Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CENTURY CASINOS INC /CO/ | |
Entity Central Index Key | 0000911147 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Trading Symbol | cnty | |
Entity Common Stock, Shares Outstanding | 29,439,179 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 49,533 | $ 45,575 |
Receivables, net | 7,158 | 6,035 |
Prepaid expenses | 2,145 | 1,650 |
Inventories | 874 | 898 |
Other current assets | 1,075 | 816 |
Total Current Assets | 60,785 | 54,974 |
Property and equipment, net | 197,221 | 187,017 |
Leased right-of-use assets, net | 38,042 | |
Goodwill | 14,018 | 13,993 |
Deferred income taxes | 1,703 | 1,545 |
Casino licenses | 14,714 | 14,628 |
Trademarks | 1,700 | 1,730 |
Cost investment | 1,000 | 1,000 |
Equity investment | 637 | 659 |
Deposits and other | 3,259 | 3,279 |
Total Assets | 333,079 | 278,825 |
Current Liabilities: | ||
Current portion of long-term debt | 17,992 | 17,482 |
Current portion of operating lease liabilities | 3,270 | |
Current portion of finance lease liabilities | 83 | |
Accounts payable | 6,476 | 3,304 |
Accrued liabilities | 14,847 | 15,664 |
Accrued payroll | 6,595 | 7,171 |
Taxes payable | 6,127 | 5,570 |
Contingent liability (Note 6) | 838 | 829 |
Total Current Liabilities | 56,228 | 50,020 |
Long-term debt, net of current portion and deferred financing costs (Note 5) | 49,780 | 42,041 |
Operating lease liabilities, net of current portion | 37,045 | |
Finance lease liabilities, net of current portion | 48 | |
Taxes payable and other | 3,561 | 3,381 |
Total Liabilities | 146,662 | 95,442 |
Commitments and Contingencies (Note 6) | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,439,179 and 29,439,179 shares issued and outstanding | 294 | 294 |
Additional paid-in capital | 114,475 | 114,214 |
Retained earnings | 76,892 | 76,056 |
Accumulated other comprehensive loss | (12,814) | (14,243) |
Total Century Casinos, Inc. shareholders’ equity | 178,847 | 176,321 |
Non-controlling interests | 7,570 | 7,062 |
Total Equity | 186,417 | 183,383 |
Total Liabilities and Equity | $ 333,079 | $ 278,825 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed 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 | 29,439,179 |
Common stock, shares outstanding | 29,439,179 | 29,439,179 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating revenue: | ||
Net operating revenue | $ 45,613 | $ 40,620 |
Operating costs and expenses: | ||
General and administrative | 16,055 | 13,665 |
Depreciation and amortization | 2,425 | 2,153 |
Total operating costs and expenses | 42,153 | 37,369 |
Loss from equity investment | (14) | |
Earnings from operations | 3,446 | 3,251 |
Non-operating income (expense): | ||
Interest income | 4 | 19 |
Interest expense | (1,258) | (1,030) |
Gain on foreign currency transactions, cost recovery income and other | 247 | 59 |
Non-operating (expense) income, net | (1,007) | (952) |
Earnings before income taxes | 2,439 | 2,299 |
Income tax expense | (716) | (980) |
Net earnings | 1,723 | 1,319 |
Net earnings attributable to non-controlling interests | (655) | (393) |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 1,068 | $ 926 |
Earnings per share attributable to Century Casinos, Inc. shareholders: | ||
Basic | $ 0.04 | $ 0.03 |
Diluted | $ 0.04 | $ 0.03 |
Weighted average shares outstanding - basic | 29,439 | 29,363 |
Weighted average shares outstanding - diluted | 30,052 | 29,994 |
Gaming [Member] | ||
Operating revenue: | ||
Operating revenue | $ 37,340 | $ 34,007 |
Operating costs and expenses: | ||
Operating costs and expenses | 19,566 | 17,741 |
Hotel [Member] | ||
Operating revenue: | ||
Operating revenue | 446 | 454 |
Operating costs and expenses: | ||
Operating costs and expenses | 178 | 174 |
Food And Beverage [Member] | ||
Operating revenue: | ||
Operating revenue | 3,752 | 3,559 |
Operating costs and expenses: | ||
Operating costs and expenses | 3,929 | 3,636 |
Other [Member] | ||
Operating revenue: | ||
Operating revenue | $ 4,075 | $ 2,600 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net earnings | $ 1,723 | $ 1,319 |
Other comprehensive income (loss) | ||
Foreign currency translation adjustments | 1,368 | (1,342) |
Other comprehensive income (loss) | 1,368 | (1,342) |
Comprehensive income (loss) | 3,091 | (23) |
Comprehensive income (loss) attributable to non-controlling interests | ||
Net earnings attributable to non-controlling interests | (655) | (393) |
Foreign currency translation adjustments | 61 | (3) |
Comprehensive income (loss) attributable to Century Casinos, Inc. shareholders | $ 2,497 | $ (419) |
Condensed Consolidated Statem_3
Condensed 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, 2017 | $ 294 | $ 113,068 | $ (6,127) | $ 72,662 | $ 7,421 | |||
Net earnings | 926 | 393 | $ 1,319 | |||||
Foreign currency translation adjustment | (1,345) | 3 | (1,342) | |||||
Amortization of stock-based compensation | 115 | |||||||
Distribution to non-controlling interest | (30) | |||||||
Incremental costs of common stock issuance | (5) | |||||||
BALANCE at Mar. 31, 2018 | $ 294 | 113,178 | (7,472) | 73,588 | $ 179,588 | 7,787 | 187,375 | |
BALANCE, Shares at Mar. 31, 2018 | 2,948,000 | |||||||
BALANCE at Dec. 31, 2018 | $ 294 | 114,214 | (14,243) | 76,056 | 7,062 | $ 183,383 | ||
BALANCE, Shares at Dec. 31, 2018 | 29,439,179 | |||||||
Net earnings | 1,068 | 655 | $ 1,723 | |||||
Foreign currency translation adjustment | 1,429 | (61) | 1,368 | |||||
Amortization of stock-based compensation | 261 | |||||||
Distribution to non-controlling interest | (37) | |||||||
BALANCE at Mar. 31, 2019 | $ 294 | $ 114,475 | $ (12,814) | 76,892 | $ 178,847 | 7,570 | $ 186,417 | |
BALANCE, Shares at Mar. 31, 2019 | 29,439,179 | |||||||
Cumulative effect of accounting change | [1] | $ (232) | $ (49) | |||||
[1] | Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-02 ("ASU 2016-02"). See Note 2 to the unaudited condensed consolidated financial statements for further details on the adoption of this accounting standard. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 1,723 | $ 1,319 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 2,425 | 2,153 |
Loss on disposition of fixed assets | 59 | 253 |
Adjustment of contingent liability (Note 6) | 25 | 39 |
Unrealized loss (gain) on interest rate swaps | 103 | (13) |
Amortization of stock-based compensation expense | 261 | 115 |
Amortization of deferred financing costs | 30 | 32 |
Deferred (benefit) taxes | (158) | 261 |
Loss from unconsolidated subsidiary | 14 | |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | (881) | 687 |
Prepaid expenses and other assets | (1,440) | (381) |
Accounts payable | (385) | (65) |
Accrued liabilities | 1,855 | 1,326 |
Inventories | 20 | (13) |
Other operating liabilities | (252) | 348 |
Accrued payroll | (651) | (611) |
Taxes payable | 1,478 | 345 |
Net cash provided by operating activities | 4,226 | 5,795 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (7,631) | (12,200) |
Proceeds from disposition of assets | 2 | |
Net cash used in investing activities | (7,631) | (12,198) |
Cash Flows provided by (used in) Financing Activities: | ||
Proceeds from borrowings | 9,173 | |
Principal payments | (1,909) | (1,449) |
Distribution to non-controlling interest | (37) | (642) |
Net cash provided by (used in) financing activities | 7,227 | (2,091) |
Effect of Exchange Rate Changes on Cash | 163 | (220) |
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3,985 | (8,714) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 46,284 | 76,444 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 50,269 | 67,730 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 1,053 | 1,064 |
Income taxes paid | 502 | 619 |
Non-Cash Investing Activities: | ||
Purchase of property and equipment on account | $ 5,499 | $ 3,647 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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. The Company’s operations as of March 31, 2019 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America and England: · The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) · The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”) · Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) · The Century Casino Calgary, Alberta, Canada (“CAL”) · The Century Casino & Hotel in Central City, Colorado (“CTL”) · The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”); and · The Century Casino Bath in Bath, England (“CCB”) Century Mile is a multi-level REC in the Edmonton market area that the Company opened on April 1, 2019. Century Mile includes a one-mile horse racetrack. The Company held the first horse race on April 28, 2019. In addition, Century Mile operates the pari-mutuel off-track betting network in Northern Alberta, Canada. The project cost CAD 61.5 million ( $46.0 million based on the exchange rate in effect on March 31, 2019) and was financed with cash from the Company’s equity offering in November 2017 and additional financing from the Company’s credit agreement with the Bank of Montreal (“BMO”). See Note 5 for additional information on the Company’s credit agreement with BMO. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries: · The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2019 , CPL owned licenses for seven casinos operating 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% of CDR 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 operates the pari-mutuel off-track betting network in Southern Alberta, Canada. 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. The Company has the following concession, management and consulting service agreements: · As of March 31, 2019 , the Company operated nine ship-based casinos through concession agreements with three cruise ship owners. The concession agreements to operate the ship-based casinos onboard the Wind Spirit and Star Pride ended in January 2019 and March 2019, respectively. The concession agreements to operate the ship-based casinos onboard the Wind Surf and Star Breeze ended in April 2019, and the concession agreement to operate the ship-based casino onboard the Star Legend will end in May 2019. · The Company, through its subsidiary CRM, has a 7.5% ownership interest in Mendoza Central Ent retenimientos S.A., an Argentinian company (“MCE”). In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement in exchange for a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). See Note 3 for additional information related to MCE. · The Company, through its subsidiary CRM, has a 51% ownership interest in Golden Hospitality Ltd. (“GHL”). GHL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Unaffiliated shareholders own the remaining 49% of GHL, which is reported as a non-controlling financial interest. GHL has entered into a purchase agreement with Minh Chau Ltd. (“MCL”) and MCL’s owners to purchase up to 51% of MCL over a three -year period, with an option to purchase an additional 19% ownership interest in MCL for a total of 70% of MCL under certain conditions. MCL is the owner of a small hotel and international entertainment and gaming club in the Cao Bang province of Vietnam near the Vietnamese – Chinese border station. In addition to the purchase agreement, GHL and MCL have entered into a management agreement which provides that GHL will manage the operations at MCL in exchange for receiving a portion of MCL’s net profit. See Note 3 for additional information related to GHL and MCL. Additional Projects and Other Developments 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. The Company’s subsidiary, 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 a license is awarded. CRM will also provide a $5.0 million loan for the purchase of casino equipment if the license is awarded. Preparation of Financial Statements The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the quarter ended March 31, 2019 are not necessarily indicative of the operating results for the full year. Cash, Cash Equivalents and Restricted Cash 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: March 31, March 31, Amounts in thousands 2019 2018 Cash and cash equivalents $ 49,533 $ 65,939 Restricted cash — 1,062 Restricted cash included in deposits and other 736 729 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 50,269 $ 67,730 For the three months ended March 31, 2019 , restricted cash included $0.6 million in deposits and other related to a cash guarantee for the Company’s CCB loan agreement and $0.1 million in deposits and other related to payments of prizes and giveaways for Casinos Poland. Presentation of Foreign Currency Amounts The Company’s functional currency is the US dollar (“USD” or “$”). 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 income from operations as they occur. The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows: March 31, December 31, Ending Rates 2019 2018 Canadian dollar (CAD) 1.3363 1.3642 Euros (EUR) 0.8908 0.8738 Polish zloty (PLN) 3.8313 3.7606 British pound (GBP) 0.7672 0.7823 The average exchange rates to the US dollar used to translate balances during each reported period are as follows: For the three months ended March 31, Average Rates 2019 2018 % Change Canadian dollar (CAD) 1.3294 1.2643 (5.1%) Euros (EUR) 0.8808 0.8136 (8.3%) Polish zloty (PLN) 3.7869 3.3992 (11.4%) British pound (GBP) 0.7683 0.7186 (6.9%) Source: Pacific Exchange Rate Service |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Pronouncements - In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 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 (i) the application of variable interest entity guidance to private companies under common control and (ii) 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. Changes Related to Adoption of ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 and subsequent amendments is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous US GAAP. The Company adopted ASU 2016-02 and the subsequent amendments retrospectively on January 1, 2019 in its condensed consolidated financial statements for the three months ended March 31, 2019 . The Company used the alternative modified retrospective method, also known as the transition relief method permitted under ASU 2018-11, Leases (Topic 842) Targeted Improvements , which did not require the restatement of prior periods and instead recognized a $0. 3 million cumulative-effect adjustment to retained earnings upon transition. See Note 11 for additional information related to the Company’s lease obligations. When adopting the leasing standard, the Company made the following policy elections: · The Company elected the practical expedient to account for lease and non-lease components as a single lease component for all asset classes; · The Company elected the short-term lease measurement and recognition exemption and did not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less; · The Company used its original assumptions for operating leases entered into prior to adoption, electing not to use the hind sight practical expedient; · The Company elected to use the package of practical expedients for transition and did not reassess (i) whether expired or existing contracts were leases or contained leases, (ii) the classification of its existing leases, or (iii) initial direct costs for existing leases; and · The Company elected not to evaluate existing or expired land easements under the leasing standard prior to the date of adoption. The impact of adopting the leasing standard on the Company’s condensed consolidated balance sheet as of January 1, 2019 was as follows: Amounts in thousands Prior to Adoption Changes Related to Adoption of ASU 2016-02 Post Adoption Operating Leases Leased right-of-use assets, net $ — $ 38,276 $ 38,276 Prepaid expenses 1,650 (136) 1,514 Accrued liabilities 15,664 (639) 15,025 Operating lease liabilities, net of current portion — 40,410 40,410 Taxes payable and other 3,381 (1,350) 2,031 Retained earnings 76,056 (232) 75,824 Non-controlling interests 7,062 (49) 7,013 Finance Leases Property and equipment, net 187,017 (362) 186,655 Leased right-of-use assets, net — 362 362 Current portion of long-term debt 17,482 (123) 17,359 Current portion of finance lease liabilities — 123 123 Long-term debt, net of current portion and deferred financing costs 42,041 (310) 41,731 Finance lease liabilities, net of current portion $ — $ 310 $ 310 As of December 31, 2018, maturities related to operating leases were reported as follows: Amounts in thousands 2019 $ 4,079 2020 2,783 2021 2,748 2022 2,700 2023 2,646 Total $ 14,956 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Investments | 3. INVESTMENTS Cost Investment Mendoza Central Entretenimientos S.A. In October 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 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 that is owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CRM has 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, CRM acquired a 51% ownership interest in GHL for $0.6 million. GHL entered into an agreement with MCL and its owners, pursuant to which GHL agreed to purchase 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. As of March 31, 2019, GHL has paid $0.6 million for a total ownership interest in MCL of 9.21% . GHL and MCL also entered into a management agreement, which provides that GHL will manage the operations at MCL’s hotel and international entertainment and gaming club in exchange for receiving a portion of MCL’s net profit. The Company accounts for GHL’s interest in MCL as an equity investment. The Company excluded the presentation of MCL’s stand-alone financial information after it determined that it is not significant compared to the Company’s consolidated results. At March 31, 2019 , the Company’s maximum exposure to losses based on the value of the Company’s equity investment in GHL and GHL’s 51% purchase commitment in MCL was $3.6 million. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 4. 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 our reporting units to the reporting units’ carrying values. The reporting units with goodwill balances as of March 31, 2019 include the operations at 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. 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. There have been no indications of impairment at CRA, CDR, CSA or CPL since the Company’s last annual analysis that would necessitate additional impairment testing by the Company. 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 – December 31, 2018 $ 3,603 $ 139 $ 3,446 $ 6,805 $ 13,993 Effect of foreign currency translation 76 3 72 (126) 25 Balance -- March 31, 2019 $ 3,679 $ 142 $ 3,518 $ 6,679 $ 14,018 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 condensed consolidated balance sheets. Changes in the carrying amount of the trademarks are as follows: Amounts in thousands Century Casinos Casinos Poland Total Balance – December 31, 2018 $ 108 $ 1,622 $ 1,730 Effect of foreign currency translation — (30) (30) Balance -- March 31, 2019 $ 108 $ 1,592 $ 1,700 The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize the 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. There have been no indications of impairment related to the Century Casinos and Casinos Poland trademarks since the Company’s last annual analysis that would necessitate additional impairment testing by the Company. Casino Licenses Casino licenses consist of the following: March 31, December 31, Amounts in thousands 2019 2018 Finite-lived Casino licenses $ 2,830 $ 2,883 Less: accumulated amortization (828) (708) Total finite-lived casino licenses, net 2,002 2,175 Infinite-lived Casino licenses 12,712 12,453 Total infinite-lived casino licenses 12,712 12,453 Casino licenses, net $ 14,714 $ 14,628 Poland As of March 31, 2019 , Casinos Poland had eight casino licenses, each with an original term of six years, which are 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 – December 31, 2018 $ 2,175 Amortization (135) Effect of foreign currency translation (38) Balance -- March 31, 2019 $ 2,002 As of March 31, 2019 , estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2019 $ 316 2020 421 2021 421 2022 407 2023 339 Thereafter 98 $ 2,002 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 current CPL casino licenses expire is 4.4 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. In April 2019, CPL combined the two licenses used to operate casinos in the Warsaw Marriott Hotel into one license and transferred the remaining license to the Hilton Hotel in Warsaw. This transfer extends the Hilton Hotel’s license to September 2022 and the Marriott Hotel’s license to July 2024. 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 Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). CSA holds a license from the AGLC. 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 – December 31, 2018 $ 2,332 $ 8,960 $ 1,161 Effect of foreign currency translation 49 187 23 Balance -- March 31, 2019 $ 2,381 $ 9,147 $ 1,184 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of March 31, 2019 and December 31, 2018 consisted of the following: Amounts in thousands March 31, 2019 December 31, 2018 Credit agreement - Bank of Montreal $ 48,036 4.42% $ 40,515 4.43% Credit agreements - CPL 2,216 3.21% 1,949 1.77% Credit facilities - CPL 1,061 5.17% 647 3.57% Credit agreement - CCB 2,346 2.52% 2,429 2.34% Financing obligation - CDR land lease 14,590 14.62% 14,291 13.79% Capital leases (1) — — 188 7.06% Total principal $ 68,249 6.58% $ 60,019 6.74% Deferred financing costs (477) (496) Total long-term debt $ 67,772 $ 59,523 Less current portion (17,992) (17,482) Long-term portion $ 49,780 $ 42,041 (1) See Note 2 and Note 11 for information related to the treatment of the Company’s lease agreements after the adoption of ASU 2016-02 and related amendments. Credit Agreement - Bank of Montreal In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with BMO. In August 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 with BMO 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 with BMO (the “BMO Credit Agreement”) to provide additional financing for the Century Mile project and a leasing credit facility. Under the BMO Credit Agreement, the Company’s borrowing capacity was increased to CAD 102.2 million with an interest rate of 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 March 31, 2019 , the Company had borrowed CAD 88.1 million, of which the outstanding balance was CAD 64.2 million ( $48.0 million based on the exchange rate in effect on March 31, 2019 ) and the Company had approximately CAD 16.0 million ( $12.0 million based on the exchange rate in effect on March 31, 2019 ) 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 March 31, 2019 ) 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 March 31, 2019 , the Company had CAD 1.1 million ( $0.8 million based on the exchange rate in effect on March 31, 2019 ) 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 March 31, 2019 , 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 March 31, 2019 , the Company had CAD 6.1 million ( $4.6 million based on the exchange rate in effect on March 31, 2019 ) available for borrowing under Credit Facility C. 4. Credit Facility D is an approximately CAD 30.0 million committed, reducing term credit facility with a term of five years that expires in September 2021 . The Company used the entire amount of the facility to pay for the Company’s acquisition of CSA in September 2016. Once the principal amount of an advance has been repaid, it cannot be re-borrowed. As of March 31, 2019 , 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 mirroring the interest rate swap agreements discussed below. 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 Century Mile project. Upon the maturity of Credit Facility F on the facility termination date (which is the earliest of (i) the date on which demand for the 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 an event of default), 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 March 31, 2019 , the Company had CAD 8.8 million ( $6.6 million based on the exchange rate in effect on March 31, 2019 ) 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 March 31, 2019 , the Company had CAD 2.0 million ( $1.5 million based on the exchange rate in effect on March 31, 2019 ) available for borrowing under Credit Facility H. The Company expects to enter into CAD 1.3 million ( $1.0 million based on the exchange rate in effect on March 31, 2019 ) of equipment leases under this agreement in the second quarter of 2019. Any funds not drawn down under specified facilities in the BMO Credit Agreement are subject to standby fees ranging from 0.50% to 0.75% payable quarterly in arrears. Standby fees of less than CAD 0.1 million (less than $0.1 million based on the exchange rates in effect on March 31, 2019 and 2018) were recorded as interest expense in the condensed consolidated statements of earnings for each of the three months ended March 31, 2019 and 2018. The shares of the Company’s Canadian subsidiaries that own CRA, CAL, CSA and Century Mile 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 covenants applicable to the Canadian subsidiaries, including covenants 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 5.5 million for 2019. The Company was in compliance with all financial covenants of the BMO Credit Agreement as of March 31, 2019 . 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 condensed consolidated statements of earnings. As of March 31, 2019 , the Company had the following interest rate swap agreements set at a Canadian Dollar Offered Rate (“CDOR”): · Notional amount of CAD 6.2 million ( $4.6 million based on the exchange rate in effect on March 31, 2019 ) with a rate of 3.92 % expiring in August 2019 ; · Notional amount of CAD 6.2 million ( $4.6 million based on the exchange rate in effect on March 31, 2019 ) with a rate of 3.89 % expiring in August 2019 ; and · Notional amount of CAD 11.3 million ( $8.5 million based on the exchange rate in effect on March 31, 2019 ) 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. Amortization expenses relating to deferred financing charges were less than $0.1 million for each of the three months ended March 31, 2019 and 2018. These costs are included in interest expense in the condensed consolidated statements of earnings. Casinos Poland As of March 31, 2019 , CPL had a short-term line of credit with Alior Bank used to finance current operations. The line of credit bears an interest rate of one-month 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. As of March 31, 2019 , the credit facility had no outstanding balance, Alior Bank had secured bank guarantees of PLN 2.8 million ( $0.7 million based on the exchange rate in effect on March 31, 2019 ) and approximately PLN 10.2 million ($2.7 million based on the exchange rate in effect on March 31, 2019 ) was available for borrowing. The credit facility contains a number of covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain certain debt to EBITDA ratios. CPL was in compliance with all financial covenants of this credit facility as of March 31, 2019 . CPL entered into a new agreement with Alior Bank for this credit facility on April 9, 2019. The credit facility terminates on April 16, 2021 , bears an interest rate of three-month WIBOR plus 1.55% and has a borrowing capacity of PLN 13.0 million through April 2020 and PLN 4.0 million through April 2021, of which PLN 4.0 million may only be used to secure bank guarantees. As of March 31, 2019 , CPL also had a short-term line of credit with mBank used to finance current operations. The line of credit bears an interest rate of overnight WIBOR plus 1.40% with a borrowing capacity of PLN 5.0 million. As of March 31, 2019 , the credit facility had an outstanding balance of PLN 4.1 million ( $1.1 million based on the exchange rate in effect on March 31, 2019 ) and approximately PLN 0.9 million ( $0.2 million based on the exchange rate in effect on March 31, 2019 ) was available for additional borrowing as of March 31, 2019 . 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 March 31, 2019 . CPL entered into a new agreement with mBank for this line of credit on April 25, 2019. The line of credit terminates on March 30, 2020 and has the same borrowing capacity and interest rate that it had under the prior agreement. As of March 31, 2019, CPL also had three credit agreements as detailed below. 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 March 31, 2019 , the credit agreement had an outstanding balance of PLN 3.0 million ( $0.8 million based on the exchange rate in effect on March 31, 2019 ). 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. 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 0.7% to 1.0% , liquidity ratios no less than 0.5% to 1.3% and a debt ratio not higher than 50% . CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2019 . The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that will be used to renovate and enlarge the 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 March 31, 2019 , the credit agreement had an outstanding balance of PLN 4.0 million ( $1.0 million based on the exchange rate in effect on March 31, 2019 ). 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. 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 0.5% , liquidity ratios no less than 1.2% and a debt ratio not higher than 60% . CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2019 . 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 March 31, 2019 , the credit agreement had an outstanding balance of PLN 1.5 million ( $0.4 million based on the exchange rate in effect on March 31, 2019 ). CPL had PLN 1.0 million ( $0.3 million based on the exchange rate in effect on March 31, 2019 ) available to borrow as of March 31, 2019 . The credit agreement is guaranteed with a promissory note and by a building owned by CPL in Warsaw. 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 0.5% , liquidity ratios no less than 1.2% and a debt ratio not higher than 60% . CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2019 . 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 4.8 million ($1.3 million based on the exchange rate in effect on March 31, 2019 ). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.4 million ( $0.4 million based on the exchange rate in effect on March 31, 2019 ) with mBank and will terminate in June 2024 and January 2025. 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 0.5 million ( $0.1 million based on the exchange rate in effect on March 31, 2019 ) in deposits for this purpose as of March 31, 2019 . These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Casino 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 London Interbank Offered Rate (“LIBOR”) plus 1.625% . Proceeds from the loan were used for construction and fitting out of CCB. As of March 31, 2019 , the amount outstanding on the loan was GBP 1.8 million ( $2.3 million based on the exchange rate in effect on March 31, 2019 ). CCB has no further borrowing availability under the loan agreement. The loan is guaranteed by a $0.6 million cash guarantee by CRM. The amount of this guarantee is included in deposits and other on the Company’s condensed consolidated balance sheets. Century Downs Racetrack and Casino CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project 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 date is 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 March 31, 2019 , the outstanding balance on the financing obligation was CAD 19.5 million ($14. 6 million based on the exchange rate in effect on March 31, 2019 ). Century Resorts Management In August 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 ( $7.9 million based on the exchange rate in effect on March 31, 2019 ) 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. As of March 31, 2019 , 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 Total 2019 $ 14,955 $ 535 $ 1,061 $ 391 $ — $ 16,942 2020 2,766 917 — 521 — 4,204 2021 13,430 764 — 521 — 14,715 2022 521 — — 521 — 1,042 2023 521 — — 392 — 913 Thereafter 15,843 — — — 14,590 30,433 Total $ 48,036 $ 2,216 $ 1,061 $ 2,346 $ 14,590 $ 68,249 There is no set repayment schedule for the CPL credit facilities, and the Company classifies them as short-term debt due to the nature of the agreements. The UniCredit Agreement is not included in the table above because no amounts were borrowed as of March 31, 2019 . |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 6. COMMITMENTS AND CONTINGENCIES Litigation Since 2011, the Polish Internal Revenue Service (“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 March 31, 2019 , CPL has paid PLN 14.3 million ( $4.2 million) related to these audits. The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of March 31, 2019 is PLN 3.2 million ( $0.8 million based on the exchange rate in effect on March 31, 2019 ). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of March 31, 2019 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 March 31, 2019 . 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 March 31, 2019 . 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 7. INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2019 , the Company recognized an income tax expense of $0. 7 million on pre-tax income of $2. 4 million, representing an effective income tax rate of 29.5 % compared to an income tax expense of $1. 0 million on pre-tax income of $2. 3 million, representing an effective income tax rate of 42.6% for the same period in 2018. A number of items caused the effective income tax rate for the three months ended March 31, 2019 to exceed the US federal statutory income tax rate of 21% . There is a 27% statutory tax rate in Canada where the Company earns a significant portion of its income. In addition, nondeductible stock compensation expense in the United States and certain nondeductible business expenses in Poland contribute to the increased effective income tax rate as compared to the US federal statutory income tax rate. During the first quarter of 2018, CRM received an intercompany dividend, which increased the income tax expense by $0.3 million for the three months ended March 31, 2018. This one time occurrence increased the effective tax rate for the first quarter of 2018 by 12% when compared to the effective tax rate for the first quarter of 2019. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. EARNINGS PER SHARE The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. 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 three months ended March 31, 2019 and 2018 were as follows: For the three months ended March 31, Amounts in thousands 2019 2018 Weighted average common shares, basic 29,439 29,363 Dilutive effect of stock options 613 631 Weighted average common shares, diluted 30,052 29,994 The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation: For the three months ended March 31, Amounts in thousands 2019 2018 Stock options 100 — |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 9. 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 March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swap asset (1) $ — $ 70 $ — $ — $ 169 $ — (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. Non-Recurring 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. There were no assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2019 . Long-Term Debt – The carrying value of the BMO Credit Agreement approximates fair value based on the variable interest paid on the obligations. The carrying value of the CPL credit facilities approximates fair value based on the short-term nature of the facilities, the variable interest paid on the Alior Bank facility and the recently negotiated terms. The carrying value of the CPL credit agreements approximates fair value based on the variable interest paid on the obligations. The carrying value of the CCB loan agreement approximates fair value based on the variable interest paid on the obligation. The estimated fair values of the outstanding balances under the BMO Credit Agreement, CPL credit facilities and CCB loan agreement 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 finance lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings. The fair value of the CDR land lease was CAD 28.6 million ( $21.4 million based on the exchange rate in effect on March 31, 2019 ) as of March 31, 2019 . The estimated fair values of the outstanding balances related to the Company’s finance lease obligations and the CDR land lease are designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate such liabilities. The Company entered into a line of credit agreement with UniCredit in August 2018. The Company had not borrowed against this line of credit as of March 31, 2019 . Other Estimated Fair Value Measurements – The estimated fair value of the Company’s 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 March 31, 2019 and December 31, 2018, the Company had no cash equivalents. Derivative Instruments Reporting As of April 2015, 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 is recognized as an adjustment to interest expense for the related debt. See Note 5 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 condensed consolidated statement of earnings. The location and effects of derivative instruments on the condensed consolidated statements of earnings were as follows: Amounts in thousands For the three months Derivatives not designated as Income Statement ended March 31, ASC 815 hedges Classification 2019 2018 Interest Rate Swaps Interest Expense $ 278 $ 222 The location and fair value amounts of the Company’s derivative instruments in the condensed consolidated balance sheets were as follows: Amounts in thousands As of March 31, 2019 As of December 31, 2018 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 $ 48 $ — $ 48 $ 94 $ — $ 94 Interest rate swaps - non-current Deposits and other 22 — 22 75 — 75 Total derivative assets $ 70 $ — $ 70 $ 169 $ — $ 169 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 10. REVENUE RECOGNITION 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 three months ended March 31, Amounts in thousands 2019 2018 Revenue from contracts with customers $ 45,613 $ 40,620 Interest income 4 19 Total revenue $ 45,617 $ 40,639 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 three months ended March 31, 2019 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 9,931 $ 6,799 $ 19,460 $ 1,150 $ 37,340 Hotel 125 321 — — 446 Food and Beverage 2,441 863 227 221 3,752 Other 3,800 85 65 125 4,075 Net Operating Revenue $ 16,297 $ 8,068 $ 19,752 $ 1,496 $ 45,613 For the three months ended March 31, 2018 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 9,747 $ 6,419 $ 17,073 $ 768 $ 34,007 Hotel 136 318 — — 454 Food and Beverage 2,490 885 184 — 3,559 Other 2,299 84 125 92 2,600 Net Operating Revenue $ 14,672 $ 7,706 $ 17,382 $ 860 $ 40,620 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 three months ended March 31, 2019 and 2018 . 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 tables below. For the three months For the three months ended March 31, 2019 ended March 31, 2018 Amounts in thousands Receivables Contract Liability Receivables Contract Liability Opening $ 305 $ 219 $ 266 $ 235 Closing 320 214 286 212 Increase/(Decrease) $ 15 $ (5) $ 20 $ (23) Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. There were no impairment losses for the Company’s receivables for the three months ended March 31, 2019 . 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. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 11. LEASES The Company determines if an arrangement is a lease at inception. Operating leases and finance lease right-of-use (“ROU”) assets are included in leased ROU assets in the Company’s condensed consolidated balance sheets. Operating lease liabilities are included in current portion of lease liabilities and operating lease liabilities in the Company’s condensed consolidated balance sheets. Finance lease liabilities are included in current portion of lease liabilities and finance lease liabilities in the Company’s condensed consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the rate implicit is not readily determinable for the Company’s leases, the Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. If an implicit rate is readily determinable in the arrangement, the Company will utilize the implicit rate. Lease terms may include options to extend or terminate the lease, these options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. The Company’s operating and finance leases include land, casino space, corporate offices, gaming equipment and other equipment. The leases have remaining lease terms of one month to 28 years. · Land – The Company leases the land on which the REC at CMR is built. The lease term is 20 years and the Company has six options to renew for additional five year terms. · Casino space - The Company leases space for its casino in Bath, England, its seven casinos operating in Poland and its casinos onboard nine cruise ships. The lease term for CCB is 28 years with an option to renew for an additional 15 year term. The lease terms for the casinos in Poland mirror the gaming license terms of six years. The lease terms for the casinos onboard the cruise ships mirror the agreement terms with the cruise ships, and the lease payments are variable based on revenue. · Corporate offices – The Company leases space for its corporate offices in Vienna, Austria and Colorado Springs, Colorado. The lease terms are three and 10 years, respectively. The corporate office lease in Vienna has an option to renew for an additional three years. · Gaming equipment – The majority of the gaming equipment that the Company leases is on a monthly basis with variable payments based on revenue. · Other equipment – The lease terms range from one to six years, some of which include options to extend the lease and some of which include options to terminate within one year. The components of lease expense were as follows: For the three months ended March 31, Amounts in thousands 2019 Operating lease expense $ 1,478 Finance lease expense: Amortization of right-of-use assets $ 32 Interest on lease liabilities 3 Total finance lease expense $ 35 Short-term lease expense $ 138 Variable lease expense $ 681 Supplemental cash flow information related to leases was as follows: For the three months ended March 31, Amounts in thousands 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 Operating cash flows from operating leases 1,108 Financing cash flows from finance leases 54 Supplemental balance sheet information related to leases was as follows: As of Amounts in thousands March 31, 2019 Operating leases Leased right-of-use assets, net $ 37,716 Current portion of operating lease liabilities 3,270 Operating lease liabilities, net of current portion 37,045 Total operating lease liabilities 40,315 Finance leases Finance lease right-of-use assets, gross 686 Accumulated depreciation (360) Leased right-of-use assets, net 326 Current portion of finance lease liabilities 83 Finance lease liabilities, net of current portion 48 Total finance lease liabilities 131 Weighted-average remaining lease term Operating leases 15.9 years Finance leases 1.6 years Weighted-average discount rate Operating leases 4.9% Finance leases 6.7% Maturities of lease liabilities as of March 31, 2019 were as follows: Amounts in thousands Operating leases Finance leases Remaining 2019 $ 4,155 $ 98 2020 4,835 50 2021 4,761 17 2022 4,524 — 2023 3,895 — Thereafter 40,253 — Total lease payments 62,423 165 Less imputed interest (22,108) (34) Total $ 40,315 $ 131 As of March 31, 2019 , the Company had additional leases for racing equipment at Century Mile, which have not yet commenced, of approximately $1.0 million. The Company expects the leases will commence in the second quarter of 2019. Lease terms have not been finalized as of the filing of this report. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Segment Information | 12. SEGMENT 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 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’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. 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 Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! Canada Century Casino St. Albert 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 our Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) 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 items. 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 information regarding the Company’s segments: For the three months ended March 31, 2019 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 16,297 $ 8,068 $ 19,752 $ 1,496 $ 45,613 Earnings (loss) before income taxes $ 2,553 $ 1,339 $ 1,831 $ (3,284) $ 2,439 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 1,547 $ 983 $ 913 $ (2,375) $ 1,068 Interest expense (income), net 1,192 — 46 16 1,254 Income taxes (benefit) 766 356 461 (867) 716 Depreciation and amortization 797 560 770 298 2,425 Net earnings (loss) attributable to non-controlling interests 240 — 457 (42) 655 Non-cash stock-based compensation — — — 261 261 Gain on foreign currency transactions, cost recovery income and other (45) — (202) (11) (258) (Gain) loss on disposition of fixed assets (5) 16 5 28 44 Pre-opening expenses 538 — — — 538 Adjusted EBITDA $ 5,030 $ 1,915 $ 2,450 $ (2,692) $ 6,703 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. For the three months ended March 31, 2018 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 14,672 $ 7,706 $ 17,382 $ 860 $ 40,620 Earnings (loss) before income taxes $ 2,681 $ 1,174 $ 1,122 $ (2,678) $ 2,299 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 2,019 $ 873 $ 534 $ (2,500) $ 926 Interest expense (income), net 939 — 71 1 1,011 Income taxes (benefit) 534 301 323 (178) 980 Depreciation and amortization 874 541 649 89 2,153 Net earnings attributable to non-controlling interests 128 — 265 — 393 Non-cash stock-based compensation — — — 115 115 (Gain) loss on foreign currency transactions and cost recovery income (72) — (169) 182 (59) Loss on disposition of fixed assets 2 3 26 2 33 Pre-opening expenses 280 — 405 325 1,010 Adjusted EBITDA $ 4,704 $ 1,718 $ 2,104 $ (1,964) $ 6,562 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. 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) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements - In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 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 (i) the application of variable interest entity guidance to private companies under common control and (ii) 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. |
Changes Related To Adoption Of ASU 2016-02 | Changes Related to Adoption of ASU 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 and subsequent amendments is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous US GAAP. The Company adopted ASU 2016-02 and the subsequent amendments retrospectively on January 1, 2019 in its condensed consolidated financial statements for the three months ended March 31, 2019 . The Company used the alternative modified retrospective method, also known as the transition relief method permitted under ASU 2018-11, Leases (Topic 842) Targeted Improvements , which did not require the restatement of prior periods and instead recognized a $0. 3 million cumulative-effect adjustment to retained earnings upon transition. See Note 11 for additional information related to the Company’s lease obligations. When adopting the leasing standard, the Company made the following policy elections: · The Company elected the practical expedient to account for lease and non-lease components as a single lease component for all asset classes; · The Company elected the short-term lease measurement and recognition exemption and did not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less; · The Company used its original assumptions for operating leases entered into prior to adoption, electing not to use the hind sight practical expedient; · The Company elected to use the package of practical expedients for transition and did not reassess (i) whether expired or existing contracts were leases or contained leases, (ii) the classification of its existing leases, or (iii) initial direct costs for existing leases; and · The Company elected not to evaluate existing or expired land easements under the leasing standard prior to the date of adoption. The impact of adopting the leasing standard on the Company’s condensed consolidated balance sheet as of January 1, 2019 was as follows: Amounts in thousands Prior to Adoption Changes Related to Adoption of ASU 2016-02 Post Adoption Operating Leases Leased right-of-use assets, net $ — $ 38,276 $ 38,276 Prepaid expenses 1,650 (136) 1,514 Accrued liabilities 15,664 (639) 15,025 Operating lease liabilities, net of current portion — 40,410 40,410 Taxes payable and other 3,381 (1,350) 2,031 Retained earnings 76,056 (232) 75,824 Non-controlling interests 7,062 (49) 7,013 Finance Leases Property and equipment, net 187,017 (362) 186,655 Leased right-of-use assets, net — 362 362 Current portion of long-term debt 17,482 (123) 17,359 Current portion of finance lease liabilities — 123 123 Long-term debt, net of current portion and deferred financing costs 42,041 (310) 41,731 Finance lease liabilities, net of current portion $ — $ 310 $ 310 As of December 31, 2018, maturities related to operating leases were reported as follows: Amounts in thousands 2019 $ 4,079 2020 2,783 2021 2,748 2022 2,700 2023 2,646 Total $ 14,956 |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | March 31, March 31, Amounts in thousands 2019 2018 Cash and cash equivalents $ 49,533 $ 65,939 Restricted cash — 1,062 Restricted cash included in deposits and other 736 729 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 50,269 $ 67,730 |
Exchange Rates To US Dollar | March 31, December 31, Ending Rates 2019 2018 Canadian dollar (CAD) 1.3363 1.3642 Euros (EUR) 0.8908 0.8738 Polish zloty (PLN) 3.8313 3.7606 British pound (GBP) 0.7672 0.7823 |
Average Exchange Rates | For the three months ended March 31, Average Rates 2019 2018 % Change Canadian dollar (CAD) 1.3294 1.2643 (5.1%) Euros (EUR) 0.8808 0.8136 (8.3%) Polish zloty (PLN) 3.7869 3.3992 (11.4%) British pound (GBP) 0.7683 0.7186 (6.9%) Source: Pacific Exchange Rate Service |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Impact Of Adopting Leasing Standard On Balance Sheet | Amounts in thousands Prior to Adoption Changes Related to Adoption of ASU 2016-02 Post Adoption Operating Leases Leased right-of-use assets, net $ — $ 38,276 $ 38,276 Prepaid expenses 1,650 (136) 1,514 Accrued liabilities 15,664 (639) 15,025 Operating lease liabilities, net of current portion — 40,410 40,410 Taxes payable and other 3,381 (1,350) 2,031 Retained earnings 76,056 (232) 75,824 Non-controlling interests 7,062 (49) 7,013 Finance Leases Property and equipment, net 187,017 (362) 186,655 Leased right-of-use assets, net — 362 362 Current portion of long-term debt 17,482 (123) 17,359 Current portion of finance lease liabilities — 123 123 Long-term debt, net of current portion and deferred financing costs 42,041 (310) 41,731 Finance lease liabilities, net of current portion $ — $ 310 $ 310 |
Maturities Related To Operating Leases | Amounts in thousands 2019 $ 4,079 2020 2,783 2021 2,748 2022 2,700 2023 2,646 Total $ 14,956 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 – December 31, 2018 $ 3,603 $ 139 $ 3,446 $ 6,805 $ 13,993 Effect of foreign currency translation 76 3 72 (126) 25 Balance -- March 31, 2019 $ 3,679 $ 142 $ 3,518 $ 6,679 $ 14,018 |
Casino Licenses | March 31, December 31, Amounts in thousands 2019 2018 Finite-lived Casino licenses $ 2,830 $ 2,883 Less: accumulated amortization (828) (708) Total finite-lived casino licenses, net 2,002 2,175 Infinite-lived Casino licenses 12,712 12,453 Total infinite-lived casino licenses 12,712 12,453 Casino licenses, net $ 14,714 $ 14,628 |
Changes in Carrying Amount of Licenses | Amounts in thousands Casinos Poland Balance – December 31, 2018 $ 2,175 Amortization (135) Effect of foreign currency translation (38) Balance -- March 31, 2019 $ 2,002 |
Estimated Amortization Expense | Amounts in thousands 2019 $ 316 2020 421 2021 421 2022 407 2023 339 Thereafter 98 $ 2,002 |
Trademark [Member] | |
Changes in Carrying Amounts | Amounts in thousands Century Casinos Casinos Poland Total Balance – December 31, 2018 $ 108 $ 1,622 $ 1,730 Effect of foreign currency translation — (30) (30) Balance -- March 31, 2019 $ 108 $ 1,592 $ 1,700 |
Casino Licenses [Member] | |
Changes in Carrying Amounts | Canada Corporate and Other Amounts in thousands Century Downs Century Casino St. Albert Century Casino Bath Balance – December 31, 2018 $ 2,332 $ 8,960 $ 1,161 Effect of foreign currency translation 49 187 23 Balance -- March 31, 2019 $ 2,381 $ 9,147 $ 1,184 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Long-Term Debt [Abstract] | |
Schedule of Long-term Debt and Weighted Average Interest | Amounts in thousands March 31, 2019 December 31, 2018 Credit agreement - Bank of Montreal $ 48,036 4.42% $ 40,515 4.43% Credit agreements - CPL 2,216 3.21% 1,949 1.77% Credit facilities - CPL 1,061 5.17% 647 3.57% Credit agreement - CCB 2,346 2.52% 2,429 2.34% Financing obligation - CDR land lease 14,590 14.62% 14,291 13.79% Capital leases (1) — — 188 7.06% Total principal $ 68,249 6.58% $ 60,019 6.74% Deferred financing costs (477) (496) Total long-term debt $ 67,772 $ 59,523 Less current portion (17,992) (17,482) Long-term portion $ 49,780 $ 42,041 (1) See Note 2 and Note 11 for information related to the treatment of the Company’s lease agreements after the adoption of ASU 2016-02 and related amendments. |
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 Total 2019 $ 14,955 $ 535 $ 1,061 $ 391 $ — $ 16,942 2020 2,766 917 — 521 — 4,204 2021 13,430 764 — 521 — 14,715 2022 521 — — 521 — 1,042 2023 521 — — 392 — 913 Thereafter 15,843 — — — 14,590 30,433 Total $ 48,036 $ 2,216 $ 1,061 $ 2,346 $ 14,590 $ 68,249 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2019 2018 Weighted average common shares, basic 29,439 29,363 Dilutive effect of stock options 613 631 Weighted average common shares, diluted 30,052 29,994 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2019 2018 Stock options 100 — |
Fair Value Measurements and D_2
Fair Value Measurements and Derivative Instruments Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value And Basis Of Valuation Of Financial Liabilities | Amounts in thousands March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swap asset (1) $ — $ 70 $ — $ — $ 169 $ — (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 | Amounts in thousands For the three months Derivatives not designated as Income Statement ended March 31, ASC 815 hedges Classification 2019 2018 Interest Rate Swaps Interest Expense $ 278 $ 222 |
Derivative Instruments Location And Fair Value Amounts | Amounts in thousands As of March 31, 2019 As of December 31, 2018 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 $ 48 $ — $ 48 $ 94 $ — $ 94 Interest rate swaps - non-current Deposits and other 22 — 22 75 — 75 Total derivative assets $ 70 $ — $ 70 $ 169 $ — $ 169 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue | For the three months ended March 31, Amounts in thousands 2019 2018 Revenue from contracts with customers $ 45,613 $ 40,620 Interest income 4 19 Total revenue $ 45,617 $ 40,639 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the three months ended March 31, 2019 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 9,931 $ 6,799 $ 19,460 $ 1,150 $ 37,340 Hotel 125 321 — — 446 Food and Beverage 2,441 863 227 221 3,752 Other 3,800 85 65 125 4,075 Net Operating Revenue $ 16,297 $ 8,068 $ 19,752 $ 1,496 $ 45,613 For the three months ended March 31, 2018 Amounts in thousands Canada United States Poland Corporate Other Total Gaming $ 9,747 $ 6,419 $ 17,073 $ 768 $ 34,007 Hotel 136 318 — — 454 Food and Beverage 2,490 885 184 — 3,559 Other 2,299 84 125 92 2,600 Net Operating Revenue $ 14,672 $ 7,706 $ 17,382 $ 860 $ 40,620 |
Schedule Of Contract Assets And Liabilities | For the three months For the three months ended March 31, 2019 ended March 31, 2018 Amounts in thousands Receivables Contract Liability Receivables Contract Liability Opening $ 305 $ 219 $ 266 $ 235 Closing 320 214 286 212 Increase/(Decrease) $ 15 $ (5) $ 20 $ (23) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components Of Lease Expense | For the three months ended March 31, Amounts in thousands 2019 Operating lease expense $ 1,478 Finance lease expense: Amortization of right-of-use assets $ 32 Interest on lease liabilities 3 Total finance lease expense $ 35 Short-term lease expense $ 138 Variable lease expense $ 681 |
Supplemental Cash Flow Information Related To Leases | For the three months ended March 31, Amounts in thousands 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 3 Operating cash flows from operating leases 1,108 Financing cash flows from finance leases 54 |
Supplemental Balance Sheet Information Related To Leases | As of Amounts in thousands March 31, 2019 Operating leases Leased right-of-use assets, net $ 37,716 Current portion of operating lease liabilities 3,270 Operating lease liabilities, net of current portion 37,045 Total operating lease liabilities 40,315 Finance leases Finance lease right-of-use assets, gross 686 Accumulated depreciation (360) Leased right-of-use assets, net 326 Current portion of finance lease liabilities 83 Finance lease liabilities, net of current portion 48 Total finance lease liabilities 131 Weighted-average remaining lease term Operating leases 15.9 years Finance leases 1.6 years Weighted-average discount rate Operating leases 4.9% Finance leases 6.7% |
Maturities Of Lease Liabilities | Amounts in thousands Operating leases Finance leases Remaining 2019 $ 4,155 $ 98 2020 4,835 50 2021 4,761 17 2022 4,524 — 2023 3,895 — Thereafter 40,253 — Total lease payments 62,423 165 Less imputed interest (22,108) (34) Total $ 40,315 $ 131 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Canada Century Casino & Hotel - Edmonton Canada Century Casino Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! Canada Century Casino St. Albert 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 three months ended March 31, 2019 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 16,297 $ 8,068 $ 19,752 $ 1,496 $ 45,613 Earnings (loss) before income taxes $ 2,553 $ 1,339 $ 1,831 $ (3,284) $ 2,439 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 1,547 $ 983 $ 913 $ (2,375) $ 1,068 Interest expense (income), net 1,192 — 46 16 1,254 Income taxes (benefit) 766 356 461 (867) 716 Depreciation and amortization 797 560 770 298 2,425 Net earnings (loss) attributable to non-controlling interests 240 — 457 (42) 655 Non-cash stock-based compensation — — — 261 261 Gain on foreign currency transactions, cost recovery income and other (45) — (202) (11) (258) (Gain) loss on disposition of fixed assets (5) 16 5 28 44 Pre-opening expenses 538 — — — 538 Adjusted EBITDA $ 5,030 $ 1,915 $ 2,450 $ (2,692) $ 6,703 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. For the three months ended March 31, 2018 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 14,672 $ 7,706 $ 17,382 $ 860 $ 40,620 Earnings (loss) before income taxes $ 2,681 $ 1,174 $ 1,122 $ (2,678) $ 2,299 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 2,019 $ 873 $ 534 $ (2,500) $ 926 Interest expense (income), net 939 — 71 1 1,011 Income taxes (benefit) 534 301 323 (178) 980 Depreciation and amortization 874 541 649 89 2,153 Net earnings attributable to non-controlling interests 128 — 265 — 393 Non-cash stock-based compensation — — — 115 115 (Gain) loss on foreign currency transactions and cost recovery income (72) — (169) 182 (59) Loss on disposition of fixed assets 2 3 26 2 33 Pre-opening expenses 280 — 405 325 1,010 Adjusted EBITDA $ 4,704 $ 1,718 $ 2,104 $ (1,964) $ 6,562 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Sep. 30, 2017USD ($) | Aug. 31, 2017item | Mar. 31, 2019CAD ($)item | Mar. 31, 2019USD ($)item | Apr. 30, 2018 | Oct. 31, 2014 | |
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Number of ship-based casinos | 9 | 9 | ||||
Number of cruise ship owners | 3 | |||||
Golden Hospitality Ltd. [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership interest | 49.00% | 49.00% | ||||
Lot Polish Airlines Invesment [Member] | Polish Airports Company [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Owned by noncontrolling interest | 33.30% | 33.30% | ||||
Casinos Poland [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 66.60% | 66.60% | ||||
Number of casino licenses operating | 7 | |||||
Century Bets! Inc. [Member] | Rocky Mountain Turf Club [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Owned by noncontrolling interest | 25.00% | 25.00% | ||||
Hamilton Properties Ltd. [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Number of slot machines | 200 | |||||
Number of table games | 17 | |||||
Number of electronic table games | 1 | |||||
Loan for purchase of equipment | $ | $ 5 | |||||
Century Mile [Member] | Multi-Level REC [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Project cost | $ 61.5 | $ 46 | ||||
Century Resorts Management GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership interest | 7.50% | 7.50% | 7.50% | |||
Century Resorts Management GmbH [Member] | Percentage Of Century Downs Racetrack Owned By Century Casinos Europe [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 75.00% | 75.00% | ||||
Century Resorts Management GmbH [Member] | Century Bets! Inc. [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 75.00% | 75.00% | ||||
Golden Hospitality Ltd. [Member] | Century Resorts Management [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 51.00% | 51.00% | 51.00% | |||
Century Downs Racetrack And Casino [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 75.00% | 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% | 25.00% | ||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | Golden Hospitality Ltd. [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 9.21% | 9.21% | ||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | Future Invesment [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 51.00% | 51.00% | ||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | Option to Purchase [Member] | ||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||
Ownership percentage | 70.00% | 70.00% |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 49,533 | $ 45,575 | $ 65,939 | |
Restricted cash | 1,062 | |||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | 50,269 | $ 46,284 | 67,730 | $ 76,444 |
Included In Deposits And Other [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 736 | $ 729 | ||
Century Casino Bath [Member] | Included In Deposits And Other [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | 600 | |||
Casinos Poland [Member] | Deposits Related To Payments Of Prizes and Giveaways [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 100 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Exchange Rates To US Dollar) (Details) | Mar. 31, 2019 | Dec. 31, 2018 |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Ending rates | 1.3363 | 1.3642 |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Ending rates | 0.8908 | 0.8738 |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Ending rates | 3.8313 | 3.7606 |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Ending rates | 0.7672 | 0.7823 |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Average Rates | 1.3294 | 1.2643 |
Average Rates % Change | (5.10%) | |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.8808 | 0.8136 |
Average Rates % Change | (8.30%) | |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Average Rates | 3.7869 | 3.3992 |
Average Rates % Change | (11.40%) | |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.7683 | 0.7186 |
Average Rates % Change | (6.90%) |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounting Standards Update 2016-02 [Member] | |
Significant Accounting Policies [Line Items] | |
Cumulative-effect adjustment on retained earnings | $ 0.3 |
Significant Accounting Polici_5
Significant Accounting Policies (Impact Of Adopting Leasing Standard On Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating leases | |||
Leased right-of-use assets, net | $ 37,716 | ||
Prepaid expenses | 2,145 | $ 1,650 | |
Accrued liabilities | 14,847 | 15,664 | |
Operating lease liabilities, net of current portion | 37,045 | ||
Taxes payable and other | 3,561 | 3,381 | |
Retained earnings | 76,892 | 76,056 | |
Non-controlling interests | 7,570 | 7,062 | |
Finance leases | |||
Property and equipment, net | 197,221 | 187,017 | |
Leased right-of-use assets, net | 326 | ||
Current portion of long-term debt | 17,992 | 17,482 | |
Current portion of finance lease liabilities | 83 | ||
Long-term debt, less current portion | 49,780 | 42,041 | |
Finance lease liabilities, net of current portion | $ 48 | ||
Prior To Adoption [Member] | |||
Operating leases | |||
Prepaid expenses | 1,650 | ||
Accrued liabilities | 15,664 | ||
Taxes payable and other | 3,381 | ||
Retained earnings | 76,056 | ||
Non-controlling interests | 7,062 | ||
Finance leases | |||
Property and equipment, net | 187,017 | ||
Current portion of long-term debt | 17,482 | ||
Long-term debt, less current portion | $ 42,041 | ||
Post Adoption [Member] | |||
Operating leases | |||
Leased right-of-use assets, net | $ 38,276 | ||
Prepaid expenses | 1,514 | ||
Accrued liabilities | 15,025 | ||
Operating lease liabilities, net of current portion | 40,410 | ||
Taxes payable and other | 2,031 | ||
Retained earnings | 75,824 | ||
Non-controlling interests | 7,013 | ||
Finance leases | |||
Property and equipment, net | 186,655 | ||
Leased right-of-use assets, net | 362 | ||
Current portion of long-term debt | 17,359 | ||
Current portion of finance lease liabilities | 123 | ||
Long-term debt, less current portion | 41,731 | ||
Finance lease liabilities, net of current portion | 310 | ||
Accounting Standards Update 2016-02 [Member] | Changes Related To Adoption [Member] | |||
Operating leases | |||
Leased right-of-use assets, net | 38,276 | ||
Prepaid expenses | (136) | ||
Accrued liabilities | (639) | ||
Operating lease liabilities, net of current portion | 40,410 | ||
Taxes payable and other | (1,350) | ||
Retained earnings | (232) | ||
Non-controlling interests | (49) | ||
Finance leases | |||
Property and equipment, net | (362) | ||
Leased right-of-use assets, net | 362 | ||
Current portion of long-term debt | (123) | ||
Current portion of finance lease liabilities | 123 | ||
Long-term debt, less current portion | (310) | ||
Finance lease liabilities, net of current portion | $ 310 |
Significant Accounting Polici_6
Significant Accounting Policies (Maturities Related To Operating Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Maturities Related To Operating Leases [Line Items] | ||
2020 | $ 4,835 | |
2021 | 4,761 | |
2022 | 4,524 | |
2023 | 3,895 | |
Total lease payments | $ 62,423 | |
Accounting Standards Update 2016-02 [Member] | ||
Maturities Related To Operating Leases [Line Items] | ||
2019 | $ 4,079 | |
2020 | 2,783 | |
2021 | 2,748 | |
2022 | 2,700 | |
2023 | 2,646 | |
Total lease payments | $ 14,956 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Oct. 31, 2014USD ($) | Mar. 31, 2019USD ($)employee | Oct. 31, 2017 | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) |
Business Acquisition [Line Items] | |||||
Equity investment | $ 637 | $ 659 | |||
Cost investment | $ 1,000 | $ 1,000 | |||
Century Resorts Management 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 | ||||
Number of directors appointed | employee | 1 | ||||
Golden Hospitality Ltd. [Member] | Century Resorts Management [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 51.00% | 51.00% | |||
Equity investment | $ 600 | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity investment | $ 3,600 | ||||
Period of option to purchase additional equity interest | 3 years | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | Future Invesment [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 51.00% | ||||
Equity investment | $ 3,600 | ||||
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% | ||||
Golden Hospitality Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 49.00% | ||||
Golden Hospitality Ltd. [Member] | Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 9.21% | ||||
Equity investment | $ 600 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)item | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment charges related to goodwill | $ 0 |
Number of trademarks | item | 2 |
Impairment charges related to trademarks | $ 0 |
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 |
Weighted-average period before the next renewal of casino licenses | 4 years 4 months 24 days |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 13,993 |
Effect of foreign currency translation | 25 |
Balance at end of period | 14,018 |
Century Resorts Alberta [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 3,603 |
Effect of foreign currency translation | 76 |
Balance at end of period | 3,679 |
Century Downs Racetrack And Casino [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 139 |
Effect of foreign currency translation | 3 |
Balance at end of period | 142 |
Century Casino St. Albert [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 3,446 |
Effect of foreign currency translation | 72 |
Balance at end of period | 3,518 |
Casinos Poland [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 6,805 |
Effect of foreign currency translation | (126) |
Balance at end of period | $ 6,679 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Changes in Carrying Amounts) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 1,730 |
Balance at end of period | 1,700 |
Trademark [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 1,730 |
Effect of foreign currency translation | (30) |
Balance at end of period | 1,700 |
Century Casinos [Member] | Trademark [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 108 |
Balance at end of period | 108 |
Casinos Poland [Member] | Trademark [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 1,622 |
Effect of foreign currency translation | (30) |
Balance at end of period | $ 1,592 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Casino Licenses) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Casino licenses, net | $ 14,714 | $ 14,628 |
Casino Licenses [Member] | ||
Finite-lived: Casino licenses | 2,830 | 2,883 |
Less: accumulated amortization | (828) | (708) |
Total finite-lived casino licenses, net | 2,002 | 2,175 |
Infinite-lived: Casino licenses | 12,712 | 12,453 |
Total infinite-lived casino licenses | 12,712 | 12,453 |
Casino licenses, net | $ 14,714 | $ 14,628 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Changes in Carrying Amount of Licenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Casinos Poland [Member] | ||
Goodwill [Line Items] | ||
Balance at end of period | $ 2,002 | |
Casino Licenses [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 2,175 | |
Amortization | (828) | $ (708) |
Balance at end of period | 2,002 | |
Casino Licenses [Member] | Casinos Poland [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 2,175 | |
Amortization | 135 | |
Effect of foreign currency translation | (38) | |
Balance at end of period | 2,002 | |
Casino Licenses [Member] | Corporate And Other [Member] | Century Casino Bath [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 1,161 | |
Effect of foreign currency translation | 23 | |
Balance at end of period | 1,184 | |
Casino Licenses [Member] | Canada [Member] | Century Downs Racetrack And Casino [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 2,332 | |
Effect of foreign currency translation | 49 | |
Balance at end of period | 2,381 | |
Casino Licenses [Member] | Canada [Member] | Century Casino St. Albert [Member] | ||
Goodwill [Line Items] | ||
Balance at begininng of period | 8,960 | |
Effect of foreign currency translation | 187 | |
Balance at end of period | $ 9,147 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - Casinos Poland [Member] $ in Thousands | Mar. 31, 2019USD ($) |
2019 | $ 316 |
2020 | 421 |
2021 | 421 |
2022 | 407 |
2023 | 339 |
Thereafter | 98 |
Total finite-lived casino licenses, net | $ 2,002 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) € in Millions, £ in Millions, zł in Millions, $ in Millions | Apr. 25, 2019 | Apr. 09, 2019PLN (zł) | Mar. 31, 2019CAD ($)item | Mar. 31, 2019PLN (zł)item | Mar. 31, 2019USD ($)item | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019CAD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019GBP (£) | Mar. 31, 2019EUR (€) | Mar. 31, 2019CAD ($) | Mar. 31, 2019PLN (zł) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2017GBP (£) | Sep. 30, 2016CAD ($) | Aug. 31, 2014CAD ($) | May 31, 2012CAD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Amortization of deferred financing costs | $ 30,000 | $ 32,000 | ||||||||||||||||||
Amount outstanding | $ 68,249,000 | $ 60,019,000 | ||||||||||||||||||
total debt | 67,772,000 | 59,523,000 | ||||||||||||||||||
Principal payments | $ 54,000 | |||||||||||||||||||
Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł | zł 4.8 | |||||||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Options to Purchase Land | item | 4 | 4 | 4 | |||||||||||||||||
Principal payments | $ 0 | |||||||||||||||||||
Century Casino Bath [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility | £ 1.8 | $ 2,300,000 | £ 2 | |||||||||||||||||
Expiration date | Sep. 1, 2023 | Sep. 1, 2023 | Sep. 1, 2023 | |||||||||||||||||
Guaranteed amount | $ 600,000 | |||||||||||||||||||
Century Casino Bath [Member] | LIBOR [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | 1.625% | |||||||||||||||||
Capital Lease - CDR [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount outstanding | [1] | $ 188,000 | ||||||||||||||||||
BMO Credit Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | $ 102.2 | $ 69.2 | $ 39.1 | $ 28 | ||||||||||||||||
Fixed Charge Coverage Ratio | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Required minimum equity balance under debt covenant | $ 50 | |||||||||||||||||||
Required maximum capital expenditure limit under debt covenant | $ 5.5 | |||||||||||||||||||
Line of credit facility | 64.2 | $ 48,000,000 | ||||||||||||||||||
Line of credit facility amount available for borrowing | 16 | $ 12,000,000 | ||||||||||||||||||
Standby fees | $ 0.1 | $ 0.1 | ||||||||||||||||||
Line of credit facility amount that cannot be reborrowed once repaid | 88.1 | |||||||||||||||||||
BMO Credit Agreement [Member] | Measurement Input, EBITDA Multiple [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
EBITDA ratio | 4 | |||||||||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Notional amount | $ 6.2 | $ 4,600,000 | ||||||||||||||||||
Exchange rate | 3.92 | 3.92 | 3.92 | 3.92 | 3.92 | |||||||||||||||
Debt instrument maturity date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Second Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Notional amount | $ 6.2 | $ 4,600,000 | ||||||||||||||||||
Exchange rate | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | |||||||||||||||
Debt instrument maturity date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Third Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Notional amount | $ 11.3 | $ 8,500,000 | ||||||||||||||||||
Exchange rate | 4.08 | 4.08 | 4.08 | 4.08 | 4.08 | |||||||||||||||
Debt instrument maturity date | Dec. 1, 2021 | Dec. 1, 2021 | Dec. 1, 2021 | |||||||||||||||||
BMO Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł 1.4 | $ 400,000 | ||||||||||||||||||
Line of Credit with mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | zł | 5 | |||||||||||||||||||
Line of credit facility | 4.1 | 1,100,000 | ||||||||||||||||||
Line of credit facility amount available for borrowing | 0.9 | 200,000 | ||||||||||||||||||
Interest rate percentage points | 1.40% | 1.40% | 1.40% | |||||||||||||||||
Line Of Credit With Alior Bank [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | zł | 13 | |||||||||||||||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit amount that can only be used to secure bank guarantees | zł | zł 2 | |||||||||||||||||||
Line of credit facility amount available for borrowing | 10.2 | 2,700,000 | ||||||||||||||||||
Guaranteed amount | zł 2.8 | $ 700,000 | ||||||||||||||||||
Interest rate percentage points | 1.85% | 1.85% | 1.85% | |||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | 4.8 | 1,300,000 | ||||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł 0.5 | 100,000 | ||||||||||||||||||
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 | $ 1.1 | |||||||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||||||
Line of credit facility amount available for borrowing | 1.1 | 800,000 | ||||||||||||||||||
Credit Facility B [Member] | BMO Credit Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||||||
Line of credit facility | $ 24.1 | |||||||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | |||||||||||||||||||
Credit Facility B [Member] | BMO Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Ownership acquired | 33.30% | 33.30% | 33.30% | 33.30% | 33.30% | |||||||||||||||
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 | |||||||||||||||||||
Expiration date | Aug. 1, 2019 | Aug. 1, 2019 | Aug. 1, 2019 | |||||||||||||||||
Line of credit facility amount available for borrowing | 6.1 | $ 4,600,000 | ||||||||||||||||||
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 | |||||||||||||||||||
Expiration date | Sep. 1, 2021 | Sep. 1, 2021 | Sep. 1, 2021 | |||||||||||||||||
Line of credit facility amount available for borrowing | 0 | |||||||||||||||||||
Credit Facility E [Member] | Treasury Risk Management Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | |||||||||||||||||
Line of credit facility | 3 | 2,200,000 | ||||||||||||||||||
Credit Facility F [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility | 33 | |||||||||||||||||||
Expiration date | Aug. 24, 2019 | Aug. 24, 2019 | Aug. 24, 2019 | |||||||||||||||||
Line of credit facility amount available for borrowing | 8.8 | 6,600,000 | ||||||||||||||||||
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 | |||||||||||||||||||
Line of credit facility amount available for borrowing | $ 2 | 1,500,000 | ||||||||||||||||||
Credit Facility H [Member] | BMO Credit Agreement [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility | $ 1.3 | $ 1,000,000 | ||||||||||||||||||
Credit Agreement [Member] | Line of Credit with mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Expiration date | Mar. 30, 2020 | |||||||||||||||||||
Credit Agreement [Member] | Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit amount that can only be used to secure bank guarantees | zł | zł 4 | |||||||||||||||||||
Expiration date | Apr. 16, 2021 | |||||||||||||||||||
Credit Agreement [Member] | Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Interest rate percentage points | 1.55% | |||||||||||||||||||
Credit Agreement Through April 2020 [Member] | Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | zł | zł 13 | |||||||||||||||||||
Credit Agreement Through April 2021 [Member] | Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | zł | zł 4 | |||||||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Maximum borrowing capacity | zł | zł 3 | |||||||||||||||||||
Expiration date | Nov. 1, 2021 | Nov. 1, 2021 | Nov. 1, 2021 | |||||||||||||||||
Term of borrowing | 3 years | 3 years | 3 years | |||||||||||||||||
Amount outstanding | 3 | 800,000 | ||||||||||||||||||
Borrowing availability | zł | zł 0 | |||||||||||||||||||
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 | |||||||||||||||||||
Expiration date | Nov. 1, 2021 | Nov. 1, 2021 | Nov. 1, 2021 | |||||||||||||||||
Term of borrowing | 3 years | 3 years | 3 years | |||||||||||||||||
Amount outstanding | 4 | 1,000,000 | ||||||||||||||||||
Borrowing availability | zł | zł 0 | |||||||||||||||||||
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 | 2.5 | |||||||||||||||||||
Expiration date | Nov. 1, 2022 | Nov. 1, 2022 | Nov. 1, 2022 | |||||||||||||||||
Term of borrowing | 4 years | 4 years | 4 years | |||||||||||||||||
Amount outstanding | zł 1.5 | 400,000 | ||||||||||||||||||
Borrowing availability | zł 1 | $ 300,000 | ||||||||||||||||||
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] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Amount outstanding | 0 | |||||||||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Line of credit facility | € 7 | $ 7,900,000 | ||||||||||||||||||
Line of credit facility secured 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 borrowing | 1 month | 1 month | 1 month | |||||||||||||||||
UniCredit Agreement Term 2 [Member] | Century Resorts Management [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of borrowing | 3 months | 3 months | 3 months | |||||||||||||||||
UniCredit Agreement Term 3 [Member] | Century Resorts Management [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of borrowing | 6 months | 6 months | 6 months | |||||||||||||||||
UniCredit Agreement Term 4 [Member] | Century Resorts Management [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of borrowing | 9 months | 9 months | 9 months | |||||||||||||||||
UniCredit Agreement Term 5 [Member] | Century Resorts Management [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Term of borrowing | 12 months | 12 months | 12 months | |||||||||||||||||
Minimum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
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] | ||||||||||||||||||||
Profit margin | 0.70% | 0.70% | 0.70% | |||||||||||||||||
Liquidity ratio | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||||
Minimum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Profit margin | 0.50% | 0.50% | 0.50% | |||||||||||||||||
Liquidity ratio | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | |||||||||||||||
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Profit margin | 0.50% | 0.50% | 0.50% | |||||||||||||||||
Liquidity ratio | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | |||||||||||||||
Maximum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Standby fees, percentage | 0.75% | 0.75% | 0.75% | |||||||||||||||||
Standby fees | $ 100,000 | 100,000 | ||||||||||||||||||
Amortization of deferred financing costs | $ 100,000 | $ 100,000 | ||||||||||||||||||
Maximum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Profit margin | 1.00% | 1.00% | 1.00% | |||||||||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||||||||||
Debt ratio | 50 | 50 | 50 | 50 | 50 | |||||||||||||||
Maximum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | |||||||||||||||
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | |||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | |||||||||||||||
Outstanding balance on financing obligation | $ 19.5 | $ 14,600,000 | ||||||||||||||||||
[1] | See Note 2 and Note 11 for information related to the treatment of the Company's lease agreements after the adoption of ASU 2016-02 and related amendments. |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt and Weighted Average Interest) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Total principal | $ 68,249 | $ 60,019 | |
Deferred financing costs | (477) | (496) | |
Total long-term debt | 67,772 | 59,523 | |
Less current portion | (17,992) | (17,482) | |
Long-term portion | 49,780 | 42,041 | |
Credit Agreement - Bank of Montreal [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 48,036 | $ 40,515 | |
Weighted-average interest rate | 4.42% | 4.43% | |
Credit Agreements - CPL [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 2,216 | $ 1,949 | |
Weighted-average interest rate | 3.21% | 1.77% | |
Credit Facilities - CPL [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 1,061 | $ 647 | |
Weighted-average interest rate | 5.17% | 3.57% | |
Credit Agreement - CCB [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 2,346 | $ 2,429 | |
Weighted-average interest rate | 2.52% | 2.34% | |
Financing Obligation - CDR Land Lease [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 14,590 | $ 14,291 | |
Weighted-average interest rate | 14.62% | 13.79% | |
Capital Lease - CDR [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | [1] | $ 188 | |
Weighted-average interest rate | [1] | 7.06% | |
Total Principal [Member] | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 6.58% | 6.74% | |
[1] | See Note 2 and Note 11 for information related to the treatment of the Company's lease agreements after the adoption of ASU 2016-02 and related amendments. |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2019 | $ 16,942 | |
2020 | 4,204 | |
2021 | 14,715 | |
2022 | 1,042 | |
2023 | 913 | |
Thereafter | 30,433 | |
Total | 68,249 | $ 60,019 |
Casinos Poland Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 535 | |
2020 | 917 | |
2021 | 764 | |
Total | 2,216 | |
Casinos Poland Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 1,061 | |
Total | 1,061 | |
Century Casino Bath Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 391 | |
2020 | 521 | |
2021 | 521 | |
2022 | 521 | |
2023 | 392 | |
Total | 2,346 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Thereafter | 14,590 | |
Total | 14,590 | |
Bank Of Montreal [Member] | ||
Debt Instrument [Line Items] | ||
2019 | 14,955 | |
2020 | 2,766 | |
2021 | 13,430 | |
2022 | 521 | |
2023 | 521 | |
Thereafter | 15,843 | |
Total | $ 48,036 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, zł in Millions | 3 Months Ended | |||
Mar. 31, 2019PLN (zł) | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Commitments and Contingencies [Line items] | ||||
Contingent liability | $ 838 | $ 829 | ||
Casinos Poland [Member] | ||||
Commitments and Contingencies [Line items] | ||||
Income tax audit costs | zł 14.3 | $ 4,200 | ||
Review of All Tax Open Periods [Member] | ||||
Commitments and Contingencies [Line items] | ||||
Contingent liability | zł 3.2 | $ 800 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||
Income taxes (benefit) | $ 716 | $ 980 |
Pre-tax income | $ 2,439 | $ 2,299 |
Effective tax rate | 29.50% | 42.60% |
Canada [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 27.00% | |
Tax Act [Member] | ||
Income Taxes [Line Items] | ||
US Federal income tax statutory rate | 21.00% | |
Century Resorts Management GmbH [Member] | ||
Income Taxes [Line Items] | ||
Income taxes (benefit) | $ 300 | |
Percentace of increase to effective income tax rate | 12.00% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares, basic | 29,439 | 29,363 |
Dilutive effect of stock options | 613 | 631 |
Weighted average common shares, diluted | 30,052 | 29,994 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019shares | |
Stock Options [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Stock options | 100 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivative Instruments Reporting (Narrative) (Details) $ in Thousands, $ in Millions | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |||
Measured at fair value on a non-recurring basis | $ 0 | ||
Fair value of land lease | $ 28.6 | 21,400 | |
Cash equivalents | $ 0 | $ 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] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 70 | 169 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities |
Fair Value Measurements and D_5
Fair Value Measurements and Derivative Instruments Reporting (Derivative Instruments In The Consolidated Statement Of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Expense [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gain on derivative instruments | $ 278 | $ 222 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivative Instruments Reporting (Derivative Instruments Location And Fair Value Amounts) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Recognized Assets (Liabilities) | $ 70 | $ 169 |
Net Recognized Fair Value Assets (Liabilities) | 70 | 169 |
Interest Rate Swap - Current [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Recognized Assets (Liabilities) | 48 | 94 |
Net Recognized Fair Value Assets (Liabilities) | 48 | 94 |
Interest Rate Swap - Non-Current [Member] | Deposits And Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Recognized Assets (Liabilities) | 22 | 75 |
Net Recognized Fair Value Assets (Liabilities) | $ 22 | $ 75 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Performance Obligation, Description of Timing | The expected duration of the performance obligation is less than one year. | |
Impairment losses on receivables | $ 0 | |
Maximum [Member] | ||
Contracts and contract liabilities duration period | 1 year | |
Opening [Member] | ||
Contract liability | $ 219 | $ 235 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Revenue from contracts with customers | $ 45,613 | $ 40,620 |
Interest income | 4 | 19 |
Total revenue | $ 45,617 | $ 40,639 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | $ 45,613 | $ 40,620 |
Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 1,496 | 860 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 16,297 | 14,672 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 8,068 | 7,706 |
Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 19,752 | 17,382 |
Gaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 37,340 | 34,007 |
Gaming [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,150 | 768 |
Gaming [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 9,931 | 9,747 |
Gaming [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 6,799 | 6,419 |
Gaming [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 19,460 | 17,073 |
Hotel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 446 | 454 |
Hotel [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 125 | 136 |
Hotel [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 321 | 318 |
Food And Beverage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 3,752 | 3,559 |
Food And Beverage [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 221 | |
Food And Beverage [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,441 | 2,490 |
Food And Beverage [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 863 | 885 |
Food And Beverage [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 227 | 184 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 4,075 | 2,600 |
Other [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 125 | 92 |
Other [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 3,800 | 2,299 |
Other [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 85 | 84 |
Other [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 65 | $ 125 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule of Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Opening [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | $ 305 | $ 266 |
Contract Liability | 219 | 235 |
Closing [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 320 | 286 |
Contract Liability | 214 | 212 |
Increase/(Decrease) [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 15 | 20 |
Contract Liability | $ (5) | $ (23) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)item | |
Lease, option to extend | true |
Lease, option to terminate | true |
Minimum [Member] | |
Lease term | 1 month |
Maximum [Member] | |
Lease term | 28 years |
Casino Space [Member] | |
Number of casinos onboard cruise ships | 9 |
Corporate Offices [Member] | Vienna, Austria [Member] | |
Lease term | 3 years |
Lease renew term | 3 years |
Corporate Offices [Member] | Colorado Springs, Colorado [Member] | |
Lease term | 10 years |
Other Equipment [Member] | Minimum [Member] | |
Lease term | 1 year |
Other Equipment [Member] | Maximum [Member] | |
Lease term | 6 years |
Century Mile [Member] | Land [Member] | |
Lease term | 20 years |
Number of lease options to renew | 6 |
Lease renew term | 5 years |
Century Mile [Member] | Racing Equipment [Member] | |
Additional leases, not yet commenced | $ | $ 1 |
Century Casino Bath [Member] | Casino Space [Member] | |
Lease term | 28 years |
Lease renew term | 15 years |
Casinos Poland [Member] | Casino Space [Member] | |
Lease term | 6 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 1,478 |
Finance lease expense: | |
Amortization of right-of-use assets | 32 |
Interest on lease liabilities | 3 |
Total finance lease expense | 35 |
Short-term lease expense | 138 |
Variable lease expense | $ 681 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from finance leases | $ 3 |
Operating cash flows from operating leases | 1,108 |
Financing cash flows from finance leases | $ 54 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating leases | |
Leased right-of-use assets, net | $ 37,716 |
Current portion of operating lease liabilities | 3,270 |
Operating lease liabilities, net of current portion | 37,045 |
Total operating lease liabilities | 40,315 |
Finance leases | |
Finance lease right-of-use assets, gross | 686 |
Accumulated depreciation | (360) |
Finance lease right-of-use assets, net | 326 |
Current portion of finance lease liabilities | 83 |
Finance lease liabilities, net of current portion | 48 |
Total finance lease liabilities | $ 131 |
Weighted-average remaining lease term | |
Operating leases | 15 years 10 months 24 days |
Finance leases | 1 year 7 months 6 days |
Weighted-average discount rate | |
Operating leases | 4.90% |
Finance leases | 6.70% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Operating leases | |
Remaining 2019 | $ 4,155 |
2020 | 4,835 |
2021 | 4,761 |
2022 | 4,524 |
2023 | 3,895 |
Thereafter | 40,253 |
Total lease payments | 62,423 |
Less imputed interest | (22,108) |
Total | 40,315 |
Finance leases | |
Remaining 2019 | 98 |
2020 | 50 |
2021 | 17 |
2022 | |
2023 | |
Thereafter | |
Total lease payments | 165 |
Less imputed interest | (34) |
Total | $ 131 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 3 Months Ended |
Mar. 31, 2019item | |
Segment Reporting Information [Line Items] | |
Number of reportable segments based on geographical locations | 3 |
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 Calgary |
Operating Segment 3 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Downs Racetrack and Casino |
Operating Segment 4 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Bets! |
Operating Segment 5 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino St. Albert |
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 Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | $ 45,613 | $ 40,620 | ||
Earnings (loss) before income taxes | 2,439 | 2,299 | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,068 | 926 | ||
Income taxes (benefit) | 716 | 980 | ||
Depreciation and amortization | 2,425 | 2,153 | ||
Net earnings (loss) attributable to non-controlling interests | 655 | 393 | ||
Non-cash stock-based compensation | 261 | 115 | ||
(Gain) loss on foreign currency transactions, cost recovery income and other | (247) | (59) | ||
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 1,496 | 860 | ||
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 16,297 | 14,672 | ||
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 8,068 | 7,706 | ||
Poland [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 19,752 | 17,382 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 45,613 | [1] | 40,620 | [2] |
Earnings (loss) before income taxes | 2,439 | 2,299 | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,068 | 926 | ||
Interest expense (income), net | 1,254 | 1,011 | ||
Income taxes (benefit) | 716 | 980 | ||
Depreciation and amortization | 2,425 | 2,153 | ||
Net earnings (loss) attributable to non-controlling interests | 655 | 393 | ||
Non-cash stock-based compensation | 261 | 115 | ||
(Gain) loss on foreign currency transactions, cost recovery income and other | (258) | (59) | ||
(Gain) loss on disposition of fixed assets | 44 | 33 | ||
Pre-opening expenses | 538 | 1,010 | ||
Adjusted EBITDA | 6,703 | 6,562 | ||
Operating Segments [Member] | Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 1,496 | [1] | 860 | [2] |
Earnings (loss) before income taxes | (3,284) | (2,678) | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (2,375) | (2,500) | ||
Interest expense (income), net | 16 | 1 | ||
Income taxes (benefit) | (867) | (178) | ||
Depreciation and amortization | 298 | 89 | ||
Net earnings (loss) attributable to non-controlling interests | (42) | |||
Non-cash stock-based compensation | 261 | 115 | ||
(Gain) loss on foreign currency transactions, cost recovery income and other | (11) | 182 | ||
(Gain) loss on disposition of fixed assets | 28 | 2 | ||
Pre-opening expenses | 325 | |||
Adjusted EBITDA | (2,692) | (1,964) | ||
Operating Segments [Member] | Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 16,297 | [1] | 14,672 | [2] |
Earnings (loss) before income taxes | 2,553 | 2,681 | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,547 | 2,019 | ||
Interest expense (income), net | 1,192 | 939 | ||
Income taxes (benefit) | 766 | 534 | ||
Depreciation and amortization | 797 | 874 | ||
Net earnings (loss) attributable to non-controlling interests | 240 | 128 | ||
(Gain) loss on foreign currency transactions, cost recovery income and other | (45) | (72) | ||
(Gain) loss on disposition of fixed assets | (5) | 2 | ||
Pre-opening expenses | 538 | 280 | ||
Adjusted EBITDA | 5,030 | 4,704 | ||
Operating Segments [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 8,068 | [1] | 7,706 | [2] |
Earnings (loss) before income taxes | 1,339 | 1,174 | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 983 | 873 | ||
Income taxes (benefit) | 356 | 301 | ||
Depreciation and amortization | 560 | 541 | ||
(Gain) loss on disposition of fixed assets | 16 | 3 | ||
Adjusted EBITDA | 1,915 | 1,718 | ||
Operating Segments [Member] | Poland [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 19,752 | [1] | 17,382 | [2] |
Earnings (loss) before income taxes | 1,831 | 1,122 | ||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 913 | 534 | ||
Interest expense (income), net | 46 | 71 | ||
Income taxes (benefit) | 461 | 323 | ||
Depreciation and amortization | 770 | 649 | ||
Net earnings (loss) attributable to non-controlling interests | 457 | 265 | ||
(Gain) loss on foreign currency transactions, cost recovery income and other | (202) | (169) | ||
(Gain) loss on disposition of fixed assets | 5 | 26 | ||
Pre-opening expenses | 405 | |||
Adjusted EBITDA | $ 2,450 | $ 2,104 | ||
[1] | Net operating revenue for Corporate and Other primarily relates to CCB and the Company's cruise ship operations. | |||
[2] | Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations. |