Century Casinos (NASDAQ:CNTY) reported record second-quarter revenue and adjusted EBITDAR, supported by growth across its North American portfolio and contributions from recent capital investments, while its Poland operations faced transition-related pressure.
Net operating revenue rose 1% year over year to $152 million, while adjusted EBITDAR increased 5% to $31.7 million, both all-time quarterly records for the company, Co-CEO, President and Vice Chairman Peter Hoetzinger said. He said the company’s U.S., Canada and corporate adjusted EBITDAR rose 12% in the quarter and 17% year to date, with North America accounting for roughly 90% of total results.
U.S. portfolio drives operating growth
Executive Vice President of U.S. Operations Lyle Randolph said the company’s seven U.S. properties generated $111.6 million in net operating revenue, up 5% from a year earlier, and $28.9 million in adjusted EBITDAR, up 12%. For the first six months of 2026, U.S. revenue rose 5% and adjusted EBITDAR increased 16%, representing a $7.2 million increase in first-half EBITDAR from the U.S. properties.
Randolph attributed the gains to investments in gaming floors, marketing, operations and guest experiences. He said adjusted EBITDAR grew more than twice as fast as revenue during the second quarter, reflecting operating leverage across the portfolio.
- The Nugget: Net operating revenue increased 16% and adjusted EBITDA rose more than 93%, marking its third consecutive quarter of year-over-year adjusted EBITDA growth. Slot coin-in increased about 6%, hotel cash revenue climbed more than 36%, and hotel occupancy rose 19%. The Brooks & Dunn concert sold more than 7,800 tickets, while a Keith Urban show generated more than $250,000 in incremental profit, according to Randolph.
- Missouri: The company’s Missouri properties recorded seven consecutive quarters of year-over-year adjusted EBITDA growth. Combined revenue rose more than 8%. At Cape Girardeau, adjusted EBITDA increased 9.6%, while Caruthersville adjusted EBITDA increased 5.5%. Caruthersville posted record quarterly gross gaming revenue, net revenue, coin-in and slot win.
- Colorado: Central City revenue increased about 11.5% and adjusted EBITDAR rose more than 32%, with guest volume up 16% and coin-in up nearly 20%. Cripple Creek revenue increased 2%, and management said first-half EBITDAR was well ahead of the prior year.
- East region: Rocky Gap revenue declined slightly less than 1%, primarily due to lower hotel cash revenue and table games, though adjusted EBITDAR was essentially flat due to expense discipline. Mountaineer saw growth in sports betting, iGaming and horse-racing revenue, while slot, table and hotel revenue were slightly lower.
Randolph said the company is focused on optimizing slot floors, adding games customers want to play and using database marketing to reengage inactive guests. In response to an analyst question, he said Century sees opportunity across the portfolio but intends to be disciplined about returns on gaming-floor investments.
Management also said Missouri may benefit from enforcement against illegal gaming machines following action by the state attorney general. Randolph said the effect in the second quarter was likely weighted toward the end of the period and that additional opportunity could emerge as enforcement continues.
Canada posts broad-based gains
Chairman and Co-CEO Erwin Haitzmann said Canadian net operating revenue rose 2.2% to $20.4 million and adjusted EBITDAR increased 11% to $6.2 million. All four Alberta properties contributed higher revenue, led by Century Mile and Century St. Albert.
Century Mile posted its highest quarterly EBITDAR since opening, surpassing the record set in the first quarter, while Century St. Albert recorded monthly coin-in records in May and June following 2025 property enhancements. Total operating expenses in Canada declined 1.3%, primarily due to lower payroll costs.
Management said Alberta’s new open online sports betting and iGaming market had not produced observable cannibalization at the company’s properties as of the call. Haitzmann said it may be too early to assess the impact and suggested it could potentially create “mutual fertilization” between digital and retail gaming.
Poland weighs on consolidated results
Poland remained a drag on results following the June 2025 closure of the Hilton Warsaw Casino after its gaming license was not renewed, as well as start-up losses at the new Wroclaw Casino, which opened in February 2026. The segment generated $19.9 million of revenue and approximately $0.1 million of adjusted EBITDAR in the second quarter.
Haitzmann said table-game hold at Presidential Warsaw was significantly below historical averages in June, reducing gaming revenue by about $1 million versus theoretical expectations. The company also cited approximately $450,000 of one-time adjusted EBITDAR add-backs in the prior-year quarter that reduced comparability.
Management said the Polish portfolio transition is complete and no gaming licenses are scheduled to expire over the next two years. Hoetzinger said July performance improved, with Poland generating nearly as much EBITDA during the month as it did in the entire first half. He said table hold had normalized since June. During the question-and-answer session, Hoetzinger characterized a normalized annual EBITDAR level for Poland as closer to $8 million, while noting the company owns two-thirds of the business.
Debt reduction and asset-sale efforts remain in focus
As of June 30, Century reported $60.2 million in cash and cash equivalents, total debt of $336.5 million and net debt of $276.2 million. Net debt to EBITDA improved to 6.5 times, excluding one-time deferred rents related to Colorado Springs that were paid early in the year. Hoetzinger said the company expects the ratio to fall well below six times by year-end.
The company spent $3.1 million on capital expenditures in the second quarter and $5.7 million in the first half. It forecast approximately $9.5 million of second-half capital spending, for roughly $15 million in 2026, compared with $18 million last year. Century has no debt maturities until the second quarter of 2029, Hoetzinger said.
Century is also pursuing options to monetize its international operations as it seeks to become a U.S.-centric company and reduce leverage. Hoetzinger said two groups were conducting due diligence related to Poland, though no party had been granted exclusivity. In Canada, the company is considering a sale of all four properties together or separate transactions involving its two racinos and two commercial casinos. He said management expects it may be able to publicly disclose progress on at least one Canadian package before year-end.
Looking ahead, Hoetzinger said July appeared to be on track for another month of double-digit EBITDA growth and that management felt positive about the remainder of 2026, citing continued momentum at The Nugget, Colorado operations and the Colorado Springs land-based facility ramp-up.
About Century Casinos (NASDAQ:CNTY)
Century Casinos, Inc is an international gaming and entertainment company that owns and operates casino properties across North America and Europe. The company offers a full range of gaming services, including slot machines, table games, poker rooms and sports wagering, complemented by hotel accommodations, food and beverage outlets, live entertainment and meeting facilities.
In the United States, Century Casinos’ portfolio includes Century Casino & Hotel Cripple Creek and Century Casino & Hotel Central City in Colorado, as well as Century Casino Cape Girardeau in Missouri.
