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Think of Century Casinos as a smaller, internationally diversified version of a regional casino operator like Penn Entertainment.

It's like a 'boutique' casino and entertainment company compared to giants like MGM Resorts or Caesars Entertainment, with properties in the US, Canada, and Poland.

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• Casino Gaming: Operating various gaming establishments, including land-based and ship-based casinos, offering a range of games to patrons.
• Lodging: Providing hotel accommodations adjacent to or integrated within their casino properties.
• Restaurant Services: Offering diverse food and beverage options to guests across their entertainment complexes.
• Horse Racing Operations: Managing and operating facilities that host horse racing events.
• Entertainment Facilities: Providing various non-gaming entertainment options such as live shows and events within their venues.

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Major Customers of Century Casinos (CNTY)

Century Casinos, Inc. primarily serves individual customers rather than other businesses. Its customer base can be broadly categorized into the following:

1. Casino Patrons: Individuals who visit Century Casinos' gaming establishments for activities such as slot machines, table games, and poker. This category includes both casual gamblers and more dedicated players seeking entertainment and the chance to win.
2. Leisure and Hospitality Guests: Individuals who utilize the company's non-gaming amenities. This includes guests staying at their lodging facilities (hotels), diners frequenting their restaurants and bars, and visitors using other integrated resort services like spas or retail outlets.
3. Entertainment and Event Attendees: Individuals who attend specific events or utilize specialized facilities offered by Century Casinos. This category includes attendees of concerts, shows, live performances, and patrons of their horse racing facilities.

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Erwin Haitzmann, Co-Chief Executive Officer and Chairman of the Board

Erwin Haitzmann co-founded Century Casinos, Inc. in 1992 with Peter Hoetzinger, bringing extensive casino gaming experience to the venture. He previously served as a Casinos Austria executive. Haitzmann has been employed full-time by Century Casinos since May 1993 and has served as either Chief Executive Officer or Co-Chief Executive Officer since March 1994. The company was established with an initial start-up capital of $1.7 million and was listed on NASDAQ in 1994.

Peter Hoetzinger, Co-Chief Executive Officer, President, and Vice Chairman of the Board

Peter Hoetzinger co-founded Century Casinos, Inc. in 1992 alongside Erwin Haitzmann. Prior to co-founding the company, he held various managerial positions within the gaming industry, including with Austrian casino companies, and has served on numerous casino company boards globally. Hoetzinger also previously worked as a Casinos Austria executive. He has been employed full-time by Century Casinos since May 1993 and has been Co-Chief Executive Officer since March 2005. The company began with an initial start-up capital of $1.7 million and became publicly traded in 1994.

Margaret Stapleton, Chief Financial Officer and Corporate Secretary

Margaret Stapleton joined Century Casinos, Inc. in 2005. She has over 30 years of experience in corporate accounting and internal audit. Stapleton has served as Principal Financial Officer and Principal Accounting Officer since May 2010, and as Corporate Secretary since May 2010. She holds a Bachelor of Science degree in Accounting from Regis University, Denver, Colorado.

Andreas Terler, Executive Vice President

Andreas Terler serves as an Executive Vice President and Managing Director of Century Resorts Management GmbH, overseeing operations in the United States. His past roles include IT Consultant at Self Employed, Senior Manager at AI Informatics, and Senior Vice President Operations at Century Casinos, Inc. Terler studied at the Technical University Graz.

Nikolaus Strohriegel, Executive Vice President

Nikolaus Strohriegel is an Executive Vice President and Managing Director of Century Resorts Management GmbH, responsible for operations in Canada and Europe.

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The key risks to Century Casinos (CNTY) are primarily centered around its significant debt burden, sensitivity to prevailing macroeconomic conditions impacting consumer discretionary spending, and operational challenges, particularly concerning the underperformance and integration of acquired properties.

1. High Indebtedness and Leverage: Century Casinos carries a substantial amount of debt, with outstanding debt of approximately $339.6 million and a long-term financing obligation of $701.0 million under a Master Lease as of December 31, 2024. The majority of this debt is variable rate, exposing the company to increased interest expenses if rates rise. The company's high net debt to EBITDA ratio (e.g., 9.6 as of June 2025) and weak interest coverage (EBIT is just 0.48 times the interest expense) indicate a significant leverage risk, which can constrain its financial flexibility, limit reinvestment into the business, and make it more vulnerable during economic downturns.

2. Macroeconomic Factors Affecting Consumer Spending: As a casino entertainment company, Century Casinos' business is highly sensitive to consumer discretionary spending. The company has faced challenges due to broader macroeconomic factors, including persistent inflation and softness in its budget-constrained retail customer segment. Reduced customer visits and spending directly impact revenue and profitability. Economic instability and unpredictable consumer sentiment make future forecasting difficult and pose a continuous risk to the company's financial performance.

3. Underperformance of Acquired Properties and Operational Challenges: Century Casinos has experienced underperformance at certain acquired properties, notably the Nugget Casino Resort in Nevada, which has seen lower group bookings and increased competition. Operational challenges, including construction disruptions at its Missouri properties and a noticeable decrease in unrated play at Rocky Gap Casino in Maryland due to economic softness and competition from iGaming, have also negatively impacted financial results. Furthermore, the temporary closures of casinos in Poland have hurt cash flow, and the company recorded significant goodwill impairment charges, such as $43.7 million at the Nugget in Q4 2024 and $26.5 million at Rocky Gap in 2024, signaling issues with the performance and valuation of these assets.

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The clear emerging threat to Century Casinos is the continued expansion and adoption of online gambling (iGaming), which directly competes with their physical casino operations by offering a more convenient and accessible alternative for consumers.

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Century Casinos, Inc. (CNTY) operates in various entertainment and hospitality sectors across the United States, Canada, and Poland. The addressable market sizes for its main products and services are outlined below, with regional clarifications where available.

Gaming Establishments (Casinos and Online Gaming)

• United States:
  • The overall U.S. commercial gaming revenue, which includes land-based casinos, sports betting, and online gaming, reached a record $66.5 billion in 2023.
  • The U.S. online casino market size was estimated at $6.78 billion in 2024 and is projected to grow to $13.07 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.7% from 2025.
  • The total U.S. online gaming market, including online sports betting, is projected to generate a gross revenue of $26.8 billion in 2025.
• Canada:
  • The Canadian gambling market revenue is expected to close 2025 at $15.6 billion.
  • The Canadian online gaming market is projected to reach CAD 5.55 billion (approximately USD 4.09 billion) in 2025, growing at a CAGR of approximately 10.6%.
  • Online casino revenue specifically is expected to total $9.6 billion in 2025 in Canada.
• Poland:
  • A specific market size for casino gaming in Poland is not readily available in the provided information. Century Casinos operates casinos in Poland through its subsidiary, Casinos Poland Ltd.

Lodging (Hotels)

• United States:
  • The U.S. hotels market size was estimated at $263.21 billion in 2024 and is projected to reach $395.79 billion by 2030, growing at a CAGR of 7.1% from 2025.
• Canada:
  • The Canadian hotels market size was estimated at $42.34 billion in 2024 and is expected to grow at a CAGR of 8.5% from 2025 to 2030.
  • The Hotels & Motels market size in Canada is projected to be $30.9 billion in 2025.
• Poland:
  • The Polish hotels and motels industry had total revenues of $3.5 billion in 2022.
  • Revenue from Polish accommodation services is expected to surge to €9.6 billion (approximately USD 10.45 billion) by 2028, from €6.7 billion (approximately USD 7.29 billion) in 2023.

Restaurants

• United States:
  • The U.S. full-service restaurant market size was valued at $362.15 billion in 2025 and is estimated to grow to $685.11 billion by 2031, at a CAGR of 11.07% from 2026.
  • The U.S. full-service restaurants market size is predicted to value at US$ 371.9 billion in 2025.
• Canada:
  • The Canadian restaurant industry had an estimated market size of CAD 100 billion (approximately USD 73.74 billion) in 2023.
  • The Canadian food service market was valued at USD 115.33 billion in 2024 and is expected to grow to USD 583.47 billion by 2034, with a CAGR of 17.6% from 2025.
• Poland:
  • Specific market size data for the restaurant industry in Poland was not available as a standalone figure; it is typically integrated into the broader hospitality or food service market. Revenue from Polish accommodation services (which includes hospitality) is expected to surge to €9.6 billion by 2028.

Horse Racing

• United States:
  • The market size of Horse Racing Tracks in the U.S. is $6.3 billion in 2025.
  • More than $11.6 billion was bet on races in the U.S. in 2023.
• Canada:
  • A specific market size for horse racing in Canada was not explicitly found. The broader Canadian gambling market was reported as $15.1 billion in 2025, which includes horse racing.
• Poland:
  • No information regarding the market size for horse racing in Poland was found.

Entertainment Facilities

• A distinct addressable market size for "entertainment facilities" as a standalone product or service, separate from the broader casino and hospitality industries, was not explicitly available in the provided information. These facilities are generally part of the integrated casino resort offerings.

Ship-based Casinos

• A specific addressable market size for ship-based casinos was not explicitly available in the provided information.

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Century Casinos, Inc. (CNTY) is expected to drive future revenue growth over the next two to three years through a combination of strategic expansions, property enhancements, new gaming offerings, and improved operational efficiencies.

1. Strategic Acquisitions and Expansions: The company's focus on inorganic expansion and broadening its geographical reach is a key driver. This includes the successful integration and continued enhancement of the Nugget Casino Resort, acquired in April 2023, which aims to boost scale and diversification within the Nevada market. A significant contributor is the new permanent land-based Century Casino & Hotel Caruthersville in Missouri, which replaced a riverboat casino and began operations on November 1, 2024. This expansion is designed to increase slot machines, add hotel rooms, and attract more customers from an expanded geographic reach, leading to improved visitation and margins. Additionally, the new hotel at Century Casino Cape Girardeau is ramping up and expanding its reach into new markets. Century Casinos also expanded its European footprint with the opening of a second casino in Wroclaw, Poland, in February 2026.
2. Property Reinvestments and Enhancements: Century Casinos is committed to enhancing its existing properties to attract more customers and improve operational efficiency. This includes high-ROI capital expenditures for slot deployments, hotel refreshes, and non-gaming amenities. Specific initiatives mentioned are renovations at the Nugget targeting mid-to-high single-digit revenue increases through upgrades to rooms, food and beverage, and slots through 2025. Similar floor and amenity upgrades are planned for Cape Girardeau and Cripple Creek to boost visitation, wallet share, and non-gaming spend. These reinvestment cycles are expected to provide near-term operational lifts.
3. Introduction and Expansion of New Gaming Offerings: The company is leveraging new gaming options to grow revenue. A notable example is the launch of the BetMGM sportsbook at Cape Girardeau, which adds a sports betting dimension and is considered a future growth catalyst. The introduction of sports betting in Colorado and the removal of betting limits have also benefited the regional gaming market.
4. Operational Efficiencies and Customer Engagement: Century Casinos aims to increase visitation and spend through sophisticated, data-driven marketing strategies and technological advancements. This includes data-driven yield management for slot optimization, a unified CRM and offers engine for personalized loyalty communication, and the implementation of cashless and contactless payment systems to enhance customer experience and operational efficiency. Hotel technology upgrades, such as revenue management and mobile check-in, also contribute to lifting Average Daily Rates (ADRs) and reducing labor costs.

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Share Repurchases

• Century Casinos adopted a Rule 10b5-1 trading plan on January 1, 2026, to repurchase up to $1.5 million of its common stock through May 10, 2026.
• An earlier 10b5-1 trading plan was initiated on August 11, 2025, to repurchase up to $2.5 million of outstanding common stock, effective until December 31, 2025.
• In May 2025, the company announced a share repurchase program, with management indicating the buyback would be in the "single-digit million dollar value."

Outbound Investments

• Century Casinos opened a new permanent land-based casino and hotel in Caruthersville, Missouri, in November 2024, a $51.9 million project funded by VICI Properties.
• A partnership with BetMGM was announced in May 2025, leading to the launch of online and mobile sports betting in Missouri by December 1, 2025, and a retail sportsbook at its Cape Girardeau property.
• A second casino was opened in Wroclaw, Poland, in February 2026. The company also completed the acquisition of the operations of Rocky Gap Casino Resort for approximately $56.1 million in October 2023.

Capital Expenditures

• Projected capital expenditures for 2026 are between $14.0 million and $15.4 million, a decrease from approximately $18 million spent in 2025.
• The primary focus of capital expenditures for 2024–2026 is on high-ROI slot deployments, hotel refreshes, and non-gaming amenities, with specific milestones for room and slot reconfigurations, new restaurants, and loyalty integration at properties like Nugget and Missouri sites.
• In Q4 2025, approximately $4.5 million was spent on capital expenditures, primarily for a new retail sportsbook at Cape Girardeau, gaming equipment and exterior upgrades at Mountaineer and Rocky Gap, and the new casino in Poland.