Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.01 Per Share Par Value | |
Trading Symbol | CNTY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,334,931 | |
Entity Central Index Key | 0000911147 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 108,595 | $ 101,785 |
Receivables, net | 9,315 | 9,085 |
Prepaid expenses | 15,473 | 13,780 |
Inventories | 4,724 | 1,530 |
Restricted cash | 100,151 | |
Other current assets | 1,888 | 1,688 |
Total Current Assets | 139,995 | 228,019 |
Property and equipment, net | 694,107 | 464,650 |
Leased right-of-use assets, net | 24,297 | 27,190 |
Goodwill | 46,652 | 9,583 |
Intangible assets, net | 74,136 | 44,771 |
Deferred income taxes | 17,842 | 15,579 |
Equity investment | 93,260 | |
Note receivable, net of current portion and unamortized discount | 336 | 336 |
Deposits and other | 1,871 | 1,579 |
Total Assets | 999,236 | 884,967 |
Current Liabilities: | ||
Current portion of long-term debt | 5,083 | 5,322 |
Current portion of operating lease liabilities | 3,865 | 3,947 |
Current portion of finance lease liabilities | 154 | 150 |
Accounts payable | 17,554 | 15,341 |
Accrued liabilities | 24,633 | 19,012 |
Accrued payroll | 14,342 | 11,840 |
Taxes payable | 9,290 | 9,801 |
Total Current Liabilities | 74,921 | 65,413 |
Long-term debt, net of current portion and deferred financing costs (Note 5) | 343,514 | 344,258 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6) | 285,592 | 284,904 |
Operating lease liabilities, net of current portion | 23,416 | 26,016 |
Finance lease liabilities, net of current portion | 332 | 399 |
Taxes payable and other | 21,635 | 6,965 |
Deferred income taxes | 3,233 | 2,813 |
Total Liabilities | 752,643 | 730,768 |
Commitments and Contingencies (Note 7) | ||
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; 30,334,931 and 29,870,547 shares issued and outstanding | 303 | 299 |
Additional paid-in capital | 122,023 | 121,653 |
Retained earnings | 34,063 | 37,265 |
Accumulated other comprehensive loss | (11,580) | (15,189) |
Total Century Casinos, Inc. Shareholders’ Equity | 144,809 | 144,028 |
Non-controlling interests | 101,784 | 10,171 |
Total Equity | 246,593 | 154,199 |
Total Liabilities and Equity | $ 999,236 | $ 884,967 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 30,334,931 | 29,870,547 |
Common stock, shares outstanding | 30,334,931 | 29,870,547 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of (Loss) Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating revenue: | ||||
Net operating revenue | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 |
Operating costs and expenses: | ||||
General and administrative | 34,249 | 25,528 | 60,729 | 52,186 |
Depreciation and amortization | 10,190 | 6,779 | 17,044 | 13,574 |
(Gain) on sale of casino operations (Note 1) | (672) | (1,246) | ||
Loss on sale of assets (Note 1) | 2,154 | |||
Total operating costs and expenses | 118,162 | 91,383 | 209,361 | 181,441 |
Earnings from equity investment | 30 | 1,063 | 1,121 | 1,063 |
Earnings from operations | 18,629 | 20,802 | 37,028 | 33,846 |
Non-operating (expense) income: | ||||
Interest income | 119 | 108 | 265 | 125 |
Interest expense | (18,349) | (21,904) | (35,997) | (32,714) |
Gain on foreign currency transactions, cost recovery income and other | 60 | 424 | 3,817 | 2,317 |
Non-operating (expense) income, net | (18,170) | (21,372) | (31,915) | (30,272) |
Earnings (loss) before income taxes | 459 | (570) | 5,113 | 3,574 |
Income tax (expense) benefit | (96) | 10,421 | (1,719) | 8,986 |
Net earnings | 363 | 9,851 | 3,394 | 12,560 |
Net earnings attributable to non-controlling interests | (2,322) | (995) | (6,596) | (3,486) |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (1,959) | $ 8,856 | $ (3,202) | $ 9,074 |
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: | ||||
Basic | $ (0.06) | $ 0.30 | $ (0.11) | $ 0.30 |
Diluted | $ (0.06) | $ 0.28 | $ (0.11) | $ 0.29 |
Weighted average shares outstanding - basic | 30,335 | 29,843 | 30,196 | 29,752 |
Weighted average shares outstanding - diluted | 30,335 | 31,506 | 30,196 | 31,489 |
Gaming [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 100,845 | $ 94,472 | $ 195,141 | $ 184,347 |
Operating costs and expenses: | ||||
Operating costs and expenses | 50,973 | 46,277 | 99,035 | 91,026 |
Pari-Mutuel, Sports Betting And iGaming [Member] | ||||
Operating revenue: | ||||
Operating revenue | 5,057 | 5,259 | 8,442 | 8,689 |
Operating costs and expenses: | ||||
Operating costs and expenses | 5,805 | 6,034 | 9,517 | 9,802 |
Hotel [Member] | ||||
Operating revenue: | ||||
Operating revenue | 12,235 | 2,541 | 14,757 | 4,615 |
Operating costs and expenses: | ||||
Operating costs and expenses | 3,765 | 691 | 4,562 | 1,334 |
Food And Beverage [Member] | ||||
Operating revenue: | ||||
Operating revenue | 11,818 | 6,026 | 17,586 | 11,064 |
Operating costs and expenses: | ||||
Operating costs and expenses | 10,587 | 5,748 | 16,232 | 10,726 |
Other [Member] | ||||
Operating revenue: | ||||
Operating revenue | 6,806 | 2,824 | 9,342 | 5,509 |
Operating costs and expenses: | ||||
Operating costs and expenses | $ 3,265 | $ 326 | $ 3,488 | $ 639 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net earnings | $ 363 | $ 9,851 | $ 3,394 | $ 12,560 |
Other comprehensive income | ||||
Foreign currency translation adjustments | 3,661 | (5,173) | 4,302 | (3,730) |
Other comprehensive income (loss) | 3,661 | (5,173) | 4,302 | (3,730) |
Comprehensive income | 4,024 | 4,678 | 7,696 | 8,830 |
Comprehensive income attributable to non-controlling interests | ||||
Net earnings attributable to non-controlling interests | (2,322) | (995) | (6,596) | (3,486) |
Foreign currency translation adjustments | (518) | 691 | (693) | 729 |
Comprehensive income attributable to Century Casinos, Inc. shareholders | $ 1,184 | $ 4,374 | $ 407 | $ 6,073 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total Century Casinos, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2021 | $ 296 | $ 118,469 | $ (6,430) | $ 29,289 | $ 8,733 | ||
Net (loss) earnings | 9,074 | 3,486 | $ 12,560 | ||||
Foreign currency translation adjustment | (3,001) | (729) | (3,730) | ||||
Amortization of stock-based compensation | 1,685 | ||||||
Distribution to non-controlling interest | (1,960) | ||||||
Exercise of options | 252 | ||||||
Performance stock unit issuance | 3 | (436) | |||||
Balance at Jun. 30, 2022 | $ 299 | 119,970 | (9,431) | 38,363 | $ 149,201 | 9,530 | 158,731 |
Common shares issued | 239,233 | ||||||
Balance at Mar. 31, 2022 | $ 298 | 118,706 | (4,949) | 29,507 | 9,226 | ||
Net (loss) earnings | 8,856 | 995 | 9,851 | ||||
Foreign currency translation adjustment | (4,482) | (691) | (5,173) | ||||
Amortization of stock-based compensation | 1,012 | ||||||
Exercise of options | 252 | ||||||
Performance stock unit issuance | 1 | ||||||
Balance at Jun. 30, 2022 | $ 299 | 119,970 | (9,431) | 38,363 | 149,201 | 9,530 | 158,731 |
Common shares issued | 50,000 | ||||||
Balance at Dec. 31, 2022 | $ 299 | 121,653 | (15,189) | 37,265 | 10,171 | 154,199 | |
Net (loss) earnings | (3,202) | 6,596 | 3,394 | ||||
Foreign currency translation adjustment | 3,609 | 693 | 4,302 | ||||
Amortization of stock-based compensation | 1,664 | ||||||
Distribution to non-controlling interest | (7,801) | ||||||
Consolidation of Smooth Bourbon, LLC | 92,125 | ||||||
Exercise of options | |||||||
Performance stock unit issuance | 4 | (1,294) | |||||
Balance at Jun. 30, 2023 | $ 303 | 122,023 | (11,580) | 34,063 | 144,809 | 101,784 | 246,593 |
Common shares issued | 464,384 | ||||||
Balance at Mar. 31, 2023 | $ 303 | 121,095 | (14,723) | 36,022 | 11,084 | ||
Net (loss) earnings | (1,959) | 2,322 | 363 | ||||
Foreign currency translation adjustment | 3,143 | 518 | 3,661 | ||||
Amortization of stock-based compensation | 928 | ||||||
Distribution to non-controlling interest | (4,265) | ||||||
Consolidation of Smooth Bourbon, LLC | 92,125 | ||||||
Balance at Jun. 30, 2023 | $ 303 | $ 122,023 | $ (11,580) | $ 34,063 | $ 144,809 | $ 101,784 | $ 246,593 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows provided by Operating Activities: | ||
Net earnings | $ 3,394 | $ 12,560 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 17,044 | 13,574 |
Lease amortization | 2,057 | 1,986 |
Loss on disposition of fixed assets | 446 | (75) |
Income from equity investment | (1,121) | (1,063) |
Amortization of stock-based compensation expense | 1,664 | 1,685 |
Amortization of deferred financing costs and discount on note receivable | 1,347 | 8,351 |
Loss on sale of assets (Note 1) | 2,154 | |
Gain on sale of operations (Note 1) | (1,246) | |
Deferred taxes | (1,842) | (11,944) |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | 2,886 | 410 |
Prepaid expenses and other assets | 1,246 | 3,803 |
Accounts payable | (5,203) | (4,358) |
Other current and long-term liabilities | 1,745 | 4,953 |
Inventories | (490) | (49) |
Accrued payroll | (83) | (486) |
Taxes payable | (744) | (6,482) |
Net cash provided by operating activities | 21,100 | 26,082 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (26,016) | (9,062) |
Smooth Bourbon dividends (Note 3) | 2,256 | 180 |
Smooth Bourbon consolidation (Note 3) | 528 | (95,000) |
Nugget acquisition, net of cash acquired (Note 3) | (97,954) | |
Proceeds from disposition of assets | 73 | 124 |
Century Casino Calgary sale earn out | 1,246 | |
Calgary asset sale (Note 1) | 6,330 | |
Net cash used in investing activities | (119,867) | (97,428) |
Cash Flows provided by Financing Activities: | ||
Proceeds from borrowings | 14,800 | 350,000 |
Principal payments | (2,821) | (168,639) |
Payment of deferred financing costs | (18,358) | |
Distribution to non-controlling interest | (5,600) | (2,074) |
Repurchase of shares to satisfy tax withholding | (1,290) | (434) |
Proceeds from exercise of stock options | 253 | |
Net cash provided by financing activities | 5,089 | 160,748 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 389 | (1,032) |
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (93,289) | 88,370 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 202,131 | 108,041 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 108,842 | 196,411 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 33,971 | 20,778 |
Income taxes paid | 3,808 | 5,158 |
Non-Cash Investing Activities: | ||
Purchase of property and equipment on account | $ 7,164 | $ 1,971 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: The Century Casino & Hotel in Central City, Colorado (“CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”) Mountaineer Casino, Resort & Races in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1) The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) (1) The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) (1) Nugget Casino Resort in Sparks, Nevada (“Nugget”) (2) The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (3) (1) Subsidiaries of VICI Properties Inc. (“VICI”), an unaffiliated third party, own the real estate assets underlying these properties. (2) Smooth Bourbon, LLC (“Smooth Bourbon”), a 50 % owned subsidiary of the Company, owns the real estate assets underlying this property. Smooth Bourbon is consolidated as a subsidiary for which the Company has a controlling financial interest. See discussion below. (3) CMR leases the land on which CMR’s racing and entertainment centre (“REC”) and racetrack are located. After selling the casino operations of Century Casino Calgary in August 2020, the Company continued to own the land and building and continued to operate Century Sports, a sports bar, bowling and entertainment facility located on the property. In February 2022, the Company sold the land and building in Calgary, transferred the lease agreement for the casino premises to the buyer, and ceased operating Century Sports. See “Terminated Projects” below in this Note 1 for additional information about the Calgary property. The Company’s Colorado and West Virginia subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries: The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of June 30, 2023, 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 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. Through its wholly owned subsidiary Century Nevada Acquisition, Inc., the Company has a 50 % equity interest in Smooth Bourbon. The Company reported this interest as an equity investment through April 2, 2023. On April 3, 2023, following the Company’s acquisition of Nugget Casino Resort, the Company began consolidating Smooth Bourbon as a subsidiary for which it has a controlling financial interest. The Company determined it has a controlling financial interest in Smooth Bourbon based on the Nugget being the primary beneficiary of Smooth Bourbon. The remaining 50 % of Smooth Bourbon is owned by Marnell Gaming, LLC (“Marnell”) and is reported as a non-controlling financial interest. See “Equity Investment” below in this Note 1 for additional information regarding the consolidation of Smooth Bourbon and Note 3 for additional information about Smooth Bourbon. The Company previously operated several ship-based casinos. The Company’s last concession agreement to operate ship-based casinos ended on April 16, 2023. The table below illustrates the ships operating during the three and six months ended June 30, 2023 and 2022. Ship Operated From Operated To Mein Schiff Herz April 5, 2022 April 16, 2023 Mein Schiff 6 June 11, 2021 April 18, 2022 Recent Developments Related to COVID-19 Since the inception of the COVID-19 pandemic in March 2020, the Company varied its casinos’ operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The COVID-19 pandemic impacted the Company’s results of operations in 2020 and the first half of 2021, and into the first quarter of 2022 for its Canada properties. Currently, the Company’s operations have no health and safety requirements for entry and few other COVID-19 related restrictions. The duration and impact of the COVID-19 pandemic remains uncertain. The Company cannot predict the negative impacts that COVID-19 will have on its consumer demand, workforce, suppliers, contractors and other partners and whether future closures will be required. Such closures have had a material impact on the Company’s financial results and the effects of COVID-19, ongoing governmental health and safety requirements and any future closures could have a material impact on the Company. The Company will continue to monitor its liquidity and make reductions to marketing and operating expenditures, where possible, if future government mandates or closures are required that would have an adverse impact on the Company. Other Projects and Developments Nugget Casino Resort in Sparks, Nevada In February 2022, the Company entered into a definitive agreement with Marnell, pursuant to which a newly formed subsidiary of the Company agreed to purchase from Marnell (i) 50 % of the membership interests in Smooth Bourbon, and (ii) 100 % of the membership interests in Nugget. Nugget owns and operates the Nugget Casino Resort in Sparks, Nevada, and Smooth Bourbon owns the real property on which the casino is located. The Company purchased 50 % of the membership interests in Smooth Bourbon for approximately $ 95.0 million (the “Smooth Bourbon Acquisition”) at the first closing, which occurred on April 1, 2022 (the “First Closing”). The Company used approximately $ 29.3 million of cash on hand and borrowings under the Goldman Credit Agreement (see Note 5) in connection with the First Closing. On April 3, 2023 (the “Second Closing”), the Company purchased 100 % of the membership interests in Nugget for approximately $ 104.7 million (subject to certain adjustments) (the “OpCo Acquisition” and, together with the Smooth Bourbon Acquisition, the “Nugget Acquisition”). The purchase price for the OpCo Acquisition was paid from proceeds of the term loan under the Goldman Credit Agreement deposited in escrow (“Acquisition Escrow”) on the First Closing date. Following the Second Closing, the Company owns the Nugget Casino Resort and 50 % of the membership interests in Smooth Bourbon. The Company also has a five year option through April 1, 2027 to acquire the remaining 50 % of the membership interests in Smooth Bourbon for $ 105.0 million plus 2 % per annum. At the First Closing, Smooth Bourbon entered into a lease with Nugget for an annual rent of $ 15.0 million. Rocky Gap Casino Resort in Flintstone, Maryland In August 2022, the Company entered into a definitive agreement with Golden Entertainment Inc. (“Golden”), Lakes Maryland Development, LLC, a subsidiary of Golden (“Lakes Maryland”), and VICI Properties, L.P., an affiliate of VICI (“VICI PropCo”), pursuant to which the Company agreed to acquire the operations of Rocky Gap Casino Resort (“Rocky Gap” and, such transaction, the “Rocky Gap Acquisition”). Pursuant to a real estate purchase agreement, dated August 24, 2022, by and between Evitts Resort, LLC, a subsidiary of Golden (“Evitts”), and an affiliate of VICI PropCo (“VICI PropCo Buyer”), VICI PropCo Buyer agreed to acquire a related interest in the land and building associated with Rocky Gap from Evitts. On July 25, 2023, the Company purchased the operations of Rocky Gap for approximately $ 61.2 million (subject to certain adjustments), and VICI PropCo Buyer purchased a related interest in the land and building associated with Rocky Gap for approximately $ 203.9 million. In connection with the Rocky Gap Acquisition, subsidiaries of the Company and a subsidiary of VICI PropCo entered into an amendment to their triple net lease agreement (the “Master Lease”) that (i) adds Rocky Gap to the Master Lease, (ii) provides for an increase in initial annualized rent of approximately $ 15.5 million and (iii) extends the initial Master Lease term for 15 years from the date of the amendment (subject to the existing four five year renewal options ). See Note 15 for additional information. Canadian Real Estate Sale On May 16, 2023, the Company entered into definitive agreements for subsidiaries of VICI to acquire the real estate assets of Century Casino & Hotel Edmonton in Edmonton, Alberta, Century Casino St. Albert in Edmonton, Alberta, Century Mile Racetrack and Casino in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta (collectively, the “Century Canadian Portfolio”) for an aggregate purchase price of CAD 221.7 million ($ 167.3 million based on the exchange rate on June 30, 2023) in cash (the “Canada Real Estate Sale”). Simultaneous with the closing of the transaction, the Century Canadian Portfolio will be added to the Master Lease and annual rent will increase by CAD 17.3 million ($ 13.1 million based on the exchange rate on June 30, 2023). Additionally, the term of the Master Lease will be extended such that, upon closing of the transaction, the lease will have a full 15 -year initial base lease term, with four 5-year renewal options . The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the third quarter of 2023. Recent Developments Related to Century Casino Caruthersville The Caruthersville casino had operated on a riverboat and barge since 1994. On October 13, 2022, the riverboat had to be closed as it was no longer accessible from the barge because of the record low water levels in the Mississippi River. On October 26, 2022, the Missouri Gaming Commission (“MGC”) approved the relocation of the casino at Century Casino Caruthersville from the riverboat and barge to a land-based pavilion until the new land-based casino and hotel are completed, as discussed below. The riverboat had 519 slot machines and seven table games. From October 2022 to December 2022, the casino operated only from the barge with 299 slot machines and four table games. The move to the pavilion, which has 416 slot machines and six table games, was completed in December 2022. The pavilion building will not be affected by water levels, is protected by a flood wall and provides for easier access to the casino for customers than the riverboat. The riverboat and barge were removed on February 25, 2023. Caruthersville Land-Based Casino and Hotel The Company is building a new land-based casino with a 38 room hotel adjacent to and connected with the existing casino pavilion building. Construction on the project began in December 2022 and it is expected to be completed in the second half of 2024 with an estimated project cost of $ 51.9 million. The Company is financing this project through financing provided by VICI PropCo. As of June 30, 2023, the Company has received $ 19.8 million in financing from VICI PropCo and has spent $ 9.9 million of those funds on this project. Caruthersville Hotel In July 2021, the Company announced that it had purchased land and a small two-story hotel near Century Casino Caruthersville with plans to refurbish the existing hotel’s 36 rooms. The Company opened the hotel, called The Farmstead, on October 30, 2022 with a total project cost of $ 3.6 million. Cape Girardeau Hotel The Company is building a 69 room hotel at its Cape Girardeau location. The hotel is planned as a six story building with 68,000 square feet that will be adjacent to and connected with the existing casino building. Construction on the project began in September 2022, and it is expected to be completed in the first half of 2024. The Company estimates a project cost of approximately $ 30.5 million. The Company is financing the project with cash on hand. As of June 30, 2023, the Company has spent $ 12.1 million on this project. Terminated Projects Century Sports In August 2020, the Company announced that it had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($ 7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. The Company received earn out payments of CAD 0.9 million ($ 0.7 million based on the exchange rate on June 30, 2023) and CAD 1.7 million ($ 1.3 million based on the exchange rate of June 30, 2023) for the three and six months ended June 30, 2023, respectively, that are recorded to gain on sale of casino operations in its condensed consolidated statement of (loss) earnings. After the sale, the Company continued to operate Century Sports and to own the underlying real estate. On February 10, 2022, the Company sold the land and building in Calgary for CAD 8.0 million ($ 6.3 million based on the exchange rate on February 10, 2022) at which time the Company transferred the lease agreement for the casino premises to the buyer and ceased operating Century Sports. Century Sports was included in the Canada reportable segment. 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, 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the operating results for the full year. Reclassifications – Certain prior period amounts have been reclassified to conform to the current presentation in the condensed consolidated financial statements and the accompanying notes thereto. 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: June 30, June 30, Amounts in thousands 2023 2022 Cash and cash equivalents $ 108,595 $ 96,168 Restricted cash — 100,050 Restricted cash included in deposits and other 247 193 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 108,842 $ 196,411 As of June 30, 2023, the Company had $ 0.2 million related to payment of prizes and giveaways for Casinos Poland and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. As of June 30, 2022, the Company had $ 100.1 million related to the Acquisition Escrow in restricted cash on its condensed consolidated balance sheet and $ 0.2 million related to payments of prizes and giveaways for Casinos Poland, and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. 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”) and Polish zloty (“PLN”). 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: As of June 30, As of December 31, Ending Rates 2023 2022 Canadian dollar (CAD) 1.3253 1.3550 Euros (EUR) 0.9200 0.9393 Polish zloty (PLN) 4.0879 4.4004 The average exchange rates to the US dollar used to translate balances during each reported period are as follows: For the three months For the six months ended June 30, ended June 30, Average Rates 2023 2022 % Change 2023 2022 % Change Canadian dollar (CAD) 1.3437 1.2754 ( 5.4 %) 1.3480 1.2711 ( 6.0 %) Euros (EUR) 0.9181 0.9380 2.1 % 0.9252 0.9145 ( 1.2 %) Polish zloty (PLN) 4.1758 4.3599 4.2 % 4.2835 4.2390 ( 1.0 %) Source: Xe Currency Converter Equity Investment – On April 1, 2022, the Company purchased 50 % of the membership interests in Smooth Bourbon. Smooth Bourbon owns the real property on which the Nugget Casino is located. The additional 50 % of the membership interests in Smooth Bourbon is held by Marnell. At the time of the purchase of its 50 % membership interests in Smooth Bourbon, the Company completed an assessment of whether Smooth Bourbon is a variable interest entity in which it has a financial interest. Based on this assessment, the Company concluded that Smooth Bourbon was not subject to consolidation under the guidance for variable interest entities prior to the Nugget Acquisition because Nugget is the primary beneficiary of Smooth Bourbon. After the Second Closing on April 3, 2023, the Company began consolidating Smooth Bourbon as a subsidiary for which it has a controlling financial interest. See Note 3 for additional information about Smooth Bourbon . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Accounting Pronouncements Adopted – The Company has adopted the following accounting pronouncement: In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842); Common Control Arrangements (“ASU 2023-01”). The objective of ASU 2023-01 is to address stakeholder concerns about amortizing leasehold improvements for lease arrangements between entities under common control. ASU 2023-01 states that the leasehold improvements by a lessee under common control are to be amortized over the useful life of the leasehold improvements and adjusted through equity when the lessee no longer controls the use of the underlying asset. Early adoption of ASU 2023-01 is permitted. The guidance is effective for fiscal years beginning after December 15, 2023. The Company has adopted ASU 2023-01 as of January 1, 2023. Adoption of the standard had no material impact on the Company’s condensed consolidated financial statements. 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. |
Acquisition and Equity Investme
Acquisition and Equity Investment | 6 Months Ended |
Jun. 30, 2023 | |
Acquisition and Equity Investment [Abstract] | |
Acquisition and Equity Investment | 3. ACQUISITION AND EQUITY INVESTMENT Acquisition – Nugget On April 3, 2023, the Company completed its previously announced Nugget Acquisition of 100 % of the membership interests in Nugget Sparks, LLC from Marnell. Nugget Sparks, LLC operates the Nugget Casino Resort, located in Sparks, Nevada. The Nugget Acquisition was financed with funds previously borrowed from the Company’s Goldman Credit Agreement. In connection with the Nugget Acquisition, the Company made an initial payment to Marnell of $ 104.7 million on April 3, 2023. This amount included a base price of $ 100.0 million plus an adjustment based on the estimated working capital of Nugget at closing. As of April 3, 2023, the Company began consolidating Nugget as a wholly-owned subsidiary. Nugget contributed $ 27.0 million in net operating revenue and $ 2.8 million in net earnings attributable to Century Casinos, Inc. shareholders for the three and six months ended June 30, 2023. The Company accounted for the transaction as a business combination, and accordingly, the acquired assets of $ 260.7 million (including $ 6.8 million in cash) and liabilities of $ 194.6 million were included in the Company’s consolidated balance sheet at April 3, 2023. The Nugget Acquisition generated $ 36.5 million of tax deductible goodwill for the Company’s United States segment. The goodwill from the Nugget Acquisition is attributable to the business expansion opportunity for the Company. The fair value of the assets acquired and liabilities assumed (excluding cash received) was determined to be $ 59.3 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 Nugget Acquisition make use of 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 Nugget 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 are owned by Smooth Bourbon were adjusted to fair value concurrently with the Nugget Acquisition. The fair value was determined utilizing the direct capitalization method of the income approach. The fair value of the acquired real estate assets was determined to be $ 184.7 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 customer relationships from the player’s club list 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 10 year useful life to the player loyalty program based on estimated revenue attrition among the player’s club members, based historical operations as estimated by management. The fair value of the Nugget trademark 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 trademark. The primary assumptions in the valuation included projected revenue, a pre-tax royalty rate, the trademark’s useful life, and tax expense. The Company has assigned the Nugget trademark 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 trademark. Details of the Nugget Acquisition in the table below are based on estimated fair values of assets and liabilities as of April 3, 2023. The Nugget Acquisition was accounted for using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with the Nugget Acquisition have been recorded at their preliminary fair values. Certain estimated values for the Nugget Acquisition for accrued liabilities, property and equipment, intangible assets, and deferred income taxes are not yet finalized pending the final purchase price allocations and the receipt of additional information from the Nugget. 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 Nugget Acquisition. Amounts in thousands Cash $ 6,764 Receivables 1,689 Prepaid expenses 3,711 Inventories 2,681 Property and equipment 217,367 Intangible assets 30,250 Deposits and other 353 Accounts payable ( 2,615 ) Accrued liabilities ( 3,976 ) Accrued payroll ( 2,348 ) Taxes payable ( 998 ) Finance lease liabilities ( 184,700 ) Net identifiable assets acquired 68,178 Add: Goodwill 36,540 Net assets acquired $ 104,718 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 $ 100,000 Preliminary working capital adjustment 4,718 Less: cash and restricted cash balances acquired ( 6,764 ) Net cash used in investing activities $ 97,954 Acquisition-related costs The Company incurred acquisition costs of approximately $ 0.3 million for the three and six months ended June 30, 2023, respectively, and $ 0.7 million and $ 1.8 million for the three and six months ended June 30, 2022, respectively, in connection with the Nugget Acquisition. These costs include investment banking, legal and accounting fees and have been recorded as general and administrative expenses in the Corporate Other segment. Ancillary Agreements In connection with the Nugget Acquisition, the Company and the sellers entered into a consulting agreement dated December 19, 2022, whereby the sellers agreed to provide the Company with certain consulting services following the Nugget Acquisition. The agreement compensates the sellers for services following the Nugget Acquisition as performed by employees at a monthly rate. Fees incurred under the agreement were $ 0.2 million for the three and six months ended June 30, 2023 and were recorded as general and administrative expenses in the United States segment. Acquisition-Related Contingencies Nugget is 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 April 3, 2023. Estimated losses have been accrued as of the Nugget 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. The Company estimated the range of these contingencies to be between $ 0.1 million and $ 0.2 million as of June 30, 2023. Pro forma results (Unaudited) The following table provides unaudited pro forma information of the Company as if the Nugget 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 Nugget Acquisition for the six months ended June 30, 2023 and 2022 including (i) pro forma adjustments to record the removal of interest expense related to the Macquarie Credit Agreement (as defined below), (ii) pro forma adjustments to record interest expense related to the Goldman Credit Agreement, (iii) pro forma adjustments to record depreciation and amortization for assets acquired in the Nugget Acquisition, (iv) an estimated tax impact, and (v) pro forma adjustments to record Smooth Bourbon as a consolidated subsidiary as of January 1, 2022. 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 through June 30, 2023 for the Nugget and the Company. For the six months ended For the six months ended Amounts in thousands, except for per share information June 30, 2023 June 30, 2022 Net operating revenue $ 265,392 $ 259,107 Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 5,271 ) $ 12,640 Equity Investment – Smooth Bourbon Following is summarized financial information regarding Smooth Bourbon for the three and six months ended June 30, 2023: For the three months ended For the six months ended Amounts in thousands June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Results Net operating revenue $ 207 $ 3,770 $ 4,059 $ 3,770 Earnings from continuing operations $ 104 $ 3,749 $ 3,833 $ 3,749 Net earnings $ 60 $ 2,126 $ 2,241 $ 2,126 Net earnings attributable to Century Casinos, Inc. $ 30 $ 1,063 $ 1,121 $ 1,063 The Company began consolidating Smooth Bourbon on April 3, 2023 after the Nugget Acquisition. Changes in the carrying amount of the investment in Smooth Bourbon for the six months ended June 30, 2023 are presented in the table below. Amounts in thousands Balance at January 1, 2023 Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at June 30, 2023 Smooth Bourbon $ 93,260 $ 1,121 $ ( 2,256 ) $ ( 92,125 ) $ — |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 4. 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 June 30, 2023 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 Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The impairment analysis requires 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. 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 methodology and the relief from royalty method under the income approach. Goodwill Changes in the carrying amount of goodwill related to the United States, Canada and Poland segments are as follows: Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2023 $ 19,786 $ 7,142 $ 5,816 $ 32,744 Acquisition 36,540 — — 36,540 Currency translation — 84 445 529 Gross carrying value June 30, 2023 56,326 7,226 6,261 69,813 Accumulated impairment losses January 1, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses June 30, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at January 1, 2023 $ — $ 3,767 $ 5,816 $ 9,583 Net carrying value at June 30, 2023 $ 36,540 $ 3,851 $ 6,261 $ 46,652 Intangible Assets Intangible assets at June 30, 2023 and December 31, 2022 consisted of the following: June 30, December 31, Amounts in thousands 2023 2022 Finite-lived Casino licenses $ 2,876 $ 2,672 Less: accumulated amortization ( 2,137 ) ( 1,763 ) 739 909 Trademarks 10,508 2,368 Less: accumulated amortization ( 983 ) ( 730 ) 9,525 1,638 Players club lists 42,483 20,373 Less: accumulated amortization ( 10,796 ) ( 8,974 ) 31,687 11,399 Total finite-lived intangible assets, net 41,951 13,946 Indefinite-lived Casino licenses 30,585 29,331 Trademarks 1,600 1,494 Total indefinite-lived intangible assets 32,185 30,825 Total intangible assets, net $ 74,136 $ 44,771 Trademarks The Company currently owns four trademarks, the Century Casinos trademark, the Mountaineer trademark, the Nugget 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 and the Nugget trademark, both reported in the United States segment, have useful lives of ten years 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 trademark. As such, the trademarks will be amortized over their useful lives. Costs incurred to renew trademarks that are finite-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 United States trademarks are as follows: Amounts in thousands Balance at January 1, 2023 Acquisition Amortization Balance at June 30, 2023 United States $ 1,638 $ 8,140 $ ( 253 ) $ 9,525 As of June 30, 2023, estimated amortization expense of the United States trademarks over the next five years was as follows: Amounts in thousands 2023 $ 594 2024 1,051 2025 1,051 2026 1,051 2027 1,051 Thereafter 4,727 $ 9,525 The weighted-average amortization period of the United States trademarks is 8.1 years. Trademarks: Indefinite-Lived The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other 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 statements of (loss) earnings. Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2023 Currency translation Balance at June 30, 2023 Poland $ 1,386 $ 106 $ 1,492 Corporate and Other 108 — 108 $ 1,494 $ 106 $ 1,600 Casino Licenses: Finite-Lived As of June 30, 2023, Casinos Poland had eight casino licenses, each with an original term of six years , which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows: Amounts in thousands Balance at January 1, 2023 Amortization Currency translation Balance at June 30, 2023 Poland $ 909 $ ( 229 ) $ 59 $ 739 As of June 30, 2023, estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2023 $ 217 2024 231 2025 102 2026 75 2027 75 Thereafter 39 $ 739 These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the next license expiration is 1.4 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, the West Virginia Lottery Commission and the Nevada Gaming Commission (held by Smooth Bourbon) and those 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 statements of (loss) earnings. Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2023 Consolidation of Smooth Bourbon Currency translation Balance at June 30, 2023 United States $ 17,962 $ 1,000 $ — $ 18,962 Canada 11,369 — 254 11,623 $ 29,331 $ 1,000 $ 254 $ 30,585 Player’s Club Lists The Company has determined that the player’s club lists, reported in the United States segment, have useful lives of seven to 10 years 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, 2023 Acquisition Amortization Balance at June 30, 2023 United States $ 11,399 $ 22,110 $ ( 1,822 ) $ 31,687 As of June 30, 2023, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2023 $ 2,745 2024 5,121 2025 5,121 2026 4,879 2027 2,211 Thereafter 11,610 $ 31,687 The weighted-average amortization period for the player’s club lists is 5.0 years. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of June 30, 2023 and December 31, 2022 consisted of the following: Amounts in thousands June 30, 2023 December 31, 2022 Credit agreement - Goldman $ 345,625 10.92 % $ 347,375 8.45 % UniCredit term loans 3,758 3.52 % 4,661 3.17 % Financing obligation - CDR land lease 14,711 14.58 % 14,388 15.05 % Total principal $ 364,094 10.97 % $ 366,424 8.72 % Deferred financing costs ( 15,497 ) ( 16,844 ) Total long-term debt $ 348,597 $ 349,580 Less current portion ( 5,083 ) ( 5,322 ) Long-term portion $ 343,514 $ 344,258 Goldman Credit Agreement On April 1, 2022, the Company entered into a Credit Agreement (the “Goldman Credit Agreement”) by and among the Company, as borrower, the subsidiary guarantors party thereto, Goldman Sachs Bank USA, as administrative agent and collateral agent, Goldman Sachs Bank USA and BOFA Securities, Inc., as joint lead arrangers and joint bookrunners, and the Lenders and L/C Lenders party thereto. The Goldman Credit Agreement replaced the Macquarie Credit Agreement discussed below. The Goldman Credit Agreement provides for a $ 350.0 million term loan (the “Term Loan”) and a $ 30.0 million revolving credit facility (the “Revolving Facility”). As of June 30, 2023, the outstanding balance of the Term Loan was $ 345.6 million and the Company had $ 30.0 million available to borrow on the Revolving Facility. The Company used the Goldman Credit Agreement to fund the Nugget Acquisition (including the Acquisition Escrow), for the repayment of approximately $ 166.2 million outstanding under the Macquarie Credit Agreement and for related fees and expenses. Subsequent to the end of the 2023 second quarter, the Company borrowed $ 30.0 million from the Revolving Facility on July 20, 2023 to fund the Rocky Gap Acquisition. See Note 15 for more information. The Term Loan matures on April 1, 2029 , and the Revolving Facility matures on April 1, 2027 . The Revolving Facility includes up to $ 10.0 million available for the issuance of letters of credit. The Term Loan requires scheduled quarterly payments of $ 875,000 equal to 0.25 % of the original aggregate principal amount of the Term Loan, with the balance due at maturity. Borrowings under the Goldman Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the Adjusted Term SOFR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “SOFR Loan”) or (b) the ABR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “ABR Loan”). The applicable margin for the Term Loan is 6.00 % per annum with respect to SOFR Loans and 5.00 % per annum with respect to ABR Loans. The applicable margin for loans under the Revolving Facility (“Revolving Loans”) is (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Goldman Credit Agreement) of the Company is greater than 2.75 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 5.25 % per annum, and for Revolving Loans that are ABR Loans will be 4.25 % per annum; (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 but greater than 2.25 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 5.00 % per annum, and for Revolving Loans that are ABR Loans will be 4.00 % per annum; and (3) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.25 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 4.75 % per annum, and for Revolving Loans that are ABR Loans will be 3.75 % 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 at a per annum rate 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 fees equal to the applicable margin then in effect for SOFR Loans that are Revolving Loans multiplied by the average daily maximum aggregate 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. Fees related to the Goldman Credit Agreement of less than $ 0.1 million and $ 0.1 million were recorded as interest expense in the consolidated statements of (loss) earnings for the three and six months ended June 30, 2023, respectively. The Goldman 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 Goldman 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 Goldman Credit Agreement provides that the Term Loan may be prepaid without a premium or penalties. The borrowings under the Goldman Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions (including the exclusion of the Company’s non-domestic subsidiaries), 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 Goldman Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Goldman 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 applicable financial covenants under the Goldman Credit Agreement as of June 30, 2023. Deferred financing costs consist of the Company’s costs related to financings. Amortization expenses relating to the Goldman Credit Agreement were $ 0.7 million and $ 1.3 million for the three and six months ended June 30, 2023, respectively, and $ 0.7 million for the three and six months ended June 30, 2022. These costs are included in interest expense in the condensed consolidated statement of (loss) earnings for the three and six months ended June 30, 2023 and 2022. Credit Agreement – Macquarie Capital In December 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”). The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provided for a $ 170.0 million term loan (the “Macquarie Term Loan”) and a $ 10.0 million Revolving Facility (the “Macquarie Revolving Facility”). The Company used proceeds from the Macquarie Term Loan to fund the acquisition of MTR, CCG and CCV (the “2019 Acquired Casinos”), for the repayment of approximately $ 52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In connection with the Goldman Credit Agreement, the Macquarie Term Loan was repaid on April 1, 2022 and the Macquarie Credit Agreement was terminated. Commitment fees related to the Macquarie Revolving Facility of less than $ 0.1 million were recorded as interest expense in the condensed consolidated statements of (loss) earnings for the six months ended June 30, 2022. The Company amortized $ 0.4 million for the six months ended June 30, 2022 relating to Macquarie Credit Agreement deferred financing costs. These costs are included in interest expense in the condensed consolidated statements of (loss) earnings for the six months ended June 30, 2022. The Company wrote off approximately $ 7.3 million of deferred financing costs to interest expense in the second quarter of 2022 in connection with the prepayment of the Macquarie Term Loan. Casinos Poland CPL previously had a PLN 2.5 million term loan with mBank S.A. (“mBank”), which was paid in full in September 2022. The term loan bore an interest rate of 1-month WIBOR plus 1.90 %. CPL’s PLN 10.0 million short-term line of credit was amended in April 2022, and the PLN 2.5 million that was available for cash borrowing was removed from the line of credit. The short term line of credit was terminated in October 2022. As of June 30, 2023, CPL had a short-term line of credit with mBank used to finance current operations. The line of credit has a borrowing capacity of PLN 5.0 million bearing an interest rate of overnight WIBOR plus 2.00 %. As of June 30, 2023, the credit facility had no outstanding balance and PLN 5.0 million ($ 1.2 million based on the exchange rate in effect on June 30, 2023) was available for additional borrowing. The credit agreement is secured by a building owned by CPL in Warsaw. 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. The line of credit was amended in May 2023 to extend the line of credit maturity through June 4, 2024. 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 June 30, 2023). 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 June 30, 2023) with mBank and will terminate in June 2024 and January 2026 , respectively. CPL also 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 0.9 million ($ 0.2 million based on the exchange rate in effect on June 30, 2023) in deposits for this purpose as of June 30, 2023. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Resorts Management As of June 30, 2023, CRM had two credit agreements with UniCredit (the “UniCredit Term Loans”). The first credit agreement (“UniCredit Term Loan 1”) is a GBP 2.0 million term loan used for construction and fitting out of Century Casino Bath, a casino in Bath, England that the Company closed in March 2020. In November 2021, the Company amended the UniCredit Term Loan 1 to convert it into a USD term loan beginning December 31, 2021. The term loan matures September 30, 2023 and bears interest at LIBOR plus 1.625 %. If LIBOR is not available, the interest rate will be determined based on a quoted rate from leading banks in the London interbank market. As of June 30, 2023, the amount outstanding on UniCredit Term Loan 1 was $ 0.1 million. CRM has no further borrowing availability under the loan agreement. The loan is unsecured and has no financial covenants . The second credit agreement (“UniCredit Term Loan 2”) is a EUR 6.0 million term loan converted from a $ 7.4 million line of credit in June 2021, originally entered into by CRM in August 2018 for acquisitions and capital expenditures at the Company’s existing operations or new operations. The term loan matures on December 31, 2025 and bears interest at a rate of 2.875 %. As of June 30, 2023, the amount outstanding was EUR 3.3 million ($ 3.6 million based on the exchange rate in effect on June 30, 2023) and the Company had no further borrowings available. UniCredit Term Loan 2 is secured by a EUR 6.0 million guarantee by the Company and has no financial covenants . 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. In March 2023, the Company amended the land lease to extend the first option date from July 1, 2023 to September 1, 2023 . The land will be purchased as part of the Canada Real Estate Sale, which is expected to close in the third quarter of 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 June 30, 2023, the outstanding balance on the financing obligation was CAD 19.5 million ($ 14.7 million based on the exchange rate in effect on June 30, 2023). As of June 30, 2023, scheduled repayments related to long-term debt were as follows: Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2023 $ 1,750 $ 860 $ — $ 2,610 2024 3,500 1,449 — 4,949 2025 3,500 1,449 — 4,949 2026 3,500 — — 3,500 2027 3,500 — — 3,500 Thereafter 329,875 — 14,711 344,586 Total $ 345,625 $ 3,758 $ 14,711 $ 364,094 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 6. 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 2019 Acquired Casino properties and entered into the Master Lease to lease the real estate assets of the 2019 Acquired Casinos. The Master Lease does not transfer control of the 2019 Acquired Casino properties to VICI PropCo subsidiaries. On December 1, 2022, the Master Lease was amended (the “Master Lease Amendment”) to provide for (i) modifications with respect to certain project work to be done by the Company related to Century Casinos Caruthersville, (ii) modifications to rent under the Master Lease and (iii) other related modifications. 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 an imputed discount rate of approximately 10.1 %. 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, 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 (which term will be extended for 15 years from the date of the Master Lease amendment). 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 Company exercised one five year renewal option when the Master Lease was amended on December 1, 2022. 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 Company’s Missouri and West Virginia properties, including real estate taxes, insurance, utilities, maintenance and operating costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease. The rent payable under the Master Lease, as amended by the Master Lease Amendment on December 1, 2022, is: An initial annual rent (the “Rent”) of approximately $ 25.0 million. The Rent will escalate at a rate of 1.01 % for the 2 nd and 3 rd years and the greater of either 1.0125 % (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4 th year. In addition, Rent will increase by approximately $ 4.2 million on the “CapEx Project Incremental Rent Increase Date” (as defined in the Master Lease Amendment). 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. The estimated future payments in the table below include payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.0125 %. The estimated future payments are not adjusted for increases based on the CPI. Amounts in thousands 2023 $ 10,759 2024 26,144 2025 26,471 2026 26,802 2027 27,137 Thereafter 875,958 Total payments 993,271 Less imputed interest ( 736,171 ) Residual value 28,492 Total $ 285,592 Total payments and interest expense related to the Master Lease for the three and six months ended June 30, 2023 and 2022 were as follows: For the three months ended For the six months ended June 30, June 30, Amounts in thousands 2023 2022 2023 2022 Payments made $ 6,866 $ 6,376 $ 13,731 $ 10,626 Interest expense on financing obligation $ 7,299 $ 7,103 $ 14,418 $ 14,110 Rent adjusted for CPI for the year ended December 31, 2023 is estimated to be $ 27.5 million, excluding the increased rent due to the Rocky Gap Acquisition and the Canada Real Estate Sale discussed below. As discussed in Note 1, VICI PropCo Buyer purchased a related interest in the land and building associated with Rocky Gap on July 25, 2023 for approximately $ 203.9 million. In connection with the Rocky Gap Acquisition, the Company and a subsidiary of VICI PropCo entered into an amendment to the Master Lease on July 25, 2023 that (i) added Rocky Gap to the Master Lease, (ii) provided for an increase in initial annualized rent of approximately $ 15.5 million and (iii) extended the initial Master Lease term for 15 years from the date of the amendment (subject to the existing four five year renewal options ). As discussed in Note 1, pursuant to the Canada Real Estate Sale, VICI PropCo agreed to acquire the real estate assets for the Century Canadian Portfolio for approximately CAD 221.7 million ($ 167.3 million based on the exchange rate on June 30, 2023). In connection with the closing of this transaction, which is expected in the third quarter of 2023, the Company and a subsidiary of VICI PropCo will enter into an amendment to the Master Lease to (i) add the Century Canadian Portfolio to the Master Lease, (ii) provide for an increase in initial annualized rent of approximately CAD 17.3 million ($ 13.1 million based on the exchange rate on June 30, 2023) and (iii) extend the initial Master Lease term for 15 -years from the date of the amendment (subject to the existing four five year renewal options). |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. COMMITMENTS AND CONTINGENCIES Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. Based on management’s knowledge, the Company does not expect the outcome of such currently pending or threatened proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES Income tax expense or benefits are recorded relative to the jurisdictions that recognize book earnings. For the six months ended June 30, 2023, the Company recognized income tax expense of $ 1.7 million on pre-tax earnings of $ 5.1 million, representing an effective income tax rate of 33.6 % compared to income tax benefit of ($ 9.0 ) million on pre-tax earnings of $ 3.6 million, representing an effective income tax rate of ( 251.4 %) for the same period in 2022. For the six months ended June 30, 2023, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the six months ended June 30, 2023. A number of items caused the effective income tax rate for the six months ended June 30, 2023 to differ from the US federal statutory income tax rate of 21 %, including taxation of global intangible low-tax income (GILTI) in the United States, a 23 % statutory tax rate in Canada, certain nondeductible business expenses in Poland, various exchange rate benefits, and income attributable to the non-controlling interest holder of Smooth Bourbon, which is taxed as a partnership for US federal income tax purposes. As of June 30, 2023, the Company continues to maintain a full valuation allowance on deferred tax assets for CMR, CRM and Century Resorts International Ltd. Additionally, the Company has unrecognized income tax benefits of $ 0.5 million due to the Company’s ability to utilize pre-acquisition net operating losses. The Company received notification of an examination by Canada Revenue Agency, and it will assess the ability to recognize the $ 0.5 million in income tax benefits upon completion of the examination. The Company believes that the examination will not conclude until 2024. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. 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 and six months ended June 30, 2023 and 2022 were as follows: For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Weighted average common shares, basic 30,335 29,843 30,196 29,752 Dilutive effect of stock options — 1,663 — 1,737 Weighted average common shares, diluted 30,335 31,506 30,196 31,489 The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation: For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Stock options 2,232 2,780 2,391 2,667 |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 10. 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 and six months ended June 30, 2023 and 2022. 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. The Company applied the acquisition method of accounting for the Nugget Acquisition. Identifiable assets and liabilities assumed were recognized and measured at 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 Nugget Acquisition and accounting for the Nugget Acquisition. There were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2022. Long-Term Debt – The carrying value of the Goldman Credit Agreement, the UniCredit Term Loans and CPL’s short-term line of credit approximate fair value based on the variable interest paid on the obligations. The carrying value of the UniCredit Term Loan 2 approximates fair value due to the short-term nature of the agreement. The estimated fair values of the outstanding balances under the Goldman Credit Agreement and UniCredit Term Loan 1 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. 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 and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of June 30, 2023 and December 31, 2022, the Company had no cash equivalents. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 11. 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 For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Revenue from contracts with customers $ 136,761 $ 111,122 $ 245,268 $ 214,224 Cost recovery income — — 3,501 1,938 Century Casino Calgary sale earn out revenue 672 — 1,246 — Total revenue $ 137,433 $ 111,122 $ 250,015 $ 216,162 The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, iGaming, and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, pari-mutuel and sports betting, iGaming, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below. For the three months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 65,988 $ 11,598 $ 23,255 $ 4 $ 100,845 Pari-mutuel, sports betting and iGaming 2,387 2,670 — — 5,057 Hotel 12,111 124 — — 12,235 Food and beverage 8,569 3,010 239 — 11,818 Other 5,353 1,432 21 — 6,806 Net operating revenue $ 94,408 $ 18,834 $ 23,515 $ 4 $ 136,761 For the three months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 61,130 $ 11,910 $ 21,378 $ 54 $ 94,472 Pari-mutuel, sports betting and iGaming 2,373 2,886 — — 5,259 Hotel 2,420 121 — — 2,541 Food and beverage 3,063 2,747 216 — 6,026 Other 1,327 1,373 113 11 2,824 Net operating revenue $ 70,313 $ 19,037 $ 21,707 $ 65 $ 111,122 For the six months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 124,378 $ 22,199 $ 48,503 $ 61 $ 195,141 Pari-mutuel, sports betting and iGaming 3,669 4,773 — — 8,442 Hotel 14,514 243 — — 14,757 Food and beverage 11,678 5,438 470 — 17,586 Other 6,533 2,689 120 — 9,342 Net operating revenue $ 160,772 $ 35,342 $ 49,093 $ 61 $ 245,268 For the six months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 119,372 $ 21,887 $ 43,004 $ 84 $ 184,347 Pari-mutuel, sports betting and iGaming 3,335 5,354 — — 8,689 Hotel 4,410 205 — — 4,615 Food and beverage 5,996 4,662 406 — 11,064 Other 2,443 2,931 121 14 5,509 Net operating revenue $ 135,556 $ 35,039 $ 43,531 $ 98 $ 214,224 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 $ 1.5 million for the three and six months ended June 30, 2023, and $ 1.1 million and $ 1.2 million for the three and six months ended June 30, 2022, 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 June 30, 2023 ended June 30, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 638 $ 2,185 $ 586 $ 2,937 Closing 652 3,706 749 2,842 Increase/(Decrease) $ 14 $ 1,521 $ 163 $ ( 95 ) For the six months For the six months ended June 30, 2023 ended June 30, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,351 $ 2,417 $ 1,269 $ 2,986 Closing 652 3,706 749 2,842 (Decrease)/Increase $ ( 699 ) $ 1,289 $ ( 520 ) $ ( 144 ) Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 12. LEASES The Company determines if an arrangement is a lease at inception. The right-of-use (“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 14 years. The components of lease expense were as follows: For the three months ended For the six months ended June 30, June 30, Amounts in thousands 2023 2022 2023 2022 Operating lease expense $ 1,394 $ 1,349 $ 2,737 $ 2,723 Finance lease expense: Amortization of right-of-use assets $ 23 $ 42 $ 47 $ 84 Interest on lease liabilities 9 4 18 9 Total finance lease expense $ 32 $ 46 $ 65 $ 93 Variable lease expense $ 343 $ 373 $ 650 $ 797 Variable lease expense relates primarily to rates based on 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 six months ended June 30, Amounts in thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 18 $ 8 Operating cash flows from operating leases 2,665 2,551 Financing cash flows from finance leases 77 79 Right-of-use assets obtained in exchange for operating lease liabilities $ 48 $ 140 Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands June 30, 2023 December 31, 2022 Operating leases Leased right-of-use assets, net $ 24,297 $ 27,190 Current portion of operating lease liabilities 3,865 3,947 Operating lease liabilities, net of current portion 23,416 26,016 Total operating lease liabilities 27,281 29,963 Finance leases Finance lease right-of-use assets, gross 786 764 Accumulated depreciation ( 231 ) ( 175 ) Property and equipment, net 555 589 Current portion of finance lease liabilities 154 150 Finance lease liabilities, net of current portion 332 399 Total finance lease liabilities 486 549 Weighted-average remaining lease term Operating leases 9.9 years 10.5 years Finance leases 3.1 years 3.6 years Weighted-average discount rate Operating leases 6.5 % 4.9 % Finance leases 7.0 % 7.0 % Maturities of lease liabilities as of June 30, 2023 were as follows: Amounts in thousands Operating Leases Finance Leases 2023 $ 2,724 $ 94 2024 4,733 183 2025 3,608 164 2026 3,311 87 2027 3,298 16 Thereafter 21,407 — Total lease payments 39,081 544 Less imputed interest ( 11,800 ) ( 58 ) Total $ 27,281 $ 486 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Segment Information | 13. 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. After the Nugget Acquisition, the Company evaluated its operating segments and concluded that as a result of the growth in the United States it would begin viewing its operating segments as East, Midwest and West. The Company views each casino or other operation within its operating segments 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 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 East Mountaineer Casino, Resort & Races (1) Midwest Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek Century Casino Cape Girardeau (1) Century Casino Caruthersville and The Farmstead (1) West Nugget Casino Resort and Smooth Bourbon, LLC Canada Canada (2) Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Century Downs Racetrack and Casino Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other (3) Corporate Other (4) (1) The real estate assets are owned by VICI PropCo. (2) The Company operated Century Sports through February 10, 2022. See Note 1. (3) The Company operated on ship-based casinos through April 16, 2023. See Note 1. (4) Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was included in the Corporate Other reporting unit. 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 (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income 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) attributable to Century Casinos, Inc. shareholders 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. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. The following tables provide information regarding the Company’s reportable segments: For the three months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 94,408 $ 18,834 $ 23,515 $ 4 $ 136,761 Earnings from equity investment — — — 30 30 Earnings (loss) before income taxes 10,232 4,051 1,445 ( 15,269 ) 459 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,252 $ 2,729 $ 704 $ ( 12,644 ) $ ( 1,959 ) Interest expense (income), net (2) 7,299 547 ( 117 ) 10,501 18,230 Income taxes (benefit) 1,188 1,145 388 ( 2,625 ) 96 Depreciation and amortization 8,326 1,146 661 57 10,190 Net earnings attributable to non-controlling interests 1,792 177 353 — 2,322 Non-cash stock-based compensation — — — 928 928 Gain on foreign currency transactions, cost recovery income and other (3) — ( 630 ) ( 104 ) ( 3 ) ( 737 ) Gain on disposition of fixed assets ( 33 ) — — — ( 33 ) Acquisition costs — — — 251 251 Adjusted EBITDA $ 25,824 $ 5,114 $ 1,885 $ ( 3,535 ) $ 29,288 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 7.3 million related to the Master Lease in the United States segment and interest expense of $ 0.5 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.9 million and $ 0.5 million, respectively, for the period presented. (3) Includes $ 0.7 million related to the earn out from the sale of casino operations in Calgary in 2020. For the three months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 70,313 $ 19,037 $ 21,707 $ 65 $ 111,122 Earnings from equity investment — — — 1,063 1,063 Earnings (loss) before income taxes 10,521 3,783 2,498 ( 17,372 ) ( 570 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 10,521 $ 2,875 $ 1,322 $ ( 5,862 ) $ 8,856 Interest expense (income), net (2) 7,103 585 ( 54 ) 14,162 21,796 Income taxes (benefit) — 574 515 ( 11,510 ) ( 10,421 ) Depreciation and amortization 4,758 1,226 676 119 6,779 Net earnings attributable to non-controlling interests — 334 661 — 995 Non-cash stock-based compensation — — — 1,012 1,012 (Gain) loss on foreign currency transactions and cost recovery income (3) — ( 34 ) ( 397 ) 7 ( 424 ) Loss (gain) on disposition of fixed assets — 8 1 ( 121 ) ( 112 ) Acquisition costs — — — 1,297 1,297 Adjusted EBITDA $ 22,382 $ 5,568 $ 2,724 $ ( 896 ) $ 29,778 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 7.1 million related to the Master Lease in the United States segment, interest expense of $ 0.6 million related to the CDR land lease in the Canada segment and interest expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment Cash payments related to the Master Lease and CDR land lease were $ 6.4 million and $ 0.7 million, respectively, for the period presented. For the six months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 160,772 $ 35,342 $ 49,093 $ 61 $ 245,268 Earnings from equity investment — — — 1,121 1,121 Earnings (loss) before income taxes 17,383 11,046 4,436 ( 27,752 ) 5,113 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 12,627 $ 4,602 $ 2,277 $ ( 22,708 ) $ ( 3,202 ) Interest expense (income), net (2) 14,418 1,070 ( 211 ) 20,455 35,732 Income taxes (benefit) 2,964 2,779 1,020 ( 5,044 ) 1,719 Depreciation and amortization 13,357 2,272 1,295 120 17,044 Net earnings attributable to non-controlling interests 1,792 3,665 1,139 — 6,596 Non-cash stock-based compensation — — — 1,664 1,664 (Gain) loss on foreign currency transactions, cost recovery income and other (3) — ( 4,715 ) ( 358 ) 5 ( 5,068 ) Loss on disposition of fixed assets 437 3 1 5 446 Acquisition costs — — — 409 409 Adjusted EBITDA $ 45,595 $ 9,676 $ 5,163 $ ( 5,094 ) $ 55,340 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 14.4 million related to the Master Lease in the United States segment and interest expense of $ 1.1 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 13.7 million and $ 1.0 million, respectively, for the period presented. (3) Includes $ 1.2 million related to the earn out from the sale of casino operations in Calgary in 2020 and cost recovery income for CDR. For the six months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 135,556 $ 35,039 $ 43,531 $ 98 $ 214,224 Earnings from equity investment — — — 1,063 1,063 Earnings (loss) before income taxes 19,038 5,726 4,454 ( 25,644 ) 3,574 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 19,038 $ 2,170 $ 2,255 $ ( 14,389 ) $ 9,074 Interest expense (income), net (2) 14,109 1,152 ( 67 ) 17,395 32,589 Income taxes (benefit) — 1,197 1,072 ( 11,255 ) ( 8,986 ) Depreciation and amortization 9,526 2,452 1,356 240 13,574 Net earnings attributable to non-controlling interests — 2,359 1,127 — 3,486 Non-cash stock-based compensation — — — 1,685 1,685 Loss (gain) on foreign currency transactions, cost recovery income and other (3) — 209 ( 379 ) ( 5 ) ( 175 ) Loss (gain) on disposition of fixed assets 19 23 4 ( 121 ) ( 75 ) Acquisition costs — — — 2,429 2,429 Adjusted EBITDA $ 42,692 $ 9,562 $ 5,368 $ ( 4,021 ) $ 53,601 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 14.1 million related to the Master Lease in the United States segment, interest expense of $ 1.1 million related to the CDR land lease in the Canada segment, and interest expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment. Cash payments related to the Master Lease and CDR land lease were $ 10.6 million and $ 1.0 million, respectively, for the period presented. (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Transactions With Related Parties [Abstract] | |
Transactions With Related Parties | 14. TRANSACTIONS WITH RELATED PARTIES The Company has entered into an agreement with Marnell which with the Company owns 50 % of Smooth Bourbon, for general contracting and consulting services. The Company had a liability of $ 0.4 million related to construction performed by Marnell in accrued liabilities on its condensed consolidated balance sheet as of December 31, 2022. There were no assets or liabilities related to Marnell on the Company’s condensed consolidated balance sheet as of June 30, 2023. The Company has also entered into a consulting agreement with Marnell for services after the acquisition of Nugget is completed. Fees incurred under the agreement were $ 0.2 million for the three and six months ended June 30, 2023 and were recorded as general and administrative expenses in the United States segment. Additional expenses related to Marnell were less than $ 0.1 million for the three and six months ended June 30, 2023 and were recorded as general and administrative expenses in the United States segment. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to material subsequent events in its condensed consolidated financial statements and related notes. On July 25, 2023, the Company completed its previously announced acquisition of the operations of Rocky Gap for an aggregate purchase price of approximately $ 61.2 million (subject to certain adjustments based on Rocky Gap’s working capital). The Rocky Gap Acquisition was financed with $ 30.0 million borrowed under the Revolving Facility and cash on hand. Rocky Gap did no t contribute any net operating revenue or net (loss) earnings attributable to Century Casinos, Inc. shareholders for the three and six months ended June 30, 2023. The Company is currently completing the fair value assessment of the acquired operations and, as such, the fair value of assets and liabilities of Rocky Gap that will be recognized has not been disclosed. The Company has incurred acquisition costs related to the Rocky Gap Acquisition of approximately less than $ 0.1 million and $ 0.1 million for the three and six months ended June 30, 2023, respectively. There were no acquisition costs related to the Rocky Gap Acquisition incurred for the three and six months ended June 30, 2022. The costs include legal and accounting fees and have been recorded as general and administrative expenses on the Company’s condensed consolidated statement of (loss) earnings. In connection with the Rocky Gap Acquisition on July 25, 2023, subsidiaries of the Company and VICI PropCo entered into an amendment to the Master Lease that (i) added Rocky Gap to the Master Lease, (ii) provided for an increase in initial annualized rent of approximately $ 15.5 million and (iii) extended the initial Master Lease term for 15 years from the date of the amendment (subject to the existing four five year renewal options ). The Company is currently completing the fair value assessment of the acquired operations and, as such, adjustments to Rocky Gaps operating results based on the fair value of assets and liabilities of Rocky Gap as if the Rocky Gap Acquisition had occurred at the beginning of the earliest comparable period presented have not been disclosed. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Business Description And Basis Of Presentation | 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 June 30, 2023 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: The Century Casino & Hotel in Central City, Colorado (“CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”) Mountaineer Casino, Resort & Races in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1) The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) (1) The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) (1) Nugget Casino Resort in Sparks, Nevada (“Nugget”) (2) The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (3) (1) Subsidiaries of VICI Properties Inc. (“VICI”), an unaffiliated third party, own the real estate assets underlying these properties. (2) Smooth Bourbon, LLC (“Smooth Bourbon”), a 50 % owned subsidiary of the Company, owns the real estate assets underlying this property. Smooth Bourbon is consolidated as a subsidiary for which the Company has a controlling financial interest. See discussion below. (3) CMR leases the land on which CMR’s racing and entertainment centre (“REC”) and racetrack are located. After selling the casino operations of Century Casino Calgary in August 2020, the Company continued to own the land and building and continued to operate Century Sports, a sports bar, bowling and entertainment facility located on the property. In February 2022, the Company sold the land and building in Calgary, transferred the lease agreement for the casino premises to the buyer, and ceased operating Century Sports. See “Terminated Projects” below in this Note 1 for additional information about the Calgary property. The Company’s Colorado and West Virginia subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries: The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of June 30, 2023, 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 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. Through its wholly owned subsidiary Century Nevada Acquisition, Inc., the Company has a 50 % equity interest in Smooth Bourbon. The Company reported this interest as an equity investment through April 2, 2023. On April 3, 2023, following the Company’s acquisition of Nugget Casino Resort, the Company began consolidating Smooth Bourbon as a subsidiary for which it has a controlling financial interest. The Company determined it has a controlling financial interest in Smooth Bourbon based on the Nugget being the primary beneficiary of Smooth Bourbon. The remaining 50 % of Smooth Bourbon is owned by Marnell Gaming, LLC (“Marnell”) and is reported as a non-controlling financial interest. See “Equity Investment” below in this Note 1 for additional information regarding the consolidation of Smooth Bourbon and Note 3 for additional information about Smooth Bourbon. The Company previously operated several ship-based casinos. The Company’s last concession agreement to operate ship-based casinos ended on April 16, 2023. The table below illustrates the ships operating during the three and six months ended June 30, 2023 and 2022. Ship Operated From Operated To Mein Schiff Herz April 5, 2022 April 16, 2023 Mein Schiff 6 June 11, 2021 April 18, 2022 |
Recent Developments Related To COVID-19 | Recent Developments Related to COVID-19 Since the inception of the COVID-19 pandemic in March 2020, the Company varied its casinos’ operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The COVID-19 pandemic impacted the Company’s results of operations in 2020 and the first half of 2021, and into the first quarter of 2022 for its Canada properties. Currently, the Company’s operations have no health and safety requirements for entry and few other COVID-19 related restrictions. The duration and impact of the COVID-19 pandemic remains uncertain. The Company cannot predict the negative impacts that COVID-19 will have on its consumer demand, workforce, suppliers, contractors and other partners and whether future closures will be required. Such closures have had a material impact on the Company’s financial results and the effects of COVID-19, ongoing governmental health and safety requirements and any future closures could have a material impact on the Company. The Company will continue to monitor its liquidity and make reductions to marketing and operating expenditures, where possible, if future government mandates or closures are required that would have an adverse impact on the Company. |
Preparation of Financial Statements | 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, 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the operating results for the full year. |
Reclassifications | Reclassifications – Certain prior period amounts have been reclassified to conform to the current presentation in the condensed consolidated financial statements and the accompanying notes thereto. |
Cash and Cash Equivalents | 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: June 30, June 30, Amounts in thousands 2023 2022 Cash and cash equivalents $ 108,595 $ 96,168 Restricted cash — 100,050 Restricted cash included in deposits and other 247 193 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 108,842 $ 196,411 As of June 30, 2023, the Company had $ 0.2 million related to payment of prizes and giveaways for Casinos Poland and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. As of June 30, 2022, the Company had $ 100.1 million related to the Acquisition Escrow in restricted cash on its condensed consolidated balance sheet and $ 0.2 million related to payments of prizes and giveaways for Casinos Poland, and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. |
Use Of Estimates | 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 | 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”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. |
Equity Investment | Equity Investment – On April 1, 2022, the Company purchased 50 % of the membership interests in Smooth Bourbon. Smooth Bourbon owns the real property on which the Nugget Casino is located. The additional 50 % of the membership interests in Smooth Bourbon is held by Marnell. At the time of the purchase of its 50 % membership interests in Smooth Bourbon, the Company completed an assessment of whether Smooth Bourbon is a variable interest entity in which it has a financial interest. Based on this assessment, the Company concluded that Smooth Bourbon was not subject to consolidation under the guidance for variable interest entities prior to the Nugget Acquisition because Nugget is the primary beneficiary of Smooth Bourbon. After the Second Closing on April 3, 2023, the Company began consolidating Smooth Bourbon as a subsidiary for which it has a controlling financial interest. See Note 3 for additional information about Smooth Bourbon |
Sgnificant Accounting Policies
Sgnificant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted – The Company has adopted the following accounting pronouncement: In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842); Common Control Arrangements (“ASU 2023-01”). The objective of ASU 2023-01 is to address stakeholder concerns about amortizing leasehold improvements for lease arrangements between entities under common control. ASU 2023-01 states that the leasehold improvements by a lessee under common control are to be amortized over the useful life of the leasehold improvements and adjusted through equity when the lessee no longer controls the use of the underlying asset. Early adoption of ASU 2023-01 is permitted. The guidance is effective for fiscal years beginning after December 15, 2023. The Company has adopted ASU 2023-01 as of January 1, 2023. Adoption of the standard had no material impact on the Company’s condensed consolidated financial statements. |
Accounting Pronouncements Pending Adoption | 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_3
Description Of Business And Basis Of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Schedule of Ships Operating | Ship Operated From Operated To Mein Schiff Herz April 5, 2022 April 16, 2023 Mein Schiff 6 June 11, 2021 April 18, 2022 |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | June 30, June 30, Amounts in thousands 2023 2022 Cash and cash equivalents $ 108,595 $ 96,168 Restricted cash — 100,050 Restricted cash included in deposits and other 247 193 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 108,842 $ 196,411 |
Schedule Of Exchange Rates To US Dollar | As of June 30, As of December 31, Ending Rates 2023 2022 Canadian dollar (CAD) 1.3253 1.3550 Euros (EUR) 0.9200 0.9393 Polish zloty (PLN) 4.0879 4.4004 |
Average Exchange Rates | For the three months For the six months ended June 30, ended June 30, Average Rates 2023 2022 % Change 2023 2022 % Change Canadian dollar (CAD) 1.3437 1.2754 ( 5.4 %) 1.3480 1.2711 ( 6.0 %) Euros (EUR) 0.9181 0.9380 2.1 % 0.9252 0.9145 ( 1.2 %) Polish zloty (PLN) 4.1758 4.3599 4.2 % 4.2835 4.2390 ( 1.0 %) Source: Xe Currency Converter |
Acquisition and Equity Invest_2
Acquisition and Equity Investment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Nugget Sparks, LLC [Member] | |
Schedule Of Estimated Fair Values Of Assets And Liabilities | Amounts in thousands Cash $ 6,764 Receivables 1,689 Prepaid expenses 3,711 Inventories 2,681 Property and equipment 217,367 Intangible assets 30,250 Deposits and other 353 Accounts payable ( 2,615 ) Accrued liabilities ( 3,976 ) Accrued payroll ( 2,348 ) Taxes payable ( 998 ) Finance lease liabilities ( 184,700 ) Net identifiable assets acquired 68,178 Add: Goodwill 36,540 Net assets acquired $ 104,718 |
Schedule of Purchase Consideration Net Cash Outflow | Amounts in thousands Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration $ 100,000 Preliminary working capital adjustment 4,718 Less: cash and restricted cash balances acquired ( 6,764 ) Net cash used in investing activities $ 97,954 |
Schedule Of Unaudited Pro Forma Information | For the six months ended For the six months ended Amounts in thousands, except for per share information June 30, 2023 June 30, 2022 Net operating revenue $ 265,392 $ 259,107 Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 5,271 ) $ 12,640 |
Smooth Borbon Investment [Member] | |
Schedule of Summarized Financial Information | For the three months ended For the six months ended Amounts in thousands June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating Results Net operating revenue $ 207 $ 3,770 $ 4,059 $ 3,770 Earnings from continuing operations $ 104 $ 3,749 $ 3,833 $ 3,749 Net earnings $ 60 $ 2,126 $ 2,241 $ 2,126 Net earnings attributable to Century Casinos, Inc. $ 30 $ 1,063 $ 1,121 $ 1,063 |
Changes In Carrying Amount Of Investment | Amounts in thousands Balance at January 1, 2023 Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at June 30, 2023 Smooth Bourbon $ 93,260 $ 1,121 $ ( 2,256 ) $ ( 92,125 ) $ — |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2023 $ 19,786 $ 7,142 $ 5,816 $ 32,744 Acquisition 36,540 — — 36,540 Currency translation — 84 445 529 Gross carrying value June 30, 2023 56,326 7,226 6,261 69,813 Accumulated impairment losses January 1, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses June 30, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at January 1, 2023 $ — $ 3,767 $ 5,816 $ 9,583 Net carrying value at June 30, 2023 $ 36,540 $ 3,851 $ 6,261 $ 46,652 |
Schedule Of Intangible Assets | June 30, December 31, Amounts in thousands 2023 2022 Finite-lived Casino licenses $ 2,876 $ 2,672 Less: accumulated amortization ( 2,137 ) ( 1,763 ) 739 909 Trademarks 10,508 2,368 Less: accumulated amortization ( 983 ) ( 730 ) 9,525 1,638 Players club lists 42,483 20,373 Less: accumulated amortization ( 10,796 ) ( 8,974 ) 31,687 11,399 Total finite-lived intangible assets, net 41,951 13,946 Indefinite-lived Casino licenses 30,585 29,331 Trademarks 1,600 1,494 Total indefinite-lived intangible assets 32,185 30,825 Total intangible assets, net $ 74,136 $ 44,771 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinite-Lived | Amounts in thousands Balance at January 1, 2023 Consolidation of Smooth Bourbon Currency translation Balance at June 30, 2023 United States $ 17,962 $ 1,000 $ — $ 18,962 Canada 11,369 — 254 11,623 $ 29,331 $ 1,000 $ 254 $ 30,585 |
Trademarks [Member] | |
Changes In Carrying Amount - Indefinite-Lived | Amounts in thousands Balance at January 1, 2023 Currency translation Balance at June 30, 2023 Poland $ 1,386 $ 106 $ 1,492 Corporate and Other 108 — 108 $ 1,494 $ 106 $ 1,600 |
Trademarks, Finite-Lived [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 Acquisition Amortization Balance at June 30, 2023 United States $ 1,638 $ 8,140 $ ( 253 ) $ 9,525 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 594 2024 1,051 2025 1,051 2026 1,051 2027 1,051 Thereafter 4,727 $ 9,525 |
Casino Licenses Finite-Lived [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 Amortization Currency translation Balance at June 30, 2023 Poland $ 909 $ ( 229 ) $ 59 $ 739 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 217 2024 231 2025 102 2026 75 2027 75 Thereafter 39 $ 739 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 Acquisition Amortization Balance at June 30, 2023 United States $ 11,399 $ 22,110 $ ( 1,822 ) $ 31,687 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 2,745 2024 5,121 2025 5,121 2026 4,879 2027 2,211 Thereafter 11,610 $ 31,687 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands June 30, 2023 December 31, 2022 Credit agreement - Goldman $ 345,625 10.92 % $ 347,375 8.45 % UniCredit term loans 3,758 3.52 % 4,661 3.17 % Financing obligation - CDR land lease 14,711 14.58 % 14,388 15.05 % Total principal $ 364,094 10.97 % $ 366,424 8.72 % Deferred financing costs ( 15,497 ) ( 16,844 ) Total long-term debt $ 348,597 $ 349,580 Less current portion ( 5,083 ) ( 5,322 ) Long-term portion $ 343,514 $ 344,258 |
Schedule Of Maturities Related To Debt | Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2023 $ 1,750 $ 860 $ — $ 2,610 2024 3,500 1,449 — 4,949 2025 3,500 1,449 — 4,949 2026 3,500 — — 3,500 2027 3,500 — — 3,500 Thereafter 329,875 — 14,711 344,586 Total $ 345,625 $ 3,758 $ 14,711 $ 364,094 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Long-Term Financing Obligation [Abstract] | |
Future Payments Related To Master Lease | Amounts in thousands 2023 $ 10,759 2024 26,144 2025 26,471 2026 26,802 2027 27,137 Thereafter 875,958 Total payments 993,271 Less imputed interest ( 736,171 ) Residual value 28,492 Total $ 285,592 |
Total Payments And Interest Expense | For the three months ended For the six months ended June 30, June 30, Amounts in thousands 2023 2022 2023 2022 Payments made $ 6,866 $ 6,376 $ 13,731 $ 10,626 Interest expense on financing obligation $ 7,299 $ 7,103 $ 14,418 $ 14,110 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Weighted average common shares, basic 30,335 29,843 30,196 29,752 Dilutive effect of stock options — 1,663 — 1,737 Weighted average common shares, diluted 30,335 31,506 30,196 31,489 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Stock options 2,232 2,780 2,391 2,667 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2023 2022 2023 2022 Revenue from contracts with customers $ 136,761 $ 111,122 $ 245,268 $ 214,224 Cost recovery income — — 3,501 1,938 Century Casino Calgary sale earn out revenue 672 — 1,246 — Total revenue $ 137,433 $ 111,122 $ 250,015 $ 216,162 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the three months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 65,988 $ 11,598 $ 23,255 $ 4 $ 100,845 Pari-mutuel, sports betting and iGaming 2,387 2,670 — — 5,057 Hotel 12,111 124 — — 12,235 Food and beverage 8,569 3,010 239 — 11,818 Other 5,353 1,432 21 — 6,806 Net operating revenue $ 94,408 $ 18,834 $ 23,515 $ 4 $ 136,761 For the three months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 61,130 $ 11,910 $ 21,378 $ 54 $ 94,472 Pari-mutuel, sports betting and iGaming 2,373 2,886 — — 5,259 Hotel 2,420 121 — — 2,541 Food and beverage 3,063 2,747 216 — 6,026 Other 1,327 1,373 113 11 2,824 Net operating revenue $ 70,313 $ 19,037 $ 21,707 $ 65 $ 111,122 For the six months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 124,378 $ 22,199 $ 48,503 $ 61 $ 195,141 Pari-mutuel, sports betting and iGaming 3,669 4,773 — — 8,442 Hotel 14,514 243 — — 14,757 Food and beverage 11,678 5,438 470 — 17,586 Other 6,533 2,689 120 — 9,342 Net operating revenue $ 160,772 $ 35,342 $ 49,093 $ 61 $ 245,268 For the six months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 119,372 $ 21,887 $ 43,004 $ 84 $ 184,347 Pari-mutuel, sports betting and iGaming 3,335 5,354 — — 8,689 Hotel 4,410 205 — — 4,615 Food and beverage 5,996 4,662 406 — 11,064 Other 2,443 2,931 121 14 5,509 Net operating revenue $ 135,556 $ 35,039 $ 43,531 $ 98 $ 214,224 |
Schedule Of Contract Assets And Liabilities | For the three months For the three months ended June 30, 2023 ended June 30, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 638 $ 2,185 $ 586 $ 2,937 Closing 652 3,706 749 2,842 Increase/(Decrease) $ 14 $ 1,521 $ 163 $ ( 95 ) For the six months For the six months ended June 30, 2023 ended June 30, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,351 $ 2,417 $ 1,269 $ 2,986 Closing 652 3,706 749 2,842 (Decrease)/Increase $ ( 699 ) $ 1,289 $ ( 520 ) $ ( 144 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components Of Lease Expense | For the three months ended For the six months ended June 30, June 30, Amounts in thousands 2023 2022 2023 2022 Operating lease expense $ 1,394 $ 1,349 $ 2,737 $ 2,723 Finance lease expense: Amortization of right-of-use assets $ 23 $ 42 $ 47 $ 84 Interest on lease liabilities 9 4 18 9 Total finance lease expense $ 32 $ 46 $ 65 $ 93 Variable lease expense $ 343 $ 373 $ 650 $ 797 |
Supplemental Cash Flow Information Related To Leases | For the six months ended June 30, Amounts in thousands 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 18 $ 8 Operating cash flows from operating leases 2,665 2,551 Financing cash flows from finance leases 77 79 Right-of-use assets obtained in exchange for operating lease liabilities $ 48 $ 140 |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands June 30, 2023 December 31, 2022 Operating leases Leased right-of-use assets, net $ 24,297 $ 27,190 Current portion of operating lease liabilities 3,865 3,947 Operating lease liabilities, net of current portion 23,416 26,016 Total operating lease liabilities 27,281 29,963 Finance leases Finance lease right-of-use assets, gross 786 764 Accumulated depreciation ( 231 ) ( 175 ) Property and equipment, net 555 589 Current portion of finance lease liabilities 154 150 Finance lease liabilities, net of current portion 332 399 Total finance lease liabilities 486 549 Weighted-average remaining lease term Operating leases 9.9 years 10.5 years Finance leases 3.1 years 3.6 years Weighted-average discount rate Operating leases 6.5 % 4.9 % Finance leases 7.0 % 7.0 % |
Maturities Of Lease Liabilities | Amounts in thousands Operating Leases Finance Leases 2023 $ 2,724 $ 94 2024 4,733 183 2025 3,608 164 2026 3,311 87 2027 3,298 16 Thereafter 21,407 — Total lease payments 39,081 544 Less imputed interest ( 11,800 ) ( 58 ) Total $ 27,281 $ 486 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Reporting Unit United States East Mountaineer Casino, Resort & Races (1) Midwest Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek Century Casino Cape Girardeau (1) Century Casino Caruthersville and The Farmstead (1) West Nugget Casino Resort and Smooth Bourbon, LLC Canada Canada (2) Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Century Downs Racetrack and Casino Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other (3) Corporate Other (4) (1) The real estate assets are owned by VICI PropCo. (2) The Company operated Century Sports through February 10, 2022. See Note 1. (3) The Company operated on ship-based casinos through April 16, 2023. See Note 1. (4) Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was included in the Corporate Other reporting unit. |
Segment Information | For the three months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 94,408 $ 18,834 $ 23,515 $ 4 $ 136,761 Earnings from equity investment — — — 30 30 Earnings (loss) before income taxes 10,232 4,051 1,445 ( 15,269 ) 459 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 7,252 $ 2,729 $ 704 $ ( 12,644 ) $ ( 1,959 ) Interest expense (income), net (2) 7,299 547 ( 117 ) 10,501 18,230 Income taxes (benefit) 1,188 1,145 388 ( 2,625 ) 96 Depreciation and amortization 8,326 1,146 661 57 10,190 Net earnings attributable to non-controlling interests 1,792 177 353 — 2,322 Non-cash stock-based compensation — — — 928 928 Gain on foreign currency transactions, cost recovery income and other (3) — ( 630 ) ( 104 ) ( 3 ) ( 737 ) Gain on disposition of fixed assets ( 33 ) — — — ( 33 ) Acquisition costs — — — 251 251 Adjusted EBITDA $ 25,824 $ 5,114 $ 1,885 $ ( 3,535 ) $ 29,288 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 7.3 million related to the Master Lease in the United States segment and interest expense of $ 0.5 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.9 million and $ 0.5 million, respectively, for the period presented. (3) Includes $ 0.7 million related to the earn out from the sale of casino operations in Calgary in 2020. For the three months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 70,313 $ 19,037 $ 21,707 $ 65 $ 111,122 Earnings from equity investment — — — 1,063 1,063 Earnings (loss) before income taxes 10,521 3,783 2,498 ( 17,372 ) ( 570 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 10,521 $ 2,875 $ 1,322 $ ( 5,862 ) $ 8,856 Interest expense (income), net (2) 7,103 585 ( 54 ) 14,162 21,796 Income taxes (benefit) — 574 515 ( 11,510 ) ( 10,421 ) Depreciation and amortization 4,758 1,226 676 119 6,779 Net earnings attributable to non-controlling interests — 334 661 — 995 Non-cash stock-based compensation — — — 1,012 1,012 (Gain) loss on foreign currency transactions and cost recovery income (3) — ( 34 ) ( 397 ) 7 ( 424 ) Loss (gain) on disposition of fixed assets — 8 1 ( 121 ) ( 112 ) Acquisition costs — — — 1,297 1,297 Adjusted EBITDA $ 22,382 $ 5,568 $ 2,724 $ ( 896 ) $ 29,778 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 7.1 million related to the Master Lease in the United States segment, interest expense of $ 0.6 million related to the CDR land lease in the Canada segment and interest expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment Cash payments related to the Master Lease and CDR land lease were $ 6.4 million and $ 0.7 million, respectively, for the period presented. For the six months ended June 30, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 160,772 $ 35,342 $ 49,093 $ 61 $ 245,268 Earnings from equity investment — — — 1,121 1,121 Earnings (loss) before income taxes 17,383 11,046 4,436 ( 27,752 ) 5,113 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 12,627 $ 4,602 $ 2,277 $ ( 22,708 ) $ ( 3,202 ) Interest expense (income), net (2) 14,418 1,070 ( 211 ) 20,455 35,732 Income taxes (benefit) 2,964 2,779 1,020 ( 5,044 ) 1,719 Depreciation and amortization 13,357 2,272 1,295 120 17,044 Net earnings attributable to non-controlling interests 1,792 3,665 1,139 — 6,596 Non-cash stock-based compensation — — — 1,664 1,664 (Gain) loss on foreign currency transactions, cost recovery income and other (3) — ( 4,715 ) ( 358 ) 5 ( 5,068 ) Loss on disposition of fixed assets 437 3 1 5 446 Acquisition costs — — — 409 409 Adjusted EBITDA $ 45,595 $ 9,676 $ 5,163 $ ( 5,094 ) $ 55,340 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 14.4 million related to the Master Lease in the United States segment and interest expense of $ 1.1 million related to the CDR land lease in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 13.7 million and $ 1.0 million, respectively, for the period presented. (3) Includes $ 1.2 million related to the earn out from the sale of casino operations in Calgary in 2020 and cost recovery income for CDR. For the six months ended June 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 135,556 $ 35,039 $ 43,531 $ 98 $ 214,224 Earnings from equity investment — — — 1,063 1,063 Earnings (loss) before income taxes 19,038 5,726 4,454 ( 25,644 ) 3,574 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 19,038 $ 2,170 $ 2,255 $ ( 14,389 ) $ 9,074 Interest expense (income), net (2) 14,109 1,152 ( 67 ) 17,395 32,589 Income taxes (benefit) — 1,197 1,072 ( 11,255 ) ( 8,986 ) Depreciation and amortization 9,526 2,452 1,356 240 13,574 Net earnings attributable to non-controlling interests — 2,359 1,127 — 3,486 Non-cash stock-based compensation — — — 1,685 1,685 Loss (gain) on foreign currency transactions, cost recovery income and other (3) — 209 ( 379 ) ( 5 ) ( 175 ) Loss (gain) on disposition of fixed assets 19 23 4 ( 121 ) ( 75 ) Acquisition costs — — — 2,429 2,429 Adjusted EBITDA $ 42,692 $ 9,562 $ 5,368 $ ( 4,021 ) $ 53,601 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements, which ceased in April 2023. (2) Included in interest expense (income), net is interest expense of $ 14.1 million related to the Master Lease in the United States segment, interest expense of $ 1.1 million related to the CDR land lease in the Canada segment, and interest expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan in the Corporate and Other segment. Cash payments related to the Master Lease and CDR land lease were $ 10.6 million and $ 1.0 million, respectively, for the period presented. (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 25, 2023 USD ($) | May 16, 2023 USD ($) | May 16, 2023 CAD ($) | Apr. 03, 2023 USD ($) | Oct. 26, 2022 item | Apr. 01, 2022 USD ($) | Jul. 16, 2021 room | Aug. 31, 2020 | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 USD ($) room item | Jun. 30, 2023 CAD ($) room item | Dec. 31, 2022 ft² | Jun. 30, 2022 USD ($) | Feb. 10, 2022 USD ($) | Feb. 10, 2022 CAD ($) | Aug. 05, 2020 USD ($) | Aug. 05, 2020 CAD ($) | Dec. 31, 2019 USD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Earn outs | $ 672 | $ 1,246 | |||||||||||||||||
Restricted cash | $ 100,050 | ||||||||||||||||||
Real estate assets relating to Rocky Gap [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | four five year renewal options | |||||||||||||||||
Polish Airports Company [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership interest by non-controlling | 33.30% | 33.30% | |||||||||||||||||
Nugget Sparks, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Purchased amount for ownership interest | $ 104,700 | ||||||||||||||||||
Ownership interest | 100% | ||||||||||||||||||
Payments for acquisition in cash | $ 100,000 | ||||||||||||||||||
Smooth Bourbon, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Purchased amount for ownership interest | $ 95,000 | ||||||||||||||||||
Option to acquire period | 5 years | ||||||||||||||||||
Ownership interest | 50% | ||||||||||||||||||
Payments for acquisition in cash | $ 29,300 | ||||||||||||||||||
Subsequent Event [Member] | Real estate assets relating to Rocky Gap [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||
Annual rent | $ 15,500 | ||||||||||||||||||
Plan [Member] | Century Canadian Portfolio [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Lease term | 15 years | 15 years | |||||||||||||||||
Lessee, Operating Lease, Option to Extend | four 5-year renewal options | four 5-year renewal options | |||||||||||||||||
Annual rent | $ 13,100 | $ 17,300 | |||||||||||||||||
Increase in annual rent | 13,100 | 17,300 | |||||||||||||||||
Payments to Acquire Productive Assets | 167,300 | 221,700 | |||||||||||||||||
Plan [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Purchased amount for remaining ownership interest | $ 105,000 | ||||||||||||||||||
Ownership interest, remaining | 50% | 50% | |||||||||||||||||
Percentage per annum, remaining ownership interest | 2% | 2% | |||||||||||||||||
Casinos Poland Ltd, Investment [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership percentage | 66.60% | 66.60% | |||||||||||||||||
Number of casinos owned and operated | item | 8 | 8 | |||||||||||||||||
Smooth Borbon Investment [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Annual rent | $ 15,000 | ||||||||||||||||||
Smooth Borbon Investment [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership interest | 50% | 50% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership interest | 50% | ||||||||||||||||||
Ownership interest by non-controlling | 50% | 50% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Plan [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership interest | 100% | 100% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Borbon Investment [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership percentage | 50% | 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% | 75% | |||||||||||||||||
Macquarie Capital [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Credit facility amount | $ 10,000 | ||||||||||||||||||
Century Casino Caruthersville [Member] | Hotel [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Number of rooms | room | 36 | ||||||||||||||||||
Project cost | $ 3,600 | $ 3,600 | |||||||||||||||||
Century Casino Caruthersville [Member] | Riverboat Casino Project [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Number of rooms | room | 38 | 38 | |||||||||||||||||
Project cost | 9,900 | $ 9,900 | |||||||||||||||||
Estimated projects cost | 51,900 | 51,900 | |||||||||||||||||
Amount received for project financing | $ 19,800 | ||||||||||||||||||
Century Casino Caruthersville [Member] | Barge [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Number of slot machines | item | 299 | ||||||||||||||||||
Number of table games | item | 4 | ||||||||||||||||||
Century Casino Caruthersville [Member] | Land-based pavilion [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Number of slot machines | item | 416 | 416 | |||||||||||||||||
Number of table games | item | 6 | 6 | |||||||||||||||||
Century Casino Caruthersville [Member] | Riverboat and the barge [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Number of slot machines | item | 519 | ||||||||||||||||||
Number of table games | item | 7 | ||||||||||||||||||
Cape Girardeau [Member] | Hotel [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Square footage of hotel | ft² | 68,000 | ||||||||||||||||||
Number of rooms | room | 69 | 69 | |||||||||||||||||
Project cost | 12,100 | $ 12,100 | |||||||||||||||||
Estimated projects cost | $ 30,500 | $ 30,500 | |||||||||||||||||
Century Nevada Acquisition, Inc. [Member] | Smooth Borbon Investment [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership percentage | 50% | 50% | |||||||||||||||||
VICI PropCo [Member] | Subsequent Event [Member] | Real estate assets relating to Rocky Gap [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||
Annual rent | $ 15,500 | ||||||||||||||||||
Payments to Acquire Productive Assets | 203,900 | ||||||||||||||||||
VICI PropCo [Member] | Plan [Member] | Century Canadian Portfolio [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Payments to Acquire Productive Assets | $ 167,300 | $ 221,700 | |||||||||||||||||
Casinos Poland [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Restricted cash | $ 200 | $ 200 | |||||||||||||||||
Rocky Gap Casino Resort [Member] | Subsequent Event [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Purchased amount for ownership interest | $ 61,200 | ||||||||||||||||||
Lease term | 15 years | ||||||||||||||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | ||||||||||||||||||
Annual rent | $ 15,500 | ||||||||||||||||||
Rocky Gap Casino Resort [Member] | VICI PropCo [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | four five year renewal options | |||||||||||||||||
Century Downs Racetrack And Casino [Member] | Unaffiliated Shareholders [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Ownership interest by non-controlling | 25% | 25% | |||||||||||||||||
Acquisition Escrow [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Acquisition escrow in restricted cash | $ 100,100 | $ 100,100 | |||||||||||||||||
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Restricted cash | 200 | ||||||||||||||||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Restricted cash | 100 | 100 | $ 100 | ||||||||||||||||
Century Casino Calgary, Casino Operations [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Total consideration | $ 7,500 | $ 10,000 | |||||||||||||||||
Quarterly earn out period | 3 years | ||||||||||||||||||
Quarterly earn out received | $ 700 | $ 900 | $ 1,300 | $ 1,700 | |||||||||||||||
Century Casino Calgary, Land And Building [Member] | |||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||
Sell of land and building | $ 6,300 | $ 8,000 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Schedule of Ship Operating) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Mein Schiff 6 [Member] | |
Operation start date | Jun. 11, 2021 |
Operation end date | Apr. 18, 2022 |
TUI Cruises [Member] | Mein Schiff Herz [Member] | |
Operation start date | Apr. 05, 2022 |
Operation end date description | April 16, 2023 |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Description Of Business And Basis Of Presentation [Abstract] | ||||
Cash and cash equivalents | $ 108,595 | $ 101,785 | $ 96,168 | |
Restricted cash | 100,050 | |||
Restricted cash included in deposits and other | 247 | 193 | ||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 108,842 | $ 202,131 | $ 196,411 | $ 108,041 |
Description Of Business And B_7
Description Of Business And Basis Of Presentation (Schedule Of Exchange Rates To US Dollar) (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 1.3253 | 1.3550 |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 0.9200 | 0.9393 |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 4.0879 | 4.4004 |
Description Of Business And B_8
Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Canadian Dollar (CAD) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 1.3437 | 1.2754 | 1.3480 | 1.2711 |
Average Rates % Change | (5.40%) | (6.00%) | ||
Euros (EUR) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 0.9181 | 0.9380 | 0.9252 | 0.9145 |
Average Rates % Change | 2.10% | (1.20%) | ||
Polish Zloty (PLN) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 4.1758 | 4.3599 | 4.2835 | 4.2390 |
Average Rates % Change | 4.20% | (1.00%) |
Acquisition and Equity Invest_3
Acquisition and Equity Investment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 03, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net operating revenue | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 | ||
Net earnings attributable to Century Casinos, Inc. | (1,959) | 8,856 | (3,202) | 9,074 | ||
Goodwill | 46,652 | 46,652 | $ 9,583 | |||
Nugget Sparks, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 100% | |||||
Purchased amount for ownership interest | $ 104,700 | |||||
Cash consideration | 100,000 | |||||
Net operating revenue | 27,000 | 27,000 | ||||
Net earnings attributable to Century Casinos, Inc. | 2,800 | 2,800 | ||||
Business combination, acquired assets | 260,700 | |||||
Business combination, cash | 6,800 | |||||
Business combination, liabilities | 194,600 | |||||
Fair value of assets acquired and liabilities assumed excluding cash received | 59,300 | |||||
Fair value of acquired real estate assets | 184,700 | |||||
Acquisition costs | 300 | 700 | 300 | 1,800 | ||
Estimated range contingencies, minimum | 100 | |||||
Estimated range contingencies, maximum | 200 | |||||
United States [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net operating revenue | 94,408 | 70,313 | 160,772 | 135,556 | ||
Goodwill | 36,540 | 36,540 | ||||
United States [Member] | Nugget Sparks, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Tax deductible goodwill | $ 36,500 | |||||
Fees incurred for transition | 200 | $ 200 | ||||
Trademarks [Member] | Nugget Sparks, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life | 10 years | |||||
Player's Club Lists [Member] | Nugget Sparks, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life | 10 years | |||||
Corporate And Other [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net operating revenue | $ 4 | $ 65 | $ 61 | $ 98 |
Acquisition and Equity Invest_4
Acquisition and Equity Investment (Schedule Of Estimated Fair Values Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Apr. 03, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Add: Goodwill | $ 46,652 | $ 9,583 | |
Nugget Sparks, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 6,764 | ||
Receivables | 1,689 | ||
Prepaid expenses | 3,711 | ||
Inventories | 2,681 | ||
Property and equipment | 217,367 | ||
Intangible assets | 30,250 | ||
Deposits and other | 353 | ||
Accounts payable | (2,615) | ||
Accrued liabilities | (3,976) | ||
Accrued payroll | (2,348) | ||
Taxes payable | (998) | ||
Finance lease liabilities | (184,700) | ||
Net identifiable assets acquired | 68,178 | ||
Add: Goodwill | 36,540 | ||
Net assets acquired | $ 104,718 |
Acquisition and Equity Invest_5
Acquisition and Equity Investment (Purchase Consideration Net Cash Outflow) (Details) - Nugget Sparks, LLC [Member] $ in Thousands | Apr. 03, 2023 USD ($) |
Business Acquisition [Line Items] | |
Cash consideration | $ 100,000 |
Preliminary working capital adjustment | 4,718 |
Less: cash and restricted cash balances acquired | (6,764) |
Net cash used in investing activities | $ 97,954 |
Acquisition and Equity Invest_6
Acquisition and Equity Investment (Schedule Of Unaudited Pro Forma Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Acquisition and Equity Investment [Abstract] | ||
Net operating revenue | $ 265,392 | $ 259,107 |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (5,271) | $ 12,640 |
Acquisition and Equity Invest_7
Acquisition and Equity Investment (Schedule of Summarized Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net operating revenue | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 |
Earnings from continuing operations | 18,629 | 20,802 | 37,028 | 33,846 |
Net earnings | 363 | 9,851 | 3,394 | 12,560 |
Net earnings attributable to Century Casinos, Inc. | (1,959) | 8,856 | (3,202) | 9,074 |
Smooth Borbon Investment [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net operating revenue | 207 | 3,770 | 4,059 | 3,770 |
Earnings from continuing operations | 104 | 3,749 | 3,833 | 3,749 |
Net earnings | 60 | 2,126 | 2,241 | 2,126 |
Net earnings attributable to Century Casinos, Inc. | $ 30 | $ 1,063 | $ 1,121 | $ 1,063 |
Acquisition and Equity Invest_8
Acquisition and Equity Investment (Changes in Carrying Amount of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Balance at January 1, 2023 | $ 93,260 | |||
Equity earnings | $ 30 | $ 1,063 | 1,121 | $ 1,063 |
Smooth Borbon Investment [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance at January 1, 2023 | 93,260 | |||
Equity earnings | 1,121 | |||
Dividend | (2,256) | |||
Conversion to Consolidated Subsidiary | $ (92,125) |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 item | |
Finite-Lived Intangible Assets [Line Items] | |
Number of trademarks | 4 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Trademarks [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 8 years 1 month 6 days |
Player's Club Lists [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years |
Player's Club Lists [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 7 years |
Player's Club Lists [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Number of casino licenses | 8 |
Useful life | 6 years |
Weighted-average period before the next renewal of casino licenses | 1 year 4 months 24 days |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 32,744 | |
Acquisition | 36,540 | |
Currency translation | 529 | |
Gross carrying value, Ending | 69,813 | |
Accumulated impairment losses, Beginning | (23,161) | |
Accumulated impairment losses, Ending | (23,161) | |
Net carrying value | 46,652 | $ 9,583 |
United States [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 19,786 | |
Acquisition | 36,540 | |
Gross carrying value, Ending | 56,326 | |
Accumulated impairment losses, Beginning | (19,786) | |
Accumulated impairment losses, Ending | (19,786) | |
Net carrying value | 36,540 | |
Canada [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,142 | |
Acquisition | ||
Currency translation | 84 | |
Gross carrying value, Ending | 7,226 | |
Accumulated impairment losses, Beginning | (3,375) | |
Accumulated impairment losses, Ending | (3,375) | |
Net carrying value | 3,851 | 3,767 |
Poland [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 5,816 | |
Acquisition | ||
Currency translation | 445 | |
Gross carrying value, Ending | 6,261 | |
Accumulated impairment losses, Beginning | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 6,261 | $ 5,816 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-lived | ||
Total finite-lived intangible assets, net | $ 41,951 | $ 13,946 |
Indefinite-lived | ||
Total indefinite-lived intangible assets | 32,185 | 30,825 |
Total intangible assets, net | 74,136 | 44,771 |
Casino Licenses [Member] | ||
Finite-lived | ||
Gross | 2,876 | 2,672 |
Less: accumulated amortization | (2,137) | (1,763) |
Total finite-lived intangible assets, net | 739 | 909 |
Trademarks [Member] | ||
Finite-lived | ||
Gross | 10,508 | 2,368 |
Less: accumulated amortization | (983) | (730) |
Total finite-lived intangible assets, net | 9,525 | 1,638 |
Player's Club Lists [Member] | ||
Finite-lived | ||
Gross | 42,483 | 20,373 |
Less: accumulated amortization | (10,796) | (8,974) |
Total finite-lived intangible assets, net | $ 31,687 | $ 11,399 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finite-Lived) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | $ 13,946 |
Balance at end of period | 41,951 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,638 |
Balance at end of period | 9,525 |
Trademarks [Member] | United States [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,638 |
Acquisition | 8,140 |
Amortization | (253) |
Balance at end of period | 9,525 |
Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 909 |
Balance at end of period | 739 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 909 |
Amortization | (229) |
Currency translation | 59 |
Balance at end of period | 739 |
Player's Club Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 11,399 |
Balance at end of period | 31,687 |
Player's Club Lists [Member] | United States [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 11,399 |
Acquisition | 22,110 |
Amortization | (1,822) |
Balance at end of period | $ 31,687 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | $ 41,951 | $ 13,946 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 9,525 | 1,638 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 739 | 909 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 31,687 | 11,399 |
United States [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2023 | 594 | |
2024 | 1,051 | |
2025 | 1,051 | |
2026 | 1,051 | |
2027 | 1,051 | |
Thereafter | 4,727 | |
Total finite-lived intangible assets, net | 9,525 | 1,638 |
United States [Member] | Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2023 | 2,745 | |
2024 | 5,121 | |
2025 | 5,121 | |
2026 | 4,879 | |
2027 | 2,211 | |
Thereafter | 11,610 | |
Total finite-lived intangible assets, net | 31,687 | 11,399 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2023 | 217 | |
2024 | 231 | |
2025 | 102 | |
2026 | 75 | |
2027 | 75 | |
Thereafter | 39 | |
Total finite-lived intangible assets, net | $ 739 | $ 909 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinite-Lived) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | $ 30,825 |
Balance at end of the period | 32,185 |
Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,494 |
Currency translation | 106 |
Balance at end of the period | 1,600 |
Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 29,331 |
Acquisition | 1,000 |
Currency translation | 254 |
Balance at end of the period | 30,585 |
Century Casinos [Member] | Trademarks [Member] | Corporate And Other [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 108 |
Currency translation | |
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 | 1,386 |
Currency translation | 106 |
Balance at end of the period | 1,492 |
United States [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 17,962 |
Acquisition | 1,000 |
Currency translation | |
Balance at end of the period | 18,962 |
Canada [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 11,369 |
Currency translation | 254 |
Balance at end of the period | $ 11,623 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) € in Millions, £ in Millions, zł in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
Jul. 20, 2023 USD ($) | Apr. 22, 2022 PLN (zł) | Apr. 01, 2022 USD ($) | Mar. 31, 2023 | Feb. 28, 2023 | Sep. 30, 2022 PLN (zł) | Dec. 31, 2019 USD ($) | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item | Jun. 30, 2023 EUR (€) item | Jun. 30, 2022 USD ($) | Jun. 30, 2023 PLN (zł) item | Jun. 30, 2023 GBP (£) item | Jun. 30, 2023 EUR (€) item | Jun. 30, 2023 CAD ($) item | Dec. 31, 2022 USD ($) | Jun. 23, 2021 USD ($) | Jun. 23, 2021 EUR (€) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of deferred financing costs | $ 1,347,000 | $ 8,351,000 | |||||||||||||||||
Amount outstanding | $ 364,094,000 | 364,094,000 | $ 366,424,000 | ||||||||||||||||
Principal payments | 77,000 | 79,000 | |||||||||||||||||
Outstanding financing obligation | 544,000 | 544,000 | |||||||||||||||||
Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5.25% | ||||||||||||||||||
Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of deferred financing costs | 400,000 | ||||||||||||||||||
Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł | zł 3.6 | ||||||||||||||||||
Deposits guarantees for payment of prizes and giveaways | 200,000 | $ 200,000 | 0.9 | ||||||||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Options to purchase land | item | 4 | 4 | |||||||||||||||||
First option date | Sep. 01, 2023 | Jul. 01, 2023 | |||||||||||||||||
Outstanding balance on financing obligation | 14,700,000 | $ 14,700,000 | $ 19.5 | ||||||||||||||||
Principal payments | 0 | ||||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of the net cash proceeds of non-ordinary course asset sales or certain casualty events | 100% | ||||||||||||||||||
Percentage of annual excess cash flow | 50% | ||||||||||||||||||
Amount outstanding | 345,600,000 | 345,600,000 | |||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of annual excess cash flow | 25% | ||||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of annual excess cash flow | 0% | ||||||||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of deferred financing costs | $ 7,300,000 | ||||||||||||||||||
UniCredit Term Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount outstanding | 3,758,000 | 3,758,000 | |||||||||||||||||
BMO Credit Agreement [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayment amount | $ 52,000,000 | ||||||||||||||||||
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 | 1,200,000 | 1,200,000 | 5 | ||||||||||||||||
Amount outstanding | 0 | $ 0 | |||||||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate percentage points | 2% | 2% | |||||||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | zł | zł 10 | ||||||||||||||||||
Line of credit available for cash borrowing removed | zł | zł 2.5 | ||||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | (900,000) | $ (900,000) | |||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 900,000 | 900,000 | 3.6 | ||||||||||||||||
Deposit for secured by land owned | 300,000 | 300,000 | zł 1.2 | ||||||||||||||||
Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of deferred financing costs | 700,000 | $ 700,000 | 1,300,000 | 700,000 | |||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||||||||||||||
Maturity date | Apr. 01, 2029 | ||||||||||||||||||
Scheduled quarterly payments | $ 875,000 | ||||||||||||||||||
Percentage of quarterly payments equal to original principal | 0.25% | ||||||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 6% | ||||||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ABR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5% | ||||||||||||||||||
Revolving Credit Facility [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4.75% | ||||||||||||||||||
Revolving Credit Facility [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4.25% | ||||||||||||||||||
Revolving Credit Facility [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 3.75% | ||||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||||||||||||||
Line of credit facility amount available for borrowing | $ 30,000,000 | $ 30,000,000 | |||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | ||||||||||||||||||
Fronting fee percentage | 0.125% | ||||||||||||||||||
Maturity date | Apr. 01, 2027 | ||||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit borrowings | $ 30,000,000 | ||||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5% | ||||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4% | ||||||||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | 10,000,000 | ||||||||||||||||||
Line Of Credit [Member] | Century Resorts Management [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 7,400,000 | ||||||||||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | 180,000,000 | ||||||||||||||||||
Repayment amount | $ 166,200,000 | ||||||||||||||||||
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 170,000,000 | ||||||||||||||||||
Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Number of credit agreements | item | 2 | 2 | 2 | 2 | 2 | 2 | |||||||||||||
First Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility | £ | £ 2 | ||||||||||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | |||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | $ 0 | |||||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | |||||||||||||||||
Amount outstanding | $ 100,000 | $ 100,000 | |||||||||||||||||
Debt Instrument, Covenant Compliance | no financial covenants | no financial covenants | |||||||||||||||||
Second Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 2.875% | 2.875% | 2.875% | 2.875% | 2.875% | 2.875% | |||||||||||||
Term loan | € | € 6 | ||||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | $ 0 | |||||||||||||||||
Guaranteed amount | € | € 6 | ||||||||||||||||||
Maturity date | Dec. 31, 2025 | Dec. 31, 2025 | |||||||||||||||||
Amount outstanding | 3,600,000 | $ 3,600,000 | € 3.3 | ||||||||||||||||
Debt Instrument, Covenant Compliance | no financial covenants | no financial covenants | |||||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | zł | zł 2.5 | ||||||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate percentage points | 1.90% | ||||||||||||||||||
Minimum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | ||||||||||||||||||
Minimum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | ||||||||||||||||||
Minimum [Member] | Guarantee From mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Terminate date | 2024-06 | 2024-06 | |||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of principal amount of unused commitments | 0.375% | ||||||||||||||||||
Maximum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | ||||||||||||||||||
Maximum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | ||||||||||||||||||
Maximum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | ||||||||||||||||||
Maximum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | ||||||||||||||||||
Maximum [Member] | Guarantee From mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Terminate date | 2026-01 | 2026-01 | |||||||||||||||||
Maximum [Member] | Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Customary agency fees | $ 100,000 | $ 100,000 | |||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of principal amount of unused commitments | 0.50% | ||||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Commitment fees | $ 100,000 | ||||||||||||||||||
Maximum [Member] | Letter Of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total principal | $ 364,094 | $ 366,424 |
Deferred financing costs | (15,497) | (16,844) |
Total long-term debt | 348,597 | 349,580 |
Less current portion | (5,083) | (5,322) |
Long-term portion | 343,514 | 344,258 |
Credit agreement - Goldman [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 345,625 | $ 347,375 |
Weighted-average interest rate | 10.92% | 8.45% |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 3,758 | $ 4,661 |
Weighted-average interest rate | 3.52% | 3.17% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,711 | $ 14,388 |
Weighted-average interest rate | 14.58% | 15.05% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 10.97% | 8.72% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2023 | $ 2,610 | |
2024 | 4,949 | |
2025 | 4,949 | |
2026 | 3,500 | |
2027 | 3,500 | |
Thereafter | 344,586 | |
Total | 364,094 | $ 366,424 |
Goldman Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 1,750 | |
2024 | 3,500 | |
2025 | 3,500 | |
2026 | 3,500 | |
2027 | 3,500 | |
Thereafter | 329,875 | |
Total | 345,625 | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 860 | |
2024 | 1,449 | |
2025 | 1,449 | |
2026 | ||
2027 | ||
Thereafter | ||
Total | 3,758 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2023 | ||
2024 | ||
2025 | ||
2026 | ||
2027 | ||
Thereafter | 14,711 | |
Total | $ 14,711 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) $ in Thousands, $ in Thousands | 6 Months Ended | ||||||
Jul. 25, 2023 USD ($) | May 16, 2023 USD ($) | May 16, 2023 CAD ($) | Dec. 01, 2022 USD ($) | Dec. 06, 2019 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
VICI PropCo [Member] | Master Lease [Member] | |||||||
Residual value | $ 28,500 | $ 28,492 | |||||
Discount rate | 10.10% | ||||||
Lease term plus renewal options | 35 years | ||||||
Lease term contract | 15 years | ||||||
Lessee, Operating Lease, Option to Extend | four five year renewal terms | ||||||
Lease renewal term | 5 years | ||||||
Annual rent | $ 25,000 | ||||||
Base Rent Escalator, percentage | 1.0125% | ||||||
Direct Financing Lease Base Rent Increase | $ 4,200 | ||||||
Estimated annual adjusted rent, 2023 | $ 27,500 | ||||||
VICI PropCo [Member] | 2nd And 3rd Year [Member] | Master Lease [Member] | |||||||
Base Rent Escalator, percentage | 1.01% | ||||||
VICI PropCo [Member] | 4th Through 7th Year [Member] | Master Lease [Member] | |||||||
Base Rent Escalator, percentage | 1.0125% | ||||||
Real estate assets relating to Rocky Gap [Member] | |||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | ||||||
Century Canadian Portfolio [Member] | Plan [Member] | |||||||
Lease term contract | 15 years | 15 years | |||||
Lessee, Operating Lease, Option to Extend | four 5-year renewal options | ||||||
Payments to Acquire Productive Assets | $ 167,300 | $ 221,700 | |||||
Annual rent | 13,100 | 17,300 | |||||
Century Canadian Portfolio [Member] | VICI PropCo [Member] | Plan [Member] | |||||||
Payments to Acquire Productive Assets | $ 167,300 | $ 221,700 | |||||
Subsequent Event [Member] | Real estate assets relating to Rocky Gap [Member] | |||||||
Lease term contract | 15 years | ||||||
Annual rent | $ 15,500 | ||||||
Subsequent Event [Member] | Real estate assets relating to Rocky Gap [Member] | VICI PropCo [Member] | |||||||
Lease term contract | 15 years | ||||||
Payments to Acquire Productive Assets | $ 203,900 | ||||||
Annual rent | $ 15,500 |
Long-Term Financing Obligatio_3
Long-Term Financing Obligation (Total Payments And Interest Expense) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Payments made | $ 6,866 | $ 6,376 | $ 13,731 | $ 10,626 |
Interest expense on financing obligation | $ 7,299 | $ 7,103 | $ 14,418 | $ 14,110 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 06, 2019 |
2023 | $ 10,759 | |
2024 | 26,144 | |
2025 | 26,471 | |
2026 | 26,802 | |
2027 | 27,137 | |
Thereafter | 875,958 | |
Total payments | 993,271 | |
Less imputed interest | (736,171) | |
Residual value | 28,492 | $ 28,500 |
Total | $ 285,592 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments And Contingencies [Abstract] | ||||
General and administrative | $ 34,249 | $ 25,528 | $ 60,729 | $ 52,186 |
Distribution to non-controlling interest | $ 5,600 | $ 2,074 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2024 | |
Income Taxes [Line Items] | |||||
Pre-tax earnings (loss) | $ 459 | $ (570) | $ 5,113 | $ 3,574 | |
Effective tax rate | 33.60% | (251.40%) | |||
US federal income tax statutory rate | 21% | ||||
Income tax expense (benefit) | 96 | $ (10,421) | $ 1,719 | $ (8,986) | |
Liability for uncertain tax positions taken on U.S. tax return | $ 500 | $ 500 | |||
Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 23% | ||||
Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Liability for uncertain tax positions taken on U.S. tax return | $ 500 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares, basic | 30,335 | 29,843 | 30,196 | 29,752 |
Dilutive effect of stock options | 1,663 | 1,737 | ||
Weighted average common shares, diluted | 30,335 | 31,506 | 30,196 | 31,489 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 2,232 | 2,780 | 2,391 | 2,667 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |||||
Transfers between the three levels | $ 0 | $ 0 | $ 0 | $ 0 | |
Assets measured at fair value on a non-recurring basis | 0 | 0 | |||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |||
Cash equivalents | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Performance Obligation, Description of Timing | The expected duration of the performance obligation is less than one year. | |||
Maximum [Member] | ||||
Expected duration of performance obligation | 1 year | |||
Contracts and contract liabilities duration period | 1 year | |||
Opening [Member] | ||||
Contract liability | $ 1.5 | $ 1.1 | $ 1.5 | $ 1.2 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue Recognition [Abstract] | ||||
Revenue from contracts with customers | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 |
Cost recovery income | 3,501 | 1,938 | ||
Century Casino Calgary sale earn out revenue | 672 | 1,246 | ||
Total revenue | $ 137,433 | $ 111,122 | $ 250,015 | $ 216,162 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 |
Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 4 | 65 | 61 | 98 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 94,408 | 70,313 | 160,772 | 135,556 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 18,834 | 19,037 | 35,342 | 35,039 |
Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 23,515 | 21,707 | 49,093 | 43,531 |
Gaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 100,845 | 94,472 | 195,141 | 184,347 |
Gaming [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 4 | 54 | 61 | 84 |
Gaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 65,988 | 61,130 | 124,378 | 119,372 |
Gaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,598 | 11,910 | 22,199 | 21,887 |
Gaming [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 23,255 | 21,378 | 48,503 | 43,004 |
Pari-Mutuel, Sports Betting And iGaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,057 | 5,259 | 8,442 | 8,689 |
Pari-Mutuel, Sports Betting And iGaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,387 | 2,373 | 3,669 | 3,335 |
Pari-Mutuel, Sports Betting And iGaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,670 | 2,886 | 4,773 | 5,354 |
Hotel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 12,235 | 2,541 | 14,757 | 4,615 |
Hotel [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 12,111 | 2,420 | 14,514 | 4,410 |
Hotel [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 124 | 121 | 243 | 205 |
Food And Beverage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,818 | 6,026 | 17,586 | 11,064 |
Food And Beverage [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 8,569 | 3,063 | 11,678 | 5,996 |
Food And Beverage [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,010 | 2,747 | 5,438 | 4,662 |
Food And Beverage [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 239 | 216 | 470 | 406 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 6,806 | 2,824 | 9,342 | 5,509 |
Other [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11 | 14 | ||
Other [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 5,353 | 1,327 | 6,533 | 2,443 |
Other [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,432 | 1,373 | 2,689 | 2,931 |
Other [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 21 | 113 | 120 | 121 |
Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 136,761 | 111,122 | 245,268 | 214,224 |
Operating Segments [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 4 | 65 | 61 | 98 |
Operating Segments [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 94,408 | 70,313 | 160,772 | 135,556 |
Operating Segments [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 18,834 | 19,037 | 35,342 | 35,039 |
Operating Segments [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | $ 23,515 | $ 21,707 | $ 49,093 | $ 43,531 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Opening [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | $ 638 | $ 586 | $ 1,351 | $ 1,269 |
Contract Liabilities | 2,185 | 2,937 | 2,417 | 2,986 |
Closing [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | 652 | 749 | 652 | 749 |
Contract Liabilities | 3,706 | 2,842 | 3,706 | 2,842 |
Decrease [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | 14 | 163 | (699) | (520) |
Contract Liabilities | $ 1,521 | $ (95) | $ 1,289 | $ (144) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Jun. 30, 2023 |
Minimum [Member] | |
Remaining lease term | 1 month |
Maximum [Member] | |
Remaining lease term | 14 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease expense | $ 1,394 | $ 1,349 | $ 2,737 | $ 2,723 |
Finance lease expense: | ||||
Amortization of right-of-use assets | 23 | 42 | 47 | 84 |
Interest on lease liabilities | 9 | 4 | 18 | 9 |
Total finance lease expense | 32 | 46 | 65 | 93 |
Variable lease expense | $ 343 | $ 373 | $ 650 | $ 797 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 18 | $ 8 |
Operating cash flows from operating leases | 2,665 | 2,551 |
Financing cash flows from finance leases | 77 | 79 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 48 | $ 140 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Leased right-of-use assets, net | $ 24,297 | $ 27,190 |
Current portion of operating lease liabilities | 3,865 | 3,947 |
Operating lease liabilities, net of current portion | 23,416 | 26,016 |
Total operating lease liabilities | 27,281 | 29,963 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 786 | 764 |
Accumulated depreciation | (231) | (175) |
Property and equipment, net | 555 | 589 |
Current portion of finance lease liabilities | 154 | 150 |
Finance lease liabilities, net of current portion | 332 | 399 |
Total finance lease liabilities | $ 486 | $ 549 |
Weighted-average remaining lease term | ||
Operating leases | 9 years 10 months 24 days | 10 years 6 months |
Finance leases | 3 years 1 month 6 days | 3 years 7 months 6 days |
Weighted-average discount rate | ||
Operating leases | 6.50% | 4.90% |
Finance leases | 7% | 7% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 | $ 2,724 | |
2024 | 4,733 | |
2025 | 3,608 | |
2026 | 3,311 | |
2027 | 3,298 | |
Thereafter | 21,407 | |
Total lease payments | 39,081 | |
Less imputed interest | (11,800) | |
Total | 27,281 | $ 29,963 |
Finance Leases | ||
2023 | 94 | |
2024 | 183 | |
2025 | 164 | |
2026 | 87 | |
2027 | 16 | |
Thereafter | ||
Total lease payments | 544 | |
Less imputed interest | (58) | |
Total | $ 486 | $ 549 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2023 item | |
Segment Information [Abstract] | |
Number of reportable segments based on geographical locations | 3 |
Number of chief operating decision maker | 2 |
Number of Co-CEOs | 2 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 6 Months Ended |
Jun. 30, 2023 | |
East [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Mountaineer Casino, Resort & Races (1) |
Midwest [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Central City |
Midwest [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Cripple Creek |
Midwest [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Cape Girardeau (1) |
Midwest [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Caruthersville and The Farmstead (1) |
West [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Nugget Casino Resort and Smooth Bourbon, LLC |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Edmonton |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino St. Albert |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Mile Racetrack and Casino |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Downs Racetrack and Casino |
Poland [Member] | Poland [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Casinos Poland |
Corporate And Other, Ships and Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Cruise Ships & Other (3) |
Corporate And Other, Corporate Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Corporate Other (4) |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net operating revenue | $ 136,761 | $ 111,122 | $ 245,268 | $ 214,224 |
Earnings from equity investment | 30 | 1,063 | 1,121 | 1,063 |
Earnings (loss) before income taxes | 459 | (570) | 5,113 | 3,574 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,959) | 8,856 | (3,202) | 9,074 |
Income taxes (benefit) | 96 | (10,421) | 1,719 | (8,986) |
Depreciation and amortization | 10,190 | 6,779 | 17,044 | 13,574 |
Net earnings attributable to non-controlling interests | 2,322 | 995 | 6,596 | 3,486 |
Non-cash stock-based compensation | 1,664 | 1,685 | ||
Acquisition costs | 2,429 | |||
Cash payments related to lease | 2,665 | 2,551 | ||
Amortization of deferred financing costs | 1,347 | 8,351 | ||
Earn out from the sale of casino operations | 672 | 1,246 | ||
Loss on sale of assets (Note 1) | 2,154 | |||
Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 4 | 65 | 61 | 98 |
Earnings from equity investment | 1,121 | 1,063 | ||
Acquisition costs | 2,429 | |||
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 94,408 | 70,313 | 160,772 | 135,556 |
Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 18,834 | 19,037 | 35,342 | 35,039 |
Poland [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 23,515 | 21,707 | 49,093 | 43,531 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 136,761 | 111,122 | 245,268 | 214,224 |
Earnings from equity investment | 30 | 1,063 | ||
Earnings (loss) before income taxes | 459 | (570) | 5,113 | 3,574 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,959) | 8,856 | (3,202) | 9,074 |
Interest expense (income), net | 18,230 | 21,796 | 35,732 | 32,589 |
Income taxes (benefit) | 96 | 10,421 | 1,719 | (8,986) |
Depreciation and amortization | 10,190 | 6,779 | 17,044 | 13,574 |
Net earnings attributable to non-controlling interests | 2,322 | 995 | 6,596 | 3,486 |
Non-cash stock-based compensation | 928 | 1,012 | 1,664 | 1,685 |
(Gain) loss on foreign currency transactions, cost recovery income and other (3) | (737) | (424) | (5,068) | (175) |
Loss (gain) on disposition of fixed assets | (33) | (112) | 446 | (75) |
Acquisition costs | 251 | 1,297 | 409 | |
Adjusted EBITDA | 29,288 | (29,778) | 55,340 | 53,601 |
Operating Segments [Member] | Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 4 | 65 | 61 | 98 |
Earnings from equity investment | 30 | 1,063 | ||
Earnings (loss) before income taxes | (15,269) | (17,372) | (27,752) | (25,644) |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (12,644) | (5,862) | (22,708) | (14,389) |
Interest expense (income), net | 10,501 | 14,162 | 20,455 | 17,395 |
Income taxes (benefit) | (2,625) | 11,510 | (5,044) | (11,255) |
Depreciation and amortization | 57 | 119 | 120 | 240 |
Non-cash stock-based compensation | 928 | 1,012 | 1,664 | 1,685 |
(Gain) loss on foreign currency transactions, cost recovery income and other (3) | (3) | 7 | 5 | (5) |
Loss (gain) on disposition of fixed assets | (121) | 5 | (121) | |
Acquisition costs | 251 | 1,297 | 409 | |
Adjusted EBITDA | (3,535) | 896 | (5,094) | (4,021) |
Operating Segments [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 94,408 | 70,313 | 160,772 | 135,556 |
Earnings (loss) before income taxes | 10,232 | 10,521 | 17,383 | 19,038 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 7,252 | 10,521 | 12,627 | 19,038 |
Interest expense (income), net | 7,299 | 7,103 | 14,418 | 14,109 |
Income taxes (benefit) | 1,188 | 2,964 | ||
Depreciation and amortization | 8,326 | 4,758 | 13,357 | 9,526 |
Net earnings attributable to non-controlling interests | 1,792 | 1,792 | ||
Loss (gain) on disposition of fixed assets | (33) | 437 | 19 | |
Adjusted EBITDA | 25,824 | (22,382) | 45,595 | 42,692 |
Operating Segments [Member] | Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 18,834 | 19,037 | 35,342 | 35,039 |
Earnings (loss) before income taxes | 4,051 | 3,783 | 11,046 | 5,726 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,729 | 2,875 | 4,602 | 2,170 |
Interest expense (income), net | 547 | 585 | 1,070 | 1,152 |
Income taxes (benefit) | 1,145 | (574) | 2,779 | 1,197 |
Depreciation and amortization | 1,146 | 1,226 | 2,272 | 2,452 |
Net earnings attributable to non-controlling interests | 177 | 334 | 3,665 | 2,359 |
(Gain) loss on foreign currency transactions, cost recovery income and other (3) | (630) | (34) | (4,715) | 209 |
Loss (gain) on disposition of fixed assets | 8 | 3 | 23 | |
Adjusted EBITDA | 5,114 | (5,568) | 9,676 | 9,562 |
Operating Segments [Member] | Poland [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 23,515 | 21,707 | 49,093 | 43,531 |
Earnings (loss) before income taxes | 1,445 | 2,498 | 4,436 | 4,454 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 704 | 1,322 | 2,277 | 2,255 |
Interest expense (income), net | (117) | (54) | (211) | (67) |
Income taxes (benefit) | 388 | (515) | 1,020 | 1,072 |
Depreciation and amortization | 661 | 676 | 1,295 | 1,356 |
Net earnings attributable to non-controlling interests | 353 | 661 | 1,139 | 1,127 |
(Gain) loss on foreign currency transactions, cost recovery income and other (3) | (104) | (397) | (358) | (379) |
Loss (gain) on disposition of fixed assets | 1 | 1 | 4 | |
Adjusted EBITDA | 1,885 | (2,724) | 5,163 | 5,368 |
Master Lease [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense (income), net | 7,300 | 7,100 | 14,400 | 14,100 |
Cash payments related to lease | 6,900 | 6,400 | 13,700 | 10,600 |
CDR Land Lease [Member] | Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense (income), net | 500 | 600 | 1,100 | 1,100 |
Cash payments related to lease | 500 | 700 | 1,000 | 1,000 |
Calgary [member] | Canada [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on sale of assets (Note 1) | 2,200 | |||
Century Casino Calgary [Member] | Calgary [member] | ||||
Segment Reporting Information [Line Items] | ||||
Earn out from the sale of casino operations | $ 700 | $ 1,200 | ||
Macquarie Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of deferred financing costs | 400 | |||
Macquarie Capital [Member] | Corporate And Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Amortization of deferred financing costs | $ 7,300 | $ 7,300 |
Transactions With Related Par_2
Transactions With Related Parties (Narrative) (Details) - Marnell Gaming, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets due from related party | $ 0 | $ 0 | |
Liabilities due to related party | $ 0 | $ 0 | $ 400 |
Smooth Borbon Investment [Member] | |||
Ownership interest | 50% | 50% | |
United States [Member] | |||
Consulting fees incurred | $ 200 | $ 200 | |
Additional expenses | $ 100 | $ 100 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jul. 25, 2023 | Jul. 20, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit borrowings | $ 30,000 | |||||
Rocky Gap Casino Resort [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Net operating revenue | $ 0 | $ 0 | ||||
Business Combination, Acquisition Related Costs | $ 100 | $ 0 | $ 100 | $ 0 | ||
Rocky Gap Casino Resort [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Purchased amount for ownership interest | $ 61,200 | |||||
Annual rent | $ 15,500 | |||||
Lease term | 15 years | |||||
Lessee, Operating Lease, Option to Extend | four five year renewal options |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |