second quarter 2026
Filed Aug 6, 2026All-Time Record Q2 Net Operating Revenue and Adjusted EBITDAR, Driven by Strong Performance in North America.
Net operating revenue, earnings from operations and Adjusted EBITDAR increased, led by US Midwest and US West, but the company remained loss-making and Poland materially declined.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net operating revenueGAAP | $ 151,995 | – | 1% |
| Total operating costs and expensesGAAP | 134,815 | – | – |
| Earnings from operationsGAAP | 17,180 | – | 4% |
| Non-operating (expense) income, netGAAP | (25,860) | – | – |
| Loss before income taxesGAAP | (8,680) | – | – |
| Income tax expenseGAAP | (625) | – | – |
| Net lossGAAP | (9,305) | – | – |
| Net earnings attributable to non-controlling interestsGAAP | (1,605) | – | – |
| Net loss attributable to Century Casinos, Inc. shareholdersGAAP | $ (10,910) | – | 11% |
| Net loss per share attributable to Century Casinos, Inc. shareholders, basicGAAP | $ (0.39) | – | 3% |
| Net loss per share attributable to Century Casinos, Inc. shareholders, dilutedGAAP | $ (0.39) | – | 3% |
| Adjusted EBITDARnon-GAAP | $ 31,660 | – | 5% |
| Net operating revenue, six months ended June 30GAAP | $ 289,234 | – | 3% |
| Total operating costs and expenses, six months ended June 30GAAP | 260,293 | – | – |
| Earnings from operations, six months ended June 30GAAP | 28,941 | – | 22% |
| Non-operating (expense) income, net, six months ended June 30GAAP | (51,496) | – | – |
| Loss before income taxes, six months ended June 30GAAP | (22,555) | – | – |
| Income tax expense, six months ended June 30GAAP | (1,534) | – | – |
| Net loss, six months ended June 30GAAP | (24,089) | – | – |
| Net earnings attributable to non-controlling interests, six months ended June 30GAAP | (3,325) | – | – |
| Net loss attributable to Century Casinos, Inc. shareholders, six months ended June 30GAAP | $ (27,414) | – | 17% |
| Net loss per share attributable to Century Casinos, Inc. shareholders, basic, six months ended June 30GAAP | $ (0.96) | – | 11% |
| Net loss per share attributable to Century Casinos, Inc. shareholders, diluted, six months ended June 30GAAP | $ (0.96) | – | 11% |
| Adjusted EBITDAR, six months ended June 30non-GAAP | $ 56,599 | – | 12% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| US EastEarnings from operations decreased (7%) and Adjusted EBITDAR decreased (3%). | $ 43,576 | – | (2%) |
| US MidwestEarnings from operations increased 11% and Adjusted EBITDAR increased 8%. | $ 44,680 | – | 8% |
| US WestStrong performance at the Nugget; earnings from operations increased 213% and Adjusted EBITDAR increased 93%. | $ 23,378 | – | 16% |
| CanadaEarnings from operations increased 11% and Adjusted EBITDAR increased 11%. | $ 20,439 | – | 2% |
| PolandUnderperformed due, in part, to low table hold in June 2026; earnings from operations was ($659) and Adjusted EBITDAR was $ 52. | $ 19,922 | – | (19%) |
What drove it
- North American operations were driven by strong performance at the Nugget in the US West reportable segment and in the US Midwest reportable segment, which includes Missouri and Colorado properties.
- The Nugget's Adjusted EBITDAR grew 93%, after growing by 93% in the first quarter.
- US Midwest net operating revenue increased 8%, and US West net operating revenue increased 16%.
- Canada net operating revenue increased 2%, while earnings from operations and Adjusted EBITDAR each increased 11%.
Concerns
- Poland net operating revenue decreased (19%), earnings from operations was ($659), and Adjusted EBITDAR decreased (97%) to $ 52.
- The company reported net loss attributable to Century Casinos, Inc. shareholders of $ (10,910).
- As of June 30, 2026, the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, although there were no outstanding revolving loans, swingline loans or letters of credit under the Goldman credit agreement.
- US East net operating revenue decreased (2%), earnings from operations decreased (7%), and Adjusted EBITDAR decreased (3%).
What to watch
- Whether the Nugget can continue its reported performance throughout 2026 and beyond.
- Whether signs of improvement in Poland lead to better results over the next several quarters.
- Poland table hold following the low table hold in June 2026.
- The Consolidated First Lien Net Leverage Ratio and any outstanding revolving loans, swingline loans or letters of credit under the Goldman credit agreement.
Balance sheet and cash flow
- As of June 30, 2026, cash and cash equivalents were $ 60.2 million, compared to $ 68.9 million at December 31, 2025.
- As of June 30, 2026, outstanding debt was $ 336.5 million, compared to $ 337.7 million at December 31, 2025.
- Outstanding debt as of June 30, 2026 included $331.6 million related to a term loan under the credit agreement with Goldman Sachs Bank USA, $ 0.9 million under a credit agreement related to Casinos Poland, and $3.9 million under a revolving credit facility related to Casinos Poland.
- The Company has a revolving line of credit with Goldman of up to $30.0 million.
- The Company has a $ 708.0 million long-term financing obligation under its Master Lease with subsidiaries of VICI Properties, Inc.
Analysis
Century Casinos reported all-time record Q2 net operating revenue and Adjusted EBITDAR. Net operating revenue was $ 151,995, up 1%, while earnings from operations rose 4% to 17,180 and Adjusted EBITDAR increased 5% to $ 31,660. The six-month trends were stronger in the reported comparisons: net operating revenue increased 3%, earnings from operations increased 22%, and Adjusted EBITDAR increased 12%.
North America provided the principal operating support. US Midwest revenue increased 8%, with earnings from operations up 11% and Adjusted EBITDAR up 8%. US West revenue increased 16%, earnings from operations improved 213% to 1,109, and Adjusted EBITDAR increased 93% to $ 4,508. Management specifically identified the Nugget as a driver. Canada also improved, with revenue up 2% and both earnings from operations and Adjusted EBITDAR up 11%.
The offset was Poland. Revenue declined (19%) to $ 19,922, earnings from operations moved to ($659) from 464, and Adjusted EBITDAR fell (97%) to $ 52. Management attributed the underperformance in part to low table hold in June 2026, while stating that it is seeing signs of improvement. US East was also softer, with revenue down (2%), earnings from operations down (7%), and Adjusted EBITDAR down (3%).
Despite operating improvement, the company remained loss-making. Net loss attributable to Century Casinos, Inc. shareholders was $ (10,910), compared with $ (12,309), and basic and diluted loss per share were each $ (0.39). Non-operating expense was (25,860), exceeding earnings from operations of 17,180. Cash and cash equivalents were $ 60.2 million, outstanding debt was $ 336.5 million, and the company had a $ 708.0 million long-term financing obligation under its Master Lease. The filing reported no financial guidance or capital-return activity.
Management, verbatim
We are very pleased with the results of our North American operations during the second quarter, driven by a strong performance at the Nugget, in the US West reportable segment, as well as in the US Midwest reportable segment, which includes our Missouri and Colorado properties. The Nugget’s Adjusted EBITDAR grew an additional 93%, after growing by 93% in the first quarter, and we will continue to work diligently at the property to continue this performance throughout 2026 and beyond. Unfortunately, the results in North America were negatively impacted by Poland, which continued to underperform due, in part, to low table hold in June 2026. However, we are seeing some signs of improvement in Poland that should lead to better results over the next several quarters.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos
Not in the filing
stated, not guessed- Gross margin and gross-profit metrics
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividends
- Forward financial guidance
- Prior-quarter metrics and quarter-over-quarter changes
- Weighted-average shares, as the related table was truncated in the provided filing text
- Adjusted EBITDAR margin
- Tax rate
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.