land surrounding CDR. When funds for the use of this infrastructure are received by CDR from unrelated parties, they are distributed to CDR’s non-controlling shareholders through non-controlling interest. The Company distributed $0.6 million, $0.6 million and $1.6 million related to the infrastructure to CDR’s non-controlling shareholders during the years ended December 31, 2018, 2017 and 2016 , respectively. Employee Benefit Plans – The Company provides its employees in Colorado with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six -year period. The Company contributed $0.1 million for each of the years ended December 31, 2018 and 2017 , and less than $ 0.1 million to the 401K Plan for the year ended December 31, 2016 . The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan (the “RSP Plan”) and Registered Pension Plan (the “RPP Plan”, and collectively the “RSP and RPP Plans”). The RSP and RPP Plans allow eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants in the RPP Plan become fully vested in employer contributions over a two -year period, and participants in the RSP Plan become fully vested in employer contributions immediately. The Company contributed $0.2 million to the RSP and RPP Plans during each of the years ended December 31, 2018 , 2017 and 2016 . Operating Lease Commitments – The Company has entered into certain noncancelable operating leases for real property and equipment. Rental expenses, including month-to-month rentals, were $ 7.2 million, $4.6 million, and $3.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively . The increased expense related to the CMR land lease. Following is a summary of noncancelable operating lease commitments over the next five years: Amounts in thousands 2019 $ 4,079 2020 2,783 2021 2,748 2022 2,700 2023 2,646 Total $ 14,956 |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Transactions With Related Parties [Abstract] | |
Transactions With Related Parties | 15. TRANSACTIONS WITH RELATED PARTIES The Company has entered into separate management agreements with Flyfish Management & Consulting AG (“Flyfish”), a management company controlled by Co CEO Erwin Haitzmann, and with Focus Lifestyle and Entertainment AG (“Focus”), a management company controlled by Co CEO Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of earnings (loss) are charges from both Flyfish and Focus for a total of $ 0.7 million for each of the years ended December 31, 2018 , 2017 and 2016 . |
Unaudited Summarized Quarterly
Unaudited Summarized Quarterly Data | 12 Months Ended |
Dec. 31, 2018 | |
Unaudited Summarized Quarterly Data [Abstract] | |
Unaudited Summarized Quarterly Data | 16. UNAUDITED SUMMARIZED QUARTERLY DATA Summarized quarterly financial data for 2018 and 2017 are as follows: For the year ended December 31, 2018 Amounts in thousands, except for per share information: 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter Net operating revenue $ 40,620 $ 39,648 $ 43,564 $ 45,106 Earnings from operations 3,251 996 3,234 1,976 Net earnings 1,319 97 1,795 790 Net earnings attributable to Century Casinos, Inc. shareholders 926 317 1,640 506 Basic earnings per share: Earnings from operations $ 0.11 $ 0.03 $ 0.11 $ 0.07 Net earnings attributable to Century Casinos, Inc. shareholders $ 0.03 $ 0.01 $ 0.06 $ 0.02 Diluted earnings per share: Earnings from operations $ 0.11 $ 0.03 $ 0.11 $ 0.07 Net earnings attributable to Century Casinos, Inc. shareholders $ 0.03 $ 0.01 $ 0.05 $ 0.02 For the year ended December 31, 2017 Amounts in thousands, except for per share information: 1st Quarter 2nd Quarter 3rd Quarter (2) 4th Quarter (3) Net operating revenue $ 36,398 $ 37,330 $ 41,048 $ 39,293 Earnings from operations 4,490 3,641 4,777 1,706 Net earnings (loss) 2,797 2,170 7,952 (5,030) Net earnings (loss) attributable to Century Casinos, Inc. shareholders 2,159 1,802 7,630 (5,334) Basic earnings per share: Earnings from operations $ 0.18 $ 0.15 $ 0.20 $ 0.07 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.09 $ 0.07 $ 0.31 $ (0.20) Diluted earnings per share: Earnings from operations $ 0.18 $ 0.15 $ 0.19 $ 0.06 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.09 $ 0.07 $ 0.31 $ (0.19) (1) CCB began operating in May 2018. (2) The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. (3) The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its consolidated financial statements and related notes. The Company did not identify any material subsequent events impacting its financial statements in this report. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL, CDR, CBS and GHL as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL, CDR, CBS and GHL that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous US generally accepted accounting principles (“GAAP”). ASU 2016-02 requires lessees to account for leases as finance leases or operating leases. Both finance and operating leases will result in the lessee recognizing a right-of-use asset and corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset and, for operating leases, the lessee would recognize a straight-line lease expense. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The standard must be adopted by recognizing and measuring leases at the beginning of the earliest period being presented using a modified retrospective approach. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements (“ASU 2018-11”), which provides that entities may elect not to recast the comparative periods presented upon transition. Accounting Standards Codification (“ASC”) 842, which codifies ASU 2016-02, is effective for the Company in the first quarter of 2019. The Company expects the most significant impact will relate to its real estate operating leases and the related recognition of right-of-use assets and lease liabilities in both noncurrent assets and noncurrent liabilities on its consolidated balance sheet. The value of the right-of-use assets and lease liabilities that the Company recognizes on its balance sheet will depend on its lease portfolio and discount rates at the date of adoption. The Company will use the transition package of practical expedients permitted within the new standard, which, among other things, allows the carryforward of historical lease classification. The adoption of the new guidance will not have a material impact on the Company’s consolidated statement of earnings, cash flows or shareholders’ equity. See Note 14 for details on our current lease arrangements, the amounts of which represent the future undiscounted commitments. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The objective of ASU 2017-04 is to simplify the subsequent measurement of goodwill by entities performing their annual goodwill impairment tests by comparing the fair value of a reporting unit, including income tax effects from any tax-deductible goodwill, with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds fair value. ASU 2017-04 is effective for fiscal years beginning after December 31, 2021, and interim periods within those fiscal years. Early adoption of ASU 2017-04 is permitted on goodwill impairment tests performed after January 1, 2017. ASU 2017-04 should be applied on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2017-04; however, the standard is not expected to have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reporting Comprehensive Income (“ASU 2018-02”). The objective of ASU 2018-02 is to provide guidance on the impacts of the Tax Cuts and Jobs Act (“ Tax Act”). The guidance permits the reclassification of certain income tax effects of the Tax Act from other comprehensive income to retained earnings (stranded tax effects). The guidance also requires certain new disclosures. The guidance is effective for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted. Entities may adopt the guidance using one of two transition methods: retrospective to each period or periods in which the income tax effects of the Tax Act related to the items remaining in other comprehensive income are recognized, or at the beginning of the period of adoption. The Company has completed its evaluation and has determined that this standard will not have an impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) (“ASU 2018-13”). The objective of ASU 2018-13 is to modify disclosure requirements on fair value measurements. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments should be adopted using the prospective method for certain disclosures within the guidance and retrospectively upon the effective date. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) (“ASU 2018-15”). The objective of ASU 2018-15 is to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with those incurred to develop or obtain internal-use software. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The amendments can be applied either retrospectively or prospectively. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”). The objective of ASU 2018-17 is to improve applying variable interest entity guidance to private companies under common control and improving consideration of indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective for fiscal years beginning after December 31, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2018 2017 Cash and cash equivalents $ 45,575 $ 74,677 Restricted cash — 1,023 Restricted cash included in deposits and other 709 744 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 46,284 $ 76,444 For the year ended December 31, 2018 , restricted cash included $0.6 million in deposits and other related to a cash guarantee for the Company’s CCB credit agreement and $0.1 million in deposits related to payments of prizes and giveaways for Casinos Poland. |
Concentrations Of Credit Risk | Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. |
Inventories | Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. |
Property And Equipment | Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. During the year ended December 31, 2017, the Company wrote down the leasehold improvements at Casinos Poland’s LIM Center casino in Warsaw based on the transfer of the casino license to the Hilton Warsaw casino and charged $0.1 million to operating costs and expenses. During the year ended December 31, 2016, the Company wrote down the leasehold improvements at Casinos Poland’s Katowice casino based on the expiration of the license for that location and charged $0.4 million to operating costs and expenses. No long-lived asset impairment charges were recorded for the year ended December 31, 2018 . |
Goodwill | Goodwill— Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 6. |
Intangible Assets | Intangible Assets— Identifiable intangible assets include trademarks and casino licenses. The Company’s trademarks, CDR’s licenses issued by Alberta Gaming, Liquor and Cannabis (“AGLC”) and Horse Racing Alberta (“HRA”), CSA’s license issued by the AGLC and CCB’s licenses issued by the Great Britain Gambling Commission are indefinite-lived intangible assets and therefore are not amortized. The Company’s casino licenses related to CPL are finite-lived intangible assets and are amortized over their respective useful lives. See Note 6 |
Foreign Currency | Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows: December 31, December 31, Ending Rates 2018 2017 Canadian dollar (CAD) 1.3642 1.2545 Euros (EUR) 0.8738 0.8334 Polish zloty (PLN) 3.7606 3.4841 British pound (GBP) 0.7823 0.7396 For the year ended December 31, % Change Average Rates 2018 2017 2016 2018/2017 2017/2016 Canadian dollar (CAD) 1.2960 1.2981 1.3256 0.2% 2.1% Euros (EUR) 0.8473 0.8871 0.9041 4.5% 1.9% Polish zloty (PLN) 3.6103 3.7764 3.9455 4.4% 4.3% British pound (GBP) 0.7497 0.7767 0.7410 3.5% (4.8%) Source: Pacific Exchange Rate Service |
Comprehensive Income | Comprehensive Income – Comprehensive income includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. |
Revenue Recognition | Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard under US GAAP and International Financial Reporting Standards. The Company adopted ASU 2014-09 in its consolidated financial statements for 2018 using the modified retrospective approach. The Company applied ASU 2014-09 to contracts that were not completed as of January 1, 2018. The Company determined that all contractual performance obligations were completed as of December 31, 2017 and that no adjustment to retained earnings was required. The Company determined there was no impact to its consolidated balance sheet, consolidated statement of comprehensive (loss) income or consolidated statement of cash flows. The standard impacts the presentation of the Company’s consolidated statement of earnings in its consolidated financial statements for the year ended December 31, 2018 , and the Company has added the following additional disclosures in this Note 2 related to the impact of ASU 2014-09. Changes Related to Adoption of ASU 2014-09 The most significant impacts on the Company of its adoption of ASU 2014-09 were as follows: · Promotional Allowances : The Company recognizes revenue for goods and services provided to customers for free as an inducement to gamble as gaming revenue with an offset to gaming revenue based on the stand-alone selling price rather than an offset to promotional allowances. This change primarily resulted in a reclassification between revenue line items. · Loyalty Accounting : Complimentary points earned through game play at the Company’s casinos are identified as separate performance obligations and recorded as a reduction in gaming revenue when earned at the retail value of the benefits owed to the customer (less estimated breakage) and an increase to the loyalty program liability representing outstanding performance obligations. Such amounts are recognized as revenue in the line item of the corresponding good or service provided when the performance obligation is fulfilled. This change primarily resulted in a reclassification between revenue line items. · Estimated Cost of Promotional Allowances : The Company no longer reclassifies the estimated direct cost of providing promotional allowances from other expense line items to the gaming expense line item. This change resulted in a reclassification between expense line items that reduced gaming expense and increased hotel and food and beverage expenses by $1.2 million for the year ended December 31, 2018 . Revenue The Company derives revenue from: 1. contracts with customers, 2. financial instruments, 3. cost recovery payments, and 4. dividends from its cost investment. A breakout of the Company’s derived revenue is presented in the table below. For the year ended December 31, Amounts in thousands 2018 2017 2016 Revenue from contracts with customers $ 168,938 $ 154,069 $ 139,234 Interest income 103 92 72 Cost recovery income — 604 2,186 Dividend revenue — 43 — Total revenue $ 169,041 $ 154,808 $ 141,492 The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the AGLC and HRA. Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company does not extend lines of credit to customers. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at the retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. The Company records a liability based on the redemption value of the points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage, Bowling and Other Sales Goods and services provided include hotel room rentals, food and beverage sales, bowling lane rentals and retail sales. Revenue is recognized over time as specified in the contract; however, the majority of the contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company has elected the practical expedient permitted under ASU 2014-09 and excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Southern Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Management and Consulting Fees Revenue from the Company’s consulting services agreement with MCE and the management agreement with MCL are recorded monthly as services are provided. Payments are typically due within 30 days of the month to which the services relate. The agreed upon price in the contract does not contain variable consideration. The Company did not incur any costs to obtain its current agreements with MCE or MCL. The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting) and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, hotel, food and beverage, and pari-mutuel and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below. For the year ended December 31, 2018 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 40,470 $ 27,736 $ 67,289 $ 4,806 $ 140,301 Hotel 542 1,444 — — 1,986 Food and Beverage 10,528 3,931 782 501 15,742 Other 9,821 372 138 578 10,909 Net Operating Revenue $ 61,361 $ 33,483 $ 68,209 $ 5,885 $ 168,938 For the year ended December 31, 2017 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 39,866 $ 34,610 $ 60,180 $ 3,215 $ 137,871 Hotel 554 1,389 — — 1,943 Food and Beverage 10,017 3,782 714 — 14,513 Other 8,427 334 158 1,209 10,128 Promotional Allowances (1) (1,132) (7,961) (1,256) (37) (10,386) Net Operating Revenue $ 57,732 $ 32,154 $ 59,796 $ 4,387 $ 154,069 For the year ended December 31, 2016 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 34,009 $ 32,398 $ 54,791 $ 2,157 $ 123,355 Hotel 561 1,345 — — 1,906 Food and Beverage 8,501 3,397 602 — 12,500 Other 8,035 352 214 1,815 10,416 Promotional Allowances (1) (869) (7,357) (717) — (8,943) Net Operating Revenue $ 50,237 $ 30,135 $ 54,890 $ 3,972 $ 139,234 (1) With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year. The amount of revenue recognized that was included in the opening contract liability balance was $0.2 million for each of the years ended December 31, 2018 and 2017 . This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s contract receivables and liabilities is presented in the table below. For the year For the year ended December 31, 2018 ended December 31, 2017 Amounts in thousands Receivables Contract Liability Receivables Contract Liability Opening $ 266 $ 235 $ 270 $ 232 Closing 305 219 266 235 Increase/(Decrease) $ 39 $ (16) $ (4) $ 3 The Company did no t have any contract assets for the years ended December 31, 2018 and 2017 . Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s consolidated balance sheets. There were no impairment losses for the Company’s receivables or contract liabilities recognized for the years ended December 31, 2018 and 2017 . Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. The current period amounts within the Company’s consolidated statement of earnings have been revised in the table below to provide a comparison of revenue and the direct cost of providing promotional allowances to the Company’s consolidated statement of earnings for the year ended December 31, 2018 . Consolidated Statement of Earnings Amounts in thousands As Reported Changes Related to Adoption of ASU 2014-09 Revised For the year ended December 31, 2018 Operating revenue: Gaming $ 140,301 $ 11,609 $ 151,910 Operating revenue 168,938 11,609 180,547 Less: Promotional allowances — (11,609) (11,609) Net operating revenue 168,938 — 168,938 Operating costs and expenses Gaming 73,328 1,208 74,536 Hotel 727 (49) 678 Food and beverage $ 15,854 $ (1,159) $ 14,695 |
Promotional Allowances | Promotional Allowances – Prior to the adoption of ASU 2014-09, hotel accommodations and food and beverage furnished without charge to customers were included in gross revenue at retail value and were deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of providing promotional allowances is included in casino expenses. For the years ended December 31, 2018 , 2017 , and 2016 , the estimated direct cost of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2018 2017 2016 Hotel $ 49 $ 47 $ 49 Food and beverage 1,159 1,117 1,047 $ 1,208 $ 1,164 $ 1,096 See “Revenue Recognition – Gaming” above for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. |
Loyalty Programs | Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2018 and 2017 , the outstanding balance of this liability on the Company’s consolidated balance sheet was $0.7 million. |
Stock-Based Compensation | Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 10. |
Advertising Costs | Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $2.2 million, $2.1 million and $2.0 million in the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Income Taxes | Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. T he Tax Act, which was enacted on December 22, 2017, included significant changes to the Internal Revenue Code, including, among other items, a reduction of the federal corporate tax rate to 21% , a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred, and the creation of new taxes on certain foreign earnings. T he Company has completed its analysis of the tax impact resulting from the enactment of the Tax Act. See Note 11 for more discussion of the provisional amounts recorded by the Company related to the Tax Act. |
Earnings Per Share | Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2018 , 2017 and 2016 were as follows: For the year ended December 31, Amounts in thousands 2018 2017 2016 Weighted average common shares, basic 29,401 25,068 24,435 Dilutive effect of stock options 561 491 233 Weighted average common shares, diluted 29,962 25,559 24,668 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2018 2017 2016 Stock options 69 — 35 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | December 31, December 31, Amounts in thousands 2018 2017 Cash and cash equivalents $ 45,575 $ 74,677 Restricted cash — 1,023 Restricted cash included in deposits and other 709 744 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 46,284 $ 76,444 |
Schedule Of Depreciation Period Of Property And Equipment | Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years |
Schedule Of Exchange Rates To US Dollar | December 31, December 31, Ending Rates 2018 2017 Canadian dollar (CAD) 1.3642 1.2545 Euros (EUR) 0.8738 0.8334 Polish zloty (PLN) 3.7606 3.4841 British pound (GBP) 0.7823 0.7396 For the year ended December 31, % Change Average Rates 2018 2017 2016 2018/2017 2017/2016 Canadian dollar (CAD) 1.2960 1.2981 1.3256 0.2% 2.1% Euros (EUR) 0.8473 0.8871 0.9041 4.5% 1.9% Polish zloty (PLN) 3.6103 3.7764 3.9455 4.4% 4.3% British pound (GBP) 0.7497 0.7767 0.7410 3.5% (4.8%) Source: Pacific Exchange Rate Service |
Schedule Of Breakout Of The Company's Derived Revenue | For the year ended December 31, Amounts in thousands 2018 2017 2016 Revenue from contracts with customers $ 168,938 $ 154,069 $ 139,234 Interest income 103 92 72 Cost recovery income — 604 2,186 Dividend revenue — 43 — Total revenue $ 169,041 $ 154,808 $ 141,492 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the year ended December 31, 2018 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 40,470 $ 27,736 $ 67,289 $ 4,806 $ 140,301 Hotel 542 1,444 — — 1,986 Food and Beverage 10,528 3,931 782 501 15,742 Other 9,821 372 138 578 10,909 Net Operating Revenue $ 61,361 $ 33,483 $ 68,209 $ 5,885 $ 168,938 For the year ended December 31, 2017 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 39,866 $ 34,610 $ 60,180 $ 3,215 $ 137,871 Hotel 554 1,389 — — 1,943 Food and Beverage 10,017 3,782 714 — 14,513 Other 8,427 334 158 1,209 10,128 Promotional Allowances (1) (1,132) (7,961) (1,256) (37) (10,386) Net Operating Revenue $ 57,732 $ 32,154 $ 59,796 $ 4,387 $ 154,069 For the year ended December 31, 2016 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 34,009 $ 32,398 $ 54,791 $ 2,157 $ 123,355 Hotel 561 1,345 — — 1,906 Food and Beverage 8,501 3,397 602 — 12,500 Other 8,035 352 214 1,815 10,416 Promotional Allowances (1) (869) (7,357) (717) — (8,943) Net Operating Revenue $ 50,237 $ 30,135 $ 54,890 $ 3,972 $ 139,234 (1) With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. |
Schedule Of Contract Assets And Liabilities | For the year For the year ended December 31, 2018 ended December 31, 2017 Amounts in thousands Receivables Contract Liability Receivables Contract Liability Opening $ 266 $ 235 $ 270 $ 232 Closing 305 219 266 235 Increase/(Decrease) $ 39 $ (16) $ (4) $ 3 |
Comparison Of Revenue And Direct Cost Of Promotional Allowances To Consolidated Statement of Earnings | Consolidated Statement of Earnings Amounts in thousands As Reported Changes Related to Adoption of ASU 2014-09 Revised For the year ended December 31, 2018 Operating revenue: Gaming $ 140,301 $ 11,609 $ 151,910 Operating revenue 168,938 11,609 180,547 Less: Promotional allowances — (11,609) (11,609) Net operating revenue 168,938 — 168,938 Operating costs and expenses Gaming 73,328 1,208 74,536 Hotel 727 (49) 678 Food and beverage $ 15,854 $ (1,159) $ 14,695 |
Schedule Of Promotional Allowances | For the year ended December 31, Amounts in thousands 2018 2017 2016 Hotel $ 49 $ 47 $ 49 Food and beverage 1,159 1,117 1,047 $ 1,208 $ 1,164 $ 1,096 |
Schedule Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2018 2017 2016 Weighted average common shares, basic 29,401 25,068 24,435 Dilutive effect of stock options 561 491 233 Weighted average common shares, diluted 29,962 25,559 24,668 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2018 2017 2016 Stock options 69 — 35 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions [Abstract] | |
Schedule of Unaudited Pro Forma Information | For the year ended Amounts in thousands, except for per share information December 31, 2016 (Unaudited) Net operating revenue $ 145,186 Net earnings attributable to Century Casinos, Inc. shareholders $ 10,197 Basic and diluted earnings per share $ 0.41 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Schedule Of property And Equipment | December 31, Amounts in thousands 2018 2017 Land $ 48,090 $ 50,300 Buildings and improvements 116,186 110,733 Gaming equipment 23,419 24,212 Furniture and non-gaming equipment 20,923 20,501 Capital leases 1,496 1,628 Capital projects in process 41,963 9,872 $ 252,077 $ 217,246 Less: accumulated depreciation (65,060) (64,468) Property and equipment, net $ 187,017 $ 152,778 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Changes In The Carrying Amount Of Goodwill | Canada Poland Amounts in thousands Century Resorts Alberta Century Downs Century Casino St. Albert Casinos Poland Total Balance -- January 1, 2017 $ 3,661 $ 141 $ 3,501 $ 6,084 $ 13,387 Effect of foreign currency translation 258 10 246 1,261 1,775 Balance – December 31, 2017 $ 3,919 $ 151 $ 3,747 $ 7,345 $ 15,162 Effect of foreign currency translation (316) (12) (301) (540) (1,169) Balance -- December 31, 2018 $ 3,603 $ 139 $ 3,446 $ 6,805 $ 13,993 |
Changes in Carrying Amounts | Amounts in thousands Century Casinos Casinos Poland Total Balance -- January 1, 2017 $ 108 $ 1,450 $ 1,558 Effect of foreign currency translation — 301 301 Balance – December 31, 2017 $ 108 $ 1,751 $ 1,859 Effect of foreign currency translation — (129) (129) Balance -- December 31, 2018 $ 108 $ 1,622 $ 1,730 |
Casino Licenses | December 31, December 31, Amounts in thousands 2018 2017 Finite-lived Casino licenses $ 2,883 $ 2,992 Less: accumulated amortization (708) (1,434) Total finite-lived casino licenses, net 2,175 1,558 Infinite-lived Casino licenses 12,453 13,507 Total infinite-lived casino licenses 12,453 13,507 Casino licenses, net $ 14,628 $ 15,065 |
Changes in Carrying Amount of Licenses | Canada Corporate and Other Amounts in thousands Century Downs Century Casino St. Albert Century Casino Bath Balance -- January 1, 2017 $ 2,369 $ 9,104 $ — Purchase of Century Casino Bath — — 1,160 Effect of foreign currency translation 167 640 67 Balance – December 31, 2017 $ 2,536 $ 9,744 $ 1,227 Effect of foreign currency translation (204) (784) (66) Balance -- December 31, 2018 $ 2,332 $ 8,960 $ 1,161 |
Casinos Poland [Member] | |
Changes in Carrying Amount of Licenses | Amounts in thousands Casinos Poland Balance -- January 1, 2017 $ 667 New casino licenses 1,127 Amortization (385) Effect of foreign currency translation 149 Balance – December 31, 2017 $ 1,558 New casino licenses 1,151 Amortization (427) Effect of foreign currency translation (107) Balance -- December 31, 2018 $ 2,175 |
Estimated Amortization Expense | Amounts in thousands 2019 $ 442 2020 429 2021 429 2022 414 2023 361 Thereafter 100 $ 2,175 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-Term Debt [Abstract] | |
Schedule of Long-term Debt and Weighted Average Interest | Amounts in thousands December 31, 2018 December 31, 2017 Credit agreement - Bank of Montreal $ 40,515 4.43% $ 38,203 4.19% Credit agreements - CPL 1,949 1.77% — — Credit facilities - CPL 647 3.57% — — Credit agreement - CCB 2,429 2.34% 2,704 4.94% Financing obligation - CDR land lease 14,291 13.79% 15,541 13.44% Capital leases 188 7.06% 523 6.89% Total principal $ 60,019 6.74% $ 56,971 6.67% Deferred financing costs (496) (258) Total long-term debt $ 59,523 $ 56,713 Less current portion (17,482) (5,697) Long-term portion $ 42,041 $ 51,016 |
Schedule of Maturities of Long-term Debt | Amounts in thousands Bank of Montreal Casinos Poland Credit Agreements Casinos Poland Credit Facilities Century Casino Bath Credit Agreement Century Downs Land Lease Capital Leases Total 2019 $ 15,679 $ 522 $ 647 $ 511 $ — $ 123 $ 17,482 2020 2,709 745 — 511 — 47 4,012 2021 13,155 682 — 511 — 17 14,365 2022 510 — — 511 — 1 1,022 2023 510 — — 385 — — 895 Thereafter 7,952 — — — 14,291 — 22,243 Total $ 40,515 $ 1,949 $ 647 $ 2,429 $ 14,291 $ 188 $ 60,019 |
Other Balance Sheet And State_2
Other Balance Sheet And Statement Of Earnings Captions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Balance Sheet And Statement Of Earnings Captions [Abstract] | |
Accrued Liabilities | December 31, Amounts in thousands 2018 2017 Accrued commissions (AGLC) $ 2,262 $ 2,401 Progressive slot, table and on track liability 1,713 1,866 Player point liability 682 727 Chip liability 721 477 Off-track betting liability 355 522 Deposit liability 2,716 1,002 Deferred rent 756 220 Construction liability 2,154 — Other accrued liabilities 4,305 3,219 Total $ 15,664 $ 10,434 |
Taxes Payable | December 31, Amounts in thousands 2018 2017 Accrued property taxes $ 1,041 $ 1,024 Gaming taxes payable 4,364 3,708 Other taxes payable 165 83 Total $ 5,570 $ 4,815 |
Other Operating Revenue | For the year ended December 31, Amounts in thousands 2018 2017 2016 Pari-mutuel revenue $ 4,572 $ 3,665 $ 3,674 Bowling revenue 735 642 644 Other revenue 5,602 5,821 6,098 Total $ 10,909 $ 10,128 $ 10,416 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock Based Compensation Plan for PSU's | Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2017 — $ — Granted 167,968 8.03 Vested — — Forfeited — — Nonvested at December 31, 2017 167,968 $ 8.03 Granted 141,002 11.97 Vested — — Forfeited — — Nonvested at December 31, 2018 308,970 $ 9.83 |
Assumptions for PSU Awards | Assumptions for PSU Awards 2018 2017 Risk-free interest rate 2.61% 1.59% Expected life 2.7 years 3.0 years Expected volatility 34.7% 36.50% Expected dividends $0 $0 Forfeiture rate 0% 0% |
Stock Options | Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2018 1,276,411 $ 4.98 6.88 1,276,411 $ 4.98 Granted — — Exercised (41,411) 3.87 Cancelled or forfeited — — Expired — — Outstanding at December 31, 2018 1,235,000 $ 5.02 5.94 1,235,000 $ 5.02 (1) In years |
Stock Options Outstanding And Exercisable | Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $2.30 15,000 15,000 $ 76 $ 76 1.4 1.4 $5.05 1,220,000 1,220,000 2,855 2,855 6.0 6.0 1,235,000 1,235,000 $ 2,931 $ 2,931 5.9 5.9 (1) In years |
Non-Vested Employee Stock Options | Options Weighted-Average Grant Date Fair Value Nonvested at January 1, 2016 682,500 $ 2.55 Granted — — Vested (335,000) 2.55 Forfeited (12,500) 2.55 Nonvested at December 31, 2016 335,000 $ 2.55 Granted — — Vested (331,250) 2.55 Forfeited (3,750) 2.55 Nonvested at December 31, 2017 — $ — |
Additional Information Related to Stock Options | For the Year Ended December 31, Amounts in thousands 2018 2017 2016 Intrinsic value of share-based awards exercised $ 298 $ 16 $ 28 |
Stock-Based Compensation Expense Recognized in General and Administrative Expenses | For the Year Ended December 31, Amounts in thousands 2018 2017 2016 Compensation cost: 2005 Plan $ — $ 277 $ 759 2016 Plan 868 392 — Total compensation cost $ 868 $ 669 $ 759 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
US And Foreign Pre-Tax Income | Amounts in thousands 2018 2017 2016 Income before taxes: US $ 1,329 $ 1,059 $ 138 Foreign 4,594 11,392 15,462 Total income before taxes $ 5,923 $ 12,451 $ 15,600 |
Provision For Income Taxes | For the year Amounts in thousands ended December 31, 2018 2017 2016 US - Current $ 682 $ 1,283 $ 85 US - Deferred 12 (786) — Provision for US income taxes $ 694 $ 497 $ 85 Foreign - Current $ 1,257 $ 3,094 $ 1,898 Foreign - Deferred (34) 969 (196) Provision for foreign income taxes 1,223 4,063 1,702 Total provision for income taxes $ 1,917 $ 4,560 $ 1,787 |
Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate | Amounts in thousands 2018 2017 2016 US Federal income tax statutory rate 21.0% 35.0% 34.0% Foreign income taxes 8.9% (9.1%) (10.0%) State income tax (net of federal benefit) 0.9% 2.4% 0.2% Meals, entertainment, gifts & giveaways 3.1% 2.0% 1.1% Statutory to US GAAP adjustments, including foreign currency (16.0%) 2.8% 0.5% Valuation allowance — (45.9%) (17.4%) Unrecognized tax benefit 1.1% 0.1% — Stock options 2.5% 1.6% 1.6% Tax Act impact 7.0% 43.5% — Permanent and other items 3.9% 4.2% 1.5% Total provision for income taxes 32.4% 36.6% 11.5% |
Deferred Tax Assets And Liabilities | Amounts in thousands 2018 2017 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 140 $ 175 Amortization of startup costs 70 98 Property and equipment 471 433 NOL carryforward 45 51 Accrued liabilities and other 188 172 914 929 Valuation allowance — — $ 914 $ 929 Deferred tax liabilities Prepaid expenses $ (140) $ (143) $ (140) $ (143) Long-term deferred tax asset $ 774 $ 786 Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 977 $ 675 NOL carryforward 2,247 2,745 Tax credits — — Accrued liabilities and other 864 1,046 Contingent liability 157 348 Exchange rate gain 1,035 762 5,280 5,576 Valuation allowance — — $ 5,280 $ 5,576 Deferred tax liabilities Property and equipment $ (2,606) $ (2,786) Exchange rate loss (55) (95) Intangibles (1,211) (1,317) Others (637) (642) $ (4,509) $ (4,840) Long-term deferred tax asset $ 771 $ 736 |
Periods Subject To Examination Of Tax Returns | Jurisdiction: Periods US Federal 2007 -2017 US State - Colorado 2007 -2017 Canada 2006 - 2017 Mauritius 2015 - 2017 Poland 2013 -2017 Austria 2013 - 2017 United Kingdom 2017 |
Deferred Tax Assets Expiration | Amounts in thousands 2019 - 2030 $ 22 2031 - 2038 1,453 No expiration 1,323 Total deferred tax assets $ 2,798 |
Unrecognized Tax Benefits | Amounts in thousands 2018 2017 Unrecognized tax benefit - January 1 $ 803 $ 754 Gross increases - tax positions in prior period 66 49 Gross decreases - tax positions in prior period (49) — Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations — — Unrecognized tax benefit - December 31 $ 820 $ 803 |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value And Basis Of Valuation Of Financial Liabilities | Amounts in thousands December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swap asset (1) $ — $ 169 $ — $ — $ 275 $ — (1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements. |
Derivative Instruments In The Consolidated Statement Of Earnings (Loss) | Amounts in thousands For the year Derivatives not designated as Income Statement ended December 31, ASC 815 hedges Classification 2018 2017 2016 Interest Rate Swaps Interest Expense $ 953 $ 476 $ 500 |
Derivative Instruments Location And Fair Value Amounts | Amounts in thousands As of December 31, 2018 As of December 31, 2017 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Assets (Liabilities) Gross Amounts Offset Net Recognized Fair Value Assets (Liabilities) Gross Recognized Assets (Liabilities) Gross Amounts Offset Net Recognized Fair Value Assets (Liabilities) Derivative assets: Interest rate swaps - current Other current assets $ 94 $ — $ 94 $ 77 $ — $ 77 Interest rate swaps - non-current Deposits and other 75 — 75 198 — 198 Total derivative assets $ 169 $ — $ 169 $ 275 $ — $ 275 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment And Geographic Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Canada Century Casino & Hotel - Edmonton Canada Century Casino St. Albert Canada Century Casino Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! Canada Century Mile Racetrack and Casino United States Century Casino & Hotel – Central City United States Century Casino & Hotel – Cripple Creek Poland Casinos Poland Corporate and Other Cruise Ships & Other Corporate and Other Century Casino Bath Corporate and Other Corporate Other |
Segment Information | For the year ended December 31, 2018 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 61,361 $ 33,483 $ 68,209 $ 5,885 $ 168,938 Earnings before income taxes $ 10,973 $ 5,881 $ 367 $ (11,298) $ 5,923 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,715 $ 4,373 $ (153) $ (8,541) $ 3,394 Interest expense (income), net 3,895 1 206 12 4,114 Income taxes (benefit) 2,536 1,508 595 (2,722) 1,917 Depreciation and amortization 3,211 2,178 3,065 945 9,399 Net earnings (loss) attributable to non-controlling interests 722 — (75) (35) 612 Non-cash stock-based compensation — — — 868 868 (Gain) loss on foreign currency transactions, cost recovery income and other (235) — (428) 2 (661) Loss on disposition of fixed assets 10 1 1,054 25 1,090 Pre-opening expenses 1,668 — 626 350 2,644 Adjusted EBITDA $ 19,522 $ 8,061 $ 4,890 $ (9,096) $ 23,377 Long-lived assets $ 115,861 $ 48,381 $ 12,465 $ 10,310 $ 187,017 Capital expenditures (2) $ 42,029 $ 1,183 $ 5,134 $ 8,428 $ 56,774 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. (2) Capital expenditures in 2018 included construction costs of $40.0 million related to Century Mile in the Canada segment. For the year ended December 31, 2017 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 57,732 $ 32,154 $ 59,796 $ 4,387 $ 154,069 Earnings before income taxes $ 11,685 $ 5,597 $ 3,304 $ (8,135) $ 12,451 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,681 $ 3,469 $ 1,280 $ (6,171) $ 6,259 Interest expense (income), net 3,487 2 105 (25) 3,569 Income taxes (benefit) 3,008 2,128 1,388 (1,964) 4,560 Depreciation and amortization 3,427 2,405 2,747 366 8,945 Net earnings attributable to non-controlling interests 996 — 636 — 1,632 Non-cash stock-based compensation — — — 669 669 (Gain) loss on foreign currency transactions, cost recovery income and other (564) — (822) 24 (1,362) Loss on disposition of fixed assets 83 1 535 3 622 Acquisition costs 28 — — 327 355 Pre-opening expenses 25 — 537 275 837 Adjusted EBITDA $ 18,171 $ 8,005 $ 6,406 $ (6,496) $ 26,086 Long-lived assets $ 86,361 $ 49,403 $ 12,512 $ 4,502 $ 152,778 Capital expenditures (2) $ 6,476 $ 672 $ 2,186 $ 1,793 $ 11,127 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Capital expenditures in 2017 included purchases of property and equipment of $4.6 million related to Century Mile in the Canada segment and $1.5 million related to CCB in the Corporate and Other segment. For the year ended December 31, 2016 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 50,237 $ 30,135 $ 54,890 $ 3,972 $ 139,234 Earnings before income taxes $ 12,381 $ 4,705 $ 5,647 $ (7,133) $ 15,600 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 8,448 $ 2,890 $ 2,921 $ (5,044) $ 9,215 Interest expense (income), net 3,037 2 71 (22) 3,088 Income taxes (benefit) 796 1,815 1,265 (2,089) 1,787 Depreciation and amortization 3,049 2,488 2,430 382 8,349 Net earnings attributable to non-controlling interests 3,137 — 1,461 — 4,598 Non-cash stock-based compensation — — — 759 759 (Gain) loss on foreign currency transactions, cost recovery income and other (2,232) — (310) 19 (2,523) Loss on disposition of fixed assets 27 2 301 — 330 Acquisition costs — — — 159 159 Adjusted EBITDA $ 16,262 $ 7,197 $ 8,139 $ (5,836) $ 25,762 Long-lived assets $ 77,015 $ 51,142 $ 10,612 $ 1,994 $ 140,763 Capital expenditures (2) $ 13,536 $ 1,165 $ 1,334 $ 611 $ 16,646 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Capital expenditures for Canada in 2016 included purchases of property and equipment of $9.5 million related to the acquisition of Century Casino St. Albert. |
Commitments, Contingencies An_2
Commitments, Contingencies And Other Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments, Contingencies And Other Matters [Abstract] | |
Operating Lease Commitments And Purchase Options | Amounts in thousands 2019 $ 4,079 2020 2,783 2021 2,748 2022 2,700 2023 2,646 Total $ 14,956 |
Unaudited Summarized Quarterl_2
Unaudited Summarized Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unaudited Summarized Quarterly Data [Abstract] | |
Schedule of Quarterly Financial Information | For the year ended December 31, 2018 Amounts in thousands, except for per share information: 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter Net operating revenue $ 40,620 $ 39,648 $ 43,564 $ 45,106 Earnings from operations 3,251 996 3,234 1,976 Net earnings 1,319 97 1,795 790 Net earnings attributable to Century Casinos, Inc. shareholders 926 317 1,640 506 Basic earnings per share: Earnings from operations $ 0.11 $ 0.03 $ 0.11 $ 0.07 Net earnings attributable to Century Casinos, Inc. shareholders $ 0.03 $ 0.01 $ 0.06 $ 0.02 Diluted earnings per share: Earnings from operations $ 0.11 $ 0.03 $ 0.11 $ 0.07 Net earnings attributable to Century Casinos, Inc. shareholders $ 0.03 $ 0.01 $ 0.05 $ 0.02 For the year ended December 31, 2017 Amounts in thousands, except for per share information: 1st Quarter 2nd Quarter 3rd Quarter (2) 4th Quarter (3) Net operating revenue $ 36,398 $ 37,330 $ 41,048 $ 39,293 Earnings from operations 4,490 3,641 4,777 1,706 Net earnings (loss) 2,797 2,170 7,952 (5,030) Net earnings (loss) attributable to Century Casinos, Inc. shareholders 2,159 1,802 7,630 (5,334) Basic earnings per share: Earnings from operations $ 0.18 $ 0.15 $ 0.20 $ 0.07 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.09 $ 0.07 $ 0.31 $ (0.20) Diluted earnings per share: Earnings from operations $ 0.18 $ 0.15 $ 0.19 $ 0.06 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.09 $ 0.07 $ 0.31 $ (0.19) (1) CCB began operating in May 2018. (2) The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. (3) The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Narrative) (Details) | Apr. 25, 2018USD ($) | Jun. 01, 2015USD ($) | Sep. 30, 2017USD ($) | Aug. 31, 2017item | Jun. 30, 2017ft²item | Dec. 31, 2018USD ($)itemft | Oct. 31, 2018 | Dec. 31, 2013 |
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of ship-based casinos | 11 | |||||||
Number of cruise lines | 3 | |||||||
Cash acquired | $ | $ 200,000 | |||||||
Polish Airports Company [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Owned by noncontrolling interest | 33.30% | 33.30% | ||||||
Unaffiliated Shareholders [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership interest | 49.00% | |||||||
Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership interest | 9.21% | |||||||
Century Resorts Management [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership interest | 7.50% | |||||||
Lot Polish Airlines Invesment [Member] | Polish Airports Company [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Owned by noncontrolling interest | 33.30% | |||||||
Casinos Poland [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of majority ownership interests held throughout Poland | 8 | |||||||
Number of casinos owned and operated | 7 | |||||||
Century Bets! Inc. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 75.00% | |||||||
Century Bets! Inc. [Member] | Rocky Mountain Turf Club [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Owned by noncontrolling interest | 25.00% | |||||||
Century Resorts Management [Member] | Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 51.00% | |||||||
Casinos Poland [Member] | Lot Polish Airlines Invesment [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 66.60% | |||||||
Century Casinos Europe GmbH [Member] | Century Casino Bath [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of slot machines | 60 | |||||||
Number of table games | 15 | |||||||
Square footage of casino facility | ft² | 20,000 | |||||||
Century Casinos Europe GmbH [Member] | Hamilton Properties Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of slot machines | 200 | |||||||
Number of table games | 17 | |||||||
Potential loan for purchase of equipment | $ | $ 5,000,000 | |||||||
Century Casinos Europe GmbH [Member] | Hamilton Properties Ltd. [Member] | Minimum [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Number of electronic table games | 1 | |||||||
Oceania Cruises [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Term of consulting agreement | 2 years | |||||||
Consulting Fee | $ | $ 2,000,000 | |||||||
Consulting Fee payable per quarter | $ | $ 250,000 | |||||||
Century Downs Racetrack And Casino [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 75.00% | |||||||
Century Downs Racetrack And Casino [Member] | Unaffiliated Shareholders [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Owned by noncontrolling interest | 25.00% | |||||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership interest | 6.36% | 9.21% | 2.85% | |||||
Minh Chau Ltd. [Member] | Future Invesment [Member] | Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 51.00% | |||||||
Minh Chau Ltd. [Member] | Option to Purchase [Member] | Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Ownership percentage | 70.00% | |||||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | ||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||
Feet from border station | ft | 300 | |||||||
Assets recognized | $ | $ 500,000 | |||||||
Liabilities assumed | $ | 100,000 | |||||||
Cash acquired | $ | $ 200,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Significant Accounting Policies [Line Items] | ||||
Outstanding balance of promotional balance liability | $ 700 | $ 700 | ||
Restricted cash | 1,023 | |||
Estimated cost of promotional allowances | [1],[2] | 10,386 | $ 8,943 | |
Impairment of long-lived assets | 0 | |||
Contract assets | 0 | 0 | ||
Impairment losses on receivables and contract liabilities | 0 | 0 | ||
Advertising costs | $ 2,200 | $ 2,100 | $ 2,000 | |
US Federal income tax statutory rate | 21.00% | 35.00% | 34.00% | |
Hotel, Food And Beverage [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated cost of promotional allowances | $ 1,200 | |||
Tax Act [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
US Federal income tax statutory rate | 21.00% | |||
Casinos Poland's LIM Center [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of Leasehold | $ 100 | |||
Casinos Poland's Katowice Casino [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Impairment of Leasehold | $ 400 | |||
Included In Deposits And Other [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Restricted cash | $ 709 | 744 | ||
Included In Deposits And Other [Member] | Century Casino Bath [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Restricted cash | 600 | |||
Deposits Related To Payments Of Prizes and Giveaways [Member] | Casinos Poland [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Restricted cash | 100 | |||
Opening [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Contract liability | $ 235 | $ 232 | ||
[1] | See Note 2, "Significant Accounting Policies," of the consolidated financial statements for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. | |||
[2] | With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 45,575 | $ 74,677 | ||
Restricted cash | 1,023 | |||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | 46,284 | 76,444 | $ 39,020 | $ 29,568 |
Included In Deposits And Other [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 709 | $ 744 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Depreciation Period Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 39 years |
Maximum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 7 years |
Maximum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 7 years |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 5 years |
Minimum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 3 years |
Minimum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Service lives of assets | 3 years |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule Of Exchange Rates To US Dollar) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Canadian Dollar (CAD) [Member] | |||
Currency [Line Items] | |||
Ending rates | 1.3642 | 1.2545 | |
Average Rates | 1.2960 | 1.2981 | 1.3256 |
Average Rates % Change | 0.20% | 2.10% | |
Euros (EUR) [Member] | |||
Currency [Line Items] | |||
Ending rates | 0.8738 | 0.8334 | |
Average Rates | 0.8473 | 0.8871 | 0.9041 |
Average Rates % Change | 4.50% | 1.90% | |
Polish Zloty (PLN) [Member] | |||
Currency [Line Items] | |||
Ending rates | 3.7606 | 3.4841 | |
Average Rates | 3.6103 | 3.7764 | 3.9455 |
Average Rates % Change | 4.40% | 4.30% | |
British Pound (GBP) [Member] | |||
Currency [Line Items] | |||
Ending rates | 0.7823 | 0.7396 | |
Average Rates | 0.7497 | 0.7767 | 0.7410 |
Average Rates % Change | 3.50% | (4.80%) |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule Of Breakout Of The Company's Derived Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |||
Revenue from contracts with customers | $ 168,938 | $ 154,069 | $ 139,234 |
Interest income | 103 | 92 | 72 |
Cost recovery income | 604 | 2,186 | |
Dividend revenue | 43 | ||
Total revenue | $ 169,041 | $ 154,808 | $ 141,492 |
Significant Accounting Polici_9
Significant Accounting Policies (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [3] | Mar. 31, 2018 | Dec. 31, 2017 | [4] | Sep. 30, 2017 | [5] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | $ 168,938 | $ 164,455 | $ 148,177 | ||||||||||||
Less: Promotional allowances | [1],[2] | (10,386) | (8,943) | ||||||||||||
Net operating revenue | $ 45,106 | $ 43,564 | $ 39,648 | $ 40,620 | $ 39,293 | $ 41,048 | $ 37,330 | $ 36,398 | 168,938 | 154,069 | 139,234 | ||||
Corporate And Other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Less: Promotional allowances | [2] | (37) | |||||||||||||
Net operating revenue | 5,885 | 4,387 | 3,972 | ||||||||||||
Canada [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Less: Promotional allowances | [2] | (1,132) | (869) | ||||||||||||
Net operating revenue | 61,361 | 57,732 | 50,237 | ||||||||||||
United States [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Less: Promotional allowances | [2] | (7,961) | (7,357) | ||||||||||||
Net operating revenue | 33,483 | 32,154 | 30,135 | ||||||||||||
Poland [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Less: Promotional allowances | [2] | (1,256) | (717) | ||||||||||||
Net operating revenue | 68,209 | 59,796 | 54,890 | ||||||||||||
Gaming [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 140,301 | 137,871 | 123,355 | ||||||||||||
Gaming [Member] | Corporate And Other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 4,806 | 3,215 | 2,157 | ||||||||||||
Gaming [Member] | Canada [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 40,470 | 39,866 | 34,009 | ||||||||||||
Gaming [Member] | United States [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 27,736 | 34,610 | 32,398 | ||||||||||||
Gaming [Member] | Poland [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 67,289 | 60,180 | 54,791 | ||||||||||||
Hotel [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 1,986 | 1,943 | 1,906 | ||||||||||||
Hotel [Member] | Canada [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 542 | 554 | 561 | ||||||||||||
Hotel [Member] | United States [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 1,444 | 1,389 | 1,345 | ||||||||||||
Food And Beverage [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 15,742 | 14,513 | 12,500 | ||||||||||||
Food And Beverage [Member] | Corporate And Other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 501 | ||||||||||||||
Food And Beverage [Member] | Canada [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 10,528 | 10,017 | 8,501 | ||||||||||||
Food And Beverage [Member] | United States [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 3,931 | 3,782 | 3,397 | ||||||||||||
Food And Beverage [Member] | Poland [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 782 | 714 | 602 | ||||||||||||
Other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 10,909 | 10,128 | 10,416 | ||||||||||||
Other [Member] | Corporate And Other [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 578 | 1,209 | 1,815 | ||||||||||||
Other [Member] | Canada [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 9,821 | 8,427 | 8,035 | ||||||||||||
Other [Member] | United States [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 372 | 334 | 352 | ||||||||||||
Other [Member] | Poland [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | $ 138 | $ 158 | $ 214 | ||||||||||||
[1] | See Note 2, "Significant Accounting Policies," of the consolidated financial statements for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. | ||||||||||||||
[2] | With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. | ||||||||||||||
[3] | CCB began operating in May 2018. | ||||||||||||||
[4] | The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. | ||||||||||||||
[5] | The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. |
Significant Accounting Polic_10
Significant Accounting Policies (Schedule of Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Opening [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | $ 266 | $ 270 |
Contract Liability | 235 | 232 |
Closing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 305 | 266 |
Contract Liability | 219 | 235 |
Increase/(Decrease) [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Receivables | 39 | (4) |
Contract Liability | $ (16) | $ 3 |
Significant Accounting Polic_11
Significant Accounting Policies (Comparison Of Revenue And Direct Cost Of Promotional Allowances To Consolidated Statement of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [3] | Mar. 31, 2018 | Dec. 31, 2017 | [4] | Sep. 30, 2017 | [5] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | $ 168,938 | $ 164,455 | $ 148,177 | ||||||||||||
Less: Promotional allowances | [1],[2] | (10,386) | (8,943) | ||||||||||||
Net operating revenue | $ 45,106 | $ 43,564 | $ 39,648 | $ 40,620 | $ 39,293 | $ 41,048 | $ 37,330 | $ 36,398 | 168,938 | 154,069 | 139,234 | ||||
Changes Related to Adoption of ASU 2014-09 [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 11,609 | ||||||||||||||
Less: Promotional allowances | (11,609) | ||||||||||||||
Revised [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 180,547 | ||||||||||||||
Less: Promotional allowances | (11,609) | ||||||||||||||
Net operating revenue | 168,938 | ||||||||||||||
Gaming [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 140,301 | 137,871 | 123,355 | ||||||||||||
Operating costs and expenses | 73,328 | 66,364 | 58,928 | ||||||||||||
Gaming [Member] | Changes Related to Adoption of ASU 2014-09 [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 11,609 | ||||||||||||||
Operating costs and expenses | 1,208 | ||||||||||||||
Gaming [Member] | Revised [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 151,910 | ||||||||||||||
Operating costs and expenses | 74,536 | ||||||||||||||
Hotel [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 1,986 | 1,943 | 1,906 | ||||||||||||
Operating costs and expenses | 727 | 660 | 541 | ||||||||||||
Hotel [Member] | Changes Related to Adoption of ASU 2014-09 [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating costs and expenses | (49) | ||||||||||||||
Hotel [Member] | Revised [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating costs and expenses | 678 | ||||||||||||||
Food And Beverage [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenue | 15,742 | 14,513 | 12,500 | ||||||||||||
Operating costs and expenses | 15,854 | $ 12,959 | $ 10,945 | ||||||||||||
Food And Beverage [Member] | Changes Related to Adoption of ASU 2014-09 [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating costs and expenses | (1,159) | ||||||||||||||
Food And Beverage [Member] | Revised [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating costs and expenses | $ 14,695 | ||||||||||||||
[1] | See Note 2, "Significant Accounting Policies," of the consolidated financial statements for a discussion of the impact of the adoption of ASU 2014-09 on the presentation of promotional allowances. | ||||||||||||||
[2] | With the adoption of ASU 2014-09, promotional allowances are presented as a reduction in gaming revenue for the year ended December 31, 2018. | ||||||||||||||
[3] | CCB began operating in May 2018. | ||||||||||||||
[4] | The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. | ||||||||||||||
[5] | The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. |
Significant Accounting Polic_12
Significant Accounting Policies (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total promotional allowances | $ 1,208 | $ 1,164 | $ 1,096 |
Hotel [Member] | |||
Total promotional allowances | 49 | 47 | 49 |
Food And Beverage [Member] | |||
Total promotional allowances | $ 1,159 | $ 1,117 | $ 1,047 |
Significant Accounting Polic_13
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |||
Weighted average common shares, basic | 29,401 | 25,068 | 24,435 |
Dilutive effect of stock options | 561 | 491 | 233 |
Weighted average common shares, diluted | 29,962 | 25,559 | 24,668 |
Significant Accounting Polic_14
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive and not included in the weighted-average shares outstanding calculation | 69 | 35 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, $ in Millions | Oct. 01, 2016CAD ($) | Oct. 01, 2016USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | [1] | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | [2] | Sep. 30, 2017USD ($) | [3] | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Total consideration | $ 31.9 | $ 24,300 | ||||||||||||||
Operating revenue | $ 168,938 | $ 164,455 | $ 148,177 | |||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | $ 506 | $ 1,640 | $ 317 | $ 926 | $ (5,334) | $ 7,630 | $ 1,802 | $ 2,159 | 3,394 | 6,259 | 9,215 | |||||
Apex Acquisition[Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership acquired | 100.00% | 100.00% | ||||||||||||||
Operating revenue | 9,100 | 8,800 | 2,000 | |||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | $ 1,100 | $ 1,100 | 300 | |||||||||||||
Acquisition costs | $ 200 | |||||||||||||||
[1] | CCB began operating in May 2018. | |||||||||||||||
[2] | The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. | |||||||||||||||
[3] | The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. |
Acquisitions (Schedule of Unaud
Acquisitions (Schedule of Unaudited Pro Forma Information) (Details) - Apex Acquisition[Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Net operating revenue | $ 145,186 |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 10,197 |
Basic and diluted earnings per share | $ / shares | $ 0.41 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Oct. 31, 2014USD ($) | Dec. 31, 2018USD ($)employeeft | Oct. 31, 2018USD ($) | Apr. 25, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Equity investment | $ 659 | ||||
Period of option to purchase additional equity interest | 3 years | ||||
Cost investment | $ 1,000 | $ 1,000 | |||
Mendoza Central Entretenimientos S. A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of directors appointed | employee | 1 | ||||
Cost investment | $ 1,000 | ||||
Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition costs | 100 | ||||
Century Casinos Europe GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Period of option to purchase additional equity interest | 3 years | ||||
Additional interest to purchase under option, percentage | 50.00% | ||||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000 | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity investment | $ 3,600 | $ 400 | |||
Feet from border station | ft | 300 | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | Future Invesment [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity investment | $ 3,600 | ||||
Century Resorts Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 7.50% | ||||
Century Resorts Management [Member] | Century Casinos Europe GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 7.50% | ||||
Golden Hospitality Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 9.21% | ||||
Golden Hospitality Ltd. [Member] | Century Resorts Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 51.00% | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 9.21% | 2.85% | 6.36% | ||
Equity investment | $ 200 | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | Future Invesment [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 51.00% | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | Option to Purchase [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 70.00% | ||||
Additional interest to purchase under option, percentage | 19.00% |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 9 | $ 8.6 | $ 8 |
Property And Equipment (Schedul
Property And Equipment (Schedule of property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 252,077 | $ 217,246 |
Less: accumulated depreciation | (65,060) | (64,468) |
Property and equipment, net | 187,017 | 152,778 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 48,090 | 50,300 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 116,186 | 110,733 |
Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 23,419 | 24,212 |
Furniture And Non-Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 20,923 | 20,501 |
Capital Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,496 | 1,628 |
Capital Projects In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 41,963 | $ 9,872 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($)item | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment charges related to goodwill | $ 0 |
Number of trademarks | item | 2 |
Impairment charges related to trademarks | $ 0 |
Weighted-average period before the next renewal of casino licenses | 4 years 4 months 24 days |
License impairment charges | $ 0 |
Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Number of casino licenses | item | 8 |
Term of casino licenses, years | 6 years |
License impairment charges | $ 0 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 15,162 | $ 13,387 |
Effect of foreign currency translation | (1,169) | 1,775 |
Balance at end of period | 13,993 | 15,162 |
Century Resorts Alberta [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 3,919 | 3,661 |
Effect of foreign currency translation | (316) | 258 |
Balance at end of period | 3,603 | 3,919 |
Century Downs Racetrack And Casino [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 151 | 141 |
Effect of foreign currency translation | (12) | 10 |
Balance at end of period | 139 | 151 |
Century Casino St. Albert [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 3,747 | 3,501 |
Effect of foreign currency translation | (301) | 246 |
Balance at end of period | 3,446 | 3,747 |
Casinos Poland [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 7,345 | 6,084 |
Effect of foreign currency translation | (540) | 1,261 |
Balance at end of period | $ 6,805 | $ 7,345 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Changes in Carrying Amounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 1,859 | $ 1,558 |
Effect of foreign currency translation | (129) | 301 |
Balance at end of period | 1,730 | 1,859 |
Century Casinos [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 108 | 108 |
Effect of foreign currency translation | ||
Balance at end of period | 108 | 108 |
Casinos Poland [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 1,751 | 1,450 |
Effect of foreign currency translation | (129) | 301 |
Balance at end of period | $ 1,622 | $ 1,751 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Casino Licenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets [Abstract] | ||
Finite-lived: Casino licenses | $ 2,883 | $ 2,992 |
Less: accumulated amortization | (708) | (1,434) |
Total finite-lived casino licenses, net | 2,175 | 1,558 |
Infinite-lived: Casino licenses | 12,453 | 13,507 |
Total infinite-lived casino licenses | 12,453 | 13,507 |
Casino licenses, net | $ 14,628 | $ 15,065 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Changes in Carrying Amount of Licenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance at begininng of period | $ 1,558 | |
Amortization | (708) | $ (1,434) |
Balance at end of period | 2,175 | 1,558 |
Casinos Poland [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 1,558 | 667 |
New casino licenses | 1,151 | 1,127 |
Amortization | (427) | (385) |
Effect of foreign currency translation | (107) | 149 |
Balance at end of period | 2,175 | 1,558 |
Century Downs Racetrack And Casino [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 2,536 | 2,369 |
Purchase of Century Casino Bath | ||
Effect of foreign currency translation | (204) | 167 |
Balance at end of period | 2,332 | 2,536 |
Century Casino St. Albert [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 9,744 | 9,104 |
Purchase of Century Casino Bath | ||
Effect of foreign currency translation | (784) | 640 |
Balance at end of period | 8,960 | 9,744 |
Century Casino Bath [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 1,227 | |
Purchase of Century Casino Bath | 1,160 | |
Effect of foreign currency translation | (66) | 67 |
Balance at end of period | $ 1,161 | $ 1,227 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total finite-lived casino licenses, net | $ 2,175 | $ 1,558 | |
Casinos Poland [Member] | |||
2,019 | 442 | ||
2,020 | 429 | ||
2,021 | 429 | ||
2,022 | 414 | ||
2,023 | 361 | ||
Thereafter | 100 | ||
Total finite-lived casino licenses, net | $ 2,175 | $ 1,558 | $ 667 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions, zł in Millions | Aug. 13, 2018EUR (€) | Dec. 31, 2018CAD ($) | Dec. 31, 2018PLN (zł) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018GBP (£)item | Dec. 31, 2018CAD ($)item | Dec. 31, 2018PLN (zł)item | Dec. 31, 2018USD ($)item | Dec. 12, 2018PLN (zł)item | Aug. 31, 2018USD ($) | Aug. 31, 2017GBP (£) | Sep. 30, 2016CAD ($) | Aug. 15, 2014CAD ($) | May 31, 2012CAD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Amortization of deferred financing costs | $ 122,000 | $ 149,000 | $ 129,000 | |||||||||||||
Amount outstanding | 56,971,000 | $ 60,019,000 | ||||||||||||||
total debt | 56,713,000 | 59,523,000 | ||||||||||||||
Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | zł 2.4 | 600,000 | ||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł | 4.8 | |||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | 1,000,000 | |||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł 0.4 | 100,000 | ||||||||||||||
Century Casino Bath [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | £ 1.9 | 2,400,000 | £ 2 | |||||||||||||
Expiration date | Sep. 1, 2023 | Sep. 1, 2023 | Sep. 1, 2023 | |||||||||||||
Line of credit facility amount available for borrowing | $ 0 | |||||||||||||||
Guaranteed amount | $ 600,000 | |||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | 1.625% | |||||||||||||
Capital Lease - CRA [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of capital lease agreements | item | 2 | 2 | 2 | 2 | ||||||||||||
Capital Lease- CAL [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of capital lease agreements | item | 2 | 2 | 2 | 2 | ||||||||||||
Capital Lease - CDR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of capital lease agreements | item | 3 | 3 | 3 | 3 | ||||||||||||
Capital lease agreements | $ 100 | $ 100,000 | ||||||||||||||
Capital Lease - CSA [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of capital lease agreements | item | 1 | 1 | 1 | 1 | ||||||||||||
Capital Lease - Century Mile [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of capital lease agreements | item | 1 | 1 | 1 | 1 | ||||||||||||
BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 102,200,000 | $ 69,200 | $ 39,100 | $ 28,000 | ||||||||||||
Notional Value | $ 6,500 | $ 4,800,000 | ||||||||||||||
Required minimum equity balance under debt covenant | 50,000 | |||||||||||||||
Required maximum capital expenditure limit under debt covenant | $ 4,000 | |||||||||||||||
Required maximum capital expenditure limit under debt covenant for 2019 | 5,500 | |||||||||||||||
Required maximum capital expenditure limit under debt covenant, thereafter | 2,500 | |||||||||||||||
Line of credit facility | 55,300 | 40,500,000 | ||||||||||||||
Line of credit facility amount available for borrowing | 26,100 | 19,100,000 | ||||||||||||||
Quarterly standby fees | $ 100 | $ 100,000 | ||||||||||||||
Line of credit facility amount that cannot be reborrowed once repaid | $ 77,800 | |||||||||||||||
Amortization of deferred financing costs | $ 100,000 | $ 100,000 | 100,000 | |||||||||||||
Deferred financing costs | $ 300,000 | $ 400,000 | ||||||||||||||
Debt instrument maturity date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
BMO Credit Agreement [Member] | CDOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 3.89% | 3.89% | 3.89% | 3.89% | ||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Second Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notional Value | $ 6,500 | $ 4,800,000 | ||||||||||||||
Debt instrument maturity date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Second Agreement [Member] | CDOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 3.92% | 3.92% | 3.92% | 3.92% | ||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Third Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Notional Value | $ 11,600 | $ 8,500,000 | ||||||||||||||
Debt instrument maturity date | Dec. 1, 2021 | Dec. 1, 2021 | Dec. 1, 2021 | |||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Third Agreement [Member] | CDOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Effective interest rate | 4.08% | 4.08% | 4.08% | 4.08% | ||||||||||||
BMO Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł 1.7 | $ 500,000 | ||||||||||||||
Line of Credit with mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | 5 | |||||||||||||||
Expiration date | Mar. 28, 2019 | Mar. 28, 2019 | Mar. 28, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | 5 | 1,300,000 | ||||||||||||||
Amount outstanding | 0 | |||||||||||||||
Line of Credit with mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.40% | 1.40% | 1.40% | |||||||||||||
CDR Financing Obligation [Member] | Century Downs Racetrack And Casino [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding financing obligation | $ 19,500 | 14,300,000 | ||||||||||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | 13 | |||||||||||||||
Line of credit amount that can only be used to secure bank guarantees | zł | zł 2 | |||||||||||||||
Expiration date | Mar. 20, 2019 | Mar. 20, 2019 | Mar. 20, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | 7.5 | 2,000,000 | ||||||||||||||
Guaranteed amount | zł 3.1 | $ 800,000 | ||||||||||||||
Interest rate percentage points | 1.85% | 1.85% | 1.85% | |||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł 6 | 1,600,000 | ||||||||||||||
Capital Leases [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount outstanding | 188,000 | |||||||||||||||
Credit Facility A [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Line of credit facility | 1,100 | |||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | $ 1,100 | $ 800,000 | ||||||||||||||
Credit Facility B [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Ownership acquired | 33.30% | 33.30% | 33.30% | 33.30% | ||||||||||||
Line of credit facility | $ 24,100 | |||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | 0 | |||||||||||||||
Credit Facility C [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Line of credit facility | 11,000 | |||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | 5,900 | $ 4,300,000 | ||||||||||||||
Credit Facility D [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Line of credit facility | 30,000 | |||||||||||||||
Expiration date | Sep. 1, 2021 | Sep. 1, 2021 | Sep. 1, 2021 | |||||||||||||
Line of credit facility amount available for borrowing | 0 | |||||||||||||||
Credit Facility E [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||
Credit Facility E [Member] | Treasury Risk Management Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Credit Facility E [Member] | Treasury Risk Management Facility [Member] | Interest Rate Swap Liability [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | 3,000 | 2,200,000 | ||||||||||||||
Credit Facility F [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | 33,000 | |||||||||||||||
Expiration date | Aug. 24, 2019 | Aug. 24, 2019 | Aug. 24, 2019 | |||||||||||||
Line of credit facility amount available for borrowing | 19,100 | 14,000,000 | ||||||||||||||
Credit Facility G [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||
Credit Facility H [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | 2,000 | |||||||||||||||
Line of credit facility amount available for borrowing | $ 2,000 | 1,500,000 | ||||||||||||||
Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of credit agreements | item | 3 | |||||||||||||||
First Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | zł 3 | |||||||||||||||
Term of credit agreement | 3 years | 3 years | 3 years | |||||||||||||
Expiration date | Nov. 1, 2021 | Nov. 1, 2021 | Nov. 1, 2021 | |||||||||||||
Amount outstanding | zł 3 | 800,000 | ||||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 5 | |||||||||||||||
First Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.70% | 1.70% | 1.70% | |||||||||||||
Second Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | 4 | |||||||||||||||
Term of credit agreement | 3 years | 3 years | 3 years | |||||||||||||
Expiration date | Nov. 1, 2021 | Nov. 1, 2021 | Nov. 1, 2021 | |||||||||||||
Line of credit facility amount available for borrowing | 0 | |||||||||||||||
Amount outstanding | 4 | 1,100,000 | ||||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 1 | |||||||||||||||
Second Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.70% | 1.70% | 1.70% | |||||||||||||
Third Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | zł 2.5 | |||||||||||||||
Term of credit agreement | 4 years | 4 years | 4 years | |||||||||||||
Expiration date | Nov. 1, 2022 | Nov. 1, 2022 | Nov. 1, 2022 | |||||||||||||
Line of credit facility amount available for borrowing | 2.2 | 600,000 | ||||||||||||||
Amount outstanding | zł 0.3 | $ 100,000 | ||||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 1 | |||||||||||||||
Third Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.90% | 1.90% | 1.90% | |||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Guaranteed amount | € | € 7 | |||||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | EURIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.50% | 1.50% | 1.50% | |||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.50% | 1.50% | 1.50% | |||||||||||||
UniCredit Agreement Term 1 [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 1 month | 1 month | 1 month | |||||||||||||
UniCredit Agreement Term 2 [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 3 months | 3 months | 3 months | |||||||||||||
UniCredit Agreement Term 3 [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 6 months | 6 months | 6 months | |||||||||||||
UniCredit Agreement Term 4 [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 9 months | 9 months | 9 months | |||||||||||||
UniCredit Agreement Term 5 [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of credit agreement | 12 months | 12 months | 12 months | |||||||||||||
Minimum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Fixed Charge Coverage Ratio | 1 | 1 | 1 | 1 | ||||||||||||
Standby fees, percentage | 0.50% | 0.50% | 0.50% | |||||||||||||
Minimum [Member] | First Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 50 | 50 | 50 | 50 | ||||||||||||
Profit margin | 0.10% | 0.10% | 0.10% | |||||||||||||
Liquidity ratio | 0.8 | 0.8 | 0.8 | 0.8 | ||||||||||||
Minimum [Member] | Second Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | ||||||||||||
Profit margin | 0.10% | 0.10% | 0.10% | |||||||||||||
Liquidity ratio | 0.8 | 0.8 | 0.8 | 0.8 | ||||||||||||
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | ||||||||||||
Profit margin | 0.10% | 0.10% | 0.10% | |||||||||||||
Liquidity ratio | 0.8 | 0.8 | 0.8 | 0.8 | ||||||||||||
Maximum [Member] | Capital Lease - CRA [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease agreements | $ 100 | $ 100,000 | ||||||||||||||
Maximum [Member] | Capital Lease- CAL [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease agreements | 100 | 100,000 | ||||||||||||||
Maximum [Member] | Capital Lease - CSA [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease agreements | 100 | 100,000 | ||||||||||||||
Maximum [Member] | Capital Lease - Century Mile [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capital lease agreements | $ 100 | $ 100,000 | ||||||||||||||
Maximum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Standby fees, percentage | 0.75% | 0.75% | 0.75% | |||||||||||||
EBITDA ratio | 4 | |||||||||||||||
Maximum [Member] | First Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | ||||||||||||
Profit margin | 1.00% | 1.00% | 1.00% | |||||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | ||||||||||||
Maximum [Member] | Second Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 75 | 75 | 75 | 75 | ||||||||||||
Profit margin | 0.50% | 0.50% | 0.50% | |||||||||||||
Liquidity ratio | 1.2 | 1.2 | 1.2 | 1.2 | ||||||||||||
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With Mbank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt ratio | 75 | 75 | 75 | 75 | ||||||||||||
Profit margin | 0.50% | 0.50% | 0.50% | |||||||||||||
Liquidity ratio | 1.2 | 1.2 | 1.2 | 1.2 | ||||||||||||
Maximum [Member] | UniCredit Agreement [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | € 7 | $ 8,000,000 | ||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||
Century Downs Racetrack And Casino [Member] | BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Ownership interest | 75.00% | 75.00% | 75.00% | 75.00% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt and Weighted Average Interest) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total principal | $ 60,019 | $ 56,971 |
Deferred financing costs | (496) | (258) |
Total long-term debt | 59,523 | 56,713 |
Less current portion | (17,482) | (5,697) |
Long-term portion | 42,041 | 51,016 |
Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 188 | $ 523 |
Weighted-average interest rate | 7.06% | 6.89% |
Credit Agreement - Bank of Montreal [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 40,515 | $ 38,203 |
Weighted-average interest rate | 4.43% | 4.19% |
Credit Agreements - CPL [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 1,949 | |
Weighted-average interest rate | 1.77% | |
Credit Facilities - CPL [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 647 | |
Weighted-average interest rate | 3.57% | |
Credit Agreement - CCB [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 2,429 | $ 2,704 |
Weighted-average interest rate | 2.34% | 4.94% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,291 | $ 15,541 |
Weighted-average interest rate | 13.79% | 13.44% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 6.74% | 6.67% |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total | $ 60,019 | $ 56,971 |
Casinos Poland Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 522 | |
2,020 | 745 | |
2,021 | 682 | |
Total | 1,949 | |
Casinos Poland Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 647 | |
Total | 647 | |
Century Casino Bath Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 511 | |
2,020 | 511 | |
2,021 | 511 | |
2,022 | 511 | |
2,023 | 385 | |
Total | 2,429 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 14,291 | |
Total | 14,291 | |
Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 123 | |
2,020 | 47 | |
2,021 | 17 | |
2,022 | 1 | |
Total | 188 | |
Total Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 17,482 | |
2,020 | 4,012 | |
2,021 | 14,365 | |
2,022 | 1,022 | |
2,023 | 895 | |
Thereafter | 22,243 | |
Total | 60,019 | |
Bank Of Montreal [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 15,679 | |
2,020 | 2,709 | |
2,021 | 13,155 | |
2,022 | 510 | |
2,023 | 510 | |
Thereafter | 7,952 | |
Total | $ 40,515 |
Other Balance Sheet And State_3
Other Balance Sheet And Statement Of Earnings Captions (Accrued Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 15,664 | $ 10,434 |
Other Accrued Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 4,305 | 3,219 |
Accrued Commissions (AGLC) [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 2,262 | 2,401 |
Progressive Slot, Table And Track Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,713 | 1,866 |
Player Point Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 682 | 727 |
Chip Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 721 | 477 |
Off-Track Betting Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 355 | 522 |
Deposit Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 2,716 | 1,002 |
Deferrred Rent [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 756 | $ 220 |
Construction Liabilitiy [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 2,154 |
Other Balance Sheet And State_4
Other Balance Sheet And Statement Of Earnings Captions (Taxes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Balance Sheet And Statement Of Earnings Captions [Abstract] | ||
Accrued property taxes | $ 1,041 | $ 1,024 |
Gaming taxes payable | 4,364 | 3,708 |
Other taxes payable | 165 | 83 |
Total | $ 5,570 | $ 4,815 |
Other Balance Sheet And State_5
Other Balance Sheet And Statement Of Earnings Captions (Other Operating Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total | $ 10,909 | $ 10,128 | $ 10,416 |
Pari-Mutuel Revenue [Member] | |||
Total | 4,572 | 3,665 | 3,674 |
Bowling Revenue [Member] | |||
Total | 735 | 642 | 644 |
Other Revenue [Member] | |||
Total | $ 5,602 | $ 5,821 | $ 6,098 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2009 | |
Shareholders' Equity [Abstract] | |||
Amount of outstanding common stock available to be repurchased | $ 15 | ||
Shares of common stock repurchased | 0 | 0 | |
Total remaining authorization under the repurchase program | $ 14.7 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,000,000 | ||
2005 Plan [Member] | One-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
2005 Plan [Member] | Three-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration date | Jun. 1, 2026 | ||
Number of shares authorized | 3,500,000 | ||
Percentage of legal entity controlled by optionee | 100.00% | ||
Maximum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Vesting period | 4 years | ||
Maximum [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Minimum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 6 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 141,002 | 167,968 | |
Vesting period | 3 years | ||
Market Conditions | 25.00% | ||
Performance Conditions | 75.00% | ||
Unrecognized compensation expense related to unvested stock options | $ 1.7 | ||
Expected period of recognition for unrecognized compensation cost | 1 year 9 months 18 days | ||
Shares vested during the period | |||
Performance Shares [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 308,970 | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 200.00% | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 0.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | |||
Options outstanding | 1,235,000 | 1,276,411 | |
Total fair value of shares vested | $ 0.9 | $ 1.1 | |
Closing stock price per share | $ 7.39 | ||
Intrinsic value of options exercised | $ 0.1 | ||
Vested | 331,250 | 335,000 | |
Unrecognized compensation expense related to unvested stock options | 0 | ||
Tax benefits from option exercises | $ 0.1 | ||
Shares issued | 0 | ||
Director [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 31,700 | ||
Weighted average exercise price per share of options outstanding | $ 5.10 | ||
Vested | 18,750 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Plan for PSU's) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target PSU's, Beginning of Period | 167,968 | |
Target PSU's, Granted | 141,002 | 167,968 |
Target PSU's, Vested | ||
Target PSU's, Forfeited | ||
Target PSU's, End of Period | 308,970 | 167,968 |
Weighted-Average Grant-Date Fair Value, Beginning of Period | $ 8.03 | |
Weighted-Average Grant-Date Fair Value, Granted | 11.97 | 8.03 |
Weighted-Average Grant-Date Fair Value, Vested | ||
Weighted-Average Grant-Date Fair Value, Forfeited | ||
Weighted-Average Grant-Date Fair Value, End of Period | $ 9.83 | $ 8.03 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions for PSU Awards) (Details) - Performance Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.61% | 1.59% |
Expected life | 2 years 8 months 12 days | 3 years |
Expected volatility | 34.70% | 36.50% |
Expected dividends | $ 0 | $ 0 |
Forfeiture rate | 0.00% | 0.00% |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option Shares, Outstanding at beginning of period | 1,276,411 | ||
Option Shares, Granted | |||
Option Shares, Exercised | (41,411) | ||
Option Shares, Cancelled or forfeited | |||
Options Shares, Expired | |||
Option shares, Outstanding at end of period | 1,235,000 | 1,276,411 | |
Weighted-Average Exercise Price, Beginning Balance | $ 4.98 | ||
Weighted-Average Exercise Price, Granted | |||
Weighted-Average Exercise Price, Exercised | 3.87 | ||
Weighted-Average Exercise Price, Cancelled or forfeited | |||
Weighted-Average Exercise Price, Expired | |||
Weighted-Average Exercise Price, Ending Balance | $ 5.02 | $ 4.98 | |
Weighted-Average Remaining Contractual Term | 5 years 11 months 9 days | 6 years 10 months 17 days | |
Options Exercisable | 1,235,000 | 1,276,411 | |
Weighted-Average Exercise Price | $ 5.02 | $ 4.98 |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock Options Outstanding And Exercisable) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price | $ 5.02 | $ 4.98 |
Options Outstanding | 1,235,000 | 1,276,411 |
Options Exercisable | 1,235,000 | 1,276,411 |
Intrinsic Value of Options Outstanding | $ 2,931 | |
Intrinsic Value of Options Exercisable | $ 2,931 | |
Weighted-Average Life of Options Outstanding | 5 years 10 months 24 days | |
Weighted-Average Life of Options Exercisable | 5 years 10 months 24 days | |
$2.30 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price | $ 2.30 | |
Options Outstanding | 15,000 | |
Options Exercisable | 15,000 | |
Intrinsic Value of Options Outstanding | $ 76 | |
Intrinsic Value of Options Exercisable | $ 76 | |
Weighted-Average Life of Options Outstanding | 1 year 4 months 24 days | |
Weighted-Average Life of Options Exercisable | 1 year 4 months 24 days | |
$5.05 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price | $ 5.05 | |
Options Outstanding | 1,220,000 | |
Options Exercisable | 1,220,000 | |
Intrinsic Value of Options Outstanding | $ 2,855 | |
Intrinsic Value of Options Exercisable | $ 2,855 | |
Weighted-Average Life of Options Outstanding | 6 years | |
Weighted-Average Life of Options Exercisable | 6 years |
Stock-Based Compensation (Non-V
Stock-Based Compensation (Non-Vested Employee Stock Options) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option Shares, Nonvested at beginning of period | 335,000 | 682,500 | |
Option Shares, Granted | |||
Option Shares, Vested | (331,250) | (335,000) | |
Option Shares, Forfeited | (3,750) | (12,500) | |
Option Shares, Nonvested at end of period | 335,000 | ||
Nonvested, Weighted-Average Grant Date Fair Value beginning of period | $ 2.55 | $ 2.55 | |
Granted, Weighted-Average Grant Date Fair Value | |||
Vested, Weighted-Average Grant Date Fair Value | 2.55 | 2.55 | |
Forfeited, Weighted-Average Grant Date Fair Value | 2.55 | 2.55 | |
Nonvested, Weighted-Average Grant Date Fair Value end of period | $ 2.55 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related to Stock Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of share-based awards exercised | $ 298 | $ 16 | $ 28 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock-Based Compensation Expense Recognized in General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation cost | $ 868 | $ 669 | $ 759 |
2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation cost | 277 | $ 759 | |
2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total compensation cost | $ 868 | $ 392 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Income taxes (benefit) | $ 1,917 | $ 4,560 | $ 1,787 | |
Pre-tax income | $ 5,923 | $ 12,451 | $ 15,600 | |
Effective tax rate | 32.40% | 36.60% | 11.50% | |
Percentage of income tax expense attributable to Canada | 82.10% | |||
State income tax (net of federal benefit) | 0.90% | 2.40% | 0.20% | |
US Federal income tax statutory rate | 21.00% | 35.00% | 34.00% | |
Liability for uncertain tax positions taken on a foreign tax return | $ 800 | |||
Cash and cash equivalents held by foreign subsidiaries | 25,800 | |||
Penalties and interest related to unrecognized tax benefits | 100 | $ 100 | ||
Income tax net operating loss carryforwards | 13,000 | |||
Total deferred tax assets | 2,798 | |||
Unrecognized tax benefits that would impact effective tax rate | 800 | |||
Tax Act [Member] | ||||
Income Taxes [Line Items] | ||||
Income taxes (benefit) | $ 400 | |||
Tax Act [Member] | ||||
Income Taxes [Line Items] | ||||
Income taxes (benefit) | $ 5,400 | 300 | ||
Effective tax rate | 24.66% | |||
Tax expense for GILTI, net | $ 100 | |||
State income tax (net of federal benefit) | 3.66% | |||
US Federal income tax statutory rate | 21.00% | |||
Liability for uncertain tax positions taken on a foreign tax return | $ 5,100 | $ 400 | $ 5,100 | |
Tax Act [Member] | FDII [Member] | ||||
Income Taxes [Line Items] | ||||
Income taxes (benefit) | $ (100) | |||
Percentage of income tax rate deduction | 37.50% | |||
Tax Act [Member] | Deferred Tax Assets And Liabilities [Member] | ||||
Income Taxes [Line Items] | ||||
Income taxes (benefit) | $ 100 |
Income Taxes (US And Foreign Pr
Income Taxes (US And Foreign Pre-Tax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total income before taxes | $ 5,923 | $ 12,451 | $ 15,600 |
US Federal And State [Member] | |||
Total income before taxes | 1,329 | 1,059 | 138 |
Foreign [Member] | |||
Total income before taxes | $ 4,594 | $ 11,392 | $ 15,462 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
US - Current | $ 682 | $ 1,283 | $ 85 |
US - Deferred | 12 | (786) | |
Provision for US income taxes | 694 | 497 | 85 |
Foreign - Current | 1,257 | 3,094 | 1,898 |
Foreign - Deferred | (34) | 969 | (196) |
Provision for foreign income taxes | 1,223 | 4,063 | 1,702 |
Total provision for income taxes | $ 1,917 | $ 4,560 | $ 1,787 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
US Federal income tax statutory rate | 21.00% | 35.00% | 34.00% |
Foreign income taxes | 8.90% | (9.10%) | (10.00%) |
State income tax (net of federal benefit) | 0.90% | 2.40% | 0.20% |
Meals, entertainment, gifts & giveaways | 3.10% | 2.00% | 1.10% |
Statutory to US GAAP adjustments, including foreign currency | (16.00%) | 2.80% | 0.50% |
Valuation allowance | (45.90%) | (17.40%) | |
Unrecognized tax benefit | 1.10% | 0.10% | |
Stock options | 2.50% | 1.60% | 1.60% |
Tax Act impact | 7.00% | 43.50% | |
Permanent and other items | 3.90% | 4.20% | 1.50% |
Total provision for income taxes | 32.40% | 36.60% | 11.50% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property And Equipment [Member] | ||
Deferred tax liabilities | $ (2,606) | $ (2,786) |
US Federal And State [Member] | ||
Deferred tax assets | 914 | 929 |
Net deferred tax assets | 914 | 929 |
Net deferred tax liabilities | (140) | (143) |
Long-term deferred tax asset | 774 | 786 |
US Federal And State [Member] | Prepaid Expenses [Member] | ||
Deferred tax liabilities | (140) | (143) |
US Federal And State [Member] | Amortization Of Goodwill For Tax [Member] | ||
Deferred tax assets | 140 | 175 |
US Federal And State [Member] | Amortization Of Startup Costs [Member] | ||
Deferred tax assets | 70 | 98 |
US Federal And State [Member] | Property And Equipment [Member] | ||
Deferred tax assets | 471 | 433 |
US Federal And State [Member] | NOL Carryforward [Member] | ||
Deferred tax assets | 45 | 51 |
US Federal And State [Member] | Accrued Liabilities And Other [Member] | ||
Deferred tax assets | 188 | 172 |
Foreign [Member] | ||
Deferred tax assets | 5,280 | 5,576 |
Net deferred tax assets | 5,280 | 5,576 |
Net deferred tax liabilities | (4,509) | (4,840) |
Long-term deferred tax asset | 771 | 736 |
Foreign [Member] | Property And Equipment [Member] | ||
Deferred tax assets | 977 | 675 |
Foreign [Member] | NOL Carryforward [Member] | ||
Deferred tax assets | 2,247 | 2,745 |
Foreign [Member] | Accrued Liabilities And Other [Member] | ||
Deferred tax assets | 864 | 1,046 |
Foreign [Member] | Contingent Liability [Member] | ||
Deferred tax assets | 157 | 348 |
Foreign [Member] | Exchange Rate Gain (Loss) [Member] | ||
Deferred tax assets | 1,035 | 762 |
Net deferred tax liabilities | (55) | (95) |
Foreign [Member] | Intangibles [Member] | ||
Net deferred tax liabilities | (1,211) | (1,317) |
Foreign [Member] | Others [Member] | ||
Net deferred tax liabilities | $ (637) | $ (642) |
Income Taxes (Periods Subject T
Income Taxes (Periods Subject To Examination Of Tax Returns) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
United Kingdom [Member] | |
Period | 2,017 |
Minimum [Member] | US Federal [Member] | |
Period | 2,007 |
Minimum [Member] | US State - Colorado [Member] | |
Period | 2,007 |
Minimum [Member] | Canada [Member] | |
Period | 2,006 |
Minimum [Member] | Mauritius [Member] | |
Period | 2,015 |
Minimum [Member] | Poland [Member] | |
Period | 2,013 |
Minimum [Member] | Austria [Member] | |
Period | 2,013 |
Maximum [Member] | US Federal [Member] | |
Period | 2,017 |
Maximum [Member] | US State - Colorado [Member] | |
Period | 2,017 |
Maximum [Member] | Canada [Member] | |
Period | 2,017 |
Maximum [Member] | Mauritius [Member] | |
Period | 2,017 |
Maximum [Member] | Poland [Member] | |
Period | 2,017 |
Maximum [Member] | Austria [Member] | |
Period | 2,017 |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets Expiration) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 2,798 |
2019 - 2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 22 |
2031 - 2038 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 1,453 |
No Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 1,323 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Unrecognized tax benefit - January 1 | $ 803 | $ 754 |
Gross increases - tax positions in prior period | 66 | 49 |
Gross decreases - tax positions in prior period | (49) | |
Gross increases - tax positions in current period | ||
Settlements | ||
Lapse of statute of limitations | ||
Unrecognized tax benefit - December 31 | $ 820 | $ 803 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments Reporting (Narrative) (Details) $ in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of land lease | $ 21 | $ 28.6 | ||
Cash equivalents | $ 0 | $ 0 | ||
LIM Center Casino [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities measured at fair value on a nonrecurring basis | $ 0.1 | |||
Katowice Leashold Improvements [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities measured at fair value on a nonrecurring basis | $ 0.4 | |||
Casino license | $ 0 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivative Instruments Reporting (Fair Value And Basis Of Valuation Of Financial Liabilities) (Details) - Interest Rate Swap Asset [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | [1] | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | [1] | 169 | 275 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial liabilities | [1] | ||
[1] | See "Derivative Instruments Reporting" below for detailed information regarding the Company's interest rate swap agreements. |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments Reporting (Derivative Instruments In The Consolidated Statement Of Earnings (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense [Member] | Interest Rate Swap Liability [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on derivative instruments | $ 953 | $ 476 | $ 500 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments Reporting (Derivative Instruments Location And Fair Value Amounts) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Gross recognized Assets (Liabilities) | $ 169 | $ 275 |
Net Recognized Fair Value Assets (Liabilities) | 169 | 275 |
Interest Rate Swap - Current [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross recognized Assets (Liabilities) | 94 | 77 |
Net Recognized Fair Value Assets (Liabilities) | 94 | 77 |
Interest Rate Swap - Non-Current [Member] | Deposits And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross recognized Assets (Liabilities) | 75 | 198 |
Net Recognized Fair Value Assets (Liabilities) | $ 75 | $ 198 |
Segment and Geographic Inform_3
Segment and Geographic Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018segmentitem | |
Segment And Geographic Information [Abstract] | |
Number of Co-CEOs | item | 2 |
Number of reportable segments | segment | 3 |
Segment And Geographic Inform_4
Segment And Geographic Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Operating Segment 1 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel - Edmonton |
Operating Segment 2 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino St. Albert |
Operating Segment 3 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino Calgary |
Operating Segment 4 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Downs Racetrack and Casino |
Operating Segment 5 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Bets! |
Operating Segment 6 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Mile Racetrack and Casino |
Operating Segment 7 [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel – Central City |
Operating Segment 8 [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel – Cripple Creek |
Operating Segment 9 [Member] | Poland [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Casinos Poland |
Operating Segment 10 [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Cruise Ships & Other |
Operating Segment 11 [member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino Bath |
Operating Segment 12 [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Corporate Other |
Segment And Geographic Inform_5
Segment And Geographic Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | [3] | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | $ 45,106 | $ 43,564 | $ 39,648 | $ 40,620 | $ 39,293 | [2] | $ 41,048 | $ 37,330 | $ 36,398 | $ 168,938 | $ 154,069 | $ 139,234 | |||||
Earnings before income taxes | 5,923 | 12,451 | 15,600 | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 506 | $ 1,640 | $ 317 | $ 926 | (5,334) | [2] | $ 7,630 | $ 1,802 | $ 2,159 | 3,394 | 6,259 | 9,215 | |||||
Income taxes (benefit) | 1,917 | 4,560 | 1,787 | ||||||||||||||
Depreciation and amortization | 9,399 | 8,945 | 8,349 | ||||||||||||||
Net earnings (loss) attributable to non-controlling interests | 612 | 1,632 | 4,598 | ||||||||||||||
Non-cash stock-based compensation | 868 | 669 | 759 | ||||||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (578) | (1,405) | (2,523) | ||||||||||||||
Long-lived assets | 187,017 | 152,778 | 187,017 | 152,778 | |||||||||||||
Corporate And Other [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 5,885 | 4,387 | 3,972 | ||||||||||||||
Corporate And Other [Member] | Century Casino Bath [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Capital expenditures | 1,500 | ||||||||||||||||
Canada [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 61,361 | 57,732 | 50,237 | ||||||||||||||
Canada [Member] | Century Mile [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Capital expenditures | 40,000 | 4,600 | |||||||||||||||
United States [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 33,483 | 32,154 | 30,135 | ||||||||||||||
Poland [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 68,209 | 59,796 | 54,890 | ||||||||||||||
Century Casino St. Albert [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Capital expenditures | 9,500 | ||||||||||||||||
Operating Segments [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 168,938 | [4] | 154,069 | [5] | 139,234 | [5] | |||||||||||
Earnings before income taxes | 5,923 | 12,451 | 15,600 | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 3,394 | 6,259 | 9,215 | ||||||||||||||
Interest expense (income), net | 4,114 | 3,569 | 3,088 | ||||||||||||||
Income taxes (benefit) | 1,917 | 4,560 | 1,787 | ||||||||||||||
Depreciation and amortization | 9,399 | 8,945 | 8,349 | ||||||||||||||
Net earnings (loss) attributable to non-controlling interests | 612 | 1,632 | 4,598 | ||||||||||||||
Non-cash stock-based compensation | 868 | 669 | 759 | ||||||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (661) | (1,362) | (2,523) | ||||||||||||||
Loss on disposition of fixed assets | 1,090 | 622 | 330 | ||||||||||||||
Acquisition costs | 355 | 159 | |||||||||||||||
Pre-opening expenses | 2,644 | 837 | |||||||||||||||
Adjusted EBITDA | 23,377 | 26,086 | 25,762 | ||||||||||||||
Long-lived assets | 187,017 | 152,778 | 187,017 | 152,778 | 140,763 | ||||||||||||
Capital expenditures | 56,774 | [6] | 11,127 | [7] | 16,646 | [8] | |||||||||||
Operating Segments [Member] | Corporate And Other [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 5,885 | [4] | 4,387 | [5] | 3,972 | [5] | |||||||||||
Earnings before income taxes | (11,298) | (8,135) | (7,133) | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (8,541) | (6,171) | (5,044) | ||||||||||||||
Interest expense (income), net | 12 | (25) | (22) | ||||||||||||||
Income taxes (benefit) | (2,722) | (1,964) | (2,089) | ||||||||||||||
Depreciation and amortization | 945 | 366 | 382 | ||||||||||||||
Net earnings (loss) attributable to non-controlling interests | (35) | ||||||||||||||||
Non-cash stock-based compensation | 868 | 669 | 759 | ||||||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 2 | 24 | 19 | ||||||||||||||
Loss on disposition of fixed assets | 25 | 3 | |||||||||||||||
Acquisition costs | 327 | 159 | |||||||||||||||
Pre-opening expenses | 350 | 275 | |||||||||||||||
Adjusted EBITDA | (9,096) | (6,496) | (5,836) | ||||||||||||||
Long-lived assets | 10,310 | 4,502 | 10,310 | 4,502 | 1,994 | ||||||||||||
Capital expenditures | 8,428 | [6] | 1,793 | [7] | 611 | [8] | |||||||||||
Operating Segments [Member] | Canada [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 61,361 | [4] | 57,732 | [5] | 50,237 | [5] | |||||||||||
Earnings before income taxes | 10,973 | 11,685 | 12,381 | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 7,715 | 7,681 | 8,448 | ||||||||||||||
Interest expense (income), net | 3,895 | 3,487 | 3,037 | ||||||||||||||
Income taxes (benefit) | 2,536 | 3,008 | 796 | ||||||||||||||
Depreciation and amortization | 3,211 | 3,427 | 3,049 | ||||||||||||||
Net earnings (loss) attributable to non-controlling interests | 722 | 996 | 3,137 | ||||||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (235) | (564) | (2,232) | ||||||||||||||
Loss on disposition of fixed assets | 10 | 83 | 27 | ||||||||||||||
Acquisition costs | 28 | ||||||||||||||||
Pre-opening expenses | 1,668 | 25 | |||||||||||||||
Adjusted EBITDA | 19,522 | 18,171 | 16,262 | ||||||||||||||
Long-lived assets | 115,861 | 86,361 | 115,861 | 86,361 | 77,015 | ||||||||||||
Capital expenditures | 42,029 | [6] | 6,476 | [7] | 13,536 | [8] | |||||||||||
Operating Segments [Member] | United States [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 33,483 | [4] | 32,154 | [5] | 30,135 | [5] | |||||||||||
Earnings before income taxes | 5,881 | 5,597 | 4,705 | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 4,373 | 3,469 | 2,890 | ||||||||||||||
Interest expense (income), net | 1 | 2 | 2 | ||||||||||||||
Income taxes (benefit) | 1,508 | 2,128 | 1,815 | ||||||||||||||
Depreciation and amortization | 2,178 | 2,405 | 2,488 | ||||||||||||||
Loss on disposition of fixed assets | 1 | 1 | 2 | ||||||||||||||
Adjusted EBITDA | 8,061 | 8,005 | 7,197 | ||||||||||||||
Long-lived assets | 48,381 | 49,403 | 48,381 | 49,403 | 51,142 | ||||||||||||
Capital expenditures | 1,183 | [6] | 672 | [7] | 1,165 | [8] | |||||||||||
Operating Segments [Member] | Poland [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Net operating revenue | 68,209 | [4] | 59,796 | [5] | 54,890 | [5] | |||||||||||
Earnings before income taxes | 367 | 3,304 | 5,647 | ||||||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (153) | 1,280 | 2,921 | ||||||||||||||
Interest expense (income), net | 206 | 105 | 71 | ||||||||||||||
Income taxes (benefit) | 595 | 1,388 | 1,265 | ||||||||||||||
Depreciation and amortization | 3,065 | 2,747 | 2,430 | ||||||||||||||
Net earnings (loss) attributable to non-controlling interests | (75) | 636 | 1,461 | ||||||||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (428) | (822) | (310) | ||||||||||||||
Loss on disposition of fixed assets | 1,054 | 535 | 301 | ||||||||||||||
Pre-opening expenses | 626 | 537 | |||||||||||||||
Adjusted EBITDA | 4,890 | 6,406 | 8,139 | ||||||||||||||
Long-lived assets | $ 12,465 | $ 12,512 | 12,465 | 12,512 | 10,612 | ||||||||||||
Capital expenditures | $ 5,134 | [6] | $ 2,186 | [7] | $ 1,334 | [8] | |||||||||||
[1] | CCB began operating in May 2018. | ||||||||||||||||
[2] | The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. | ||||||||||||||||
[3] | The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. | ||||||||||||||||
[4] | Net operating revenue for Corporate and Other primarily relates to CCB and the Company's cruise ship operations. | ||||||||||||||||
[5] | Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations. | ||||||||||||||||
[6] | Capital expenditures in 2018 included construction costs of $40.0 million related to Century Mile in the Canada segment. | ||||||||||||||||
[7] | Capital expenditures in 2017 included purchases of property and equipment of $4.6 million related to Century Mile in the Canada segment and $1.5 million related to CCB in the Corporate and Other segment. | ||||||||||||||||
[8] | Capital expenditures for Canada in 2016 included purchases of property and equipment of $9.5 million related to the acquisition of Century Casino St. Albert. |
Commitments, Contingencies An_3
Commitments, Contingencies And Other Matters (Narrative) (Details) $ in Thousands, zł in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 96 Months Ended | |||||||
May 31, 2018PLN (zł) | May 31, 2018USD ($) | Sep. 30, 2018PLN (zł) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018PLN (zł) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2013 | |
Commitments and Contingencies [Line items] | |||||||||||
Contingent liability | $ 1,833 | $ 829 | |||||||||
Rental expenses | $ 7,200 | 4,600 | $ 3,900 | ||||||||
Distribution to non-controlling interest | 642 | 2,043 | 1,897 | ||||||||
Lot Polish Airlines Invesment [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Awarded arbitration | zł 1.2 | $ 300 | |||||||||
Polish Airports Company [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Owned by noncontrolling interest | 33.30% | 33.30% | 33.30% | ||||||||
Polish Airports Company [Member] | Lot Polish Airlines Invesment [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Owned by noncontrolling interest | 33.30% | 33.30% | |||||||||
Casinos Poland [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Income tax audit costs | zł 4.9 | $ 1,300 | zł 14.3 | $ 4,200 | |||||||
Century Downs Racetrack And Casino [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Distribution to non-controlling interest | $ 600 | 600 | 1,600 | ||||||||
Review of Tax Year 2010 [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Contingent liability | zł 3.1 | $ 800 | |||||||||
401K Plan [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Vesting period for plan | 6 years | ||||||||||
Contributed to plan | $ 100 | 100 | 100 | ||||||||
RSP And RPP Plans [Member] | |||||||||||
Commitments and Contingencies [Line items] | |||||||||||
Vesting period for plan | 2 years | ||||||||||
Number of registered retirement plans in Canada | item | 2 | ||||||||||
Contributed to plan | $ 200 | $ 200 | $ 200 |
Commitments, Contingencies An_4
Commitments, Contingencies And Other Matters (Operating Lease Commitments And Purchase Options) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments, Contingencies And Other Matters [Abstract] | |
2,019 | $ 4,079 |
2,020 | 2,783 |
2,021 | 2,748 |
2,022 | 2,700 |
2,023 | 2,646 |
Total | $ 14,956 |
Transactions With Related Par_2
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transactions With Related Parties [Abstract] | |||
Charges from Flyfish and Focus | $ 0.7 | $ 0.7 | $ 0.7 |
Unaudited Summarized Quarterl_3
Unaudited Summarized Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | [1] | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Net operating revenue | $ 45,106 | $ 43,564 | $ 39,648 | $ 40,620 | $ 39,293 | [2] | $ 41,048 | [3] | $ 37,330 | $ 36,398 | $ 168,938 | $ 154,069 | $ 139,234 | |
Earnings from operations | 1,976 | 3,234 | 996 | 3,251 | 1,706 | [2] | 4,777 | [3] | 3,641 | 4,490 | 9,459 | 14,615 | 16,165 | |
Net earnings (loss) | 790 | 1,795 | 97 | 1,319 | (5,030) | [2] | 7,952 | [3] | 2,170 | 2,797 | 4,006 | 7,891 | 13,813 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | $ 506 | $ 1,640 | $ 317 | $ 926 | $ (5,334) | [2] | $ 7,630 | [3] | $ 1,802 | $ 2,159 | $ 3,394 | $ 6,259 | $ 9,215 | |
Basic earnings per share: | ||||||||||||||
Earnings from operations | $ 0.07 | $ 0.11 | $ 0.03 | $ 0.11 | $ 0.07 | [2] | $ 0.20 | [3] | $ 0.15 | $ 0.18 | ||||
Net earnings (loss) attributable to Century Casinos Inc. shareholders | 0.02 | 0.06 | 0.01 | 0.03 | (0.20) | [2] | 0.31 | [3] | 0.07 | 0.09 | $ 0.12 | $ 0.25 | $ 0.38 | |
Diluted earnings per share: | ||||||||||||||
Earnings from operations | 0.07 | 0.11 | 0.03 | 0.11 | 0.06 | [2] | 0.19 | [3] | 0.15 | 0.18 | ||||
Net earnings (loss) attributable to Century Casinos Inc. shareholders | $ 0.02 | $ 0.05 | $ 0.01 | $ 0.03 | $ (0.19) | [2] | $ 0.31 | [3] | $ 0.07 | $ 0.09 | $ 0.11 | $ 0.24 | $ 0.37 | |
Valuation allowance | $ 5,700 | |||||||||||||
Income taxes (benefit) | $ 1,917 | $ 4,560 | $ 1,787 | |||||||||||
Tax Act [Member] | ||||||||||||||
Diluted earnings per share: | ||||||||||||||
Income taxes (benefit) | $ 5,400 | $ 300 | ||||||||||||
[1] | CCB began operating in May 2018. | |||||||||||||
[2] | The Company recognized tax expense of $5.4 million related to the Tax Act, increasing net loss and net loss attributable to Century Casinos, Inc. shareholders by the same amount. | |||||||||||||
[3] | The Company released a $5.7 million US valuation allowance on its US deferred tax assets, resulting in a tax benefit and increasing net earnings and net earnings attributable to Century Casinos, Inc. shareholders by the same amount. |