Century Casinos, Inc. operates as a casino entertainment company in the United States, Canada, and Poland. The company develops and operates gaming establishments, as well as related lodging, restaurant, horse racing, and entertainment facilities. As of March 8, 2022, it operated two ship-based casinos. The company was founded in 1992 and is based in Colorado Springs, Colorado.
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- A smaller, regional version of Caesars Entertainment.
- Think of it as the casino equivalent of a regional hotel chain, rather than a global resort brand like MGM.
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- Casino Gaming: Provides a wide array of gambling services, including slot machines, table games, and electronic gaming, within its casino properties.
- Horse Racing Operations: Manages and operates live horse racing events and offers pari-mutuel wagering at its racetracks.
- Hotel Accommodations: Offers guest rooms and suites for overnight stays, often integrated within or adjacent to its casino properties.
- Food and Beverage Services: Operates a variety of restaurants, bars, and lounges across its properties, providing diverse dining and drink options.
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Century Casinos (symbol: CNTY) primarily sells its services directly to individuals.
Customer Categories:
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Casino Patrons: Individuals who visit Century Casinos' land-based casinos and cruise ship casinos for gambling, entertainment, and leisure activities. This category includes a broad range of players, from casual visitors to more frequent, high-value gamblers.
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Hotel Guests: Individuals and groups who stay at Century Casinos' hotel properties for leisure, business travel, or as part of an integrated resort experience often combined with casino visits.
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Food & Beverage / Event Patrons: Individuals who frequent the company's restaurants, bars, and entertainment venues within their casino and hotel properties for dining, drinks, live entertainment, or special events, often complementing their casino or hotel stays.
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Erwin Haitzmann, Co-Chief Executive Officer and Chairman
Dr. Erwin Haitzmann co-founded Century Casinos, Inc. with Peter Hoetzinger in 1993. He has served as Co-Chief Executive Officer and Chairman of the company since 1994. Prior to co-founding Century Casinos, he served as the Head of Casinos Austria's International Division from 1981 to 1992. Dr. Haitzmann holds a Doctorate and a Master's degree in Social and Economic Sciences from the University of Linz, Austria. He possesses extensive casino gaming experience, having held various casino management positions, and has served on numerous casino company boards worldwide.
Peter Hoetzinger, Co-Chief Executive Officer, President, and Vice Chairman
Peter Hoetzinger co-founded Century Casinos, Inc. with Erwin Haitzmann in 1993. He has been the Co-Chief Executive Officer, President, and Vice Chairman of the company since 2005, and a Director since 1994. Before founding Century Casinos, Mr. Hoetzinger was employed in several managerial positions within the gaming industry at Austrian casino companies and has served on numerous casino company boards globally. He received a Master's degree from the University of Linz, Austria.
Margaret Stapleton, Chief Financial Officer and Secretary
Margaret Stapleton has served as the Chief Financial Officer and Secretary of Century Casinos, Inc. since 2019. She joined the company in 2005. Her previous roles at Century Casinos include Director of Internal Audit and Compliance from 2005 to 2010, and Executive Vice President, Principal Financial/Accounting Officer from 2010 to 2019. Ms. Stapleton has over 30 years of experience in corporate accounting and internal audit. She holds a Bachelor of Science degree in Accounting from Regis University.
Andreas Terler, Executive Vice President
Andreas Terler has been the Executive Vice President of Century Casinos, Inc. since 2022. He previously served as the Vice President of Operations starting in 2011 and as the Chief Information Officer from 2006. Mr. Terler also held the position of Managing Director of Century Casinos Europe GmbH in 2007.
Timothy Wright, Chief Accounting Officer and Corporate Controller
Timothy Wright has been the Chief Accounting Officer and Corporate Controller of Century Casinos, Inc. since 2010. He was appointed Vice President Accounting & Corporate Controller in May 2010. He also served as Vice President of Operations from 2011 to 2019.
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The key risks to Century Casinos' business include significant financial challenges, intense competition and operational headwinds, and regulatory and cybersecurity risks.
High Leverage and Financial Challenges
Century Casinos faces substantial financial risks due to its elevated leverage and declining profitability. S&P Global Ratings revised the company's outlook to negative, citing "elevated leverage above our 6.5x downgrade threshold in 2024" and slower-than-anticipated deleveraging. The company's S&P Global Ratings-adjusted debt to EBITDA is expected to remain high at 8x in 2024. Analysts also highlight a high net debt to EBITDA ratio of 9.6 and weak interest coverage, where EBIT is only 0.48 times the interest expense, indicating a substantial debt burden. In the first quarter of 2025, Century Casinos reported a 4% drop in net revenue and a 52% surge in net losses to $20.6 million, triggering a 27% stock decline and raising concerns about profitability and liquidity. Additionally, the company announced a restatement of prior financials and identified a material weakness in internal control over financial reporting due to a goodwill impairment. As of Q3 2025, shareholders' equity stood at a deficit of $(78.6) million.
Intense Competition and Operational Headwinds
The company operates in a highly competitive environment and faces ongoing operational challenges. Century Casinos' properties are often not market leaders in jurisdictions with high gaming supply, leading to intense competition from other casinos, including larger players. The company has also experienced operational headwinds such as softness in lower-tier customer segments and weather-related disruptions. Furthermore, health crises in key markets, such as avian flu and measles epidemics in Midland, Michigan in early 2025, have disrupted tourism and local spending, directly impacting casino revenue.
Regulatory and Cyber Risks
As a gaming operator, Century Casinos is subject to extensive regulation in the jurisdictions where it operates. The industry also faces increasing cyber risks and concerns regarding customer data, driven by data privacy regulations and the large volume of customer and payment data collected. Data breaches and cyber attacks could lead to regulatory actions or fines, damage to brand and reputation, lawsuits, or business disruption.
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The ongoing expansion and increasing adoption of legal online sports betting and iGaming in North America poses a clear emerging threat. As more jurisdictions legalize and promote readily accessible digital gambling platforms, there is an increasing risk that these convenient online options will divert customers and discretionary spending away from Century Casinos' predominantly land-based properties, potentially reducing foot traffic and gaming revenue at their physical locations.
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Century Casinos (CNTY) operates primarily in the casino entertainment sector, encompassing gaming establishments, hotels, restaurants, horse racing (pari-mutuel betting), sportsbooks, and online gaming. The company has operations in the United States, Canada, and Poland.
Here's an overview of the addressable market sizes for their main products and services in the regions where they operate:
Global Market
- The global casinos and online gambling industry reached approximately $305.8 billion as of April 2024. This market is projected to grow from $308.52 billion in 2024 to $542.41 billion by 2033.
- The global online casino market was estimated at $19.11 billion in 2024 and is projected to reach $38.00 billion by 2030.
United States Market
- The U.S. casino gaming market size is estimated to be $99.0 billion in 2024 and is projected to reach $222 billion by 2035.
- The U.S. online gambling market size was estimated at $12.68 billion in 2024 and is expected to grow to $22.19 billion by 2030.
- Missouri: Commercial casino gaming revenue in Missouri was $1.74 billion in 2017. More recently, Missouri's casino gaming revenue reached $177.5 million in August 2025. In April 2025, Missouri casinos collected $169.1 million in adjusted gross revenue.
- West Virginia: Commercial casino gaming revenue in West Virginia reached $805.9 million in 2023. Online casino revenue in West Virginia was $14.2 million in December 2024, $23.4 million in October 2024, and $19.1 million in July 2024. West Virginia's sports and iGaming wagers surpassed $810 million in the five weeks leading up to February 1, 2025.
- Colorado: While a specific market size for Colorado was not identified, the Colorado casino market is noted for its high saturation.
Canadian Market
- The overall Canadian gambling market was estimated to be around CAN$14.2 billion in 2023. In 2021, the Canadian gambling industry was valued at $12.54 billion.
- The Canada online gambling market generated a revenue of USD 3,907.9 million in 2024 and is expected to reach USD 8,722.5 million by 2030.
- Alberta: The gambling industry in Alberta is projected to be $2.4 billion in 2025. Alberta's gaming industry achieved net sales of $1.91 billion according to the AGLC 2023 annual report. A competitive iGaming market in Alberta could generate approximately $709 million to $734 million USD in annual revenue by its third year. The government-owned operator, Play Alberta, accounts for about C$200 million annually, representing approximately 20% of the market in Alberta as of March 2025.
Poland Market
- The turnover value of Poland's entire legal casino market reached PLN 43.4 billion in 2021. In 2021, the legal online casino industry generated a turnover of PLN 17.4 billion, and legal land-based casinos achieved a turnover of PLN 5.9 billion.
- Poland's iGaming industry (including gambling, casino, and lottery activities) was approximately PLN 12 billion in 2025.
- The illegal online casino market in Poland generated nearly PLN 26 billion in turnover in 2023.
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Century Casinos (CNTY) is anticipated to experience future revenue growth over the next 2-3 years, driven by several strategic initiatives and operational improvements:
- New Caruthersville Casino and Hotel in Missouri: The opening of the new permanent land-based casino and hotel in Caruthersville, Missouri, in November 2024, is a significant driver of revenue growth. Since its opening, this facility has already demonstrated substantial increases in net operating revenue and Adjusted EBITDAR.
- Launch of Online Sports Betting in Missouri: Century Casinos has partnered with BetMGM to introduce an online and mobile sports betting application in Missouri, with an anticipated launch in December 2025. This new venture is expected to contribute a new revenue stream, including a percentage of net gaming revenue.
- Expansion in Poland with New Wroclaw Casino: The company was granted a second license in Wroclaw, Poland, in March 2025, and plans to open this new casino in the fourth quarter of 2025. This expansion builds on the strong performance already observed in the Poland segment, which saw significant year-over-year revenue growth in Q2 2025.
- Sustained Growth and Operational Enhancements in Key Regions: Century Casinos has reported strong performance and growth in existing markets such as Missouri, Canada, and the Mountaineer Casino Resort in West Virginia. Ongoing operational improvements and strategic management within these established regions are expected to continue driving revenue growth.
- Portfolio-Wide Renovation and Improvement Projects: The company is investing in various smaller renovation and improvement projects across its existing portfolio. These ongoing enhancements are aimed at modernizing facilities and improving the customer experience, which collectively contribute to increasing overall revenue.
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Share Repurchases
- Century Casinos announced a share repurchase program of up to $2.5 million, set to expire on December 31, 2025.
- In May 2025, the company initiated a stock repurchase plan to buy back up to $3 million of its outstanding common stock through July 31, 2025.
Share Issuance
- As of March 7, 2025, Century Casinos had 30,682,603 shares of Common Stock outstanding.
- The number of shares outstanding increased by 0.66% year-over-year.
Outbound Investments
- In 2023, Century Casinos acquired the operating businesses of the Nugget Casino Resort in Northern Nevada and the Rocky Gap Casino Resort in Maryland for $56 million.
- In 2021, Century partnered with British online sports gambling company Bet365 to launch sports betting operations in Colorado.
Capital Expenditures
- Century Casinos's latest twelve-month capital expenditures totaled $36.147 million.
- Capital expenditures are projected to be $39 million for 2025, $41 million for 2026, and $43 million for 2027.
- Primary focus areas for capital expenditures include investments in existing locations to transform them into entertainment destinations, such as the new Caruthersville Casino and Hotel property opened in November 2024, and the planned opening of a second casino in Wroclaw, Poland, in the fourth quarter of 2025.
