Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 14, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-22900 | |
Entity Registrant Name | CENTURY CASINOS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1271317 | |
Entity Address, Address Line One | 455 E. Pikes Peak Ave. | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Colorado Springs | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80903 | |
City Area Code | 719 | |
Local Phone Number | 527-8300 | |
Title of 12(b) Security | Common Stock, $0.01 Per Share Par Value | |
Trading Symbol | CNTY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,575,962 | |
Entity Central Index Key | 0000911147 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 63,676 | $ 54,754 |
Receivables, net | 3,532 | 11,371 |
Prepaid expenses | 8,689 | 10,379 |
Inventories | 1,893 | 2,046 |
Other current assets | 903 | 816 |
Total Current Assets | 78,693 | 79,366 |
Property and equipment, net | 490,307 | 503,933 |
Leased right-of-use assets | 33,288 | 37,040 |
Goodwill | 9,788 | 32,936 |
Intangible assets, net | 53,887 | 67,061 |
Deferred income taxes | 1,507 | 2,447 |
Cost investment | 1,000 | |
Note receivable, net of current portion and unamortized discount | 426 | 423 |
Deposits and other | 2,226 | 2,694 |
Total Assets | 670,122 | 726,900 |
Current Liabilities: | ||
Current portion of long-term debt | 10,572 | 3,157 |
Current portion of operating lease liabilities | 3,938 | 4,235 |
Current portion of finance lease liabilities | 146 | 161 |
Accounts payable | 6,467 | 5,200 |
Accrued liabilities | 18,595 | 21,707 |
Accrued payroll | 9,894 | 13,201 |
Taxes payable | 2,833 | 8,575 |
Contingent liability (Note 8) | 1,035 | 334 |
Total Current Liabilities | 53,480 | 56,570 |
Long-term debt, net of current portion and deferred financing costs (Note 6) | 183,457 | 175,806 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7) | 276,636 | 275,605 |
Operating lease liabilities, net of current portion | 38,852 | 42,942 |
Finance lease liabilities, net of current portion | 160 | 217 |
Taxes payable and other | 2,584 | 2,672 |
Deferred income taxes | 2,279 | 1,013 |
Total Liabilities | 557,448 | 554,825 |
Commitments and Contingencies (Note 8) | ||
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; 29,575,962 and 29,500,327 shares issued and outstanding | 296 | 295 |
Additional paid-in capital | 115,770 | 115,784 |
Retained earnings | 10,813 | 56,669 |
Accumulated other comprehensive loss | (22,280) | (9,442) |
Total Century Casinos, Inc. Shareholders’ Equity | 104,599 | 163,306 |
Non-controlling interests | 8,075 | 8,769 |
Total Equity | 112,674 | 172,075 |
Total Liabilities and Equity | $ 670,122 | $ 726,900 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 29,575,962 | 29,500,327 |
Common stock, shares outstanding | 29,575,962 | 29,500,327 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of (Loss) Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating revenue: | ||
Net operating revenue | $ 87,656 | $ 45,613 |
Operating costs and expenses: | ||
General and administrative | 29,532 | 16,055 |
Depreciation and amortization | 6,495 | 2,425 |
Impairment - goodwill and intangible assets | 33,964 | |
Total operating costs and expenses | 119,428 | 42,153 |
Loss from equity investment | (14) | |
(Loss) earnings from operations | (31,772) | 3,446 |
Non-operating income (expense): | ||
Interest income | 1 | 4 |
Interest expense | (11,367) | (1,258) |
Gain on foreign currency transactions, cost recovery income and other | 1 | 247 |
Non-operating (expense) income, net | (11,365) | (1,007) |
(Loss) earnings before income taxes | (43,137) | 2,439 |
Income tax expense | (2,524) | (716) |
Net (loss) earnings | (45,661) | 1,723 |
Net earnings attributable to non-controlling interests | (195) | (655) |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (45,856) | $ 1,068 |
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: | ||
Basic | $ (1.55) | $ 0.04 |
Diluted | $ (1.55) | $ 0.04 |
Weighted average shares outstanding - basic | 29,507 | 29,439 |
Weighted average shares outstanding - diluted | 29,507 | 30,052 |
Gaming [Member] | ||
Operating revenue: | ||
Operating revenue | $ 74,292 | $ 37,340 |
Operating costs and expenses: | ||
Operating costs and expenses | 42,043 | 19,566 |
Hotel [Member] | ||
Operating revenue: | ||
Operating revenue | 1,816 | 446 |
Operating costs and expenses: | ||
Operating costs and expenses | 724 | 178 |
Food And Beverage [Member] | ||
Operating revenue: | ||
Operating revenue | 6,552 | 3,752 |
Operating costs and expenses: | ||
Operating costs and expenses | 6,670 | 3,929 |
Other [Member] | ||
Operating revenue: | ||
Operating revenue | $ 4,996 | $ 4,075 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ||
Net (loss) earnings | $ (45,661) | $ 1,723 |
Other comprehensive (loss) income | ||
Foreign currency translation adjustments | (13,727) | 1,368 |
Other comprehensive (loss) income | (13,727) | 1,368 |
Comprehensive (loss) income | (59,388) | 3,091 |
Comprehensive (loss) income attributable to non-controlling interests | ||
Net earnings attributable to non-controlling interests | (195) | (655) |
Foreign currency translation adjustments | 889 | 61 |
Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders | $ (58,694) | $ 2,497 |
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, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total | |
BALANCE at Dec. 31, 2018 | $ 294 | $ 114,214 | $ (14,243) | $ 76,056 | $ 7,062 | |||
Net (loss) earnings | 1,068 | 655 | $ 1,723 | |||||
Foreign currency translation adjustment | 1,429 | (61) | 1,368 | |||||
Amortization of stock-based compensation | [1] | 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 | |
Cumulative effect of accounting change | [2] | (232) | (49) | |||||
BALANCE at Dec. 31, 2019 | 295 | 115,784 | (9,442) | 56,669 | 8,769 | $ 172,075 | ||
BALANCE, Shares at Dec. 31, 2019 | 29,500,327 | |||||||
Performance stock unit issuance | 1 | |||||||
Net (loss) earnings | (45,856) | 195 | $ (45,661) | |||||
Foreign currency translation adjustment | (12,838) | (889) | (13,727) | |||||
Amortization of stock-based compensation | [1] | (14) | ||||||
BALANCE at Mar. 31, 2020 | $ 296 | $ 115,770 | $ (22,280) | $ 10,813 | $ 104,599 | $ 8,075 | $ 112,674 | |
BALANCE, Shares at Mar. 31, 2020 | 29,575,962 | |||||||
Common shares issued | 75,635 | |||||||
[1] | Includes forfeiture credit for cancelled shares. | |||||||
[2] | Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-02. See Note 13 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, 2020 | Mar. 31, 2019 | |
Cash Flows provided by Operating Activities: | ||
Net (loss) earnings | $ (45,661) | $ 1,723 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 6,495 | 2,425 |
Lease amortization | 599 | |
Loss on disposition of fixed assets | 3 | 59 |
Adjustment of contingent liability (Note 8) | 734 | 25 |
Unrealized loss on interest rate swaps | 103 | |
Amortization of stock-based compensation expense | (14) | 261 |
Amortization of deferred financing costs and discount on note receivable | 398 | 30 |
Impairment (Note 4 and Note 5) | 33,964 | |
Deferred taxes | 2,207 | (158) |
Loss from unconsolidated subsidiary | 14 | |
Cashless stock issuance | 1 | |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | 7,574 | (881) |
Prepaid expenses and other assets | 1,731 | (1,440) |
Accounts payable | 441 | (385) |
Accrued liabilities | 4,671 | 1,855 |
Inventories | 69 | 20 |
Other operating liabilities | (252) | |
Accrued payroll | (2,925) | (651) |
Taxes payable | (5,614) | 1,478 |
Net cash provided by operating activities | 4,673 | 4,226 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (4,370) | (7,631) |
Net cash used in investing activities | (4,370) | (7,631) |
Cash Flows provided by Financing Activities: | ||
Proceeds from borrowings | 17,351 | 9,173 |
Principal payments | (6,992) | (1,909) |
Payment of deferred financing costs | (491) | |
Distribution to non-controlling interest | (37) | |
Net cash provided by financing activities | 9,868 | 7,227 |
Effect of Exchange Rate Changes on Cash | (1,304) | 163 |
Increase in Cash, Cash Equivalents and Restricted Cash | 8,867 | 3,985 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 55,640 | 46,284 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 64,507 | 50,269 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 11,828 | 1,053 |
Income taxes paid | 893 | 502 |
Non-Cash Investing Activities: | ||
Purchase of property and equipment on account | $ 1,153 | $ 5,499 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 a casino entertainment company with operations primarily in North America. The Company’s operations as of March 31, 2020 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 Central City, Colorado (“CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”) Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia (“Mountaineer” or “MTR”) The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) 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”); and The Century Casino Calgary, Alberta, Canada (“CAL”) In March 2020, the Company announced that it had temporarily closed its casinos to comply with quarantines issued by governments to contain the spread of the coronavirus (“COVID-19”) pandemic. On March 17, 2020, the Company also announced that it had permanently closed Century Casino Bath (“CCB”). On May 6, 2020, CCB entered into a Creditors Voluntary Liquidation (“CVL”). Prior to entering into the CVL, CCB voluntarily surrendered its casino gaming license on April 28, 2020. Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) were acquired on December 6, 2019 from Eldorado Resorts, Inc. (“Eldorado Resorts”) (the “Acquisition”). See Note 3 for additional information about the Acquired Casinos and the Acquisition. Century Bets!, Inc. (“CBS” or “Century Bets”) operates the pari-mutuel off-track betting network in southern Alberta, Canada. Prior to August 2019, the Company had a 75 % controlling financial interest in CBS through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”). In August 2019, the Company purchased the remaining 25 % non-controlling financial interest from Rocky Mountain Turf Club for CAD 0.2 million ($ 0.2 million based on the exchange rate in effect on August 5, 2019), resulting in CBS becoming a wholly-owned subsidiary. The Company has a controlling financial interest through its wholly-owned subsidiary CRM in the following majority-owned subsidiaries: The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2020, CPL owned and operated eight casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3 % of CPL, which is reported as a non-controlling financial interest. The Company owns 75 % of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a racing and entertainment center (“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 has the following concession, management and consulting service agreements: As of March 31, 2020, the Company had concession agreements with TUI Cruises for five ship-based casinos. The ships have not sailed since March 2020 due to COVID-19. The Company’s concession agreement for four of the ship-based casinos that the Company operated prior to their closures in March 2020 ended on May 12, 2020. The Company, through its subsidiary CRM, has a 7.5 % ownership interest in Mendoza Central Entretenimientos 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”). In March 2020, the Company impaired the $ 1.0 million MCE investment and wrote-down a $ 0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. See Note 4 for additional information related to MCE. The Company, through its subsidiary CRM, had a 51 % ownership interest in Golden Hospitality Ltd. (“GHL”). The Company sold its interest in GHL to the unaffiliated shareholders of GHL in May 2019 for a $ 0.7 million non-interest bearing promissory note. The Company recognized a loss on the sale of its investment of less than $ 0.1 million in general and administrative expenses on its condensed consolidated statement of (loss) earnings for the year ended December 31, 2019. The sale of the Company’s equity interest in GHL also ended its equity interest in Minh Chau Ltd. (“MCL”). See Note 4 for additional information related to GHL and MCL. Going Concern and Recent Developments Related to COVID-19 The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s first quarter 2020 results of operations and financial condition, and the Company expects this situation will have an adverse impact on the Company’s second quarter 2020 results. Between March 14, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company anticipates a phased approach to reopening will be recommended by government officials in the jurisdictions where it operates, which could include reduced levels of gaming space, social distancing at slot machines and table games or reduced capacity within the casino, limited restaurant operating hours or continued closure of restaurants, requirements to wear face masks, including the potential to require guests to wear face masks, increased frequency of disinfecting surfaces and other measures to account for varying levels of demand. The Company’s casinos rely on a local customer base and, as such, the Company anticipates that its operations could resume at a quicker rate than those of casinos at destination resorts. The timing for reopening the Company’s locations will depend on determinations by governments in each jurisdiction. The Company’s Polish locations reopened on May 18, 2020. Based on information currently available, the Company is anticipating reopening most other locations beginning in June 2020 and no later than August 2020. However, the Company cannot predict how quickly customers will return to its casinos. The Company permanently closed Century Casino Bath in March 2020, and the Company’s concession agreement for four of the ship-based casinos that the Company operated prior to their closures in March 2020 ended on May 12, 2020. Due to the temporary closures of its casinos, hotels and other facilities, the Company has taken actions to reduce operating costs, including furloughing most of its personnel and implementing reduced work weeks for other personnel. During the closures, the Company will continue to pay benefits to its United States and Canadian employees, inclusive of part time employees, through May 2020. In Poland, all employees were paid reduced salaries based on local employment laws. As of April 30, 2020, the Company had $ 50.0 million in cash on hand to fund future operations and make required payments under its credit agreements as they become due within one year after the date that these condensed consolidated financial statements are issued. The Company currently is not generating any revenue from its properties and estimates that the net cash outflow during the time the operations continue to be fully suspended will be, on average, approximately $ 8.0 million per month. Management estimates that the Company will need approximately $ 19.8 million to reopen operations and cover short-term cash needs at the casinos. In March 2020, as a proactive measure to increase its cash position and preserve financial flexibility in light of the uncertainty resulting from the COVID-19 pandemic, the Company borrowed an additional $ 17.4 million on its revolving credit facility with Macquarie Capital (“Macquarie”) and its credit agreement with UniCredit Bank Austria AG (“UniCredit”). The Company has no remaining availability under these credit facilities. As of March 31, 2020, the Company was in compliance with all financial covenants under its credit agreements. However, based on the anticipated timing of reopening the Company’s casinos, hotels and other operations, management is projecting a potential violation of a financial covenant related to the Macquarie revolving credit facility. If the financial covenant is not met and the amount outstanding under the revolving credit facility exceeds $ 3.5 million, Macquarie could demand repayment of the outstanding balance, and there is uncertainty whether the Company would have sufficient liquidity to finance its operations and repay its revolving credit facility within one year after the condensed consolidated financial statements are issued. These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern. In response to these conditions and events, management obtained from Macquarie a proposal for a covenant waiver and terms for additional financing under the revolving credit facility which would be sufficient to mitigate conditions and events that raise substantial doubt. Management plans to execute one or both of these proposals only if there is an actual covenant violation or need for additional liquidity. As a result, the Company has concluded that management’s plans are probable of being achieved to alleviate substantial doubt about the Company’s ability to continue as a going concern. Additional Projects and Other Developments Bermuda 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 would feature approximately 200 slot machines, 17 live table games, one or more electronic table games and a high limit area and salon privé. 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 would also provide a $ 5.0 million loan for the purchase of casino equipment if the license is awarded. 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 Parliament of Bermuda has not yet adopted these rules and regulations, and the Company does not currently expect this project to go forward. 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, 2019. The results of operations for the quarter ended March 31, 2020 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 condensed consolidated statements of cash flows is presented in the following table: March 31, March 31, Amounts in thousands 2020 2019 Cash and cash equivalents $ 63,676 $ 49,533 Restricted cash included in deposits and other 831 736 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 64,507 $ 50,269 As of March 31, 2020, restricted cash included $ 0.6 million in deposits and other related to a cash guarantee under the CCB loan agreement that CRM assumed in February 2020, $ 0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $ 0.1 million in deposits and other related to an insurance policy. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. 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 2020 2019 Canadian dollar (CAD) 1.4187 1.2988 Euros (EUR) 0.9104 0.8906 Polish zloty (PLN) 4.1339 3.7873 British pound (GBP) 0.8059 0.7563 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 2020 2019 % Change Canadian dollar (CAD) 1.3429 1.3294 ( 1.0 %) Euros (EUR) 0.9074 0.8808 ( 3.0 %) Polish zloty (PLN) 3.9221 3.7869 ( 3.6 %) British pound (GBP) 0.7816 0.7683 ( 1.7 %) Source: Pacific Exchange Rate Service |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements – The Company has recently adopted the following 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 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2017-04 on a prospective basis on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s 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 15, 2019, and interim periods within those fiscal years. The amendments should be adopted using the prospective method for certain disclosures within the guidance and retrospectively upon the effective date. The Company adopted ASU 2018-13 on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s financial statements or its disclosures. 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 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-15 on January 1, 2020 using the prospective method and accounts for new contracts that are service arrangements using this guidance. The adoption of the standard did not have a material impact on the Company’s 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 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2018-17 on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s financial statements. Accounting Pronouncements Pending Adoption – The Company has not yet adopted the following accounting pronouncements: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, (ii) to update certain requirements to simplify the accounting for income taxes, and (iii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, 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 the Company’s financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS On December 6, 2019, the Company completed the Acquisition of the operations of the Acquired Casinos from Eldorado Resorts. Immediately prior to the Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affiliate of VICI Properties Inc. (“VICI PropCo”). On the closing date, certain subsidiaries of the Company and subsidiaries of VICI PropCo entered into a triple net lease agreement (the “Master Lease”) for the three Acquired Casino properties. The Master Lease has an initial annual rent of approximately $ 25.0 million and an initial term of 15 years, with four five year renewal options. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation. See Note 7 for additional information about the Master Lease. The Company paid for the Acquisition using a portion of the $ 180.0 million credit facility from Macquarie Capital (the “Macquarie Credit Agreement”) (see Note 6). The total consideration of $ 388.4 million (the “Purchase Price”) for the Acquisition was paid through the Macquarie Credit Agreement and by VICI PropCo in connection with its purchase of the real estate assets underlying the Acquired Casinos. In connection with the Acquisition, the Company made an initial payment to the seller of $ 110.6 million on December 6, 2019. This amount included a base price of $ 107.2 million plus an adjustment based on the estimated working capital of the acquired entities at closing. As of December 6, 2019, the Company began consolidating the Acquired Casinos as wholly-owned subsidiaries. CCG contributed $ 13.5 million in net operating revenue and ($ 22.8 ) million in net loss attributable to Century Casinos, Inc. shareholders for the three months ended March 31, 2020. CCV contributed $ 8.1 million in net operating revenue and ($ 8.3 ) million in net loss attributable to Century Casinos, Inc. shareholders for the three months ended March 31, 2020. MTR contributed $ 25.1 million in net operating revenue and ($ 2.6 ) million in net loss attributable to Century Casinos, Inc. shareholders for the three months ended March 31, 2020. The Company accounted for the transaction as a business combination, and accordingly, the acquired assets of $ 379.8 million (including $ 13.9 million in cash and restricted cash) and liabilities of $ 287.9 million were included in the Company’s consolidated balance sheet at December 6, 2019. Goodwill of $ 18.6 million is attributable to the business expansion opportunity for the Company. The Acquisition leverages the Company’s management specialties and expertise in the gaming industry, expands the Company’s casino offerings into each of the three new markets and creates operational synergies. The Acquisition generated $ 18.6 million of tax deductible goodwill for the Company’s United States segment. The fair value of the assets acquired and liabilities assumed (excluding cash and restricted cash received) was determined to be $ 96.6 million as of the acquisition date. The fair values of the acquired tangible and intangible assets were determined using variations of the income, market and cost approaches, including the following methods which the Company considered appropriate: multi-period excess earnings method; cost method; capitalized cash flow method; relief from royalty method; discounted cash flow method; and direct market value approach. Both the income and market approach valuation methodologies used for the identifiable net assets acquired in the Acquisition use Level 3 inputs and are provisional pending development of a final valuation. Trade receivables and payables, inventory and other current and noncurrent assets and liabilities were valued at the existing carrying values as they represented a reasonable approximation of the fair value of those items at the Acquisition date, based on management’s judgment and estimates. The personal property components of the fixed assets were primarily valued utilizing the market and cost approaches. Certain personal property with an active and identifiable secondary market value were valued using the market approach. This property included, but was not limited to, certain gaming/slot equipment, information and technology equipment and vehicles. The cost approach was utilized to value all other personal property. The cost approach estimates fair value as the current cost of replacing or reproducing the utility of an asset, or group of assets and adjusting it for any depreciation resulting from one or more of the following: physical deterioration, functional obsolescence, and/or economic obsolescence. The real estate assets that were sold to VICI PropCo subsidiaries and leased back by the Company were first adjusted to fair value concurrently with the Acquisition. The fair value of the properties was determined utilizing the direct capitalization method of the income approach. The fair value of the acquired real estate assets was determined to be $ 277.8 million. The income approach incorporates all tangible and intangible property and served as a ceiling for the fair values of the acquired assets of the ongoing business enterprise, while still taking into account the premise of highest and best use. The fair value of the gaming licenses was determined using the multi-period excess earnings methodology (“MPEEM”). The MPEEM is a variation of the income approach that allocates projected cash flows of the business to the gaming license intangible, including charges for contributory assets that, in addition to the gaming licenses, are required to generate the operating cash flows. The contributory assets of each reporting unit included working capital, real estate, fixed assets and other intangible assets. This methodology was considered appropriate as the gaming licenses are considered the primary intangible asset of the acquired entities and the licenses are linked to each respective facility. Under the respective state’s gaming legislation, the property-specific licenses can only be acquired if a theoretical buyer were to acquire each existing facility. The existing licenses could not be acquired and used for a different facility. The properties’ estimated future cash flows were the primary assumption in the respective valuations. Cash flow estimates included net gaming revenue, gaming operating expenses, general and administrative expenses, and tax expense. The fair value of the customer relationships from the player’s club lists was valued using the incremental cash flow method under the income approach. The incremental cash flow method is used to estimate the fair value of an intangible asset based on a residual cash flow notion. This method measures the benefits (e.g., cash flows) derived from ownership of an acquired intangible asset as if it were in place, as compared to the acquirer’s expected cash flows as if the intangible asset were not in place (i.e., with-and-without). The present value difference in the two cash flow streams is ascribable to the intangible asset. The Company has assigned a seven year useful life to the player loyalty programs based on estimated revenue attrition among the player’s club members, based on each property’s historical operations as estimated by management. The fair value of the trade names was valued using the relief from royalty method. The relief from royalty method presumes that, without ownership of the asset, the Company would have to make a stream of payments to a brand or franchise owner in return for the right to use their name. By virtue of this asset, the Company avoids any such payments and records the related intangible value of the trade name. The primary assumptions in the valuation included projected revenue, a pre-tax royalty rate, the trade name’s useful life, and tax expense. The Company has assigned the Mountaineer trade name a 10 year useful life after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trade name. The Company has assigned an indefinite useful life to the gaming licenses, in accordance with its review of the applicable guidance of Accounting Standards Codification (“ASC”) Topic 350, Intangibles-Goodwill and Other (“ASC 350”). The standard requires the Company to consider, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the Company’s own historical experience in renewing similar arrangements, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to obtain the expected cash flows. In that analysis, the Company determined that no legal, regulatory, contractual, competitive, economic or other factors limit the useful lives of these intangible assets. The Acquired Casinos currently have licenses in Missouri and West Virginia. The renewal of each state’s gaming license depends on a number of factors, including payment of certain fees and taxes, providing certain information to the state’s gaming regulator, and meeting certain inspection requirements. However, the Company’s historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew each license. No other competitive, contractual, or economic factor limits the useful lives of these assets. Accordingly, the Company has concluded that the useful lives of these licenses are indefinite. Details of the Acquisition in the table below are based on estimated fair values of assets and liabilities as of December 6, 2019. The Acquisition was accounted for using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with the Acquisition have been recorded at their preliminary fair values. Certain estimated values for the Acquisition for accrued liabilities, intangible assets, and deferred income taxes are not yet finalized pending the final purchase price allocations and the receipt of additional information from the acquired entities. As a result, the Company's estimates and assumptions are subject to change within the measurement period as valuations are finalized. The Company expects to finalize the allocation of the purchase price within one year of the Acquisition. Amounts in thousands Cash $ 13,688 Receivables 3,400 Prepaid expenses 2,949 Inventories 1,047 Property and equipment 28,824 Property subject to financing obligation 277,800 Leased right-of-use assets 127 Casino licenses 28,922 Players club lists 20,373 Trademarks 2,368 Deposits and other 329 Accounts payable ( 690 ) Accrued liabilities ( 6,299 ) Accrued payroll ( 2,969 ) Operating lease liabilities ( 127 ) Financing obligation to VICI Properties, Inc. subsidiaries (1) ( 277,800 ) Net identifiable assets acquired 91,942 Add: Goodwill 18,629 Net assets acquired $ 110,571 (1) See Note 7 for additional information about the Master Lease. The following table details the purchase consideration net cash outflow. Amounts in thousands Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration $ 110,571 Less: cash and restricted cash balances acquired ( 13,942 ) Net cash used in investing activities $ 96,629 Acquisition-related costs The Company incurred acquisition costs of approximately $ 0.2 million for the three months ended March 31, 2020 in connection with the Acquisition. These costs include legal and accounting fees and have been recorded as general and administrative expenses in the Corporate and Other segment. Ancillary Agreements In connection with the Acquisition, the Company and the sellers entered into a transition services agreement dated December 6, 2019, whereby the sellers agreed to provide the Company with certain transitional services following the Acquisition. The agreement compensates the sellers for services following the Acquisition as performed by employees at stated hourly rates. Fees incurred by the Company under the agreement amounted to $ 0.5 million during the three months ended March 31, 2020 and were recorded as general and administrative expenses in the Corporate and Other segment. Acquisition-Related Contingencies Each of the acquired entities is a party to various legal and administrative proceedings, which have arisen in the normal course of business and relate to underlying events that occurred on or before December 6, 2019. Estimated losses have been accrued as of the Acquisition date for these proceedings in accordance with ASC Topic 450, which requires that an amount be accrued if the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on its results of operations. However, such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s consolidated financial condition or results of operations. The Company accrued $ 1.0 million related to these contingencies as accrued liabilities on its consolidated balance sheets as of March 31, 2020 and December 31, 2019. Pro forma results (Unaudited) The following table provides unaudited pro forma information of the Company as if the Acquisition had occurred at the beginning of the earliest comparable period presented. The unaudited pro forma financial results include adjustments for transaction-related costs that are directly attributable to the Acquisition for the three months ended March 31, 2019 including (i) removal of acquisition costs reported by the Company, (ii) pro forma adjustments to record the removal of interest expense related to the BMO Credit Agreement (as defined below), (iii) pro forma adjustments to record interest expense related to the Macquarie Credit Agreement and Master Lease, (iv) pro forma adjustments to record depreciation for assets acquired in the Acquisition, and (v) an estimated tax impact. This pro forma information is not necessarily indicative either of the combined results of operations that actually would have been realized had the acquisition been consummated during the periods for which the pro forma information is presented, or of future results. For the purposes of this table, financial information has been provided for the three months ended March 31, 2019 for the Acquired Casinos and the Company. Amounts in thousands, except for per share information (Unaudited) Net operating revenue $ 100,106 Net earnings attributable to Century Casinos, Inc. shareholders $ 3,089 Basic and diluted earnings per share $ 0.10 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | 4. 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. In March 2020, the Company assessed the MCE investment due to COVID-19. Casino de Mendoza, MCE’s only customer, temporarily closed in March 2020. The investment was valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in no value, and (ii) a value in exchange basis which resulted in no value due to the current circumstances of COVID-19. The Company charged $ 1.0 million to impairment – goodwill and intangible assets in the Corporate and Other segment on the Company’s condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. 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 had the option to purchase an additional 19 % ownership interest in MCL for a total of 70 % of MCL under certain conditions. As of May 2019, GHL had paid $ 0.6 million for a total ownership interest in MCL of 9.21 %. GHL and MCL also entered into a management agreement, which provided that GHL would 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 accounted 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. In May 2019, the Company sold its ownership interest in GHL to the unaffiliated shareholders of GHL for a $ 0.7 million non-interest bearing promissory note. The Company derecognized the equity investment in MCL on its condensed consolidated balance sheets as a result of the sale and is no longer an indirect party to the agreements between GHL and MCL. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. 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 reportable segments with goodwill balances as of March 31, 2020 included the United States, Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. 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. The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi period excess earnings model and the relief from royalty method under the income approach. The Company impaired the casino license at Century Casino Bath in December 2019. During the first quarter of 2020, as a result of the COVID-19 pandemic and associated closure of its casinos, the Company concluded these triggering events could indicate possible impairment of its goodwill and indefinite-lived intangible assets. The Company performed a quantitative and qualitative impairment analysis and determined that goodwill and casino licenses related to certain reporting units were impaired. The Company recorded $ 33.0 million to impairment – goodwill and intangible assets on its condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020 related to the impairment of its goodwill and casino licenses for certain reporting units. The impairment analysis required management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, heightened by the possibility of additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. Goodwill Changes in the carrying amount of goodwill related to the United States, Canada and Poland segments are as follows: Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at March 31, 2020 Goodwill, net by segment: United States $ 18,629 $ ( 18,629 ) $ — $ — Canada 7,550 ( 3,375 ) ( 577 ) 3,598 Poland 6,757 — ( 567 ) 6,190 $ 32,936 $ ( 22,004 ) $ ( 1,144 ) $ 9,788 Intangible Assets Intangible assets at March 31, 2020 and December 31, 2019 consisted of the following: March 31, December 31, Amounts in thousands 2020 2019 Finite-lived Casino licenses $ 2,712 $ 2,960 Less: accumulated amortization ( 921 ) ( 882 ) 1,791 2,078 Trademarks 2,368 2,368 Less: accumulated amortization ( 79 ) ( 19 ) 2,289 2,349 Players Club Lists 20,373 20,373 Less: accumulated amortization ( 970 ) ( 240 ) 19,403 20,133 Total finite-lived intangible assets, net 23,483 24,560 Indefinite-lived Casino licenses 28,820 40,782 Trademarks 1,584 1,719 Total indefinite-lived intangible assets 30,404 42,501 Total intangible assets, net $ 53,887 $ 67,061 Trademarks The Company currently owns three trademarks, the Century Casinos trademark, the Mountaineer trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. Trademarks: Finite-Lived The Company has determined that the Mountaineer trademark, reported in the United States segment, has a useful life of ten year s after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trade name. As such the trademark will be amortized over its useful life. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of (loss) earnings. Changes in the carrying amount of the Mountaineer trademark are as follows: Amounts in thousands Balance at January 1, 2020 Amortization Balance at March 31, 2020 United States $ 2,349 $ ( 60 ) $ 2,289 As of March 31, 2020, estimated amortization expense of the Mountaineer trademark over the next five years was as follows: Amounts in thousands 2020 $ 177 2021 237 2022 237 2023 237 2024 237 Thereafter 1,164 $ 2,289 The weighted-average amortization period of the Mountaineer trademark is 9.7 years. Trademarks: Indefinite-Lived The Company has determined the Century Casinos trademark, reported in the Corporate and Other segment, and the Casinos Poland trademark, reported in the Poland segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statement of (loss) earnings. Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2020 Currency translation Balance at March 31, 2020 Poland $ 1,611 $ ( 135 ) $ 1,476 Corporate and Other 108 — 108 $ 1,719 $ ( 135 ) $ 1,584 Casino Licenses: Finite-Lived As of March 31, 2020, Casinos Poland had eight casino licenses, each with an original term of six year s, which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows: Amounts in thousands Balance at January 1, 2020 Amortization Currency translation Balance at March 31, 2020 Poland $ 2,078 $ ( 119 ) $ ( 168 ) $ 1,791 As of March 31, 2020, estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2020 $ 340 2021 453 2022 440 2023 378 2024 154 Thereafter 26 $ 1,791 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 3.9 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. Casino Licenses: Indefinite-Lived The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statement of (loss) earnings. Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at March 31, 2020 United States $ 28,922 $ ( 10,960 ) $ — $ 17,962 Canada 11,860 — ( 1,002 ) 10,858 $ 40,782 $ ( 10,960 ) $ ( 1,002 ) $ 28,820 Player’s Club Lists The Company has determined that the player’s club lists, reported in the United States segment, have a useful life of seven year s based on estimated revenue attrition among the player’s club members over each property’s historical operations as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows: Amounts in thousands Balance at January 1, 2020 Amortization Balance at March 31, 2020 United States $ 20,133 $ ( 730 ) $ 19,403 As of March 31, 2020, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2020 $ 2,183 2021 2,910 2022 2,910 2023 2,910 2024 2,910 Thereafter 5,580 $ 19,403 The weighted-average amortization period for the player’s club lists is 6.7 years. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of March 31, 2020 and December 31, 2019 consisted of the following: Amounts in thousands March 31, 2020 December 31, 2019 Credit agreement - Macquarie $ 179,525 7.16 % $ 170,000 7.22 % Credit agreements - CPL 1,591 3.65 % 1,966 3.13 % UniCredit loan (1) 1,861 2.24 % 1,983 2.47 % UniCredit agreement 7,400 2.60 % — — Financing obligation - CDR land lease 13,742 13.97 % 15,012 14.88 % Total principal $ 204,119 7.49 % $ 188,961 7.06 % Deferred financing costs ( 10,090 ) ( 9,998 ) Total long-term debt $ 194,029 $ 178,963 Less current portion ( 10,572 ) ( 3,157 ) Long-term portion $ 183,457 $ 175,806 (1) CRM assumed the UniCredit loan to CCB in February 2020. Credit Agreement – Macquarie Capital On December 6, 2019, the Company entered into a $ 180.0 million credit agreement with Macquarie Capital Funding LLC, as swingline lender, administrative agent and collateral agent, Macquarie Capital (USA) Inc., as sole lead arranger and sole bookrunner, and the Lenders and L/C Lenders party thereto. The Macquarie Credit Agreement replaces the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provides for a $ 170.0 million term loan (the “Term Loan”) and a $ 10.0 million revolving credit facility (the “Revolving Facility”). The Revolving Facility includes up to $ 5.0 million available for the issuance of letters of credit. The Company used proceeds from the Term Loan to fund the Acquisition, for the repayment of approximately $ 52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In March 2020, the Company drew $ 10.0 million on the Revolving Facility. As of March 31, 2020, the outstanding balances of the Term Loan and Revolving Facility were $ 169.5 million and $ 10.0 million, respectively, and the Company had no available borrowings under the Revolving Facility. The Term Loan matures on December 6, 2026 , and the Revolving Facility matures on December 6, 2024 . The Term Loan requires scheduled quarterly payments in amounts equal to 0.25 % of the original aggregate principal amount of the Term Loan, with the balance due at maturity. Borrowings under the Macquarie Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the London Interbank Offered Rate (“LIBOR”) (as defined in the Macquarie Credit Agreement), plus an applicable margin (each loan, being a “LIBOR Loan”) or (b) the Alternate Base Rate (as defined in the Macquarie Credit Agreement) (each loan, being a “ABR Loan”). The applicable margin for borrowings under the Term Loan is currently 5.50 % per annum with respect to LIBOR Loans and 4.50 % per annum with respect to ABR Loans. The applicable margin for borrowings under the Revolving Facility is currently 4.25 % per annum with respect to LIBOR Loans, and 3.25 % per annum with respect to ABR Loans. Beginning in the second quarter of 2020, the applicable margin for borrowings under the Revolving Facility will be determined as follows: (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Macquarie Credit Agreement) of the Company is greater than 2.75 to 1.00, for LIBOR Loans will be 4.25 % per annum, and for ABR Loans will be 3.25 % per annum, and (2) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.00 % per annum, and for ABR Loans will be 3.00 % per annum. In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Facility a commitment fee in respect of any unused commitments under the Revolving Facility in the amount of 0.50 % of the principal amount of unused commitments of such lender, subject to a stepdown to 0.375 % based upon the Company’s Consolidated First Lien Net Leverage Ratio. The Company is also required to pay letter of credit participation fees equal to the applicable margin then in effect for LIBOR Loans multiplied by the average aggregate daily maximum amount available to be drawn under all letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125 % of the face amount of such letter of credit. The Company is also required to pay customary agency fees. Commitment fees of less than $ 0.1 million were recorded as interest expense in the condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. The Macquarie Credit Agreement requires the Company to prepay the Term Loan, subject to certain exceptions, with: 100 % of the net cash proceeds of certain non-ordinary course asset sales or certain casualty events, subject to certain exceptions; and 50 % of the Company’s annual Excess Cash Flow (as defined in the Macquarie Credit Agreement) (which percentage will be reduced to 25 % if the Consolidated First Lien Net Leverage Ratio is greater than 2.25 to 1.00 but less than or equal to 2.75 to 1.00, and to 0 % if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.25 to 1.00). The Macquarie Credit Agreement provides that the Term Loan may be prepaid, subject to a prepayment premium in an amount equal to 1.00 % of the principal amount of the Term Loan if such event occurs on or before the date that is 12 months following the Acquisition closing date. The borrowings under the Macquarie Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors, subject to certain exceptions. The Macquarie Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Macquarie Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. The Company was in compliance with all financial covenants of the Macquarie Credit Agreement as of March 31, 2020. Deferred financing costs consist of the Company’s costs related to the financing of the Macquarie Credit Agreement. The Company recognized $ 10.6 million in deferred financing costs related to the Macquarie Credit Agreement as of March 31, 2020. Amortization expenses relating to Macquarie Credit Agreement deferred financing costs were $ 0.4 million for the three months ended March 31, 2020. These costs are included in interest expense in the condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. Casinos Poland As of March 31, 2020, 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 three-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.55 % 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, 2020, the credit facility had no outstanding balance, and Alior Bank had secured bank guarantees of PLN 3.4 million ($ 0.8 million based on the exchange rate in effect on March 31, 2020) and approximately PLN 9.6 million ($ 2.3 million based on the exchange rate in effect on March 31, 2020) 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, 2020. The borrowing capacity of the credit facility was reduced to PLN 4.0 million as of April 30, 2020, and the credit facility may only be used to secure bank guarantees through April 30, 2021. As of March 31, 2020, CPL also had four credit agreements with mBank as detailed below. The first credit agreement between CPL and mBank is a PLN 3.0 million term loan that was 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 30, 2021 . As of March 31, 2020, the credit agreement had an outstanding balance of PLN 2.0 million ($ 0.5 million based on the exchange rate in effect on March 31, 2020). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 1.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.3 % to 0.4 %, liquidity ratios no less than 1.3 and a debt ratio not higher than 60 %. CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2020. The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that was 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 30, 2021 . As of March 31, 2020, the credit agreement had an outstanding balance of PLN 2.7 million ($ 0.7 million based on the exchange rate in effect on March 31, 2020). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5 %, liquidity ratios no less than 0.6 and a debt ratio not higher than 70 %. CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2020. 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 30, 2022 . As of March 31, 2020, the credit agreement had an outstanding balance of PLN 1.9 million ($ 0.5 million based on the exchange rate in effect on March 31, 2020). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5 %, liquidity ratios no less than 0.6 and a debt ratio not higher than 70 %. CPL was in compliance with all financial covenants of this credit agreement as of March 31, 2020. As of March 31, 2020, 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, 2020, the credit facility had no outstanding balance and approximately PLN 5.0 million ($ 1.2 million based on the exchange rate in effect on March 31, 2020) was available for additional borrowing. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. CPL was in compliance with all financial covenants of this credit facility as of March 31, 2020. The line of credit terminates on May 28, 2020 . Under Polish gaming law, CPL is required to maintain PLN 3.6 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 3.6 million ($ 0.9 million based on the exchange rate in effect on March 31, 2020). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($ 0.3 million based on the exchange rate in effect on March 31, 2020) 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 0.8 million ($ 0.2 million based on the exchange rate in effect on March 31, 2020) in deposits for this purpose as of March 31, 2020. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Resorts Management In August 2017, the Company’s subsidiary CCB entered into a GBP 2.0 million term loan with UniCredit (the “UniCredit Loan”). In February 2020, the Company’s subsidiary CRM assumed the UniCredit Loan. The UniCredit Loan matures in September 30, 2023 and bears interest at the LIBOR plus 1.625 %. Proceeds from the loan were used for construction and fitting out of CCB. As of March 31, 2020, the amount outstanding on the UniCredit Loan was GBP 1.5 million ($ 1.9 million based on the exchange rate in effect on March 31, 2020). CRM has no further borrowing availability under the loan agreement. The loan is guaranteed by a $ 0.6 million cash guarantee. The amount of this guarantee is included in deposits and other on the Company’s condensed consolidated balance sheets. In August 2018, CRM entered into a loan agreement with UniCredit (the “UniCredit Agreement”) for a revolving line of credit of up to EUR 7.0 million ($ 7.7 million based on the exchange rate in effect on March 31, 2020) 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. In March 2020, CRM borrowed $7.4 million with a 12 month term under the UniCredit Agreement and the Company had no further borrowings available as of March 31, 2020. The UniCredit Agreement is secured by a EUR 7.0 million guarantee by the Company. The UniCredit Agreement contains customary events of default, including the failure to make required payments. Upon a failure to make required payments following a grace period, amounts due under the UniCredit Agreement may be accelerated. Century Downs Racetrack and Casino CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023 . Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of March 31, 2020, the outstanding balance on the financing obligation was CAD 19.5 million ($ 13.7 million based on the exchange rate in effect on March 31, 2020). As of March 31, 2020, scheduled maturities related to long-term debt were as follows: Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Loan Century Downs Land Lease UniCredit Agreement Total 2020 $ 1,275 $ 638 $ 496 $ — $ — $ 2,409 2021 1,700 794 496 — 7,400 10,390 2022 1,700 159 496 — — 2,355 2023 1,700 — 373 — — 2,073 2024 11,650 — — — — 11,650 Thereafter 161,500 — — 13,742 — 175,242 Total $ 179,525 $ 1,591 $ 1,861 $ 13,742 $ 7,400 $ 204,119 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. |
Long-Term Financing Obligation
Long-Term Financing Obligation | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 7. LONG-TERM FINANCING OBLIGATION On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the Acquired Casino properties. The Master Lease does not transfer control of the Acquired Casino properties to VICI Propco subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $ 28.5 million. The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using the imputed discount rate of approximately 10.6 %. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant. The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The renewal terms are effective as to all, but not less than all, of the property then subject to the Master Lease. The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without the Landlord’s consent. The Master Lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the Acquired Casino properties, including real estate taxes, insurance, utilities, maintenance and operational costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The covenants under the Master Lease began on January 1, 2020; however, as a result of the casino closures in connection with the COVID-19 pandemic, the Landlord and the Tenant entered into an amendment to the Master Lease in May 2020 that, among other things, waived the Tenant’s capital improvement expenditure requirements for 2020 and deferred to not later than December 31, 2021 certain other expenditures contemplated in the underwriting of the Acquired Casino properties. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease. The rent payable under the Master Lease is comprised of “Base Rent” and “Variable Rent”. Base rent is: An initial annual rent (the “Rent”) of approximately $ 25.0 million. The Rent will escalate at a rate of 1 % for the 2 nd and 3 rd years and the greater of either 1.25 % (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4 th year and ending the 7 th year. The Base Rent Escalator is subject to adjustment from and after the 6 th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied. Beginning in the 8 th year of the lease term, Rent will be calculated as (i) 80 % of the Rent for the 7 th lease year (“Base Rent”), subject to an annual Base Rent Escalator of the greater of 1.25 % or CPI subject to adjustment if the Minimum Rent Coverage Ratio is not satisfied, plus (ii) variable rent (“Variable Rent”) equal to 20 % of the Rent for the 7 th lease year, plus or minus 4 % of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease. For the 11 th year and thereafter of the initial lease term, the Base Rent will escalate annually as set forth above and the Variable Rent will be recalculated as set forth in the Master Lease. The estimated future payments include the payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.25 % and estimates based on contingent rental payments. The future payments related to the Master Lease financing obligation with the Landlord at March 31, 2020 are as follows. Amounts in thousands 2020 $ 16,667 2021 25,250 2022 25,502 2023 25,821 2024 26,144 Thereafter 1,061,061 Total payments 1,180,445 Less imputed interest ( 932,301 ) Residual Value 28,492 Total $ 276,636 Total payments and interest expense related to the Master Lease were $ 6.2 million and $ 7.3 million, respectively, for the three months ended March 31, 2020. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8. 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, 2020, 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, 2020 is PLN 4.3 million ($ 1.0 million based on the exchange rate in effect on March 31, 2020). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of March 31, 2020 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, 2020. 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, 2020. Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows. In March 2020, the Company assessed the likelihood of collecting the portion of the liability that it had sought to collect from LOT Polish Airlines (“LOT”), which previously owned a 33.3 % interest in CPL that it sold to the Company in 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013 and analysis of LOT’s ability to pay, the Company determined that it was more likely than not that the amounts owed would not be collected. As a result, the Company wrote-down PLN 3.0 million ($ 0.7 million based on the exchange rate in effect on March 31, 2020) to general and administrative expenses on its condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 9. INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2020, the Company recognized an income tax expense of $ 2.5 million on pre-tax loss of ($ 43.1 ) million, representing an effective income tax rate of ( 5.9 %) compared to 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 % for the same period in 2019. The comparison of pre-tax loss of ($ 43.1 ) million for the quarter ended March 31, 2020 to the pre-tax income of $ 2.4 million from March 31, 2019 should be considered when comparing effective tax rates quarter-over-quarter. A number of items caused the effective income tax rate for the three months ended March 31, 2020 to differ from the US federal statutory income tax rate of 21 % including a 25 % statutory tax rate in Canada where the Company earns a significant portion of its income, certain nondeductible business expenses in Poland and the other items discussed below. The change in the effective tax rate compared to the same period in 2019 is primarily the result of the valuation allowances recorded in the first quarter of 2020 as well as the impairment of goodwill and intangible assets at certain reporting units, which is described below. During the first quarter of 2020, the Company recorded valuation allowances on its net deferred tax assets related to CMR, resulting in $ 1.5 million of tax expense and on its net deferred tax assets related to the United States resulting in $ 1.0 million of tax expense. Based on the analysis of future realization of the CMR and United States deferred tax assets, the Company concluded that it is more likely than not that the benefit from certain deferred tax assets will not be realized and therefore recorded the valuation allowances. Additionally, during the first quarter of 2020, the Company impaired goodwill and intangible assets at certain of its reporting units and recorded $ 34.0 million to impairment – goodwill and intangible assets on its condensed consolidated statement of (loss) earnings. These impairments affected the income tax rates, but there was limited tax expense associated with these impairments. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. 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, 2020 and 2019 were as follows: For the three months ended March 31, Amounts in thousands 2020 2019 Weighted average common shares, basic 29,507 29,439 Dilutive effect of stock options — 613 Weighted average common shares, diluted 29,507 30,052 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 2020 2019 Stock options 1,410 100 |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 11. 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. There were no transfers between the three levels for the three months ended March 31, 2020. Recurring Fair Value Measurements The Company determined 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 classified these instruments as Level 2 because the inputs into the valuation model can be corroborated utilizing observable benchmark market rates at commonly quoted intervals. The interest rate swap agreements ended in December 2019 when the Company’s BMO Credit Agreement was repaid. 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. During 2020, the Company wrote-down goodwill and intangible assets at certain properties based on forecast losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $ 33.0 million to impairment – goodwill and intangible assets on its condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the goodwill and intangible assets. In addition, the Company impaired its MCE investment based on evaluations of the investment resulting from the triggering events caused by COVID-19. The Company made assessments about MCE’s ability to continue as a going concern and future cash flows of MCE. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the investment. The Company used an income approach and cost approach and weighted both equally. The resulting fair value was insignificant, and consequently the investment was fully impaired resulting in $ 1.0 million expense recorded as impairment – goodwill and intangible assets on the Company’s condensed consolidated statement of (loss) earnings for the three months ended March 31, 2020. The Company applied the acquisition method of accounting for the Acquisition. Identifiable assets and liabilities assumed were recognized and measured at the fair value as of the Acquisition date. The valuation of intangible assets was determined using an income approach methodology. The Company’s key assumptions include projected future revenues, customer attrition rates and discount rates. See Note 3 for more information about the Acquisition and accounting for the Acquisition. Long-Term Debt – The carrying value of the Macquarie Credit Agreement approximates fair value based on recently negotiated terms and the variable interest paid on the obligations. The carrying value of the UniCredit Agreement and CPL credit agreements approximate fair value based on the variable interest paid on obligations. The carrying values of the CRM and CPL short-term lines of credit approximate fair value due to the short-term nature of the agreements and recently negotiated terms. The estimated fair values of the outstanding balances under the Macquarie Credit Agreement, CPL credit facilities, CPL credit agreements, and UniCredit Loan Agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The carrying 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 ($ 20.2 million based on the exchange rate in effect on March 31, 2020) as of March 31, 2020. 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 used a sale comparison approach to value the CDR land lease. Land for sale for seven properties zoned for commercial or industrial use was compiled, and adjustments were made for location, size, frontage and zoning/use. An equal weight was given to the seven selected properties, and the median price per acre was used to value the CDR land lease. 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, 2020 and December 31, 2019, the Company had no cash equivalents. Derivative Instruments Reporting In April 2016, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. The interest rate swaps were repaid in December 2019 when the BMO Credit Agreement was repaid. The interest rate swaps were not designated as accounting hedges. The interest rate swaps reset monthly, and the difference to be paid or received under the terms of the interest rate swap agreement was accrued as interest rates changed and recognized as an adjustment to interest expense for the related debt. The Company recognized $ 0.3 million in interest expense related to its interest rate swaps on its condensed consolidated statement of (loss) earnings for the three months ended March 31, 2019. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 12. REVENUE RECOGNITION The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below. For the three months ended March 31, Amounts in thousands 2020 2019 Revenue from contracts with customers $ 87,656 $ 45,613 Interest income 1 4 Total revenue $ 87,657 $ 45,617 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 segment is presented in the tables below. For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 46,535 $ 10,210 $ 16,754 $ 793 $ 74,292 Hotel 1,733 83 — — 1,816 Food and beverage 3,753 2,501 193 105 6,552 Other 1,406 3,393 115 82 4,996 Net operating revenue $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 For the three months ended March 31, 2019 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 6,799 $ 9,931 $ 19,460 $ 1,150 $ 37,340 Hotel 321 125 — — 446 Food and beverage 863 2,441 227 221 3,752 Other 85 3,800 65 125 4,075 Net operating revenue $ 8,068 $ 16,297 $ 19,752 $ 1,496 $ 45,613 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 $ 0.6 million and $ 0.2 million for the three months ended March 31, 2020 and 2019, respectively. 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 receivables and contract liabilities is presented in the tables below. For the three months For the three months ended March 31, 2020 ended March 31, 2019 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 326 663 $ 305 $ 219 Closing 19 722 320 214 Increase/(decrease) $ ( 307 ) $ 59 $ 15 $ ( 5 ) Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. In March 2020, the Company wrote-down its receivables related to MCE based on assessments made due to COVID-19 and future cash flows of MCE, and as a result, charged $ 0.3 million to general and administrative expenses during the three months ended March 31, 2020 . 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, 2020 | |
Leases [Abstract] | |
Leases | 13. LEASES In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). The Company adopted ASU 2016-02 with a date of initial application of January 1, 2019. The Company applied ASU 2016-02 by recognizing (i) a $ 38.3 million right-of-use (“ROU”) asset which represents the right to use, or control the use of, specified assets for a lease term; and (ii) a $ 40.4 million lease liability for the obligation to make lease payments arising from the leases. The ROU asset is included in leased right-of-use assets, net, and the lease liability is included in current portion of operating lease liability and operating lease liability, net of current portion, on the Company’s condensed consolidated balance sheets. The comparative information has not been adjusted and is reported under the accounting standards in effect for those periods. The Company used the alternative modified retrospective method, also known as the transition relief method, which did not require the restatement of prior periods and instead recognized a $ 0.3 million cumulative-effect adjustment to retained earnings upon transition. When adopting the leasing standard, the Company made the following policy elections: The Company elected the practical expedient to account for the 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 hindsight 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 Company determines if an arrangement is a lease at inception. 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. 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. 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, and gaming and other equipment. The leases have remaining lease terms of one month to 20 years. The components of lease expense were as follows: For the three months ended March 31, Amounts in thousands 2020 2019 Operating lease expense $ 1,519 $ 1,478 Finance lease expense: Amortization of right-of-use assets $ 40 $ 32 Interest on lease liabilities 4 3 Total finance lease expense $ 44 $ 35 Short-term lease expense $ 75 $ 138 Variable lease expense $ 759 $ 681 Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland. Supplemental cash flow information related to leases was as follows: For the three months ended March 31, Amounts in thousands 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 4 $ 3 Operating cash flows from operating leases 1,822 1,108 Financing cash flows from finance leases 43 54 Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands March 31, 2020 December 31, 2019 Operating leases Leased right-of-use assets, net $ 33,288 $ 37,040 Current portion of operating lease liabilities 3,938 4,235 Operating lease liabilities, net of current portion 38,852 42,942 Total operating lease liabilities 42,790 47,177 Finance leases Finance lease right-of-use assets, gross 651 731 Accumulated depreciation ( 339 ) ( 338 ) Property and equipment, net 312 393 Current portion of finance lease liabilities 146 161 Finance lease liabilities, net of current portion 160 217 Total finance lease liabilities 306 378 Weighted-average remaining lease term Operating leases 12.0 years 14.4 years Finance leases 2.5 years 2.7 years Weighted-average discount rate Operating leases 4.8 % 4.8 % Finance leases 5.0 % 5.1 % Maturities of lease liabilities as of March 31, 2020 were as follows: Amounts in thousands Operating leases Finance leases 2020 $ 4,394 $ 118 2021 5,651 130 2022 5,424 37 2023 4,749 24 2024 3,834 18 Thereafter 38,698 — Total lease payments 62,750 327 Less imputed interest ( 19,960 ) ( 21 ) Total $ 42,790 $ 306 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Segment Information [Abstract] | |
Segment Information | 14. 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. The Company views each market in which it operates as a separate operating segment and each casino within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’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 reporting units and operating segments into reportable segments: Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Casino Calgary Century Downs Racetrack and Casino Century Bets! Inc. Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Century Casino Bath Corporate Other The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. 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, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 (Loss) earnings before income taxes $ ( 32,372 ) $ ( 2,157 ) $ 91 $ ( 8,699 ) $ ( 43,137 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 34,219 ) $ ( 4,408 ) $ 31 $ ( 7,260 ) $ ( 45,856 ) Interest expense (income), net (2) 7,281 543 31 3,511 11,366 Income taxes (benefit) 1,847 2,071 45 ( 1,439 ) 2,524 Depreciation and amortization 4,259 1,337 763 136 6,495 Net earnings attributable to non-controlling interests — 180 15 — 195 Non-cash stock-based compensation — — — ( 14 ) ( 14 ) Loss on foreign currency transactions, cost recovery income and other 29,589 3,311 172 1,645 34,717 Loss on disposition of fixed assets — — 2 2 4 Acquisition costs — — — 213 213 Adjusted EBITDA $ 8,757 $ 3,034 $ 1,059 $ ( 3,206 ) $ 9,644 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. (2) Expense of $ 7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.2 million and $ 0.5 million, respectively, for the period presented. For the three months ended March 31, 2019 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 8,068 $ 16,297 $ 19,752 $ 1,496 $ 45,613 Earnings (loss) before income taxes $ 1,339 $ 2,553 $ 1,831 $ ( 3,284 ) $ 2,439 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 983 $ 1,547 $ 913 $ ( 2,375 ) $ 1,068 Interest expense (income), net (2) — 1,192 46 16 1,254 Income taxes (benefit) 356 766 461 ( 867 ) 716 Depreciation and amortization 560 797 770 298 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 and cost recovery income — ( 45 ) ( 202 ) ( 11 ) ( 258 ) Loss (gain) on disposition of fixed assets 16 ( 5 ) 5 28 44 Pre-opening expenses — 538 — — 538 Adjusted EBITDA $ 1,915 $ 5,030 $ 2,450 $ ( 2,692 ) $ 6,703 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $ 0.5 million for the period presented. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its condensed consolidated financial statements and related notes. Casinos throughout Poland were closed on March 13, 2020 to comply with a quarantine imposed by the Polish government to contain the spread of COVID-19. On May 18, 2020, the Company announced that it had reopened its eight casinos in Poland. The regulation lifting the lockdown for the Polish casinos includes social distancing practices and enhanced health and safety protocols. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – The Company has recently adopted the following 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 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2017-04 on a prospective basis on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s 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 15, 2019, and interim periods within those fiscal years. The amendments should be adopted using the prospective method for certain disclosures within the guidance and retrospectively upon the effective date. The Company adopted ASU 2018-13 on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s financial statements or its disclosures. 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 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2018-15 on January 1, 2020 using the prospective method and accounts for new contracts that are service arrangements using this guidance. The adoption of the standard did not have a material impact on the Company’s 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 15, 2019, and interim periods within those fiscal years. The Company adopted ASU 2018-17 on January 1, 2020. The adoption of the standard did not have a material impact on the Company’s financial statements. |
Accounting Pronouncements Pending Adoption | Accounting Pronouncements Pending Adoption – The Company has not yet adopted the following accounting pronouncements: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, (ii) to update certain requirements to simplify the accounting for income taxes, and (iii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, 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 the Company’s financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | March 31, March 31, Amounts in thousands 2020 2019 Cash and cash equivalents $ 63,676 $ 49,533 Restricted cash included in deposits and other 831 736 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 64,507 $ 50,269 |
Schedule Of Exchange Rates To US Dollar | March 31, December 31, Ending Rates 2020 2019 Canadian dollar (CAD) 1.4187 1.2988 Euros (EUR) 0.9104 0.8906 Polish zloty (PLN) 4.1339 3.7873 British pound (GBP) 0.8059 0.7563 |
Average Exchange Rates | For the three months ended March 31, Average Rates 2020 2019 % Change Canadian dollar (CAD) 1.3429 1.3294 ( 1.0 %) Euros (EUR) 0.9074 0.8808 ( 3.0 %) Polish zloty (PLN) 3.9221 3.7869 ( 3.6 %) British pound (GBP) 0.7816 0.7683 ( 1.7 %) Source: Pacific Exchange Rate Service |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions [Abstract] | |
Schedule Of Estimated Fair Values Of Assets And Liabilities | Amounts in thousands Cash $ 13,688 Receivables 3,400 Prepaid expenses 2,949 Inventories 1,047 Property and equipment 28,824 Property subject to financing obligation 277,800 Leased right-of-use assets 127 Casino licenses 28,922 Players club lists 20,373 Trademarks 2,368 Deposits and other 329 Accounts payable ( 690 ) Accrued liabilities ( 6,299 ) Accrued payroll ( 2,969 ) Operating lease liabilities ( 127 ) Financing obligation to VICI Properties, Inc. subsidiaries (1) ( 277,800 ) Net identifiable assets acquired 91,942 Add: Goodwill 18,629 Net assets acquired $ 110,571 (1) See Note 7 for additional information about the Master Lease. |
Purchase Consideration - Cash Outflow | Amounts in thousands Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration $ 110,571 Less: cash and restricted cash balances acquired ( 13,942 ) Net cash used in investing activities $ 96,629 |
Schedule Of Unaudited Pro Forma Information | Amounts in thousands, except for per share information (Unaudited) Net operating revenue $ 100,106 Net earnings attributable to Century Casinos, Inc. shareholders $ 3,089 Basic and diluted earnings per share $ 0.10 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Changes In The Carrying Amount Of Goodwill | Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at March 31, 2020 Goodwill, net by segment: United States $ 18,629 $ ( 18,629 ) $ — $ — Canada 7,550 ( 3,375 ) ( 577 ) 3,598 Poland 6,757 — ( 567 ) 6,190 $ 32,936 $ ( 22,004 ) $ ( 1,144 ) $ 9,788 |
Schedule Of Intangible Assets | March 31, December 31, Amounts in thousands 2020 2019 Finite-lived Casino licenses $ 2,712 $ 2,960 Less: accumulated amortization ( 921 ) ( 882 ) 1,791 2,078 Trademarks 2,368 2,368 Less: accumulated amortization ( 79 ) ( 19 ) 2,289 2,349 Players Club Lists 20,373 20,373 Less: accumulated amortization ( 970 ) ( 240 ) 19,403 20,133 Total finite-lived intangible assets, net 23,483 24,560 Indefinite-lived Casino licenses 28,820 40,782 Trademarks 1,584 1,719 Total indefinite-lived intangible assets 30,404 42,501 Total intangible assets, net $ 53,887 $ 67,061 |
Trademarks [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2020 Currency translation Balance at March 31, 2020 Poland $ 1,611 $ ( 135 ) $ 1,476 Corporate and Other 108 — 108 $ 1,719 $ ( 135 ) $ 1,584 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at March 31, 2020 United States $ 28,922 $ ( 10,960 ) $ — $ 17,962 Canada 11,860 — ( 1,002 ) 10,858 $ 40,782 $ ( 10,960 ) $ ( 1,002 ) $ 28,820 |
Trademarks [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2020 Amortization Balance at March 31, 2020 United States $ 2,349 $ ( 60 ) $ 2,289 |
Estimated Amortization Expense | Amounts in thousands 2020 $ 177 2021 237 2022 237 2023 237 2024 237 Thereafter 1,164 $ 2,289 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2020 Amortization Currency translation Balance at March 31, 2020 Poland $ 2,078 $ ( 119 ) $ ( 168 ) $ 1,791 |
Estimated Amortization Expense | Amounts in thousands 2020 $ 340 2021 453 2022 440 2023 378 2024 154 Thereafter 26 $ 1,791 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2020 Amortization Balance at March 31, 2020 United States $ 20,133 $ ( 730 ) $ 19,403 |
Estimated Amortization Expense | Amounts in thousands 2020 $ 2,183 2021 2,910 2022 2,910 2023 2,910 2024 2,910 Thereafter 5,580 $ 19,403 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands March 31, 2020 December 31, 2019 Credit agreement - Macquarie $ 179,525 7.16 % $ 170,000 7.22 % Credit agreements - CPL 1,591 3.65 % 1,966 3.13 % UniCredit loan (1) 1,861 2.24 % 1,983 2.47 % UniCredit agreement 7,400 2.60 % — — Financing obligation - CDR land lease 13,742 13.97 % 15,012 14.88 % Total principal $ 204,119 7.49 % $ 188,961 7.06 % Deferred financing costs ( 10,090 ) ( 9,998 ) Total long-term debt $ 194,029 $ 178,963 Less current portion ( 10,572 ) ( 3,157 ) Long-term portion $ 183,457 $ 175,806 (1) CRM assumed the UniCredit loan to CCB in February 2020. |
Schedule Of Maturities Of Long-Term Debt | Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Loan Century Downs Land Lease UniCredit Agreement Total 2020 $ 1,275 $ 638 $ 496 $ — $ — $ 2,409 2021 1,700 794 496 — 7,400 10,390 2022 1,700 159 496 — — 2,355 2023 1,700 — 373 — — 2,073 2024 11,650 — — — — 11,650 Thereafter 161,500 — — 13,742 — 175,242 Total $ 179,525 $ 1,591 $ 1,861 $ 13,742 $ 7,400 $ 204,119 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Long-Term Financing Obligation [Abstract] | |
Future Payments Related To Master Lease | Amounts in thousands 2020 $ 16,667 2021 25,250 2022 25,502 2023 25,821 2024 26,144 Thereafter 1,061,061 Total payments 1,180,445 Less imputed interest ( 932,301 ) Residual Value 28,492 Total $ 276,636 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2020 2019 Weighted average common shares, basic 29,507 29,439 Dilutive effect of stock options — 613 Weighted average common shares, diluted 29,507 30,052 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2020 2019 Stock options 1,410 100 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the three months ended March 31, Amounts in thousands 2020 2019 Revenue from contracts with customers $ 87,656 $ 45,613 Interest income 1 4 Total revenue $ 87,657 $ 45,617 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 46,535 $ 10,210 $ 16,754 $ 793 $ 74,292 Hotel 1,733 83 — — 1,816 Food and beverage 3,753 2,501 193 105 6,552 Other 1,406 3,393 115 82 4,996 Net operating revenue $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 For the three months ended March 31, 2019 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 6,799 $ 9,931 $ 19,460 $ 1,150 $ 37,340 Hotel 321 125 — — 446 Food and beverage 863 2,441 227 221 3,752 Other 85 3,800 65 125 4,075 Net operating revenue $ 8,068 $ 16,297 $ 19,752 $ 1,496 $ 45,613 |
Schedule Of Contract Assets And Liabilities | For the three months For the three months ended March 31, 2020 ended March 31, 2019 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 326 663 $ 305 $ 219 Closing 19 722 320 214 Increase/(decrease) $ ( 307 ) $ 59 $ 15 $ ( 5 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components Of Lease Expense | For the three months ended March 31, Amounts in thousands 2020 2019 Operating lease expense $ 1,519 $ 1,478 Finance lease expense: Amortization of right-of-use assets $ 40 $ 32 Interest on lease liabilities 4 3 Total finance lease expense $ 44 $ 35 Short-term lease expense $ 75 $ 138 Variable lease expense $ 759 $ 681 |
Supplemental Cash Flow Information Related To Leases | For the three months ended March 31, Amounts in thousands 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 4 $ 3 Operating cash flows from operating leases 1,822 1,108 Financing cash flows from finance leases 43 54 |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands March 31, 2020 December 31, 2019 Operating leases Leased right-of-use assets, net $ 33,288 $ 37,040 Current portion of operating lease liabilities 3,938 4,235 Operating lease liabilities, net of current portion 38,852 42,942 Total operating lease liabilities 42,790 47,177 Finance leases Finance lease right-of-use assets, gross 651 731 Accumulated depreciation ( 339 ) ( 338 ) Property and equipment, net 312 393 Current portion of finance lease liabilities 146 161 Finance lease liabilities, net of current portion 160 217 Total finance lease liabilities 306 378 Weighted-average remaining lease term Operating leases 12.0 years 14.4 years Finance leases 2.5 years 2.7 years Weighted-average discount rate Operating leases 4.8 % 4.8 % Finance leases 5.0 % 5.1 % |
Maturities Of Lease Liabilities | Amounts in thousands Operating leases Finance leases 2020 $ 4,394 $ 118 2021 5,651 130 2022 5,424 37 2023 4,749 24 2024 3,834 18 Thereafter 38,698 — Total lease payments 62,750 327 Less imputed interest ( 19,960 ) ( 21 ) Total $ 42,790 $ 306 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Casino Calgary Century Downs Racetrack and Casino Century Bets! Inc. Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Century Casino Bath Corporate Other |
Segment Information | For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 (Loss) earnings before income taxes $ ( 32,372 ) $ ( 2,157 ) $ 91 $ ( 8,699 ) $ ( 43,137 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 34,219 ) $ ( 4,408 ) $ 31 $ ( 7,260 ) $ ( 45,856 ) Interest expense (income), net (2) 7,281 543 31 3,511 11,366 Income taxes (benefit) 1,847 2,071 45 ( 1,439 ) 2,524 Depreciation and amortization 4,259 1,337 763 136 6,495 Net earnings attributable to non-controlling interests — 180 15 — 195 Non-cash stock-based compensation — — — ( 14 ) ( 14 ) Loss on foreign currency transactions, cost recovery income and other 29,589 3,311 172 1,645 34,717 Loss on disposition of fixed assets — — 2 2 4 Acquisition costs — — — 213 213 Adjusted EBITDA $ 8,757 $ 3,034 $ 1,059 $ ( 3,206 ) $ 9,644 (1) Net operating revenue for Corporate and Other primarily relates to CCB and the Company’s cruise ship operations. (2) Expense of $ 7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.2 million and $ 0.5 million, respectively, for the period presented. For the three months ended March 31, 2019 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 8,068 $ 16,297 $ 19,752 $ 1,496 $ 45,613 Earnings (loss) before income taxes $ 1,339 $ 2,553 $ 1,831 $ ( 3,284 ) $ 2,439 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 983 $ 1,547 $ 913 $ ( 2,375 ) $ 1,068 Interest expense (income), net (2) — 1,192 46 16 1,254 Income taxes (benefit) 356 766 461 ( 867 ) 716 Depreciation and amortization 560 797 770 298 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 and cost recovery income — ( 45 ) ( 202 ) ( 11 ) ( 258 ) Loss (gain) on disposition of fixed assets 16 ( 5 ) 5 28 44 Pre-opening expenses — 538 — — 538 Adjusted EBITDA $ 1,915 $ 5,030 $ 2,450 $ ( 2,692 ) $ 6,703 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. (2) Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $ 0.5 million for the period presented. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, $ in Millions | May 12, 2020item | Aug. 05, 2019USD ($) | Mar. 31, 2020USD ($)item | Aug. 31, 2019CAD ($) | May 31, 2019USD ($) | Sep. 30, 2017USD ($) | Aug. 31, 2017item | Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019 | Apr. 30, 2018 | Oct. 31, 2014 |
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Number of ship-based casinos | item | 5 | 5 | ||||||||||||
Number of ship-based casinos closed | item | 4 | |||||||||||||
Loss on sale of investment | $ (14) | |||||||||||||
Net cash outflow during operations fully suspended per month | $ 8,000 | |||||||||||||
Cash and cash equivalents | $ 63,676 | 63,676 | 49,533 | $ 54,754 | ||||||||||
Amount needs to reopen operations and cover short-term cash | 19,800 | |||||||||||||
Macquarie Capital And UniCredit Bank Austria AG [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Revolving credit facility, amount drew | $ 17,400 | $ 17,400 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Cash | $ 50,000 | |||||||||||||
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 casinos owned and operated | item | 8 | |||||||||||||
Hamilton Properties Ltd. [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Number of slot machines | item | 200 | |||||||||||||
Number of table games | item | 17 | |||||||||||||
Number of electronic table games | item | 1 | |||||||||||||
Loan for purchase of equipment | $ 5,000 | |||||||||||||
Mendoza Central Entretenimientos S. A. [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Impairment intangible assets | $ 1,000 | |||||||||||||
Wrote-down receivable | $ 300 | |||||||||||||
Century Bets [Member] | Rocky Mountain Turf Club [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Ownership percentage | 25.00% | 75.00% | ||||||||||||
Purchased amount for ownership interest | $ 200 | $ 0.2 | ||||||||||||
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% | ||||||||||||
Golden Hospitality Ltd. [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Proceeds from non-interest bearing promissory note | $ 700 | |||||||||||||
Loss on sale of investment | $ (100) | |||||||||||||
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% | |||||||||||
Macquarie Capital [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Amount threshold for demand repayment | $ 3,500 | $ 3,500 | ||||||||||||
Revolving credit facility, amount drew | $ 10,000 | $ 10,000 | ||||||||||||
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% | |||||||||||||
Minh Chau Ltd. [Member] | Golden Hospitality Ltd. [Member] | Future Invesment [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Ownership percentage | 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% | |||||||||||||
Included In Deposits And Other [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Restricted cash | $ 831 | $ 831 | $ 736 | |||||||||||
Included In Deposits And Other [Member] | Century Casino Bath [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Restricted cash | 600 | 600 | ||||||||||||
Deposits Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Restricted cash | 200 | 200 | ||||||||||||
Deposits Related To Insurance Policy [Member] | Maximum [Member] | ||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||
Restricted cash | $ 100 | $ 100 |
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, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 63,676 | $ 54,754 | $ 49,533 | |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | 64,507 | $ 55,640 | 50,269 | $ 46,284 |
Included In Deposits And Other [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash | $ 831 | $ 736 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Schedule Of Exchange Rates To US Dollar) (Details) | Mar. 31, 2020 | Dec. 31, 2019 |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Ending rates | 1.4187 | 1.2988 |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Ending rates | 0.9104 | 0.8906 |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Ending rates | 4.1339 | 3.7873 |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Ending rates | 0.8059 | 0.7563 |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Average Rates | 1.3429 | 1.3294 |
Average Rates % Change | (1.00%) | |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.9074 | 0.8808 |
Average Rates % Change | (3.00%) | |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Average Rates | 3.9221 | 3.7869 |
Average Rates % Change | (3.60%) | |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.7816 | 0.7683 |
Average Rates % Change | (1.70%) |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Dec. 06, 2019USD ($)item | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (45,856) | $ 1,068 | ||
Goodwill | $ 9,788 | $ 32,936 | ||
Player Loyalty Programs [Member] | ||||
Business Acquisition [Line Items] | ||||
Useful life | 7 years | |||
Acquired Casinos [Member] | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ 388,400 | |||
Initial payment | 110,571 | |||
Base price | 107,200 | |||
Business combination, acquired assets | 379,800 | |||
Business combination, cash and restricted cash | 13,900 | |||
Business combination, liabilities | 287,900 | |||
Goodwill | 18,629 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 96,629 | |||
Fair value of the acquired real estate assets | 277,800 | |||
Acquisition costs | $ 200 | |||
Ancillary agreement fees | 500 | |||
Acquisition-related contingencies | 1,000 | $ 1,000 | ||
Master Lease [Member] | ||||
Business Acquisition [Line Items] | ||||
Initial annual rent | 25,000 | |||
Macquarie Capital [Member] | ||||
Business Acquisition [Line Items] | ||||
Credit facility amount | 180,000 | |||
VICI [Member] | Master Lease [Member] | ||||
Business Acquisition [Line Items] | ||||
Initial annual rent | $ 25,000 | |||
Initial lease term | 15 years | |||
Number of renewal options | item | 4 | |||
Lease renewal term | 5 years | |||
Century Casino Cape Girardeau [Member] | Acquired Casinos [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating revenue | 13,500 | |||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (22,800) | |||
Century Casino Caruthersville [Member] | Acquired Casinos [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating revenue | 8,100 | |||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (8,300) | |||
Mountaineer Casino [Member] | Trademarks [Member] | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years | |||
Mountaineer Casino [Member] | Acquired Casinos [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating revenue | $ 25,100 | |||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (2,600) | |||
Mountaineer Casino [Member] | Acquired Casinos [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Useful life | 10 years |
Acquisitions (Schedule Of Estim
Acquisitions (Schedule Of Estimated Fair Values Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 06, 2019 | |
Business Acquisition [Line Items] | ||||
Leased right-of-use assets | $ 33,288 | $ 37,040 | ||
Operating lease liabilities | (42,790) | (47,177) | ||
Add: Goodwill | $ 9,788 | $ 32,936 | ||
Acquired Casinos [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 13,688 | |||
Receivables | 3,400 | |||
Prepaid expenses | 2,949 | |||
Inventories | 1,047 | |||
Property and equipment | 28,824 | |||
Property subject to financing obligation | 277,800 | |||
Leased right-of-use assets | 127 | |||
Casino licenses | 28,922 | |||
Players club lists | 20,373 | |||
Trademarks | 2,368 | |||
Deposits and other | 329 | |||
Accounts payable | (690) | |||
Accrued liabilities | (6,299) | |||
Accrued payroll | (2,969) | |||
Operating lease liabilities | (127) | |||
Financing obligation to VICI Properties, Inc. subsidiaries | [1] | (277,800) | ||
Net identifiable assets acquired | 91,942 | |||
Add: Goodwill | 18,629 | |||
Net assets acquired | $ 110,571 | |||
[1] | See Note 7 for additional information about the Master Lease. |
Acquisitions (Purchase Consider
Acquisitions (Purchase Consideration - Cash Outflow) (Details) - Acquired Casinos [Member] $ in Thousands | Dec. 06, 2019USD ($) |
Business Acquisition [Line Items] | |
Cash consideration | $ 110,571 |
Less: cash and restricted cash balances acquired | (13,942) |
Net cash used in investing activities | $ 96,629 |
Acquisitions (Schedule Of Unaud
Acquisitions (Schedule Of Unaudited Pro Forma Information) (Details) - Acquired Casinos [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Net operating revenue | $ 100,106 |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 3,089 |
Basic and diluted earnings per share | $ / shares | $ 0.10 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Oct. 31, 2014USD ($) | May 31, 2019USD ($) | Apr. 30, 2018USD ($) | Oct. 31, 2014employee | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Impairment - goodwill and intangible assets | $ 33,964 | ||||
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% | 50.00% | |||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000 | ||||
Number of directors appointed | employee | 1 | ||||
Golden Hospitality Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-interest bearing promissory note | $ 700 | ||||
Golden Hospitality Ltd. [Member] | Century Resorts Management GmbH [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity investment | $ 600 | ||||
Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
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% | ||||
Mendoza Central Entretenimientos S. A. [Member] | Century Resorts Management GmbH [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 7.50% | 7.50% | 7.50% | ||
Golden Hospitality Ltd. [Member] | Golden Hospitality Ltd. [Member] | Minh Chau Ltd. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 9.21% | ||||
Equity investment | $ 600 | ||||
Corporate And Other [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Impairment - goodwill and intangible assets | $ 1,000 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)item | |
Finite-Lived Intangible Assets [Line Items] | |
Number of trademarks | item | 3 |
Impairment - goodwill and intangible assets | $ | $ 33,964 |
Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Impairment charges related to indefinite-lived assets | $ | $ 10,960 |
Player's Club Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 7 years |
Player's Club Lists [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 6 years 8 months 12 days |
Mountaineer Casino [Member] | Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 9 years 8 months 12 days |
Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Number of casino licenses | item | 8 |
Useful life | 6 years |
Weighted-average period before the next renewal of casino licenses | 3 years 10 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, 2020USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 32,936 |
Impairment | (22,004) |
Currency translation | (1,144) |
Balance at end of period | 9,788 |
United States [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 18,629 |
Impairment | (18,629) |
Currency translation | |
Canada [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 7,550 |
Impairment | (3,375) |
Currency translation | (577) |
Balance at end of period | 3,598 |
Poland [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 6,757 |
Impairment | |
Currency translation | (567) |
Balance at end of period | $ 6,190 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-lived | ||
Total finite-lived intangible assets, net | $ 23,483 | $ 24,560 |
Indefinite-lived | ||
Total indefinite-lived intangible assets | 30,404 | 42,501 |
Total intangible assets, net | 53,887 | 67,061 |
Casino Licenses [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 28,820 | 40,782 |
Trademarks [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 1,584 | 1,719 |
Casino Licenses [Member] | ||
Finite-lived | ||
Gross | 2,712 | 2,960 |
Less: accumulated amortization | (921) | (882) |
Total finite-lived intangible assets, net | 1,791 | 2,078 |
Trademarks [Member] | ||
Finite-lived | ||
Gross | 2,368 | 2,368 |
Less: accumulated amortization | (79) | (19) |
Total finite-lived intangible assets, net | 2,289 | 2,349 |
Player's Club Lists [Member] | ||
Finite-lived | ||
Gross | 20,373 | 20,373 |
Less: accumulated amortization | (970) | (240) |
Total finite-lived intangible assets, net | $ 19,403 | $ 20,133 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finited-Lived) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | $ 24,560 |
Balance at end of period | 23,483 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,349 |
Balance at end of period | 2,289 |
Trademarks [Member] | Mountaineer Casino [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at end of period | 2,289 |
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,349 |
Amortization | (60) |
Balance at end of period | 2,289 |
Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,078 |
Balance at end of period | 1,791 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,078 |
Amortization | (119) |
Currency translation | (168) |
Balance at end of period | 1,791 |
Player's Club Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 20,133 |
Balance at end of period | 19,403 |
Player's Club Lists [Member] | United States [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 20,133 |
Amortization | (730) |
Balance at end of period | $ 19,403 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense - Finited-Lived) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | $ 23,483 | $ 24,560 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 2,289 | 2,349 |
Trademarks [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 177 | |
2021 | 237 | |
2022 | 237 | |
2023 | 237 | |
2024 | 237 | |
Thereafter | 1,164 | |
Total finite-lived intangible assets, net | 2,289 | |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 1,791 | 2,078 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 19,403 | 20,133 |
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 2,289 | 2,349 |
United States [Member] | Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 2,183 | |
2021 | 2,910 | |
2022 | 2,910 | |
2023 | 2,910 | |
2024 | 2,910 | |
Thereafter | 5,580 | |
Total finite-lived intangible assets, net | 19,403 | 20,133 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2020 | 340 | |
2021 | 453 | |
2022 | 440 | |
2023 | 378 | |
2024 | 154 | |
Thereafter | 26 | |
Total finite-lived intangible assets, net | $ 1,791 | $ 2,078 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinited-Lived) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | $ 42,501 |
Balance at end of the period | 30,404 |
Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,719 |
Currency translation | (135) |
Balance at end of the period | 1,584 |
Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 40,782 |
Impairment | (10,960) |
Currency translation | (1,002) |
Balance at end of the period | 28,820 |
Century Casinos [Member] | Trademarks [Member] | Corporate And Other [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 108 |
Balance at end of the period | 108 |
Poland [Member] | Casinos Poland [Member] | Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,611 |
Currency translation | (135) |
Balance at end of the period | 1,476 |
United States [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 28,922 |
Impairment | (10,960) |
Currency translation | |
Balance at end of the period | 17,962 |
Canada [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 11,860 |
Impairment | |
Currency translation | (1,002) |
Balance at end of the period | $ 10,858 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions, zł in Millions, $ in Millions | Apr. 25, 2019 | Mar. 31, 2020USD ($)item | Mar. 31, 2020PLN (zł)item | Mar. 31, 2019USD ($) | Apr. 30, 2020PLN (zł) | Apr. 01, 2020 | Mar. 31, 2020GBP (£)item | Mar. 31, 2020CAD ($)item | Mar. 31, 2020EUR (€)item | Mar. 31, 2020USD ($)item | Mar. 31, 2020PLN (zł)item | Dec. 31, 2019USD ($) | Dec. 06, 2019USD ($) | Aug. 31, 2017GBP (£) |
Debt Instrument [Line Items] | ||||||||||||||
Amortization of deferred financing costs | $ 398 | $ 30 | ||||||||||||
Amount outstanding | $ 204,119 | $ 188,961 | ||||||||||||
Principal payments | 43 | $ 54 | ||||||||||||
Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 180,000 | |||||||||||||
Deferred financing costs | 10,600 | |||||||||||||
Amortization of deferred financing costs | $ 400 | |||||||||||||
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 3.6 | |||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Options to purchase land | item | 4 | 4 | ||||||||||||
First option date | Jul. 1, 2023 | Jul. 1, 2023 | ||||||||||||
Principal payments | $ 0 | |||||||||||||
Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | £ 1.5 | 1,900 | £ 2 | |||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | ||||||||||||
Guaranteed amount | $ 600 | |||||||||||||
Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | ||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 170,000 | |||||||||||||
Percentage of the net cash proceeds of non-ordinary course asset sales or certain casualty events | 100.00% | 100.00% | ||||||||||||
Percentage of annual excess cash flow | 50.00% | 50.00% | ||||||||||||
Prepayment premium percentage | 1.00% | 1.00% | ||||||||||||
Maturity date | Dec. 6, 2026 | Dec. 6, 2026 | ||||||||||||
Amount outstanding | $ 169,500 | |||||||||||||
Pecentage of quarterly payments equal to original principal | 0.25% | 0.25% | ||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25, But Less Than 2.75 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of annual excess cash flow | 25.00% | 25.00% | ||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than 2.25 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of annual excess cash flow | 0.00% | 0.00% | ||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||||||
Term Loan [Member] | Macquarie Capital [Member] | ABR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | |||||||||
BMO Credit Agreement [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayment amount | $ 52,000 | |||||||||||||
BMO Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | $ 300 | zł 1.2 | ||||||||||||
Line of Credit with mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | zł | 5 | |||||||||||||
Line of credit facility amount available for borrowing | 1,200 | 5 | ||||||||||||
Interest rate percentage points | 1.40% | 1.40% | ||||||||||||
Amount outstanding | 0 | |||||||||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | zł | 13 | |||||||||||||
Line of credit amount that can only be used to secure bank guarantees | zł | zł 2 | |||||||||||||
Line of credit facility amount available for borrowing | 2,300 | 9.6 | ||||||||||||
Guaranteed amount | $ 800 | zł 3.4 | ||||||||||||
Interest rate percentage points | 1.55% | 1.55% | ||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | 900 | 3.6 | ||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 200 | zł 0.8 | ||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 10,000 | |||||||||||||
Percentage of principal amount of unused commitments | 0.50% | 0.50% | ||||||||||||
Fronting fee percentage | 0.125% | 0.125% | ||||||||||||
Revolving credit facility, amount drew | 10,000 | |||||||||||||
Maturity date | Dec. 6, 2024 | Dec. 6, 2024 | ||||||||||||
Amount outstanding | $ 10,000 | |||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | |||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.25% | |||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Less Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.00% | |||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 3.25% | |||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Less Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 3.00% | |||||||||||||
Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 5,000 | |||||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 180,000 | |||||||||||||
Credit Agreement [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of credit agreements | item | 4 | 4 | 4 | 4 | 4 | |||||||||
Credit Agreement [Member] | Line of Credit with mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Expiration date | May 28, 2020 | |||||||||||||
Credit Agreement After April 30, 2020 Through April 30, 2021 [Member] | Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | Subsequent Event [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. 30, 2021 | Nov. 30, 2021 | ||||||||||||
Term of borrowing | 3 years | 3 years | ||||||||||||
Amount outstanding | $ 500 | 2 | ||||||||||||
Borrowing availability | $ 0 | |||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 1 | |||||||||||||
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% | ||||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | zł | 4 | |||||||||||||
Expiration date | Nov. 30, 2021 | Nov. 30, 2021 | ||||||||||||
Term of borrowing | 3 years | 3 years | ||||||||||||
Amount outstanding | 700 | 2.7 | ||||||||||||
Borrowing availability | $ 0 | |||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 7 | |||||||||||||
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% | ||||||||||||
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. 30, 2022 | Nov. 30, 2022 | ||||||||||||
Term of borrowing | 4 years | 4 years | ||||||||||||
Amount outstanding | 500 | zł 1.9 | ||||||||||||
Borrowing availability | $ 0 | |||||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 7 | |||||||||||||
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% | ||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | € 7 | $ 7,700 | ||||||||||||
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% | ||||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate percentage points | 1.50% | 1.50% | ||||||||||||
UniCredit Agreement Term 1 [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term of borrowing | 1 month | 1 month | ||||||||||||
UniCredit Agreement Term 2 [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term of borrowing | 3 months | 3 months | ||||||||||||
UniCredit Agreement Term 3 [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term of borrowing | 6 months | 6 months | ||||||||||||
UniCredit Agreement Term 4 [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term of borrowing | 9 months | 9 months | ||||||||||||
UniCredit Agreement Term 5 [Member] | Century Resorts Management [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Term of borrowing | 12 months | 12 months | ||||||||||||
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25, But Less Than 2.75 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | |||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of principal amount of unused commitments | 0.375% | 0.375% | ||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | |||||||||||||
Minimum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Profit margin | 0.30% | 0.30% | ||||||||||||
Minimum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Profit margin | 0.50% | 0.50% | ||||||||||||
Liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||||
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Profit margin | 0.50% | 0.50% | ||||||||||||
Liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||||
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25, But Less Than 2.75 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | |||||||||
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than 2.25 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | |||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fees | $ 100 | |||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than 2.75 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | |||||||||||||
Maximum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Profit margin | 0.40% | 0.40% | ||||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | |||||||||
Maximum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt ratio | 70 | 70 | 70 | 70 | 70 | |||||||||
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt ratio | 70 | 70 | 70 | 70 | 70 | |||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Outstanding balance on financing obligation | $ 19.5 | $ 13,700 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total principal | $ 204,119 | $ 188,961 | |
Deferred financing costs | (10,090) | (9,998) | |
Total long-term debt | 194,029 | 178,963 | |
Less current portion | (10,572) | (3,157) | |
Long-term portion | 183,457 | 175,806 | |
Credit Agreement - Macquarie [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 179,525 | $ 170,000 | |
Weighted-average interest rate | 7.16% | 7.22% | |
Credit Agreements - CPL [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 1,591 | $ 1,966 | |
Weighted-average interest rate | 3.65% | 3.13% | |
UniCredit Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | [1] | $ 1,861 | $ 1,983 |
Weighted-average interest rate | [1] | 2.24% | 2.47% |
UniCredit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 7,400 | ||
Weighted-average interest rate | 2.60% | ||
Financing Obligation - CDR Land Lease [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 13,742 | $ 15,012 | |
Weighted-average interest rate | 13.97% | 14.88% | |
Total Principal [Member] | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate | 7.49% | 7.06% | |
[1] | CRM assumed the UniCredit loan to CCB in February 2020. |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
2020 | $ 2,409 | ||
2021 | 10,390 | ||
2022 | 2,355 | ||
2023 | 2,073 | ||
2024 | 11,650 | ||
Thereafter | 175,242 | ||
Total | 204,119 | $ 188,961 | |
Macquarie Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
2020 | 1,275 | ||
2021 | 1,700 | ||
2022 | 1,700 | ||
2023 | 1,700 | ||
2024 | 11,650 | ||
Thereafter | 161,500 | ||
Total | 179,525 | ||
Casinos Poland Credit Agreements [Member] | |||
Debt Instrument [Line Items] | |||
2020 | 638 | ||
2021 | 794 | ||
2022 | 159 | ||
2023 | |||
2024 | |||
Thereafter | |||
Total | 1,591 | ||
UniCredit Loan [Member] | |||
Debt Instrument [Line Items] | |||
2020 | 496 | ||
2021 | 496 | ||
2022 | 496 | ||
2023 | 373 | ||
2024 | |||
Thereafter | |||
Total | [1] | 1,861 | $ 1,983 |
Century Downs Land Lease [Member] | |||
Debt Instrument [Line Items] | |||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Thereafter | 13,742 | ||
Total | 13,742 | ||
UniCredit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
2020 | |||
2021 | 7,400 | ||
2022 | |||
2023 | |||
2024 | |||
Thereafter | |||
Total | $ 7,400 | ||
[1] | CRM assumed the UniCredit loan to CCB in February 2020. |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) $ in Thousands | Dec. 06, 2019USD ($)item | Mar. 31, 2020USD ($) |
Maximum [Member] | ||
Initial lease term | 20 years | |
Master Lease [Member] | ||
Initial annual rent | $ 25,000 | |
Master Lease [Member] | VICI [Member] | ||
Residual value | $ 28,500 | $ 28,492 |
Discount rate | 10.60% | |
Lease term plus renewal options | 35 years | |
Initial lease term | 15 years | |
Number of renewal options | item | 4 | |
Lease renewal term | 5 years | |
Initial annual rent | $ 25,000 | |
Total payments | 6,200 | |
Interest expense | $ 7,300 | |
Master Lease [Member] | VICI [Member] | Maximum [Member] | ||
Base Rent Escalator, percentage | 1.25% | |
Master Lease [Member] | VICI [Member] | 2nd And 3rd Year [Member] | ||
Base Rent Escalator, percentage | 1.00% | |
Master Lease [Member] | VICI [Member] | 4th Through 7th Year [Member] | ||
Base Rent Escalator, percentage | 1.25% | |
Master Lease [Member] | VICI [Member] | 8th Year [Member] | ||
Base Rent Escalator, percentage | 1.25% | |
Base Rent, percentage | 80.00% | |
Variable Rent, percentage | 20.00% | |
Change In Average Net Revenue, percentage | 4.00% |
Long-Term Financing Obligatio_3
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) - Master Lease [Member] - VICI [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 06, 2019 |
2020 | $ 16,667 | |
2021 | 25,250 | |
2022 | 25,502 | |
2023 | 25,821 | |
2024 | 26,144 | |
Thereafter | 1,061,061 | |
Total payments | 1,180,445 | |
Less imputed interest | (932,301) | |
Residual Value | 28,492 | $ 28,500 |
Total | $ 276,636 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, zł in Millions | 3 Months Ended | ||||
Mar. 31, 2020USD ($) | Mar. 31, 2020PLN (zł) | Mar. 31, 2019USD ($) | Mar. 31, 2020PLN (zł) | Dec. 31, 2019USD ($) | |
Commitments and Contingencies [Line items] | |||||
Contingent liability | $ 1,035 | $ 334 | |||
General and administrative | 29,532 | $ 16,055 | |||
Casinos Poland [Member] | |||||
Commitments and Contingencies [Line items] | |||||
Income tax audit costs | 4,200 | zł 14.3 | |||
Casinos Poland [Member] | Lot Polish Airlines Invesment [Member] | |||||
Commitments and Contingencies [Line items] | |||||
General and administrative | $ 700 | zł 3 | |||
Casinos Poland [Member] | Polish Airports Company [Member] | Lot Polish Airlines Invesment [Member] | |||||
Commitments and Contingencies [Line items] | |||||
Ownership interest | 33.30% | 33.30% | |||
Review of All Tax Open Periods [Member] | |||||
Commitments and Contingencies [Line items] | |||||
Contingent liability | $ 1,000 | zł 4.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes [Line Items] | ||
Income tax expense | $ 2,524 | $ 716 |
Pre-tax (loss) income | $ (43,137) | $ 2,439 |
Effective tax rate | (5.90%) | 29.50% |
Impairment - goodwill and intangible assets | $ 33,964 | |
Canada [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 25.00% | |
U.S. Deferred Tax Assets [Member] | ||
Income Taxes [Line Items] | ||
Income tax expense | $ 1,000 | |
Tax Act [Member] | ||
Income Taxes [Line Items] | ||
US federal income tax statutory rate | 21.00% | |
Century Mile Racetrack [Member] | ||
Income Taxes [Line Items] | ||
Valuation allowance | $ 1,500 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares, basic | 29,507 | 29,439 |
Dilutive effect of stock options | 613 | |
Weighted average common shares, diluted | 29,507 | 30,052 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 1,410 | 100 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers between levels | $ 0 | |||
Impairment - goodwill and intangible assets | 33,964,000 | |||
Fair value of land lease | 20,200,000 | $ 28.6 | ||
Cash equivalents | 0 | $ 0 | ||
Interest expense | 11,367,000 | $ 1,258,000 | ||
Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment - goodwill and intangible assets | $ 1,000,000 | |||
Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest expense | $ 300,000 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Performance Obligation, Description of Timing | The expected duration of the performance obligation is less than one year. | |
Expected duration of performance obligation | 1 year | |
General and administrative expenses | $ 29,532 | $ 16,055 |
Maximum [Member] | ||
Contracts and contract liabilities duration period | 1 year | |
Opening [Member] | ||
Contract liability | $ 600 | $ 200 |
Mendoza Central Entretenimientos S. A. [Member] | ||
General and administrative expenses | $ 300 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Recognition [Abstract] | ||
Revenue from contracts with customers | $ 87,656 | $ 45,613 |
Interest income | 1 | 4 |
Total revenue | $ 87,657 | $ 45,617 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | $ 87,656 | $ 45,613 |
Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 980 | 1,496 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 53,427 | 8,068 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 16,187 | 16,297 |
Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 17,062 | 19,752 |
Gaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 74,292 | 37,340 |
Gaming [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 793 | 1,150 |
Gaming [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 46,535 | 6,799 |
Gaming [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 10,210 | 9,931 |
Gaming [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 16,754 | 19,460 |
Hotel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,816 | 446 |
Hotel [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,733 | 321 |
Hotel [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 83 | 125 |
Food And Beverage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 6,552 | 3,752 |
Food And Beverage [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 105 | 221 |
Food And Beverage [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 3,753 | 863 |
Food And Beverage [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,501 | 2,441 |
Food And Beverage [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 193 | 227 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 4,996 | 4,075 |
Other [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 82 | 125 |
Other [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,406 | 85 |
Other [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 3,393 | 3,800 |
Other [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 115 | $ 65 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Opening [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | $ 326 | $ 305 |
Contract Liabilities | 663 | 219 |
Closing [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 19 | 320 |
Contract Liabilities | 722 | 214 |
Increase/(Decrease) [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | (307) | 15 |
Contract Liabilities | $ 59 | $ (5) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Leased right-of-use assets | $ 33,288 | $ 37,040 | |
Operating lease liability | $ 42,790 | $ 47,177 | |
Accounting Standards Update 2016-02 [Member] | |||
Leased right-of-use assets | $ 38,300 | ||
Operating lease liability | 40,400 | ||
Cumulative-effect adjustment on retained earnings | $ 300 | ||
Minimum [Member] | |||
Lease term | 1 month | ||
Maximum [Member] | |||
Lease term | 20 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,519 | $ 1,478 |
Finance lease expense: | ||
Amortization of right-of-use assets | 40 | 32 |
Interest on lease liabilities | 4 | 3 |
Total finance lease expense | 44 | 35 |
Short-term lease expense | 75 | 138 |
Variable lease expense | $ 759 | $ 681 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 4 | $ 3 |
Operating cash flows from operating leases | 1,822 | 1,108 |
Financing cash flows from finance leases | $ 43 | $ 54 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
Leased right-of-use assets, net | $ 33,288 | $ 37,040 |
Current portion of operating lease liabilities | 3,938 | 4,235 |
Operating lease liabilities, net of current portion | 38,852 | 42,942 |
Total operating lease liabilities | 42,790 | 47,177 |
Finance leases | ||
Finance lease right-of-use assets, gross | 651 | 731 |
Accumulated depreciation | (339) | (338) |
Property and equipment, net | 312 | 393 |
Current portion of finance lease liabilities | 146 | 161 |
Finance lease liabilities, net of current portion | 160 | 217 |
Total finance lease liabilities | $ 306 | $ 378 |
Weighted-average remaining lease term | ||
Operating leases | 12 years | 14 years 4 months 24 days |
Finance leases | 2 years 6 months | 2 years 8 months 12 days |
Weighted-average discount rate | ||
Operating leases | 4.80% | 4.80% |
Finance leases | 5.00% | 5.10% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating leases | ||
2020 | $ 4,394 | |
2021 | 5,651 | |
2022 | 5,424 | |
2023 | 4,749 | |
2024 | 3,834 | |
Thereafter | 38,698 | |
Total lease payments | 62,750 | |
Less imputed interest | (19,960) | |
Total | 42,790 | $ 47,177 |
Finance leases | ||
2020 | 118 | |
2021 | 130 | |
2022 | 37 | |
2023 | 24 | |
2024 | 18 | |
Thereafter | ||
Total lease payments | 327 | |
Less imputed interest | (21) | |
Total | $ 306 | $ 378 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020item | |
Segment Information [Abstract] | |
Number of reportable segments based on geographical locations | 3 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Central City |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Cripple Creek |
West Virginia [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Mountaineer Casino, Racetrack & Resort |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Cape Girardeau |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Caruthersville |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Edmonton |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino St. Albert |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Mile Racetrack and Casino |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Calgary |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Downs Racetrack and Casino |
Calgary [member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Bets! Inc. |
Poland [Member] | Poland [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Casinos Poland |
Corporate And Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Cruise Ships & Other |
Corporate And Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Bath |
Corporate And Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Corporate Other |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | $ 87,656 | $ 45,613 | ||||
(Loss) earnings before income taxes | (43,137) | 2,439 | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (45,856) | 1,068 | ||||
Income taxes (benefit) | 2,524 | 716 | ||||
Depreciation and amortization | 6,495 | 2,425 | ||||
Net earnings (loss) attributable to non-controlling interests | 195 | 655 | ||||
Non-cash stock-based compensation | (14) | 261 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (1) | (247) | ||||
Long-lived assets | 490,307 | $ 503,933 | ||||
Cash payments related to lease | 1,822 | 1,108 | ||||
Corporate And Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 980 | 1,496 | ||||
United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 53,427 | 8,068 | ||||
Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 16,187 | 16,297 | ||||
Poland [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 17,062 | 19,752 | ||||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 87,656 | [1] | 45,613 | [2] | ||
(Loss) earnings before income taxes | (43,137) | 2,439 | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (45,856) | 1,068 | ||||
Interest expense (income), net | 11,366 | [3] | 1,254 | [4] | ||
Income taxes (benefit) | 2,524 | 716 | ||||
Depreciation and amortization | 6,495 | 2,425 | ||||
Net earnings (loss) attributable to non-controlling interests | 195 | 655 | ||||
Non-cash stock-based compensation | (14) | 261 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 34,717 | (258) | ||||
Loss on disposition of fixed assets | 4 | 44 | ||||
Acquisition costs | 213 | |||||
Pre-opening expenses | 538 | |||||
Adjusted EBITDA | 9,644 | 6,703 | ||||
Operating Segments [Member] | Corporate And Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 980 | [1] | 1,496 | [2] | ||
(Loss) earnings before income taxes | (8,699) | (3,284) | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (7,260) | (2,375) | ||||
Interest expense (income), net | 3,511 | [3] | 16 | [4] | ||
Income taxes (benefit) | (1,439) | (867) | ||||
Depreciation and amortization | 136 | 298 | ||||
Net earnings (loss) attributable to non-controlling interests | (42) | |||||
Non-cash stock-based compensation | (14) | 261 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 1,645 | (11) | ||||
Loss on disposition of fixed assets | 2 | 28 | ||||
Acquisition costs | 213 | |||||
Adjusted EBITDA | (3,206) | (2,692) | ||||
Operating Segments [Member] | United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 53,427 | [1] | 8,068 | [2] | ||
(Loss) earnings before income taxes | (32,372) | 1,339 | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (34,219) | 983 | ||||
Interest expense (income), net | [3] | 7,281 | ||||
Income taxes (benefit) | 1,847 | 356 | ||||
Depreciation and amortization | 4,259 | 560 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 29,589 | |||||
Loss on disposition of fixed assets | 16 | |||||
Adjusted EBITDA | 8,757 | 1,915 | ||||
Operating Segments [Member] | Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 16,187 | [1] | 16,297 | [2] | ||
(Loss) earnings before income taxes | (2,157) | 2,553 | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | (4,408) | 1,547 | ||||
Interest expense (income), net | 543 | [3] | 1,192 | [4] | ||
Income taxes (benefit) | 2,071 | 766 | ||||
Depreciation and amortization | 1,337 | 797 | ||||
Net earnings (loss) attributable to non-controlling interests | 180 | 240 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 3,311 | (45) | ||||
Loss on disposition of fixed assets | (5) | |||||
Pre-opening expenses | 538 | |||||
Adjusted EBITDA | 3,034 | 5,030 | ||||
Operating Segments [Member] | Poland [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | 17,062 | [1] | 19,752 | [2] | ||
(Loss) earnings before income taxes | 91 | 1,831 | ||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | 31 | 913 | ||||
Interest expense (income), net | 31 | [3] | 46 | [4] | ||
Income taxes (benefit) | 45 | 461 | ||||
Depreciation and amortization | 763 | 770 | ||||
Net earnings (loss) attributable to non-controlling interests | 15 | 457 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 172 | (202) | ||||
Loss on disposition of fixed assets | 2 | 5 | ||||
Adjusted EBITDA | 1,059 | 2,450 | ||||
Master Lease [Member] | United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense (income), net | 7,300 | |||||
Cash payments related to lease | 6,200 | |||||
CDR Land Lease [Member] | Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest expense (income), net | 500 | 500 | ||||
Cash payments related to lease | $ 500 | $ 500 | ||||
[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. | |||||
[3] | Expense of $ 7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.2 million and $ 0.5 million, respectively, for the period presented. | |||||
[4] | Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $ 0.5 million for the period presented. |