10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	84-1271317
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 Per Share Par Value	CNTY	Nasdaq Capital Market, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨	Accelerated Filer þ
Non-accelerated Filer ¨	Smaller Reporting Company þ
	Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

29,575,962 shares of common stock, $0.01 par value per share, were outstanding as of April 30, 2021.

1

INDEX

Part I	FINANCIAL INFORMATION	Page
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020	3
	Condensed Consolidated Statements of Loss for the Three Months Ended March 31, 2021 and 2020	5
	Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020	6
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and 2020	7
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020	8
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48
Part II	OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 6.	Exhibits	50
Signatures		51

‎

2

PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	March 31,			December 31,
Amounts in thousands, except for share and per share information	2021			2020
ASSETS
Current Assets:
Cash and cash equivalents	$	65,969	$	63,413
Receivables, net		6,004		8,237
Prepaid expenses		9,807		12,021
Inventories		1,474		1,660
Other current assets		1,538		1,020
Assets held for sale		8,374		8,271
Total Current Assets		93,166		94,622
Property and equipment, net		482,495		485,248
Leased right-of-use assets, net		32,196		34,074
Goodwill		10,528		10,901
Intangible assets, net		51,803		52,758
Deferred income taxes		1,390		861
Note receivable, net of current portion and unamortized discount		381		381
Deposits and other		1,846		1,915
Total Assets	$	673,805	$	680,760
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	10,619	$	10,718
Current portion of operating lease liabilities		4,134		4,327
Current portion of finance lease liabilities		100		131
Accounts payable		7,940		12,857
Accrued liabilities		15,039		12,486
Accrued payroll		7,983		8,402
Taxes payable		9,559		10,766
Contingent liability (Note 7)		453		476
Total Current Liabilities		55,827		60,163
Long-term debt, net of current portion and deferred financing costs (Note 5)		173,802		173,832
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6)		279,276		278,940
Operating lease liabilities, net of current portion		30,700		32,277
Finance lease liabilities, net of current portion		72		83
Taxes payable and other		6,066		5,608
Deferred income taxes		2,631		2,874
Total Liabilities		548,374		553,777
Commitments and Contingencies (Note 7)

See notes to unaudited condensed consolidated financial statements.

- Continued -

‎

3

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

	March 31,			December 31,
Amounts in thousands, except for share and per share information	2021			2020
Equity:
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding		—		—
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,575,962 and 29,575,962 shares issued and outstanding		296		296
Additional paid-in capital		115,829		115,570
Retained earnings		7,248		8,667
Accumulated other comprehensive loss		(5,363)		(6,379)
Total Century Casinos, Inc. Shareholders' Equity		118,010		118,154
Non-controlling interests		7,421		8,829
Total Equity		125,431		126,983
Total Liabilities and Equity	$	673,805	$	680,760

See notes to unaudited condensed consolidated financial statements.

‎

4

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)

	For the three months
	ended March 31,
Amounts in thousands, except for per share information	2021		2020
Operating revenue:
Gaming	$	63,428	$	74,292
Pari-mutuel and sports betting		2,484		2,352
Hotel		1,750		1,816
Food and beverage		2,720		6,552
Other		2,033		2,644
Net operating revenue		72,415		87,656
Operating costs and expenses:
Gaming		31,739		42,043
Pari-mutuel and sports betting		2,401		3,160
Hotel		511		724
Food and beverage		2,605		6,670
General and administrative		20,268		26,372
Depreciation and amortization		6,643		6,495
Impairment - intangible and tangible assets		—		33,964
Total operating costs and expenses		64,167		119,428
Earnings (loss) from operations		8,248		(31,772)
Non-operating (expense) income:
Interest income		—		1
Interest expense		(10,522)		(11,367)
Gain on foreign currency transactions, cost recovery income and other		470		1
Non-operating (expense) income, net		(10,052)		(11,365)
Loss before income taxes		(1,804)		(43,137)
Income tax expense		(99)		(2,524)
Net loss		(1,903)		(45,661)
Net loss (earnings) attributable to non-controlling interests		484		(195)
Net loss attributable to Century Casinos, Inc. shareholders	$	(1,419)	$	(45,856)
Loss per share attributable to Century Casinos, Inc. shareholders:
Basic	$	(0.05)	$	(1.55)
Diluted	$	(0.05)	$	(1.55)
Weighted average shares outstanding - basic		29,576		29,507
Weighted average shares outstanding - diluted		29,576		29,507

See notes to unaudited condensed consolidated financial statements.

‎

5

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Net loss	$	(1,903)	$	(45,661)
Other comprehensive (loss) income
Foreign currency translation adjustments		747		(13,727)
Other comprehensive income (loss)		747		(13,727)
Comprehensive loss	$	(1,156)	$	(59,388)
Comprehensive (loss) income attributable to non-controlling interests
Net loss (earnings) attributable to non-controlling interests		484		(195)
Foreign currency translation adjustments		269		889
Comprehensive loss attributable to Century Casinos, Inc. shareholders	$	(403)	$	(58,694)

See notes to unaudited condensed consolidated financial statements.

6

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

	For the three months
	ended March 31,
Amounts in thousands, except for share information	2021		2020
Common Stock
Balance, beginning of period	$	296	$	295
Performance stock unit issuance		—		1
Balance, end of period		296		296
Additional Paid-in Capital
Balance, beginning of period	$	115,570	$	115,784
Amortization of stock-based compensation (1)		259		(14)
Balance, end of period		115,829		115,770
Accumulated Other Comprehensive Loss
Balance, beginning of period	$	(6,379)	$	(9,442)
Foreign currency translation adjustment		1,016		(12,838)
Balance, end of period		(5,363)		(22,280)
Retained Earnings
Balance, beginning of period	$	8,667	$	56,669
Net loss		(1,419)		(45,856)
Balance, end of period		7,248		10,813
Total Century Casinos, Inc. Shareholders' Equity	$	118,010	$	104,599
Noncontrolling Interests
Balance, beginning of period	$	8,829	$	8,769
Net (loss) earnings		(484)		195
Foreign currency translation adjustment		(269)		(889)
Distribution to non-controlling interest		(655)		—
Balance, end of period		7,421		8,075
Total Equity	$	125,431	$	112,674
Common shares issued		—		75,635

See notes to unaudited condensed consolidated financial statements.

(1)Includes forfeiture credit for cancelled shares.

7

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the three months
	ended March 31,
Amounts in thousands		2021		2020
Cash Flows provided by (used in) Operating Activities:
Net loss		$	(1,903)	$	(45,661)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			6,643		6,495
Lease amortization			1,116		599
Loss on disposition of fixed assets			105		3
Adjustment of contingent liability (Note 7)			6		734
Amortization of stock-based compensation expense			259		(14)
Amortization of deferred financing costs and discount on note receivable			391		398
Impairment (Note 3, Note 4)			—		33,964
Deferred taxes			(772)		2,207
Other			—		1
Changes in Operating Assets and Liabilities:
Receivables, net			1,612		7,574
Prepaid expenses and other assets			2,186		1,731
Accounts payable			(6,524)		441
Other current and long-term liabilities			2,206		(1,579)
Inventories			171		69
Accrued payroll			(335)		(2,925)
Taxes payable			(80)		(5,614)
Net cash provided by (used in) operating activities			5,081		(1,577)
Cash Flows used in Investing Activities:
Purchases of property and equipment			(1,599)		(4,370)
Sale of Century Casino Calgary working capital adjustment			(75)		—
Net cash used in investing activities			(1,674)		(4,370)

– Continued –

See notes to unaudited condensed consolidated financial statements.

‎

8

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Cash Flows (used in) provided by Financing Activities:
Proceeds from borrowings		—		17,351
Principal payments		(689)		(742)
Payment of deferred financing costs		—		(491)
Net cash (used in) provided by financing activities		(689)		16,118
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	$	(158)	$	(1,304)
Increase in Cash, Cash Equivalents and Restricted Cash	$	2,560	$	8,867
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	$	63,677	$	55,640
Cash, Cash Equivalents and Restricted Cash at End of Period	$	66,237	$	64,507
Supplemental Disclosure of Cash Flow Information:
Interest paid	$	7,574	$	11,828
Income taxes paid	$	1,083	$	893
Non-Cash Investing Activities:
Purchase of property and equipment on account	$	1,536	$	1,153
Non-Cash Financing Activities:
Distributions payable to non-controlling shareholders	$	655	$	—

See notes to unaudited condensed consolidated financial statements.

9

CENTURY CASINOS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (the “Company”) is a casino entertainment company with operations primarily in North America. The Company’s operations as of March 31, 2021 are detailed below.

The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

The Century Casino & Hotel in Central City, Colorado (“CTL”)

The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)

Mountaineer Casino, Racetrack & Resort 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⁾

The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)

The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and

Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”)

(1)VICI Properties Inc. (“VICI PropCo”) owns the real estate assets.

On December 1, 2020, the Company sold the casino operations of Century Casino Calgary (“CAL”). The Company continues to operate Century Sports, a sports bar, bowling and entertainment facility located on the property. In addition, the Company owns and leases the underlying real estate to the purchaser. See below in this Note 1 for additional information about CAL.

On March 17, 2020, the Company announced that it had permanently closed Century Casino Bath (“CCB”). CCB voluntarily surrendered its casino gaming license on April 28, 2020 and entered into a creditors voluntary liquidation on May 6, 2020. See below in this Note 1 for additional information about CCB.

Century Bets! Inc. (“CBS” or “Century Bets”) operates the pari-mutuel off-track betting network in southern Alberta, Canada.

The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries:

The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2021, CPL owned eight casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest.

The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a racing and entertainment center (“REC”) in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest.

The Company has the following concession, management and consulting service agreements:

As of March 31, 2021, the Company had a concession agreement with TUI Cruises for four ship-based casinos. The ship-based casinos are not operating due to the coronavirus (“COVID-19”) pandemic. In May 2021, the agreement for three of the ship-based casinos ended. The Company’s agreement to operate one ship-based casino is expected to continue through June 2022.

The Company, through its subsidiary CRM, has a 7.5% ownership interest in Mendoza Central Entretenimientos S.A., an Argentinian company (“MCE”). In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement in exchange for a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). In March 2020, the Company impaired the $1.0 million MCE investment and wrote-down a $0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. See Note 3 for additional information related to MCE.

10

Recent Developments Related to COVID-19

In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s 2020 and first quarter 2021 results of operations and financial condition and the Company expects this situation will continue to have an adverse impact on its results in 2021. The duration and impact of the COVID-19 pandemic otherwise remains uncertain. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities have been closed to comply with quarantines issued by governments to contain the spread of COVID-19. The Company’s casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operations.

Operating Segment	Closure Date	Reopen Date	Gaming Floor Open
Colorado	March 17, 2020	June 15 and June 17, 2020	80% (1)
Missouri	March 17, 2020	June 1, 2020	94%
West Virginia	March 17, 2020	June 5, 2020	85%
Edmonton	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Calgary	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Poland	March 13, 2020	May 18, 2020
	December 29, 2020	February 12, 2021
	March 20, 2021	Currently Closed (2)

(1)CRC’s slot floor is fully open. CTL’s slot floor is 66% open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions.

(2)The Poland casinos are expected to reopen on May 8, 2021.

The Company continues to monitor its liquidity in light of the uncertainty resulting from COVID-19. The Company plans to continue its reduced marketing expenditures and operational expenditures where possible. The Company’s 2021 planned capital expenditure projects will be evaluated throughout the year and postponed to 2022 if necessary and permitted under its agreements. In March 2020, as a proactive measure to increase its cash position and preserve financial flexibility, the Company borrowed an additional $9.95 million on its $10.0 million revolving credit facility (the “Revolving Facility”) under its credit facility (“Macquarie Credit Agreement”) with Macquarie Capital (“Macquarie”) and $7.4 million on its credit agreement with UniCredit Bank Austria AG (“UniCredit”). The Revolving Facility was repaid in July 2020 except for a $50,000 letter of credit that the Company cash collateralized. See Note 5 for further discussion of the Macquarie Credit Agreement and the UniCredit credit agreement.

The Company cannot predict the negative impacts that the failure to suppress the spread 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 and will continue to have a material impact on the Company. While the severity and duration of such business impacts cannot currently be estimated, the effects of COVID-19 and the requirements of health and safety protocols are expected to continue to have a material impact on the Company. Management estimates that the Company’s casino properties in Canada and Poland that are currently closed will need approximately $7.0 million to reopen operations and to cover short-term cash needs at those casinos.

‎

11

Other Developments

Century Casino Calgary

On August 5, 2020, the Company announced that it had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. 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. The Company continues to operate Century Sports, and to own the underlying real estate. Upon closing of the transaction, the Company entered into a three year lease agreement with the purchaser of the casino operations for annual net rent for the land and building of CAD 0.5 million ($0.4 million based on the exchange rate on March 31, 2021). In December 2020, the Company began to market the sale of the land and building that it owns in Calgary. The sale is expected to occur by the end of 2021. As of March 31, 2021, the held for sale assets include $4.8 million in land and $3.6 million in buildings and improvements, net of accumulated depreciation.

Century Casino Bath

In March 2020, CCB was closed due to COVID-19. Due to challenging conditions that included historical and forecast losses due to changes in the regulatory environment for casinos in England requiring enhanced due diligence of customers, CCB’s board of directors determined that it would enter into creditors voluntary liquidation and control of CCB was relinquished. Under Accounting Standards Codification (“ASC”) 810, Consolidation, specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners. Accordingly, when a subsidiary is in legal reorganization or files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. The Company will not regain control of CCB and determined that it was appropriate to deconsolidate CCB effective as of May 6, 2020.

Preparation of Financial Statements

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the quarter ended March 31, 2021 are not necessarily indicative of the operating results for the full year.

Reclassifications – Certain prior period amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and the accompanying notes thereto.

Cash, Cash Equivalents and Restricted Cash – A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table:

	March 31,		March 31,
Amounts in thousands	2021		2020
Cash and cash equivalents	$	65,969	$	63,676
Restricted cash included in deposits and other		268		831
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	66,237	$	64,507

As of March 31, 2021, restricted cash included $0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits and other related to an insurance policy. As of March 31, 2020, restricted cash included $0.6 million in deposits and other related to a cash guarantee under the CCB loan agreement that CRM assumed in February 2020, $0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits and other related to an insurance policy.

Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax.

12

Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows:

	As of March 31,	As of December 31,
Ending Rates	2021	2020
Canadian dollar (CAD)	1.2575	1.2732
Euros (EUR)	0.8520	0.8157
Polish zloty (PLN)	3.9564	3.7136
British pound (GBP)	0.7253	0.7325

The average exchange rates to the US dollar used to translate balances during each reported period are as follows:

	For the three months
	ended March 31,
Average Rates	2021	2020	% Change
Canadian dollar (CAD)	1.2665	1.3429	5.7%
Euros (EUR)	0.8296	0.9074	8.6%
Polish zloty (PLN)	3.7693	3.9221	3.9%
British pound (GBP)	0.7253	0.7816	7.2%
Source: Pacific Exchange Rate Service

2.SIGNIFICANT ACCOUNTING POLICIES

Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement:

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, and updating certain requirements, and (ii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements.

‎

13

Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides clarification that certain optional expedients and exceptions in ASU 2020-04 for contract modification and hedge accounting apply to derivatives that are affected by discounting transition. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.

3.INVESTMENTS

Cost Investment

Mendoza Central Entretenimientos S.A.

In October 2014, CRM entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CRM purchased 7.5% of the shares of MCE for $1.0 million. Pursuant to the MCE Agreement, CRM is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina that is owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CRM has appointed one director to MCE’s board of directors.

In March 2020, the Company assessed the MCE investment due to COVID-19. Casino de Mendoza, MCE’s only customer, was temporarily closed in March 2020. The investment was valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in no value, and (ii) a value in exchange basis which resulted in no value due to the current circumstances of COVID-19. The Company charged $1.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020.

4.GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of March 31, 2021 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value.

The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach.

14

During the first quarter of 2020, as a result of the COVID-19 pandemic and associated closure of its casinos, the Company concluded these triggering events could indicate possible impairment of its goodwill and indefinite-lived intangible assets. The Company performed a quantitative and qualitative impairment analysis and determined that goodwill and casino licenses related to certain reporting units were impaired. The Company recorded $33.0 million to impairment –intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020 related to the impairment of its goodwill and casino licenses for certain reporting units. The impairment analysis required management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, heightened by the possibility of additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material.

Goodwill

Changes in the carrying amount of goodwill related to the United States, Canada and Poland segments are as follows:

Amounts in thousands	United States		Canada		Poland		Total
Gross carrying value January 1, 2021	$	19,786	$	7,385	$	6,891	$	34,062
Currency translation		—		50		(423)		(373)
Gross carrying value March 31, 2021		19,786		7,435		6,468		33,689
Accumulated impairment losses January 1, 2021		(19,786)		(3,375)		—		(23,161)
Accumulated impairment losses March 31, 2021		(19,786)		(3,375)		—		(23,161)
Net carrying value at January 1, 2021	$	—	$	4,010	$	6,891	$	10,901
Net carrying value at March 31, 2021	$	—	$	4,060	$	6,468	$	10,528

Intangible Assets

Intangible assets at March 31, 2021 and December 31, 2020 consisted of the following:

		March 31,		December 31,
Amounts in thousands	2021		2020
Finite-lived
Casino licenses	$	2,833	$	3,019
Less: accumulated amortization		(1,436)		(1,404)
		1,397		1,615
Trademarks		2,368		2,368
Less: accumulated amortization		(316)		(257)
		2,052		2,111
Players club lists		20,373		20,373
Less: accumulated amortization		(3,881)		(3,153)
		16,492		17,220
Total finite-lived intangible assets, net		19,941		20,946
Indefinite-lived
Casino licenses		30,212		30,061
Trademarks		1,650		1,751
Total indefinite-lived intangible assets		31,862		31,812
Total intangible assets, net	$	51,803	$	52,758

‎

15

Trademarks

The Company currently owns three trademarks, the Century Casinos trademark, the Mountaineer trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets.

Trademarks: Finite-Lived

The Company has determined that the Mountaineer trademark, reported in the United States segment, has a useful life of ten 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 trade name. As such the trademark will be amortized over its useful life. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the Mountaineer trademark are as follows:

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	2,111	$	(59)	$	2,052

As of March 31, 2021, estimated amortization expense of the Mountaineer trademark over the next five years was as follows:

Amounts in thousands
2021	$	178
2022		237
2023		237
2024		237
2025		237
Thereafter		926
	$	2,052

The weighted-average amortization period of the Mountaineer trademark is 8.7 years.

Trademarks: Indefinite-Lived

The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the indefinite-lived trademarks are as follows:

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at March 31, 2021
Poland	$	1,643	$	(101)	$	1,542
Corporate and Other		108		—		108
	$	1,751	$	(101)	$	1,650

Casino Licenses: Finite-Lived

As of March 31, 2021, Casinos Poland had eight casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows:

Amounts in thousands		Balance at January 1, 2021		Amortization		Currency translation		Balance at ‎March 31, 2021
Poland	$	1,615	$	(124)	$	(94)	$	1,397

‎

16

As of March 31, 2021, estimated amortization expense for the CPL casino licenses over the next five years was as follows:

Amounts in thousands
2021	$	355
2022		459
2023		395
2024		161
2025		27
	$	1,397

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 2.9 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license.

Casino Licenses: Indefinite-Lived

The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the licenses are as follows:

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at ‎March 31, 2021
United States	$	17,962	$	—	$	17,962
Canada		12,099		151		12,250
	$	30,061	$	151	$	30,212

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 years based on estimated revenue attrition among the player’s club members over each property’s historical operations as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows:

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	17,220	$	(728)	$	16,492

As of March 31, 2021, estimated amortization expense for the player’s club lists over the next five years was as follows:

Amounts in thousands
2021	$	2,182
2022		2,910
2023		2,910
2024		2,910
2025		2,910
Thereafter		2,670
	$	16,492

The weighted-average amortization period for the player’s club lists is 5.7 years.

‎

17

5. LONG-TERM DEBT

Long-term debt and the weighted average interest rates as of March 31, 2021 and December 31, 2020 consisted of the following:

Amounts in thousands	March 31, 2021			December 31, 2020
Credit agreement - Macquarie	$	167,875	6.64%	$	168,300	6.72%
Credit agreements - CPL		994	2.02%		1,296	2.61%
UniCredit loan		1,517	1.66%		1,502	2.05%
UniCredit agreement		7,400	2.48%		7,400	2.60%
Financing obligation - CDR land lease		15,504	11.62%		15,313	13.70%
Total principal	$	193,290	6.55%	$	193,811	7.03%
Deferred financing costs		(8,869)			(9,261)
Total long-term debt	$	184,421		$	184,550
Less current portion		(10,619)			(10,718)
Long-term portion	$	173,802		$	173,832

Credit Agreement – Macquarie Capital

On December 6, 2019, the Company entered into a $180.0 million credit agreement with Macquarie Capital Funding LLC, as swingline lender, administrative agent and collateral agent, Macquarie Capital (USA) Inc., as sole lead arranger and sole bookrunner, and the Lenders and L/C Lenders party thereto. The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provides for a $170.0 million term loan (the “Term Loan”) and the $10.0 million Revolving Facility. The Revolving Facility includes up to $5.0 million available for the issuance of letters of credit. The Company used proceeds from the Term Loan to fund the acquisition of Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) from Eldorado Resorts, Inc. on December 6, 2019 (the “Acquisition”), for the repayment of approximately $52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In March 2020, the Company drew $9.95 million on the Revolving Facility. The Revolving Facility was repaid in July 2020 except for a $50,000 letter of credit that the Company cash collateralized. As of March 31, 2021, the outstanding balance of the Term Loan was $167.9 million and the Company had $9.95 million available to borrow on the Revolving Facility.

The Term Loan matures on December 6, 2026, and the Revolving Facility matures on December 6, 2024. The Term Loan requires scheduled quarterly payments in amounts equal to 0.25% of the original aggregate principal amount of the Term Loan, with the balance due at maturity. The Term Loan may be prepaid without penalty or premium.

Borrowings under the Macquarie Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the London Interbank Offered Rate (“LIBOR”) (as defined in the Macquarie Credit Agreement), plus an applicable margin (each loan, being a “LIBOR Loan”) or (b) the Alternate Base Rate (as defined in the Macquarie Credit Agreement) (each loan, being a “ABR Loan”). The applicable margin for borrowings under the Term Loan is currently 6.50% per annum with respect to LIBOR Loans and 5.50% per annum with respect to ABR Loans. The applicable margin for borrowings under the Revolving Facility is determined as follows: (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Macquarie Credit Agreement) of the Company is greater than 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.25% per annum, and for ABR Loans will be 3.25% per annum, and (2) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.00% per annum, and for ABR Loans will be 3.00% per annum.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Facility a commitment fee in respect of any unused commitments under the Revolving Facility in the amount of 0.50% of the principal amount of unused commitments of such lender, subject to a stepdown to 0.375% based upon the Company’s Consolidated First Lien Net Leverage Ratio. The Company is also required to pay letter of credit participation fees equal to the applicable margin then in effect for LIBOR Loans multiplied by the average aggregate daily maximum amount available to be drawn under all letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the face amount of such letter of credit. The Company is also required to pay customary agency fees. Commitment fees of less than $0.1 million were recorded as interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020.

18

The Macquarie Credit Agreement requires the Company to prepay the Term Loan, subject to certain exceptions, with:

100% of the net cash proceeds of certain non-ordinary course asset sales or certain casualty events, subject to certain exceptions; and

75% of the Company’s annual Excess Cash Flow (as defined in the Macquarie Credit Agreement) if the Consolidated First Lien Net Leverage Ratio is greater than 2.75 to 1.00 (which percentage will be reduced to (i) 50% if the Consolidated First Lien Net Leverage Ratio is greater than 2.50 to 1.00 but less than or equal to 2.75 to 1.00, (ii) 25% if the Consolidated First Lien Net Leverage Ratio is greater than 2.25 to 1.00 but less than or equal to 2.50 to 1.00, and (iii) 0% if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.25 to 1.00).

The borrowings under the Macquarie Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors, subject to certain exceptions.

The Macquarie Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Macquarie Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. The Revolving Facility includes a financial maintenance covenant (the “Financial Covenant”) tested as of the last day of each fiscal quarter in which borrowings under the Revolving Facility as of such day equal or exceed $3.5 million. Due to the COVID-19-related borrowings under the Revolving Facility in March 2020, which were substantially repaid in July 2020, the Company and the lender concluded that the Company had not been in compliance with the Financial Covenant. As of September 30, 2020, the Company and Macquarie amended the Macquarie Credit Agreement. Among other things, the amendment waived past noncompliance with the Financial Covenant, suspended further testing of the Financial Covenant until the fiscal quarter ending September 30, 2021, and suspended certain restricted payment baskets until June 30, 2021. As of March 31, 2021, the Company was in compliance with all applicable financial covenants under the Macquarie Credit Agreement.

Deferred financing costs consist of the Company’s costs related to the financing of the Macquarie Credit Agreement. The Company amortized $0.4 million for the three months ended March 31, 2021 and 2020 relating to Macquarie Credit Agreement deferred financing costs. These costs are included in interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020.

Casinos Poland

CPL’s short-term line of credit with Alior Bank ended in April 2020. The line of credit bore an interest rate of three-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.55%.

As of March 31, 2021, CPL had five credit agreements with mBank as detailed below. In April 2021, CPL obtained a waiver from mBank regarding its noncompliance with the required cash inflows and financial covenants related to the five credit agreements during the three months ended March 31, 2021. The waiver waives CPL’s compliance requirements through October 31, 2021.

The first credit agreement between CPL and mBank is a PLN 3.0 million term loan that was used to renovate the existing casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70%. The credit agreement has a three year term through November 30, 2021. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.1 million ($0.3 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash in an account with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.3% to 0.4%, liquidity ratios no less than 1.3 and a debt ratio not higher than 60%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021.

The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that was used to renovate and enlarge the casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70%. The credit agreement has a three year term through November 30, 2021. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.5 million ($0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5%, liquidity ratios no less than 0.6 and a debt ratio not higher than 70%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021.

19

The third credit agreement between CPL and mBank is a PLN 2.5 million term loan that was used to purchase gaming and other equipment for the Marriott Hotel in Warsaw. The credit agreement bears interest at an interest rate of 1-month WIBOR plus 1.90%. The credit agreement has a four year term through November 30, 2022. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.4 million ($0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5%, liquidity ratios no less than 0.6 and a debt ratio not higher than 70%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2022.

As of March 31, 2021, CPL also had a short-term line of credit with mBank used to finance current operations. The line of credit has a borrowing capacity of PLN 5.0 million. As of March 31, 2021, the credit facility had no outstanding balance and PLN 5.0 million ($1.3 million based on the exchange rate in effect on March 31, 2021) was available for additional borrowing. The credit agreement is secured by a building owned by CPL in Warsaw. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. The credit agreement was scheduled to expire in March 2021 but was amended in April 2021 to extend the line of credit through October 28, 2021 bearing an interest rate that was increased from overnight WIBOR plus 1.80% to overnight WIBOR plus 2.40%.

As of March 31, 2021, CPL had an additional short-term line of credit with mBank used to finance CPL’s current operations. The line of credit bears an interest rate of 1-month WIBOR plus 2.10% with a borrowing capacity of PLN 10.0 million ($2.5 million based on the exchange rate in effect on March 31, 2021), of which PLN 7.5 million ($1.9 million based on the exchange rate in effect on March 31, 2021) can be used only to secure bank guarantees. The credit agreement has a two year term through October 14, 2022. As of March 31, 2021, the credit facility had no outstanding balance and PLN 2.5 million ($0.6 million based on the exchange rate in effect on March 31, 2021) was available for borrowing. The credit agreement is secured by a building owned by CPL in Warsaw and a liquidity guarantee provided by Bank Gospodarstwa Krajowego for the amount of PLN 8.0 million. In addition, CPL is required to maintain cash inflows of PLN 5.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.4%, liquidity ratios not less than 1.3 and a debt ratio not higher than 60%.

Under Polish gaming law, CPL is required to maintain PLN 3.6 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations. mBank issued guarantees to CPL for this purpose totaling PLN 3.6 million ($0.9 million based on the exchange rate in effect on March 31, 2021). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($0.3 million based on the exchange rate in effect on March 31, 2021) with mBank and will terminate in June 2024 and January 2026. CPL also is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 0.9 million ($0.2 million based on the exchange rate in effect on March 31, 2021) in deposits for this purpose as of March 31, 2021. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets.

Century Resorts Management

In August 2017, the Company’s subsidiary CCB entered into a GBP 2.0 million term loan with UniCredit (the “UniCredit Loan”). In February 2020, the Company’s subsidiary CRM assumed the UniCredit Loan. The UniCredit Loan matures September 30, 2023 and bears interest at the LIBOR plus 1.625%. Proceeds from the loan were used for construction and fitting out of CCB. As of March 31, 2021, the amount outstanding on the UniCredit Loan was GBP 1.1 million ($1.5 million based on the exchange rate in effect on March 31, 2021). CRM has no further borrowing availability under the loan agreement. The loan is unsecured and has no financial covenants.

In August 2018, CRM entered into a loan agreement with UniCredit (the “UniCredit Agreement”) for a revolving line of credit to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. The borrowings may be denominated in EUR, bearing an interest rate of EURIBOR plus a margin of 1.5%, or USD, bearing an interest rate of LIBOR plus a margin of 1.5% of up to EUR 7.0 million, or the US dollar equivalent. If the interest rate indicator is no longer available, the indicator that comes closest to the agreed upon indicator will be used. The line of credit is available until terminated by either party. Funds can be borrowed with terms of 1, 3, 6, 9 or 12 months. In March 2020, CRM borrowed $7.4 million with a 12 month term under the UniCredit Agreement and the Company had no further borrowings available as of March 31, 2021. The UniCredit Agreement is secured by a EUR 7.0 million guarantee by the Company and has no financial covenants. The UniCredit Agreement contains customary events of default, including the failure to make required payments. Upon a failure to make required payments following a grace period, amounts due under the UniCredit Agreement may be accelerated. In March 2021, UniCredit extended the term of the line of credit to June 23, 2021 and reduced the interest rate to 1.9%. The Company is in negotiations to convert the line of credit to a term loan.

20

Century Downs Racetrack and Casino

CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of March 31, 2021, the outstanding balance on the financing obligation was CAD 19.5 million ($15.5 million based on the exchange rate in effect on March 31, 2021).

As of March 31, 2021, scheduled maturities related to long-term debt were as follows:

Amounts in thousands	Macquarie Credit Agreement		Casinos Poland ‎Credit Agreements		UniCredit Loan		Century Downs ‎Land Lease		UniCredit Agreement		Total
2021	$	1,275	$	784	$	551	$	—	$	7,400	$	10,010
2022		1,700		210		551		—		—		2,461
2023		1,700		—		415		—		—		2,115
2024		1,700		—		—		—		—		1,700
2025		1,700		—		—		—		—		1,700
Thereafter		159,800		—		—		15,504		—		175,304
Total	$	167,875	$	994	$	1,517	$	15,504	$	7,400	$	193,290

6.LONG-TERM FINANCING OBLIGATION

On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the Acquired Casino properties. The Tenant entered into a triple net lease agreement (the “Master Lease”) with the Landlord to lease the real estate assets of the Acquired Casinos. The Master Lease does not transfer control of the Acquired Casino properties to VICI Propco subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation.

When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $28.5 million.

The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using an imputed discount rate of approximately 10.6%. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant.

The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The renewal terms are effective as to all, but not less than all, of the property then subject to the Master Lease. The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without the Landlord’s consent.

The Master Lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the Acquired Casino properties, including real estate taxes, insurance, utilities, maintenance and operational costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease.

21

The rent payable under the Master Lease is comprised of “Base Rent” and “Variable Rent”. Base rent is:

An initial annual rent (the “Rent”) of approximately $25.0 million.

The Rent will escalate at a rate of 1.01% for the 2^nd and 3^rd years and the greater of either 1.0125% (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4^th year and ending the 7^th year.

The Base Rent Escalator is subject to adjustment from and after the 6^th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied.

Beginning in the 8^th year of the lease term, Rent will be calculated as (i) 80% of the Rent for the 7^th lease year (“Base Rent”), subject to an annual Base Rent Escalator of the greater of 1.0125% or CPI subject to adjustment if the Minimum Rent Coverage Ratio is not satisfied, plus (ii) variable rent (“Variable Rent”) equal to 20% of the Rent for the 7^th lease year, plus or minus 4.0% of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease.

For the 11^th year and thereafter of the initial lease term, the Base Rent will escalate annually as set forth above and the Variable Rent will be recalculated as set forth in the Master Lease.

The estimated future payments include the payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.0125% and estimates based on contingent rental payments.

Total payments and interest expense related to the Master Lease for the three months ended March 31, 2021 and 2020 were as follows.

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Payments made	$	4,208	$	6,250
Interest expense on financing obligation	$	6,934		7,281

The future payments related to the Master Lease financing obligation with the Landlord at March 31, 2021 were as follows.

Amounts in thousands
2021	$	18,938
2022		25,503
2023		25,821
2024		26,144
2025		26,340
Thereafter		1,034,721
Total payments		1,157,467
Less imputed interest		(906,683)
Residual Value		28,492
Total	$	279,276

7.COMMITMENTS AND CONTINGENCIES

Litigation

Since 2011, the Polish Internal Revenue Service (“Polish IRS”) has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through March 31, 2021, CPL has paid PLN 14.3 million ($4.2 million) related to these audits.

The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of March 31, 2021 is PLN 1.8 million ($0.5 million based on the exchange rate in effect on March 31, 2021). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of March 31, 2021 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of March 31, 2021. Additional court decisions and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future.  Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of March 31, 2021.  Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows.  

22

In March 2020, the Company assessed the likelihood of the collectability of a receivable from LOT Polish Airlines (“LOT”), which previously owned a 33.3% interest in CPL that it sold to the Company in 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013 and analysis of LOT’s ability to pay, the Company wrote-down PLN 3.0 million ($0.7 million based on the exchange rate in effect on March 31, 2020) to general and administrative expenses on its condensed consolidated statement of loss for the three months ended March 31, 2020.

8.INCOME TAXES

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2021, the Company recognized income tax expense of $0.1 million on pre-tax loss of ($1.8) million, representing an effective income tax rate of (5.5%) compared to income tax expense of $2.5 million on pre-tax loss of ($43.1) million, representing an effective income tax rate of (5.9%) for the same period in 2020. The comparison of pre-tax loss of ($1.8) million for the three months ended March 31, 2021 to the pre-tax loss of ($43.1) million for the three months ended March 31, 2020 should be considered when comparing effective tax rates for the respective periods.

For the three months ended March 31, 2021, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, which take into account a range of potential impacts from the COVID-19 pandemic, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the three months ended March 31, 2021.

A number of items caused the effective income tax rate for the three months ended March 31, 2021 to differ from the US federal statutory income tax rate of 21%, including a 23% statutory tax rate in Canada, certain nondeductible business expenses in Poland, and various exchange rate benefits. The Company continues to maintain a full valuation allowance on deferred tax assets for CMR, United States, and CRM.

9.EARNINGS PER SHARE

The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three months ended March 31, 2021 and 2020 were as follows:

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Weighted average common shares, basic		29,576		29,507
Dilutive effect of stock options		—		—
Weighted average common shares, diluted		29,576		29,507

The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation:

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Stock options		1,022		1,410

‎

23

10. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING

Fair Value Measurements

The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

Level 1 – quoted prices in active markets for identical assets or liabilities

Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

Level 3 – significant inputs to the valuation model are unobservable

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between the three levels for the three months ended March 31, 2021 and 2020.

Non-Recurring Fair Value Measurements

The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. During 2020, the Company wrote-down goodwill and intangible assets at certain properties based on forecast losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $33.0 million to impairment – intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the goodwill and intangible assets. In addition, the Company impaired its MCE investment based on evaluations of the investment resulting from the triggering events caused by COVID-19. The Company made assessments about MCE’s ability to continue as a going concern and future cash flows of MCE. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the investment. The Company used an income approach and cost approach and weighted both equally. The resulting fair value was insignificant, and consequently the investment was fully impaired resulting in $1.0 million expense recorded as impairment – intangible and tangible assets on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020.

Long-Term Debt – The carrying value of the Macquarie Credit Agreement, the UniCredit Agreement and CPL credit agreements approximate fair value based on the variable interest paid on the obligations. The carrying values of the CRM and CPL short-term lines of credit approximate fair value due to the short-term nature of the agreements and recently negotiated terms. The estimated fair values of the outstanding balances under the Macquarie Credit Agreement, CPL credit facility, CPL credit agreements, and UniCredit Agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The carrying values of the Company’s finance lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings.

Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of March 31, 2021 and December 31, 2020, the Company had no cash equivalents.

‎

24

11.REVENUE RECOGNITION

The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below.

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Revenue from contracts with customers	$	72,415	$	87,656
Interest income		—		1
Cost recovery income		655		—
Total revenue	$	73,070	$	87,657

The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, 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, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below.

	For the three months ended March 31, 2021
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	57,909	$	—	$	5,519	$	—	$	63,428
Pari-mutuel and sports betting		931		1,553		—		—		2,484
Hotel		1,750		—		—		—		1,750
Food and beverage		2,684		36		—		—		2,720
Other		1,097		422		391		123		2,033
Net operating revenue	$	64,371	$	2,011	$	5,910	$	123	$	72,415

	For the three months ended March 31, 2020
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	46,535	$	10,210	$	16,754	$	793	$	74,292
Pari-mutuel and sports betting		277		2,075		—		—		2,352
Hotel		1,733		83		—		—		1,816
Food and beverage		3,753		2,501		193		105		6,552
Other		1,129		1,318		115		82		2,644
Net operating revenue	$	53,427	$	16,187	$	17,062	$	980	$	87,656

For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year.

The amount of revenue recognized that was included in the opening contract liability balance was $0.4 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s receivables and contract liabilities is presented in the tables below.

	For the three months				For the three months
	ended March 31, 2021				ended March 31, 2020
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	1,103		2,200	$	326		663
Closing		472		2,227		19		722
Increase/(decrease)	$	(631)	$	27	$	(307)	$	59

‎

25

Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. In March 2020, the Company wrote-down its receivables related to MCE based on assessments made due to COVID-19 and future cash flows of MCE, and as a result, charged $0.3 million to general and administrative expenses during the three months ended March 31, 2020.

Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue.

12.LEASES

In January 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), and the subsequent amendments using the alternative modified retrospective method. When adopting the leasing standard, the Company made the following policy elections:

The Company elected the practical expedient to account for the lease and non-lease components as a single lease component for all asset classes;

The Company elected the short-term lease measurement and recognition exemption and did not establish right-of-use (“ROU”) assets or lease liabilities for operating leases with terms of 12 months or less;

The Company used its original assumptions for operating leases entered into prior to adoption, electing not to use the hindsight practical expedient;

The Company elected to use the package of practical expedients for transition and did not reassess (i) whether expired or existing contracts were leases or contained leases, (ii) the classification of its existing leases, or (iii) initial direct costs for existing leases; and

The Company elected not to evaluate existing or expired land easements under the leasing standard prior to the date of adoption.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term.

The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.

The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 16 years.

‎

26

The components of lease expense were as follows:

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Operating lease expense	$	1,463	$	1,519
Finance lease expense:
Amortization of right-of-use assets	$	35	$	40
Interest on lease liabilities		2		4
Total finance lease expense	$	37	$	44
Short-term lease expense	$	35	$	75
Variable lease expense	$	177	$	759

Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland.

Supplemental cash flow information related to leases was as follows:

	For the three months
	March 31,
Amounts in thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1	$	4
Operating cash flows from operating leases		1,581		1,822
Financing cash flows from finance leases		33		43

Supplemental balance sheet information related to leases was as follows:

	As of		As of
Amounts in thousands	March 31, 2021		December 31, 2020
Operating leases
Leased right-of-use assets, net	$	32,196	$	34,074
Current portion of operating lease liabilities		4,134		4,327
Operating lease liabilities, net of current portion		30,700		32,277
Total operating lease liabilities		34,834		36,604
Finance leases
Finance lease right-of-use assets, gross		429		552
Accumulated depreciation		(254)		(338)
Property and equipment, net		175		214
Current portion of finance lease liabilities		100		131
Finance lease liabilities, net of current portion		72		83
Total finance lease liabilities		172		214
Weighted-average remaining lease term
Operating leases		11.4 years		11.3 years
Finance leases		2.1 years		2.1 years
Weighted-average discount rate
Operating leases		4.6%		4.5%
Finance leases		4.6%		4.7%

27

Maturities of lease liabilities as of March 31, 2021 were as follows:

Amounts in thousands		Operating Leases	Finance Leases
2021	$	4,097	$	95
2022		5,247		41
2023		4,608		25
2024		3,872		19
2025		2,786		—
Thereafter		26,405		—
Total lease payments		47,015		180
Less imputed interest		(12,181)		(8)
Total	$	34,834	$	172

13.SEGMENT INFORMATION

The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. The Company views each market in which it operates as a separate operating segment and 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 Century Casino Bath, which the Company deconsolidated in May 2020, its concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation.

The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments:

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary	Century Downs Racetrack and Casino
		Century Sports
		Century Bets! Inc.
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other

The Company’s chief operating decision maker is a management function comprised of two individuals.  These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, 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) and Adjusted EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers.

28

The following tables provide information regarding the Company’s segments:

	For the three months ended March 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	64,371	$	2,011	$	5,910	$	123	$	72,415
Earnings (loss) before income taxes		$	10,594	$	(3,489)	$	(3,357)	$	(5,552)	$	(1,804)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	10,594	$	(3,512)	$	(1,835)	$	(6,666)	$	(1,419)
Interest expense (income), net (2)			6,935		307		4		3,276		10,522
Income taxes (benefit)			—		(409)		(606)		1,114		99
Depreciation and amortization			4,525		1,222		793		103		6,643
Net earnings (loss) attributable to non-controlling interests			—		432		(916)		—		(484)
Non-cash stock-based compensation			—		—		—		259		259
Gain on foreign currency transactions, cost recovery income and other			—		(557)		(7)		(417)		(981)
Loss on disposition of fixed assets			73		32		—		—		105
Adjusted EBITDA		$	22,127	$	(2,485)	$	(2,567)	$	(2,331)	$	14,744

(1)Net operating revenue for Corporate and Other primarily related to the Company’s consulting agreements.

(2)Expense of $6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.3 million, respectively, for the period presented.

‎

29

	For the three months ended March 31, 2020
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	53,427	$	16,187	$	17,062	$	980	$	87,656
(Loss) earnings before income taxes		$	(32,372)	$	(2,157)	$	91	$	(8,699)	$	(43,137)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(34,219)	$	(4,408)	$	31	$	(7,260)	$	(45,856)
Interest expense (income), net (2)			7,281		543		31		3,511		11,366
Income taxes (benefit)			1,847		2,071		45		(1,439)		2,524
Depreciation and amortization			4,259		1,337		763		136		6,495
Net earnings attributable to non-controlling interests			—		180		15		—		195
Non-cash stock-based compensation			—		—		—		(14)		(14)
(Gain) loss on foreign currency transactions and cost recovery income			—		(64)		172		645		753
Impairment - intangible and tangible assets (3)			29,589		3,375		—		1,000		33,964
Loss on disposition of fixed assets			—		—		2		2		4
Acquisition costs			—		—		—		213		213
Adjusted EBITDA		$	8,757	$	3,034	$	1,059	$	(3,206)	$	9,644

(1)Net operating revenue for Corporate and Other primarily related to CCB, the Company’s cruise ship operations and consulting agreements.

(2)Expense of $7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.2 million and $0.5 million, respectively, for the period presented.

(3)Expense of $29.6 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4). Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3).

14.SUBSEQUENT EVENTS

The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its condensed consolidated financial statements and related notes.

Casinos throughout Poland were closed on March 20, 2021 to comply with a quarantine imposed by the Polish government to contain the spread of COVID-19. The Company expects to reopen its eight casinos in Poland on May 8, 2021. The regulation lifting the lockdown for the Polish casinos includes social distancing practices and enhanced health and safety protocols.

‎

30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements, Business Environment and Risk Factors

This quarterly report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. In addition, Century Casinos, Inc. (together with its subsidiaries, the “Company”) may make other written and oral communications from time to time that contain such statements. Forward-looking statements include statements as to industry trends and future expectations of the Company and other matters that do not relate strictly to historical facts and are based on certain assumptions by management at the time such statements are made.  These statements are often identified by the use of words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue,” and similar expressions or variations. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2020. We caution the reader to carefully consider such factors. Furthermore, such forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

References in this item to “we,” “our,” or “us” are to the Company and its subsidiaries on a consolidated basis unless the context otherwise requires. The term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars, the term “PLN” refers to Polish zloty and the term “GBP” refers to British pounds. Certain terms used in this Item 2 without definition are defined in Item 1.

Amounts presented in this Item 2 are rounded. As such, rounding differences could occur in period over period changes and percentages reported throughout this Item 2.

EXECUTIVE OVERVIEW

Overview

Since our inception in 1992, we have been primarily engaged in developing and operating gaming establishments and related lodging, restaurant and entertainment facilities. Our primary source of revenue is from the net proceeds of our gaming machines and tables, with ancillary revenue generated from hotel, restaurant, horse racing (including off-track betting), sports betting, bowling and entertainment facilities that are in most instances a part of the casinos.

We view each market in which we operate as a separate operating segment and each casino or other operation within those markets as a reporting unit. We aggregate all operating segments into three reportable segments based on the geographical locations in which our casinos operate: United States, Canada and Poland. We have additional business activities including concession agreements, management agreements, consulting agreements and certain other corporate and management operations that we report as Corporate and Other.

‎

31

The table below provides information about the aggregation of our operating segments and reporting units into reportable segments. The reporting units, except for Century Downs Racetrack and Casino and Casinos Poland, are owned, operated and managed through wholly-owned subsidiaries. Our ownership and operation of Century Downs Racetrack and Casino and Casinos Poland are discussed below. The real estate assets at our West Virginia and Missouri operating segments are owned by VICI PropCo and leased to us under the Master Lease.

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary	Century Downs Racetrack and Casino
		Century Sports
		Century Bets! Inc.
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other

On March 17, 2020, we announced that we had permanently closed CCB. CCB voluntarily surrendered its casino gaming license on April 28, 2020 and entered into a creditors voluntary liquidation on May 6, 2020. For additional information related to CCB, see Note 1, “Description of Business and Basis of Presentation,” to our condensed consolidated financial statements in Part I, Item 1 of this report.

We have controlling financial interests through our subsidiary CRM in the following reporting units:

We have a 66.6% ownership interest in CPL and we consolidate CPL as a majority-owned subsidiary for which we have a controlling financial interest. Polish Airports owns the remaining 33.3% of CPL. We account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest. CPL has been in operation since 1989. As of March 31, 2021, CPL owned eight casinos throughout Poland. The following table summarizes information about CPL’s casinos as of March 31, 2021.

City	Location	License Expiration	Number of Slots	Number of Tables
Warsaw	Marriott Hotel	July 2024	70	37
Warsaw	Hilton Hotel	September 2022	70	26
Warsaw	LIM Center	June 2025	63	4
Bielsko-Biala	Hotel President	October 2023	48	5
Katowice	Park Inn by Radisson	October 2023	70	14
Wroclaw	Double Tree Hilton Hotel	November 2023	70	18
Krakow	Dwor Kosciuszko Hotel	May 2024	70	5
Lodz	Manufaktura Entertainment Complex	June 2024	65	10

Casino licenses are granted for six years. When a casino license expires, the Polish Minister of Finance notifies the public of its availability, and interested parties can submit an application for the casino license. Following approval of a casino license by the Minister of Finance, there is a period in which applicants can appeal the decision.

We have a 75% ownership interest in CDR, and we consolidate CDR as a majority-owned subsidiary for which we have a controlling financial interest. We account for and report the remaining 25% ownership interest in CDR as a non-controlling financial interest. CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is the only horse racetrack in the Calgary area and is located less than one-mile north of the city limits of Calgary and 4.5 miles from the Calgary International Airport.

We also have a concession agreement for ship-based casinos and ownership in and a consulting agreement with MCE, which are detailed further under “Corporate and Other” below.

‎

32

Recent Developments Related to COVID-19

In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on our results of operations and financial condition for 2020, and the first quarter of 2021, and we expect the situation will continue to have an adverse effect on our results for the remainder of 2021. The duration and impact of the COVID-19 pandemic otherwise remains uncertain. See “Discussion of Results” below for a summary of the closures in each operating segment.

Our Canada properties are currently closed. Our Poland casinos closed most recently on March 20, 2021 and are expected to reopen on May 8, 2021. Our casinos in the United States have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. In Colorado, each city has different gaming floor restrictions. For both Colorado cities there are capacity restrictions within the casinos, but the casinos are able to operate 24/7. In Missouri, the full gaming floor is open, hours of operation are reduced, and food outlets that have reopened have limited operating hours. In West Virginia, the majority of the gaming floor has reopened, the gaming floor is limited to machines that are six feet apart or with barriers, food and beverage outlets have reopened with limited hours of operation, casino hours of operation are reduced, there are capacity restrictions within the casino, and the hotel is operating with limited rooms available.

Temporary closures of all of our facilities during 2020 and some of our facilities in the first quarter of 2021 due to COVID-19 negatively impacted results for the three months ended March 31, 2021 and 2020. See “Discussion of Results” below for a summary of the closures in each operating segment.

We estimate that net operating revenue for the three months ended March 31, 2021 and 2020 was adversely impacted by approximately $15.7 million and $18.2 million, respectively, and that Adjusted EBITDA for the three months ended March 31, 2021 and 2020 was adversely impacted by $6.7 million and $11.4 million, respectively, due to the closures. We estimate that the net cash outflows related to the Canada and Poland operations during the time they are fully suspended are, on average, approximately $2.5 million per month. We estimate that the Company will need to spend approximately $7.0 million to reopen operations at the casino properties in Canada and Poland that are currently closed and to cover short-term cash needs at those casinos. We continue to monitor our liquidity in light of the uncertainty resulting from COVID-19. We plan to continue our reduced marketing and operational expenditures where possible and to seek government subsidies in jurisdictions in which they are available and attainable. Planned capital expenditures for 2021 include approximately $6.4 million in gaming equipment, renovations to various properties and security system upgrades. Our planned capital expenditures projects in 2021 are being evaluated throughout the year and postponed to 2022 if necessary and permitted under our agreements.

We cannot predict the negative impacts that the failure to suppress the spread of COVID-19 will have on our consumer demand, workforce, suppliers, contractors and other partners and whether future closures will be required. Such closures have had and will continue to have a material impact on us. While the severity and duration of such business impacts cannot currently be estimated, the effects of COVID-19 and the requirements of health and safety protocols are expected to continue to have a material impact on us.

Other Developments

Century Casino Calgary – On August 5, 2020, we announced that we had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($7.5 million based on the exchange rate on August 5, 2020) plus a three-year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. During the first quarter of 2021, we paid CAD 0.1 million ($0.1 million based on the exchange rate on February 12, 2021) in working capital adjustments under the agreement. We continue to operate Century Sports, a sports bar, bowling and entertainment facility, and own the underlying real estate. In December 2020, we entered into a three-year lease agreement with the purchaser of the casino operations for the land and building for annual net rent of CAD 0.5 million ($0.4 million based on the exchange rate on December 31, 2020). In December 2020, we began to market the sale of the land and building that we own in Calgary. The sale is expected to occur by the end of 2021. As of December 31, 2020, the held for sale assets include $4.8 million in land and $3.6 million in buildings and improvements, net of accumulated depreciation.

Century Casino Bath – In March 2020, Century Casino Bath was closed due to COVID-19. Due to challenging conditions that included historical and forecast losses due to changes in the regulatory environment for casinos in England requiring enhanced due diligence of customers, CCB’s board of directors determined that it would enter into creditors voluntary liquidation and control of CCB was relinquished. We deconsolidated CCB effective as of May 6, 2020. See Note 1, “Description of Business and Basis of Presentation,” to our condensed consolidated financial statements in Part I, Item 1 of this report for further discussion of CCB.

Casinos Poland – We were in preliminary discussions with Totalizator Sportowy, Poland’s state-run gambling operator, regarding a potential sale of our interest in Casinos Poland; however, the discussions have been suspended and may not resume.

‎

33

Additional Projects under Development

We are currently exploring additional potential gaming projects and acquisition opportunities. Along with the capital needs of potential projects, there are various other risks which, if they materialize, could affect our ability to complete the proposed project or acquisition or could eliminate its feasibility all together.

Presentation of Foreign Currency Amounts

The average exchange rates to the US dollar used to translate balances during each reported period are as follows:

	For the three months
	ended March 31,
Average Rates	2021	2020	% Change
Canadian dollar (CAD)	1.2665	1.3429	5.7%
Euros (EUR)	0.8296	0.9074	8.6%
Polish zloty (PLN)	3.7693	3.9221	3.9%
British pound (GBP)	0.7253	0.7816	7.2%
Source: Pacific Exchange Rate Service

We recognize in our condensed consolidated statements of loss foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than US dollars. Our casinos in Canada and Poland represent a significant portion of our business, and the revenue generated and expenses incurred by these operations are generally denominated in Canadian dollars and Polish zloty. A decrease in the value of these currencies in relation to the value of the US dollar would decrease the earnings from our foreign operations when translated into US dollars. An increase in the value of these currencies in relation to the value of the US dollar would increase the earnings from our foreign operations when translated into US dollars.

‎

34

DISCUSSION OF RESULTS

Century Casinos, Inc. and Subsidiaries

	For the three months
	ended March 31,						%
Amounts in thousands		2021		2020		Change	Change
Gaming Revenue	$	63,428	$	74,292	$	(10,864)	(14.6%)
Pari-mutuel and Sports Betting Revenue		2,484		2,352		132	5.6%
Hotel Revenue		1,750		1,816		(66)	(3.6%)
Food and Beverage Revenue		2,720		6,552		(3,832)	(58.5%)
Other Revenue		2,033		2,644		(611)	(23.1%)
Net Operating Revenue		72,415		87,656		(15,241)	(17.4%)
Gaming Expenses		(31,739)		(42,043)		(10,304)	(24.5%)
Pari-mutuel and Sports Betting Expenses		(2,401)		(3,160)		(759)	(24.0%)
Hotel Expenses		(511)		(724)		(213)	(29.4%)
Food and Beverage Expenses		(2,605)		(6,670)		(4,065)	(60.9%)
General and Administrative Expenses		(20,268)		(26,372)		(6,104)	(23.1%)
Depreciation and Amortization		(6,643)		(6,495)		148	2.3%
Impairment - Intangible and Tangible Assets		—		(33,964)		(33,964)	(100.0%)
Total Operating Costs and Expenses		(64,167)		(119,428)		(55,261)	(46.3%)
Earnings (Loss) from Operations		8,248		(31,772)		40,020	126.0%
Non-Controlling Interest		484		(195)		(679)	(348.2%)
Net Loss Attributable to Century Casinos, Inc. Shareholders		(1,419)		(45,856)		44,437	96.9%
Adjusted EBITDA (1)	$	14,744	$	9,644	$	5,100	52.9%
Loss Per Share Attributable to Century Casinos, Inc. Shareholders
Basic Loss Per Share	$	(0.05)	$	(1.55)	$	1.50	96.8%
Diluted Loss Per Share	$	(0.05)	$	(1.55)	$	1.50	96.8%

(1)For a discussion of Adjusted EBITDA and reconciliation of Adjusted EBITDA to net loss attributable to Century Casinos, Inc. shareholders, see “Non-US GAAP Measures – Adjusted EBITDA” below.

Items impacting comparability of the results include the following:

COVID-19 – Closures of all or a portion of our facilities due to COVID-19 had a significant negative impact on our results for the three months ended March 31, 2021 and 2020.

The table below provides a summary of the time periods in which our casinos, hotels and other facilities have been closed to comply with quarantines issued by governments to contain the spread of COVID-19. Our casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operation.

Operating Segment	Closure Date	Reopen Date	Gaming Floor Open
Colorado	March 17, 2020	June 15 and June 17, 2020	80% (1)
Missouri	March 17, 2020	June 1, 2020	94%
West Virginia	March 17, 2020	June 5, 2020	85%
Edmonton	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Calgary	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Poland	March 13, 2020	May 18, 2020
	December 29, 2020	February 12, 2021
	March 20, 2021	Currently Closed

(1)CRC’s slot floor is fully open. CTL’s slot floor is 66% open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions.

We impaired goodwill and intangible assets in the three months ended March 31, 2020 due to quantitative and qualitative impairment analysis performed related to the triggering events caused by COVID-19. We impaired $29.6 million in the United States segment and $3.4 million in the Canada segment.

35

We impaired the $1.0 million MCE investment and wrote-down a $0.3 million receivable related to MCE in the Corporate and Other segment due to assessments made related to the impact of COVID-19 on MCE in the three months ended March 31, 2020.

We recorded valuation allowances on our net deferred tax assets in the United States and Canada segments in the three months ended March 31, 2020, which resulted in $1.0 million and $1.5 million of tax expense in the United States and Canada segments, respectively.

Corporate and Other

We wrote-down $0.7 million related to the portion of the liability that we had sought to collect from LOT in the three months ended March 31, 2020.

We closed CCB in March 2020.

All cruise ships on which our ship-based casinos are located suspended operations in March 2020 due to COVID-19. None of the cruise ships operated in the first quarter of 2021.

Net operating revenue decreased by ($15.2) million, or (17.4%), for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Following is a breakout of net operating revenue by segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020:

United States increased by $10.9 million, or 20.5%.

Canada decreased by ($14.2) million, or (87.6%).

Poland decreased by ($11.2) million, or (65.4%).

Corporate and Other decreased by ($0.9) million, or (87.4%).

Operating costs and expenses decreased by ($55.3) million, or (46.3%), for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Following is a breakout of operating costs and expenses by segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020:

United States decreased by ($31.7) million, or (40.3%).

Canada decreased by ($12.0) million, or (67.4%).

Poland decreased by ($7.5) million, or (44.7%).

Corporate and Other decreased by ($4.1) million, or (64.6%).

Earnings (loss) from operations increased by $40.0 million, or 126.0%, for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Following is a breakout of earnings from operations by segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020:

United States increased by $42.6 million, or 169.9%.

Canada decreased by ($2.1) million, or (127.7%).

Poland decreased by ($3.7) million, or (1242.9%).

Corporate and Other increased by $3.2 million, or 60.3%.

Net loss attributable to Century Casinos, Inc. shareholders decreased by $44.4 million, or 96.9%, for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Items deducted from or added to earnings (loss) from operations to arrive at net loss attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interest.

‎

36

Non-US GAAP Measures – Adjusted EBITDA

We define Adjusted EBITDA 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 EBITDA reported for each segment. 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 generally accepted accounting principles (“US GAAP”). Adjusted EBITDA is not considered a measure of performance recognized under US GAAP.

Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to evaluate and forecast the operating performance of the Company and its properties as well as to compare results of current periods to prior periods. Management believes that presenting Adjusted EBITDA to investors provides them with information used by management for financial and operational decision-making in order to understand the Company’s operating performance and evaluate the methodology used by management to evaluate and measure such performance. Management believes that using Adjusted EBITDA is a useful way to compare the relative operating performance of separate reportable segments by eliminating the above-mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue, and the often high cost of acquiring existing operations. Our computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry.

The reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders is presented below.

	For the three months ended March 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	10,594	$	(3,512)	$	(1,835)	$	(6,666)	$	(1,419)
Interest expense (income), net (1)			6,935		307		4		3,276		10,522
Income taxes (benefit)			—		(409)		(606)		1,114		99
Depreciation and amortization			4,525		1,222		793		103		6,643
Net earnings (loss) attributable to non-controlling interests			—		432		(916)		—		(484)
Non-cash stock-based compensation			—		—		—		259		259
Gain on foreign currency transactions, cost recovery income and other			—		(557)		(7)		(417)		(981)
Loss on disposition of fixed assets			73		32		—		—		105
Adjusted EBITDA		$	22,127	$	(2,485)	$	(2,567)	$	(2,331)	$	14,744

(1)Expense of $6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.3 million, respectively, for the period presented.

‎

37

	For the three months ended March 31, 2020
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(34,219)	$	(4,408)	$	31	$	(7,260)	$	(45,856)
Interest expense (income), net (1)			7,281		543		31		3,511		11,366
Income taxes (benefit)			1,847		2,071		45		(1,439)		2,524
Depreciation and amortization			4,259		1,337		763		136		6,495
Net earnings attributable to non-controlling interests			—		180		15		—		195
Non-cash stock-based compensation			—		—		—		(14)		(14)
(Gain) loss on foreign currency transactions and cost recovery income			—		(64)		172		645		753
Impairment - intangible and tangible assets (2)			29,589		3,375		—		1,000		33,964
Loss on disposition of fixed assets			—		—		2		2		4
Acquisition costs			—		—		—		213		213
Adjusted EBITDA		$	8,757	$	3,034	$	1,059	$	(3,206)	$	9,644

(1)Expense of $7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.2 million and $0.5 million, respectively, for the period presented.

(2)Expense of $29.6 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4 to our condensed consolidated financial statements in Part I, Item 1 of this report). Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3 to our condensed consolidated financial statements in Part I, Item 1 of this report).

Non-US GAAP Measures – Net Debt

We define Net Debt as total long-term debt (including current portion) plus deferred financing costs minus cash and cash equivalents. Net Debt is not considered a liquidity measure recognized under US GAAP. Management believes that Net Debt is a valuable measure of our overall financial situation. Net Debt provides investors with an indication of our ability to pay off all of our long-term debt if it became due simultaneously. The reconciliation of Net Debt is presented below.

Amounts in thousands	March 31, 2021		March 31, 2020
Total long-term debt, including current portion	$	184,421	$	194,029
Deferred financing costs		8,869		10,090
Total principal	$	193,290	$	204,119
Less: Cash and cash equivalents	$	65,969	$	63,676
Net Debt	$	127,321	$	140,443

‎

38

Reportable Segments

The following discussion provides further detail of consolidated results by reportable segment.

United States
	For the three months
	ended March 31,						%
Amounts in thousands		2021		2020		Change	Change
Gaming Revenue	$	57,909	$	46,535	$	11,374	24.4%
Pari-mutuel and Sports Betting Revenue		931		277		654	236.1%
Hotel Revenue		1,750		1,733		17	1.0%
Food and Beverage Revenue		2,684		3,753		(1,069)	(28.5%)
Other Revenue		1,097		1,129		(32)	(2.8%)
Net Operating Revenue		64,371		53,427		10,944	20.5%
Gaming Expenses		(27,375)		(27,815)		(440)	(1.6%)
Pari-mutuel and Sports Betting Expenses		(518)		(378)		140	37.0%
Hotel Expenses		(509)		(675)		(166)	(24.6%)
Food and Beverage Expenses		(2,201)		(3,486)		(1,285)	(36.9%)
General and Administrative Expenses		(11,714)		(12,316)		(602)	(4.9%)
Depreciation and Amortization		(4,525)		(4,259)		266	6.2%
Impairment - Intangible and Tangible Assets		—		(29,589)		(29,589)	(100.0%)
Total Operating Costs and Expenses		(46,842)		(78,518)		(31,676)	(40.3%)
Earnings (Loss) from Operations		17,529		(25,091)		42,620	169.9%
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders		10,594		(34,219)		44,813	131.0%
Adjusted EBITDA	$	22,127	$	8,757	$	13,370	152.7%

Sports wagering in Colorado became legal on May 1, 2020. We have partnered with sports betting operators that will conduct sports wagering under each of the three Colorado master licenses for sports wagering held by our Colorado subsidiaries. One of these mobile sports betting apps launched in July 2020. Each agreement with the sports betting operators provides for a share of net gaming revenue and a minimum revenue guarantee each year.

In December 2020, we entered into an agreement with a gaming partner to utilize our license with the state of West Virginia to operate an internet and mobile interactive gaming application. The application launched in April of 2021. The agreement provides for a share of net gaming revenue.

In November 2020, Colorado voters passed a constitutional amendment to allow voters in Cripple Creek, Black Hawk and Central City to increase or remove betting limits and approve new casino games. Elected officials in all three cities approved no limits on single bets at the casinos and new games to begin May 2021. The changes are expected to encourage customers who might otherwise travel to destination casinos to gamble in local Colorado casinos.

‎

39

Our US operations closed due to COVID-19 on March 17, 2020 and reopened between June 1, 2020 and June 17, 2020. Our casinos in the US have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The results below are presented to illustrate the estimated impact of COVID-19 on net operating revenue in the United States segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Amounts in millions	Jan	Feb	Mar	Q1
Colorado
2021	3.2	2.7	3.5	9.4
2020	2.8	2.8	1.1	6.7
2021/2020	0.4	(0.1)	2.4	2.7
	14.3%	(3.6%)	218.2%	40.9%
West Virginia
2021	8.2	6.5	9.2	23.9
2020	9.6	10.3	5.2	25.1
2021/2020	(1.4)	(3.8)	4.0	(1.2)
	(14.6%)	(36.9%)	76.9%	(4.7%)
Missouri
2021	10.6	7.7	12.7	31.0
2020	7.9	9.0	4.7	21.6
2021/2020	2.7	(1.3)	8.0	9.4
	34.2%	(14.4%)	170.2%	43.4%

The results below are presented to illustrate the estimated impact of COVID-19 on operating expenses in the United States segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020, excluding depreciation and amortization expense and impairment – intangible and tangible assets.

Amounts in millions	Jan	Feb	Mar	Q1
Colorado
2021	2.0	2.0	2.3	6.3
2020	2.2	2.1	1.6	5.9
2021/2020	(0.2)	(0.1)	0.7	0.4
	(9.1%)	(4.8%)	43.8%	7.1%
West Virginia
2021	7.0	5.9	7.5	20.4
2020	8.5	8.5	6.3	23.3
2021/2020	(1.5)	(2.6)	1.2	(2.9)
	(17.6%)	(30.6%)	19.0%	(12.4%)
Missouri
2021	5.3	4.5	5.9	15.7
2020	5.2	6.0	4.3	15.5
2021/2020	0.1	(1.5)	1.6	0.2
	1.9%	(25.0%)	37.2%	1.5%

During the United States closures, we suspended marketing initiatives, furloughed employees and reduced operating costs and expenses as much as possible. Additional savings related to gaming-related expenses. COVID-19 continues to impact results, and we are seeking to maintain operating cost efficiencies during 2021. We anticipate increasing our promotional offerings as needed to compete in the competitive markets in which we operate our US casinos. We plan to continue to encourage social distancing and other measures in compliance with governmental health and safety requirements.

A reconciliation of net earnings (loss) attributable to Century Casinos, Inc. shareholders to Adjusted EBITDA can be found in the “Non-US GAAP Measures – Adjusted EBITDA” discussion above.

‎

40

Canada
	For the three months
	ended March 31,						%
Amounts in thousands		2021		2020		Change	Change
Gaming Revenue	$	—	$	10,210	$	(10,210)	(100.0%)
Pari-mutuel and Sports Betting Revenue		1,553		2,075		(522)	(25.2%)
Hotel Revenue		—		83		(83)	(100.0%)
Food and Beverage Revenue		36		2,501		(2,465)	(98.6%)
Other Revenue		422		1,318		(896)	(68.0%)
Net Operating Revenue		2,011		16,187		(14,176)	(87.6%)
Gaming Expenses		(125)		(2,975)		(2,850)	(95.8%)
Pari-mutuel and Sports Betting Expenses		(1,883)		(2,782)		(899)	(32.3%)
Hotel Expenses		(2)		(49)		(47)	(95.9%)
Food and Beverage Expenses		(130)		(2,385)		(2,255)	(94.5%)
General and Administrative Expenses		(2,469)		(4,962)		(2,493)	(50.2%)
Depreciation and Amortization		(1,222)		(1,337)		(115)	(8.6%)
Impairment - Intangible and Tangible Assets		—		(3,375)		(3,375)	(100.0%)
Total Operating Costs and Expenses		(5,831)		(17,865)		(12,034)	(67.4%)
Loss from Operations		(3,820)		(1,678)		(2,142)	(127.7%)
Non-Controlling Interest		(432)		(180)		252	140.0%
Loss Attributable to Century Casinos, Inc. Shareholders		(3,512)		(4,408)		896	20.3%
Adjusted EBITDA	$	(2,485)	$	3,034	$	(5,519)	(181.9%)

Results in US dollars were impacted by a 5.7% exchange rate increase in the average rates between the US dollar and the Canadian dollar for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Our Canadian operations closed due to COVID-19 on March 17, 2020 and reopened on June 13, 2020. The Canadian operations closed again on December 13, 2020 due to COVID-19 and remain closed. The results below are presented to illustrate the estimated impact of COVID-19 on net operating revenue in the Canada segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Amounts in millions	Jan	Feb	Mar	Q1
Edmonton - CAD
2021	0.4	0.4	0.5	1.3
2020	4.8	5.3	3.0	13.1
2021/2020	(4.4)	(4.9)	(2.5)	(11.8)
	(91.7%)	(92.5%)	(83.3%)	(89.9%)
Edmonton - USD
2021	0.3	0.3	0.4	1.0
2020	3.6	4.0	2.2	9.8
2021/2020	(3.3)	(3.7)	(1.8)	(8.8)
	(91.7%)	(92.5%)	(81.8%)	(89.3%)

Amounts in millions	Jan	Feb	Mar	Q1
Calgary - CAD
2021	0.4	0.4	0.4	1.2
2020	3.3	3.5	1.7	8.5
2021/2020	(2.9)	(3.1)	(1.3)	(7.3)
	(87.9%)	(88.6%)	(76.5%)	(85.7%)
Calgary - USD
2021	0.3	0.3	0.4	1.0
2020	2.6	2.6	1.2	6.4
2021/2020	(2.3)	(2.3)	(0.8)	(5.4)
	(88.5%)	(88.5%)	(66.7%)	(84.9%)

41

The results below are presented to illustrate the estimated impact of COVID-19 on operating expenses in the Canada segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020, excluding depreciation and amortization expense and impairment – intangible and tangible assets.

Amounts in millions	Jan	Feb	Mar	Q1
Edmonton - CAD
2021	1.1	1.3	1.3	3.7
2020	3.9	4.0	3.7	11.6
2021/2020	(2.8)	(2.7)	(2.4)	(7.9)
	(71.8%)	(67.5%)	(64.9%)	(68.2%)
Edmonton - USD
2021	0.9	1.0	1.1	3.0
2020	3.0	3.0	2.7	8.7
2021/2020	(2.1)	(2.0)	(1.6)	(5.7)
	(70.0%)	(66.7%)	(59.3%)	(65.4%)

Amounts in millions	Jan	Feb	Mar	Q1
Calgary - CAD
2021	0.4	0.8	0.9	2.1
2020	1.9	2.1	2.0	6.0
2021/2020	(1.5)	(1.3)	(1.1)	(3.9)
	(78.9%)	(61.9%)	(55.0%)	(65.0%)
Calgary - USD
2021	0.4	0.6	0.7	1.7
2020	1.5	1.6	1.4	4.5
2021/2020	(1.1)	(1.0)	(0.7)	(2.8)
	(73.3%)	(62.5%)	(50.0%)	(62.0%)

Net operating revenue during the three months ended March 31, 2021 compared to the three months ended March 31, 2020 was impacted negatively by continued closures due to COVID-19. In March 2021, we reopened some restaurants within our casinos. We anticipate social distancing and attendance restrictions in our casinos and at our racetracks when they are reopened in 2021, which we expect will negatively impact revenue in 2021. In addition, we sold the casino operations of CAL in December 2020, which impacts comparability of the Calgary operating segment in 2021.

Operating expenses during the three months ended March 31, 2021 compared to the three months ended March 31, 2020 were impacted by COVID-19. We received wage subsidies provided by the Canadian government through the Canada Emergency Wage Subsidy that was enacted in April 2020 as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The qualified government wage subsidies reduced operating expenses by CAD 0.9 million ($0.7 million based on the average exchange rate for the three months ended March 31, 2021) for the three months ended March 31, 2021. In addition, we sold the casino operations of CAL in December 2020. The sale of the casino operations reduced operating expenses in the Calgary operating segment in the three months ended March 31, 2021 and will reduce operating expenses in this segment going forward.

During the Canadian closures we suspended marketing initiatives, furloughed employees and reduced operating costs and expenses as much as possible. Because COVID-19 continues to impact results, we are continuing to focus on managing costs. We continue to look for synergies among our Canadian properties including prizes that are available to guests at all locations instead of at individual casinos only. We expect payroll costs will begin to trend higher as it is expected that table games will reopen when the casinos reopen or shortly thereafter, and government wage subsidies are not forecast to continue once operations resume in 2021. We plan to continue to update our properties with enhancements to encourage social distancing and other measures to allow us to reopen additional gaming space and other facilities that currently are closed due to COVID-19 restrictions.

A reconciliation of net loss attributable to Century Casinos, Inc. shareholders to Adjusted EBITDA can be found in the “Non-US GAAP Measures – Adjusted EBITDA” discussion above.

‎

42

Poland
	For the three months
	ended March 31,						%
Amounts in thousands		2021		2020		Change	Change
Gaming Revenue	$	5,519	$	16,754	$	(11,235)	(67.1%)
Food and Beverage Revenue		—		193		(193)	(100.0%)
Other Revenue		391		115		276	240.0%
Net Operating Revenue		5,910		17,062		(11,152)	(65.4%)
Gaming Expenses		(4,239)		(10,583)		(6,344)	(59.9%)
Food and Beverage Expenses		(274)		(666)		(392)	(58.9%)
General and Administrative Expenses		(3,964)		(4,756)		(792)	(16.7%)
Depreciation and Amortization		(793)		(763)		30	3.9%
Total Operating Costs and Expenses		(9,270)		(16,768)		(7,498)	(44.7%)
(Loss) Earnings from Operations		(3,360)		294		(3,654)	(1242.9%)
Non-Controlling Interest		916		(15)		(931)	(6206.7%)
(Loss) Earnings Attributable to Century Casinos, Inc. Shareholders		(1,835)		31		(1,866)	(6019.4%)
Adjusted EBITDA	$	(2,567)	$	1,059	$	(3,626)	(342.4%)

In Poland, casino gaming licenses are granted for a term of six years. These licenses are not renewable. Before a gaming license expires, there is a public notification of the available license and any gaming company can apply for a new license for that city. The next license expiration for a CPL casino occurs in September 2022.

Results in US dollars were impacted by a 3.9% increase in the average exchange rate between the US dollar and Polish zloty for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

The casinos in Poland were closed due to COVID-19 in March 2020 and reopened in May 2020, and closed again in December 2020. The casinos again reopened in February 2021, closed again in March 2021 and are expected to reopen again on May 8, 2021. The results below are presented to illustrate the estimated impact of COVID-19 on net operating revenue in the Poland segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Amounts in millions	Jan	Feb	Mar	Q1
PLN
2021	0.2	12.4	9.8	22.4
2020	26.6	26.2	13.8	66.6
2021/2020	(26.4)	(13.8)	(4.0)	(44.2)
	(99.2%)	(52.7%)	(29.0%)	(66.4%)
USD
2021	0.1	3.3	2.5	5.9
2020	7.0	6.7	3.4	17.1
2021/2020	(6.9)	(3.4)	(0.9)	(11.2)
	(98.6%)	(50.7%)	(26.5%)	(65.4%)

‎

43

The results below are presented to illustrate the estimated impact of COVID-19 on operating expenses in the Poland segment for the three months ended March 31, 2021 compared to the three months ended March 31, 2020, excluding depreciation and amortization expense.

Amounts in millions	Jan	Feb	Mar	Q1
PLN
2021	6.8	13.0	12.2	32.0
2020	24.5	23.9	14.1	62.5
2021/2020	(17.7)	(10.9)	(1.9)	(30.5)
	(72.2%)	(45.6%)	(13.5%)	(48.8%)
USD
2021	1.8	3.5	3.2	8.5
2020	6.4	6.1	3.5	16.0
2021/2020	(4.6)	(2.6)	(0.3)	(7.5)
	(71.9%)	(42.6%)	(8.6%)	(46.9%)

The net operating revenue decreases during the first quarters of 2021 and 2020 relate primarily to temporary casino closures and reduced tourism in Warsaw. During the closures of our Poland casinos, we reduced operating costs and expenses as much as possible. COVID-19 continues to impact results, and we continue to focus on analyzing staffing needs to match customer volumes while managing our costs.

We currently own three casinos in Warsaw. There is proposed legislation to split the Warsaw voivodship (or province), which could limit the number of casino licenses available in Warsaw in the future. If the legislation is passed, it is expected that as licenses in Warsaw expire a new tender would not be offered until the maximum number of licenses available is reached. Any change to the number of licenses available in a city could have a negative impact on results if we are unable to obtain new casino licenses after they expire.

A reconciliation of net (loss) earnings attributable to Century Casinos, Inc. shareholders to Adjusted EBITDA can be found in the “Non-US GAAP Measures – Adjusted EBITDA” discussion above.

Corporate and Other
	For the three months
	ended March 31,						%
Amounts in thousands		2021		2020		Change	Change
Gaming Revenue	$	—	$	793	$	(793)	(100.0%)
Food and Beverage Revenue		—		105		(105)	(100.0%)
Other Revenue		123		82		41	50.0%
Net Operating Revenue		123		980		(857)	(87.4%)
Gaming Expenses		—		(670)		(670)	(100.0%)
Food and Beverage Expenses		—		(133)		(133)	(100.0%)
General and Administrative Expenses		(2,121)		(4,338)		(2,217)	(51.1%)
Depreciation and Amortization		(103)		(136)		(33)	(24.3%)
Impairment - Intangible and Tangible Assets		—		(1,000)		(1,000)	(100.0%)
Total Operating Costs and Expenses		(2,224)		(6,277)		(4,053)	(64.6%)
Loss from Operations		(2,101)		(5,297)		3,196	60.3%
Net Loss Attributable to Century Casinos, Inc. Shareholders		(6,666)		(7,260)		594	8.2%
Adjusted EBITDA	$	(2,331)	$	(3,206)	$	875	27.3%

The following operations and agreements make up the reporting unit Cruise Ships & Other in the Corporate and Other reportable segment:

The casino at CCB opened in May 2018. CCB was permanently closed in March 2020 due to COVID-19 and CCB’s board of directors determined that CCB would enter into creditors voluntary liquidation, which occurred in May 2020. CCB was deconsolidated as a subsidiary in May 2020.

As of March 31, 2021, we had a concession agreement with TUI Cruises for four ship-based casinos. The cruise ships on which our ship-based casinos are located stopped sailing in March 2020 due to COVID-19 and did not sail during the first quarter of 2021. In May 2021, the agreement for three of the ship-based casinos ended. Our agreement to operate one ship-based casino is expected to continue through June 2022.

44

Through our subsidiary CRM, we have a 7.5% ownership interest in MCE. In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement for a service fee consisting of a fixed fee plus a percentage of MCE’s EBITDA. In March 2020, due to the impact of COVID-19 on MCE, we impaired the $1.0 million MCE investment and wrote-down a $0.3 million receivable related to MCE. See Note 3, “Investments,” to our condensed consolidated financial statements in Part I, Item 1 of this report for additional information related to MCE.

Three Months Ended March 31, 2021 and 2020

The following discussion highlights results for the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Revenue Highlights

Non-Corporate Reporting Units

Net operating revenue decreased due to the casino closures at CCB and on the ships.

Operating Expense Highlights

Non-Corporate Reporting Units

Total operating costs and expenses decreased due to the casino closures at CCB and on the ships.

Corporate Reporting Units

Our corporate reporting units include certain other corporate and management operations. Total operating costs and expenses in the corporate reporting units decreased by ($2.3) million, or (51.7%) for the three months ended March 31, 2021 compared to the three months ended March 31, 2020. In March 2020, we impaired the MCE investment due to an assessment of MCE’s operations resulting from COVID-19. As a result of the impairment, we recorded $1.0 million to impairment – intangible and tangible assets during the three months ended March 31, 2020. In addition, we assessed the collectability of a receivable from LOT Polish Airlines (“LOT”), which previously owned a 33.3% interest in CPL that we acquired in 2013, related to the Poland contingent liability and determined that, due to COVID-19, it was more likely than not that LOT would be unable to repay us for LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on the receivable and analysis of LOT’s ability to pay, we wrote-down the $0.7 million receivable to general and administrative expenses for the three months ended March 31, 2020.

A reconciliation of net loss attributable to Century Casinos, Inc. shareholders to Adjusted EBITDA can be found in the “Non-US GAAP Measures – Adjusted EBITDA” discussion above.

Non-Operating Income (Expense)

Non-operating income (expense) was as follows:

	For the three months
	ended March 31,
Amounts in thousands	2021		2020		$ Change		% Change
Interest Income	$	—	$	1	$	(1)	(100.0%)
Interest Expense		(10,522)		(11,367)		(845)	(7.4%)
Gain on Foreign Currency Transactions and Other		470		1		469	46900.0%
Non-Operating (Expense) Income	$	(10,052)	$	(11,365)	$	(1,313)	(11.6%)

Interest income

Interest income is directly related to interest earned on our cash reserves.

Interest expense

Interest expense is directly related to interest owed on our borrowings under our Macquarie Credit Agreement, our financing obligation with VICI PropCo, our CPL and CRM borrowings, our capital lease agreements and interest expense related to the CDR land lease.

‎

45

Gain on foreign currency transactions, cost recovery income and other

Cost recovery income of $0.7 million was received by CDR for the three months ended March 31, 2021, related to infrastructure built during the development of the Century Downs REC project. The distribution to CDR’s non-controlling shareholders through non-controlling interest is part of a credit agreement between CRM and CDR. There was no cost recovery income received by CDR for the three months ended March 31, 2020.

Taxes

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the three months ended March 31, 2021, we recognized income tax expense of $0.1 million on pre-tax loss of ($1.8) million, representing an effective income tax rate of (5.5%), compared to income tax expense of $2.5 million on pre-tax loss of ($43.1) million, representing an effective income tax rate of (5.9%) for the same period in 2020. For further discussion of our effective income tax rates and an analysis of our effective income tax rate compared to the US federal statutory income tax rate, see Note 8, “Income Taxes,” to our condensed consolidated financial statements included in Part I, Item 1 of this report.

LIQUIDITY AND CAPITAL RESOURCES

Our business is capital intensive, and we rely heavily on the ability of our casinos to generate operating cash flow. We use the cash flows that we generate to maintain operations, fund reinvestment in existing properties for both refurbishment and expansion projects, repay third party debt, and pursue additional growth via new development and acquisition opportunities. When necessary and available, we supplement the cash flows generated by our operations with either cash on hand or funds provided by bank borrowings or other debt or equity financing activities. In 2020, and the first quarter of 2021, our liquidity has been adversely affected by temporary closures of our casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19, as discussed below.

As of March 31, 2021, our total debt under bank borrowings and other agreements net of $8.9 million related to deferred financing costs was $184.4 million, of which $173.8 million was long-term debt and $10.6 million was the current portion of long-term debt. The current portion relates to payments due within one year under our Macquarie Credit Agreement, the CPL credit facility, the UniCredit Loan and the UniCredit Agreement. For a description of our debt agreements, see Note 5, “Long-Term Debt,” to our condensed consolidated financial statements included in Part I, Item 1 of this report. Net Debt was $127.3 million as of March 31, 2021 compared to $140.4 million as of March 31, 2020, due to repayment of the Macquarie Revolving Facility during 2020. For the definition and reconciliation of Net Debt to the most directly comparable US GAAP measure, see “Non-US GAAP Measures – Net Debt” above.

The following table lists the amount of remaining 2021 maturities of our debt:

Amounts in thousands
Macquarie Credit Agreement		Casinos Poland ‎Credit Agreements		UniCredit Loan		Century Downs ‎Land Lease		UniCredit Agreement		Total
$	1,275	$	784	$	551	$	—	$	7,400	$	10,010

The following table lists the amount of remaining 2021 payments due under our lease agreements:

Amounts in thousands
	Operating Leases	Finance Leases			Total
$	4,097	$	95	$	4,192

In addition to these payment obligations, we are required to pay annual rent of approximately $25.3 million under the Master Lease and $1.6 million under the CDR land lease financing obligation, excluding variable rent payments. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.3 million, respectively, for the three months ended March 31, 2021 and $6.2 million and $0.5 million, respectively, for the three months ended March 31, 2020.

‎

46

Cash Flows

At March 31, 2021, cash, cash equivalents and restricted cash totaled $66.2 million, and we had working capital (current assets minus current liabilities) of $37.3 million compared to cash, cash equivalents and restricted cash of $63.7 million and working capital of $34.5 million at December 31, 2020. The increase in cash, cash equivalents and restricted cash from December 31, 2020 is due to $5.1 million of net cash provided by operating activities, offset by $1.6 million used to purchase property and equipment, $0.1 million in working capital adjustments paid to the buyer of Century Casino Calgary, $0.7 million in principal payments on borrowings, and $0.2 million in exchange rate changes.

Net cash provided by operating activities was $5.1 million for the three months ended March 31, 2021 and net cash used by operating activities was $1.6 million for the three months ended March 31, 2020. Our cash flows from operations have historically been positive and sufficient to fund ordinary operations. Cash flow from operations for the three months ended March 31, 2020 was negatively impacted by the suspension of our operations due to COVID-19. Trends in our operating cash flows tend to follow trends in earnings from operations, excluding non-cash charges. Please refer to the condensed consolidated statements of cash flows in Part I, Item 1 of this Form 10-Q and to management’s discussion of the results of operations above in this Item 2 for a discussion of earnings from operations.

Net cash used in investing activities of $1.7 million for the three months ended March 31, 2021 consisted of $0.1 million for slot machine purchases and $0.6 million in gaming floor upgrades at our West Virginia property; $0.3 million for slot machine purchases at our Missouri properties; $0.6 million in other fixed asset additions at our properties and $0.1 million in working capital adjustments paid to the buyer of Century Casino Calgary.

Net cash used in investing activities of $4.4 million for the three months ended March 31, 2020 consisted of $0.3 million for slot machine purchases at our Colorado properties; $0.4 million for slot machine purchases and $1.3 million for player tracking systems at our Missouri properties; $0.4 million for table game equipment at our Edmonton properties; $0.2 million for table game equipment at our Calgary properties; and $1.8 million in other fixed asset additions at our properties.

Net cash provided by financing activities of $0.7 million for the three months ended March 31, 2021 consisted of $0.7 million in principal payments on borrowings.

Net cash provided by financing activities of $9.9 million for the three months ended March 31, 2020 consisted of $10.4 million in proceeds from borrowings on our long-term debt net of principal repayments, offset by $0.5 million in deferred financing costs.

Common Stock Repurchase Program

Since March 2000, we have had a discretionary program to repurchase our outstanding common stock. The total amount remaining under the repurchase program was $14.7 million as of March 31, 2021. We did not repurchase any common stock during the three months ended March 31, 2021. The repurchase program has no set expiration or termination date.

Potential Sources of Liquidity and Short-Term Liquidity

Historically, our primary source of liquidity and capital resources has been cash flow from operations. When necessary and available, we supplement the cash flows generated by our operations with funds provided by bank borrowings or other debt or equity financing activities. In addition, we have generated cash from sales of existing casino operations and proceeds from the issuance of equity securities upon the exercise of stock options.

The COVID-19 pandemic has had an adverse effect on our results of operations, financial condition and liquidity for 2020 and the first quarter of 2021, and we expect the situation will continue to have an adverse effect on our results of operations, financial condition and liquidity during the remainder of 2021. The duration and impact of the COVID-19 pandemic remains uncertain. Between March 13, 2020 and March 17, 2020, we closed all of our casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. Our Polish locations reopened on May 18, 2020, and our North American operations reopened between June 1, 2020 and June 17, 2020. Additional closures of our Canada and Poland casinos were required in December 2020 to comply with quarantines issued by governments. Our Poland casinos reopened in February 2021, closed again in March 2021, and are expected to reopen again on May 8, 2021. Our Canada casino properties currently remain closed. Our casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operations. We estimate that the net cash outflows related to the Canada and Poland operations during the time they were fully suspended were, on average, approximately $2.5 million per month. We estimate that the casino properties in Canada and Poland that are currently closed will need to spend approximately $7.0 million to reopen operations and to cover short-term cash needs at those casinos.

‎

47

We continue to monitor our liquidity in light of the uncertainty resulting from COVID-19. We plan to continue to reduce marketing and operating expenditures where possible. Planned capital expenditures in 2021 include approximately $6.4 million in gaming equipment, renovations to various properties and security system upgrades. Our 2021 planned capital expenditure projects will be evaluated throughout the year and postponed to 2022 if necessary and permitted under our agreements.

In March 2020, as a proactive measure to increase our cash position and preserve financial flexibility in light of the uncertainty resulting from the COVID-19 pandemic, we borrowed $9.95 million on our revolving credit facility with Macquarie and $7.4 million on our credit agreement with UniCredit. We repaid the Macquarie revolving credit facility in July 2020 except for a $50,000 letter of credit that we cash collateralized. As of March 31, 2021, we had $9.95 million available to borrow on the Macquarie revolving credit facility. CPL currently has five credit agreements with mBank. In April 2021, CPL obtained a waiver from mBank regarding its noncompliance with the required cash inflows and financial covenants related to the five credit agreements during the three months ended March 31, 2021. The waiver waives CPL’s compliance requirements through October 31, 2021. The maturity date of CPL’s PLN 5.0 million line of credit, which had no outstanding balance as of March 31, 2021, was also extended to October 28, 2021.

We cannot predict the negative impacts that the failure to suppress the spread of COVID-19 will have on our consumer demand, workforce, suppliers, contractors and other partners, when our Canadian locations will reopen and, whether future closures will be required. Such closures have had and will continue to have a material impact on our business. While the severity and duration of such business impacts cannot currently be estimated, the effects of COVID-19 and the requirements of health and safety protocols are expected to continue to have a material impact on our business.

We may be required to raise additional capital to address our liquidity and capital needs. We have a shelf registration statement with the SEC that became effective in July 2020 under which we may issue, from time to time, up to $100 million of common stock, preferred stock, debt securities and other securities.

If necessary, we may seek to obtain further term loans, mortgages or lines of credit with commercial banks or other debt or equity financings to supplement our working capital and investing requirements. Our access to and cost of financing will depend on, among other things, global economic conditions, conditions in the financing markets, the availability of sufficient amounts of financing, our prospects and our credit ratings. A financing transaction may not be available on terms acceptable to us, or at all, and a financing transaction may be dilutive to our current stockholders. The failure to raise the funds necessary to fund our debt service and rent obligations and finance our operations and other capital requirements could have a material and adverse effect on our business, financial condition and liquidity. 

In addition, we expect our US domestic cash resources will be sufficient to fund our US operating activities and cash commitments for investing and financing activities. While we currently do not have an intent nor foresee a need to repatriate funds, we could require more capital in the US than is generated by our US operations for operations, capital expenditures or significant discretionary activities such as acquisitions of businesses and share repurchases. If so, we could elect to repatriate earnings from foreign jurisdictions in the form of a cash dividend, which would generally be exempt from taxation with the exception of the adverse impact of withholding taxes. We also could elect to raise capital in the US through debt or equity issuances. We estimate that approximately $20.0 million of our total $66.0 million in cash and cash equivalents at March 31, 2021 is held by our foreign subsidiaries and is not available to fund US operations unless repatriated.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We had no material changes in our exposure to market risks from that previously reported in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures – Our management, with the participation of our principal executive officers and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, for the period covered by this report. Based on such evaluation, our principal executive officers and principal financial officer have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting –There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2021 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

48

PART II - OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In March 2000, our board of directors approved a discretionary program to repurchase up to $5.0 million of our outstanding common stock. In November 2009, our board of directors approved an increase of the amount available to be repurchased under the program to $15.0 million. The repurchase program has no set expiration or termination date and had approximately $14.7 million remaining as of March 31, 2021. There were no repurchases of common stock during the three months ended March 31, 2021.

‎

49

Item 6. Exhibits

Exhibit No.	Document
3.1P	Certificate of Incorporation of Century Casinos, Inc. is hereby incorporated by reference to the Company’s Proxy Statement for the 1994 Annual Meeting of Stockholders.
3.2	Amended and Restated Bylaws of Century Casinos, Inc. is hereby incorporated by reference to Exhibit 11.14 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002.
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer.
31.2*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer and President.
31.3*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Chief Financial Officer.
32.1**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer.
32.2**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Co-Chief Executive Officer and President.
32.3**	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Chief Financial Officer.
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101

* Filed herewith.

** Furnished herewith.

P Filed on Paper

50

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CENTURY CASINOS, INC.

/s/ Margaret Stapleton

Margaret Stapleton

Chief Financial Officer

Date: May 6, 2021

51

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Erwin Haitzmann, certify that:

      1. I have reviewed this quarterlyreport on Form 10-Qof Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by thisreport;

      3. Based on my knowledge, the financial statements, and other financialinformation included in this report, fairly present in all material respects thefinancial condition, results of operations and cash flows of the registrant asof, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, includingits consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2021

/s/ Erwin Haitzmann          

Erwin Haitzmann

Co-Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Peter Hoetzinger, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  May 6, 2021

/s/ Peter Hoetzinger

Peter Hoetzinger

President and Co-Chief Executive Officer

EX-31.3

EXHIBIT 31.3

CERTIFICATIONS

I, Margaret Stapleton, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Century Casinos, Inc.;

      2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

      3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

      4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

      5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 6, 2021

/s/ Margaret Stapleton

Margaret Stapleton

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Co-Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  May 6, 2021

/s/ Erwin Haitzmann

Erwin Haitzmann

Co-Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification of President and Co-Chief Executive Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  May 6, 2021

/s/ Peter Hoetzinger

Peter Hoetzinger

President and Co-Chief Executive Officer

EX-32.3

Exhibit 32.3

Certification of Chief Financial Officer

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report on Form 10-Q of Century Casinos, Inc. (the “Company”) for the quarter ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  May 6, 2021

/s/ Margaret Stapleton

Margaret Stapleton

Chief Financial Officer

XML

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	0-22900
Entity Registrant Name	CENTURY CASINOS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1271317
Entity Address, Address Line One	455 E. Pikes Peak Ave.
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Colorado Springs
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80903
City Area Code	719
Local Phone Number	527-8300
Title of 12(b) Security	Common Stock, $0.01 Per Share Par Value
Trading Symbol	CNTY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,575,962
Amendment Flag	false
Entity Central Index Key	0000911147
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 65,969	$ 63,413
Receivables, net	6,004	8,237
Prepaid expenses	9,807	12,021
Inventories	1,474	1,660
Other current assets	1,538	1,020
Assets held for sale	8,374	8,271
Total Current Assets	93,166	94,622
Property and equipment, net	482,495	485,248
Leased right-of-use assets, net	32,196	34,074
Goodwill	10,528	10,901
Intangible assets, net	51,803	52,758
Deferred income taxes	1,390	861
Note receivable, net of current portion and unamortized discount	381	381
Deposits and other	1,846	1,915
Total Assets	673,805	680,760
Current Liabilities:
Current portion of long-term debt	10,619	10,718
Current portion of operating lease liabilities	4,134	4,327
Current portion of finance lease liabilities	100	131
Accounts payable	7,940	12,857
Accrued liabilities	15,039	12,486
Accrued payroll	7,983	8,402
Taxes payable	9,559	10,766
Contingent liability (Note 7)	453	476
Total Current Liabilities	55,827	60,163
Long-term debt, net of current portion and deferred financing costs (Note 5)	173,802	173,832
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6)	279,276	278,940
Operating lease liabilities, net of current portion	30,700	32,277
Finance lease liabilities, net of current portion	72	83
Taxes payable and other	6,066	5,608
Deferred income taxes	2,631	2,874
Total Liabilities	548,374	553,777
Commitments and Contingencies (Note 7)
Equity:
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,575,962 and 29,575,962 shares issued and outstanding	296	296
Additional paid-in capital	115,829	115,570
Retained earnings	7,248	8,667
Accumulated other comprehensive loss	(5,363)	(6,379)
Total Century Casinos, Inc. Shareholders’ Equity	118,010	118,154
Non-controlling interests	7,421	8,829
Total Equity	125,431	126,983
Total Liabilities and Equity	$ 673,805	$ 680,760

XML

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	29,575,962	29,575,962
Common stock, shares outstanding	29,575,962	29,575,962

XML

Condensed Consolidated Statements Of Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating revenue:
Net operating revenue	$ 72,415	$ 87,656
Operating costs and expenses:
General and administrative	20,268	26,372
Depreciation and amortization	6,643	6,495
Impairment - intangible and tangible assets		33,964
Total operating costs and expenses	64,167	119,428
Earnings (loss) from operations	8,248	(31,772)
Non-operating (expense) income:
Interest income		1
Interest expense	(10,522)	(11,367)
Gain on foreign currency transactions, cost recovery income and other	470	1
Non-operating (expense) income, net	(10,052)	(11,365)
Loss before income taxes	(1,804)	(43,137)
Income tax expense	(99)	(2,524)
Net loss	(1,903)	(45,661)
Net loss (earnings) attributable to non-controlling interests	484	(195)
Net loss attributable to Century Casinos, Inc. shareholders	$ (1,419)	$ (45,856)
Loss per share attributable to Century Casinos, Inc. shareholders:
Basic	$ (0.05)	$ (1.55)
Diluted	$ (0.05)	$ (1.55)
Weighted average shares outstanding - basic	29,576	29,507
Weighted average shares outstanding - diluted	29,576	29,507
Gaming [Member]
Operating revenue:
Operating revenue	$ 63,428	$ 74,292
Operating costs and expenses:
Operating costs and expenses	31,739	42,043
Pari-Mutuel And Sports Betting [Member]
Operating revenue:
Operating revenue	2,484	2,352
Operating costs and expenses:
Operating costs and expenses	2,401	3,160
Hotel [Member]
Operating revenue:
Operating revenue	1,750	1,816
Operating costs and expenses:
Operating costs and expenses	511	724
Food And Beverage [Member]
Operating revenue:
Operating revenue	2,720	6,552
Operating costs and expenses:
Operating costs and expenses	2,605	6,670
Other [Member]
Operating revenue:
Operating revenue	$ 2,033	$ 2,644

XML

Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements Of Comprehensive Loss [Abstract]
Net loss	$ (1,903)	$ (45,661)
Other comprehensive (loss) income
Foreign currency translation adjustments	747	(13,727)
Other comprehensive income (loss)	747	(13,727)
Comprehensive loss	(1,156)	(59,388)
Comprehensive (loss) income attributable to non-controlling interests
Net loss (earnings) attributable to non-controlling interests	484	(195)
Foreign currency translation adjustments	269	889
Comprehensive loss attributable to Century Casinos, Inc. shareholders	$ (403)	$ (58,694)

XML

Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total Century Casinos, Inc. Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Total
Balance at Dec. 31, 2019		$ 295	$ 115,784	$ (9,442)	$ 56,669		$ 8,769
Performance stock unit issuance		1
Net (loss) earnings					(45,856)		195	$ (45,661)
Foreign currency translation adjustment				(12,838)			(889)	(13,727)
Amortization of stock-based compensation	[1]		(14)
Balance at Mar. 31, 2020		$ 296	115,770	(22,280)	10,813	$ 104,599	8,075	112,674
Common shares issued		75,635
Balance at Dec. 31, 2020		$ 296	115,570	(6,379)	8,667		8,829	126,983
Net (loss) earnings					(1,419)		(484)	(1,903)
Foreign currency translation adjustment				1,016			(269)	747
Amortization of stock-based compensation	[1]		259
Distribution to non-controlling interest							(655)
Balance at Mar. 31, 2021		$ 296	$ 115,829	$ (5,363)	$ 7,248	$ 118,010	$ 7,421	$ 125,431

[1] Includes forfeiture credit for cancelled shares.

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows provided by (used in) Operating Activities:
Net loss	$ (1,903)	$ (45,661)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,643	6,495
Lease amortization	1,116	599
Loss on disposition of fixed assets	105	3
Adjustment of contingent liability (Note 7)	6	734
Amortization of stock-based compensation expense	259	(14)
Amortization of deferred financing costs and discount on note receivable	391	398
Impairment (Note 3, Note 4)		33,964
Deferred taxes	(772)	2,207
Other		1
Changes in Operating Assets and Liabilities:
Receivables, net	1,612	7,574
Prepaid expenses and other assets	2,186	1,731
Accounts payable	(6,524)	441
Other current and long-term liabilities	2,206	(1,579)
Inventories	171	69
Accrued payroll	(335)	(2,925)
Taxes payable	(80)	(5,614)
Net cash provided by (used in) operating activities	5,081	(1,577)
Cash Flows used in Investing Activities:
Purchases of property and equipment	(1,599)	(4,370)
Sale of Century Casino Calgary working capital adjustment	(75)
Net cash used in investing activities	(1,674)	(4,370)
Cash Flows (used in) provided by Financing Activities:
Proceeds from borrowings		17,351
Principal payments	(689)	(742)
Payment of deferred financing costs		(491)
Net cash (used in) provided by financing activities	(689)	16,118
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(158)	(1,304)
Increase in Cash, Cash Equivalents and Restricted Cash	2,560	8,867
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	63,677	55,640
Cash, Cash Equivalents and Restricted Cash at End of Period	66,237	64,507
Supplemental Disclosure of Cash Flow Information:
Interest paid	7,574	11,828
Income taxes paid	1,083	893
Non-Cash Investing Activities:
Purchase of property and equipment on account	1,536	$ 1,153
Non-Cash Financing Activities:
Distributions payable to non-controlling shareholders	$ 655

XML

Description Of Business And Basis Of Presentation

3 Months Ended

Mar. 31, 2021

Description Of Business And Basis Of Presentation [Abstract]

Description Of Business And Basis Of Presentation

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (the “Company”) is a casino entertainment company with operations primarily in North America. The Company’s operations as of March 31, 2021 are detailed below.

The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

The Century Casino & Hotel in Central City, Colorado (“CTL”)

The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)

Mountaineer Casino, Racetrack & Resort 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⁾

The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)

The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and

Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”)

(1)VICI Properties Inc. (“VICI PropCo”) owns the real estate assets.

On December 1, 2020, the Company sold the casino operations of Century Casino Calgary (“CAL”). The Company continues to operate Century Sports, a sports bar, bowling and entertainment facility located on the property. In addition, the Company owns and leases the underlying real estate to the purchaser. See below in this Note 1 for additional information about CAL.

On March 17, 2020, the Company announced that it had permanently closed Century Casino Bath (“CCB”). CCB voluntarily surrendered its casino gaming license on April 28, 2020 and entered into a creditors voluntary liquidation on May 6, 2020. See below in this Note 1 for additional information about CCB.

Century Bets! Inc. (“CBS” or “Century Bets”) operates the pari-mutuel off-track betting network in southern Alberta, Canada.

The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries:

The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2021, CPL owned eight casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest.

The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a racing and entertainment center (“REC”) in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest.

The Company has the following concession, management and consulting service agreements:

As of March 31, 2021, the Company had a concession agreement with TUI Cruises for four ship-based casinos. The ship-based casinos are not operating due to the coronavirus (“COVID-19”) pandemic. In May 2021, the agreement for three of the ship-based casinos ended. The Company’s agreement to operate one ship-based casino is expected to continue through June 2022.

The Company, through its subsidiary CRM, has a 7.5% ownership interest in Mendoza Central Entretenimientos S.A., an Argentinian company (“MCE”). In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement in exchange for a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). In March 2020, the Company impaired the $1.0 million MCE investment and wrote-down a $0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. See Note 3 for additional information related to MCE.

Recent Developments Related to COVID-19

In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s 2020 and first quarter 2021 results of operations and financial condition and the Company expects this situation will continue to have an adverse impact on its results in 2021. The duration and impact of the COVID-19 pandemic otherwise remains uncertain. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities have been closed to comply with quarantines issued by governments to contain the spread of COVID-19. The Company’s casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operations.

Operating Segment	Closure Date	Reopen Date	Gaming Floor Open
Colorado	March 17, 2020	June 15 and June 17, 2020	80% (1)
Missouri	March 17, 2020	June 1, 2020	94%
West Virginia	March 17, 2020	June 5, 2020	85%
Edmonton	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Calgary	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Poland	March 13, 2020	May 18, 2020
	December 29, 2020	February 12, 2021
	March 20, 2021	Currently Closed (2)

(1)CRC’s slot floor is fully open. CTL’s slot floor is 66% open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions.

(2)The Poland casinos are expected to reopen on May 8, 2021.

The Company continues to monitor its liquidity in light of the uncertainty resulting from COVID-19. The Company plans to continue its reduced marketing expenditures and operational expenditures where possible. The Company’s 2021 planned capital expenditure projects will be evaluated throughout the year and postponed to 2022 if necessary and permitted under its agreements. In March 2020, as a proactive measure to increase its cash position and preserve financial flexibility, the Company borrowed an additional $9.95 million on its $10.0 million revolving credit facility (the “Revolving Facility”) under its credit facility (“Macquarie Credit Agreement”) with Macquarie Capital (“Macquarie”) and $7.4 million on its credit agreement with UniCredit Bank Austria AG (“UniCredit”). The Revolving Facility was repaid in July 2020 except for a $50,000 letter of credit that the Company cash collateralized. See Note 5 for further discussion of the Macquarie Credit Agreement and the UniCredit credit agreement.

The Company cannot predict the negative impacts that the failure to suppress the spread 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 and will continue to have a material impact on the Company. While the severity and duration of such business impacts cannot currently be estimated, the effects of COVID-19 and the requirements of health and safety protocols are expected to continue to have a material impact on the Company. Management estimates that the Company’s casino properties in Canada and Poland that are currently closed will need approximately $7.0 million to reopen operations and to cover short-term cash needs at those casinos.

‎

Other Developments

Century Casino Calgary

On August 5, 2020, the Company announced that it had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. 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. The Company continues to operate Century Sports, and to own the underlying real estate. Upon closing of the transaction, the Company entered into a three year lease agreement with the purchaser of the casino operations for annual net rent for the land and building of CAD 0.5 million ($0.4 million based on the exchange rate on March 31, 2021). In December 2020, the Company began to market the sale of the land and building that it owns in Calgary. The sale is expected to occur by the end of 2021. As of March 31, 2021, the held for sale assets include $4.8 million in land and $3.6 million in buildings and improvements, net of accumulated depreciation.

Century Casino Bath

In March 2020, CCB was closed due to COVID-19. Due to challenging conditions that included historical and forecast losses due to changes in the regulatory environment for casinos in England requiring enhanced due diligence of customers, CCB’s board of directors determined that it would enter into creditors voluntary liquidation and control of CCB was relinquished. Under Accounting Standards Codification (“ASC”) 810, Consolidation, specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners. Accordingly, when a subsidiary is in legal reorganization or files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. The Company will not regain control of CCB and determined that it was appropriate to deconsolidate CCB effective as of May 6, 2020.

Preparation of Financial Statements

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the quarter ended March 31, 2021 are not necessarily indicative of the operating results for the full year.

Reclassifications – Certain prior period amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and the accompanying notes thereto.

Cash, Cash Equivalents and Restricted Cash – A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table:

	March 31,		March 31,
Amounts in thousands	2021		2020
Cash and cash equivalents	$	65,969	$	63,676
Restricted cash included in deposits and other		268		831
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	66,237	$	64,507

As of March 31, 2021, restricted cash included $0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits and other related to an insurance policy. As of March 31, 2020, restricted cash included $0.6 million in deposits and other related to a cash guarantee under the CCB loan agreement that CRM assumed in February 2020, $0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits and other related to an insurance policy.

Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax.

Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows:

	As of March 31,	As of December 31,
Ending Rates	2021	2020
Canadian dollar (CAD)	1.2575	1.2732
Euros (EUR)	0.8520	0.8157
Polish zloty (PLN)	3.9564	3.7136
British pound (GBP)	0.7253	0.7325

The average exchange rates to the US dollar used to translate balances during each reported period are as follows:

	For the three months
	ended March 31,
Average Rates	2021	2020	% Change
Canadian dollar (CAD)	1.2665	1.3429	5.7%
Euros (EUR)	0.8296	0.9074	8.6%
Polish zloty (PLN)	3.7693	3.9221	3.9%
British pound (GBP)	0.7253	0.7816	7.2%
Source: Pacific Exchange Rate Service

XML

Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2.SIGNIFICANT ACCOUNTING POLICIES

Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement:

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, and updating certain requirements, and (ii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements.

‎

Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides clarification that certain optional expedients and exceptions in ASU 2020-04 for contract modification and hedge accounting apply to derivatives that are affected by discounting transition. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.

XML

Investments

3 Months Ended

Mar. 31, 2021

Investments [Abstract]

Investments

3.INVESTMENTS

Cost Investment

Mendoza Central Entretenimientos S.A.

In October 2014, CRM entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CRM purchased 7.5% of the shares of MCE for $1.0 million. Pursuant to the MCE Agreement, CRM is working with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Casino de Mendoza, a casino located in Mendoza, Argentina that is owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CRM has appointed one director to MCE’s board of directors.

In March 2020, the Company assessed the MCE investment due to COVID-19. Casino de Mendoza, MCE’s only customer, was temporarily closed in March 2020. The investment was valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in no value, and (ii) a value in exchange basis which resulted in no value due to the current circumstances of COVID-19. The Company charged $1.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020.

 

XML

Goodwill And Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets [Abstract]

Goodwill And Intangible Assets

4.GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of March 31, 2021 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value.

The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach.

During the first quarter of 2020, as a result of the COVID-19 pandemic and associated closure of its casinos, the Company concluded these triggering events could indicate possible impairment of its goodwill and indefinite-lived intangible assets. The Company performed a quantitative and qualitative impairment analysis and determined that goodwill and casino licenses related to certain reporting units were impaired. The Company recorded $33.0 million to impairment –intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020 related to the impairment of its goodwill and casino licenses for certain reporting units. The impairment analysis required management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, heightened by the possibility of additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material.

Goodwill

Changes in the carrying amount of goodwill related to the United States, Canada and Poland segments are as follows:

Amounts in thousands	United States		Canada		Poland		Total
Gross carrying value January 1, 2021	$	19,786	$	7,385	$	6,891	$	34,062
Currency translation		—		50		(423)		(373)
Gross carrying value March 31, 2021		19,786		7,435		6,468		33,689
Accumulated impairment losses January 1, 2021		(19,786)		(3,375)		—		(23,161)
Accumulated impairment losses March 31, 2021		(19,786)		(3,375)		—		(23,161)
Net carrying value at January 1, 2021	$	—	$	4,010	$	6,891	$	10,901
Net carrying value at March 31, 2021	$	—	$	4,060	$	6,468	$	10,528

Intangible Assets

Intangible assets at March 31, 2021 and December 31, 2020 consisted of the following:

		March 31,		December 31,
Amounts in thousands	2021		2020
Finite-lived
Casino licenses	$	2,833	$	3,019
Less: accumulated amortization		(1,436)		(1,404)
		1,397		1,615
Trademarks		2,368		2,368
Less: accumulated amortization		(316)		(257)
		2,052		2,111
Players club lists		20,373		20,373
Less: accumulated amortization		(3,881)		(3,153)
		16,492		17,220
Total finite-lived intangible assets, net		19,941		20,946
Indefinite-lived
Casino licenses		30,212		30,061
Trademarks		1,650		1,751
Total indefinite-lived intangible assets		31,862		31,812
Total intangible assets, net	$	51,803	$	52,758

‎

Trademarks

The Company currently owns three trademarks, the Century Casinos trademark, the Mountaineer trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets.

Trademarks: Finite-Lived

The Company has determined that the Mountaineer trademark, reported in the United States segment, has a useful life of ten 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 trade name. As such the trademark will be amortized over its useful life. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the Mountaineer trademark are as follows:

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	2,111	$	(59)	$	2,052

As of March 31, 2021, estimated amortization expense of the Mountaineer trademark over the next five years was as follows:

Amounts in thousands
2021	$	178
2022		237
2023		237
2024		237
2025		237
Thereafter		926
	$	2,052

The weighted-average amortization period of the Mountaineer trademark is 8.7 years.

Trademarks: Indefinite-Lived

The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the indefinite-lived trademarks are as follows:

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at March 31, 2021
Poland	$	1,643	$	(101)	$	1,542
Corporate and Other		108		—		108
	$	1,751	$	(101)	$	1,650

Casino Licenses: Finite-Lived

As of March 31, 2021, Casinos Poland had eight casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows:

Amounts in thousands		Balance at January 1, 2021		Amortization		Currency translation		Balance at ‎March 31, 2021
Poland	$	1,615	$	(124)	$	(94)	$	1,397

‎

As of March 31, 2021, estimated amortization expense for the CPL casino licenses over the next five years was as follows:

Amounts in thousands
2021	$	355
2022		459
2023		395
2024		161
2025		27
	$	1,397

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 2.9 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license.

Casino Licenses: Indefinite-Lived

The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the licenses are as follows:

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at ‎March 31, 2021
United States	$	17,962	$	—	$	17,962
Canada		12,099		151		12,250
	$	30,061	$	151	$	30,212

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 years based on estimated revenue attrition among the player’s club members over each property’s historical operations as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows:

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	17,220	$	(728)	$	16,492

As of March 31, 2021, estimated amortization expense for the player’s club lists over the next five years was as follows:

Amounts in thousands
2021	$	2,182
2022		2,910
2023		2,910
2024		2,910
2025		2,910
Thereafter		2,670
	$	16,492

The weighted-average amortization period for the player’s club lists is 5.7 years.

‎

XML

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Long-Term Debt [Abstract]

Long-Term Debt

5. LONG-TERM DEBT

Long-term debt and the weighted average interest rates as of March 31, 2021 and December 31, 2020 consisted of the following:

Amounts in thousands	March 31, 2021			December 31, 2020
Credit agreement - Macquarie	$	167,875	6.64%	$	168,300	6.72%
Credit agreements - CPL		994	2.02%		1,296	2.61%
UniCredit loan		1,517	1.66%		1,502	2.05%
UniCredit agreement		7,400	2.48%		7,400	2.60%
Financing obligation - CDR land lease		15,504	11.62%		15,313	13.70%
Total principal	$	193,290	6.55%	$	193,811	7.03%
Deferred financing costs		(8,869)			(9,261)
Total long-term debt	$	184,421		$	184,550
Less current portion		(10,619)			(10,718)
Long-term portion	$	173,802		$	173,832

Credit Agreement – Macquarie Capital

On December 6, 2019, the Company entered into a $180.0 million credit agreement with Macquarie Capital Funding LLC, as swingline lender, administrative agent and collateral agent, Macquarie Capital (USA) Inc., as sole lead arranger and sole bookrunner, and the Lenders and L/C Lenders party thereto. The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provides for a $170.0 million term loan (the “Term Loan”) and the $10.0 million Revolving Facility. The Revolving Facility includes up to $5.0 million available for the issuance of letters of credit. The Company used proceeds from the Term Loan to fund the acquisition of Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) from Eldorado Resorts, Inc. on December 6, 2019 (the “Acquisition”), for the repayment of approximately $52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In March 2020, the Company drew $9.95 million on the Revolving Facility. The Revolving Facility was repaid in July 2020 except for a $50,000 letter of credit that the Company cash collateralized. As of March 31, 2021, the outstanding balance of the Term Loan was $167.9 million and the Company had $9.95 million available to borrow on the Revolving Facility.

The Term Loan matures on December 6, 2026, and the Revolving Facility matures on December 6, 2024. The Term Loan requires scheduled quarterly payments in amounts equal to 0.25% of the original aggregate principal amount of the Term Loan, with the balance due at maturity. The Term Loan may be prepaid without penalty or premium.

Borrowings under the Macquarie Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the London Interbank Offered Rate (“LIBOR”) (as defined in the Macquarie Credit Agreement), plus an applicable margin (each loan, being a “LIBOR Loan”) or (b) the Alternate Base Rate (as defined in the Macquarie Credit Agreement) (each loan, being a “ABR Loan”). The applicable margin for borrowings under the Term Loan is currently 6.50% per annum with respect to LIBOR Loans and 5.50% per annum with respect to ABR Loans. The applicable margin for borrowings under the Revolving Facility is determined as follows: (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Macquarie Credit Agreement) of the Company is greater than 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.25% per annum, and for ABR Loans will be 3.25% per annum, and (2) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.00% per annum, and for ABR Loans will be 3.00% per annum.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Facility a commitment fee in respect of any unused commitments under the Revolving Facility in the amount of 0.50% of the principal amount of unused commitments of such lender, subject to a stepdown to 0.375% based upon the Company’s Consolidated First Lien Net Leverage Ratio. The Company is also required to pay letter of credit participation fees equal to the applicable margin then in effect for LIBOR Loans multiplied by the average aggregate daily maximum amount available to be drawn under all letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125% of the face amount of such letter of credit. The Company is also required to pay customary agency fees. Commitment fees of less than $0.1 million were recorded as interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020.

The Macquarie Credit Agreement requires the Company to prepay the Term Loan, subject to certain exceptions, with:

100% of the net cash proceeds of certain non-ordinary course asset sales or certain casualty events, subject to certain exceptions; and

75% of the Company’s annual Excess Cash Flow (as defined in the Macquarie Credit Agreement) if the Consolidated First Lien Net Leverage Ratio is greater than 2.75 to 1.00 (which percentage will be reduced to (i) 50% if the Consolidated First Lien Net Leverage Ratio is greater than 2.50 to 1.00 but less than or equal to 2.75 to 1.00, (ii) 25% if the Consolidated First Lien Net Leverage Ratio is greater than 2.25 to 1.00 but less than or equal to 2.50 to 1.00, and (iii) 0% if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.25 to 1.00).

The borrowings under the Macquarie Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors, subject to certain exceptions.

The Macquarie Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Macquarie Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. The Revolving Facility includes a financial maintenance covenant (the “Financial Covenant”) tested as of the last day of each fiscal quarter in which borrowings under the Revolving Facility as of such day equal or exceed $3.5 million. Due to the COVID-19-related borrowings under the Revolving Facility in March 2020, which were substantially repaid in July 2020, the Company and the lender concluded that the Company had not been in compliance with the Financial Covenant. As of September 30, 2020, the Company and Macquarie amended the Macquarie Credit Agreement. Among other things, the amendment waived past noncompliance with the Financial Covenant, suspended further testing of the Financial Covenant until the fiscal quarter ending September 30, 2021, and suspended certain restricted payment baskets until June 30, 2021. As of March 31, 2021, the Company was in compliance with all applicable financial covenants under the Macquarie Credit Agreement.

Deferred financing costs consist of the Company’s costs related to the financing of the Macquarie Credit Agreement. The Company amortized $0.4 million for the three months ended March 31, 2021 and 2020 relating to Macquarie Credit Agreement deferred financing costs. These costs are included in interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020.

Casinos Poland

CPL’s short-term line of credit with Alior Bank ended in April 2020. The line of credit bore an interest rate of three-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.55%.

As of March 31, 2021, CPL had five credit agreements with mBank as detailed below. In April 2021, CPL obtained a waiver from mBank regarding its noncompliance with the required cash inflows and financial covenants related to the five credit agreements during the three months ended March 31, 2021. The waiver waives CPL’s compliance requirements through October 31, 2021.

The first credit agreement between CPL and mBank is a PLN 3.0 million term loan that was used to renovate the existing casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70%. The credit agreement has a three year term through November 30, 2021. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.1 million ($0.3 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash in an account with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.3% to 0.4%, liquidity ratios no less than 1.3 and a debt ratio not higher than 60%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021.

The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that was used to renovate and enlarge the casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70%. The credit agreement has a three year term through November 30, 2021. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.5 million ($0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5%, liquidity ratios no less than 0.6 and a debt ratio not higher than 70%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021.

The third credit agreement between CPL and mBank is a PLN 2.5 million term loan that was used to purchase gaming and other equipment for the Marriott Hotel in Warsaw. The credit agreement bears interest at an interest rate of 1-month WIBOR plus 1.90%. The credit agreement has a four year term through November 30, 2022. As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.4 million ($0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5%, liquidity ratios no less than 0.6 and a debt ratio not higher than 70%. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2022.

As of March 31, 2021, CPL also had a short-term line of credit with mBank used to finance current operations. The line of credit has a borrowing capacity of PLN 5.0 million. As of March 31, 2021, the credit facility had no outstanding balance and PLN 5.0 million ($1.3 million based on the exchange rate in effect on March 31, 2021) was available for additional borrowing. The credit agreement is secured by a building owned by CPL in Warsaw. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. The credit agreement was scheduled to expire in March 2021 but was amended in April 2021 to extend the line of credit through October 28, 2021 bearing an interest rate that was increased from overnight WIBOR plus 1.80% to overnight WIBOR plus 2.40%.

As of March 31, 2021, CPL had an additional short-term line of credit with mBank used to finance CPL’s current operations. The line of credit bears an interest rate of 1-month WIBOR plus 2.10% with a borrowing capacity of PLN 10.0 million ($2.5 million based on the exchange rate in effect on March 31, 2021), of which PLN 7.5 million ($1.9 million based on the exchange rate in effect on March 31, 2021) can be used only to secure bank guarantees. The credit agreement has a two year term through October 14, 2022. As of March 31, 2021, the credit facility had no outstanding balance and PLN 2.5 million ($0.6 million based on the exchange rate in effect on March 31, 2021) was available for borrowing. The credit agreement is secured by a building owned by CPL in Warsaw and a liquidity guarantee provided by Bank Gospodarstwa Krajowego for the amount of PLN 8.0 million. In addition, CPL is required to maintain cash inflows of PLN 5.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.4%, liquidity ratios not less than 1.3 and a debt ratio not higher than 60%.

Under Polish gaming law, CPL is required to maintain PLN 3.6 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations. mBank issued guarantees to CPL for this purpose totaling PLN 3.6 million ($0.9 million based on the exchange rate in effect on March 31, 2021). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($0.3 million based on the exchange rate in effect on March 31, 2021) with mBank and will terminate in June 2024 and January 2026. CPL also is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 0.9 million ($0.2 million based on the exchange rate in effect on March 31, 2021) in deposits for this purpose as of March 31, 2021. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets.

Century Resorts Management

In August 2017, the Company’s subsidiary CCB entered into a GBP 2.0 million term loan with UniCredit (the “UniCredit Loan”). In February 2020, the Company’s subsidiary CRM assumed the UniCredit Loan. The UniCredit Loan matures September 30, 2023 and bears interest at the LIBOR plus 1.625%. Proceeds from the loan were used for construction and fitting out of CCB. As of March 31, 2021, the amount outstanding on the UniCredit Loan was GBP 1.1 million ($1.5 million based on the exchange rate in effect on March 31, 2021). CRM has no further borrowing availability under the loan agreement. The loan is unsecured and has no financial covenants.

In August 2018, CRM entered into a loan agreement with UniCredit (the “UniCredit Agreement”) for a revolving line of credit to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. The borrowings may be denominated in EUR, bearing an interest rate of EURIBOR plus a margin of 1.5%, or USD, bearing an interest rate of LIBOR plus a margin of 1.5% of up to EUR 7.0 million, or the US dollar equivalent. If the interest rate indicator is no longer available, the indicator that comes closest to the agreed upon indicator will be used. The line of credit is available until terminated by either party. Funds can be borrowed with terms of 1, 3, 6, 9 or 12 months. In March 2020, CRM borrowed $7.4 million with a 12 month term under the UniCredit Agreement and the Company had no further borrowings available as of March 31, 2021. The UniCredit Agreement is secured by a EUR 7.0 million guarantee by the Company and has no financial covenants. The UniCredit Agreement contains customary events of default, including the failure to make required payments. Upon a failure to make required payments following a grace period, amounts due under the UniCredit Agreement may be accelerated. In March 2021, UniCredit extended the term of the line of credit to June 23, 2021 and reduced the interest rate to 1.9%. The Company is in negotiations to convert the line of credit to a term loan.

Century Downs Racetrack and Casino

CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of March 31, 2021, the outstanding balance on the financing obligation was CAD 19.5 million ($15.5 million based on the exchange rate in effect on March 31, 2021).

As of March 31, 2021, scheduled maturities related to long-term debt were as follows:

Amounts in thousands	Macquarie Credit Agreement		Casinos Poland ‎Credit Agreements		UniCredit Loan		Century Downs ‎Land Lease		UniCredit Agreement		Total
2021	$	1,275	$	784	$	551	$	—	$	7,400	$	10,010
2022		1,700		210		551		—		—		2,461
2023		1,700		—		415		—		—		2,115
2024		1,700		—		—		—		—		1,700
2025		1,700		—		—		—		—		1,700
Thereafter		159,800		—		—		15,504		—		175,304
Total	$	167,875	$	994	$	1,517	$	15,504	$	7,400	$	193,290

XML

Long-Term Financing Obligation

3 Months Ended

Mar. 31, 2021

Long-Term Financing Obligation [Abstract]

Long-Term Financing Obligation

6.LONG-TERM FINANCING OBLIGATION

On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the Acquired Casino properties. The Tenant entered into a triple net lease agreement (the “Master Lease”) with the Landlord to lease the real estate assets of the Acquired Casinos. The Master Lease does not transfer control of the Acquired Casino properties to VICI Propco subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation.

When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $28.5 million.

The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using an imputed discount rate of approximately 10.6%. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant.

The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The renewal terms are effective as to all, but not less than all, of the property then subject to the Master Lease. The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without the Landlord’s consent.

The Master Lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the Acquired Casino properties, including real estate taxes, insurance, utilities, maintenance and operational costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease.

The rent payable under the Master Lease is comprised of “Base Rent” and “Variable Rent”. Base rent is:

An initial annual rent (the “Rent”) of approximately $25.0 million.

The Rent will escalate at a rate of 1.01% for the 2^nd and 3^rd years and the greater of either 1.0125% (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4^th year and ending the 7^th year.

The Base Rent Escalator is subject to adjustment from and after the 6^th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied.

Beginning in the 8^th year of the lease term, Rent will be calculated as (i) 80% of the Rent for the 7^th lease year (“Base Rent”), subject to an annual Base Rent Escalator of the greater of 1.0125% or CPI subject to adjustment if the Minimum Rent Coverage Ratio is not satisfied, plus (ii) variable rent (“Variable Rent”) equal to 20% of the Rent for the 7^th lease year, plus or minus 4.0% of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease.

For the 11^th year and thereafter of the initial lease term, the Base Rent will escalate annually as set forth above and the Variable Rent will be recalculated as set forth in the Master Lease.

The estimated future payments include the payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.0125% and estimates based on contingent rental payments.

Total payments and interest expense related to the Master Lease for the three months ended March 31, 2021 and 2020 were as follows.

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Payments made	$	4,208	$	6,250
Interest expense on financing obligation	$	6,934		7,281

The future payments related to the Master Lease financing obligation with the Landlord at March 31, 2021 were as follows.

Amounts in thousands
2021	$	18,938
2022		25,503
2023		25,821
2024		26,144
2025		26,340
Thereafter		1,034,721
Total payments		1,157,467
Less imputed interest		(906,683)
Residual Value		28,492
Total	$	279,276

 

XML

Commitments And Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies [Abstract]

Commitments And Contingencies

7.COMMITMENTS AND CONTINGENCIES

Litigation

Since 2011, the Polish Internal Revenue Service (“Polish IRS”) has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through March 31, 2021, CPL has paid PLN 14.3 million ($4.2 million) related to these audits.

The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of March 31, 2021 is PLN 1.8 million ($0.5 million based on the exchange rate in effect on March 31, 2021). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of March 31, 2021 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of March 31, 2021. Additional court decisions and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future.  Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of March 31, 2021.  Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows.  

In March 2020, the Company assessed the likelihood of the collectability of a receivable from LOT Polish Airlines (“LOT”), which previously owned a 33.3% interest in CPL that it sold to the Company in 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013 and analysis of LOT’s ability to pay, the Company wrote-down PLN 3.0 million ($0.7 million based on the exchange rate in effect on March 31, 2020) to general and administrative expenses on its condensed consolidated statement of loss for the three months ended March 31, 2020.

 

XML

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes [Abstract]

Income Taxes

8.INCOME TAXES

Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2021, the Company recognized income tax expense of $0.1 million on pre-tax loss of ($1.8) million, representing an effective income tax rate of (5.5%) compared to income tax expense of $2.5 million on pre-tax loss of ($43.1) million, representing an effective income tax rate of (5.9%) for the same period in 2020. The comparison of pre-tax loss of ($1.8) million for the three months ended March 31, 2021 to the pre-tax loss of ($43.1) million for the three months ended March 31, 2020 should be considered when comparing effective tax rates for the respective periods.

For the three months ended March 31, 2021, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, which take into account a range of potential impacts from the COVID-19 pandemic, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the three months ended March 31, 2021.

A number of items caused the effective income tax rate for the three months ended March 31, 2021 to differ from the US federal statutory income tax rate of 21%, including a 23% statutory tax rate in Canada, certain nondeductible business expenses in Poland, and various exchange rate benefits. The Company continues to maintain a full valuation allowance on deferred tax assets for CMR, United States, and CRM.

XML

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

9.EARNINGS PER SHARE

The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three months ended March 31, 2021 and 2020 were as follows:

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Weighted average common shares, basic		29,576		29,507
Dilutive effect of stock options		—		—
Weighted average common shares, diluted		29,576		29,507

The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation:

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Stock options		1,022		1,410

‎

XML

Fair Value Measurements And Derivative Instruments Reporting

3 Months Ended

Mar. 31, 2021

Fair Value Measurements And Derivative Instruments Reporting [Abstract]

Fair Value Measurements And Derivative Instruments Reporting

10. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING

Fair Value Measurements

The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

Level 1 – quoted prices in active markets for identical assets or liabilities

Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

Level 3 – significant inputs to the valuation model are unobservable

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between the three levels for the three months ended March 31, 2021 and 2020.

Non-Recurring Fair Value Measurements

The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. During 2020, the Company wrote-down goodwill and intangible assets at certain properties based on forecast losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $33.0 million to impairment – intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the goodwill and intangible assets. In addition, the Company impaired its MCE investment based on evaluations of the investment resulting from the triggering events caused by COVID-19. The Company made assessments about MCE’s ability to continue as a going concern and future cash flows of MCE. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the investment. The Company used an income approach and cost approach and weighted both equally. The resulting fair value was insignificant, and consequently the investment was fully impaired resulting in $1.0 million expense recorded as impairment – intangible and tangible assets on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020.

Long-Term Debt – The carrying value of the Macquarie Credit Agreement, the UniCredit Agreement and CPL credit agreements approximate fair value based on the variable interest paid on the obligations. The carrying values of the CRM and CPL short-term lines of credit approximate fair value due to the short-term nature of the agreements and recently negotiated terms. The estimated fair values of the outstanding balances under the Macquarie Credit Agreement, CPL credit facility, CPL credit agreements, and UniCredit Agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The carrying values of the Company’s finance lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings.

Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of March 31, 2021 and December 31, 2020, the Company had no cash equivalents.

‎

XML

Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

11.REVENUE RECOGNITION

The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below.

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Revenue from contracts with customers	$	72,415	$	87,656
Interest income		—		1
Cost recovery income		655		—
Total revenue	$	73,070	$	87,657

The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, 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, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below.

	For the three months ended March 31, 2021
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	57,909	$	—	$	5,519	$	—	$	63,428
Pari-mutuel and sports betting		931		1,553		—		—		2,484
Hotel		1,750		—		—		—		1,750
Food and beverage		2,684		36		—		—		2,720
Other		1,097		422		391		123		2,033
Net operating revenue	$	64,371	$	2,011	$	5,910	$	123	$	72,415

	For the three months ended March 31, 2020
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	46,535	$	10,210	$	16,754	$	793	$	74,292
Pari-mutuel and sports betting		277		2,075		—		—		2,352
Hotel		1,733		83		—		—		1,816
Food and beverage		3,753		2,501		193		105		6,552
Other		1,129		1,318		115		82		2,644
Net operating revenue	$	53,427	$	16,187	$	17,062	$	980	$	87,656

For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year.

The amount of revenue recognized that was included in the opening contract liability balance was $0.4 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s receivables and contract liabilities is presented in the tables below.

	For the three months				For the three months
	ended March 31, 2021				ended March 31, 2020
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	1,103		2,200	$	326		663
Closing		472		2,227		19		722
Increase/(decrease)	$	(631)	$	27	$	(307)	$	59

‎

Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. In March 2020, the Company wrote-down its receivables related to MCE based on assessments made due to COVID-19 and future cash flows of MCE, and as a result, charged $0.3 million to general and administrative expenses during the three months ended March 31, 2020.

Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue.

XML

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

12.LEASES

In January 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842), and the subsequent amendments using the alternative modified retrospective method. When adopting the leasing standard, the Company made the following policy elections:

The Company elected the practical expedient to account for the lease and non-lease components as a single lease component for all asset classes;

The Company elected the short-term lease measurement and recognition exemption and did not establish right-of-use (“ROU”) assets or lease liabilities for operating leases with terms of 12 months or less;

The Company used its original assumptions for operating leases entered into prior to adoption, electing not to use the hindsight practical expedient;

The Company elected to use the package of practical expedients for transition and did not reassess (i) whether expired or existing contracts were leases or contained leases, (ii) the classification of its existing leases, or (iii) initial direct costs for existing leases; and

The Company elected not to evaluate existing or expired land easements under the leasing standard prior to the date of adoption.

The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term.

The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.

The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 16 years.

‎

The components of lease expense were as follows:

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Operating lease expense	$	1,463	$	1,519
Finance lease expense:
Amortization of right-of-use assets	$	35	$	40
Interest on lease liabilities		2		4
Total finance lease expense	$	37	$	44
Short-term lease expense	$	35	$	75
Variable lease expense	$	177	$	759

Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland.

Supplemental cash flow information related to leases was as follows:

	For the three months
	March 31,
Amounts in thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1	$	4
Operating cash flows from operating leases		1,581		1,822
Financing cash flows from finance leases		33		43

Supplemental balance sheet information related to leases was as follows:

	As of		As of
Amounts in thousands	March 31, 2021		December 31, 2020
Operating leases
Leased right-of-use assets, net	$	32,196	$	34,074
Current portion of operating lease liabilities		4,134		4,327
Operating lease liabilities, net of current portion		30,700		32,277
Total operating lease liabilities		34,834		36,604
Finance leases
Finance lease right-of-use assets, gross		429		552
Accumulated depreciation		(254)		(338)
Property and equipment, net		175		214
Current portion of finance lease liabilities		100		131
Finance lease liabilities, net of current portion		72		83
Total finance lease liabilities		172		214
Weighted-average remaining lease term
Operating leases		11.4 years		11.3 years
Finance leases		2.1 years		2.1 years
Weighted-average discount rate
Operating leases		4.6%		4.5%
Finance leases		4.6%		4.7%

Maturities of lease liabilities as of March 31, 2021 were as follows:

Amounts in thousands		Operating Leases	Finance Leases
2021	$	4,097	$	95
2022		5,247		41
2023		4,608		25
2024		3,872		19
2025		2,786		—
Thereafter		26,405		—
Total lease payments		47,015		180
Less imputed interest		(12,181)		(8)
Total	$	34,834	$	172

XML

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Information [Abstract]

Segment Information

13.SEGMENT INFORMATION

The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. The Company views each market in which it operates as a separate operating segment and 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 Century Casino Bath, which the Company deconsolidated in May 2020, its concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation.

The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments:

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary	Century Downs Racetrack and Casino
		Century Sports
		Century Bets! Inc.
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other

The Company’s chief operating decision maker is a management function comprised of two individuals.  These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, 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) and Adjusted EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers.

The following tables provide information regarding the Company’s segments:

	For the three months ended March 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	64,371	$	2,011	$	5,910	$	123	$	72,415
Earnings (loss) before income taxes		$	10,594	$	(3,489)	$	(3,357)	$	(5,552)	$	(1,804)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	10,594	$	(3,512)	$	(1,835)	$	(6,666)	$	(1,419)
Interest expense (income), net (2)			6,935		307		4		3,276		10,522
Income taxes (benefit)			—		(409)		(606)		1,114		99
Depreciation and amortization			4,525		1,222		793		103		6,643
Net earnings (loss) attributable to non-controlling interests			—		432		(916)		—		(484)
Non-cash stock-based compensation			—		—		—		259		259
Gain on foreign currency transactions, cost recovery income and other			—		(557)		(7)		(417)		(981)
Loss on disposition of fixed assets			73		32		—		—		105
Adjusted EBITDA		$	22,127	$	(2,485)	$	(2,567)	$	(2,331)	$	14,744

(1)Net operating revenue for Corporate and Other primarily related to the Company’s consulting agreements.

(2)Expense of $6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.3 million, respectively, for the period presented.

‎

	For the three months ended March 31, 2020
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	53,427	$	16,187	$	17,062	$	980	$	87,656
(Loss) earnings before income taxes		$	(32,372)	$	(2,157)	$	91	$	(8,699)	$	(43,137)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(34,219)	$	(4,408)	$	31	$	(7,260)	$	(45,856)
Interest expense (income), net (2)			7,281		543		31		3,511		11,366
Income taxes (benefit)			1,847		2,071		45		(1,439)		2,524
Depreciation and amortization			4,259		1,337		763		136		6,495
Net earnings attributable to non-controlling interests			—		180		15		—		195
Non-cash stock-based compensation			—		—		—		(14)		(14)
(Gain) loss on foreign currency transactions and cost recovery income			—		(64)		172		645		753
Impairment - intangible and tangible assets (3)			29,589		3,375		—		1,000		33,964
Loss on disposition of fixed assets			—		—		2		2		4
Acquisition costs			—		—		—		213		213
Adjusted EBITDA		$	8,757	$	3,034	$	1,059	$	(3,206)	$	9,644

(1)Net operating revenue for Corporate and Other primarily related to CCB, the Company’s cruise ship operations and consulting agreements.

(2)Expense of $7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.2 million and $0.5 million, respectively, for the period presented.

(3)Expense of $29.6 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4). Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3).

XML

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

14.SUBSEQUENT EVENTS

The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its condensed consolidated financial statements and related notes.

Casinos throughout Poland were closed on March 20, 2021 to comply with a quarantine imposed by the Polish government to contain the spread of COVID-19. The Company expects to reopen its eight casinos in Poland on May 8, 2021. The regulation lifting the lockdown for the Polish casinos includes social distancing practices and enhanced health and safety protocols.

‎

XML

Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2021

Significant Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement:

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, and updating certain requirements, and (ii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements.

Accounting Pronouncements Not Yet Adopted

‎

Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements:

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides clarification that certain optional expedients and exceptions in ASU 2020-04 for contract modification and hedge accounting apply to derivatives that are affected by discounting transition. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.

XML

Description Of Business And Basis Of Presentation (Tables)

3 Months Ended

Mar. 31, 2021

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	Gaming Floor Open
Colorado	March 17, 2020	June 15 and June 17, 2020	80% (1)
Missouri	March 17, 2020	June 1, 2020	94%
West Virginia	March 17, 2020	June 5, 2020	85%
Edmonton	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Calgary	March 17, 2020	June 13, 2020
	December 13, 2020	Currently Closed
Poland	March 13, 2020	May 18, 2020
	December 29, 2020	February 12, 2021
	March 20, 2021	Currently Closed (2)

(1)CRC’s slot floor is fully open. CTL’s slot floor is 66% open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions.

(2)The Poland casinos are expected to reopen on May 8, 2021.

Reconciliation Of Cash, Cash Equivalents, And Restricted Cash

	March 31,		March 31,
Amounts in thousands	2021		2020
Cash and cash equivalents	$	65,969	$	63,676
Restricted cash included in deposits and other		268		831
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	66,237	$	64,507

Schedule Of Exchange Rates To US Dollar

	As of March 31,	As of December 31,
Ending Rates	2021	2020
Canadian dollar (CAD)	1.2575	1.2732
Euros (EUR)	0.8520	0.8157
Polish zloty (PLN)	3.9564	3.7136
British pound (GBP)	0.7253	0.7325

Average Exchange Rates

	For the three months
	ended March 31,
Average Rates	2021	2020	% Change
Canadian dollar (CAD)	1.2665	1.3429	5.7%
Euros (EUR)	0.8296	0.9074	8.6%
Polish zloty (PLN)	3.7693	3.9221	3.9%
British pound (GBP)	0.7253	0.7816	7.2%
Source: Pacific Exchange Rate Service

XML

Goodwill And Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Changes In The Carrying Value Of Goodwill

Amounts in thousands	United States		Canada		Poland		Total
Gross carrying value January 1, 2021	$	19,786	$	7,385	$	6,891	$	34,062
Currency translation		—		50		(423)		(373)
Gross carrying value March 31, 2021		19,786		7,435		6,468		33,689
Accumulated impairment losses January 1, 2021		(19,786)		(3,375)		—		(23,161)
Accumulated impairment losses March 31, 2021		(19,786)		(3,375)		—		(23,161)
Net carrying value at January 1, 2021	$	—	$	4,010	$	6,891	$	10,901
Net carrying value at March 31, 2021	$	—	$	4,060	$	6,468	$	10,528

Schedule Of Intangible Assets

		March 31,		December 31,
Amounts in thousands	2021		2020
Finite-lived
Casino licenses	$	2,833	$	3,019
Less: accumulated amortization		(1,436)		(1,404)
		1,397		1,615
Trademarks		2,368		2,368
Less: accumulated amortization		(316)		(257)
		2,052		2,111
Players club lists		20,373		20,373
Less: accumulated amortization		(3,881)		(3,153)
		16,492		17,220
Total finite-lived intangible assets, net		19,941		20,946
Indefinite-lived
Casino licenses		30,212		30,061
Trademarks		1,650		1,751
Total indefinite-lived intangible assets		31,862		31,812
Total intangible assets, net	$	51,803	$	52,758

Trademarks [Member]

Changes In Carrying Amount - Indefinited-Lived

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at March 31, 2021
Poland	$	1,643	$	(101)	$	1,542
Corporate and Other		108		—		108
	$	1,751	$	(101)	$	1,650

Casino Licenses [Member]

Changes In Carrying Amount - Indefinited-Lived

Amounts in thousands		Balance at January 1, 2021		Currency translation		Balance at ‎March 31, 2021
United States	$	17,962	$	—	$	17,962
Canada		12,099		151		12,250
	$	30,061	$	151	$	30,212

Trademarks [Member]

Changes In Carrying Amount - Finited-Lived

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	2,111	$	(59)	$	2,052

Estimated Amortization Expense

Amounts in thousands
2021	$	178
2022		237
2023		237
2024		237
2025		237
Thereafter		926
	$	2,052

Casino Licenses [Member]

Changes In Carrying Amount - Finited-Lived

Amounts in thousands		Balance at January 1, 2021		Amortization		Currency translation		Balance at ‎March 31, 2021
Poland	$	1,615	$	(124)	$	(94)	$	1,397

Estimated Amortization Expense

Amounts in thousands
2021	$	355
2022		459
2023		395
2024		161
2025		27
	$	1,397

Player's Club Lists [Member]

Changes In Carrying Amount - Finited-Lived

Amounts in thousands		Balance at ‎January 1, 2021		Amortization		Balance at ‎March 31, 2021
United States	$	17,220	$	(728)	$	16,492

Estimated Amortization Expense

Amounts in thousands
2021	$	2,182
2022		2,910
2023		2,910
2024		2,910
2025		2,910
Thereafter		2,670
	$	16,492

XML

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt And Weighted Average Interest

Amounts in thousands	March 31, 2021			December 31, 2020
Credit agreement - Macquarie	$	167,875	6.64%	$	168,300	6.72%
Credit agreements - CPL		994	2.02%		1,296	2.61%
UniCredit loan		1,517	1.66%		1,502	2.05%
UniCredit agreement		7,400	2.48%		7,400	2.60%
Financing obligation - CDR land lease		15,504	11.62%		15,313	13.70%
Total principal	$	193,290	6.55%	$	193,811	7.03%
Deferred financing costs		(8,869)			(9,261)
Total long-term debt	$	184,421		$	184,550
Less current portion		(10,619)			(10,718)
Long-term portion	$	173,802		$	173,832

Schedule Of Maturities Related To Debt

Amounts in thousands	Macquarie Credit Agreement		Casinos Poland ‎Credit Agreements		UniCredit Loan		Century Downs ‎Land Lease		UniCredit Agreement		Total
2021	$	1,275	$	784	$	551	$	—	$	7,400	$	10,010
2022		1,700		210		551		—		—		2,461
2023		1,700		—		415		—		—		2,115
2024		1,700		—		—		—		—		1,700
2025		1,700		—		—		—		—		1,700
Thereafter		159,800		—		—		15,504		—		175,304
Total	$	167,875	$	994	$	1,517	$	15,504	$	7,400	$	193,290

XML

Long-Term Financing Obligation (Tables)

3 Months Ended

Mar. 31, 2021

Long-Term Financing Obligation [Abstract]

Total Payments And Interest Expense

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Payments made	$	4,208	$	6,250
Interest expense on financing obligation	$	6,934		7,281

Future Payments Related To Master Lease

Amounts in thousands
2021	$	18,938
2022		25,503
2023		25,821
2024		26,144
2025		26,340
Thereafter		1,034,721
Total payments		1,157,467
Less imputed interest		(906,683)
Residual Value		28,492
Total	$	279,276

XML

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule Of Weighted Average Shares Outstanding

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Weighted average common shares, basic		29,576		29,507
Dilutive effect of stock options		—		—
Weighted average common shares, diluted		29,576		29,507

Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Stock options		1,022		1,410

XML

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Schedule Of Breakout Of The Company's Derived Revenue And Other Income

	For the three months
	ended March 31,
Amounts in thousands	2021		2020
Revenue from contracts with customers	$	72,415	$	87,656
Interest income		—		1
Cost recovery income		655		—
Total revenue	$	73,070	$	87,657

Disaggregation Of Company's Revenue From Contracts With Customers

	For the three months ended March 31, 2021
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	57,909	$	—	$	5,519	$	—	$	63,428
Pari-mutuel and sports betting		931		1,553		—		—		2,484
Hotel		1,750		—		—		—		1,750
Food and beverage		2,684		36		—		—		2,720
Other		1,097		422		391		123		2,033
Net operating revenue	$	64,371	$	2,011	$	5,910	$	123	$	72,415

	For the three months ended March 31, 2020
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	46,535	$	10,210	$	16,754	$	793	$	74,292
Pari-mutuel and sports betting		277		2,075		—		—		2,352
Hotel		1,733		83		—		—		1,816
Food and beverage		3,753		2,501		193		105		6,552
Other		1,129		1,318		115		82		2,644
Net operating revenue	$	53,427	$	16,187	$	17,062	$	980	$	87,656

Schedule Of Contract Assets And Liabilities

	For the three months				For the three months
	ended March 31, 2021				ended March 31, 2020
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	1,103		2,200	$	326		663
Closing		472		2,227		19		722
Increase/(decrease)	$	(631)	$	27	$	(307)	$	59

XML

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Components Of Lease Expense

	For the three months ended
	March 31,
Amounts in thousands	2021		2020
Operating lease expense	$	1,463	$	1,519
Finance lease expense:
Amortization of right-of-use assets	$	35	$	40
Interest on lease liabilities		2		4
Total finance lease expense	$	37	$	44
Short-term lease expense	$	35	$	75
Variable lease expense	$	177	$	759

Supplemental Cash Flow Information Related To Leases

	For the three months
	March 31,
Amounts in thousands	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1	$	4
Operating cash flows from operating leases		1,581		1,822
Financing cash flows from finance leases		33		43

Supplemental Balance Sheet Information Related To Leases

	As of		As of
Amounts in thousands	March 31, 2021		December 31, 2020
Operating leases
Leased right-of-use assets, net	$	32,196	$	34,074
Current portion of operating lease liabilities		4,134		4,327
Operating lease liabilities, net of current portion		30,700		32,277
Total operating lease liabilities		34,834		36,604
Finance leases
Finance lease right-of-use assets, gross		429		552
Accumulated depreciation		(254)		(338)
Property and equipment, net		175		214
Current portion of finance lease liabilities		100		131
Finance lease liabilities, net of current portion		72		83
Total finance lease liabilities		172		214
Weighted-average remaining lease term
Operating leases		11.4 years		11.3 years
Finance leases		2.1 years		2.1 years
Weighted-average discount rate
Operating leases		4.6%		4.5%
Finance leases		4.6%		4.7%

Maturities Of Lease Liabilities

Amounts in thousands		Operating Leases	Finance Leases
2021	$	4,097	$	95
2022		5,247		41
2023		4,608		25
2024		3,872		19
2025		2,786		—
Thereafter		26,405		—
Total lease payments		47,015		180
Less imputed interest		(12,181)		(8)
Total	$	34,834	$	172

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information [Abstract]

Aggregation Of Operating Segments Into Reportable Segments

Reportable Segment	Operating Segment	Reporting Unit
United States	Colorado	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
	West Virginia	Mountaineer Casino, Racetrack & Resort
	Missouri	Century Casino Cape Girardeau
		Century Casino Caruthersville
Canada	Edmonton	Century Casino & Hotel - Edmonton
		Century Casino St. Albert
		Century Mile Racetrack and Casino
	Calgary	Century Downs Racetrack and Casino
		Century Sports
		Century Bets! Inc.
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other
		Corporate Other

Segment Information

	For the three months ended March 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	64,371	$	2,011	$	5,910	$	123	$	72,415
Earnings (loss) before income taxes		$	10,594	$	(3,489)	$	(3,357)	$	(5,552)	$	(1,804)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	10,594	$	(3,512)	$	(1,835)	$	(6,666)	$	(1,419)
Interest expense (income), net (2)			6,935		307		4		3,276		10,522
Income taxes (benefit)			—		(409)		(606)		1,114		99
Depreciation and amortization			4,525		1,222		793		103		6,643
Net earnings (loss) attributable to non-controlling interests			—		432		(916)		—		(484)
Non-cash stock-based compensation			—		—		—		259		259
Gain on foreign currency transactions, cost recovery income and other			—		(557)		(7)		(417)		(981)
Loss on disposition of fixed assets			73		32		—		—		105
Adjusted EBITDA		$	22,127	$	(2,485)	$	(2,567)	$	(2,331)	$	14,744

(1)Net operating revenue for Corporate and Other primarily related to the Company’s consulting agreements.

(2)Expense of $6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.3 million, respectively, for the period presented.

‎

	For the three months ended March 31, 2020
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	53,427	$	16,187	$	17,062	$	980	$	87,656
(Loss) earnings before income taxes		$	(32,372)	$	(2,157)	$	91	$	(8,699)	$	(43,137)
Net (loss) earnings attributable to Century Casinos, Inc. shareholders		$	(34,219)	$	(4,408)	$	31	$	(7,260)	$	(45,856)
Interest expense (income), net (2)			7,281		543		31		3,511		11,366
Income taxes (benefit)			1,847		2,071		45		(1,439)		2,524
Depreciation and amortization			4,259		1,337		763		136		6,495
Net earnings attributable to non-controlling interests			—		180		15		—		195
Non-cash stock-based compensation			—		—		—		(14)		(14)
(Gain) loss on foreign currency transactions and cost recovery income			—		(64)		172		645		753
Impairment - intangible and tangible assets (3)			29,589		3,375		—		1,000		33,964
Loss on disposition of fixed assets			—		—		2		2		4
Acquisition costs			—		—		—		213		213
Adjusted EBITDA		$	8,757	$	3,034	$	1,059	$	(3,206)	$	9,644

(1)Net operating revenue for Corporate and Other primarily related to CCB, the Company’s cruise ship operations and consulting agreements.

(2)Expense of $7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.2 million and $0.5 million, respectively, for the period presented.

(3)Expense of $29.6 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4). Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3).

XML

Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, $ in Millions		1 Months Ended	3 Months Ended
	Aug. 05, 2020 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) item	Mar. 31, 2021 CAD ($) item	May 31, 2021 item	Dec. 31, 2020 USD ($)	Aug. 05, 2020 CAD ($)	Dec. 06, 2019 USD ($)	Oct. 31, 2014
Description Of Business And Basis Of Presentation [Line Items]
Number of ship-based casinos | item			4
Assets held for sale			$ 8,374			$ 8,271
Restricted cash		$ 831	268
Canada And Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Estimates amount to reopen operations and cover short-term cash			$ 7,000
UniCredit Bank Austria [Member]
Description Of Business And Basis Of Presentation [Line Items]
Revolving credit facility, amount drew		7,400
Subsequent Event [Member]
Description Of Business And Basis Of Presentation [Line Items]
Number of ship based casinos, ended | item					3
Number of ship based casinos, operating | item					1
Lot Polish Airlines Invesment [Member] | Polish Airports Company [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest by non-controlling			33.30%
Casinos Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage			66.60%
Number of casinos owned | item			8	8
Mendoza Central Entretenimientos S. A. [Member]
Description Of Business And Basis Of Presentation [Line Items]
Impairment intangible assets		1,000
Wrote-down receivable		300
Century Resorts Management GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest			7.50%						7.50%
Century Resorts Management GmbH [Member] | Percentage Of Century Downs Racetrack Owned By Century Casinos Europe [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership percentage			75.00%
Macquarie Capital [Member] | Revolving Credit Facility [Member]
Description Of Business And Basis Of Presentation [Line Items]
Revolving credit facility, amount drew		9,950
Credit facility amount			$ 10,000					$ 10,000
Macquarie Capital [Member] | Line of Credit [Member]
Description Of Business And Basis Of Presentation [Line Items]
Line of credit facility			50
Century Sports [Member]
Description Of Business And Basis Of Presentation [Line Items]
Lease term	3 years						3 years
Annual net rent			$ 400	$ 0.5
Century Downs Racetrack And Casino [Member] | Unaffiliated Shareholders [Member]
Description Of Business And Basis Of Presentation [Line Items]
Ownership interest by non-controlling			25.00%
Deposits And Other Related To A Cash Guarantee [Member]
Description Of Business And Basis Of Presentation [Line Items]
Restricted cash		600
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Restricted cash		200	$ 200
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Restricted cash		$ 100	100
Century Casino Calgary [Member]
Description Of Business And Basis Of Presentation [Line Items]
Amount, sell casino operation	$ 7,500						$ 10.0
Quarterly earn out period	3 years
Working capital			100	$ 0.1
Century Casino Calgary [Member] | Land [Member]
Description Of Business And Basis Of Presentation [Line Items]
Assets held for sale			4,800
Century Casino Calgary [Member] | Buildings And Improvements [Member]
Description Of Business And Basis Of Presentation [Line Items]
Assets held for sale			$ 3,600

XML

Description Of Business And Basis Of Presentation (Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open) (Details)	3 Months Ended
	Mar. 31, 2021
Colorado [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 17, 2020
Reopen Date	June 15 and June 17, 2020
Gaming Floor Open	80.00%
Missouri [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 17, 2020
Reopen Date	June 1, 2020
Gaming Floor Open	94.00%
West Virginia [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 17, 2020
Reopen Date	June 5, 2020
Gaming Floor Open	85.00%
Edmonton [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 17, 2020
Reopen Date	June 13, 2020
Edmonton [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	December 13, 2020
Reopen Date	Currently Closed
Calgary [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 17, 2020
Reopen Date	June 13, 2020
Calgary [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	December 13, 2020
Reopen Date	Currently Closed
Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 13, 2020
Reopen Date	May 18, 2020
Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	December 29, 2020
Reopen Date	February 12, 2021
Poland [Member]
Description Of Business And Basis Of Presentation [Line Items]
Closure Date	March 20, 2021
Reopen Date	Currently Closed (2)
Expected To Reopen Date	May 8, 2021
CTL [Member] | Colorado [Member]
Description Of Business And Basis Of Presentation [Line Items]
Gaming Floor Open	66.00%
CRC And CTL [Member] | Colorado [Member]
Description Of Business And Basis Of Presentation [Line Items]
Gaming Floor Reopen Date	February 2021

XML

Description Of Business And Basis Of Presentation (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Description Of Business And Basis Of Presentation [Abstract]
Cash and cash equivalents	$ 65,969	$ 63,413	$ 63,676
Restricted cash included in deposits and other	268		831
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 66,237	$ 63,677	$ 64,507	$ 55,640

XML

Description Of Business And Basis Of Presentation (Schedule Of Exchange Rates To US Dollar) (Details)	Mar. 31, 2021	Dec. 31, 2020
Canadian Dollar (CAD) [Member]
Currency [Line Items]
Ending Rates	1.2575	1.2732
Euros (EUR) [Member]
Currency [Line Items]
Ending Rates	0.8520	0.8157
Polish Zloty (PLN) [Member]
Currency [Line Items]
Ending Rates	3.9564	3.7136
British Pound (GBP) [Member]
Currency [Line Items]
Ending Rates	0.7253	0.7325

XML

Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Canadian Dollar (CAD) [Member]
Currency [Line Items]
Average Rates	1.2665	1.3429
Average Rates % Change	5.70%
Euros (EUR) [Member]
Currency [Line Items]
Average Rates	0.8296	0.9074
Average Rates % Change	8.60%
Polish Zloty (PLN) [Member]
Currency [Line Items]
Average Rates	3.7693	3.9221
Average Rates % Change	3.90%
British Pound (GBP) [Member]
Currency [Line Items]
Average Rates	0.7253	0.7816
Average Rates % Change	7.20%

XML

Investments (Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Oct. 31, 2014 USD ($)	Oct. 31, 2014 employee	Mar. 31, 2020 USD ($)	Mar. 31, 2021
Business Acquisition [Line Items]
Impairment - intangible and tangible assets			$ 33,964
Century Resorts Management GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member]
Business Acquisition [Line Items]
Investment in Mendoza Central Entretenmientos S.A.	$ 1,000
Number of directors appointed | employee		1
Mendoza Central Entretenimientos S. A. [Member] | Century Resorts Management GmbH [Member]
Business Acquisition [Line Items]
Ownership interest	7.50%	7.50%		7.50%
Corporate And Other [Member] | Mendoza Central Entretenimientos S. A. [Member]
Business Acquisition [Line Items]
Impairment - intangible and tangible assets			$ 1,000

XML

Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 item	Mar. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of trademarks | item	3
Impairment - intangible and tangible assets | $		$ 33,964
Player's Club Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years
Player's Club Lists [Member] | Weighted Average [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	5 years 8 months 12 days
Mountaineer Casino [Member] | Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period	8 years 8 months 12 days
Casinos Poland [Member]
Finite-Lived Intangible Assets [Line Items]
Number of casino licenses | item	8
Useful life	6 years
Weighted-average period before the next renewal of casino licenses	2 years 10 months 24 days
Reporting Units [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment - intangible and tangible assets | $		$ 33,000

XML

Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross carrying value, Beginning	$ 34,062
Currency translation	(373)
Gross carrying value, Ending	33,689
Accumulated impairment losses, Beginning	(23,161)
Accumulated impairment losses, Ending	(23,161)
Net carrying value	10,528	$ 10,901
United States [Member]
Goodwill [Line Items]
Gross carrying value, Beginning	19,786
Currency translation
Gross carrying value, Ending	19,786
Accumulated impairment losses, Beginning	(19,786)
Accumulated impairment losses, Ending	(19,786)
Net carrying value
Canada [Member]
Goodwill [Line Items]
Gross carrying value, Beginning	7,385
Currency translation	50
Gross carrying value, Ending	7,435
Accumulated impairment losses, Beginning	(3,375)
Accumulated impairment losses, Ending	(3,375)
Net carrying value	4,060	4,010
Poland [Member]
Goodwill [Line Items]
Gross carrying value, Beginning	6,891
Currency translation	(423)
Gross carrying value, Ending	6,468
Accumulated impairment losses, Beginning
Accumulated impairment losses, Ending
Net carrying value	$ 6,468	$ 6,891

XML

Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-lived
Total finite-lived intangible assets, net	$ 19,941	$ 20,946
Indefinite-lived
Total indefinite-lived intangible assets	31,862	31,812
Total intangible assets, net	51,803	52,758
Casino Licenses [Member]
Indefinite-lived
Total indefinite-lived intangible assets	30,212	30,061
Trademarks [Member]
Indefinite-lived
Total indefinite-lived intangible assets	1,650	1,751
Casino Licenses [Member]
Finite-lived
Gross	2,833	3,019
Less: accumulated amortization	(1,436)	(1,404)
Total finite-lived intangible assets, net	1,397	1,615
Trademarks [Member]
Finite-lived
Gross	2,368	2,368
Less: accumulated amortization	(316)	(257)
Total finite-lived intangible assets, net	2,052	2,111
Player's Club Lists [Member]
Finite-lived
Gross	20,373	20,373
Less: accumulated amortization	(3,881)	(3,153)
Total finite-lived intangible assets, net	$ 16,492	$ 17,220

XML

Goodwill And Intangible Assets (Changes In Carrying Amount - Finited-Lived) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	$ 20,946
Balance at end of period	19,941
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	2,111
Balance at end of period	2,052
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	2,111
Amortization	(59)
Balance at end of period	2,052
Casino Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	1,615
Balance at end of period	1,397
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	1,615
Amortization	(124)
Currency translation	(94)
Balance at end of period	1,397
Player's Club Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	17,220
Balance at end of period	16,492
Player's Club Lists [Member] | United States [Member]
Finite-Lived Intangible Assets [Line Items]
Balance at begininng of period	17,220
Amortization	(728)
Balance at end of period	$ 16,492

XML

Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, net	$ 19,941	$ 20,946
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, net	2,052	2,111
Casino Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, net	1,397	1,615
Player's Club Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets, net	16,492	17,220
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member]
Finite-Lived Intangible Assets [Line Items]
2021	178
2022	237
2023	237
2024	237
2025	237
Thereafter	926
Total finite-lived intangible assets, net	2,052	2,111
United States [Member] | Player's Club Lists [Member]
Finite-Lived Intangible Assets [Line Items]
2021	2,182
2022	2,910
2023	2,910
2024	2,910
2025	2,910
Thereafter	2,670
Total finite-lived intangible assets, net	16,492	17,220
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member]
Finite-Lived Intangible Assets [Line Items]
2021	355
2022	459
2023	395
2024	161
2025	27
Total finite-lived intangible assets, net	$ 1,397	$ 1,615

XML

Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinited-Lived) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	$ 31,812
Balance at end of the period	31,862
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	1,751
Currency translation	(101)
Balance at end of the period	1,650
Casino Licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	30,061
Currency translation	151
Balance at end of the period	30,212
Century Casinos [Member] | Trademarks [Member] | Corporate And Other [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	108
Currency translation
Balance at end of the period	108
Poland [Member] | Casinos Poland [Member] | Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	1,643
Currency translation	(101)
Balance at end of the period	1,542
United States [Member] | Casino Licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	17,962
Currency translation
Balance at end of the period	17,962
Canada [Member] | Casino Licenses [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance at beginning of the period	12,099
Currency translation	151
Balance at end of the period	$ 12,250

XML

Long-Term Debt (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions, zł in Millions, $ in Millions		1 Months Ended	3 Months Ended
	Dec. 06, 2019 USD ($)	Apr. 30, 2021	Mar. 31, 2021 USD ($) item	Mar. 31, 2021 PLN (zł) item	Mar. 31, 2020 USD ($)	Mar. 31, 2021 PLN (zł) item	Mar. 31, 2021 GBP (£) item	Mar. 31, 2021 EUR (€) item	Mar. 31, 2021 CAD ($) item	Dec. 31, 2020 USD ($)	Aug. 31, 2018 EUR (€)	Aug. 31, 2017 GBP (£)
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 391		$ 398
Amount outstanding			193,290							$ 193,811
Principal payments			33		43
Macquarie Capital [Member]
Debt Instrument [Line Items]
Amortization of deferred financing costs			400		$ 400
Casinos Poland [Member]
Debt Instrument [Line Items]
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł						zł 3.6
Deposits guarantees for payment of prizes and giveaways			$ 200			zł 0.9
Century Downs Racetrack And Casino [Member]
Debt Instrument [Line Items]
Options to purchase land | item			4	4
First option date			Jul. 01, 2023	Jul. 01, 2023
Principal payments			$ 0
Term Loan [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Percentage of the net cash proceeds of non-ordinary course asset sales or certain casualty events			100.00%	100.00%
Maturity date			Dec. 06, 2026	Dec. 06, 2026
Amount outstanding			$ 167,900
Pecentage of quarterly payments equal to original principal			0.25%	0.25%
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow			75.00%	75.00%
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.50 [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow			50.00%	50.00%
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.25 [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow			25.00%	25.00%
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member]
Debt Instrument [Line Items]
Percentage of annual excess cash flow			0.00%	0.00%
Term Loan [Member] | Macquarie Capital [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate			6.50%			6.50%	6.50%	6.50%	6.50%
Term Loan [Member] | Macquarie Capital [Member] | ABR [Member]
Debt Instrument [Line Items]
Interest rate			5.50%			5.50%	5.50%	5.50%	5.50%
UniCredit Loan [Member]
Debt Instrument [Line Items]
Amount outstanding			$ 1,517							$ 1,502
UniCredit Loan [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Line of credit facility | £												£ 2.0
Expiration date			Sep. 30, 2023	Sep. 30, 2023
Amount outstanding			$ 1,500				£ 1.1
Borrowing availability			$ 0
UniCredit Loan [Member] | Century Resorts Management [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.625%	1.625%
BMO Credit Agreement [Member]
Debt Instrument [Line Items]
Repayment amount	$ 52,000
Line Of Credit With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity | zł						zł 5.0
Line of credit facility amount available for borrowing			$ 1,300			5.0
Amount outstanding			$ 0
Line Of Credit With mBank [Member] | Casinos Poland [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Expiration date		Oct. 28, 2021
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.80%	1.80%
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Interest rate percentage points		2.40%
Line Of Credit With mBank [Member]
Debt Instrument [Line Items]
Term of credit agreement			2 years	2 years
Line Of Credit With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,500			10.0
Line of credit amount that can only be used to secure bank guarantees			$ 1,900	zł 7.5
Expiration date			Oct. 14, 2022	Oct. 14, 2022
Line of credit facility amount available for borrowing			$ 600			zł 2.5
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate			2.10%			2.10%	2.10%	2.10%	2.10%
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points					1.55%
Guarantee From mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Bank guarantee issued for payment of casino jackpots and gaming tax obligations			$ 900
Deposits maintained for payment of casino jackpots and gaming tax obligations			900			zł 3.6
Deposit for secured by land owned			300			zł 1.2
Revolving Credit Facility [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	10,000		10,000
Line of credit facility amount available for borrowing			$ 9,950
Percentage of principal amount of unused commitments			0.50%	0.50%
Fronting fee percentage			0.125%	0.125%
Revolving credit facility, amount drew					$ 9,950
Maturity date			Dec. 06, 2024	Dec. 06, 2024
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member]
Debt Instrument [Line Items]
Interest rate			4.25%			4.25%	4.25%	4.25%	4.25%
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member]
Debt Instrument [Line Items]
Interest rate			4.00%			4.00%	4.00%	4.00%	4.00%
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member]
Debt Instrument [Line Items]
Interest rate			3.25%			3.25%	3.25%	3.25%	3.25%
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member]
Debt Instrument [Line Items]
Interest rate			3.00%			3.00%	3.00%	3.00%	3.00%
Letter Of Credit [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	5,000
Line of credit facility			$ 50
Credit Agreement [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	180,000
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 170,000
Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Line of credit facility secured amount | zł						zł 8.0
Required amount to maintain in cash inflows and financial covenants | zł				zł 5.0
Credit Agreement [Member] | Credit Agreements With Mbank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Number of credit agreements | item			5			5	5	5	5
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity | zł						zł 3.0
Expiration date			Nov. 30, 2021	Nov. 30, 2021
Term of borrowing			3 years	3 years
Amount outstanding			$ 300			1.1
Borrowing availability			$ 0
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.70%	1.70%
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity | zł						4.0
Expiration date			Nov. 30, 2021	Nov. 30, 2021
Term of borrowing			3 years	3 years
Amount outstanding			$ 400			1.5
Borrowing availability			$ 0
Required amount to maintain in cash inflows and financial covenants | zł				zł 7.0
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.70%	1.70%
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity | zł						2.5
Expiration date			Nov. 30, 2022	Nov. 30, 2022
Term of borrowing			4 years	4 years
Amount outstanding			$ 400			zł 1.4
Borrowing availability			$ 0
Required amount to maintain in cash inflows and financial covenants | zł				zł 7.0
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.90%	1.90%
UniCredit Agreement [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Line of credit facility | €											€ 7.0
Line of credit facility secured amount | €								€ 7.0
Amount outstanding			$ 7,400
Borrowing availability			$ 0
UniCredit Agreement [Member] | Century Resorts Management [Member] | Extended Maturity [Member]
Debt Instrument [Line Items]
Maturity date			Jun. 23, 2021	Jun. 23, 2021
UniCredit Agreement [Member] | Century Resorts Management [Member] | Interest Rate Reduction [Member]
Debt Instrument [Line Items]
Interest rate			1.90%			1.90%	1.90%	1.90%	1.90%
UniCredit Agreement [Member] | Century Resorts Management [Member] | EURIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.50%	1.50%
UniCredit Agreement [Member] | Century Resorts Management [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate percentage points			1.50%	1.50%
UniCredit Agreement Term 1 [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Term of borrowing			1 month	1 month
UniCredit Agreement Term 2 [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Term of borrowing			3 months	3 months
UniCredit Agreement Term 3 [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Term of borrowing			6 months	6 months
UniCredit Agreement Term 4 [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Term of borrowing			9 months	9 months
UniCredit Agreement Term 5 [Member] | Century Resorts Management [Member]
Debt Instrument [Line Items]
Term of borrowing			12 months	12 months
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.75			2.75	2.75	2.75	2.75
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.50 But Less Than Or Equal To 2.75 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.50			2.50	2.50	2.50	2.50
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.50 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.25			2.25	2.25	2.25	2.25
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Percentage of principal amount of unused commitments			0.375%	0.375%
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.75			2.75	2.75	2.75	2.75
Minimum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Profit margin			0.40%	0.40%
Liquidity ratio			1.3			1.3	1.3	1.3	1.3
Minimum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Profit margin			0.30%	0.30%
Liquidity ratio			1.3			1.3	1.3	1.3	1.3
Minimum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Profit margin			0.50%	0.50%
Liquidity ratio			0.6			0.6	0.6	0.6	0.6
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Profit margin			0.50%	0.50%
Liquidity ratio			0.6			0.6	0.6	0.6	0.6
Minimum [Member] | Revolving Credit Facility - Financial Covenant [Member]
Debt Instrument [Line Items]
Line of credit facility			$ 3,500
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.75 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.75			2.75	2.75	2.75	2.75
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.25 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.50			2.50	2.50	2.50	2.50
Maximum [Member] | Term Loan [Member] | Macquarie Capital [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			2.25	2.25	2.25	2.25
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member]
Debt Instrument [Line Items]
Commitment fees			$ 100		$ 100
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member]
Debt Instrument [Line Items]
Consolidated First Lien Net Leverage Ratio			2.75			2.75	2.75	2.75	2.75
Maximum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Debt ratio			60			60	60	60	60
Maximum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Profit margin			0.40%	0.40%
Debt ratio			60			60	60	60	60
Maximum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Debt ratio			70			70	70	70	70
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member]
Debt Instrument [Line Items]
Debt ratio			70			70	70	70	70
Century Downs Racetrack And Casino [Member]
Debt Instrument [Line Items]
Outstanding balance on financing obligation			$ 15,500						$ 19.5

XML

Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal	$ 193,290	$ 193,811
Deferred financing costs	(8,869)	(9,261)
Total long-term debt	184,421	184,550
Less current portion	(10,619)	(10,718)
Long-term portion	173,802	173,832
Credit Agreement - Macquarie [Member]
Debt Instrument [Line Items]
Total principal	$ 167,875	$ 168,300
Weighted-average interest rate	6.64%	6.72%
Credit Agreements - CPL [Member]
Debt Instrument [Line Items]
Total principal	$ 994	$ 1,296
Weighted-average interest rate	2.02%	2.61%
UniCredit Loan [Member]
Debt Instrument [Line Items]
Total principal	$ 1,517	$ 1,502
Weighted-average interest rate	1.66%	2.05%
UniCredit Agreement [Member]
Debt Instrument [Line Items]
Total principal	$ 7,400	$ 7,400
Weighted-average interest rate	2.48%	2.60%
Financing Obligation - CDR Land Lease [Member]
Debt Instrument [Line Items]
Total principal	$ 15,504	$ 15,313
Weighted-average interest rate	11.62%	13.70%
Total Principal [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	6.55%	7.03%

XML

Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
2021	$ 10,010
2022	2,461
2023	2,115
2024	1,700
2025	1,700
Thereafter	175,304
Total	193,290	$ 193,811
Macquarie Credit Agreement [Member]
Debt Instrument [Line Items]
2021	1,275
2022	1,700
2023	1,700
2024	1,700
2025	1,700
Thereafter	159,800
Total	167,875
Casinos Poland Credit Agreements [Member]
Debt Instrument [Line Items]
2021	784
2022	210
2023
2024
2025
Thereafter
Total	994
UniCredit Loan [Member]
Debt Instrument [Line Items]
2021	551
2022	551
2023	415
2024
2025
Thereafter
Total	1,517	1,502
Century Downs Land Lease [Member]
Debt Instrument [Line Items]
2021
2022
2023
2024
2025
Thereafter	15,504
Total	15,504
UniCredit Agreement [Member]
Debt Instrument [Line Items]
2021	7,400
2022
2023
2024
2025
Thereafter
Total	$ 7,400	$ 7,400

XML

Long-Term Financing Obligation (Narrative) (Details) - VICI PropCo [Member] - Master Lease [Member] $ in Thousands	Dec. 06, 2019 USD ($) item	Mar. 31, 2021 USD ($)
Residual value	$ 28,500	$ 28,492
Discount rate	10.60%
Lease term plus renewal options	35 years
Initial lease term	15 years
Number of renewal options | item	4
Lease renewal term	5 years
Initial annual rent	$ 25,000
Maximum [Member]
Base Rent Escalator, percentage	1.0125%
2nd And 3rd Year [Member]
Base Rent Escalator, percentage	1.01%
4th Through 7th Year [Member]
Base Rent Escalator, percentage	1.0125%
8th Year [Member]
Base Rent Escalator, percentage	1.0125%
Base Rent, percentage	80.00%
Variable Rent, percentage	20.00%
Change In Average Net Revenue, percentage	4.00%

XML

Long-Term Financing Obligation (Total Payments And Interest Expense) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Payments made	$ 4,208	$ 6,250
Interest expense on financing obligation	$ 6,934	$ 7,281

XML

Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 06, 2019
2021	$ 18,938
2022	25,503
2023	25,821
2024	26,144
2025	26,340
Thereafter	1,034,721
Total payments	1,157,467
Less imputed interest	(906,683)
Residual Value	28,492	$ 28,500
Total	$ 279,276

XML

Commitments And Contingencies (Narrative) (Details) $ in Thousands, zł in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2021 PLN (zł)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 PLN (zł)	Mar. 31, 2021 PLN (zł)	Dec. 31, 2020 USD ($)
Commitments and Contingencies [Line items]
Contingent liability	$ 453					$ 476
General and administrative	20,268		$ 26,372
Casinos Poland [Member]
Commitments and Contingencies [Line items]
Income tax audit costs	4,200	zł 14.3
Casinos Poland [Member] | Lot Polish Airlines Invesment [Member]
Commitments and Contingencies [Line items]
General and administrative			$ 700	zł 3.0
Casinos Poland [Member] | Polish Airports Company [Member] | Lot Polish Airlines Invesment [Member]
Commitments and Contingencies [Line items]
Ownership interest			33.30%	33.30%
Review of All Tax Open Periods [Member]
Commitments and Contingencies [Line items]
Contingent liability	$ 500				zł 1.8

XML

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes [Line Items]
Pre-tax loss	$ (1,804)	$ (43,137)
Effective tax rate	(5.50%)	(5.90%)
US federal income tax statutory rate	21.00%
Income tax expense	$ 99	$ 2,524
Canada [Member]
Income Taxes [Line Items]
Effective tax rate	23.00%

XML

Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares, basic	29,576	29,507
Weighted average common shares, diluted	29,576	29,507

XML

Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	1,022	1,410

XML

Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between levels	$ 0	$ 0
Impairment - intangible and tangible assets		33,964,000
Cash equivalents	$ 0		$ 0
Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment - intangible and tangible assets		1,000,000.0
Fair Value, Nonrecurring [Member] | COVID 19 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment - intangible and tangible assets		$ 33,000,000.0

XML

Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Performance Obligation, Description of Timing	The expected duration of the performance obligation is less than one year.
General and administrative expenses	$ 20,268	$ 26,372
Maximum [Member]
Expected duration of performance obligation	1 year
Contracts and contract liabilities duration period	1 year
Opening [Member]
Contract liability	$ 400	600
Mendoza Central Entretenimientos S. A. [Member]
General and administrative expenses		$ 300

XML

Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Recognition [Abstract]
Revenue from contracts with customers	$ 72,415	$ 87,656
Interest income		1
Cost recovery income	655
Total revenue	$ 73,070	$ 87,657

XML

Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net operating revenue	$ 72,415	$ 87,656
Corporate And Other [Member]
Disaggregation of Revenue [Line Items]
Net operating revenue	123	980
United States [Member]
Disaggregation of Revenue [Line Items]
Net operating revenue	64,371	53,427
Canada [Member]
Disaggregation of Revenue [Line Items]
Net operating revenue	2,011	16,187
Poland [Member]
Disaggregation of Revenue [Line Items]
Net operating revenue	5,910	17,062
Gaming [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	63,428	74,292
Gaming [Member] | Corporate And Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenue		793
Gaming [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	57,909	46,535
Gaming [Member] | Canada [Member]
Disaggregation of Revenue [Line Items]
Operating revenue		10,210
Gaming [Member] | Poland [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	5,519	16,754
Pari-Mutuel And Sports Betting [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	2,484	2,352
Pari-Mutuel And Sports Betting [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	931	277
Pari-Mutuel And Sports Betting [Member] | Canada [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	1,553	2,075
Hotel [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	1,750	1,816
Hotel [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	1,750	1,733
Hotel [Member] | Canada [Member]
Disaggregation of Revenue [Line Items]
Operating revenue		83
Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	2,720	6,552
Food And Beverage [Member] | Corporate And Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenue		105
Food And Beverage [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	2,684	3,753
Food And Beverage [Member] | Canada [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	36	2,501
Food And Beverage [Member] | Poland [Member]
Disaggregation of Revenue [Line Items]
Operating revenue		193
Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	2,033	2,644
Other [Member] | Corporate And Other [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	123	82
Other [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	1,097	1,129
Other [Member] | Canada [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	422	1,318
Other [Member] | Poland [Member]
Disaggregation of Revenue [Line Items]
Operating revenue	$ 391	$ 115

XML

Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Opening [Member]
Contract Receivables and Liabilities [Line Items]
Receivables	$ 1,103	$ 326
Contract Liabilities	2,200	663
Closing [Member]
Contract Receivables and Liabilities [Line Items]
Receivables	472	19
Contract Liabilities	2,227	722
Increase/(Decrease) [Member]
Contract Receivables and Liabilities [Line Items]
Receivables	(631)	(307)
Contract Liabilities	$ 27	$ 59

XML

Leases (Narrative) (Details)	Mar. 31, 2021
Minimum [Member]
Remaining lease term	1 month
Maximum [Member]
Remaining lease term	16 years

XML

Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease expense	$ 1,463	$ 1,519
Finance lease expense:
Amortization of right-of-use assets	35	40
Interest on lease liabilities	2	4
Total finance lease expense	37	44
Short-term lease expense	35	75
Variable lease expense	$ 177	$ 759

XML

Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating cash flows from finance leases	$ 1	$ 4
Operating cash flows from operating leases	1,581	1,822
Financing cash flows from finance leases	$ 33	$ 43

XML

Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
Leased right-of-use assets, net	$ 32,196	$ 34,074
Current portion of operating lease liabilities	4,134	4,327
Operating lease liabilities, net of current portion	30,700	32,277
Total operating lease liabilities	34,834	36,604
Finance Leases
Finance lease right-of-use assets, gross	429	552
Accumulated depreciation	(254)	(338)
Property and equipment, net	175	214
Current portion of finance lease liabilities	100	131
Finance lease liabilities, net of current portion	72	83
Total finance lease liabilities	$ 172	$ 214
Weighted-average remaining lease term
Operating leases	11 years 4 months 24 days	11 years 3 months 18 days
Finance leases	2 years 1 month 6 days	2 years 1 month 6 days
Weighted-average discount rate
Operating leases	4.60%	4.50%
Finance leases	4.60%	4.70%

XML

Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
2021	$ 4,097
2022	5,247
2023	4,608
2024	3,872
2025	2,786
Thereafter	26,405
Total lease payments	47,015
Less imputed interest	(12,181)
Total	34,834	$ 36,604
Finance Leases
2021	95
2022	41
2023	25
2024	19
2025
Thereafter
Total lease payments	180
Less imputed interest	(8)
Total	$ 172	$ 214

XML

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021 item
Segment Information [Abstract]
Number of Co-CEOs	2
Number of reportable segments based on geographical locations	3

XML

Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details)	3 Months Ended
	Mar. 31, 2021
Colorado [Member] | United States [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino & Hotel - Central City
Colorado [Member] | United States [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino & Hotel - Cripple Creek
West Virginia [Member] | United States [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Mountaineer Casino, Racetrack & Resort
Missouri [Member] | United States [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino Cape Girardeau
Missouri [Member] | United States [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino Caruthersville
Edmonton [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino & Hotel - Edmonton
Edmonton [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Casino St. Albert
Edmonton [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Mile Racetrack and Casino
Calgary [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Downs Racetrack and Casino
Calgary [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Sports
Calgary [member] | Canada [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Century Bets! Inc.
Poland [Member] | Poland [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Casinos Poland
Corporate And Other [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Cruise Ships & Other
Corporate And Other [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Reporting Unit	Corporate Other

XML

Segment Information (Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net operating revenue	$ 72,415	$ 87,656
Earnings (loss) before income taxes	(1,804)	(43,137)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	(1,419)	(45,856)
Income taxes (benefit)	99	2,524
Depreciation and amortization	6,643	6,495
Net earning (loss) attributable to non-controlling interests	(484)	195
Non-cash stock-based compensation	259	(14)
(Gain) loss on foreign currency transactions, cost recovery income and other	(470)	(1)
Impairment - intangible and tangible assets		33,964
Total assets	673,805		$ 680,760
Cash payments related to lease	1,581	1,822
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Net operating revenue	123	980
Corporate And Other [Member] | Mendoza Central Entretenimientos S. A. [Member]
Segment Reporting Information [Line Items]
Impairment - intangible and tangible assets		1,000
United States [Member]
Segment Reporting Information [Line Items]
Net operating revenue	64,371	53,427
Impairment - intangible and tangible assets		29,600
Canada [Member]
Segment Reporting Information [Line Items]
Net operating revenue	2,011	16,187
Impairment - intangible and tangible assets		3,400
Poland [Member]
Segment Reporting Information [Line Items]
Net operating revenue	5,910	17,062
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net operating revenue	72,415	87,656
Earnings (loss) before income taxes	(1,804)	(43,137)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	(1,419)	(45,856)
Interest expense (income), net	10,522	11,366
Income taxes (benefit)	99	2,524
Depreciation and amortization	6,643	6,495
Net earning (loss) attributable to non-controlling interests	(484)	195
Non-cash stock-based compensation	259	(14)
(Gain) loss on foreign currency transactions, cost recovery income and other	(981)	753
Impairment - intangible and tangible assets		33,964
Loss on disposition of fixed assets	105	4
Acquisition costs		213
Adjusted EBITDA	14,744	9,644
Operating Segments [Member] | Corporate And Other [Member]
Segment Reporting Information [Line Items]
Net operating revenue	123	980
Earnings (loss) before income taxes	(5,552)	(8,699)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	(6,666)	(7,260)
Interest expense (income), net	3,276	3,511
Income taxes (benefit)	1,114	(1,439)
Depreciation and amortization	103	136
Non-cash stock-based compensation	259	(14)
(Gain) loss on foreign currency transactions, cost recovery income and other	(417)	645
Impairment - intangible and tangible assets		1,000
Loss on disposition of fixed assets		2
Acquisition costs		213
Adjusted EBITDA	(2,331)	(3,206)
Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Net operating revenue	64,371	53,427
Earnings (loss) before income taxes	10,594	(32,372)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	10,594	(34,219)
Interest expense (income), net	6,935	7,281
Income taxes (benefit)		1,847
Depreciation and amortization	4,525	4,259
Impairment - intangible and tangible assets		29,589
Loss on disposition of fixed assets	73
Adjusted EBITDA	22,127	8,757
Operating Segments [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Net operating revenue	2,011	16,187
Earnings (loss) before income taxes	(3,489)	(2,157)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	(3,512)	(4,408)
Interest expense (income), net	307	543
Income taxes (benefit)	(409)	2,071
Depreciation and amortization	1,222	1,337
Net earning (loss) attributable to non-controlling interests	432	180
(Gain) loss on foreign currency transactions, cost recovery income and other	(557)	(64)
Impairment - intangible and tangible assets		3,375
Loss on disposition of fixed assets	32
Adjusted EBITDA	(2,485)	3,034
Operating Segments [Member] | Poland [Member]
Segment Reporting Information [Line Items]
Net operating revenue	5,910	17,062
Earnings (loss) before income taxes	(3,357)	91
Net earnings (loss) attributable to Century Casinos, Inc. shareholders	(1,835)	31
Interest expense (income), net	4	31
Income taxes (benefit)	(606)	45
Depreciation and amortization	793	763
Net earning (loss) attributable to non-controlling interests	(916)	15
(Gain) loss on foreign currency transactions, cost recovery income and other	(7)	172
Loss on disposition of fixed assets		2
Adjusted EBITDA	(2,567)	1,059
Master Lease [Member] | United States [Member]
Segment Reporting Information [Line Items]
Interest expense (income), net	6,900	7,300
Cash payments related to lease	4,200	6,200
CDR Land Lease [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Interest expense (income), net	400	500
Cash payments related to lease	$ 300	$ 500

XML

Subsequent Events (Narrative) (Details)	May 08, 2021 item
Subsequent Event [Member] | Poland [Member]
Subsequent Event [Line Items]
Number of casinos expect to reopen	8