Segment And Geographic Information

12 Months Ended

Dec. 31, 2023

Segment And Geographic Information [Abstract]

Segment And Geographic Information

15.  SEGMENT AND GEOGRAPHIC INFORMATION

The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. After the Nugget Acquisition, the Company evaluated its operating segments and concluded that as a result of the growth in the United States it would begin viewing its operating segments as East, Midwest and West. The Company views each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s operations related to certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation.

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The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments as of December 31, 2023:

Reportable Segment	Operating Segment	Reporting Unit
United States	East	Mountaineer Casino, Resort & Races (1)
		Rocky Gap Casino, Resort & Golf (1)
	Midwest	Century Casino & Hotel - Central City
		Century Casino & Hotel - Cripple Creek
		Century Casino Cape Girardeau (1)
		Century Casino Caruthersville (1) and The Farmstead
	West	Nugget Casino Resort and Smooth Bourbon, LLC
Canada	Canada (2)	Century Casino & Hotel - Edmonton (1)
		Century Casino St. Albert (1)
		Century Mile Racetrack and Casino (1)
		Century Downs Racetrack and Casino (1)
Poland	Poland	Casinos Poland
Corporate and Other	Corporate and Other	Cruise Ships & Other (3)
		Corporate Other (4)

(1)The real estate assets are owned by VICI PropCo and its affiliates.

(2)The Company operated Century Sports through February 10, 2022. See Note 1.

(3)The Company operated on ship-based casinos through April 16, 2023. See Note 1.

(4)Prior to the Nugget Acquisition, the Company’s equity investment in Smooth Bourbon was included in the Corporate Other reporting unit.

The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDAR as a primary profit measure for its reportable segments.

Adjusted EBITDAR

Adjusted EBITDAR is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDAR reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDAR is not considered a measure of performance recognized under US GAAP.

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

	For the year ended December 31, 2023
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	380,591	$	75,449	$	94,105	$	61	$	550,206
Earnings from equity investment			—		—		—		1,121		1,121
Earnings (loss) before income taxes			25,974		7,071		6,704		(63,581)		(23,832)
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	18,036	$	8,626	$	3,446	$	(58,306)	$	(28,198)
Interest expense (income), net (2)			38,024		11,527		(345)		42,605		91,811
Income tax expense (benefit)			2,654		(4,256)		1,534		(5,275)		(5,343)
Depreciation and amortization			33,739		4,590		2,482		232		41,043
Net earnings attributable to non-controlling interests			5,284		2,701		1,724		—		9,709
Non-cash stock-based compensation			—		—		—		3,610		3,610
(Gain) loss on foreign currency transactions, cost recovery income and other (3)			(84)		(3,195)		(810)		401		(3,688)
Loss on disposition of fixed assets			537		10		31		113		691
Acquisition costs			—		—		—		4,412		4,412
Adjusted EBITDAR		$	98,190	$	20,003	$	8,062	$	(12,208)	$	114,047
Long-lived assets (4)		$	947,075	$	137,543	$	26,736	$	3,328	$	1,114,682
Total assets (5)		$	1,018,926	$	238,643	$	39,892	$	62,201	$	1,359,662
Capital expenditures		$	55,389	$	2,330	$	1,816	$	86	$	59,621

(1)Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023.

(2)Interest expense in the United States and Canada segments primarily relates to the Master Lease. Expense related to the CDR land lease was recorded as interest expense in the Canada segment. The CDR land lease ended on September 6, 2023 in conjunction with the Canada Real Estate Sale. Expense of $7.3 million in Canada relates to the debt extinguishment of the CDR land lease.

(3)Included in the Canada segment is $1.7 million related to the earn out from the sale of casino operations in Calgary in 2020 and $3.5 million cost recovery income for CDR.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets in the United States segment include $283.6 million related to the Nugget Acquisition and $261.7 million related to the Rocky Gap Acquisition.

(5)Total assets in the United States segment include $298.8 million related to the Nugget Acquisition and $268.9 million related to the Rocky Gap Acquisition.

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	For the year ended December 31, 2022
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	268,582	$	71,572	$	90,169	$	206	$	430,529
Earnings from equity investment			—		—		—		3,249		3,249
Earnings (loss) before income taxes			32,354		11,211		11,044		(48,599)		6,010
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	24,759	$	6,070	$	5,811	$	(28,664)	$	7,976
Interest expense (income), net (2)			28,531		2,281		(686)		34,854		64,980
Income tax expense (benefit)			7,595		2,354		2,326		(19,935)		(7,660)
Depreciation and amortization			19,364		4,754		2,606		385		27,109
Net earnings attributable to non-controlling interests			—		2,787		2,907		—		5,694
Non-cash stock-based compensation			—		—		—		3,335		3,335
(Gain) loss on foreign currency transactions, cost recovery income and other (3)			(1)		123		(1,153)		(205)		(1,236)
Loss (gain) on disposition of fixed assets			49		27		63		(121)		18
Acquisition costs			—		—		—		3,124		3,124
Adjusted EBITDAR		$	80,297	$	18,396	$	11,874	$	(7,227)	$	103,340
Long-lived assets (4)		$	466,403	$	139,304	$	27,134	$	8,192	$	641,033
Total assets (5)		$	425,820	$	162,088	$	42,173	$	254,886	$	884,967
Capital expenditures		$	16,000	$	1,566	$	1,578	$	49	$	19,193

(1)Net operating revenue for the Corporate and Other segment primarily related to the Company’s cruise ship operations, which ceased in April 2023.

(2)Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease. Expense of $7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment.

(3)Loss of $2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by $1.9 million cost recovery income for CDR.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.

(5)Total assets for the Corporate and Other segment include $100.2 million in restricted cash related to the Acquisition Escrow and $93.3 million related to the equity investment in Smooth Bourbon.

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	For the year ended December 31, 2021
Amounts in thousands			United States		Canada		Poland		Corporate and Other		Total
Net operating revenue (1)		$	283,285	$	46,428	$	58,226	$	567	$	388,506
Earnings from equity investment			—		—		—		—		—
Earnings (loss) before income taxes			49,628		3,312		921		(25,712)		28,149
Net earnings (loss) attributable to Century Casinos, Inc. shareholders		$	49,628	$	1,124	$	440	$	(30,570)	$	20,622
Interest expense (income), net (2)			28,229		1,796		(477)		13,110		42,658
Income tax expense			—		1,256		257		4,858		6,371
Depreciation and amortization			18,398		4,904		3,028		432		26,762
Net earnings attributable to non-controlling interests			—		932		224		—		1,156
Non-cash stock-based compensation			—		—		—		2,652		2,652
Gain on foreign currency transactions, cost recovery income and other (3)			(836)		(545)		(887)		(418)		(2,686)
Loss (gain) on disposition of fixed assets			341		43		44		(37)		391
Adjusted EBITDAR		$	95,760	$	9,510	$	2,629	$	(9,973)	$	97,926
Long-lived assets (4)		$	376,210	$	152,278	$	29,865	$	3,412	$	561,765
Total assets		$	422,409	$	179,297	$	44,204	$	57,448	$	703,358
Capital expenditures		$	8,672	$	646	$	163	$	531	$	10,012

(1)Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations, which ceased in April 2023.

(2)Interest expense in the United States segment primarily relates to the Master Lease. Expense in the Canada segment primarily relates to the CDR land lease.

(3)Income of $0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment.

(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.