Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 08, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 185,126,316 | ||
Entity Common Stock, Shares Outstanding | 30,359,931 | ||
Documents Incorporated By Reference | Part III incorporates by reference the registrant’s definitive Proxy Statement for its 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after December 31, 2023. | ||
Entity Central Index Key | 0000911147 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 171,327 | $ 101,785 |
Receivables, net | 18,253 | 9,085 |
Prepaid expenses | 11,859 | 13,780 |
Inventories | 4,652 | 1,530 |
Restricted cash | 100,151 | |
Other current assets | 926 | 1,688 |
Total Current Assets | 207,017 | 228,019 |
Property and equipment, net | 913,561 | 464,650 |
Leased right-of-use assets, net | 25,973 | 27,190 |
Goodwill | 80,583 | 9,583 |
Intangible assets, net | 93,207 | 44,771 |
Deferred income taxes | 37,646 | 15,579 |
Equity investment | 93,260 | |
Note receivable, net of current portion and unamortized discount | 316 | 336 |
Deposits and other | 1,359 | 1,579 |
Total Assets | 1,359,662 | 884,967 |
Current Liabilities: | ||
Current portion of long-term debt | 8,468 | 5,322 |
Current portion of operating lease liabilities | 3,395 | 3,947 |
Current portion of finance lease liabilities | 199 | 150 |
Accounts payable | 15,279 | 15,341 |
Accrued liabilities | 29,056 | 19,012 |
Accrued payroll | 16,221 | 11,840 |
Taxes payable | 21,001 | 9,801 |
Total Current Liabilities | 93,619 | 65,413 |
Long-term debt, net of current portion and deferred financing costs (Note 6) | 324,212 | 344,258 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7) | 658,007 | 284,904 |
Operating lease liabilities, net of current portion | 25,834 | 26,016 |
Finance lease liabilities, net of current portion | 427 | 399 |
Taxes payable and other | 41,758 | 6,965 |
Deferred income taxes | 1,364 | 2,813 |
Total Liabilities | 1,145,221 | 730,768 |
Commitments and Contingencies (Note 16) | ||
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; 30,359,931 and 29,870,547 shares issued and outstanding | 304 | 299 |
Additional paid-in capital | 124,094 | 121,653 |
Retained earnings | 9,067 | 37,265 |
Accumulated other comprehensive loss | (12,073) | (15,189) |
Total Century Casinos, Inc. Shareholders’ Equity | 121,392 | 144,028 |
Non-controlling interests | 93,049 | 10,171 |
Total Equity | 214,441 | 154,199 |
Total Liabilities and Equity | $ 1,359,662 | $ 884,967 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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 | 30,359,931 | 29,870,547 |
Common stock, shares outstanding | 30,359,931 | 29,870,547 |
Consolidated Statements Of (Los
Consolidated Statements Of (Loss) Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue: | |||
Net operating revenue | $ 550,206 | $ 430,529 | $ 388,506 |
Operating costs and expenses: | |||
General and administrative | 140,505 | 104,262 | 92,189 |
Depreciation and amortization | 41,043 | 27,109 | 26,762 |
(Gain) on sale of casino operations (Note 1) | (1,660) | ||
Loss on sale of assets (Note 1) | 2,154 | ||
Total operating costs and expenses | 487,281 | 366,166 | 319,988 |
Earnings from equity investment | 1,121 | 3,249 | |
Earnings from operations | 64,046 | 67,612 | 68,518 |
Non-operating (expense) income: | |||
Interest income | 2,114 | 851 | 174 |
Interest expense | (93,925) | (65,831) | (42,832) |
Gain on foreign currency transactions, cost recovery income and other (Note 1) | 3,933 | 3,378 | 2,289 |
Non-operating (expense) income, net | (87,878) | (61,602) | (40,369) |
(Loss) earnings before income taxes | (23,832) | 6,010 | 28,149 |
Income tax benefit (expense) | 5,343 | 7,660 | (6,371) |
Net (loss) earnings | (18,489) | 13,670 | 21,778 |
Net earnings attributable to non-controlling interests | (9,709) | (5,694) | (1,156) |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (28,198) | $ 7,976 | $ 20,622 |
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: | |||
Basic | $ (0.93) | $ 0.27 | $ 0.70 |
Diluted | $ (0.93) | $ 0.25 | $ 0.66 |
Weighted average shares outstanding - basic | 30,274,000 | 29,809,000 | 29,593,000 |
Weighted average shares outstanding - diluted | 30,274,000 | 31,480,000 | 31,388,000 |
Gaming [Member] | |||
Operating revenue: | |||
Net operating revenue | $ 412,388 | $ 365,986 | $ 331,877 |
Operating costs and expenses: | |||
Operating costs and expenses | 216,475 | 183,841 | 161,119 |
Pari-Mutuel, Sports Betting And iGaming [Member] | |||
Operating revenue: | |||
Net operating revenue | 20,165 | 19,607 | 18,848 |
Operating costs and expenses: | |||
Operating costs and expenses | 21,752 | 22,149 | 19,735 |
Hotel [Member] | |||
Operating revenue: | |||
Net operating revenue | 42,269 | 9,628 | 8,286 |
Operating costs and expenses: | |||
Operating costs and expenses | 14,379 | 2,815 | 2,360 |
Food And Beverage [Member] | |||
Operating revenue: | |||
Net operating revenue | 50,262 | 24,097 | 17,788 |
Operating costs and expenses: | |||
Operating costs and expenses | 45,065 | 22,631 | 16,523 |
Other [Member] | |||
Operating revenue: | |||
Net operating revenue | 25,122 | 11,211 | 11,707 |
Operating costs and expenses: | |||
Operating costs and expenses | $ 9,722 | $ 1,205 | $ 1,300 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net (loss) earnings | $ (18,489) | $ 13,670 | $ 21,778 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | 3,764 | (9,739) | (495) |
Other comprehensive (loss) income | 3,764 | (9,739) | (495) |
Comprehensive (loss) income | (14,725) | 3,931 | 21,283 |
Comprehensive (loss) income attributable to non-controlling interests | |||
Net earnings attributable to non-controlling interests | (9,709) | (5,694) | (1,156) |
Foreign currency translation adjustments | (648) | 980 | 444 |
Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders | $ (25,082) | $ (783) | $ 20,571 |
Consolidated Statements Of Equi
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, 2020 | $ 296 | $ 115,570 | $ (6,379) | $ 8,667 | $ 8,829 | ||
Net (loss) earnings | 20,622 | 1,156 | $ 21,778 | ||||
Foreign currency translation adjustment | (51) | (444) | (495) | ||||
Amortization of stock-based compensation | 2,652 | ||||||
Distributions to non-controlling interests | (808) | ||||||
Exercise of options | 247 | ||||||
Balance at Dec. 31, 2021 | $ 296 | 118,469 | (6,430) | 29,289 | $ 141,624 | 8,733 | 150,357 |
Common shares issued | 48,852 | ||||||
Net (loss) earnings | 7,976 | 5,694 | 13,670 | ||||
Foreign currency translation adjustment | (8,759) | (980) | (9,739) | ||||
Amortization of stock-based compensation | 3,335 | ||||||
Distributions to non-controlling interests | (3,276) | ||||||
Exercise of options | $ 1 | 285 | |||||
Performance stock unit issuance | 2 | (436) | |||||
Balance at Dec. 31, 2022 | $ 299 | 121,653 | (15,189) | 37,265 | 144,028 | 10,171 | 154,199 |
Common shares issued | 245,733 | ||||||
Net (loss) earnings | (28,198) | 9,709 | (18,489) | ||||
Foreign currency translation adjustment | 3,116 | 648 | 3,764 | ||||
Amortization of stock-based compensation | 3,610 | ||||||
Distributions to non-controlling interests | (19,604) | ||||||
Consolidation of Smooth Bourbon, LLC | 92,125 | ||||||
Exercise of options | 125 | ||||||
Performance stock unit issuance | $ 5 | (1,294) | |||||
Balance at Dec. 31, 2023 | $ 304 | $ 124,094 | $ (12,073) | $ 9,067 | $ 121,392 | $ 93,049 | $ 214,441 |
Common shares issued | 489,384 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows provided by Operating Activities: | |||
Net (loss) earnings | $ (18,489) | $ 13,670 | $ 21,778 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 41,043 | 27,109 | 26,762 |
Lease amortization | 4,224 | 4,003 | 4,037 |
Loss on disposition of fixed assets | 691 | 18 | 389 |
Adjustment of contingent liability (Note 16) | (436) | ||
Income from equity investment | (1,121) | (3,249) | |
Amortization of stock-based compensation expense | 3,610 | 3,335 | 2,652 |
Amortization and write-off of deferred financing costs and discount on note receivable | 2,695 | 9,716 | 1,565 |
Loss on debt extinguishment (Note 1) | 7,299 | ||
Loss on sale of assets (Note 1) | 2,154 | ||
Gain on sale of operations (Note 1) | (1,660) | ||
Deferred taxes | (23,516) | (15,126) | 345 |
Changes in Operating Assets and Liabilities: | |||
Receivables, net | (5,968) | 139 | (1,218) |
Prepaid expenses and other assets | 8,047 | (1,335) | (473) |
Accounts payable | (6,112) | (1,941) | (4,939) |
Other current and long-term liabilities | 4,326 | 4,043 | 2,995 |
Inventories | 323 | (142) | 192 |
Accrued payroll | 391 | 985 | 2,944 |
Taxes payable | 8,272 | (5,982) | 2,597 |
Net cash provided by operating activities | 24,055 | 37,397 | 59,190 |
Cash Flows used in Investing Activities: | |||
Purchases of property and equipment | (59,621) | (19,193) | (10,012) |
Smooth Bourbon dividends (Note 3) | 2,256 | 4,989 | |
Smooth Bourbon consolidation (Note 3) | 528 | (95,000) | |
Nugget acquisition, net of cash acquired (Note 3) | (98,792) | ||
Rocky Gap acquisition, net of cash acquired (Note 3) | (52,581) | ||
Purchase of intangible assets - casino license | (536) | (390) | |
Proceeds from disposition of assets | 89 | 124 | 44 |
Century Casino Calgary sale earn out | 1,660 | (24) | |
Calgary asset sale (Note 1) | 6,330 | ||
Net cash used in investing activities | (206,997) | (103,140) | (9,992) |
Cash Flows provided by (used in) Financing Activities: | |||
Proceeds from borrowings | 65,100 | 355,000 | |
Principal payments | (57,123) | (171,550) | (4,152) |
Payment of deferred financing costs | (18,864) | ||
Proceeds from sale of leaseback (Note1) | 162,648 | ||
Distribution to non-controlling interest | (19,604) | (3,276) | (808) |
Repurchase of shares to satisfy tax withholding | (1,290) | (434) | |
Proceeds from exercise of stock options | 126 | 286 | 247 |
Net cash provided by (used in) financing activities | 149,857 | 161,162 | (4,713) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 2,544 | (1,329) | (121) |
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (30,541) | 94,090 | 44,364 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 202,131 | 108,041 | 63,677 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 171,590 | 202,131 | 108,041 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 81,937 | 53,276 | 39,025 |
Income taxes paid | 5,754 | 8,968 | 6,025 |
Income tax refunds | 890 | 1,049 | |
Non-Cash Investing Activities: | |||
Purchase of property and equipment on account | $ 7,809 | $ 6,717 | $ 1,882 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 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 December 31, 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 (“Central City” or “CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“Cripple Creek” or “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 Reno-Sparks, Nevada (“Nugget” or “NUG”) (2) Rocky Gap Casino, Resort & Golf in Flintstone, Maryland (“Rocky Gap” or “ROK”) (1) The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) (1) The Century Casino St. Albert in St. Albert, Alberta, Canada (“St. Albert” or “CSA”) (1) ; and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“Century Mile” or “CMR”) (1)(3) (1) Subsidiaries of VICI Properties Inc. (“VICI PropCo”), an unaffiliated third party, own the real estate assets underlying these properties, and subsidiaries of the Company lease these properties under a triple net master lease agreement (“Master Lease”) with subsidiaries of VICI PropCo. (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) The southern Alberta pari-mutuel network was operated by Century Bets!, Inc. (“Century Bets”), a subsidiary of the Company, through August 2021. In September 2021, the Company transferred these contracts to Century Mile. Century Bets was dissolved in November 2023. The Company’s Colorado, West Virginia and Nevada 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 CRM in the following majority-owned subsidiaries: The Company owns 75 % of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25 % is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. A subsidiary of VICI PropCo owns the real estate assets underlying this property. The Company owns 66.6 % of Casinos Poland Ltd. (“CPL” or “Casinos Poland”). CPL owns and operates casinos throughout Poland. As of December 31, 2023, CPL operated five 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. See Note 4 for additional information on CPL’s gaming licenses and casinos. 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, 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. Other Projects and Developments Nugget Casino Resort in Reno-Sparks, Nevada In February 2022, the Company entered into a definitive agreement with Marnell, pursuant to which a wholly-owned 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 Sparks, LLC (“OpCo”). OpCo owns and operates the Nugget Casino Resort in Reno-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”). At the second closing (the “Second Closing”) on April 3, 2023, the Company purchased 100 % of the membership interests in OpCo for approximately $ 104.7 million (subject to certain adjustments) (the “OpCo Acquisition” and together with the Smooth Bourbon Acquisition, the “Nugget Acquisition”). 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 plus annual escalators. See Note 3, “Acquisitions and Equity Investment – Acquisition – Nugget” for additional information. 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 PropCo, pursuant to which the Company agreed to acquire the operations of Rocky Gap Casino, Resort & Golf (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 from Evitts a related interest in the land and building associated with Rocky Gap. On July 25, 2023, the Company purchased the operations of Rocky Gap for approximately $ 59.1 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 amended the Master Lease . See Note 3, “Acquisitions and Equity Investment – Acquisition – Rocky Gap” and Note 7, “Financing Obligation” for additional information regarding the Rocky Gap Acquisition and the amendment to the Master Lease, respectively. Canada Real Estate Sale On May 16, 2023, the Company entered into definitive agreements for subsidiaries of VICI PropCo 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”). The transaction closed on September 6, 2023, for an aggregate purchase price of CAD 221.7 million ($ 162.6 million based on the exchange rate on September 6, 2023) in cash (the “Canada Real Estate Sale”). The Company expects to retain approximately CAD 155.6 million (USD $ 117.6 million based on the exchange rate on December 31, 2023) of the purchase price after giving effect to the purchase of the Century Downs land that previously was subject to the CDR land lease, selling expenses, Canadian and US taxes and proceeds to be paid to the minority owners of Century Downs. Simultaneous with the closing of the transaction, subsidiaries of the Company and of VICI PropCo amended the Master Lease. See Note 7, “Financing Obligation” for additional information regarding the amendment to the Master Lease. The Company recorded a loss on debt extinguishment related to the CDR land lease of CAD 9.9 million ($ 7.3 million based on the exchange rate on September 6, 2023) in interest expense in its consolidated statement of (loss) earnings for the year ended December 31, 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 because 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 approved the temporary relocation of the casino at Century Casino Caruthersville from the riverboat and the barge to a land-based pavilion until the new land-based casino and hotel are completed, as discussed below. 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 is expected to be completed in the fourth quarter 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 December 31, 2023, the Company has received $ 40.1 million from VICI PropCo and has spent approximately $ 20.7 million of those funds on this project. As of December 31, 2023, the Company had approximately $ 19.4 million of cash included in its consolidated balance sheet that was previously funded by VICI PropCo but has not yet been spent on the project. Cape Girardeau Hotel The Company is building a 69 room hotel at its Cape Girardeau location called The Riverview. The Riverview 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 is expected to be completed in April 2024. The Company estimates a project cost of approximately $ 30.5 million. The Company is financing the project with cash on hand. As of December 31, 2023, the Company has spent approximately $ 22.8 million on this project. Terminated Projects Cruise Ship Concession Agreements 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 years ended December 31, 2023, 2022 and 2021. Ship Operated From Operated To Mein Schiff Herz April 5, 2022 April 16, 2023 Mein Schiff 6 June 11, 2021 April 18, 2022 Century Sports The Company owned land and a building in Calgary in which it operated Century Sports, a sports bar, bowling and entertainment facility, and leased space to a casino operator until February 10, 2022. The Company had previously sold its casino operations at this location in December 2020 and entered into a lease agreement with the purchaser for annual net rent of CAD 0.5 million ($ 0.4 million based on the exchange rate on December 31, 2023). 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. The definitive agreement to sell the casino operations of Century Casino Calgary provided for a three year quarterly earn out that ended on August 4, 2023. The Company received earn out payments of CAD 2.2 million ($ 1.7 million based on the exchange rate on December 31, 2023) and CAD 0.1 million ($ 0.1 million based on the exchange rate on December 31, 2021) for the years ended December 31, 2023 and 2021, respectively, that are recorded to gain on sale of casino operations in its consolidated statements of (loss) earnings. There were no earn out payments in 2022. During the first quarter of 2021, the Company paid CAD 0.1 million ($ 0.1 million based on the exchange rate on February 12, 2021) in working capital adjustments under the purchase agreement related to the sale of its casino operations. Century Sports was included in the Canada reportable segment. Mendoza Central Entretenimientos S.A. (“MCE”) In November 2021, CRM sold its ownership interest in MCE for nominal consideration. In addition, a consulting services agreement between CRM and MCE was terminated. Bermuda In August 2017, the Company announced that it had entered into a long-term casino management agreement with the owner of the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda. The Company would also provide a $ 5.0 million loan for the purchase of casino equipment if the gaming license was awarded. In January 2023, the management and funding agreements were mutually terminated because the project was not going forward. Recent Developments Related to COVID-19 The COVID-19 pandemic had an adverse effect on the Company’s results of operations in the first half of 2021 because of closures at the Company’s Canada and Poland properties during this period. Currently, the Company’s operations have no COVID-19 related restrictions. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities were closed to comply with quarantines issued by governments to contain the spread of COVID-19. Operating Segment Closure Date Reopen Date Canada December 13, 2020 June 10, 2021 Poland December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 Future impacts of the COVID-19 pandemic remain uncertain. The Company cannot predict the negative impacts that continued variants of 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 any future closures could have a material impact on the Company. If future government mandates or closures are required, the Company will monitor its liquidity and make reductions to marketing and operating expenditures, where possible. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL, CDR and Smooth Bourbon as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL, CDR and Smooth Bourbon that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement: In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 early adopted ASU 2023-01 as of January 1, 2023. Adoption of the standard had no material impact on the Company’s financial statements. Accounting Pronouncements Pending Adoption – In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative (“ASU 2023-06”). The objective of ASU 2023-06 is to update and simplify disclosure requirements and is intended to align US GAAP and SEC requirements. Early adoption of ASU 2023-06 is not permitted. The guidance relates to various topics and is effective on the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. The Company is reviewing the updates provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The objective of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, as well enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and other disclosure requirements. Early adoption of ASU 2023-07 is permitted. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is reviewing the updates provided by this standard. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740); Improvements to Income Tax Disclosures (“ASU 2023-09”). The objective of ASU 2023-09 is to improve income tax disclosure requirements. Under ASU 2023-09, entities must annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Early adoption of ASU 2023-07 is permitted. The guidance is effective for annual periods beginning after December 15, 2024. The Company is reviewing the updates provided by this standard. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements or notes thereto. Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. As of December 31, 2023 and 2022, the Company had no cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2023 2022 Cash and cash equivalents $ 171,327 $ 101,785 Restricted cash — 100,151 Restricted cash included in deposits and other 263 195 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 171,590 $ 202,131 As of December 31, 2023, the Company had $ 0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and $ 0.1 million in deposits related to insurance policies in restricted cash included in deposits and other on its consolidated balance sheet. As of December 31, 2022, the Company had $ 100.2 million related to the Acquisition Escrow in restricted cash 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 consolidated balance sheet. Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. Accounts Receivable – Accounts receivable are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment. Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill. Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company’s intangible assets identified as indefinite-lived intangible assets are not amortized. The Company’s finite-lived intangible assets are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets. Financing Obligation with VICI PropCo – In accordance with ASC 842, “Leases” (“ASC 842”), for transactions in which the Company enters into a contract to sell an asset and leases it back from the seller under a sale and leaseback transaction, the Company must determine whether control of the asset has transferred from the Company. In cases whereby control has not transferred from the Company, the Company continues to reflect the real estate assets on its consolidated balance sheets and continues to recognize depreciation expense over the shorter of the remaining useful life or the lease term. Additionally, a financial liability is recognized and referred to as a financing obligation, in accordance with ASC 470, “Debt” (“ASC 470”). The accounting for financing obligations under ASC 470 is materially consistent with the accounting for finance leases under ASC 842. The Company concluded that its Master Lease is required to be accounted for as a financing obligation. See Note 7 for additional information about the Company’s financing obligation. The Company does not recognize rent expense related to these leased assets; instead, a portion of the minimum lease payments under the Master Lease are recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method . Contingent payments and payments on account of CPI increases are recorded as interest expense as incurred. In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of (loss) earnings, which causes the financing obligation to increase. Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2023 2022 Canadian dollar (CAD) 1.3232 1.3550 Euros (EUR) 0.9030 0.9393 Polish zloty (PLN) 3.9155 4.4004 For the year ended December 31, % Change Average Rates 2023 2022 2021 2023/2022 2022/2021 Canadian dollar (CAD) 1.3496 1.3011 1.2537 ( 3.7 %) ( 3.8 %) Euros (EUR) 0.9248 0.9506 0.8456 2.7 % ( 12.4 %) Polish zloty (PLN) 4.2034 4.4559 3.8608 5.7 % ( 15.4 %) Source: 2023 and 2022 Xe Currency Converter, 2021 Pacific Exchange Rate Service Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $ 72.9 million, $ 42.4 million and $ 39.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage and Other Sales Goods and services provided include hotel room rentals, food and beverage sales and retail sales. The majority of the hotel, food and beverage and other sales contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGaming Sports betting revenue involves wagers on sporting events, and iGaming revenue involves wagers on casino games through an online platform. The Company partners with sports betting and iGaming operators at its Colorado, West Virginia and Nevada casinos to provide these services. The agreements generally provide the Company with a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting Fees The Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. Promotional Allowances – The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2023, 2022 and 2021, the estimated direct costs of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Hotel $ 542 $ 348 $ 293 Food and beverage 4,208 2,065 1,789 $ 4,750 $ 2,413 $ 2,082 Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $ 2.3 million and $ 1.0 million as of December 31, 2023 and 2022, respectively. Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $ 5.6 million, $ 3.6 million and $ 2.3 million in the years ended December 31, 2023, 2022 and 2021, respectively, and are included in gaming expenses on the Company’s consolidated statements of (loss) earnings. Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2023, 2022 and 2021 were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Weighted average common shares, basic 30,274 29,809 29,593 Dilutive effect of stock options — 1,671 1,795 Weighted average common shares, diluted 30,274 31,480 31,388 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2023 2022 2021 Stock options 1,911 2,740 2,572 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 membership interests in Smooth Bourbon at the First Closing, 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 and reported its interest in Smooth Bourbon as an equity investment. 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 and no longer reports its interest in Smooth Bourbon as an equity investment. See Note 3 for additional information about Smooth Bourbon. Government Wage and Rent Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the year ended December 31, 2021, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($ 2.5 million based on the exchange rate in effect on December 31, 2021). In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize for a limited period rent for businesses experiencing a drop in revenue. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($ 1.3 million based on the average exchange rate for the year ended December 31, 2021). There were no wage or rent subsidies received in Canada for the years ended December 31, 2023 and 2022. Wage credits and subsidies were also provided by the US and Polish governments in 2021 but were immaterial. |
Acquisition And Equity Investme
Acquisition And Equity Investment | 12 Months Ended |
Dec. 31, 2023 | |
Acquisition And Equity Investment [Abstract] | |
Acquisition And Equity Investment | 3. ACQUISITIONS AND EQUITY INVESTMENT Acquisition – Nugget At the Second Closing 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 purchase price paid at the Second Closing was from proceeds of the term loan (“Goldman Term Loan”) under the credit agreement (“Goldman Credit Agreement”) with Goldman Sachs Bank USA (“Goldman”) deposited in escrow (“Acquisition Escrow”) on the First Closing date. In connection with the Nugget Acquisition, the Company made an initial payment to Marnell of $ 104.7 million on April 3, 2023 consisting of a base price of $ 100.0 million plus adjustments based on working capital of Nugget at closing. The Company made an additional working capital adjustment payment of $ 0.8 million on August 29, 2023. As of April 3, 2023, the Company began consolidating Nugget as a wholly-owned subsidiary. Nugget contributed $ 80.8 million in net operating revenue and $ 1.3 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2023. The Company accounted for the transaction as a business combination, and accordingly, the acquired assets of $ 256.6 million (including $ 6.8 million in cash) and liabilities of $ 194.8 million were included in the Company’s consolidated balance sheet at April 3, 2023. The Nugget Acquisition generated $ 43.7 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 $ 55.1 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 on 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 by April 3, 2024, one year from the date of the Nugget Acquisition. Amounts in thousands Cash $ 6,764 Receivables 1,689 Prepaid expenses 3,715 Inventories 2,681 Property and equipment 211,811 Intangible assets 29,940 Accounts payable ( 2,622 ) Accrued liabilities ( 4,092 ) Accrued payroll ( 2,348 ) Taxes payable ( 998 ) Finance lease liabilities ( 184,700 ) Net identifiable assets acquired 61,840 Add: Goodwill 43,716 Net assets acquired $ 105,556 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 Working capital adjustments 5,556 Less: Cash balances acquired ( 6,764 ) Net cash used in investing activities $ 98,792 Acquisition-related costs The Company incurred acquisition costs of approximately $ 0.5 million and $ 2.0 million for the years ended December 31, 2023 and 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 and Other reportable 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 $ 0.4 million for the year ended December 31, 2023 and were recorded as general and administrative expenses in the United States segment. The agreement ended on September 30, 2023. 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 Accounting Standards Codification Topic 450 “Contingencies” (“ASC Topic 450”), which requires that an amount be accrued if the loss is probable and can be estimated. The Company estimated the range of these contingencies to be between $ 0.1 million and $ 0.2 million as of December 31, 2023. Acquisition – Rocky Gap On July 25, 2023, the Company completed its previously announced Rocky Gap Acquisition of 100 % of the membership interests in Evitts Resort, LLC from Lakes Maryland. Evitts Resort, LLC operates Rocky Gap Casino, Resort & Golf, located in Flintstone, Maryland. Simultaneous with the closing of the Rocky Gap Acquisition, affiliates of VICI PropCo purchased the land and building associated with Rocky Gap. On July 25, 2023, the Company amended its Master Lease to add the Rocky Gap property. The Rocky Gap Acquisition was financed with $ 30.0 million borrowed under the revolving credit facility (“Revolving Facility”) of the Goldman Credit Agreement and cash on hand. In connection with the Rocky Gap Acquisition, the Company made an initial payment to Lakes Maryland of $ 59.1 million on July 25, 2023. This amount included a base price of $ 56.1 million plus an adjustment based on the estimated working capital of Rocky Gap at closing. The Company paid an additional $ 0.1 million in working capital adjustments on December 18, 2023. As of July 25, 2023, the Company began consolidating Rocky Gap as a wholly-owned subsidiary. Rocky Gap contributed $ 31.7 million in net operating revenue and ($ 2.5 ) million in net loss attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2023. The Company accounted for the transaction as a business combination, and accordingly, the acquired assets of $ 244.9 million (including $ 6.7 million in cash) and liabilities of $ 212.1 million were included in the Company’s consolidated balance sheet at July 25, 2023. The Rocky Gap Acquisition generated $ 26.5 million of tax deductible goodwill for the Company’s United States segment. The goodwill from the Rocky Gap 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 $ 26.1 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 Rocky Gap 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 Rocky Gap Acquisition date, based on management’s judgment and estimates. The personal property components of the fixed assets were primarily valued utilizing the market and cost approaches. Certain personal property with an active and identifiable secondary market value were valued using the market approach. This property included, but was not limited to, certain gaming/slot equipment, information and technology equipment and vehicles. The cost approach was utilized to value all other personal property. The cost approach estimates fair value as the current cost of replacing or reproducing the utility of an asset, or group of assets and adjusting it for any depreciation resulting from one or more of the following: physical deterioration, functional obsolescence, and/or economic obsolescence. The real estate assets that were sold to VICI PropCo and leased back to the Company were adjusted to fair value concurrently with the Rocky Gap 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 $ 203.9 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 on historical operations as estimated by management. The fair value of the Rocky Gap 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 Rocky Gap 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 Rocky Gap Acquisition in the table below are based on estimated fair values of assets and liabilities as of July 25, 2023. The Rocky Gap Acquisition was accounted for using the acquisition method of accounting. Assets acquired and liabilities assumed in connection with the Rocky Gap Acquisition have been recorded at their preliminary fair values. Certain estimated values for the Rocky Gap 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 Rocky Gap. 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 Rocky Gap Acquisition date. Amounts in thousands Cash $ 6,653 Receivables 79 Prepaid expenses 876 Inventories 724 Other current assets 33 Property and equipment 209,764 Leased right-of-use assets 3,441 Intangible assets 23,290 Deposits and other 37 Accounts payable ( 611 ) Accrued liabilities ( 2,564 ) Accrued payroll ( 1,393 ) Taxes payable ( 202 ) Operating lease liabilities ( 3,441 ) Finance lease liabilities ( 203,925 ) Net identifiable assets acquired 32,761 Add: Goodwill 26,473 Net assets acquired $ 59,234 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 $ 56,075 Working capital adjustments 3,159 Less: Cash balances acquired ( 6,653 ) Net cash used in investing activities $ 52,581 Acquisition-related costs The Company incurred acquisition costs of approximately $ 3.9 million and $ 0.6 million for the years ended December 31, 2023 and 2022, respectively, in connection with the Rocky Gap Acquisition. These costs include investment banking, legal and accounting fees and have been recorded as general and administrative expenses in the Corporate and Other reportable segment. Ancillary Agreements In connection with the Rocky Gap Acquisition, the Company and the sellers entered into a consulting agreement dated July 25, 2023, whereby the sellers agreed to provide the Company with certain transitional services following the Rocky Gap Acquisition. The agreement compensates the sellers for services following the Rocky Gap Acquisition as performed by employees at a monthly rate. Fees incurred under the agreement were $ 0.1 million for the year ended December 31, 2023 and were recorded as general and administrative expenses in the United States segment. The agreement ended on October 8, 2023. Acquisition-Related Contingencies Rocky Gap 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 the July 25, 2023 closing of the Rocky Gap Acquisition. Estimated losses have been accrued as of the Rocky Gap 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 Company estimated the range of these contingencies to be between $ 0.1 million and $ 0.2 million as of December 31, 2023. Pro forma results (Unaudited) The following table provides unaudited pro forma information of the Company as if the Nugget Acquisition and the Rocky Gap 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 and Rocky Gap Acquisition for the years ended December 31, 2023 and 2022 including (i) pro forma adjustments to record the removal of interest expense related to the Macquarie Credit Agreement (see Note 6), (ii) pro forma adjustments to record interest expense related to the Goldman Credit Agreement, borrowing of the Revolving Facility, and interest on the VICI PropCo financing obligation under the Master Lease, (iii) pro forma adjustments to record depreciation and amortization for assets acquired in the Nugget Acquisition and the Rocky Gap 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 acquisitions 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 December 31, 2023 for Nugget, Rocky Gap and the Company. For the year ended December 31, Amounts in thousands, except for per share information 2023 2022 Net operating revenue $ 608,776 $ 607,651 Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 36,349 ) $ 15,564 Equity Investment – Smooth Bourbon The Company purchased membership interests in Smooth Bourbon on April 1, 2022. The Company began consolidating Smooth Bourbon on April 3, 2023 after the Nugget Acquisition and therefore no longer reports its interest in Smooth Bourbon as an equity investment. Following is summarized financial information regarding Smooth Bourbon for the years ended December 31, 2023 and 2022: For the year ended Amounts in thousands December 31, 2023 December 31, 2022 Operating Results Net operating revenue $ 4,059 $ 11,501 Earnings from continuing operations $ 3,833 $ 11,219 Net earnings $ 2,241 $ 6,497 Net earnings attributable to Century Casinos, Inc. $ 1,121 $ 3,249 Changes in the carrying amount of the investment in Smooth Bourbon for the years ended December 31, 2023 and 2022 are presented in the table below. Amounts in thousands Balance at January 1, 2023 Acquisition Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at December 31, 2023 Smooth Bourbon $ 93,260 $ — $ 1,121 $ ( 2,256 ) $ ( 92,125 ) $ — Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at December 31, 2022 Smooth Bourbon $ — $ 95,000 $ 3,249 $ ( 4,989 ) $ — $ 93,260 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2023 and 2022 consisted of the following: December 31, Amounts in thousands 2023 2022 Land $ 44,662 $ 43,654 Buildings and improvements 839,793 436,207 Gaming equipment 57,750 43,590 Furniture and non-gaming equipment 75,499 47,166 Property and equipment held under finance leases (Note 9) 1,028 764 Capital projects in process 53,072 18,954 $ 1,071,804 $ 590,335 Less: accumulated depreciation ( 158,243 ) ( 125,685 ) Property and equipment, net $ 913,561 $ 464,650 Depreciation expense was $ 34.2 million, $ 23.5 million and $ 23.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. No long-lived asset impairment charges were recorded for the years ended December 31, 2023, 2022 and 2021. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5 . GOODWILL AND INTANGIBLE ASSETS Goodwill 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 the reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of December 31, 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, EBITDAR 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, 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. Changes in the carrying value 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, 2022 $ 19,786 $ 7,402 $ 6,320 $ 33,508 Currency translation — ( 260 ) ( 504 ) ( 764 ) Gross carrying value December 31, 2022 19,786 7,142 5,816 32,744 Acquisitions 70,189 — — 70,189 Currency translation — 91 720 811 Gross carrying value December 31, 2023 89,975 7,233 6,536 103,744 Accumulated impairment losses January 1, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at December 31, 2022 $ — $ 3,767 $ 5,816 $ 9,583 Net carrying value at December 31, 2023 $ 70,189 $ 3,858 $ 6,536 $ 80,583 Intangible Assets 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 (“MPEEM”) and the relief from royalty method under the income approach. Intangible assets at December 31, 2023 and 2022 consisted of the following: December 31, December 31, Amounts in thousands 2023 2022 Finite-lived Casino licenses $ 2,499 $ 2,672 Less: accumulated amortization ( 1,417 ) ( 1,763 ) 1,082 909 Trademarks 16,718 2,368 Less: accumulated amortization ( 1,843 ) ( 730 ) 14,875 1,638 Players club lists 59,253 20,373 Less: accumulated amortization ( 14,272 ) ( 8,974 ) 44,981 11,399 Total finite-lived intangible assets, net 60,938 13,946 Indefinite-lived Casino licenses 30,604 29,331 Trademarks 1,665 1,494 Total indefinite-lived intangible assets 32,269 30,825 Total intangible assets, net $ 93,207 $ 44,771 Trademarks The Company currently owns five trademarks: Century Casinos, Mountaineer, Nugget, Rocky Gap and Casinos Poland. The trademarks are reported as intangible assets on the Company’s consolidated balance sheets. Trademarks: Finite-Lived The Company has determined that the Mountaineer, Nugget and Rocky Gap trademarks, all reported in the United States segment, have a 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 its useful life. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s 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 Acquisitions Amortization Balance at December 31, 2023 United States $ 1,638 $ 14,350 $ ( 1,113 ) $ 14,875 Amounts in thousands Balance at January 1, 2022 Acquisitions Amortization Balance at December 31, 2022 United States $ 1,874 $ — $ ( 236 ) $ 1,638 As of December 31, 2023, estimated amortization expense for the United States trademarks over the next five years was as follows: Amounts in thousands 2024 $ 1,665 2025 1,665 2026 1,665 2027 1,665 2028 1,487 Thereafter 6,728 $ 14,875 The weighted-average amortization period of the United States trademarks is 8.3 years. Trademarks: Indefinite-Lived The Company has determined 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 consolidated statement of (loss) earnings. Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2023 Currency translation Balance at December 31, 2023 Poland $ 1,386 $ 171 $ 1,557 Corporate and Other 108 — 108 $ 1,494 $ 171 $ 1,665 Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 Poland $ 1,507 $ ( 121 ) $ 1,386 Corporate and Other 108 — 108 $ 1,615 $ ( 121 ) $ 1,494 Casino Licenses: Finite-Lived As of December 31, 2023, Casinos Poland had six 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 New Casino License Amortization Currency translation Balance at December 31, 2023 Poland $ 909 $ 537 $ ( 444 ) $ 80 $ 1,082 Amounts in thousands Balance at January 1, 2022 New Casino License Amortization Currency translation Balance at December 31, 2022 Poland $ 1,019 $ 390 $ ( 443 ) $ ( 57 ) $ 909 As of December 31, 2023, estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2024 $ 331 2025 196 2026 168 2027 168 2028 129 Thereafter 90 $ 1,082 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 2.3 years. In Poland, casino gaming licenses are granted for a term of six years and are not renewable. Once a gaming license has expired, any gaming company can apply for the license. The Company closed its casinos in Katowice and Bielsko-Biala in October 2023 and its casino in Wroclaw in November 2023 due to the expiration of the gaming licenses. The Wroclaw license was awarded to the Company in December 2023 and the Katowice and Bielsko-Biala licenses were awarded to the Company in February 2024. Through September 30, 2023, these casinos combined generated approximately 32 % of CPL’s net operating revenue and approximately 6 % of the Company’s consolidated net operating revenue. The Bielsko-Biala casino reopened in February 2024, the Katowice casino is expected to reopen in mid-March 2024 and the Wroclaw casino is expected to reopen in a new location in the third quarter of 2024. 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 AGLC and the HRA 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 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 December 31, 2023 United States $ 17,962 $ 1,000 $ — $ 18,962 Canada 11,369 — 273 11,642 $ 29,331 $ 1,000 $ 273 $ 30,604 Amounts in thousands Balance at January 1, 2022 Consolidation of Smooth Bourbon Currency translation Balance at December 31, 2022 United States $ 17,962 $ — $ — $ 17,962 Canada 12,150 — ( 781 ) 11,369 $ 30,112 $ — $ ( 781 ) $ 29,331 Player’s Club Lists The Company has determined that the player’s club lists, reported in the United States segment, have a useful life of seven to 10 years based on estimated revenue attrition among the player’s club members as estimated by management 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 Acquisitions Amortization Balance at December 31, 2023 United States $ 11,399 $ 38,880 $ ( 5,298 ) $ 44,981 Amounts in thousands Balance at January 1, 2022 Acquisitions Amortization Balance at December 31, 2022 United States $ 14,310 $ — $ ( 2,911 ) $ 11,399 As of December 31, 2023, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2024 $ 6,774 2025 6,799 2026 6,556 2027 3,888 2028 3,888 Thereafter 17,076 $ 44,981 The weighted-average amortization period for the player’s club lists is 5.5 years. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT Long-term debt and the weighted average interest rates at December 31, 2023 and 2022 consisted of the following: Amounts in thousands December 31, 2023 December 31, 2022 Credit agreement - Goldman $ 343,875 11.44 % $ 347,375 8.45 % UniCredit term loan 2,954 3.21 % 4,661 3.17 % Financing obligation - CDR land lease — — 14,388 15.05 % Total principal $ 346,829 10.89 % $ 366,424 8.72 % Deferred financing costs ( 14,149 ) ( 16,844 ) Total long-term debt $ 332,680 $ 349,580 Less current portion ( 8,468 ) ( 5,322 ) Long-term portion $ 324,212 $ 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 Goldman Term Loan and a $ 30.0 million Revolving Facility. As of December 31, 2023, the outstanding balance of the Goldman Term Loan was $ 343.9 million and the Company had $ 30.0 million available to borrow on the Revolving Facility. The Company used the Goldman Term Loan 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. The Company borrowed $ 30.0 million from the Revolving Facility on July 20, 2023 to fund the Rocky Gap Acquisition, and repaid the full amount of this borrowing on September 21, 2023. The Goldman 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 Goldman Term Loan requires scheduled quarterly payments of $ 875,000 equal to 0.25 % of the original aggregate principal amount of the Goldman Term Loan, with the balance due at maturity. The Company repurchased approximately $ 3.5 million principal amount of the Goldman Term Loan for 97 % of its value in February 2024. 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 Goldman 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 $ 0.1 million were recorded as interest expense in the consolidated statements of (loss) earnings for the years ended December 31, 2023 and 2022. The Goldman Credit Agreement requires the Company to prepay the Goldman 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 Goldman 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 December 31, 2023. Deferred financing costs consist of the Company’s costs related to financings. The Company recognized $ 18.9 million in deferred financing costs related to the Goldman Credit Agreement for the year ended December 31, 2022. Amortization expenses relating to the Goldman Credit Agreement were $ 2.7 million and $ 2.0 million for the years ended December 31, 2023 and 2022 respectively. These costs are included in interest expense in the consolidated statement of (loss) earnings for the years ended December 31, 2023 and 2022, respectively. Credit Agreement – Macquarie Capital In December 2019, the Company entered into a $ 180.0 million credit agreement (the “Macquarie 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 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 2019 Acquisition, 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 consolidated statements of (loss) earnings for the years ended December 31, 2022 and 2021. The Company amortized $ 0.4 million and $ 1.6 million for the years ended December 31, 2022 and 2021, respectively. These costs were recorded as interest expense in the consolidated statements of (loss) earnings for the years ended December 31, 2022 and 2021. 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”) that 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 on April 22, 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 December 31, 2023, CPL had a short-term line of credit with mBank used to finance current operations. The line of credit bears an interest rate of overnight WIBOR plus 2.00 % with a borrowing capacity of PLN 5.0 million and is available through June 4, 2024. As of December 31, 2023, the credit facility had no outstanding balance and approximately PLN 5.0 million ($ 1.3 million based on the exchange rate in effect on December 31, 2023) was available for 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. 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 as of December 31, 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 as of December 31, 2023) with mBank and terminate in June 2024 and January 2026, respectively. CPL is also 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 0.7 million ($ 0.2 million based on the exchange rate in effect as of December 31, 2023) in deposits for this purpose as of December 31, 2023. These deposits are included in deposits and other on the Company’s consolidated balance sheet for the year ended December 31, 2023. Century Resorts Management CRM previously had a GBP 2.0 million term loan with UniCredit Bank Austria AG (“UniCredit”) that was converted to a USD term loan in November 2021. The loan was paid in full in September 2023 and bore an interest rate of LIBOR plus 1.625 %. As of December 31, 2023, CRM had a credit agreement with UniCredit originally entered into in August 2018 as a $ 7.4 million line of credit for acquisitions and capital expenditures. The line of credit was converted to a EUR 6.0 million term loan in June 2021 (the “UniCredit Term Loan”). The term loan matures on December 31, 2025 and bears interest at a rate of 2.875 %. As of December 31, 2023, the amount outstanding was EUR 2.7 million ($ 3.0 million based on the exchange rate in effect on December 31, 2023) and the Company had no further borrowings available. The UniCredit Term Loan is secured by a EUR 6.0 million guarantee by the Company and has no financial covenants. Century Downs Racetrack and Casino The Company purchased the land at CDR prior to its sale to VICI PropCo as part of the Canada Real Estate Sale for CAD 29.4 million ( $ 21.6 million based on the exchange rate on September 6, 2023). Prior to this purchase, CDR leased the land, which was accounted for as a financing obligation. The Company recorded the loss on debt extinguishment of CAD 9.9 million ($ 7.3 million based on the exchange rate on September 6, 2023) in interest expense in the Company’s consolidated statement of (loss) earnings for the year ended December 31, 2023. As of December 31, 2023, scheduled repayments related to long-term debt were as follows: Amounts in thousands Goldman Credit Agreement UniCredit Term Loan Total 2024 $ 6,991 $ 1,477 $ 8,468 2025 3,500 1,477 4,977 2026 3,500 — 3,500 2027 3,500 — 3,500 2028 3,500 — 3,500 Thereafter 322,884 — 322,884 Total $ 343,875 $ 2,954 $ 346,829 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 7. LONG-TERM FINANCING OBLIGATION On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into a sale and leaseback transaction in connection with the acquisition of the Company’s West Virginia and Missouri properties and entered into the Master Lease to lease the real estate assets. See Note 1 for a list of the Company’s subsidiaries under the Master Lease. The Master Lease has been modified as follows: On December 1, 2022, an amendment provided for (i) modifications with respect to certain project work to be done by the Company related to Century Casino Caruthersville, (ii) modifications to rent under the Master Lease to provide for an increase in initial annualized rent by approximately $ 4.2 million after completion of the Caruthersville casino project and (iii) other related modifications. On July 25, 2023, an amendment (i) added Rocky Gap to the Master Lease, (ii) increased initial annualized rent by 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). On September 6, 2023, an amendment (i) added the Century Canadian Portfolio to the Master Lease, (ii) increased initial annualized rent by approximately CAD 17.3 million ($ 13.1 million based on the exchange rate on December 31, 2023) 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 Master Lease does not transfer control of the properties under the Master Lease to VICI PropCo subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term. The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using the imputed discount rate of approximately 8.9 %. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant. The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The 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 properties that are subject to the Master Lease, 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 currently escalates at the greater of either 1.0125 % (the “Base Rent Escalator”) or the increase in CPI. The CPI rent escalator for the Century Canadian Portfolio is capped at 2.5 %. The Base Rent Escalator is subject to adjustment from and after the sixth year if the Minimum Rent Coverage (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 the minimum annual escalator of 1.0125 %. The estimated future payments in the table below are not adjusted for increases based on the CPI or the additional rent related to the Caruthersville casino project that is anticipated to be completed in late 2024. Cash rent payments adjusted for CPI for the year ended December 31, 2024 are estimated to be $ 52.2 million. Amounts in thousands 2024 $ 50,152 2025 55,395 2026 56,088 2027 56,789 2028 57,499 Thereafter 2,082,469 Total payments 2,358,392 Residual value 21,643 Less imputed interest ( 1,722,028 ) Total $ 658,007 Total payments and interest expense related to the Master Lease for the years ended December 31, 2023, 2022 and 2021 were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Payments made per Master Lease $ 39,048 $ 25,529 $ 25,271 CPI increase 1,691 137 — Total payments made including CPI increase 40,739 25,666 25,271 Cash paid for principal 1 $ — $ — $ — Cash paid for interest 40,739 25,666 25,271 Interest expense $ 42,426 $ 28,532 $ 28,232 1. For the initial periods of the Master Lease, cash payments are less than the interest expense recognized, which causes the financing obligation to increase. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 8. REVENUE RECOGNITION The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s revenue and other income is presented in the table below. For the year ended December 31, Amounts in thousands 2023 2022 2021 Revenue from contracts with customers $ 550,206 $ 430,529 $ 388,506 Cost recovery income 3,501 1,938 655 Century Casino Calgary sale earn out revenue 1,660 — 51 Total revenue $ 555,367 $ 432,467 $ 389,212 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 geographical location is presented in the tables below. For the year ended December 31, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 272,499 $ 46,871 $ 92,957 $ 61 $ 412,388 Pari-mutuel, sports betting and iGaming 10,145 10,020 — — 20,165 Hotel 41,750 519 — — 42,269 Food and beverage 36,803 12,532 927 — 50,262 Other 19,394 5,507 221 — 25,122 Net operating revenue $ 380,591 $ 75,449 $ 94,105 $ 61 $ 550,206 For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 232,871 $ 43,972 $ 88,959 $ 184 $ 365,986 Pari-mutuel, sports betting and iGaming 8,728 10,879 — — 19,607 Hotel 9,159 469 — — 9,628 Food and beverage 12,394 10,860 843 — 24,097 Other 5,430 5,392 367 22 11,211 Net operating revenue $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 249,397 $ 25,604 $ 56,724 $ 152 $ 331,877 Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848 Hotel 8,241 45 — — 8,286 Food and beverage 11,761 5,606 421 — 17,788 Other 5,394 4,817 1,081 415 11,707 Net operating revenue $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 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 $ 2.0 million and $ 1.6 million for each of the years ended December 31, 2023 and 2022, respectively. This revenue consisted 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 table below. For the year ended For the year ended December 31, 2023 December 31, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,351 $ 2,417 $ 1,269 $ 2,986 Closing 1,640 4,714 1,351 2,417 Increase/(Decrease) $ 289 $ 2,297 $ 82 $ ( 569 ) The increase in contract liabilities is due to the added contract liabilities from Nugget and Rocky Gap. Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s 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. Pari-mutuel, sports betting and iGaming revenue includes the following for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, Amounts in thousands 2023 2022 2021 Pari-mutuel revenue $ 15,980 $ 16,310 $ 16,484 Sports betting revenue 3,053 2,734 2,166 iGaming revenue 1,132 563 198 Total $ 20,165 $ 19,607 $ 18,848 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 9. LEASES The Company determines if an arrangement is a lease at inception. 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 48 years. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Notes 2 and 7). The components of lease expense were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Operating lease expense $ 5,686 $ 5,345 $ 5,864 Finance lease expense: Amortization of right-of-use assets $ 108 $ 136 $ 128 Interest on lease liabilities 40 29 6 Total finance lease expense $ 148 $ 165 $ 134 Variable lease expense $ 1,405 $ 1,478 $ 1,290 Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland. Supplemental cash flow information related to leases was as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 41 $ 25 $ 6 Operating cash flows from operating leases 5,499 5,168 5,201 Financing cash flows from finance leases 166 157 123 Right-of-use assets obtained in exchange for operating lease liabilities $ 3,718 $ 1,076 $ 407 Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands December 31, 2023 December 31, 2022 Operating leases Leased right-of-use assets, net $ 25,973 $ 27,190 Current portion of operating lease liabilities 3,395 3,947 Operating lease liabilities, net of current portion 25,834 26,016 Total operating lease liabilities 29,229 29,963 Finance leases Finance lease right-of-use assets, gross 1,028 764 Accumulated depreciation ( 296 ) ( 175 ) Property and equipment, net 732 589 Current portion of finance lease liabilities 199 150 Finance lease liabilities, net of current portion 427 399 Total finance lease liabilities 626 549 Weighted-average remaining lease term Operating leases 14.6 years 10.5 years Finance leases 3.4 years 3.6 years Weighted-average discount rate Operating leases 8.7 % 4.9 % Finance leases 7.7 % 7.0 % Maturities of lease liabilities as of December 31, 2023 were as follows: Amounts in thousands Operating Leases Finance Leases 2024 $ 4,989 $ 240 2025 4,171 221 2026 3,863 143 2027 3,803 72 2028 3,684 39 Thereafter 36,568 — Total lease payments 57,078 715 Less imputed interest ( 27,849 ) ( 89 ) Total $ 29,229 $ 626 10 |
Other Balance Sheet Captions
Other Balance Sheet Captions | 12 Months Ended |
Dec. 31, 2023 | |
Other Balance Sheet Captions [Abstract] | |
Other Balance Sheet Captions | 10. OTHER BALANCE SHEET CAPTIONS Accrued liabilities include the following as of December 31, 2023 and 2022: December 31, Amounts in thousands 2023 2022 Accrued commissions (AGLC) $ 3,141 $ 2,436 Progressive slot, table and on track liability 6,243 3,719 Player point liability 2,296 1,047 Chip liability 1,087 639 Racing-related liabilities 482 814 Deposit liability 513 368 Deferred revenue 1,995 1,026 Construction liability 4,546 3,562 Other accrued liabilities 8,753 5,401 Total $ 29,056 $ 19,012 Accrued commissions (AGLC) include the portion of slot machine net sales and table game wins owed to the AGLC as of December 31, 2023 and 2022. Taxes payable include the following as of December 31, 2023 and 2022: December 31, Amounts in thousands 2023 2022 Accrued property taxes $ 1,485 $ 1,478 Gaming taxes payable 6,199 6,787 Income taxes payable 12,145 1,238 Other taxes payable 1,172 298 Total $ 21,001 $ 9,801 Taxes payable and other include the following as of December 31, 2023 and 2022: December 31, Amounts in thousands 2023 2022 Caruthersville project financing $ 40,100 $ 5,000 Income taxes payable - long term 1,031 1,265 Other taxes payable and other 627 700 Total $ 41,758 $ 6,965 The Caruthersville project financing liability will become part of the Master Lease financing obligation once construction on the project is complete. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Since March 2000, the Company has had a discretionary program to repurchase the Company’s outstanding common stock. The total remaining authorization under the repurchase program was $ 14.7 million as of December 31, 2023. The Company did no t repurchase any shares of its common stock during 2023 and 2022. The repurchase program has no set expiration or termination date. The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the board of directors. The Company does not have any minimum capital requirements related to its status as a US corporation in the state of Delaware. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION At the 2005 annual meeting of stockholders, stockholders of the Company approved an equity incentive plan (as amended, the “2005 Plan”). The 2005 Plan expired in June 2015. There are stock options issued under the 2005 Plan that remain outstanding. The 2005 Plan provided for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provided for the issuance of up to 2,000,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company was not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options were required to have an exercise period not to exceed ten years . The Company had granted awards of incentive stock options and non-qualified stock options under the 2005 Plan, all of which had exercise prices that were not less than the fair market value at the date of grant. Options granted had six month , one year , three year or four year vesting periods. All outstanding options were issued at market value as of the date of the grant. Stockholders of the Company approved the 2016 Equity Incentive Plan (the “2016 Plan”) at the 2016 annual meeting of stockholders. The 2016 Plan will expire in June 2026 . The 2016 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2016 Plan. The 2016 Plan provides for the issuance of up to 3,500,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company is not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options are required to have an exercise period not to exceed ten years . As of December 31, 2023, the Company has granted 3,048,507 performance stock units (“PSUs”), restricted stock units (“RSUs”) and stock options under the 2016 Plan. Any committee as delegated by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2016 Plan also allows limited transferability of any stock options to legal entities that are 100 % owned or controlled by the optionee or to the optionee’s family trust. PSUs The PSUs vest subject to market and performance conditions. The conditions are weighted 25 % based on market conditions and 75 % based on performance conditions. Market conditions are based on the Company’s total shareholder return (“TSR”) relative to a select group of peer companies at the end of a three year performance period. Performance conditions are based on the Company’s actual Adjusted EBITDAR over the three year performance period compared to forecasted Adjusted EBITDAR over the same period. Depending on the TSR and Adjusted EBITDAR at the end of the performance period, anywhere from 0 % to 200 % of the target grant may vest. Expense is recognized on a straight-line basis over the performance period beginning on the date of grant. Probability is assessed quarterly on the performance conditions and compensation expense is adjusted accordingly. Actual forfeitures are recognized as they occur. Activity in the Company’s stock-based compensation plan for the PSUs was as follows: Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 687,219 $ 6.47 Granted 268,947 6.44 Vested — — Forfeited ( 141,002 ) 11.97 Nonvested at December 31, 2021 815,164 $ 5.51 Granted 420,989 10.22 Vested ( 227,510 ) 9.17 Forfeited ( 21,481 ) 6.14 Nonvested at December 31, 2022 987,162 $ 6.66 Granted 473,157 9.04 Vested ( 302,988 ) 3.28 Forfeited ( 100,995 ) 5.14 Nonvested at December 31, 2023 1,056,336 $ 8.84 At December 31, 2023, there was a total of $ 3.7 million of total unrecognized compensation expense related to the PSUs. The cost is expected to be recognized over a weighted-average period of 1.7 years. The PSUs granted during 2021 will vest in March 2024. The fair value of the PSUs granted is estimated on the date of grant using the Monte Carlo model with the following assumptions: Assumptions for PSU Awards 2023 2022 2021 Risk-free interest rate 4.09 % 2.47 % 0.19 % Expected life 2.9 years 2.8 years 2.9 years Expected volatility 91.8 % 91.0 % 82.2 % Expected dividends $ 0 $ 0 $ 0 Forfeiture rate 0 % 0 % 0 % Stock Options Activity related to options in the Company’s stock-based compensation plans for employee stock options was as follows: Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2023 1,075,000 $ 5.05 1.99 1,075,000 $ 5.05 Granted (2) 1,020,000 5.61 Exercised ( 25,000 ) 5.05 Cancelled or forfeited (2) ( 1,020,000 ) 5.05 Expired — — Outstanding at December 31, 2023 1,050,000 $ 5.59 1.81 285,000 $ 5.55 (1) In years (2) Employees with options expiring in December 2024 were given the option to cancel their existing $ 5.05 options and exchange them for $ 5.61 options expiring in September 2033. Six employees exchanged their options. The exchange increased compensation expense related to employee stock options by $ 0.6 million for the year ended December 31, 2023. The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2023: Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $ 5.05 30,000 30,000 $ — $ — 1.0 1.0 $ 5.61 1,020,000 255,000 — — 9.7 9.7 1,050,000 285,000 $ — $ — 9.5 8.8 (1) In years The aggregate intrinsic value represents the difference between the Company’s closing stock price of $ 4.88 per share as of December 31, 2023 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. At December 31, 2023, there was a total of $ 1.2 million of unrecognized compensation expense related to employee stock options. The cost is expected to be recognized over a weighted-average period of 2.7 years. Assumptions for Employee Stock Options 2023 Risk-free interest rate 4.27 % Expected life 6.8 years Expected volatility 58.1 % Expected dividend 0 % Forfeiture rate 0 Director Equity The Company’s outside directors were issued 4,071 RSUs with a grant date fair value of $ 7.37 per share during 2023. The RSUs will vest in March 2024. There were no options issued to directors of the Company during 2023. As of December 31, 2023, there were 96,700 options outstanding to independent directors of the Company with a weighted-average exercise price of $ 7.16 per share. At December 31, 2023, there was less than $ 0.1 million in unrecognized compensation expense related to directors’ RSUs and options. Additional Stock Information The following table includes additional information related to exercises of stock options: For the year ended December 31, Amounts in thousands 2023 2022 2021 Intrinsic value of share-based awards exercised $ 15 $ 183 $ 451 Stock-based compensation expense was recognized in general and administrative expenses on the Company’s consolidated statements of (loss) earnings as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Compensation expense: 2016 Plan $ 3,610 $ 3,335 $ 2,652 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The Company’s US and foreign pre-tax (loss) income is summarized in the table below: Amounts in thousands 2023 2022 2021 (Loss) income before taxes: US $ ( 30,793 ) $ ( 10,142 ) $ 29,715 Foreign 6,961 16,152 ( 1,566 ) Total (loss) income before taxes $ ( 23,832 ) $ 6,010 $ 28,149 The Company’s (benefit) provision for income taxes is summarized as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 US - Current $ 1,088 $ 3,176 $ 5,160 US - Deferred ( 6,504 ) ( 14,981 ) — (Benefit) provision for US income taxes $ ( 5,416 ) $ ( 11,805 ) $ 5,160 Foreign - Current $ 17,085 $ 4,291 $ 866 Foreign - Deferred ( 17,012 ) ( 146 ) 345 Provision for foreign income taxes $ 73 $ 4,145 $ 1,211 Total (benefit) provision for income taxes $ ( 5,343 ) $ ( 7,660 ) $ 6,371 The Company’s effective income tax rate differs from the statutory federal income tax rate as follows: Amounts in thousands 2023 2022 2021 US federal income tax statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential 23.3 % 18.6 % ( 0.5 %) State income tax (net of federal benefit) 2.1 % 0.9 % 3.0 % Income taxed to owners of non-controlling interest (Smooth Bourbon) 4.7 % — — Meals, entertainment, gifts and giveaways ( 1.0 %) 3.7 % 0.4 % Statutory to US GAAP adjustments, including foreign currency 0.8 % ( 3.7 %) 2.6 % Valuation allowance ( 5.5 %) ( 173.5 %) ( 4.6 %) Unrecognized tax benefit ( 0.3 %) ( 4.7 %) ( 0.3 %) Stock options ( 1.0 %) 7.0 % 1.3 % Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits — 2.5 % — Foreign dividend withholding - current ( 5.1 %) — — Foreign dividend withholding - unremitted earnings ( 15.0 %) — — Permanent and other items ( 1.6 %) 0.7 % ( 0.3 %) Total provision for income taxes 22.4 % ( 127.5 %) 22.6 % The Company’s effective income tax rate for the year ended December 31, 2023 was 22.4 %. The federal corporate income tax rate in the United States for 2023 was 21 %. The Company is also subject to Colorado, Missouri, West Virginia and Maryland state jurisdictions that had corporate tax rates ranging from 4.0 % to 8.25 % in 2023. The Company’s foreign tax rate differential reflects the fact that the US federal corporate income tax rate differs from statutory rates in Poland, Austria, Mauritius and Canada, which are 19.0 %, 25.0 %, 15.0 % and 23.0 %, respectively. Additionally, the Company had a preferential tax rate of 11.5 % on a portion of the taxable gain recognized from the Canada Real Estate Sale with VICI PropCo. Further, the income tax burden on the earnings taxed to the non-controlling interest holders of Smooth Bourbon is not reported by the Company. Items unfavorably impacting the effective tax rate include a foreign withholding tax related to a cash dividend paid from the Company’s Canadian subsidiary CDR to its wholly owned Austrian subsidiary CRM. Additionally, the Company does not intend to permanently reinvest its current earnings in Canada, which predominately include earnings from the Canada Real Estate Sale. In anticipation of the Company’s plan to potentially repatriate a portion of these unremitted earnings to the US in the form of a cash dividend, the Company has recorded a deferred tax liability of $ 3.6 million for the required foreign tax withholding associated with the potential dividend. Movement in the valuation allowance on Century Mile’s deferred tax assets also impacted the Company’s effective income tax rate. The movement of exchange rates for intercompany loans denominated in US dollars further impacted the effective income tax rate because foreign currency gains and losses generally are not taxed until realized. Therefore, the overall effective income tax rate can be impacted by foreign currency gains or losses in the future. The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income. The Company assesses the need for a valuation allowance based on its ability to realize the benefits of the Company’s deferred tax assets. The Company continues to maintain a full valuation allowance on deferred tax assets for CMR, CRM and Century Resorts International, Ltd. As of December 31, 2023, the Company had $ 21.5 million in net deferred tax assets in the US. These deferred tax assets include approximately $ 11.0 million for disallowed interest expense and $ 2.7 million related to net operating loss (“NOL”) carryforwards that can be used to offset taxable income in future periods. At this time, management considers it more likely than not that the Company will have sufficient taxable income in the future to utilize these deferred tax assets. However, unless the Company is able to generate sufficient taxable income in the US, a valuation allowance to reduce these deferred tax assets may be required, which would materially increase the tax expense in the period the allowance is recognized. The Company’s deferred income taxes at December 31, 2023 and 2022 are summarized as follows: Amounts in thousands 2023 2022 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 8,115 $ 8,101 Financing obligation to VICI Properties, Inc. subsidiaries 127,074 69,356 NOL carryforward 2,705 — Operating and finance leases 394 462 Disallowed interest expense 11,036 3,588 Accrued liabilities and other 1,780 1,040 151,104 82,547 Valuation allowance — — $ 151,104 $ 82,547 Deferred tax liabilities Property and equipment $ ( 126,426 ) $ ( 66,062 ) Operating and finance leases ( 375 ) ( 444 ) Prepaid expenses ( 475 ) ( 342 ) Unremitted foreign subsidiary earnings ( 2,343 ) — Other — ( 718 ) $ ( 129,619 ) $ ( 67,566 ) Long-term deferred tax asset $ 21,485 $ 14,981 Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 314 $ 276 Financing obligation to VICI Properties, Inc. subsidiaries 38,354 — NOL carryforward 10,245 7,464 Accrued liabilities and other 978 984 Operating and finance leases 5,138 8,415 Subsidiary liquidation 2,378 2,810 Exchange rate gain 589 926 57,996 20,875 Valuation allowance ( 11,389 ) ( 9,907 ) $ 46,607 $ 10,968 Deferred tax liabilities Property and equipment $ ( 24,425 ) $ ( 3,823 ) Exchange rate loss ( 4 ) ( 4 ) Intangibles ( 1,062 ) ( 1,037 ) Operating and finance leases ( 4,485 ) ( 7,726 ) Unremitted foreign subsidiary earnings ( 1,225 ) — Others ( 609 ) ( 592 ) $ ( 31,810 ) $ ( 13,182 ) Long-term deferred tax asset (liability) $ 14,797 $ ( 2,214 ) The Company has analyzed filing positions in all of the US federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its US federal tax return, its state tax returns in Colorado, Missouri, West Virginia and Maryland and its foreign tax returns in Canada and Poland as “major” tax jurisdictions, as defined by the Internal Revenue Code. The Company is currently under tax audits in Canada for two of its subsidiaries. Any adjustment made by a taxing authority in the future could impact the effective tax rate. The Company’s income tax returns for the following periods are currently subject to examination: Jurisdiction Periods US Federal 2017 (1) , 2020 - 2022 US State - Colorado 2019 - 2022 US State – Missouri 2020 - 2022 US State – West Virginia 2020 - 2022 Canada 2008 - 2022 Mauritius 2020 - 2022 Poland 2018 - 2022 Austria 2018 - 2022 (1) The 2017 tax period subject to examination only applies to the Company’s transition tax liability in the United States. The Company had income tax net operating loss carryforwards related to its domestic and international operations of approximately $ 61.7 million as of December 31, 2023. The Company had recorded $ 13.0 million of deferred tax assets related to the net operating loss carryforwards, excluding the impact of the adjustments of valuation allowances and unrecognized tax benefits. The deferred tax assets expire as follows: Amounts in thousands 2023 - 2033 $ 153 2034 - 2043 8,747 No expiration 4,050 Total deferred tax assets $ 12,950 Certain net operating loss carryforwards in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those net operating loss carryforwards are presented net of these unrecognized tax benefits. As of December 31, 2023, the Company has accumulated undistributed earnings generated by its foreign subsidiaries that significantly exceed the approximately $ 118.0 million of cash and cash equivalents held by its foreign subsidiaries. Because substantially all of these accumulated undistributed earnings have previously been subject to the one-time transition tax on foreign earnings required by the Tax Act or have been subject to tax under the GILTI regime, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company’s foreign investments would generally be limited to foreign withholding and the tax effect of current gains or losses. Historically, the Company has intended to indefinitely reinvest these earnings in its foreign subsidiaries. Following the completion of the Canada Real Estate Sale with VICI PropCo, the Company intends to repatriate a portion of its Canadian current earnings for use in the US. As such, the Company has recorded a deferred tax liability of $ 3.6 million in anticipation of the foreign withholding tax required on a cash dividend to the US. Absent a need for additional funds in the US, management intends to indefinitely reinvest the historical earnings in Canada and other foreign jurisdictions. As of December 31, 2023, the Company’s unrecognized tax benefit totaled $ 0.5 million due to the Company’s ability to utilize pre-acquisition net operating losses. The net increase in the current year unrecognized tax benefit is due to a change in foreign exchange rates. A portion of this adjustment has been recorded as a component of taxes payable in the accompanying consolidated balance sheet as of December 31, 2023. The Company received notification of an examination by Canada Revenue Agency and will assess the ability to recognize $ 0.5 million in income tax benefits upon completion of the examination, which is anticipated to conclude during 2024. The recognition of the income tax benefits would affect the effective tax rate. The Company’s total amount of unrecognized tax benefit and changes to unrecognized tax benefit during the years ended December 31, 2023 and 2022 are summarized in the table below: Amounts in thousands 2023 2022 Unrecognized tax benefit - January 1 $ 528 $ 777 Gross increases - tax positions in prior period 11 — Gross decreases - tax positions in prior period — ( 31 ) Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations — ( 218 ) Unrecognized tax benefit - December 31 $ 539 $ 528 The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued penalties and interest of $ 0.1 million during 2023. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 14. 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 year ended December 31, 2023. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. The Company applied the acquisition method of accounting for the Nugget Acquisition and the Rocky Gap Acquisition. Identifiable assets and liabilities assumed were recognized and measured at fair value as of the acquisition dates. See Note 3 for more information about and accounting for the Nugget Acquisition and the Rocky Gap Acquisition. There were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2022. Long-Term Debt – The carrying values of the Goldman Credit Agreement, the UniCredit Term Loan and CPL’s short term line of credit approximate fair value based on variable interest paid on the obligations. The estimated fair values of the outstanding balances under the Goldman Credit Agreement and UniCredit Term Loan 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 values of 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 December 31, 2023 and 2022, the Company had no cash equivalents. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | 15. SEGMENT AND GEOGRAPHIC INFORMATION The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. 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 those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s operations related to 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 as of December 31, 2023: Reportable Segment Operating Segment Reporting Unit United States East Mountaineer Casino, Resort & Races (1) Rocky Gap Casino, Resort & Golf (1) Midwest Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek Century Casino Cape Girardeau (1) Century Casino Caruthersville (1) and The Farmstead West Nugget Casino Resort and Smooth Bourbon, LLC Canada Canada (2) Century Casino & Hotel - Edmonton (1) Century Casino St. Albert (1) Century Mile Racetrack and Casino (1) Century Downs Racetrack and Casino (1) 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 and its affiliates. (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 EBITDAR as a primary profit measure for its reportable segments. Adjusted EBITDAR Adjusted EBITDAR is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, 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 EBITDAR 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 EBITDAR is not considered a measure of performance recognized under US GAAP. The following tables provide summary information regarding the Company’s reportable segments: For the year ended December 31, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 380,591 $ 75,449 $ 94,105 $ 61 $ 550,206 Earnings from equity investment — — — 1,121 1,121 Earnings (loss) before income taxes 25,974 7,071 6,704 ( 63,581 ) ( 23,832 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 18,036 $ 8,626 $ 3,446 $ ( 58,306 ) $ ( 28,198 ) Interest expense (income), net (2) 38,024 11,527 ( 345 ) 42,605 91,811 Income tax expense (benefit) 2,654 ( 4,256 ) 1,534 ( 5,275 ) ( 5,343 ) Depreciation and amortization 33,739 4,590 2,482 232 41,043 Net earnings attributable to non-controlling interests 5,284 2,701 1,724 — 9,709 Non-cash stock-based compensation — — — 3,610 3,610 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 84 ) ( 3,195 ) ( 810 ) 401 ( 3,688 ) Loss on disposition of fixed assets 537 10 31 113 691 Acquisition costs — — — 4,412 4,412 Adjusted EBITDAR $ 98,190 $ 20,003 $ 8,062 $ ( 12,208 ) $ 114,047 Long-lived assets (4) $ 947,075 $ 137,543 $ 26,736 $ 3,328 $ 1,114,682 Total assets (5) $ 1,018,926 $ 238,643 $ 39,892 $ 62,201 $ 1,359,662 Capital expenditures $ 55,389 $ 2,330 $ 1,816 $ 86 $ 59,621 (1) Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $ 7.3 million in Canada relates to the debt extinguishment of the CDR land lease. (3) Incl uded in the Canada segment is $ 1.7 million related to the earn out from the sale of casino operations in Calgary in 2020 and $ 3.5 million cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets in the United States segment include $ 283.6 million related to the Nugget Acquisition and $ 261.7 million related to the Rocky Gap Acquisition. (5) Total assets in the United States segment include $ 298.8 million related to the Nugget Acquisition and $ 268.9 million related to the Rocky Gap Acquisition. For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 Earnings from equity investment — — — 3,249 3,249 Earnings (loss) before income taxes 32,354 11,211 11,044 ( 48,599 ) 6,010 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 24,759 $ 6,070 $ 5,811 $ ( 28,664 ) $ 7,976 Interest expense (income), net (2) 28,531 2,281 ( 686 ) 34,854 64,980 Income tax expense (benefit) 7,595 2,354 2,326 ( 19,935 ) ( 7,660 ) Depreciation and amortization 19,364 4,754 2,606 385 27,109 Net earnings attributable to non-controlling interests — 2,787 2,907 — 5,694 Non-cash stock-based compensation — — — 3,335 3,335 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 123 ( 1,153 ) ( 205 ) ( 1,236 ) Loss (gain) on disposition of fixed assets 49 27 63 ( 121 ) 18 Acquisition costs — — — 3,124 3,124 Adjusted EBITDAR $ 80,297 $ 18,396 $ 11,874 $ ( 7,227 ) $ 103,340 Long-lived assets (4) $ 466,403 $ 139,304 $ 27,134 $ 8,192 $ 641,033 Total assets (5) $ 425,820 $ 162,088 $ 42,173 $ 254,886 $ 884,967 Capital expenditures $ 16,000 $ 1,566 $ 1,578 $ 49 $ 19,193 (1) Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment . (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by $ 1.9 million cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. (5) Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 Earnings from equity investment — — — — — Earnings (loss) before income taxes 49,628 3,312 921 ( 25,712 ) 28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 49,628 $ 1,124 $ 440 $ ( 30,570 ) $ 20,622 Interest expense (income), net (2) 28,229 1,796 ( 477 ) 13,110 42,658 Income tax expense — 1,256 257 4,858 6,371 Depreciation and amortization 18,398 4,904 3,028 432 26,762 Net earnings attributable to non-controlling interests — 932 224 — 1,156 Non-cash stock-based compensation — — — 2,652 2,652 Gain on foreign currency transactions, cost recovery income and other (3) ( 836 ) ( 545 ) ( 887 ) ( 418 ) ( 2,686 ) Loss (gain) on disposition of fixed assets 341 43 44 ( 37 ) 391 Adjusted EBITDAR $ 95,760 $ 9,510 $ 2,629 $ ( 9,973 ) $ 97,926 Long-lived assets (4) $ 376,210 $ 152,278 $ 29,865 $ 3,412 $ 561,765 Total assets $ 422,409 $ 179,297 $ 44,204 $ 57,448 $ 703,358 Capital expenditures $ 8,672 $ 646 $ 163 $ 531 $ 10,012 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. (3) Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. |
Commitments, Contingencies And
Commitments, Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2023 | |
Commitments, Contingencies And Other Matters [Abstract] | |
Commitments And Contingencies And Other Matters | 16. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations. The Company had a contingent liability related to a series of tax audits conducted by the Polish IRS related to the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and prevailed in several court challenges by CPL. Through December 31, 2023, CPL has paid PLN 14.3 million ($ 4.2 million) to the Polish IRS related to these audits. The statute of limitations expired on all periods in which CPL calculated personal income tax in which the Polish IRS disagreed. The Company adjusted its contingent liability related to the CPL taxes to remove the estimated taxes accrued for these tax years due to the statute of limitations expiring. The adjustments reduced the contingent liability by PLN 1.8 million ($ 0.5 million) in December 2021 and were recorded as gain on foreign currency transactions, cost recovery income and other on the Company’s consolidated statement of (loss) earnings for the year ended December 31, 2021. In September 2022, the Polish IRS reimbursed PLN 1.8 million ($ 0.4 million based on the exchange rate in effect on September 30, 2022) plus interest, after CPL prevailed in a court challenge of a 2011 tax audit. In September 2021, the Polish IRS reimbursed CPL PLN 2.4 million ($ 0.6 million based on the exchange rate in effect on September 30, 2021) plus interest, after CPL prevailed in a court challenge of a 2012 tax audit. The Company recorded the Polish IRS reimbursement to gain on foreign currency transactions, cost recovery income and other on its consolidated statements of (loss) earnings for the years ended December 31, 2022 and 2021. Any additional tax obligations are not probable or estimable and no additional future tax obligations as a result of these matters are expected. Distribution to Non-Controlling Interest – The Company purchased a portion of its ownership interest in CDR in November 2013. Prior to the Company’s acquisition of its ownership interest in CDR, the non-controlling shareholders built infrastructure in the land surrounding CDR. When funds for the use of this infrastructure are received by CDR from unrelated parties, they are distributed to CDR’s non-controlling shareholders through non-controlling interest. The Company distributed $ 3.5 million, $ 2.0 million and $ 0.7 million related to the infrastructure to CDR’s non-controlling shareholders during the years ended December 31, 2023, 2022 and 2021, respectively. Employee Benefit Plans – The Company provides its employees in the United States with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six year period. The Company contributed $ 1.0 million, $ 0.5 million and $ 0.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan (the “RSP Plan”) and Registered Pension Plan (the “RPP Plan”, and collectively the “RSP and RPP Plans”). The RSP and RPP Plans allow eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants in the RPP Plan become fully vested in employer contributions over a two year period, and participants in the RSP Plan become fully vested in employer contributions immediately. The Company contributed $ 0.3 million, $ 0.3 million and $ 0.2 million to the RSP and RPP Plans for the years ended December 31, 2023, 2022 and 2021, respectively. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Transactions With Related Parties [Abstract] | |
Transactions With Related Parties | 17. TRANSACTIONS WITH RELATED PARTIES The Company has entered into separate management agreements with Flyfish Management & Consulting AG (“Flyfish”), a management company controlled by Co CEO Erwin Haitzmann, and with Focus Lifestyle and Entertainment AG (“Focus”), a management company controlled by Co CEO Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of (loss) earnings are payments to both Flyfish and Focus for a total of $ 0.8 million, $ 0.7 million, and $ 0.7 million for ended December 31, 2023, 2022 and 2021, respectively. The Company has entered into an agreement with Marnell, with which the Company owns 50 % of Smooth Bourbon, for general contracting and consulting services. The Company had a liability of less than $ 0.1 million related to open invoices in accounts payable and $ 0.4 million related to construction performed by Marnell in accrued liabilities on its consolidated balance sheets for the years ended December 31, 2023 and 2022, respectively. The Company has also entered into a consulting agreement with Marnell for services after the Nugget Acquisition was completed. Fees incurred under the agreement were $ 0.4 million for the year ended December 31, 2023 and were recorded as general and administrative expenses in the United States segment. The agreement ended on September 30, 2023. Additional expenses related to Marnell were $ 0.1 million for the year ended December 31, 2023 and were recorded as general and administrative expenses in the United States segment. No services were performed under the agreement during the year ended December 31, 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to material subsequent events in its consolidated financial statements and related notes. The Company repurchased approximately $ 3.5 million principal amount of the Goldman Term Loan at 97 % of its value in February 2024. In Poland, the Company was granted licenses for the two casinos that it had closed in October 2023 due to the expiration of the casino licenses. The Company reopened the casino in Bielsko-Biala in February 2024 and anticipates reopening the casino in Katowice in March 2024. In November 2023, the Company closed its Wroclaw casino due to the expiration of the casino license. The Company was granted a new license for Wroclaw in December 2023 and anticipates reopening the casino in a new location in the third quarter of 2024. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL, CDR and Smooth Bourbon as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL, CDR and Smooth Bourbon that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement: In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 early adopted ASU 2023-01 as of January 1, 2023. Adoption of the standard had no material impact on the Company’s financial statements. |
Accounting Pronouncements Pending Adoption | Accounting Pronouncements Pending Adoption – In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative (“ASU 2023-06”). The objective of ASU 2023-06 is to update and simplify disclosure requirements and is intended to align US GAAP and SEC requirements. Early adoption of ASU 2023-06 is not permitted. The guidance relates to various topics and is effective on the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. The Company is reviewing the updates provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The objective of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, as well enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and other disclosure requirements. Early adoption of ASU 2023-07 is permitted. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is reviewing the updates provided by this standard. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740); Improvements to Income Tax Disclosures (“ASU 2023-09”). The objective of ASU 2023-09 is to improve income tax disclosure requirements. Under ASU 2023-09, entities must annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Early adoption of ASU 2023-07 is permitted. The guidance is effective for annual periods beginning after December 15, 2024. The Company is reviewing the updates provided by this standard. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements or notes thereto. |
Cash and Cash Equivalents | Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. As of December 31, 2023 and 2022, the Company had no cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2023 2022 Cash and cash equivalents $ 171,327 $ 101,785 Restricted cash — 100,151 Restricted cash included in deposits and other 263 195 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 171,590 $ 202,131 As of December 31, 2023, the Company had $ 0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and $ 0.1 million in deposits related to insurance policies in restricted cash included in deposits and other on its consolidated balance sheet. As of December 31, 2022, the Company had $ 100.2 million related to the Acquisition Escrow in restricted cash 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 consolidated balance sheet. |
Concentrations Of Credit Risk | Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. |
Accounts Receivable | Accounts Receivable – Accounts receivable are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. |
Inventories | Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. |
Property And Equipment | Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment. |
Goodwill | Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill. |
Intangible Assets | Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company’s intangible assets identified as indefinite-lived intangible assets are not amortized. The Company’s finite-lived intangible assets are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets. |
Financing Obligation With VICI PropCo | Financing Obligation with VICI PropCo – In accordance with ASC 842, “Leases” (“ASC 842”), for transactions in which the Company enters into a contract to sell an asset and leases it back from the seller under a sale and leaseback transaction, the Company must determine whether control of the asset has transferred from the Company. In cases whereby control has not transferred from the Company, the Company continues to reflect the real estate assets on its consolidated balance sheets and continues to recognize depreciation expense over the shorter of the remaining useful life or the lease term. Additionally, a financial liability is recognized and referred to as a financing obligation, in accordance with ASC 470, “Debt” (“ASC 470”). The accounting for financing obligations under ASC 470 is materially consistent with the accounting for finance leases under ASC 842. The Company concluded that its Master Lease is required to be accounted for as a financing obligation. See Note 7 for additional information about the Company’s financing obligation. The Company does not recognize rent expense related to these leased assets; instead, a portion of the minimum lease payments under the Master Lease are recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method . Contingent payments and payments on account of CPI increases are recorded as interest expense as incurred. In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of (loss) earnings, which causes the financing obligation to increase. |
Foreign Currency | Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2023 2022 Canadian dollar (CAD) 1.3232 1.3550 Euros (EUR) 0.9030 0.9393 Polish zloty (PLN) 3.9155 4.4004 For the year ended December 31, % Change Average Rates 2023 2022 2021 2023/2022 2022/2021 Canadian dollar (CAD) 1.3496 1.3011 1.2537 ( 3.7 %) ( 3.8 %) Euros (EUR) 0.9248 0.9506 0.8456 2.7 % ( 12.4 %) Polish zloty (PLN) 4.2034 4.4559 3.8608 5.7 % ( 15.4 %) Source: 2023 and 2022 Xe Currency Converter, 2021 Pacific Exchange Rate Service |
Comprehensive Loss | Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. |
Revenue Recognition | Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $ 72.9 million, $ 42.4 million and $ 39.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage and Other Sales Goods and services provided include hotel room rentals, food and beverage sales and retail sales. The majority of the hotel, food and beverage and other sales contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGaming Sports betting revenue involves wagers on sporting events, and iGaming revenue involves wagers on casino games through an online platform. The Company partners with sports betting and iGaming operators at its Colorado, West Virginia and Nevada casinos to provide these services. The agreements generally provide the Company with a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting Fees The Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. |
Promotional Allowances | Promotional Allowances – The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2023, 2022 and 2021, the estimated direct costs of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Hotel $ 542 $ 348 $ 293 Food and beverage 4,208 2,065 1,789 $ 4,750 $ 2,413 $ 2,082 |
Loyalty Programs | Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $ 2.3 million and $ 1.0 million as of December 31, 2023 and 2022, respectively. |
Stock-Based Compensation | Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. |
Advertising Costs | Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $ 5.6 million, $ 3.6 million and $ 2.3 million in the years ended December 31, 2023, 2022 and 2021, respectively, and are included in gaming expenses on the Company’s consolidated statements of (loss) earnings. |
Income Taxes | Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. |
Earnings Per Share | Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2023, 2022 and 2021 were as follows: For the year ended December 31, Amounts in thousands 2023 2022 2021 Weighted average common shares, basic 30,274 29,809 29,593 Dilutive effect of stock options — 1,671 1,795 Weighted average common shares, diluted 30,274 31,480 31,388 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2023 2022 2021 Stock options 1,911 2,740 2,572 |
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 membership interests in Smooth Bourbon at the First Closing, 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 and reported its interest in Smooth Bourbon as an equity investment. 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 and no longer reports its interest in Smooth Bourbon as an equity investment. See Note 3 for additional information about Smooth Bourbon. |
Government Wage and Rent Subsidies | Government Wage and Rent Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the year ended December 31, 2021, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($ 2.5 million based on the exchange rate in effect on December 31, 2021). In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize for a limited period rent for businesses experiencing a drop in revenue. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($ 1.3 million based on the average exchange rate for the year ended December 31, 2021). There were no wage or rent subsidies received in Canada for the years ended December 31, 2023 and 2022. Wage credits and subsidies were also provided by the US and Polish governments in 2021 but were immaterial. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open | Operating Segment Closure Date Reopen Date Canada December 13, 2020 June 10, 2021 Poland December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 |
Schedule of Ship Operations | Ship Operated From Operated To Mein Schiff Herz April 5, 2022 April 16, 2023 Mein Schiff 6 June 11, 2021 April 18, 2022 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | December 31, December 31, Amounts in thousands 2023 2022 Cash and cash equivalents $ 171,327 $ 101,785 Restricted cash — 100,151 Restricted cash included in deposits and other 263 195 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 171,590 $ 202,131 |
Schedule Of Depreciation Period Of Property And Equipment | Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years |
Schedule Of Exchange Rates Used To Translate Balances | As of December 31, As of December 31, Ending Rates 2023 2022 Canadian dollar (CAD) 1.3232 1.3550 Euros (EUR) 0.9030 0.9393 Polish zloty (PLN) 3.9155 4.4004 For the year ended December 31, % Change Average Rates 2023 2022 2021 2023/2022 2022/2021 Canadian dollar (CAD) 1.3496 1.3011 1.2537 ( 3.7 %) ( 3.8 %) Euros (EUR) 0.9248 0.9506 0.8456 2.7 % ( 12.4 %) Polish zloty (PLN) 4.2034 4.4559 3.8608 5.7 % ( 15.4 %) Source: 2023 and 2022 Xe Currency Converter, 2021 Pacific Exchange Rate Service |
Schedule Of Promotional Allowances | For the year ended December 31, Amounts in thousands 2023 2022 2021 Hotel $ 542 $ 348 $ 293 Food and beverage 4,208 2,065 1,789 $ 4,750 $ 2,413 $ 2,082 |
Schedule Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2023 2022 2021 Weighted average common shares, basic 30,274 29,809 29,593 Dilutive effect of stock options — 1,671 1,795 Weighted average common shares, diluted 30,274 31,480 31,388 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2023 2022 2021 Stock options 1,911 2,740 2,572 |
Acquisition And Equity Invest_2
Acquisition And Equity Investment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule Of Pro Forma Information | For the year ended December 31, Amounts in thousands, except for per share information 2023 2022 Net operating revenue $ 608,776 $ 607,651 Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 36,349 ) $ 15,564 |
Schedule of Summarized Financial Information | For the year ended Amounts in thousands December 31, 2023 December 31, 2022 Operating Results Net operating revenue $ 4,059 $ 11,501 Earnings from continuing operations $ 3,833 $ 11,219 Net earnings $ 2,241 $ 6,497 Net earnings attributable to Century Casinos, Inc. $ 1,121 $ 3,249 |
Nugget Sparks, LLC [Member] | |
Schedule Of Estimated Fair Values Of Assets And Liabilities | Amounts in thousands Cash $ 6,764 Receivables 1,689 Prepaid expenses 3,715 Inventories 2,681 Property and equipment 211,811 Intangible assets 29,940 Accounts payable ( 2,622 ) Accrued liabilities ( 4,092 ) Accrued payroll ( 2,348 ) Taxes payable ( 998 ) Finance lease liabilities ( 184,700 ) Net identifiable assets acquired 61,840 Add: Goodwill 43,716 Net assets acquired $ 105,556 |
Schedule of Purchase Consideration Net Cash Outflow | Amounts in thousands Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration $ 100,000 Working capital adjustments 5,556 Less: Cash balances acquired ( 6,764 ) Net cash used in investing activities $ 98,792 |
Smooth Borbon Investment [Member] | |
Changes In Carrying Amount Of Investment | Amounts in thousands Balance at January 1, 2023 Acquisition Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at December 31, 2023 Smooth Bourbon $ 93,260 $ — $ 1,121 $ ( 2,256 ) $ ( 92,125 ) $ — Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Conversion to Consolidated Subsidiary Balance at December 31, 2022 Smooth Bourbon $ — $ 95,000 $ 3,249 $ ( 4,989 ) $ — $ 93,260 |
Rocky Gap Casino Resort [Member] | |
Schedule Of Estimated Fair Values Of Assets And Liabilities | Amounts in thousands Cash $ 6,653 Receivables 79 Prepaid expenses 876 Inventories 724 Other current assets 33 Property and equipment 209,764 Leased right-of-use assets 3,441 Intangible assets 23,290 Deposits and other 37 Accounts payable ( 611 ) Accrued liabilities ( 2,564 ) Accrued payroll ( 1,393 ) Taxes payable ( 202 ) Operating lease liabilities ( 3,441 ) Finance lease liabilities ( 203,925 ) Net identifiable assets acquired 32,761 Add: Goodwill 26,473 Net assets acquired $ 59,234 |
Schedule of Purchase Consideration Net Cash Outflow | Amounts in thousands Outflow of cash to acquire subsidiaries, net of cash acquired Cash consideration $ 56,075 Working capital adjustments 3,159 Less: Cash balances acquired ( 6,653 ) Net cash used in investing activities $ 52,581 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31, Amounts in thousands 2023 2022 Land $ 44,662 $ 43,654 Buildings and improvements 839,793 436,207 Gaming equipment 57,750 43,590 Furniture and non-gaming equipment 75,499 47,166 Property and equipment held under finance leases (Note 9) 1,028 764 Capital projects in process 53,072 18,954 $ 1,071,804 $ 590,335 Less: accumulated depreciation ( 158,243 ) ( 125,685 ) Property and equipment, net $ 913,561 $ 464,650 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2022 $ 19,786 $ 7,402 $ 6,320 $ 33,508 Currency translation — ( 260 ) ( 504 ) ( 764 ) Gross carrying value December 31, 2022 19,786 7,142 5,816 32,744 Acquisitions 70,189 — — 70,189 Currency translation — 91 720 811 Gross carrying value December 31, 2023 89,975 7,233 6,536 103,744 Accumulated impairment losses January 1, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2023 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at December 31, 2022 $ — $ 3,767 $ 5,816 $ 9,583 Net carrying value at December 31, 2023 $ 70,189 $ 3,858 $ 6,536 $ 80,583 |
Schedule Of Intangible Assets | December 31, December 31, Amounts in thousands 2023 2022 Finite-lived Casino licenses $ 2,499 $ 2,672 Less: accumulated amortization ( 1,417 ) ( 1,763 ) 1,082 909 Trademarks 16,718 2,368 Less: accumulated amortization ( 1,843 ) ( 730 ) 14,875 1,638 Players club lists 59,253 20,373 Less: accumulated amortization ( 14,272 ) ( 8,974 ) 44,981 11,399 Total finite-lived intangible assets, net 60,938 13,946 Indefinite-lived Casino licenses 30,604 29,331 Trademarks 1,665 1,494 Total indefinite-lived intangible assets 32,269 30,825 Total intangible assets, net $ 93,207 $ 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 December 31, 2023 United States $ 17,962 $ 1,000 $ — $ 18,962 Canada 11,369 — 273 11,642 $ 29,331 $ 1,000 $ 273 $ 30,604 Amounts in thousands Balance at January 1, 2022 Consolidation of Smooth Bourbon Currency translation Balance at December 31, 2022 United States $ 17,962 $ — $ — $ 17,962 Canada 12,150 — ( 781 ) 11,369 $ 30,112 $ — $ ( 781 ) $ 29,331 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 Acquisitions Amortization Balance at December 31, 2023 United States $ 11,399 $ 38,880 $ ( 5,298 ) $ 44,981 Amounts in thousands Balance at January 1, 2022 Acquisitions Amortization Balance at December 31, 2022 United States $ 14,310 $ — $ ( 2,911 ) $ 11,399 |
Estimated Amortization Expense | Amounts in thousands 2024 $ 6,774 2025 6,799 2026 6,556 2027 3,888 2028 3,888 Thereafter 17,076 $ 44,981 |
Mountaineer Casino [Member] | Trademarks, Finite-Lived [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 Acquisitions Amortization Balance at December 31, 2023 United States $ 1,638 $ 14,350 $ ( 1,113 ) $ 14,875 Amounts in thousands Balance at January 1, 2022 Acquisitions Amortization Balance at December 31, 2022 United States $ 1,874 $ — $ ( 236 ) $ 1,638 |
Estimated Amortization Expense | Amounts in thousands 2024 $ 1,665 2025 1,665 2026 1,665 2027 1,665 2028 1,487 Thereafter 6,728 $ 14,875 |
Casinos Poland [Member] | Trademarks [Member] | |
Changes In Carrying Amount - Indefinite-Lived | Amounts in thousands Balance at January 1, 2023 Currency translation Balance at December 31, 2023 Poland $ 1,386 $ 171 $ 1,557 Corporate and Other 108 — 108 $ 1,494 $ 171 $ 1,665 Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 Poland $ 1,507 $ ( 121 ) $ 1,386 Corporate and Other 108 — 108 $ 1,615 $ ( 121 ) $ 1,494 |
Casinos Poland [Member] | Casino Licenses Finite-Lived [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2023 New Casino License Amortization Currency translation Balance at December 31, 2023 Poland $ 909 $ 537 $ ( 444 ) $ 80 $ 1,082 Amounts in thousands Balance at January 1, 2022 New Casino License Amortization Currency translation Balance at December 31, 2022 Poland $ 1,019 $ 390 $ ( 443 ) $ ( 57 ) $ 909 |
Estimated Amortization Expense | Amounts in thousands 2024 $ 331 2025 196 2026 168 2027 168 2028 129 Thereafter 90 $ 1,082 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands December 31, 2023 December 31, 2022 Credit agreement - Goldman $ 343,875 11.44 % $ 347,375 8.45 % UniCredit term loan 2,954 3.21 % 4,661 3.17 % Financing obligation - CDR land lease — — 14,388 15.05 % Total principal $ 346,829 10.89 % $ 366,424 8.72 % Deferred financing costs ( 14,149 ) ( 16,844 ) Total long-term debt $ 332,680 $ 349,580 Less current portion ( 8,468 ) ( 5,322 ) Long-term portion $ 324,212 $ 344,258 |
Schedule Of Maturities Related To Debt | Amounts in thousands Goldman Credit Agreement UniCredit Term Loan Total 2024 $ 6,991 $ 1,477 $ 8,468 2025 3,500 1,477 4,977 2026 3,500 — 3,500 2027 3,500 — 3,500 2028 3,500 — 3,500 Thereafter 322,884 — 322,884 Total $ 343,875 $ 2,954 $ 346,829 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Financing Obligation [Abstract] | |
Future Lease Payments | Amounts in thousands 2024 $ 50,152 2025 55,395 2026 56,088 2027 56,789 2028 57,499 Thereafter 2,082,469 Total payments 2,358,392 Residual value 21,643 Less imputed interest ( 1,722,028 ) Total $ 658,007 |
Total Payments And Interest Expense | For the year ended December 31, Amounts in thousands 2023 2022 2021 Payments made per Master Lease $ 39,048 $ 25,529 $ 25,271 CPI increase 1,691 137 — Total payments made including CPI increase 40,739 25,666 25,271 Cash paid for principal 1 $ — $ — $ — Cash paid for interest 40,739 25,666 25,271 Interest expense $ 42,426 $ 28,532 $ 28,232 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Summary Of Derived Revenue And Other Income | For the year ended December 31, Amounts in thousands 2023 2022 2021 Revenue from contracts with customers $ 550,206 $ 430,529 $ 388,506 Cost recovery income 3,501 1,938 655 Century Casino Calgary sale earn out revenue 1,660 — 51 Total revenue $ 555,367 $ 432,467 $ 389,212 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the year ended December 31, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 272,499 $ 46,871 $ 92,957 $ 61 $ 412,388 Pari-mutuel, sports betting and iGaming 10,145 10,020 — — 20,165 Hotel 41,750 519 — — 42,269 Food and beverage 36,803 12,532 927 — 50,262 Other 19,394 5,507 221 — 25,122 Net operating revenue $ 380,591 $ 75,449 $ 94,105 $ 61 $ 550,206 For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 232,871 $ 43,972 $ 88,959 $ 184 $ 365,986 Pari-mutuel, sports betting and iGaming 8,728 10,879 — — 19,607 Hotel 9,159 469 — — 9,628 Food and beverage 12,394 10,860 843 — 24,097 Other 5,430 5,392 367 22 11,211 Net operating revenue $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 249,397 $ 25,604 $ 56,724 $ 152 $ 331,877 Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848 Hotel 8,241 45 — — 8,286 Food and beverage 11,761 5,606 421 — 17,788 Other 5,394 4,817 1,081 415 11,707 Net operating revenue $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 |
Schedule Of Contract Assets And Liabilities | For the year ended For the year ended December 31, 2023 December 31, 2022 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,351 $ 2,417 $ 1,269 $ 2,986 Closing 1,640 4,714 1,351 2,417 Increase/(Decrease) $ 289 $ 2,297 $ 82 $ ( 569 ) |
Other Operating Revenue | For the year ended December 31, Amounts in thousands 2023 2022 2021 Pari-mutuel revenue $ 15,980 $ 16,310 $ 16,484 Sports betting revenue 3,053 2,734 2,166 iGaming revenue 1,132 563 198 Total $ 20,165 $ 19,607 $ 18,848 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components Of Lease Expense | For the year ended December 31, Amounts in thousands 2023 2022 2021 Operating lease expense $ 5,686 $ 5,345 $ 5,864 Finance lease expense: Amortization of right-of-use assets $ 108 $ 136 $ 128 Interest on lease liabilities 40 29 6 Total finance lease expense $ 148 $ 165 $ 134 Variable lease expense $ 1,405 $ 1,478 $ 1,290 |
Supplemental Cash Flow Information Related To Leases | For the year ended December 31, Amounts in thousands 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 41 $ 25 $ 6 Operating cash flows from operating leases 5,499 5,168 5,201 Financing cash flows from finance leases 166 157 123 Right-of-use assets obtained in exchange for operating lease liabilities $ 3,718 $ 1,076 $ 407 |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands December 31, 2023 December 31, 2022 Operating leases Leased right-of-use assets, net $ 25,973 $ 27,190 Current portion of operating lease liabilities 3,395 3,947 Operating lease liabilities, net of current portion 25,834 26,016 Total operating lease liabilities 29,229 29,963 Finance leases Finance lease right-of-use assets, gross 1,028 764 Accumulated depreciation ( 296 ) ( 175 ) Property and equipment, net 732 589 Current portion of finance lease liabilities 199 150 Finance lease liabilities, net of current portion 427 399 Total finance lease liabilities 626 549 Weighted-average remaining lease term Operating leases 14.6 years 10.5 years Finance leases 3.4 years 3.6 years Weighted-average discount rate Operating leases 8.7 % 4.9 % Finance leases 7.7 % 7.0 % |
Maturities Of Lease Liabilities | Amounts in thousands Operating Leases Finance Leases 2024 $ 4,989 $ 240 2025 4,171 221 2026 3,863 143 2027 3,803 72 2028 3,684 39 Thereafter 36,568 — Total lease payments 57,078 715 Less imputed interest ( 27,849 ) ( 89 ) Total $ 29,229 $ 626 |
Other Balance Sheet Captions (T
Other Balance Sheet Captions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Balance Sheet Captions [Abstract] | |
Accrued Liabilities | December 31, Amounts in thousands 2023 2022 Accrued commissions (AGLC) $ 3,141 $ 2,436 Progressive slot, table and on track liability 6,243 3,719 Player point liability 2,296 1,047 Chip liability 1,087 639 Racing-related liabilities 482 814 Deposit liability 513 368 Deferred revenue 1,995 1,026 Construction liability 4,546 3,562 Other accrued liabilities 8,753 5,401 Total $ 29,056 $ 19,012 |
Taxes Payable | December 31, Amounts in thousands 2023 2022 Accrued property taxes $ 1,485 $ 1,478 Gaming taxes payable 6,199 6,787 Income taxes payable 12,145 1,238 Other taxes payable 1,172 298 Total $ 21,001 $ 9,801 |
Taxes Payable and Other | December 31, Amounts in thousands 2023 2022 Caruthersville project financing $ 40,100 $ 5,000 Income taxes payable - long term 1,031 1,265 Other taxes payable and other 627 700 Total $ 41,758 $ 6,965 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock Based Compensation Plan For PSU's | Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2021 687,219 $ 6.47 Granted 268,947 6.44 Vested — — Forfeited ( 141,002 ) 11.97 Nonvested at December 31, 2021 815,164 $ 5.51 Granted 420,989 10.22 Vested ( 227,510 ) 9.17 Forfeited ( 21,481 ) 6.14 Nonvested at December 31, 2022 987,162 $ 6.66 Granted 473,157 9.04 Vested ( 302,988 ) 3.28 Forfeited ( 100,995 ) 5.14 Nonvested at December 31, 2023 1,056,336 $ 8.84 |
Assumptions For PSU Awards | Assumptions for PSU Awards 2023 2022 2021 Risk-free interest rate 4.09 % 2.47 % 0.19 % Expected life 2.9 years 2.8 years 2.9 years Expected volatility 91.8 % 91.0 % 82.2 % Expected dividends $ 0 $ 0 $ 0 Forfeiture rate 0 % 0 % 0 % |
Stock Options | Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2023 1,075,000 $ 5.05 1.99 1,075,000 $ 5.05 Granted (2) 1,020,000 5.61 Exercised ( 25,000 ) 5.05 Cancelled or forfeited (2) ( 1,020,000 ) 5.05 Expired — — Outstanding at December 31, 2023 1,050,000 $ 5.59 1.81 285,000 $ 5.55 (1) In years (2) Employees with options expiring in December 2024 were given the option to cancel their existing $ 5.05 options and exchange them for $ 5.61 options expiring in September 2033. Six employees exchanged their options. The exchange increased compensation expense related to employee stock options by $ 0.6 million for the year ended December 31, 2023. |
Stock Options Outstanding And Exercisable | Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $ 5.05 30,000 30,000 $ — $ — 1.0 1.0 $ 5.61 1,020,000 255,000 — — 9.7 9.7 1,050,000 285,000 $ — $ — 9.5 8.8 (1) In years |
Stock Options Valuation Assumptions | Assumptions for Employee Stock Options 2023 Risk-free interest rate 4.27 % Expected life 6.8 years Expected volatility 58.1 % Expected dividend 0 % Forfeiture rate 0 |
Additional Information Related To Stock Options | For the year ended December 31, Amounts in thousands 2023 2022 2021 Intrinsic value of share-based awards exercised $ 15 $ 183 $ 451 |
Stock-Based Compensation Expense Recognized In General And Administrative Expenses | For the year ended December 31, Amounts in thousands 2023 2022 2021 Compensation expense: 2016 Plan $ 3,610 $ 3,335 $ 2,652 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
US And Foreign Pre-Tax Income (Loss) | Amounts in thousands 2023 2022 2021 (Loss) income before taxes: US $ ( 30,793 ) $ ( 10,142 ) $ 29,715 Foreign 6,961 16,152 ( 1,566 ) Total (loss) income before taxes $ ( 23,832 ) $ 6,010 $ 28,149 |
(Benefit) Provision For Income Taxes | For the year ended December 31, Amounts in thousands 2023 2022 2021 US - Current $ 1,088 $ 3,176 $ 5,160 US - Deferred ( 6,504 ) ( 14,981 ) — (Benefit) provision for US income taxes $ ( 5,416 ) $ ( 11,805 ) $ 5,160 Foreign - Current $ 17,085 $ 4,291 $ 866 Foreign - Deferred ( 17,012 ) ( 146 ) 345 Provision for foreign income taxes $ 73 $ 4,145 $ 1,211 Total (benefit) provision for income taxes $ ( 5,343 ) $ ( 7,660 ) $ 6,371 |
Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate | Amounts in thousands 2023 2022 2021 US federal income tax statutory rate 21.0 % 21.0 % 21.0 % Foreign tax rate differential 23.3 % 18.6 % ( 0.5 %) State income tax (net of federal benefit) 2.1 % 0.9 % 3.0 % Income taxed to owners of non-controlling interest (Smooth Bourbon) 4.7 % — — Meals, entertainment, gifts and giveaways ( 1.0 %) 3.7 % 0.4 % Statutory to US GAAP adjustments, including foreign currency 0.8 % ( 3.7 %) 2.6 % Valuation allowance ( 5.5 %) ( 173.5 %) ( 4.6 %) Unrecognized tax benefit ( 0.3 %) ( 4.7 %) ( 0.3 %) Stock options ( 1.0 %) 7.0 % 1.3 % Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits — 2.5 % — Foreign dividend withholding - current ( 5.1 %) — — Foreign dividend withholding - unremitted earnings ( 15.0 %) — — Permanent and other items ( 1.6 %) 0.7 % ( 0.3 %) Total provision for income taxes 22.4 % ( 127.5 %) 22.6 % |
Deferred Tax Assets And Liabilities | Amounts in thousands 2023 2022 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 8,115 $ 8,101 Financing obligation to VICI Properties, Inc. subsidiaries 127,074 69,356 NOL carryforward 2,705 — Operating and finance leases 394 462 Disallowed interest expense 11,036 3,588 Accrued liabilities and other 1,780 1,040 151,104 82,547 Valuation allowance — — $ 151,104 $ 82,547 Deferred tax liabilities Property and equipment $ ( 126,426 ) $ ( 66,062 ) Operating and finance leases ( 375 ) ( 444 ) Prepaid expenses ( 475 ) ( 342 ) Unremitted foreign subsidiary earnings ( 2,343 ) — Other — ( 718 ) $ ( 129,619 ) $ ( 67,566 ) Long-term deferred tax asset $ 21,485 $ 14,981 Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 314 $ 276 Financing obligation to VICI Properties, Inc. subsidiaries 38,354 — NOL carryforward 10,245 7,464 Accrued liabilities and other 978 984 Operating and finance leases 5,138 8,415 Subsidiary liquidation 2,378 2,810 Exchange rate gain 589 926 57,996 20,875 Valuation allowance ( 11,389 ) ( 9,907 ) $ 46,607 $ 10,968 Deferred tax liabilities Property and equipment $ ( 24,425 ) $ ( 3,823 ) Exchange rate loss ( 4 ) ( 4 ) Intangibles ( 1,062 ) ( 1,037 ) Operating and finance leases ( 4,485 ) ( 7,726 ) Unremitted foreign subsidiary earnings ( 1,225 ) — Others ( 609 ) ( 592 ) $ ( 31,810 ) $ ( 13,182 ) Long-term deferred tax asset (liability) $ 14,797 $ ( 2,214 ) |
Periods Subject To Examination Of Tax Returns | Jurisdiction Periods US Federal 2017 (1) , 2020 - 2022 US State - Colorado 2019 - 2022 US State – Missouri 2020 - 2022 US State – West Virginia 2020 - 2022 Canada 2008 - 2022 Mauritius 2020 - 2022 Poland 2018 - 2022 Austria 2018 - 2022 (1) The 2017 tax period subject to examination only applies to the Company’s transition tax liability in the United States. |
Deferred Tax Assets Expiration | Amounts in thousands 2023 - 2033 $ 153 2034 - 2043 8,747 No expiration 4,050 Total deferred tax assets $ 12,950 |
Unrecognized Tax Benefits | Amounts in thousands 2023 2022 Unrecognized tax benefit - January 1 $ 528 $ 777 Gross increases - tax positions in prior period 11 — Gross decreases - tax positions in prior period — ( 31 ) Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations — ( 218 ) Unrecognized tax benefit - December 31 $ 539 $ 528 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment And Geographic Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Reporting Unit United States East Mountaineer Casino, Resort & Races (1) Rocky Gap Casino, Resort & Golf (1) Midwest Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek Century Casino Cape Girardeau (1) Century Casino Caruthersville (1) and The Farmstead West Nugget Casino Resort and Smooth Bourbon, LLC Canada Canada (2) Century Casino & Hotel - Edmonton (1) Century Casino St. Albert (1) Century Mile Racetrack and Casino (1) Century Downs Racetrack and Casino (1) Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other (3) Corporate Other (4) |
Schedule Of Information By Reportable Segment | For the year ended December 31, 2023 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 380,591 $ 75,449 $ 94,105 $ 61 $ 550,206 Earnings from equity investment — — — 1,121 1,121 Earnings (loss) before income taxes 25,974 7,071 6,704 ( 63,581 ) ( 23,832 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 18,036 $ 8,626 $ 3,446 $ ( 58,306 ) $ ( 28,198 ) Interest expense (income), net (2) 38,024 11,527 ( 345 ) 42,605 91,811 Income tax expense (benefit) 2,654 ( 4,256 ) 1,534 ( 5,275 ) ( 5,343 ) Depreciation and amortization 33,739 4,590 2,482 232 41,043 Net earnings attributable to non-controlling interests 5,284 2,701 1,724 — 9,709 Non-cash stock-based compensation — — — 3,610 3,610 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 84 ) ( 3,195 ) ( 810 ) 401 ( 3,688 ) Loss on disposition of fixed assets 537 10 31 113 691 Acquisition costs — — — 4,412 4,412 Adjusted EBITDAR $ 98,190 $ 20,003 $ 8,062 $ ( 12,208 ) $ 114,047 Long-lived assets (4) $ 947,075 $ 137,543 $ 26,736 $ 3,328 $ 1,114,682 Total assets (5) $ 1,018,926 $ 238,643 $ 39,892 $ 62,201 $ 1,359,662 Capital expenditures $ 55,389 $ 2,330 $ 1,816 $ 86 $ 59,621 (1) Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $ 7.3 million in Canada relates to the debt extinguishment of the CDR land lease. (3) Incl uded in the Canada segment is $ 1.7 million related to the earn out from the sale of casino operations in Calgary in 2020 and $ 3.5 million cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets in the United States segment include $ 283.6 million related to the Nugget Acquisition and $ 261.7 million related to the Rocky Gap Acquisition. (5) Total assets in the United States segment include $ 298.8 million related to the Nugget Acquisition and $ 268.9 million related to the Rocky Gap Acquisition. For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 Earnings from equity investment — — — 3,249 3,249 Earnings (loss) before income taxes 32,354 11,211 11,044 ( 48,599 ) 6,010 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 24,759 $ 6,070 $ 5,811 $ ( 28,664 ) $ 7,976 Interest expense (income), net (2) 28,531 2,281 ( 686 ) 34,854 64,980 Income tax expense (benefit) 7,595 2,354 2,326 ( 19,935 ) ( 7,660 ) Depreciation and amortization 19,364 4,754 2,606 385 27,109 Net earnings attributable to non-controlling interests — 2,787 2,907 — 5,694 Non-cash stock-based compensation — — — 3,335 3,335 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 123 ( 1,153 ) ( 205 ) ( 1,236 ) Loss (gain) on disposition of fixed assets 49 27 63 ( 121 ) 18 Acquisition costs — — — 3,124 3,124 Adjusted EBITDAR $ 80,297 $ 18,396 $ 11,874 $ ( 7,227 ) $ 103,340 Long-lived assets (4) $ 466,403 $ 139,304 $ 27,134 $ 8,192 $ 641,033 Total assets (5) $ 425,820 $ 162,088 $ 42,173 $ 254,886 $ 884,967 Capital expenditures $ 16,000 $ 1,566 $ 1,578 $ 49 $ 19,193 (1) Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment . (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by $ 1.9 million cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. (5) Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 Earnings from equity investment — — — — — Earnings (loss) before income taxes 49,628 3,312 921 ( 25,712 ) 28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 49,628 $ 1,124 $ 440 $ ( 30,570 ) $ 20,622 Interest expense (income), net (2) 28,229 1,796 ( 477 ) 13,110 42,658 Income tax expense — 1,256 257 4,858 6,371 Depreciation and amortization 18,398 4,904 3,028 432 26,762 Net earnings attributable to non-controlling interests — 932 224 — 1,156 Non-cash stock-based compensation — — — 2,652 2,652 Gain on foreign currency transactions, cost recovery income and other (3) ( 836 ) ( 545 ) ( 887 ) ( 418 ) ( 2,686 ) Loss (gain) on disposition of fixed assets 341 43 44 ( 37 ) 391 Adjusted EBITDAR $ 95,760 $ 9,510 $ 2,629 $ ( 9,973 ) $ 97,926 Long-lived assets (4) $ 376,210 $ 152,278 $ 29,865 $ 3,412 $ 561,765 Total assets $ 422,409 $ 179,297 $ 44,204 $ 57,448 $ 703,358 Capital expenditures $ 8,672 $ 646 $ 163 $ 531 $ 10,012 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023. (2) Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. (3) Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 06, 2023 USD ($) | Sep. 06, 2023 CAD ($) | Jul. 25, 2023 USD ($) | Apr. 03, 2023 USD ($) | Dec. 01, 2022 USD ($) | Apr. 01, 2022 USD ($) | Aug. 01, 2017 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2021 CAD ($) | Dec. 31, 2023 USD ($) ft² room item | Dec. 31, 2023 CAD ($) room item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | Feb. 10, 2022 USD ($) | Feb. 10, 2022 CAD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Proceeds from the sale of real estate | $ 162,648,000 | |||||||||||||||
Interest expense | 93,925,000 | $ 65,831,000 | $ 42,832,000 | |||||||||||||
Restricted cash | 100,151,000 | |||||||||||||||
Loss on debt extinguishment | 7,299,000 | |||||||||||||||
Century Canadian Portfolio [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Proceeds from the sale of real estate | $ 162,600,000 | $ 221.7 | ||||||||||||||
Net proceeds from the sale of real estate | $ 117,600,000 | $ 155.6 | ||||||||||||||
Loss on debt extinguishment | $ 7,300,000 | $ 9.9 | ||||||||||||||
Smooth Bourbon LLC [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Parent ownership interest | 50% | 50% | ||||||||||||||
Century Casino Caruthersville [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Annual rent | $ 4,200,000 | |||||||||||||||
Caruthersville Land-Based Casino And Hotel [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Number of rooms | room | 38 | 38 | ||||||||||||||
Estimated projects cost | $ 51,900,000 | |||||||||||||||
Amount received for project financing | 40,100,000 | |||||||||||||||
Project costs | $ 20,700,000 | |||||||||||||||
Cape Girardeau [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Number of rooms | room | 69 | 69 | ||||||||||||||
Estimated projects cost | $ 30,500,000 | |||||||||||||||
Project costs | $ 22,800,000 | |||||||||||||||
Area of property | ft² | 68,000 | |||||||||||||||
Hamilton Princess Hotel Beach Club [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Estimated loan to be granted for casino equipment purchase | $ 5,000,000 | |||||||||||||||
Smooth Bourbon Co [Member] | Nugget Casino [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Annual rent | $ 15,000,000 | |||||||||||||||
Century Resorts Management GmbH [Member] | Casinos Poland, LTD [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Parent ownership interest | 66.60% | |||||||||||||||
Century Resorts Management GmbH [Member] | Century Downs Racetrack And Casino [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Parent ownership interest | 75% | |||||||||||||||
Unaffiliated Shareholders [Member] | Century Downs Racetrack And Casino [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest by non-controlling owners | 25% | |||||||||||||||
Casinos Poland [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Number of casinos owned and operated | item | 5 | 5 | ||||||||||||||
Polish Airports Company [Member] | Casinos Poland, LTD [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest by non-controlling owners | 33.30% | |||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon LLC [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest by non-controlling owners | 50% | |||||||||||||||
VICI PropCo - Master Lease [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Cash on hand from issuance of debt | $ 19,400,000 | |||||||||||||||
VICI PropCo - Master Lease [Member] | Real estate assets relating to Rocky Gap [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Payment to acquire real estate | $ 203,900,000 | |||||||||||||||
Rocky Gap Casino Resort [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest acquired | 100% | |||||||||||||||
Total consideration | $ 59,100,000 | |||||||||||||||
Payments for acquisition in cash | $ 59,100,000 | |||||||||||||||
Smooth Bourbon, LLC [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest acquired | 50% | |||||||||||||||
Total consideration | $ 95,000,000 | |||||||||||||||
Period of purchase option | 5 years | 5 years | ||||||||||||||
Purchase option, interest acquirable | 50% | 50% | ||||||||||||||
Price of purchase option | $ 105,000,000 | |||||||||||||||
Purchase option, percentage of annual price increase | 2% | 2% | ||||||||||||||
Nugget Sparks, LLC [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Ownership interest acquired | 100% | |||||||||||||||
Payments for acquisition in cash | $ 104,700,000 | |||||||||||||||
Prizes And Giveaways [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Restricted cash | 200,000 | |||||||||||||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Restricted cash | $ 100,000 | |||||||||||||||
Deposits And Other Related To Insurance Policy [Member] | Casinos Poland [Member] | Maximum [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Restricted cash | 100,000 | |||||||||||||||
Century Casino Calgary, Casino Operations [Member] | ||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||
Annual rent | $ 400,000 | $ 0.5 | ||||||||||||||
Consideration for disposal | $ 6,300,000 | $ 8 | ||||||||||||||
Quarterly earn out period | 3 years | 3 years | ||||||||||||||
Quarterly earn out received | $ 1,700,000 | $ 2.2 | $ 0 | $ 100,000 | $ 0.1 | |||||||||||
Working capital and other adjustments | $ 100,000 | $ 0.1 |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Schedule of Ship Operations) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Mein Schiff Herz [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Operation start date | Apr. 05, 2022 |
Operation end date | Apr. 16, 2023 |
Mein Schiff 6 [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Operation start date | Jun. 11, 2021 |
Operation end date | Apr. 18, 2022 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Description Of Business And Basis Of Presentation [Line Items] | |
Casinos Closure Date | March 20, 2021 |
Casinos Reopen Date | May 28, 2021 |
Canada [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Casinos Closure Date | December 13, 2020 |
Casinos Reopen Date | June 10, 2021 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Casinos Closure Date | December 29, 2020 |
Casinos Reopen Date | February 12, 2021 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | 24 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2023 CAD ($) | Apr. 01, 2022 | |
Significant Accounting Policies [Line Items] | ||||||
Cash equivalents | $ 0 | $ 0 | ||||
Restricted cash | 100,151 | |||||
Accounts receivable expected to be collected period of the maturity date | 6 months | |||||
Accounts receivable written off after | 1 year | |||||
Marketing incentives and player club points allocated to gaming revenue | $ 72,900 | 42,400 | $ 39,000 | |||
Outstanding balance of promotional balance liability | 2,300 | 1,000 | ||||
Advertising costs | 5,600 | 3,600 | 2,300 | |||
Canada [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Qualified payroll credits | 2,500 | $ 3.1 | ||||
Qualified government rent subsidies reduced operating expenses | $ 1,300 | $ 1.6 | ||||
Rent or wage subsidy | $ 0 | |||||
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Restricted cash | 200 | 100,200 | ||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Restricted cash | $ 100 | |||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | Casinos Poland [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Restricted cash | 100 | |||||
Acquisition Escrow [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Acquisition escrow in restricted cash | 100,200 | |||||
Prizes And Giveaways [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Restricted cash | $ 200 | |||||
Smooth Bourbon LLC [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Parent ownership interest | 50% | 50% | ||||
Smooth Bourbon LLC [Member] | Marnell Gaming, LLC [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Ownership interest by non-controlling owners | 50% |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 171,327 | $ 101,785 | ||
Restricted cash | 100,151 | |||
Restricted cash included in deposits and other | 263 | 195 | ||
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 171,590 | $ 202,131 | $ 108,041 | $ 63,677 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Depreciation Period Of Property And Equipment) (Details) | Dec. 31, 2023 |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 5 years |
Minimum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Minimum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 39 years |
Maximum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Maximum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule Of Exchange Rates To US Dollar) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Canadian Dollar (CAD) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 1.3232 | 1.3550 | |
Average Rates | 1.3496 | 1.3011 | 1.2537 |
Average Rates % Change | (3.70%) | (3.80%) | |
Euros (EUR) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 0.9030 | 0.9393 | |
Average Rates | 0.9248 | 0.9506 | 0.8456 |
Average Rates % Change | 2.70% | (12.40%) | |
Polish Zloty (PLN) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 3.9155 | 4.4004 | |
Average Rates | 4.2034 | 4.4559 | 3.8608 |
Average Rates % Change | 5.70% | (15.40%) |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 4,750 | $ 2,413 | $ 2,082 |
Hotel [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | 542 | 348 | 293 |
Food And Beverage [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 4,208 | $ 2,065 | $ 1,789 |
Significant Accounting Polici_9
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |||
Weighted average common shares, basic | 30,274,000 | 29,809,000 | 29,593,000 |
Dilutive effect of stock options | 1,671,000 | 1,795,000 | |
Weighted average common shares, diluted | 30,274,000 | 31,480,000 | 31,388,000 |
Significant Accounting Polic_10
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, excluded from calculation of diluted shares | 1,911,000 | 2,740,000 | 2,572,000 |
Acquisition And Equity Invest_3
Acquisition And Equity Investment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 18, 2023 | Aug. 29, 2023 | Jul. 25, 2023 | Jul. 20, 2023 | Apr. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenue | $ 550,206 | $ 430,529 | $ 388,506 | |||||
Net earnings (loss) attributable to Century Casinos, Inc. | (28,198) | 7,976 | 20,622 | |||||
Goodwill | 80,583 | 9,583 | ||||||
Rocky Gap Casino Resort [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest acquired | 100% | |||||||
Cash consideration | $ 59,100 | |||||||
Base price of acquisition | 56,075 | |||||||
Business combination, acquired assets | 244,900 | |||||||
Business combination, cash | 6,653 | |||||||
Business combination, liabilities | 212,100 | |||||||
Fair value of assets acquired and liabilities assumed excluding cash received | 26,100 | |||||||
Fair value of acquired real estate assets | 203,900 | |||||||
Acquisition costs | 3,900 | 600 | ||||||
Range of contingencies, minimum | 100 | |||||||
Range of contingencies, maximum | 200 | |||||||
Total revenue | 31,700 | |||||||
Net earnings (loss) attributable to Century Casinos, Inc. | (2,500) | |||||||
Goodwill | 26,473 | |||||||
Fees incurred for transition | 100 | |||||||
Additional paid in working capital adjustment | $ 100 | |||||||
Nugget Sparks, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest acquired | 100% | |||||||
Cash consideration | $ 104,700 | |||||||
Base price of acquisition | 100,000 | |||||||
Business combination, acquired assets | 256,600 | |||||||
Business combination, cash | 6,764 | |||||||
Business combination, liabilities | 194,800 | |||||||
Tax deductible goodwill | 43,700 | |||||||
Fair value of assets acquired and liabilities assumed excluding cash received | 55,100 | |||||||
Fair value of acquired real estate assets | 184,700 | |||||||
Acquisition costs | 500 | 2,000 | ||||||
Range of contingencies, minimum | 100 | |||||||
Range of contingencies, maximum | 200 | |||||||
Purchased amount for ownership interest | 104,700 | |||||||
Total revenue | 80,800 | |||||||
Net earnings (loss) attributable to Century Casinos, Inc. | 1,300 | |||||||
Goodwill | $ 43,716 | |||||||
Fees incurred for transition | 400 | |||||||
Additional paid in working capital adjustment | $ 800 | |||||||
United States [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenue | $ 380,591 | 268,582 | 283,285 | |||||
Trademarks [Member] | Rocky Gap Casino Resort [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Useful life | 10 years | |||||||
Trademarks [Member] | Nugget Sparks, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Useful life | 10 years | |||||||
Player's Club Lists [Member] | Rocky Gap Casino Resort [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 | |||||||
Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Revolving Credit Facility [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Line of credit borrowings | 30,000 | $ 30,000 | ||||||
United States Segment [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Goodwill | $ 70,189 | |||||||
United States Segment [Member] | Rocky Gap Casino Resort [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Tax deductible goodwill | $ 26,500 | |||||||
Corporate And Other [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Total revenue | $ 61 | $ 206 | $ 567 |
Acquisition And Equity Invest_4
Acquisition And Equity Investment (Schedule Of Estimated Fair Values Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jul. 25, 2023 | Apr. 03, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||||
Leased right-of-use assets | $ 25,973 | $ 27,190 | ||
Add: Goodwill | $ 80,583 | $ 9,583 | ||
Nugget Sparks, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 6,764 | |||
Receivables | 1,689 | |||
Prepaid expenses | 3,715 | |||
Inventories | 2,681 | |||
Property and equipment | 211,811 | |||
Intangible assets | 29,940 | |||
Accounts payable | (2,622) | |||
Accrued liabilities | (4,092) | |||
Accrued payroll | (2,348) | |||
Taxes payable | (998) | |||
Finance lease liabilities | (184,700) | |||
Net identifiable assets acquired | 61,840 | |||
Add: Goodwill | 43,716 | |||
Net assets acquired | $ 105,556 | |||
Rocky Gap Casino Resort [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 6,653 | |||
Receivables | 79 | |||
Prepaid expenses | 876 | |||
Inventories | 724 | |||
Other current assets | 33 | |||
Property and equipment | 209,764 | |||
Leased right-of-use assets | 3,441 | |||
Intangible assets | 23,290 | |||
Deposits and other | 37 | |||
Accounts payable | (611) | |||
Accrued liabilities | (2,564) | |||
Accrued payroll | (1,393) | |||
Taxes payable | (202) | |||
Operating lease liabilities | (3,441) | |||
Finance lease liabilities | (203,925) | |||
Net identifiable assets acquired | 32,761 | |||
Add: Goodwill | 26,473 | |||
Net assets acquired | $ 59,234 |
Acquisition And Equity Invest_5
Acquisition And Equity Investment (Purchase Consideration Net Cash Outflow) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2023 | Apr. 03, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 98,792 | ||
Net cash used in investing activities | $ 98,792 | ||
Nugget Sparks, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 100,000 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 98,792 | ||
Working capital adjustment | 5,556 | ||
Less: cash balances acquired | (6,764) | ||
Net cash used in investing activities | $ 98,792 | ||
Rocky Gap Casino Resort [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 56,075 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 52,581 | ||
Working capital adjustment | 3,159 | ||
Less: cash balances acquired | (6,653) | ||
Net cash used in investing activities | $ 52,581 |
Acquisition And Equity Invest_6
Acquisition And Equity Investment (Schedule Of Pro Forma Information) (Details) - Nugget And Rock Gap [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Net operating revenue | $ 608,776 | $ 607,651 |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (36,349) | $ 15,564 |
Acquisition And Equity Invest_7
Acquisition And Equity Investment (Schedule of Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Total revenue | $ 550,206 | $ 430,529 | $ 388,506 |
Earnings from continuing operations | 64,046 | 67,612 | 68,518 |
Net (loss) earnings | (18,489) | 13,670 | 21,778 |
Net earnings (loss) attributable to Century Casinos, Inc. | (28,198) | 7,976 | $ 20,622 |
Smooth Borbon Investment [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total revenue | 4,059 | 11,501 | |
Earnings from continuing operations | 3,833 | 11,219 | |
Net (loss) earnings | 2,241 | 6,497 | |
Net earnings (loss) attributable to Century Casinos, Inc. | $ 1,121 | $ 3,249 |
Acquisition And Equity Invest_8
Acquisition And Equity Investment (Changes in Carrying Amount of Investment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Balance at January 1, 2023 | $ 93,260 | |
Equity earnings | 1,121 | $ 3,249 |
Balance at June 30, 2023 | 93,260 | |
Smooth Borbon Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Balance at January 1, 2023 | 93,260 | |
Acquisition | 95,000 | |
Equity earnings | 1,121 | 3,249 |
Dividend | (2,256) | (4,989) |
Conversion to Consolidated Subsidiary | $ (92,125) | |
Balance at June 30, 2023 | $ 93,260 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 34.2 | $ 23.5 | $ 23.1 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,071,804 | $ 590,335 |
Less: accumulated depreciation | (158,243) | (125,685) |
Property and equipment, net | 913,561 | 464,650 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 44,662 | 43,654 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 839,793 | 436,207 |
Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 57,750 | 43,590 |
Furniture And Non-Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 75,499 | 47,166 |
Property And Equipment Held Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,028 | 764 |
Capital Projects In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 53,072 | $ 18,954 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | Dec. 31, 2023 item |
Finite-Lived Intangible Assets [Line Items] | |
Number of trademarks | 5 |
Percentage of Revenue | 6% |
Combined percentage of revenue | 32% |
Casino Licenses [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 2 years 3 months 18 days |
Player's Club Lists [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 5 years 6 months |
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 |
Mountaineer Casino [Member] | Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 8 years 3 months 18 days |
Casinos Poland [Member] | Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Number of casino licenses | 6 |
Useful life | 6 years |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 32,744 | $ 33,508 |
Acquisition | 70,189 | |
Currency translation | 811 | (764) |
Gross carrying value, Ending | 103,744 | 32,744 |
Accumulated impairment losses, Beginning | (23,161) | (23,161) |
Accumulated impairment losses, Ending | (23,161) | (23,161) |
Net carrying value | 80,583 | 9,583 |
United States Segment [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 19,786 | 19,786 |
Acquisition | 70,189 | |
Gross carrying value, Ending | 89,975 | 19,786 |
Accumulated impairment losses, Beginning | (19,786) | (19,786) |
Accumulated impairment losses, Ending | (19,786) | (19,786) |
Net carrying value | 70,189 | |
Canada Segment [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,142 | 7,402 |
Acquisition | ||
Currency translation | 91 | (260) |
Gross carrying value, Ending | 7,233 | 7,142 |
Accumulated impairment losses, Beginning | (3,375) | (3,375) |
Accumulated impairment losses, Ending | (3,375) | (3,375) |
Net carrying value | 3,858 | 3,767 |
Poland Segment [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 5,816 | 6,320 |
Acquisition | ||
Currency translation | 720 | (504) |
Gross carrying value, Ending | 6,536 | 5,816 |
Accumulated impairment losses, Beginning | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 6,536 | $ 5,816 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-lived | |||
Total finite-lived intangible assets, net | $ 60,938 | $ 13,946 | |
Indefinite-lived | |||
Total indefinite-lived intangible assets | 32,269 | 30,825 | |
Total intangible assets, net | 93,207 | 44,771 | |
Casino Licenses [Member] | |||
Finite-lived | |||
Gross | 2,499 | 2,672 | |
Less: accumulated amortization | (1,417) | (1,763) | |
Total finite-lived intangible assets, net | 1,082 | 909 | |
Trademarks [Member] | |||
Finite-lived | |||
Gross | 16,718 | 2,368 | |
Less: accumulated amortization | (1,843) | (730) | |
Total finite-lived intangible assets, net | 14,875 | 1,638 | |
Player's Club Lists [Member] | |||
Finite-lived | |||
Gross | 59,253 | 20,373 | |
Less: accumulated amortization | (14,272) | (8,974) | |
Total finite-lived intangible assets, net | 44,981 | 11,399 | |
United States Segment [Member] | Trademarks [Member] | |||
Finite-lived | |||
Total finite-lived intangible assets, net | 14,875 | 1,638 | $ 1,874 |
United States Segment [Member] | Player's Club Lists [Member] | |||
Finite-lived | |||
Total finite-lived intangible assets, net | 44,981 | 11,399 | 14,310 |
Poland Segment [Member] | Casino Licenses [Member] | |||
Finite-lived | |||
Total finite-lived intangible assets, net | $ 1,082 | $ 909 | $ 1,019 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finite-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | $ 13,946 | |
Balance at end of period | 60,938 | $ 13,946 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,638 | |
Balance at end of period | 14,875 | 1,638 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 909 | |
Balance at end of period | 1,082 | 909 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 11,399 | |
Balance at end of period | 44,981 | 11,399 |
United States Segment [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,638 | 1,874 |
Acquisition | 14,350 | |
Amortization | (1,113) | (236) |
Balance at end of period | 14,875 | 1,638 |
United States Segment [Member] | Trademarks [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at end of period | 14,875 | |
United States Segment [Member] | Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 11,399 | 14,310 |
Acquisition | 38,880 | |
Amortization | (5,298) | (2,911) |
Balance at end of period | 44,981 | 11,399 |
Poland Segment [Member] | Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 909 | 1,019 |
New Casino License | 537 | 390 |
Amortization | (444) | (443) |
Currency translation | 80 | (57) |
Balance at end of period | 1,082 | $ 909 |
Poland Segment [Member] | Casino Licenses [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at end of period | $ 1,082 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | $ 60,938 | $ 13,946 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 14,875 | 1,638 | |
Casino Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 1,082 | 909 | |
Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 44,981 | 11,399 | |
United States Segment [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 14,875 | 1,638 | $ 1,874 |
United States Segment [Member] | Trademarks [Member] | Mountaineer Casino [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 1,665 | ||
2025 | 1,665 | ||
2026 | 1,665 | ||
2027 | 1,665 | ||
2028 | 1,487 | ||
Thereafter | 6,728 | ||
Total finite-lived intangible assets, net | 14,875 | ||
United States Segment [Member] | Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 6,774 | ||
2025 | 6,799 | ||
2026 | 6,556 | ||
2027 | 3,888 | ||
2028 | 3,888 | ||
Thereafter | 17,076 | ||
Total finite-lived intangible assets, net | 44,981 | 11,399 | 14,310 |
Poland Segment [Member] | Casino Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 1,082 | $ 909 | $ 1,019 |
Poland Segment [Member] | Casino Licenses [Member] | Casinos Poland [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2024 | 331 | ||
2025 | 196 | ||
2026 | 168 | ||
2027 | 168 | ||
2028 | 129 | ||
Thereafter | 90 | ||
Total finite-lived intangible assets, net | $ 1,082 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinite-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | $ 30,825 | |
Balance at end of the period | 32,269 | $ 30,825 |
Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,494 | 1,615 |
Currency translation | 171 | (121) |
Balance at end of the period | 1,665 | 1,494 |
Trademarks [Member] | Poland Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,386 | 1,507 |
Currency translation | 171 | (121) |
Balance at end of the period | 1,557 | 1,386 |
Trademarks [Member] | Corporate And Other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 108 | 108 |
Currency translation | ||
Balance at end of the period | 108 | 108 |
Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 29,331 | 30,112 |
Acquisition | 1,000 | |
Currency translation | 273 | (781) |
Balance at end of the period | 30,604 | 29,331 |
Casino Licenses [Member] | United States Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 17,962 | 17,962 |
Acquisition | 1,000 | |
Currency translation | ||
Balance at end of the period | 18,962 | 17,962 |
Casino Licenses [Member] | Canada Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 11,369 | 12,150 |
Currency translation | 273 | (781) |
Balance at end of the period | $ 11,642 | $ 11,369 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions, zł in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||||
Sep. 30, 2023 GBP (£) | Sep. 06, 2023 USD ($) | Sep. 06, 2023 CAD ($) | Jul. 25, 2023 USD ($) | Jul. 20, 2023 USD ($) | Apr. 22, 2022 USD ($) | Apr. 01, 2022 USD ($) | Feb. 29, 2024 USD ($) | Sep. 30, 2022 PLN (zł) | Dec. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 PLN (zł) | Dec. 31, 2023 EUR (€) | Jun. 30, 2021 EUR (€) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of deferred financing costs | $ 2,695,000 | $ 9,716,000 | $ 1,565,000 | ||||||||||||||||
Amount outstanding | 346,829,000 | 366,424,000 | $ 346,829,000 | ||||||||||||||||
Principal payments | 166,000 | 157,000 | 123,000 | ||||||||||||||||
Outstanding financing obligation | 715,000 | 715,000 | |||||||||||||||||
Loss on debt extinguishment | 7,299,000 | ||||||||||||||||||
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 | 1,600,000 | |||||||||||||||||
Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł | zł 3.6 | ||||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 200,000 | 200,000 | 0.7 | ||||||||||||||||
Deposit for secured by land owned | 300,000 | 300,000 | 1.2 | ||||||||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Payments to Acquire Productive Assets | $ 21,600,000 | $ 29,400 | |||||||||||||||||
Loss on debt extinguishment | $ 7,300,000 | $ 9,900 | |||||||||||||||||
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 | 343,900,000 | 343,900,000 | |||||||||||||||||
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 | 2,954,000 | 2,954,000 | |||||||||||||||||
UniCredit Term Loans [Member] | Century Resorts Management [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Term loan repurchased by company | £ | £ 2 | ||||||||||||||||||
Interest rate percentage points | 1.625% | ||||||||||||||||||
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 | 1,300,000 | 1,300,000 | 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 | $ 10,000,000 | ||||||||||||||||||
Line of credit available for cash borrowing removed | $ 2,500,000 | ||||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | $ 900,000 | 900,000 | zł 3.6 | ||||||||||||||||
Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Customary agency fees | 100,000 | ||||||||||||||||||
Deferred financing costs | 18,900,000 | ||||||||||||||||||
Amortization of deferred financing costs | 2,700,000 | 2,000,000 | |||||||||||||||||
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] | Subsequent Event [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Term loan repurchased by company | $ 3,500,000 | ||||||||||||||||||
Total percentage of debt cost | 97 | ||||||||||||||||||
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 borrowings | $ 30,000,000 | $ 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] | 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] | |||||||||||||||||||
Line of credit facility | $ 7,400,000 | $ 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 | ||||||||||||||||||
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% | |||||||||||||||
Term loan repurchased by company | € | € 6 | ||||||||||||||||||
Guaranteed amount | € | € 6 | ||||||||||||||||||
Amount outstanding | $ 3,000,000 | $ 3,000,000 | € 2.7 | ||||||||||||||||
Borrowing availability | $ 0 | ||||||||||||||||||
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] | 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] | 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 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total principal | $ 346,829 | $ 366,424 |
Deferred financing costs | (14,149) | (16,844) |
Total long-term debt | 332,680 | 349,580 |
Less current portion | (8,468) | (5,322) |
Long-term portion | 324,212 | 344,258 |
Credit agreement - Goldman [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 343,875 | $ 347,375 |
Weighted-average interest rate | 11.44% | 8.45% |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 2,954 | $ 4,661 |
Weighted-average interest rate | 3.21% | 3.17% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,388 | |
Weighted-average interest rate | 15.05% | |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 10.89% | 8.72% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 346,829 | $ 366,424 |
Goldman Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 6,991 | |
2025 | 3,500 | |
2026 | 3,500 | |
2027 | 3,500 | |
2028 | 3,500 | |
Thereafter | 322,884 | |
Total | 343,875 | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 1,477 | |
2025 | 1,477 | |
2026 | ||
2027 | ||
2028 | ||
Thereafter | ||
Total | 2,954 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 8,468 | |
2025 | 4,977 | |
2026 | 3,500 | |
2027 | 3,500 | |
2028 | 3,500 | |
Thereafter | 322,884 | |
Total | $ 346,829 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 06, 2023 USD ($) item | Sep. 06, 2023 CAD ($) item | Jul. 25, 2023 USD ($) item | Dec. 01, 2022 USD ($) item | Dec. 06, 2019 | Dec. 31, 2022 | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Finance lease cost | $ | $ 148 | $ 165 | $ 134 | |||||||
Century Casino Caruthersville [Member] | ||||||||||
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Annual rent | $ | $ 4,200 | |||||||||
VICI PropCo - Master Lease [Member] | ||||||||||
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Lease term | 15 years | 15 years | ||||||||
Number of lease renewals available | item | 4 | |||||||||
Lease renewal term | 5 years | |||||||||
Number of lease renewal terms exercised | item | 1 | |||||||||
Exercised lease renewal, term | 5 years | |||||||||
Base rent escalator | 1.0125% | 1.0125% | ||||||||
VICI PropCo - Master Lease [Member] | Forecast [Member] | ||||||||||
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Finance lease cost | $ | $ 52,200 | |||||||||
VICI PropCo - Master Lease [Member] | Rocky Gap Casino Resort [Member] | ||||||||||
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Annual rent | $ | $ 15,500 | |||||||||
Lease term | 15 years | |||||||||
Number of lease renewals available | item | 4 | |||||||||
Lease renewal term | 5 years | |||||||||
Century Canadian Portfolio [Member] | VICI PropCo - Master Lease [Member] | ||||||||||
Long-Term Financing Obligation Disclosure [Line Items] | ||||||||||
Annual rent | $ 13,100 | $ 17,300 | ||||||||
Lease term | 15 years | 15 years | ||||||||
Number of lease renewals available | item | 4 | 4 | ||||||||
Lease renewal term | 5 years | 5 years | ||||||||
Lease term including renewal terms | 35 years | |||||||||
Imputed discount rate | 8.90% | |||||||||
CPI rent escalator | 2.50% | 2.50% |
Long-Term Financing Obligatio_3
Long-Term Financing Obligation (Future Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Long-Term Financing Obligation Disclosure [Line Items] | ||
2024 | $ 240 | |
2025 | 221 | |
2026 | 143 | |
2027 | 72 | |
2028 | 39 | |
Thereafter | ||
Total lease payments | 715 | |
Less imputed interest | (89) | |
Total | 626 | $ 549 |
VICI PropCo - Master Lease [Member] | ||
Long-Term Financing Obligation Disclosure [Line Items] | ||
2024 | 50,152 | |
2025 | 55,395 | |
2026 | 56,088 | |
2027 | 56,789 | |
2028 | 57,499 | |
Thereafter | 2,082,469 | |
Total lease payments | 2,358,392 | |
Residual value | 21,643 | |
Less imputed interest | (1,722,028) | |
Total | $ 658,007 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Total Payments And Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Financing Obligation Disclosure [Line Items] | |||
Payments made | $ 166 | $ 157 | $ 123 |
Cash paid for interest | 81,937 | 53,276 | 39,025 |
Interest expense | 40 | 29 | 6 |
VICI PropCo - Master Lease [Member] | |||
Long-Term Financing Obligation Disclosure [Line Items] | |||
Payments made | 39,048 | 25,529 | 25,271 |
CPI Increase | 1,691 | 137 | |
Total payments made including CPI increase | 40,739 | 25,666 | 25,271 |
Cash paid for interest | 40,739 | 25,666 | 25,271 |
Interest expense | $ 42,426 | $ 28,532 | $ 28,232 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Opening [Member] | ||
Revenue recognized | $ 2 | $ 1.6 |
Revenue Recognition (Summary Of
Revenue Recognition (Summary Of Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |||
Revenue from contracts with customers | $ 550,206 | $ 430,529 | $ 388,506 |
Cost recovery income | 3,501 | 1,938 | 655 |
Century Casino Calgary sale earn out revenue | 1,660 | 51 | |
Total revenue | $ 555,367 | $ 432,467 | $ 389,212 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | $ 550,206 | $ 430,529 | $ 388,506 | |
Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 61 | 206 | 567 | |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 380,591 | 268,582 | 283,285 | |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 75,449 | 71,572 | 46,428 | |
Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 94,105 | 90,169 | 58,226 | |
Gaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 412,388 | 365,986 | 331,877 | |
Gaming [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 61 | 184 | 152 | |
Gaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 272,499 | 232,871 | 249,397 | |
Gaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 46,871 | 43,972 | 25,604 | |
Gaming [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 92,957 | 88,959 | 56,724 | |
Pari-Mutuel, Sports Betting And iGaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 20,165 | 19,607 | 18,848 | |
Pari-Mutuel, Sports Betting And iGaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 10,145 | 8,728 | 8,492 | |
Pari-Mutuel, Sports Betting And iGaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 10,020 | 10,879 | 10,356 | |
Hotel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 42,269 | 9,628 | 8,286 | |
Hotel [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 41,750 | 9,159 | 8,241 | |
Hotel [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 519 | 469 | 45 | |
Food And Beverage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 50,262 | 24,097 | 17,788 | |
Food And Beverage [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 36,803 | 12,394 | 11,761 | |
Food And Beverage [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 12,532 | 10,860 | 5,606 | |
Food And Beverage [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 927 | 843 | 421 | |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 25,122 | 11,211 | 11,707 | |
Other [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 22 | 415 | ||
Other [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 19,394 | 5,430 | 5,394 | |
Other [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 5,507 | 5,392 | 4,817 | |
Other [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 221 | 367 | 1,081 | |
Operating Segments [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | [1] | 550,206 | 430,529 | 388,506 |
Operating Segments [Member] | United States Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | [1] | 380,591 | 268,582 | 283,285 |
Operating Segments [Member] | Canada Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | [1] | 75,449 | 71,572 | 46,428 |
Operating Segments [Member] | Poland Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | [1] | 94,105 | 90,169 | 58,226 |
Operating Segments [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | [1] | $ 61 | $ 206 | $ 567 |
[1] Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023. |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Opening [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | $ 1,351 | $ 1,269 |
Contract Liabilities | 2,417 | 2,986 |
Closing [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 1,640 | 1,351 |
Contract Liabilities | 4,714 | 2,417 |
(Decrease)/Increase [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 289 | 82 |
Contract Liabilities | $ 2,297 | $ (569) |
Revenue Recognition (Other Oper
Revenue Recognition (Other Operating Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating revenue | $ 550,206 | $ 430,529 | $ 388,506 |
Pari-Mutuel Revenue [Member] | |||
Other operating revenue | 15,980 | 16,310 | 16,484 |
Sports Betting Revenue [Member] | |||
Other operating revenue | 3,053 | 2,734 | 2,166 |
iGaming Revenue [Member] | |||
Other operating revenue | 1,132 | 563 | 198 |
Other Operating Revenue [Member] | |||
Other operating revenue | $ 20,165 | $ 19,607 | $ 18,848 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Dec. 31, 2023 |
Minimum [Member] | |
Remaining lease term | 1 month |
Maximum [Member] | |
Remaining lease term | 48 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 5,686 | $ 5,345 | $ 5,864 |
Finance lease expense: | |||
Amortization of right-of-use assets | 108 | 136 | 128 |
Interest on lease liabilities | 40 | 29 | 6 |
Total finance lease expense | 148 | 165 | 134 |
Variable lease expense | $ 1,405 | $ 1,478 | $ 1,290 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from finance leases | $ 41 | $ 25 | $ 6 |
Operating cash flows from operating leases | 5,499 | 5,168 | 5,201 |
Financing cash flows from finance leases | 166 | 157 | 123 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 3,718 | $ 1,076 | $ 407 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Leased right-of-use assets, net | $ 25,973 | $ 27,190 |
Current portion of operating lease liabilities | 3,395 | 3,947 |
Operating lease liabilities, net of current portion | 25,834 | 26,016 |
Total operating lease liabilities | 29,229 | 29,963 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 1,028 | 764 |
Accumulated depreciation | (296) | (175) |
Property and equipment, net | $ 732 | $ 589 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Leased right-of-use assets, net | Leased right-of-use assets, net |
Current portion of finance lease liabilities | $ 199 | $ 150 |
Finance lease liabilities, net of current portion | 427 | 399 |
Total finance lease liabilities | $ 626 | $ 549 |
Weighted-average remaining lease term | ||
Operating leases | 14 years 7 months 6 days | 10 years 6 months |
Finance leases | 3 years 4 months 24 days | 3 years 7 months 6 days |
Weighted-average discount rate | ||
Operating leases | 8.70% | 4.90% |
Finance leases | 7.70% | 7% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 4,989 | |
2025 | 4,171 | |
2026 | 3,863 | |
2027 | 3,803 | |
2028 | 3,684 | |
Thereafter | 36,568 | |
Total lease payments | 57,078 | |
Less imputed interest | (27,849) | |
Total | 29,229 | $ 29,963 |
Finance Leases | ||
2024 | 240 | |
2025 | 221 | |
2026 | 143 | |
2027 | 72 | |
2028 | 39 | |
Thereafter | ||
Total lease payments | 715 | |
Less imputed interest | (89) | |
Total | $ 626 | $ 549 |
Other Balance Sheet Captions (A
Other Balance Sheet Captions (Accrued Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 29,056 | $ 19,012 |
Accrued Commissions (AGLC) [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 3,141 | 2,436 |
Progressive Slot, Table And On Track Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 6,243 | 3,719 |
Player Point Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 2,296 | 1,047 |
Chip Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,087 | 639 |
Racing-Related Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 482 | 814 |
Deposit Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 513 | 368 |
Deferred Revenue [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,995 | 1,026 |
Construction Liabilitiy [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 4,546 | 3,562 |
Other Accrued Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 8,753 | $ 5,401 |
Other Balance Sheet Captions _2
Other Balance Sheet Captions (Taxes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Balance Sheet Captions [Abstract] | ||
Accrued property taxes | $ 1,485 | $ 1,478 |
Gaming taxes payable | 6,199 | 6,787 |
Accrued income taxes | 12,145 | 1,238 |
Other taxes payable | 1,172 | 298 |
Total | $ 21,001 | $ 9,801 |
Other Balance Sheet Captions _3
Other Balance Sheet Captions (Taxes PayableAnd Other) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Balance Sheet Captions [Abstract] | ||
Caruthersville project financing | $ 40,100 | $ 5,000 |
Income taxes payable - long term | 1,031 | 1,265 |
Other taxes payable and other | 627 | 700 |
Taxes payable and other | $ 41,758 | $ 6,965 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Shareholders' Equity [Abstract] | ||
Shares of common stock repurchased | 0 | 0 |
Total remaining authorization under the repurchase program | $ 14.7 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,000,000 | ||
2005 Plan [Member] | One-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
2005 Plan [Member] | Three-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration date | June 2026 | ||
Number of shares authorized | 3,500,000 | ||
Percentage of legal entity controlled by optionee | 100% | ||
Maximum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Vesting period | 4 years | ||
Maximum [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Minimum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 6 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 473,157 | 420,989 | 268,947 |
Vesting period | 3 years | ||
Market Conditions | 25% | ||
Performance Conditions | 75% | ||
Unrecognized compensation expense related to employee stock options | $ 3,700 | ||
Expected period of recognition for unrecognized compensation cost | 1 year 8 months 12 days | ||
Fair value per share of restricted common stock | $ 9.04 | $ 10.22 | $ 6.44 |
Performance Shares [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 3,048,507 | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 200% | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 0% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 1,020,000 | ||
Options outstanding | 1,050,000 | 1,075,000 | |
Closing stock price per share | $ 4.88 | ||
Unrecognized compensation expense related to employee stock options | $ 1,200 | ||
Expected period of recognition for unrecognized compensation cost | 2 years 8 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock unit issued to outside director | 4,071 | ||
Fair value per share of restricted common stock | $ 7.37 | ||
Directors [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 0 | ||
Options outstanding | 96,700 | ||
Weighted average exercise price per share of options outstanding | $ 7.16 | ||
Unrecognized compensation expense related to employee stock options | $ 100 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Plan For PSU's) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Beginning of Period | 987,162 | 815,164 | 687,219 |
Target PSU's, Granted | 473,157 | 420,989 | 268,947 |
Target PSU's, Vested | (302,988) | (227,510) | |
Target PSU's, Forfeited | (100,995) | (21,481) | (141,002) |
Target PSU's, End of Period | 1,056,336 | 987,162 | 815,164 |
Weighted-Average Grant-Date Fair Value, Beginning of Period | $ 6.66 | $ 5.51 | $ 6.47 |
Weighted-Average Grant-Date Fair Value, Granted | 9.04 | 10.22 | 6.44 |
Weighted-Average Grant-Date Fair Value, Vested | 3.28 | 9.17 | |
Weighted-Average Grant-Date Fair Value, Forfeited | 5.14 | 6.14 | 11.97 |
Weighted-Average Grant-Date Fair Value, End of Period | $ 8.84 | $ 6.66 | $ 5.51 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions For PSU Awards) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.09% | 2.47% | 0.19% |
Expected life | 2 years 10 months 24 days | 2 years 9 months 18 days | 2 years 10 months 24 days |
Expected volatility | 91.80% | 91% | 82.20% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Forfeiture rate | 0% | 0% | 0% |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.27% | ||
Expected life | 6 years 9 months 18 days | ||
Expected volatility | 58.10% | ||
Expected dividends | $ 0 | ||
Forfeiture rate | 0% |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option Shares, Outstanding at beginning of period | 1,075,000 | |||
Option Shares, Granted | 1,020,000 | |||
Option Shares, Exercised | (25,000) | |||
Option Shares, Cancelled or forfeited | (1,020,000) | |||
Options Shares, Expired | ||||
Option shares, Outstanding at end of period | 1,050,000 | 1,075,000 | ||
Weighted-Average Exercise Price, Beginning Balance | $ 5.05 | |||
Weighted-Average Exercise Price, Granted | 5.61 | |||
Weighted-Average Exercise Price, Exercised | 5.05 | |||
Weighted-Average Exercise Price, Cancelled or forfeited | 5.05 | |||
Weighted-Average Exercise Price, Expired | ||||
Weighted-Average Exercise Price, Ending Balance | $ 5.59 | $ 5.05 | ||
Weighted-Average Remaining Contractual Term | [1] | 1 year 9 months 21 days | 1 year 11 months 26 days | |
Options Exercisable | 285,000 | 1,075,000 | ||
Weighted-Average Exercise Price | $ 5.55 | $ 5.05 | ||
Stock-based compensation expense | $ 0.6 | |||
Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-Average Exercise Price, Cancelled or forfeited | $ 5.05 | |||
[1] In years (2) Employees with options expiring in December 2024 were given the option to cancel their existing $ 5.05 options and exchange them for $ 5.61 options expiring in September 2033. Six employees exchanged their options. The exchange increased compensation expense related to employee stock options by $ 0.6 million for the year ended December 31, 2023. |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock Options Outstanding And Exercisable) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.55 | $ 5.05 | |
Options Outstanding | 1,050,000 | 1,075,000 | |
Options Exercisable | 285,000 | 1,075,000 | |
Weighted-Average Life of Options Outstanding | [1] | 9 years 6 months | |
Weighted-Average Life of Options Exercisable | [1] | 8 years 9 months 18 days | |
$5.05 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.05 | ||
Options Outstanding | 30,000 | ||
Options Exercisable | 30,000 | ||
Weighted-Average Life of Options Outstanding | [1] | 1 year | |
Weighted-Average Life of Options Exercisable | [1] | 1 year | |
$5.61 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.61 | ||
Options Outstanding | 1,020,000 | ||
Options Exercisable | 255,000 | ||
Weighted-Average Life of Options Outstanding | [1] | 9 years 8 months 12 days | |
Weighted-Average Life of Options Exercisable | [1] | 9 years 8 months 12 days | |
[1] In years (2) Employees with options expiring in December 2024 were given the option to cancel their existing $ 5.05 options and exchange them for $ 5.61 options expiring in September 2033. Six employees exchanged their options. The exchange increased compensation expense related to employee stock options by $ 0.6 million for the year ended December 31, 2023. |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related To Stock Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of share-based awards exercised | $ 15 | $ 183 | $ 451 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock-Based Compensation Expense Recognized In General And Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2016 Plan [Member] | General and Administrative Expenses [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ 3,610 | $ 3,335 | $ 2,652 |
Stock Options [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ 600 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Income tax expense (benefit) | $ (5,343) | $ (7,660) | $ 6,371 |
Pre-tax earnings (loss) | $ (23,832) | $ 6,010 | $ 28,149 |
Effective tax rate | 22.40% | (127.50%) | 22.60% |
US federal income tax statutory rate | 21% | 21% | 21% |
State income tax (net of federal benefit) | 2.10% | 0.90% | 3% |
Income tax net operating loss carryforwards | $ 61,700 | ||
Deferred tax assets related to net operating loss carryforwards | 12,950 | ||
Liability for uncertain tax positions taken on U.S. tax return | $ 500 | ||
Foreign tax rate differential | 23.30% | 18.60% | (0.50%) |
Penalties and interest related to unrecognized tax benefits | $ 100 | ||
Unremitted foreign subsidiary earnings | 3,600 | ||
Unrecognized tax benefits to utilize pre-acquisition net operating losses | 500 | ||
Cash and cash equivalents held by foreign subsidiaries | 118,000 | ||
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Deferred tax assets, net | 21,485 | $ 14,981 | |
Disallowed interest expense | 11,036 | 3,588 | |
Pre-tax earnings (loss) | (30,793) | (10,142) | $ 29,715 |
Unremitted foreign subsidiary earnings | 2,343 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Deferred tax assets, net | 14,797 | ||
Pre-tax earnings (loss) | 6,961 | $ 16,152 | $ (1,566) |
Unremitted foreign subsidiary earnings | 1,225 | ||
United States [Member] | |||
Income Taxes [Line Items] | |||
Deferred tax assets, net | 21,500 | ||
Disallowed interest expense | 11,000 | ||
Income tax net operating loss carryforwards | $ 2,700 | ||
Canada [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax rate differential | 23% | ||
Poland [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax rate differential | 19% | ||
Mauritius [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax rate differential | 15% | ||
Austria [Member] | |||
Income Taxes [Line Items] | |||
Foreign tax rate differential | 25% | ||
Maximum [Member] | Colorado Missouri And West Virginia [Member] | |||
Income Taxes [Line Items] | |||
State income tax (net of federal benefit) | 8.25% | ||
Minimum [Member] | Colorado Missouri And West Virginia [Member] | |||
Income Taxes [Line Items] | |||
State income tax (net of federal benefit) | 4% | ||
Canada Real Estate Sale [Member] | VICI PropCo [Member] | |||
Income Taxes [Line Items] | |||
Capital gains tax rate | 11.50% |
Income Taxes (US And Foreign Pr
Income Taxes (US And Foreign Pre-Tax (loss) Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total (loss) income before taxes | $ (23,832) | $ 6,010 | $ 28,149 |
Domestic Tax Authority [Member] | |||
Total (loss) income before taxes | (30,793) | (10,142) | 29,715 |
Foreign [Member] | |||
Total (loss) income before taxes | $ 6,961 | $ 16,152 | $ (1,566) |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
US - Current | $ 1,088 | $ 3,176 | $ 5,160 |
US - Deferred | (6,504) | (14,981) | |
(Benefit) provision for US income taxes | (5,416) | (11,805) | 5,160 |
Foreign - Current | 17,085 | 4,291 | 866 |
Foreign - Deferred | (17,012) | (146) | 345 |
Provision for foreign income taxes | 73 | 4,145 | 1,211 |
Total (benefit) provision for income taxes | $ (5,343) | $ (7,660) | $ 6,371 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
US federal income tax statutory rate | 21% | 21% | 21% |
Foreign tax rate differential | 23.30% | 18.60% | (0.50%) |
State income tax (net of federal benefit) | 2.10% | 0.90% | 3% |
Income taxed to owners of non-controlling interest (Smooth Bourbon) | 4.70% | ||
Meals, entertainment, gifts and giveaways | (1.00%) | 3.70% | 0.40% |
Statutory to US GAAP adjustments, including foreign currency | 0.80% | (3.70%) | 2.60% |
Valuation allowance | (5.50%) | (173.50%) | (4.60%) |
Unrecognized tax benefit | (0.30%) | (4.70%) | (0.30%) |
Stock options | (1.00%) | 7% | 1.30% |
Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits | 2.50% | ||
Foreign dividend withholding - current | (5.10%) | ||
Foreign dividend withholding - unremitted earnings | (15.00%) | ||
Permanent and other items | (1.60%) | 0.70% | (0.30%) |
Total provision for income taxes | 22.40% | (127.50%) | 22.60% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities | ||
Unremitted foreign subsidiary earnings | $ (3,600) | |
Domestic Tax Authority [Member] | ||
Deferred tax assets | ||
Amortization of goodwill for tax | 8,115 | $ 8,101 |
Financing obligation to VICI Properties, Inc. subsidiaries | 127,074 | 69,356 |
NOL carryforward | 2,705 | |
Operating and finance leases | 394 | 462 |
Disallowed interest expense | 11,036 | 3,588 |
Accrued liabilities and other | 1,780 | 1,040 |
Deferred tax assets, gross | 151,104 | 82,547 |
Long-term deferred tax asset | 151,104 | 82,547 |
Deferred tax liabilities | ||
Property and equipment | (126,426) | (66,062) |
Operating and finance leases | (375) | (444) |
Prepaid expenses | (475) | (342) |
Unremitted foreign subsidiary earnings | (2,343) | |
Others | (718) | |
Deferred tax liabilities, total | (129,619) | (67,566) |
Long-term deferred tax asset | 21,485 | 14,981 |
Foreign [Member] | ||
Deferred tax assets | ||
Property and equipment | 314 | 276 |
Financing obligation to VICI Properties, Inc. subsidiaries | 38,354 | |
NOL carryforward | 10,245 | 7,464 |
Operating and finance leases | 5,138 | 8,415 |
Accrued liabilities and other | 978 | 984 |
Subsidiary liquidation | 2,378 | 2,810 |
Exchange rate gain | 589 | 926 |
Deferred tax assets, gross | 57,996 | 20,875 |
Valuation allowance | (11,389) | (9,907) |
Long-term deferred tax asset | 46,607 | 10,968 |
Deferred tax liabilities | ||
Property and equipment | (24,425) | (3,823) |
Exchange rate loss | (4) | (4) |
Intangibles | (1,062) | (1,037) |
Operating and finance leases | (4,485) | (7,726) |
Unremitted foreign subsidiary earnings | (1,225) | |
Others | (609) | (592) |
Deferred tax liabilities, total | (31,810) | (13,182) |
Long-term deferred tax asset | $ 14,797 | |
Long-term deferred tax liability | $ (2,214) |
Income Taxes (Periods Subject T
Income Taxes (Periods Subject To Examination Of Tax Returns) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
US Federal [Member] | |
Period | 2017 |
Minimum [Member] | US Federal [Member] | |
Period | 2020 |
Minimum [Member] | US State - Colorado [Member] | |
Period | 2019 |
Minimum [Member] | US State - Missouri [Member] | |
Period | 2020 |
Minimum [Member] | US State - West Virginia [Member] | |
Period | 2020 |
Minimum [Member] | Canada [Member] | |
Period | 2008 |
Minimum [Member] | Mauritius [Member] | |
Period | 2020 |
Minimum [Member] | Poland [Member] | |
Period | 2018 |
Minimum [Member] | Austria [Member] | |
Period | 2018 |
Maximum [Member] | US Federal [Member] | |
Period | 2022 |
Maximum [Member] | US State - Colorado [Member] | |
Period | 2022 |
Maximum [Member] | US State - Missouri [Member] | |
Period | 2022 |
Maximum [Member] | US State - West Virginia [Member] | |
Period | 2022 |
Maximum [Member] | Canada [Member] | |
Period | 2022 |
Maximum [Member] | Mauritius [Member] | |
Period | 2022 |
Maximum [Member] | Poland [Member] | |
Period | 2022 |
Maximum [Member] | Austria [Member] | |
Period | 2022 |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets Expiration) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 12,950 |
2023 - 2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 153 |
2034 - 2043 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 8,747 |
No Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 4,050 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Unrecognized tax benefit - January 1 | $ 528 | $ 777 |
Gross increases - tax positions in prior period | 11 | |
Gross decreases - tax positions in prior period | (31) | |
Gross increases - tax positions in current period | ||
Settlements | ||
Lapse of statute of limitations | (218) | |
Unrecognized tax benefit - December 31 | $ 539 | $ 528 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
Transfers between the three levels | $ 0 |
Segment And Geographic Inform_3
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 segment item | |
Segment And Geographic Information [Abstract] | |
Number of reportable segments | segment | 3 |
Number of chief operating decision maker | 2 |
Number of Co-CEOs | 2 |
Segment And Geographic Inform_4
Segment And Geographic Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
East [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Mountaineer Casino, Resort & Races (1) |
East [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Rocky Gap Casino, Resort & Golf (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 (1) and The Farmstead |
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 (1) |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino St. Albert (1) |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Mile Racetrack and Casino (1) |
Canada [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Downs Racetrack and Casino (1) |
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 And Geographic Inform_5
Segment And Geographic Information (Schedule Of Information By Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | $ 550,206 | $ 430,529 | $ 388,506 | ||||
Earnings from equity investment | 1,121 | 3,249 | |||||
Earnings (loss) before income taxes | (23,832) | 6,010 | 28,149 | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (28,198) | 7,976 | 20,622 | ||||
Income taxes (benefit) | (5,343) | (7,660) | 6,371 | ||||
Depreciation and amortization | 41,043 | 27,109 | 26,762 | ||||
Net earnings (loss) attributable to non-controlling interests | 9,709 | 5,694 | 1,156 | ||||
Non-cash stock-based compensation | 3,610 | 3,335 | 2,652 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (3,933) | (3,378) | (2,289) | ||||
Interest expense | 93,925 | 65,831 | 42,832 | ||||
Loss on debt extinguishment | 7,299 | ||||||
Payments made | 166 | 157 | 123 | ||||
Earn outs | 1,660 | 51 | |||||
Cost recovery income | 3,501 | 1,938 | 655 | ||||
Equity investment | 93,260 | ||||||
Total assets | 1,359,662 | 884,967 | |||||
Cash payments related to lease | 5,499 | 5,168 | 5,201 | ||||
Amortization of deferred financing costs | 2,695 | 9,716 | 1,565 | ||||
Earn out from the sale of casino operations | 1,660 | ||||||
Loss on sale of assets | 2,154 | ||||||
Macquarie Capital [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Amortization of deferred financing costs | 400 | 1,600 | |||||
Mountaineer Land [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Income related to the sale unused land | 800 | ||||||
Canada Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Loss on debt extinguishment | 7,300 | ||||||
Corporate And Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 61 | 206 | 567 | ||||
Impairment - intangible and tangible assets | 0 | 0 | 0 | ||||
Acquisition escrow in restricted cash | 100,200 | ||||||
Corporate And Other [Member] | Macquarie Capital [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Amortization of deferred financing costs | 7,300 | ||||||
Smooth Bourbon LLC [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Equity investment | 93,300 | ||||||
United States [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 380,591 | 268,582 | 283,285 | ||||
Poland [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 94,105 | 90,169 | 58,226 | ||||
Canada [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 75,449 | 71,572 | 46,428 | ||||
Operating Segments [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | [1] | 550,206 | 430,529 | 388,506 | |||
Earnings from equity investment | 1,121 | 3,249 | |||||
Earnings (loss) before income taxes | (23,832) | 6,010 | 28,149 | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (28,198) | 7,976 | 20,622 | ||||
Interest expense (income), net | 91,811 | [2] | 64,980 | [2] | 42,658 | [3] | |
Income taxes (benefit) | (5,343) | (7,660) | 6,371 | ||||
Depreciation and amortization | 41,043 | 27,109 | 26,762 | ||||
Net earnings (loss) attributable to non-controlling interests | 9,709 | 5,694 | 1,156 | ||||
Non-cash stock-based compensation | 3,610 | 3,335 | 2,652 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (3,688) | [4] | (1,236) | [5] | (2,686) | [6] | |
Loss (gain) on disposition of fixed assets | 691 | 18 | 391 | ||||
Acquisition costs | 4,412 | 3,124 | |||||
Adjusted EBITDA | 114,047 | 103,340 | 97,926 | ||||
Long-lived assets | 1,114,682 | [7] | 641,033 | [8] | 561,765 | [8] | |
Total assets | 1,359,662 | [9] | 884,967 | [10] | 703,358 | ||
Capital expenditures | 59,621 | 19,193 | 10,012 | ||||
Operating Segments [Member] | United States Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | [1] | 380,591 | 268,582 | 283,285 | |||
Earnings (loss) before income taxes | 25,974 | 32,354 | 49,628 | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 18,036 | 24,759 | 49,628 | ||||
Interest expense (income), net | 38,024 | [2] | 28,531 | [2] | 28,229 | [3] | |
Income taxes (benefit) | 2,654 | 7,595 | |||||
Depreciation and amortization | 33,739 | 19,364 | 18,398 | ||||
Net earnings (loss) attributable to non-controlling interests | 5,284 | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (84) | [4] | (1) | [5] | (836) | [6] | |
Loss (gain) on disposition of fixed assets | 537 | 49 | 341 | ||||
Adjusted EBITDA | 98,190 | 80,297 | 95,760 | ||||
Long-lived assets | 947,075 | [7] | 466,403 | [8] | 376,210 | [8] | |
Total assets | 1,018,926 | [9] | 425,820 | [10] | 422,409 | ||
Capital expenditures | 55,389 | 16,000 | 8,672 | ||||
Operating Segments [Member] | Canada Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | [1] | 75,449 | 71,572 | 46,428 | |||
Earnings (loss) before income taxes | 7,071 | 11,211 | 3,312 | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 8,626 | 6,070 | 1,124 | ||||
Interest expense (income), net | 11,527 | [2] | 2,281 | [2] | 1,796 | [3] | |
Income taxes (benefit) | (4,256) | 2,354 | 1,256 | ||||
Depreciation and amortization | 4,590 | 4,754 | 4,904 | ||||
Net earnings (loss) attributable to non-controlling interests | 2,701 | 2,787 | 932 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (3,195) | [4] | 123 | [5] | (545) | [6] | |
Loss (gain) on disposition of fixed assets | 10 | 27 | 43 | ||||
Adjusted EBITDA | 20,003 | 18,396 | 9,510 | ||||
Long-lived assets | 137,543 | [7] | 139,304 | [8] | 152,278 | [8] | |
Total assets | 238,643 | [9] | 162,088 | [10] | 179,297 | ||
Capital expenditures | 2,330 | 1,566 | 646 | ||||
Operating Segments [Member] | Poland Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | [1] | 94,105 | 90,169 | 58,226 | |||
Earnings (loss) before income taxes | 6,704 | 11,044 | 921 | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 3,446 | 5,811 | 440 | ||||
Interest expense (income), net | (345) | [2] | (686) | [2] | (477) | [3] | |
Income taxes (benefit) | 1,534 | 2,326 | 257 | ||||
Depreciation and amortization | 2,482 | 2,606 | 3,028 | ||||
Net earnings (loss) attributable to non-controlling interests | 1,724 | 2,907 | 224 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (810) | [4] | (1,153) | [5] | (887) | [6] | |
Loss (gain) on disposition of fixed assets | 31 | 63 | 44 | ||||
Adjusted EBITDA | 8,062 | 11,874 | 2,629 | ||||
Long-lived assets | 26,736 | [7] | 27,134 | [8] | 29,865 | [8] | |
Total assets | 39,892 | [9] | 42,173 | [10] | 44,204 | ||
Capital expenditures | 1,816 | 1,578 | 163 | ||||
Operating Segments [Member] | Corporate And Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | [1] | 61 | 206 | 567 | |||
Earnings from equity investment | 1,121 | 3,249 | |||||
Earnings (loss) before income taxes | (63,581) | (48,599) | (25,712) | ||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (58,306) | (28,664) | (30,570) | ||||
Interest expense (income), net | 42,605 | [2] | 34,854 | [2] | 13,110 | [3] | |
Income taxes (benefit) | (5,275) | (19,935) | 4,858 | ||||
Depreciation and amortization | 232 | 385 | 432 | ||||
Non-cash stock-based compensation | 3,610 | 3,335 | 2,652 | ||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 401 | [4] | (205) | [5] | (418) | [6] | |
Loss (gain) on disposition of fixed assets | 113 | (121) | (37) | ||||
Acquisition costs | 4,412 | 3,124 | |||||
Adjusted EBITDA | (12,208) | (7,227) | (9,973) | ||||
Long-lived assets | 3,328 | [7] | 8,192 | [8] | 3,412 | [8] | |
Total assets | 62,201 | [9] | 254,886 | [10] | 57,448 | ||
Capital expenditures | 86 | 49 | 531 | ||||
VICI PropCo - Master Lease [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Payments made | 39,048 | 25,529 | $ 25,271 | ||||
Subsidiary Of VICIPropCo - CDR Land Lease [Member] | Canada Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Earn outs | (1,700) | ||||||
Cost recovery income | 3,500 | ||||||
Land and Building [Member] | Canada [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Loss (gain) on disposition of fixed assets | 2,200 | ||||||
Cost recovery income | $ 1,900 | ||||||
Nugget Sparks, LLC [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 80,800 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,300 | ||||||
Nugget Sparks, LLC [Member] | United States Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Long-lived assets | 283,600 | ||||||
Total assets | 298,800 | ||||||
Rocky Gap Casino Resort [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net operating revenue | 31,700 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (2,500) | ||||||
Rocky Gap Casino Resort [Member] | United States Segment [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Long-lived assets | 261,700 | ||||||
Total assets | $ 268,900 | ||||||
[1] Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023. Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $ 7.3 million in Canada relates to the debt extinguishment of the CDR land lease. (3) Incl Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Incl uded in the Canada segment is $ 1.7 million related to the earn out from the sale of casino operations in Calgary in 2020 and $ 3.5 million cost recovery income for CDR. . (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by $ 1.9 million cost recovery income for CDR. Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets in the United States segment include $ 283.6 million related to the Nugget Acquisition and $ 261.7 million related to the Rocky Gap Acquisition. (5) Total assets in the United States segment Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Total assets in the United States segment include $ 298.8 million related to the Nugget Acquisition and $ 268.9 million related to the Rocky Gap Acquisition. Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. |
Commitments, Contingencies An_2
Commitments, Contingencies And Other Matters (Narrative) (Details) $ in Thousands, zł in Millions | 12 Months Ended | ||||||||
Dec. 31, 2023 USD ($) item | Dec. 31, 2023 PLN (zł) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 PLN (zł) | Dec. 31, 2021 PLN (zł) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 PLN (zł) | |
Commitments and Contingencies [Line items] | |||||||||
Reduction to contingent liability | $ 500 | zł 1.8 | |||||||
Reimbursement from Polish IRS | $ 400 | zł 1.8 | $ 600 | zł 2.4 | |||||
General and administrative | $ 140,505 | $ 104,262 | 92,189 | ||||||
Distribution to non-controlling interest | 19,604 | 3,276 | 808 | ||||||
Casinos Poland [Member] | |||||||||
Commitments and Contingencies [Line items] | |||||||||
Income tax audit costs | 4,200 | zł 14.3 | |||||||
Century Downs Racetrack And Casino [Member] | |||||||||
Commitments and Contingencies [Line items] | |||||||||
Distribution to non-controlling interest | $ 3,500 | 2,000 | 700 | ||||||
401K Plan [Member] | |||||||||
Commitments and Contingencies [Line items] | |||||||||
Vesting period for plan | 6 years | 6 years | |||||||
Contributed to plan | $ 1,000 | 500 | 500 | ||||||
RSP and RPP Plans [Member] | |||||||||
Commitments and Contingencies [Line items] | |||||||||
Number of registered retirement plans in Canada | item | 2 | 2 | |||||||
Contributed to plan | $ 300 | $ 300 | $ 200 | ||||||
RPP Plan [Member] | |||||||||
Commitments and Contingencies [Line items] | |||||||||
Vesting period for plan | 2 years | 2 years |
Transactions With Related Par_2
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Charges from Flyfish and Focus | $ 800 | $ 700 | $ 700 |
Marnell Gaming, LLC [Member] | |||
Payable for general contracting services | $ 100 | $ 400 | |
Smooth Borbon Investment [Member] | Marnell Gaming, LLC [Member] | |||
Ownership interest | 50% | ||
United States Segment [Member] | Marnell Gaming, LLC [Member] | |||
Consulting fees incurred | $ 400 | ||
Additional expenses | $ 100 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Goldman Sachs Bank USA and BOFA Securities, Inc [Member] - Goldman Credit Agreement [Member] - Term Loan [Member] $ in Thousands | Feb. 29, 2024 USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Term loan repurchased by company | $ 3,500 |
Forecast [Member] | |
Subsequent Event [Line Items] | |
Term loan repurchased by company | $ 3,500 |
Interest rate | 97% |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |