Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CENTURY CASINOS INC /CO/ | |
Entity Central Index Key | 911,147 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24,404,263 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets $ in Thousands, PLN in Millions | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
ASSETS | ||
Cash and cash equivalents | $ 29,799 | $ 24,741 |
Receivables, net | 3,892 | 1,569 |
Prepaid expenses | 1,031 | 2,307 |
Inventories | 553 | 636 |
Deferred income taxes | 351 | 310 |
Restricted cash | 0 | 257 |
Other current assets | 25 | 343 |
Total Current Assets | 35,651 | 30,163 |
Property and equipment, net | 132,770 | 134,627 |
Goodwill | 10,539 | 11,629 |
Deferred income taxes | 4,876 | 3,476 |
Casino licenses | 3,250 | 4,026 |
Trademark | 1,712 | 1,831 |
Cost investment | 1,000 | 1,000 |
Deposits and other | 345 | 360 |
Deferred financing costs | 298 | 355 |
Total Assets | 190,441 | 187,467 |
LIABILITIES AND EQUITY | ||
Current portion of long-term debt | 5,522 | 5,272 |
Accounts payable | 2,101 | 3,441 |
Accrued liabilities | 6,058 | 6,817 |
Accrued payroll | 3,968 | 4,082 |
Taxes payable | 3,906 | 4,799 |
Contingent liability (note 8) | 3,153 | 3,560 |
Deferred income taxes | 157 | 157 |
Total Current Liabilities | 24,865 | 28,128 |
Long-term debt, less current portion | 34,286 | 32,977 |
Taxes payable and other | 591 | 517 |
Deferred income taxes | 2,976 | 3,419 |
Total Liabilities | $ 62,718 | $ 65,041 |
Commitments and Contingencies | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,404,263 and 24,381,057 shares issued and outstanding | $ 244 | $ 244 |
Additional paid-in capital | 76,907 | 76,169 |
Retained earnings | 56,821 | 45,651 |
Accumulated other comprehensive earnings | (10,873) | (3,636) |
Total Century Casinos, Inc. shareholders’ equity | 123,099 | 118,428 |
Non-controlling interest | 4,624 | 3,998 |
Total Equity | 127,723 | 122,426 |
Total Liabilities Equity | $ 190,441 | $ 187,467 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,404,263 | 24,381,057 |
Common stock, shares outstanding | 24,404,263 | 24,381,057 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenue: | ||||
Gaming | $ 29,636 | $ 26,377 | $ 88,285 | $ 81,676 |
Hotel | 476 | 441 | 1,263 | 1,236 |
Food and beverage | 3,164 | 2,680 | 8,949 | 8,124 |
Termination of concession agreement | 0 | 0 | 3,365 | 0 |
Other | 2,551 | 1,035 | 6,318 | 3,891 |
Gross revenue | 35,827 | 30,533 | 108,180 | 94,927 |
Less: Promotional allowances | (2,301) | (2,410) | (6,377) | (6,137) |
Net operating revenue | 33,526 | 28,123 | 101,803 | 88,790 |
Operating costs and expenses: | ||||
Gaming | 13,284 | 13,780 | 42,179 | 45,130 |
Hotel | 149 | 156 | 416 | 445 |
Food and beverage | 2,698 | 2,370 | 7,679 | 6,925 |
General and administrative | 11,235 | 9,052 | 31,728 | 28,450 |
Depreciation and amortization | 2,078 | 2,050 | 5,780 | 5,820 |
Total operating costs and expenses | 29,444 | 27,408 | 87,782 | 86,770 |
Earnings from operations | 4,082 | 715 | 14,021 | 2,020 |
Non-operating income (expense): | ||||
Interest income | 6 | 11 | 21 | 72 |
Interest expense | (816) | (707) | (2,527) | (2,090) |
Gain on foreign currency transactions and other | 240 | 200 | 1,142 | 375 |
Non-operating (expense), net | (570) | (496) | (1,364) | (1,643) |
Earnings before income taxes | 3,512 | 219 | 12,657 | 377 |
Income tax provision | 373 | 138 | 402 | 786 |
Net earnings (loss) | 3,139 | 81 | 12,255 | (409) |
Net (earnings) loss attributable to non-controlling interests | (411) | 715 | (1,085) | 1,871 |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 2,728 | $ 796 | $ 11,170 | $ 1,462 |
Earnings attributable to Century Casinos, Inc. shareholders: | ||||
Basic | $ 0.11 | $ 0.03 | $ 0.46 | $ 0.06 |
Diluted | $ 0.11 | $ 0.03 | $ 0.46 | $ 0.06 |
Weighted average shares outstanding - basic | 24,399 | 24,381 | 24,389 | 24,380 |
Weighted average shares outstanding - diluted | 24,440 | 24,417 | 24,430 | 24,419 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statement of Comprehensive (Loss) Income [Abstract] | ||||
Net earnings (loss) | $ 3,139 | $ 81 | $ 12,255 | $ (409) |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments | (3,631) | (3,649) | (7,770) | (3,977) |
Other comprehensive (loss) income | (3,631) | (3,649) | (7,770) | (3,977) |
Comprehensive (loss) income | (492) | (3,568) | 4,485 | (4,386) |
Comprehensive (income) loss attributable to non-controlling interest | (411) | 715 | (1,085) | 1,871 |
Foreign currency translation adjustments | 270 | 534 | 668 | 617 |
Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders | $ (633) | $ (2,319) | $ 4,068 | $ (1,898) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Total Century Casinos Shareholders' Equity [Member] | Noncontrolling Interest [Member] | Total |
BALANCE at Dec. 31, 2013 | $ 244 | $ 75,138 | $ 2,008 | $ 44,419 | $ 121,809 | $ 7,641 | $ 129,450 |
Shares, BALANCE at Dec. 31, 2013 | 24,377,761 | ||||||
Net earnings | $ 0 | 0 | 0 | 1,462 | 1,462 | (1,871) | (409) |
Foreign currency translation adjustment | 0 | 0 | (3,360) | 0 | (3,360) | (617) | (3,977) |
Amortization of stock-based compensation | 0 | 56 | 0 | 0 | 56 | 0 | 56 |
Distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (281) | (281) |
Exercise of stock options | $ 0 | 3 | 0 | 0 | 3 | 0 | 3 |
Exercise of stock options, shares | 3,296 | ||||||
BALANCE at Sep. 30, 2014 | $ 244 | 75,197 | (1,352) | 45,881 | 119,970 | 4,872 | 124,842 |
Shares, BALANCE at Sep. 30, 2014 | 24,381,057 | ||||||
BALANCE at Dec. 31, 2014 | $ 244 | 76,169 | (3,636) | 45,651 | 118,428 | 3,998 | $ 122,426 |
Shares, BALANCE at Dec. 31, 2014 | 24,381,057 | 24,381,057 | |||||
Net earnings | $ 0 | 0 | 0 | 11,170 | 11,170 | 1,085 | $ 12,255 |
Foreign currency translation adjustment | 0 | 0 | (7,102) | 0 | (7,102) | (668) | (7,770) |
Amortization of stock-based compensation | 0 | 1,230 | 0 | 0 | 1,230 | 0 | 1,230 |
Distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (507) | (507) |
Exercise of stock options | $ 0 | 89 | 0 | 0 | 89 | 0 | 89 |
Exercise of stock options, shares | 23,206 | ||||||
Conversion of CDR equity (note 3) | $ 0 | (581) | (135) | 0 | (716) | 716 | 0 |
BALANCE at Sep. 30, 2015 | $ 244 | $ 76,907 | $ (10,873) | $ 56,821 | $ 123,099 | $ 4,624 | $ 127,723 |
Shares, BALANCE at Sep. 30, 2015 | 24,404,263 | 24,404,263 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net earnings (loss) | $ 12,255 | $ (409) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 5,780 | 5,820 |
Casino license impairment | 0 | 198 |
Loss on disposition and impairment of fixed assets | 281 | 590 |
Unrealized loss on interest rate swaps | 237 | 0 |
Amortization of stock-based compensation expense | 1,230 | 56 |
Amortization of deferred financing costs | 77 | 58 |
Deferred tax expense | (1,885) | (499) |
Changes in Operating Assets and Liabilities: | ||
Receivables | (2,469) | 379 |
Prepaid expenses and other assets | 1,644 | (709) |
Accounts payable | (1,833) | (1,314) |
Accrued liabilities | (890) | (23) |
Inventories | 11 | (87) |
Other operating liabilities | 7 | 17 |
Accrued payroll | 27 | 129 |
Taxes payable | (1,026) | (2,046) |
Contingent liability payment | (159) | 0 |
Net cash provided by operating activities | 13,287 | 2,160 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (14,348) | (8,672) |
Proceeds from disposition of assets | 696 | 1 |
Note receivable proceeds | 0 | 500 |
Net cash used in investing activities | (13,652) | (8,171) |
Cash Flows provided by Financing Activities: | ||
Proceeds from borrowings | 11,243 | 9,002 |
Principal repayments | (4,484) | (2,289) |
Distribution to non-controlling interest | (507) | (281) |
Proceeds from exercise of stock options | 89 | 3 |
Net cash provided by financing activities | 6,341 | 6,435 |
Effect of Exchange Rate Changes on Cash | (918) | (469) |
Increase (Decrease) in Cash and Cash Equivalents | 5,058 | (45) |
Cash and Cash Equivalents at Beginning of Period | 24,741 | 27,348 |
Cash and Cash Equivalents at End of Period | 29,799 | 27,303 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 947 | 383 |
Income taxes paid | 2,155 | 2,225 |
Non-Cash Investing Activities: | ||
Purchase of property, plant and equipment on account | 1,053 | 2,305 |
Conversion of CDR equity (note 3) | $ 716 | $ 0 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Description Of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of September 30, 2015 , the Company owned casino operations in North America; held a majority ownership interest in nine casinos throughout Poland, a racetrack and entertainment center (“REC”) in Canada and the pari-mutuel off-track betting network in southern Alberta, Canada; managed cruise ship-based casinos on international waters; managed a casino in Aruba and had an agreement to provide gaming services in Argentina. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: - The Century Casino & Hotel in Edmonton, Alberta, Canada; - The Century Casino Calgary, Alberta, Canada; - The Century Casino & Hotel in Central City, Colorado; and - The Century Casino & Hotel in Cripple Creek, Colorado. The Company’s subsidiary Century Casinos Europe GmbH (“CCE”) owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). CPL is the owner and operator of nine casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest. CCE owns 75% of the outstanding shares issued by United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. The casino at CDR opened in April 2015 and the 2015 horse racing season is from April to November. See Note 3 for additional information related to CDR. CCE owns 75% of the outstanding shares issued by Century Bets! Inc. (“CBS” or “Century Bets”) and CBS is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Rocky Mountain Turf Club (“RMTC”) owns the remaining 25% of CBS, which is reported as a non-controlling financial interest. CBS began operating the pari-mutuel off-track horse betting network in southern Alberta in May 2015. The Company has concession agreements to operate 11 ship-based casinos onboard ships of the following t hree cruise lines: TUI Cruises, Windstar Cruises, and Nova Star Cruises Ltd . In 2015, the Company began operating the ship-based casinos onboard the following three newly launched cruise ships: Windstar Cruises Star Breeze and Star Legend and TUI Cruises Mein Schiff 4. In September 2015, the Company amended its concession agreement with TUI Cruises to include its operation of the ship-based casinos onboard Mein Schiff 5 and Mein Schiff 6, two new 2,500 passenger cruise ships that are currently being built and are expected to begin operations in the second quarter of 2016 and 2017, respectively. In March 2015, the Company mutually agreed with Norwegian Cruise Line Holdings (“Norwegian”) to terminate its concession agreements with Oceania Cruises (“Oceania”) and Regent Seven Seas Cruises (“Regent”), indirect subsidiaries of Norwegian, effective June 1, 2015 (the “Termination Agreement”). The Company transitioned operations of the eight ship-based casinos that it operated onboard Oceania and Regent vessels to Norwegian in the second quarter of 2015. As consideration for the early termination of the concession agreements, the Company received $4.0 million in June 2015. In the second quarter of 2015, the Company recorded this on its condensed consolidated statement of earnings (loss) under operating income less $0.6 million in assets that were sold to Norwegian as part of the Termination Agreement. The Company also entered into a two -year consulting agreement, which became effective on June 1, 2015, under which the Company is providing limited consulting services for the ship-based casinos of Oceania and Regent in exchange for receiving a consulting fee of $2.0 million, which is payable $250,000 per quarter. The Company has a long-term management agreement to direct the operation of the casino at the Hilton Aruba Caribbean Resort and Casino from which the Company receives a monthly management fee. In October 2014, CCE purchased 7.5% of the shares of Mendoza Central Entretenimientos S.A., an Argentina company (“MCE”), for $1.0 million. The shares are reported on the condensed consolidated balance sheet using the cost method of accounting. MCE has an exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Mendoza Casino, a casino located in Mendoza, Argentina and owned by the Province of Mendoza. In addition, CCE and MCE have entered into a Consulting Services Agreement pursuant to which CCE provides advice on casino matters and receives a service fee consisting of a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). See Note 4 for additional information related to MCE. As a result of the Company’s recent and continuing expansion efforts, during the fourth quarter of 2014, the Company reorganized its internal management reporting structure. Although the Company’s condensed consolidated results of operations, financial position and cash flows were not impacted, certain reclassifications of previously reported amounts have been made to conform to the current year presentation in Note 12 “Segment Information”. These reclassifications did not impact previously reported amounts on the Company’s unaudited condensed consolidated balance sheets, statements of earnings (loss) or statements of cash flows. The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the period ended September 30, 2015 are not necessarily indicative of the operating results for the full year. Presentation of Foreign Currency Amounts The Company’s functional currency is the U.S. dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the U.S. dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows: September 30, December 31, September 30, Ending Rates 2015 2014 2014 Canadian dollar (CAD) Euros (€) Polish zloty (PLN) The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows: For the three months For the nine months ended September 30, ended September 30, Average Rates 2015 2014 % Change 2015 2014 % Change Canadian dollar (CAD) Euros (€) Polish zloty (PLN) Source: Pacific Exchange Rate Service |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014 ‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for US GAAP and International Financial Reporting Standards. ASU 2014 ‑09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 deferring the effective date of ASU 2014-09 for one year, which will extend the effective date for public entities to annual reporting periods beginning after December 15, 2017, including interim reporting periods within those periods, and permit early adoption of the standard on a limited basis. The Company is currently evaluating the impact of adopting ASU 2014 ‑09, but does not expect the standard to have a material impact on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). The objective of ASU 2014-15 is to provide guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for fiscal years beginning after December 15, 2016, and annual and interim periods thereafter. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”). The objective of ASU 2015-01 is to eliminate from US GAAP the concept of an extraordinary item. ASU 2015-01 is effective for fiscal years beginning after December 15, 2015, and interim periods within those annual periods. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02”). The objective of ASU 2015-02 is to change the consolidation analysis required under US GAAP. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, and annual and interim periods thereafter. Early adoption of ASU 2015-02 is permitted. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The objective of ASU 2015-03 is to present debt issuance costs as a direct deduction from the related debt liability. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of ASU 2015-03 is permitted. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). The objective of ASU 2015-05 is to provide guidance on accounting for cloud computing fees. ASU 2015-05 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of ASU 2015-05 is permitted. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). The objective of ASU 2015-11 is to simplify the current guidance under which an entity must measure inventory at the lower of cost or market by requiring entities to measure most inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2015-11 is permitted. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). The objective of ASU 2015-16 is to simplify the accounting for measurement-period adjustments. ASU 2015-16 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2015-16 is permitted. This new standard is not expected to have a material impact on the Company’s consolidated financial statements. |
Century Downs Racetrack And Cas
Century Downs Racetrack And Casino | 9 Months Ended |
Sep. 30, 2015 | |
Century Downs Racetrack And Casino [Abstract] | |
Century Downs Racetrack And Casino | 3. CENTURY DOWNS RACETRACK AND CASINO In November 2012, the Company’s subsidiary CCE signed credit and management agreements with CDR in connection with the development of a REC project in Balzac, north metropolitan area of Calgary, Alberta, Canada, which the Company operates as Century Downs Racetrack and Casino. On November 29, 2013, CCE and CDR amended the credit agreement. Under the amended credit agreement with CDR, CCE acquired 15% of CDR, controls the CDR board of directors and manages the development and operation of the REC project and had the right to convert CAD 11 million of the amounts loaned to CDR into an additional ownership position in CDR of up to 60% . As of November 29, 2013, the Company began consolidating CDR as a minority owned subsidiary for which it has a controlling financial interest and, as a result, the loans between CDR and CCE are considered an intercompany transaction and eliminated upon consolidation. On March 20, 2015, CCE converted CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR. As of March 20, 2015, the Company, through its subsidiary, CCE, had a 75% ownership interest in CDR. Unaffiliated shareholders own the remaining 25% of CDR. The Company accounts for and reports the remaining 25% CDR ownership interest as a non-controlling financial interest. The REC project has the only horse race track in the Calgary area and consists of a 5.5 furlongs ( 0.7 mile) racetrack, a gaming floor with 550 slot machines, seven video lottery terminals, a bar, a lounge, restaurant facilities, an off-track-betting area and an entertainment area. The Alberta Gaming and Liquor Commission (“AGLC”) and HRA have issued licenses to the REC. The casino at the REC opened on April 1, 2015, and the 2015 racing season is from April to November. Equity Conversion On March 20, 2015, CCE converted CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR. As a result of the conversion, the Company recognized $0.6 million in additional paid-in capital and $0.1 million in accumulated other comprehensive income that was previously attributed to non-controlling interest. Distribution to Non-Controlling Interest CDR has an agreement with its non-controlling shareholders to distribute any funds received by CDR related to infrastructure built during the development of the REC project. After CCE’s conversion of CAD 11 million that it had loaned to CDR into an additional 60% ownership interest in CDR, all funds received related to the infrastructure are distributed to CDR’s non-controlling shareholders as stated in the Credit Agreement between CCE and CDR. In the second quarter of 2015, the Company distributed $0.5 million related to the infrastructure to CDR’s non-controlling shareholders. |
Acquisitions And Investments
Acquisitions And Investments | 9 Months Ended |
Sep. 30, 2015 | |
Acquisitions And Investments [Abstract] | |
Acquisitions And Investments | 4. ACQUISITIONS AND INVESTMENTS Mendoza Central Entretenimientos S.A. On October 31, 2014, CCE entered into the MCE Agreement with Gambling and Entertainment LLC and its affiliates, pursuant to which CCE purchased 7.5% of the shares of MCE, a company formed in Argentina, for $1.0 million. Pursuant to the MCE Agreement, CCE will work with MCE to utilize MCE’s exclusive concession agreement with Instituto Provincial de Juegos y Casinos to lease slot machines and provide related services to Mendoza Casino, a casino located in Mendoza, Argentina, and owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CCE has appointed one director to MCE’s board of directors. In addition, CCE has a three -year option to purchase up to 50% of the shares of MCE and to appoint additional directors to MCE’s board of directors based on its ownership percentage of MCE. The Company accounts for the $1.0 million investment in MCE using the cost method. Acquisition costs of $0.2 million were incurred for the year ended December 31, 2014 in connection with the MCE investment. These costs include legal and accounting fees and have been recorded as general and administrative expenses in the fourth quarter of 2014. Century Bets! Inc. On January 6, 2015, CCE, together with RMTC, formed a new subsidiary, CBS, to operate the pari-mutuel off-track betting network in southern Alberta. CCE has a 75% ownership interest in CBS and RMTC has a 25% ownership interest in CBS. CCE has appointed three of the four directors on the board of directors of CBS. The Company accounts for and reports the 25% ownership interest of RMTC as a non-controlling financial interest. Acquisition costs of less than $0.1 million were incurred in connection with forming CBS. These costs include legal fees and were recorded as general and administrative expenses in the fourth quarter of 2014. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill We test goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. Our reporting units with goodwill balances as of September 30, 2015 include our Edmonton casino property and our CDR and CPL operations. We consider a variety of factors when estimating the fair value of our reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available to us. The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values. If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary. No impairment charges related to goodwill have been recorded at our Edmonton property, CDR or CPL. Changes in the carrying amount of goodwill related to the Company’s Edmonton property, CDR and CPL for the nine months ended September 30, 2015 were as follows: Canada Poland Amounts in thousands Edmonton Century Downs Casinos Poland Total Balance – January 1, 2015 $ $ $ $ Effect of foreign currency translation Balance -- September 30, 2015 $ $ $ $ Intangible Assets Trademarks The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. As of September 30, 2015 , the carrying amounts of the trademarks were as follows: Amounts in thousands Century Casinos Casinos Poland Total Balance – January 1, 2015 $ $ $ Effect of foreign currency translation Balance -- September 30, 2015 $ $ $ The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize the trademarks. Rather, the Company tests its trademarks for impairment annually or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference. No impairment charges related to the Company’s Century Casinos and Casinos Poland trademarks have been recorded. Casino Licenses Casinos Poland Casinos Poland currently has nine casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets on the Company’s condensed consolidated balance sheets. The Company impaired $0.2 million in the second quarter of 2014 related to the Casinos Poland casino licenses. Changes in the carrying amount of the Casinos Poland licenses for the nine months ended September 30, 2015 were as follows: Amounts in thousands Casinos Poland Balance – January 1, 2015 $ Amortization Effect of foreign currency translation Balance -- September 30, 2015 $ As of September 30, 2015 , estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2015 $ 2016 2017 2018 2019 $ Such estimates do not reflect the impact of future foreign exchange rate changes or the renewal of the licenses. The weighted average period before the next renewal is 2.1 years. Century Downs Racetrack and Casino CDR currently has two licenses, one from the AGLC and one from HRA. The licenses were issued in November 2013 pending final approval of the REC project from the AGLC. The AGLC granted the final approval for the licenses on March 19, 2015. The licenses are reported as indefinite lived intangible assets on the Company’s condensed consolidated balance sheets. No impairment charges related to the CDR licenses have been recorded. Changes in the carrying amount of the CDR licenses for the nine months ended September 30, 2015 were as follows: Amounts in thousands Century Downs Balance – January 1, 2015 $ Effect of foreign currency translation Balance -- September 30, 2015 $ |
Promotional Allowances
Promotional Allowances | 9 Months Ended |
Sep. 30, 2015 | |
Promotional Allowances [Abstract] | |
Promotional Allowances | 6. PROMOTIONAL ALLOWANCE S Hotel accommodations, and food and beverage furnished without charge to customers are included in gross revenue at retail value and are deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of provided promotional allowances is included in casino expenses. For the three and nine months ended September 30, 2015 and 2014, the cost of providing promotional allowances were as follows: For the three months For the nine months ended September 30, ended September 30, 2015 2014 2015 2014 Amounts in thousands Hotel $ $ $ $ Food and beverage $ $ $ $ Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accrued liabilities on the Company’s condensed consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of September 30, 2015 and December 31, 2014, the outstanding balance of this liability was $0.7 million and $0.9 million, respectively. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. LONG-TERM DEBT Long-term debt as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, Amounts in thousands 2015 2014 Credit agreement - Bank of Montreal $ $ Credit agreement - Casinos Poland Credit facility - Casinos Poland Capital leases - Casinos Poland Financing obligation - CDR land lease Total long-term debt $ $ Less current portion Long-term portion $ $ The consolidated weighted average interest rate on all Company debt was 7.80% for the nine months ended September 30, 2015 . In April 2015, the Company entered into two interest rate swap agreements to partially hedge the risk of future increases in the variable rate debt under the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The outstanding balance for each of the interest rate swap agreements is CAD 10.7 million ( $8.0 million based on the exchange rate in effect on September 30, 2015 ) at a Canadian Dollar Offered Rate (“CDOR”) of 3.92% and 3.89% , respectively. The interest rate swap agreements are not designated as hedges for accounting purposes. As a result, changes in fair value of the interest rate swaps are recognized in interest expense on the Company’s condensed consolidated statement of earnings (loss). The Company pays a floating interest rate on its remaining CAD 7.7 million ($5.7 million based on the exchange rate in effect on September 30, 2015 ) in borrowings under the BMO Credit Agreement, and the current interest rate is approximately 3.26% . The Company pays a weighted average interest rate of 3.41 % on its borrowings under the CPL loan agreements. The weighted average interest rate on all Company debt is higher than the interest rates of the BMO Credit Agreement and the weighted average interest of 3.41% on the CPL loan agreements due to the CDR financing obligation, on which the Company pays an implicit interest rate of 10.0% , and the fair value impact of the interest rate swap agreements on interest expense. See Note 11 for additional information on the interest rate s wap agreements . Credit Agreement – Bank of Montreal In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal. On August 15, 2014, the Company, through its Canadian subsidiaries, entered into an amended and restated BMO Credit Agreement that increased the Company’s borrowing capacity to CAD 39.1 million. As of September 30, 2015 , the Company had borrowed CAD 33.9 million, of which the outstanding balance was CAD 29.1 million ( $21.7 million based on the exchange rate in effect on September 30, 2015 ) and the Company had approximately CAD 5.2 million ( $3.9 million based on the exchange rate in effect on September 30, 2015 ) available under the BMO Credit Agreement. The outstanding borrowings cannot be re-borrowed once they are repaid. The Company has used borrowings under the BMO Credit Agreement primarily to repay the Company’s mortgage loan related to the Edmonton property, pay for the additional 33.3% investment in CPL and pay for development costs related to the REC project (Note 3). The Company can also use the proceeds to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. Borrowings bear interest at fixed rates or at BMO’s floating rate plus a margin. Any funds not drawn down under the BMO Credit Agreement are subject to standby fees ranging from 0.50% to 0.75% payable quarterly in arrears. Standby fees of less than CAD 0.1 million (less than $0.1 million based on the exchange rate in effect on September 30, 2015 ) were recorded as general and administrative expense in the condensed consolidated statement of earnings (loss) for each of the three and nine months ended September 30, 2015 and September 30, 2014 . The BMO Credit Agreement has a term of five years through August 2019 and is guaranteed by the Company. The shares of the Company’s subsidiaries in Edmonton and Calgary and the Company's 75% interest in CDR are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of financial covenants applicable to the Canadian subsidiaries, including covenants restricting their incurrence of additional debt, a debt to EBITDA ratio, a fixed charge coverage ratio, a requirement to maintain a CAD 28.0 million equity balance and a capital expenditure limit of CAD 2.0 million per year. The Company was in compliance with all covenants of the BMO Credit Agreement as of September 30, 2015 . Amortization expenses relating to deferred financing charges were less than $0.1 million for the three months ended September 30, 2015 and 2014 and $0.1 million for the nine months ended September 30, 2015 and 2014. These costs are included in interest expense in the condensed consolidated statements of earnings (loss). Casinos Poland As of September 30, 2015 , CPL had debt totaling PLN 13.4 million ($3.5 million based on the exchange rate in effect on September 30, 2015 ). The debt includes two credit agreements, one credit facility and four capital lease agreements. The first credit agreement is with mBank (formerly known as BRE Bank). Under this credit agreement, CPL entered into a three year term loan in November 2013 at an interest rate of Warsaw Interbank Offered Rate (“WIBOR”) plus 1.75% . Proceeds from the loan were used to repay the balance of the Bank Pocztowy loan related to the CPL properties, invest in slot equipment and relocate the Company’s Poznan, Poland casino. As of September 30, 2015 , the amount outstanding on the term loan was PLN 5.6 million ($1.5 million based on the exchange rate in effect on September 30, 2015 ). CPL has no further borrowing availability under the loan, and the loan matures in November 2016. The mBank credit agreement contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain debt ratios and current liquidity ratios of 0.6 or higher. On March 26, 2015, CPL and mBank amended the credit agreement to lower the current liquidity ratio to 0.5 . CPL was in compliance with all covenants of this mBank agreement as of September 30, 2015 . The second credit agreement is also with mBank. Under this credit agreement, CPL entered into a three year term loan on September 15, 2014 at an interest rate of WIBOR plus 1.70% . Proceeds from the loan were used to repay balances outstanding under a prior credit agreement that matured in September 2014 and to finance current operations. As of September 30, 2015 , the amount outstanding on the term loan was PLN 2.4 million ($0.6 million based on the exchange rate in effect on September 30, 2015 ). CPL has no further borrowing availability under the loan, and the loan matures in September 2017. The mBank credit agreement contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and require CPL to maintain debt ratios and current liquidity ratios of 0.6 or higher. On March 26, 2015, CPL and mBank amended the credit agreement to lower the current liquidity ratio to 0.5 . CPL was in compliance with all covenants of this mBank agreement as of September 30, 2015 . The credit facility is a short-term line of credit with BPH Bank used to finance current operations. The bank line of credit bears an interest rate of WIBOR plus 1.85% . The credit facility terminates on February 13, 2016. As of September 30, 2015 , the amount outstanding was PLN 5.3 million ($1.4 million based on the exchange rate in effect on September 30, 2015 ) and CPL has approximately PLN 5.7 million ($1.5 million based on the exchange rate in effect on September 30, 2015 ) available under the facility. The BPH Bank facility contains a number of financial covenants applicable to CPL, including covenants that restrict the incurrence of additional debt and debt to EBITDA ratios. CPL was in compliance with all covenants of the BPH Bank line of credit as of September 30, 2015 . CPL’s remaining debt consists of four capital lease agreements for various vehicles. As of September 30, 2015 , the amount outstanding was PLN 0.1 million (less than $0.1 million based on the exchange rate in effect on September 30, 2015 ). In addition, under Polish gaming law, CPL is required to maintain PLN 3.6 million in the form of deposits or bank guarantees for payment of casino jackpots and gaming tax obligations. mBank issued guarantees to CPL for this purpose totaling PLN 3.6 million ($0.9 million based on the exchange rate in effect on September 30, 2015 ). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland and terminate on October 31, 2019. In addition, CPL is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained $0.3 million in deposits for this purpose as of September 30, 2015 and December 31, 2014. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Downs Racetrack and Casino CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project has been constructed and then entered into an agreement to lease back a portion of the land sold . The Company accounts for the lease using the financing method, accounting for the land subject to the lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of September 30, 2015 , the outstanding balance on the financing obligation was CAD 19.5 million ($14.5 million based on the exchange rate in effect on September 30, 2015 ) and the implicit interest rate was 10.0% . As of September 30, 2015 , scheduled maturities related to long-term debt are as follows: Amounts in thousands Bank of Montreal Century Downs Casinos Poland Total 2015 $ $ $ $ 2016 2017 2018 2019 Thereafter Total $ $ $ $ |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 8. COMMITMENTS AND CONTINGENCIES Litigation Casinos Poland In March 2011, the Polish Internal Revenue Service (“Polish IRS”) began conducting a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees. Based on the March 2011 audit, the Polish IRS concluded that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers for the periods from December 1, 2007 to December 31, 2008, January 1, 2009 to December 31, 2009 and January 1, 2011 to January 31, 2011. The Company has recorded a contingent liability on its condensed consolidated balance sheet and the balance for all open periods as of September 30, 2015 is estimated at PLN 12.0 million ($3.2 million based on the exchange rate in effect on September 30, 2015 ). After the proceedings with the Polish IRS, the Director of the Tax Chamber in Warsaw upheld the decision of the Polish IRS in November 2012 for review of the period from January 1, 2011 to January 31, 2011. CPL paid PLN 0.1 (less than $0.1 million) to the Polish IRS for taxes and interest owed resulting from the decision. CPL appealed the decision to the Regional Administrative Court in Warsaw in December 2012. In September 2013, the Regional Administrative Court in Warsaw denied CPL’s appeal. CPL appealed the decision to the Supreme Administrative Court and expects a decision in the first quarter of 2016. After further proceedings and appeals between CPL and the Polish IRS, the Director of the Tax Chamber in Warsaw also upheld the decision of the Polish IRS in December 2013 for review of the period from December 2007 to December 2008. CPL paid PLN 3.5 million ($1.2 million) to the Polish IRS for taxes and interest owed resulting from the decision. CPL appealed the decision to the Voivodship Administrative Court. In January 2014, the Voivodship Administrative Court denied CPL’s appeal. CPL appealed the decision to the Supreme Administrative Court on December 19, 2014 and expects a decision in the first quarter of 2016. After further proceedings and appeals with the Polish IRS, the Director of the Tax Chamber in Warsaw also upheld the decision of the Polish IRS in December 2014 for review of the period from January 2009 to December 2009. CPL paid PLN 2.8 million ($0.9 million) for taxes and interest owed resulting from the decision. CPL appealed the decision to the Voivodship Administrative Court in January 2015 and received an oral decision in October 2015. The court found in favor of CPL on the procedural grounds that the prior tax proceedings were not conducted by the appropriate tax authority. However, the court also found that CPL’s tax records for 2009 remain open for audit by a different tax authority. CPL expects to receive the written decision from the court within the next several months. Following receipt of the written decision, both CPL and the Director of the Tax Chamber in Warsaw have 30 days to appeal the decision to the Supreme Administrative Court. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9. INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the nine months ended September 30, 2015 , the Company recognized income tax expense of $0.4 million on pre-tax income of $12.7 million, representing an effective income tax rate of 3.2% compared to an income tax expense of $0.8 million on pre-tax income of $0.4 million, representing an effective income tax rate of 208.5% for the same period in 2014. The estimated effective tax rate for 2015 is 16.45% . The decrease in the effective tax rate compared to the same period in 2014 is primarily the result of the reduction of the Austrian valuation allowance in the second quarter of 2015. The Company analyzed the likelihood of future realization of its deferred tax assets, including recent cumulative earnings by taxing jurisdiction, expectations of future taxable income or loss, the amount of net operating loss carryforwards not subject to limitations, the number of periods it will take to realize the net operating loss carryforwards and other relevant factors. Based on this analysis, the Company concluded that its Austrian operations had attained a sustained level of profitability sufficient to reduce its valuation allowance in that jurisdiction. Based on this conclusion, the valuation allowance against deferred tax assets in Austria was reduced to zero during the second quarter of 2015, resulting in a tax benefit of $1.5 million. Additionally, there is a lower effective tax rate for the Company’s Canadian operations due to exchange rate benefits and a valuation allowance maintained for Century Downs deferred tax assets. The effective tax rate in Canada also is impacted by the fair value measurement of the interest rate swap agreements for the Company’s Edmonton property. The Company continues to maintain a full valuation allowance on all of its U.S. deferred tax assets and on certain Canadian deferred tax assets. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. EARNINGS PER SHARE The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three and nine months ended September 30, 2015 and 2014 were as follows: For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2015 2014 2015 2014 Weighted average common shares, basic Dilutive effect of stock options Weighted average common shares, diluted The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation: For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2015 2014 2015 2014 Stock options |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements and Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements and Derivative Instruments Reporting | 11. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING Fair Value Measurements The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs: · Level 1 – quoted prices in active markets for identical assets or liabilities · Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable · Level 3 – significant inputs to the valuation model are unobservable A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. Recurring Fair Value Measurements The estimated fair value and basis of valuation of our financial liabilities that are measured at fair value on a recurring basis were as follows: Amounts in thousands September 30, 2015 Level 1 Level 2 Level 3 Interest rate swaps (1) $ $ $ (a) See “Derivative Instruments Reporting” below for detailed information regarding our interest rate swaps. There were no recurring fair value measurements as of December 31, 2014. Non-Recurring Fair Value Measurements The Company applies the provision of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. There were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014. Long-Term Debt – The carrying value of the Company’s BMO Credit Agreement that bears interest at the lenders’ variable rate and the carrying value of the CPL debt approximate fair value as of September 30, 2015 and December 31, 2014. Based on prices for identical or similar instruments in markets that are not active, recently negotiated terms of the debt and a large portion of the debt being current, the estimated fair values of the outstanding balances under the Company’s BMO Credit Agreement and CPL debt are designated as Level 2 measurements in the fair value hierarchy. The carrying value of the CDR debt approximates fair value as of September 30, 2015 and December 31, 2014 because the debt bears interest at a rate implicit in the CDR land lease and, as a result, the estimated fair value of the Company’s CDR debt is designated as a Level 3 measurement in the fair value hierarchy. As of September 30, 2015 , the carrying amount of CDR’s land lease was CAD 19.5 million ($14.6 million based on the exchange rate in effect on September 30, 2015 ) with an effective interest rate of 12.9% . Other Estimated Fair Value Measurements – The estimated fair value of our other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll, accounts payable and accrued liabilities have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of September 30, 2015 and December 31, 2014, the Company had no cash equivalents. Derivative Instruments Reporting As of April 2015, we began using interest rate swaps to mitigate the risk of variable interest rates under our BMO Credit Agreement. As of September 30, 2015 , we had two interest rate swap agreements, each with an outstanding balance of CAD 10.7 million ($8.0 million based on the exchange rate in effect on September 30, 2015 ) at a fixed CDOR rate of 3.92% and 3.89% , respectively, that were not designated as accounting hedges. These interest rate swaps reset monthly and expire on August 15, 2019 . The difference to be paid or received under the terms of the interest rate swap agreements is accrued as interest rates change and recognized as an adjustment to interest expense for the related debt. Changes in the variable interest rates to be paid or received pursuant to the terms of the interest rate swap agreements will have a corresponding effect on future cash flows. Changes in fair value of the swap agreements are recognized in interest expense. The following table summarizes the location and effects of derivative instruments on the condensed consolidated statements of earnings (loss) for the three and nine months ended September 30, 2015 . There were no derivative instruments for the three and nine months ended September 30, 2014. Amounts in thousands Derivatives not designated as Income Statement For the three months ended September 30, For the nine months ended September 30, ASC 815 hedges Classification 2015 2014 2015 2014 Interest Rate Swaps Interest Expense $ $ $ $ The following table summarizes the location and fair value amounts of our derivative instruments in the condensed consolidated balance sheets as of September 30, 2015 . There were no derivative instruments as of December 31, 2014. Amounts in thousands As of September 30, 2015 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Derivative liabilities: Interest rate swaps - current Accrued liabilities $ $ $ Interest rate swaps - non-current Taxes payable and other Total derivative liabilities $ $ $ |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 12. SEGMENT 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. Operating segments are aggregated within reportable segments based on their similar 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 casino properties provide gaming, hotel accommodations, dining facilities and other amenities to the Company’s customers. The Company’s operations related to concession, management and consulting fee revenues and 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. The table below provides information about the aggregation of the Company’s operating segments into reportable segments: Reportable Segment Operating Segment Canada Century Casino & Hotel - Edmonton Canada Century Casino Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! United States Century Casino & Hotel – Central City United States Century Casino & Hotel – Cripple Creek Poland Casinos Poland Corporate and Other Cruise Ships & Other Corporate and Other Corporate Other The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are our Co Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA is a non-U.S. GAAP measure defined as net earnings (loss) 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 and other, gain on business combination and certain other one-time items. 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) and Adjusted EBITDA 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. The following tables provide information regarding the Company’s segments for the three and nine months ended September 30, 2015 and 2014: Amounts in thousands For the three months ended September 30, 2015 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $0.8 million, $0.1 million and $0.1 million was attributable to cruise ships operating on international waters, the Aruba management agreement and the agreement in Argentina, respectively. Amounts in thousands For the three months ended September 30, 2014 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Gain on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $2.1 million and $0.1 million was attributable to cruise ships operating on international waters and the Aruba management agreement, respectively. Other one-time (income) costs for the three months ended September 30, 2014 for Poland were the costs associated with relocating the Poznan casino to the Hotel Andersia. Amounts in thousands For the nine months ended September 30, 2015 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Preopening expenses Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $3.2 million, $0.3 million, $0.2 million, and $3.4 million was attributable to cruise ships operating on international waters, the Aruba management agreement, the agreement in Argentina, and the termination of the Oceania and Regent concession agreements, respectively. Other one-time (income) costs for the nine months ended September 30, 2015 for Corporate and Other were attributable to the termination of the Oceania and Regent concession agreements. Amounts in thousands For the nine months ended September 30, 2014 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $5.4 million and $0.3 million was attributable to cruise ships operating on international waters and the Aruba management agreement, respectively. Other one-time (income) costs for the nine months ended September 30, 2014 for Canada were insurance proceeds received from a damaged barn and for Poland were the costs associated with relocating the Poznan casino to the Hotel Andersia. |
Description Of Business And B20
Description Of Business And Basis Of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Schedule Of Foreign Currency Exchange Rates Table Text Block | September 30, December 31, September 30, Ending Rates 2015 2014 2014 Canadian dollar (CAD) Euros (€) Polish zloty (PLN) |
Schedule Of Average Foreign Currency Exchange Rates [Table Text Block] | For the three months For the nine months ended September 30, ended September 30, Average Rates 2015 2014 % Change 2015 2014 % Change Canadian dollar (CAD) Euros (€) Polish zloty (PLN) Source: Pacific Exchange Rate Service |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Changes In The Carrying Amount Of Goodwill | Canada Poland Amounts in thousands Edmonton Century Downs Casinos Poland Total Balance – January 1, 2015 $ $ $ $ Effect of foreign currency translation Balance -- September 30, 2015 $ $ $ $ |
Trademarks | As of September 30, 2015 , the carrying amounts of the trademarks were as follows: Amounts in thousands Century Casinos Casinos Poland Total Balance – January 1, 2015 $ $ $ Effect of foreign currency translation Balance -- September 30, 2015 $ $ $ |
Casino Licenses | Amounts in thousands Casinos Poland Balance – January 1, 2015 $ Amortization Effect of foreign currency translation Balance -- September 30, 2015 $ |
Estimated Amortization Expense | Amounts in thousands 2015 $ 2016 2017 2018 2019 $ |
Century Downs Racetrack And Casino [Member] | |
Casino Licenses | Amounts in thousands Century Downs Balance – January 1, 2015 $ Effect of foreign currency translation Balance -- September 30, 2015 $ |
Promotional Allowances (Tables)
Promotional Allowances (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Promotional Allowances [Abstract] | |
Schedule Of Promotional Allowances | For the three months For the nine months ended September 30, ended September 30, 2015 2014 2015 2014 Amounts in thousands Hotel $ $ $ $ Food and beverage $ $ $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule of Long-term Borrowings | September 30, December 31, Amounts in thousands 2015 2014 Credit agreement - Bank of Montreal $ $ Credit agreement - Casinos Poland Credit facility - Casinos Poland Capital leases - Casinos Poland Financing obligation - CDR land lease Total long-term debt $ $ Less current portion Long-term portion $ $ |
Schedule of Maturities of Long-term Debt | Amounts in thousands Bank of Montreal Century Downs Casinos Poland Total 2015 $ $ $ $ 2016 2017 2018 2019 Thereafter Total $ $ $ $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2015 2014 2015 2014 Weighted average common shares, basic Dilutive effect of stock options Weighted average common shares, diluted |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2015 2014 2015 2014 Stock options |
Fair Value Measurements and D25
Fair Value Measurements and Derivative Instruments Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements and Derivative Instruments Reporting [Abstract] | |
Fair value and basis of valuatin of financial liabilities | Amounts in thousands September 30, 2015 Level 1 Level 2 Level 3 Interest rate swaps (1) $ $ $ (a) See “Derivative Instruments Reporting” below for detailed information regarding our interest rate swaps. |
Fair value of derivative insturments in Statement of Earnings | Amounts in thousands Derivatives not designated as Income Statement For the three months ended September 30, For the nine months ended September 30, ASC 815 hedges Classification 2015 2014 2015 2014 Interest Rate Swaps Interest Expense $ $ $ $ |
Fair Value of derivative insturments in Balance sheet | Amounts in thousands As of September 30, 2015 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Derivative liabilities: Interest rate swaps - current Accrued liabilities $ $ $ Interest rate swaps - non-current Taxes payable and other Total derivative liabilities $ $ $ |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
List Of Owned, Operated And Managed Casinos | Reportable Segment Operating Segment Canada Century Casino & Hotel - Edmonton Canada Century Casino Calgary Canada Century Downs Racetrack and Casino Canada Century Bets! United States Century Casino & Hotel – Central City United States Century Casino & Hotel – Cripple Creek Poland Casinos Poland Corporate and Other Cruise Ships & Other Corporate and Other Corporate Other |
Segment Information | Amounts in thousands For the three months ended September 30, 2015 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $0.8 million, $0.1 million and $0.1 million was attributable to cruise ships operating on international waters, the Aruba management agreement and the agreement in Argentina, respectively. Amounts in thousands For the three months ended September 30, 2014 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Gain on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $2.1 million and $0.1 million was attributable to cruise ships operating on international waters and the Aruba management agreement, respectively. Other one-time (income) costs for the three months ended September 30, 2014 for Poland were the costs associated with relocating the Poznan casino to the Hotel Andersia. Amounts in thousands For the nine months ended September 30, 2015 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Preopening expenses Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ Net operating revenue for Corporate and Other of $3.2 million, $0.3 million, $0.2 million, and $3.4 million was attributable to cruise ships operating on international waters, the Aruba management agreement, the agreement in Argentina, and the termination of the Oceania and Regent concession agreements, respectively. Other one-time (income) costs for the nine months ended September 30, 2015 for Corporate and Other were attributable to the termination of the Oceania and Regent concession agreements. Amounts in thousands For the nine months ended September 30, 2014 Canada United States Poland Corporate and Other Consolidated Revenue Net operating revenue $ $ $ $ $ Results Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ $ $ $ $ Interest expense (income), net Income taxes (benefit) Depreciation and amortization Non-controlling interests Non-cash stock-based compensation (Gain) loss on foreign currency transactions and other Loss on disposition of fixed assets Other one-time (income) costs Adjusted EBITDA $ $ $ $ $ |
Description Of Business And B27
Description Of Business And Basis Of Presentation (Narrative) (Details) CAD in Millions | Mar. 20, 2015CAD | Mar. 20, 2015 | Oct. 31, 2014USD ($) | Nov. 29, 2013CAD | Feb. 21, 2013 | Jun. 30, 2015USD ($) | Oct. 31, 2014USD ($) | Sep. 30, 2015USD ($)item | Dec. 31, 2014USD ($) | Apr. 30, 2013 |
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Number of ship-based casinos | item | 11 | |||||||||
Number of ships for which concession agreements will be terminated | item | 8 | |||||||||
Cost investment | $ 1,000,000 | $ 1,000,000 | ||||||||
Consideration to be received in relation to early termination of concession agreements | $ 4,000,000 | |||||||||
Assets held for sale | $ 600,000 | |||||||||
Percentage Of CPL Owned By Polish Airport [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership interest | 33.30% | |||||||||
Percentage of CBS owned by CCE [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership percentage | 75.00% | |||||||||
Century Bets! Inc. [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership interest | 25.00% | |||||||||
Casinos Poland Ltd [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Additional ownership acquired | 33.30% | |||||||||
Casinos Poland Ltd [Member] | LOT Polish Airlines Invesment [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership percentage | 66.60% | |||||||||
Century Casinos Europe GmbH [Member] | Percentage Of CDR Owned by CCE [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership percentage | 75.00% | |||||||||
Windstar Cruises [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Number of cruise ships | item | 3 | |||||||||
Oceania Cruises [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Term of consulting agreement | 2 years | |||||||||
Consulting Fee | $ 2,000,000 | |||||||||
Consulting Fee payable per quarter | $ 250,000 | |||||||||
TUI Cruises [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Number of cruise ships | item | 2 | |||||||||
Number of passengers | item | 2,500 | |||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | |||||||
Ownership interest | 25.00% | |||||||||
Century Downs Racetrack And Casino [Member] | Century Casinos Europe GmbH [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership percentage | 15.00% | |||||||||
Additional ownership acquired | 60.00% | 60.00% | 60.00% | |||||||
Amount of credit agreement converted | CAD | CAD 11 | CAD 11 | ||||||||
Mendoza Central Entretenimientos S. A. [Member] | Century Casinos Europe GmbH [Member] | ||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||
Ownership interest | 7.50% | 7.50% | ||||||||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000,000 | $ 1,000,000 |
Description of Business And B28
Description of Business And Basis of Presentation (Exchange Rates) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Canadian Dollar [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 1.3394 | 1.1208 | 1.3394 | 1.1208 | 1.1601 |
Average Rates | 1.3083 | 1.0890 | 1.2597 | 1.0940 | |
Average Rates % Change | (20.10%) | (15.10%) | |||
Euros [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 0.8959 | 0.7919 | 0.8959 | 0.7919 | 0.8264 |
Average Rates | 0.8991 | 0.7552 | 0.8973 | 0.7381 | |
Average Rates % Change | (19.10%) | (21.60%) | |||
Polish Zloty [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 3.8040 | 3.3140 | 3.8040 | 3.3140 | 3.5401 |
Average Rates | 3.7665 | 3.1544 | 3.7291 | 3.0820 | |
Average Rates % Change | (19.40%) | (21.00%) |
Century Downs Racetrack And C29
Century Downs Racetrack And Casino (Narrative) (Details) $ in Thousands, CAD in Millions | Mar. 20, 2015CAD | Mar. 20, 2015CAD | Mar. 20, 2015USD ($) | Nov. 29, 2013CAD | Feb. 21, 2013 | Sep. 30, 2015USD ($)itemmi | Sep. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Gain on conversion of debt receivable to equity recognized in accumulated other comprehensive income | $ 100 | ||||||
Distribution to non-controlling interest | $ 507 | $ 281 | |||||
Century Downs Racetrack And Casino [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | 75.00% | |||
Owned by noncontrolling interest | 25.00% | 25.00% | 25.00% | ||||
Casinos Poland Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Additional ownership acquired | 33.30% | ||||||
Century Casinos Europe GmbH [Member] | Century Downs Racetrack And Casino [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Additional ownership acquired | 60.00% | 60.00% | 60.00% | 60.00% | |||
Ownership percentage | 15.00% | ||||||
Amount of credit agreement converted | CAD | CAD 11 | CAD 11 | |||||
Gain on conversion of debt receivable to equity | $ 600 | ||||||
Century Casinos Europe GmbH [Member] | Loan A [Member] | Century Downs Racetrack And Casino [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Amount of credit agreement converted | CAD | CAD 11 | ||||||
Racing Entertainment Center [Member] | Century Downs Racetrack And Casino [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of slot machines | item | 550 | ||||||
Number of lottery terminals | item | 7 | ||||||
Horse race track length, furlongs | item | 5.5 | ||||||
Horse race track length, miles | mi | 0.7 |
Acquisitions And Investments (N
Acquisitions And Investments (Narrative) (Details) | Oct. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($)employee | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Cost investment | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||
Century Bets! Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition costs | $ 100,000 | ||||
Century Casinos Europe GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 7.50% | 7.50% | |||
Acquisition costs | $ 200,000 | ||||
Period of option to purchase additional equity interest | $ 3 | ||||
Additional interest to purchase under option, percentage | 50.00% | ||||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000,000 | $ 1,000,000 | |||
Number of directors appointed | employee | 1 | ||||
Century Casinos Europe GmbH [Member] | Century Bets! Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership percentage | 75.00% | ||||
Number of directors appointed | employee | 3 | ||||
Rocky Mountain Turf Club [Member] | Century Bets! Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Ownership interest | 25.00% |
Goodwill And Intangible Asset31
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charges related to goodwill | $ 0 | ||
Number of trademarks | item | 2 | ||
Impairment charges related to trademarks | $ 0 | ||
Impairment charges | $ 0 | $ 198 | |
Sosnowiec Casino License [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 200 | ||
AGLC [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of casino licenses | item | 1 | ||
HRA [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of casino licenses | item | 1 | ||
Casinos Poland Ltd [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of casino licenses | item | 9 | ||
Term of casino licenses, years | 6 years | ||
Weighted-average period before the next renewal of casino licenses | 2 years 1 month 6 days | ||
Century Downs Racetrack And Casino [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of casino licenses | item | 2 | ||
Impairment charges | $ 0 | $ 0 |
Goodwill And Intangible Asset32
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Balance | $ 11,629 |
Effect of foreign currency translation | (1,090) |
Balance | 10,539 |
Edmonton [Member] | |
Goodwill [Line Items] | |
Balance | 4,237 |
Effect of foreign currency translation | (567) |
Balance | 3,670 |
Casinos Poland Ltd [Member] | |
Goodwill [Line Items] | |
Balance | 7,229 |
Effect of foreign currency translation | (501) |
Balance | 6,728 |
Century Downs Racetrack And Casino [Member] | |
Goodwill [Line Items] | |
Balance | 163 |
Effect of foreign currency translation | (22) |
Balance | $ 141 |
Goodwill And Intangible Asset33
Goodwill And Intangible Assets (Trademarks) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 1,831 |
Effect of foreign currency translation | (119) |
Balance at end of period | 1,712 |
Century Casinos [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 108 |
Effect of foreign currency translation | 0 |
Balance at end of period | 108 |
Casinos Poland Ltd [Member] | |
Goodwill [Line Items] | |
Balance at beginning of period | 1,723 |
Effect of foreign currency translation | (119) |
Balance at end of period | $ 1,604 |
Goodwill And Intangible Asset34
Goodwill And Intangible Assets (Casino Licenses) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Balance | $ 4,026 |
Balance | 3,250 |
Casinos Poland Ltd [Member] | |
Goodwill [Line Items] | |
Balance | 1,284 |
Amortization | (327) |
Effect of foreign currency translation adjustments | (82) |
Balance | 875 |
Century Downs Racetrack And Casino [Member] | |
Goodwill [Line Items] | |
Balance | 2,742 |
Effect of foreign currency translation adjustments | (367) |
Balance | $ 2,375 |
Goodwill And Intangible Asset35
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets, Net, Total | $ 3,250 | $ 4,026 |
Casinos Poland Ltd [Member] | ||
2,015 | 96 | |
2,016 | 383 | |
2,017 | 291 | |
2,018 | 91 | |
2,019 | 14 | |
Finite-Lived Intangible Assets, Net, Total | $ 875 | $ 1,284 |
Promotional Allowances (Details
Promotional Allowances (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Promotional Allowances [Line Items] | |||||
Total promotional allowances | $ 288 | $ 311 | $ 820 | $ 866 | |
Outstanding balance of promotional balance liability | 700 | 700 | $ 900 | ||
Hotel [Member] | |||||
Promotional Allowances [Line Items] | |||||
Total promotional allowances | 11 | 25 | 46 | 66 | |
Food And Beverage [Member] | |||||
Promotional Allowances [Line Items] | |||||
Total promotional allowances | $ 277 | $ 286 | $ 774 | $ 800 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, PLN in Millions, CAD in Millions | Feb. 21, 2013 | Sep. 30, 2015CADloanitem | Sep. 30, 2015USD ($) | Sep. 30, 2014CAD | Sep. 30, 2014USD ($) | Sep. 30, 2015CADloanitem | Sep. 30, 2015USD ($) | Sep. 30, 2014CAD | Sep. 30, 2014USD ($) | Sep. 30, 2015PLNloanitem | Sep. 30, 2015USD ($)loanitem | Apr. 30, 2015CAD | Mar. 26, 2015 | Mar. 25, 2015 | Mar. 20, 2015 | Dec. 31, 2014USD ($) | Aug. 15, 2014CAD | May. 23, 2012CAD |
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 77 | $ 58 | ||||||||||||||||
Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Additional ownership acquired | 33.30% | |||||||||||||||||
Number of credit agreements | loan | 2 | 2 | 2 | 2 | ||||||||||||||
Number of bank lines of credit | item | 1 | 1 | 1 | 1 | ||||||||||||||
Number of capital lease agreements | item | 4 | 4 | 4 | 4 | ||||||||||||||
Amount outstanding | PLN 13.4 | $ 3,500 | ||||||||||||||||
Capital lease agreements | 0.1 | $ 100 | ||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | PLN | PLN 3.6 | |||||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Effective interest rate | 12.90% | 12.90% | 12.90% | 12.90% | ||||||||||||||
BMO Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted average interest rate on borrowings | 3.41% | 3.41% | 3.41% | 3.41% | ||||||||||||||
Effective interest rate | 3.26% | 3.26% | 3.26% | 3.26% | ||||||||||||||
Maximum borrowing capacity | CAD | CAD 39.1 | CAD 28 | ||||||||||||||||
Notional Value | $ 8,000 | CAD 10.7 | ||||||||||||||||
Term of credit agreement | 5 years | 5 years | ||||||||||||||||
Required minimum equity balance under debt covenant | 28,000 | |||||||||||||||||
Required maximum capital expenditure limit under debt covenant | $ 2,000 | |||||||||||||||||
Line of credit facility amount outstanding | CAD 29.1 | CAD 29.1 | 21,700 | |||||||||||||||
Line of credit facility amount available for borrowing | 5.2 | 5.2 | 3,900 | |||||||||||||||
Standby fees | 0.1 | $ 100 | CAD 0.1 | $ 100 | 0.1 | $ 100 | CAD 0.1 | 100 | ||||||||||
Line of credit facility amount that cannot be reborrowed once repaid | CAD | 33.9 | 33.9 | ||||||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Notional Value | CAD 10.7 | CAD 10.7 | 8,000 | |||||||||||||||
Line of credit facility amount outstanding | $ 5,700 | CAD 7.7 | ||||||||||||||||
BMO Credit Agreement [Member] | Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted average interest rate on borrowings | 3.41% | 3.41% | 3.41% | 3.41% | ||||||||||||||
CDR Financing Obligation [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate on financing obligation | 10.00% | 10.00% | ||||||||||||||||
First Loan With mBank [Member] | Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | |||||||||||||||||
Debt instrument term | 3 years | 3 years | ||||||||||||||||
Interest rate percentage points above WIBOR | 1.75% | 1.75% | ||||||||||||||||
Amount outstanding | PLN 5.6 | 1,500 | ||||||||||||||||
Required liquidity ratio under debt covenant | 0.5 | 0.6 | ||||||||||||||||
Second Loan With mBank [Member] | Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility amount available for borrowing | 0 | |||||||||||||||||
Debt instrument term | 3 years | 3 years | ||||||||||||||||
Interest rate percentage points above WIBOR | 1.70% | 1.70% | ||||||||||||||||
Amount outstanding | 2.4 | 600 | ||||||||||||||||
Required liquidity ratio under debt covenant | 0.5 | 0.6 | ||||||||||||||||
Line Of Credit With BPH Bank [Member] | Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility amount outstanding | 5.3 | 1,400 | ||||||||||||||||
Line of credit facility amount available for borrowing | 5.7 | 1,500 | ||||||||||||||||
Interest rate percentage points above WIBOR | 1.85% | 1.85% | ||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland Ltd [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | PLN 3.6 | $ 900 | ||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | $ 300 | |||||||||||||||||
Consolidated Agreements [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted average interest rate on borrowings | 7.80% | 7.80% | 7.80% | 7.80% | ||||||||||||||
Minimum [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
CDOR exchange rate | 3.89 | 3.89 | 3.89 | 3.89 | ||||||||||||||
Minimum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Standby fees, percentage | 0.50% | 0.50% | ||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 100 | $ 100 | $ 100 | $ 100 | ||||||||||||||
Maximum [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
CDOR exchange rate | 3.92 | 3.92 | 3.92 | 3.92 | ||||||||||||||
Maximum [Member] | BMO Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Standby fees, percentage | 0.75% | 0.75% | ||||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Ownership interest | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | |||||||||||||
Outstanding balance on financing obligation | CAD 19.5 | CAD 19.5 | $ 14,500 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 39,808 | $ 38,249 | |
Less: current portion | (5,522) | (5,272) | |
Long-term portion | 34,286 | 32,977 | |
BMO Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 21,731 | 16,383 | |
Credit Agreements - Casinos Poland [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 2,103 | 3,446 | |
Credit Facility - Casinos Poland [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 1,396 | 1,506 | |
Capital Leases - Casinos Poland [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 22 | 108 | |
Financing Obligation - United Horsemen Of Alberta Land Lease [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1] | $ 14,556 | $ 16,806 |
[1] | CDR's land lease is a financing obligation of the Company. Prior to the Company's acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project has been constructed and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method, accounting for the land subject to the lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,015 | $ 2,431 | |
2,016 | 4,015 | |
2,017 | 2,765 | |
2,018 | 2,529 | |
2,019 | 13,512 | |
Thereafter | 14,556 | |
Total long-term debt | 39,808 | $ 38,249 |
Bank Of Montreal [Member] | ||
Debt Instrument [Line Items] | ||
2,015 | 632 | |
2,016 | 2,529 | |
2,017 | 2,529 | |
2,018 | 2,529 | |
2,019 | 13,512 | |
Thereafter | 0 | |
Total long-term debt | 21,731 | |
Century Downs Racetrack And Casino [Member] | ||
Debt Instrument [Line Items] | ||
2,015 | 0 | |
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
Thereafter | 14,556 | |
Total long-term debt | 14,556 | |
Casinos Poland Ltd [Member] | ||
Debt Instrument [Line Items] | ||
2,015 | 1,799 | |
2,016 | 1,486 | |
2,017 | 236 | |
2,018 | 0 | |
2,019 | 0 | |
Thereafter | 0 | |
Total long-term debt | $ 3,521 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, PLN in Millions | 9 Months Ended | |||||
Sep. 30, 2015PLN | Sep. 30, 2015USD ($) | Sep. 30, 2014PLN | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Commitments and Contingencies [line items] | ||||||
Contingent liability | PLN 12 | $ 3,153 | $ 3,560 | |||
Number of days to appeal | 30 days | 30 days | ||||
Review Of Tax Year 2011 [Member] | ||||||
Commitments and Contingencies [line items] | ||||||
Paid to Polish IRS | PLN 0.1 | $ 100 | ||||
Review Of Tax Period December 2007 To December 2008 [Member] | ||||||
Commitments and Contingencies [line items] | ||||||
Paid to Polish IRS | PLN 3.5 | $ 1,200 | ||||
Review Of Tax Year 2009 [Member] | ||||||
Commitments and Contingencies [line items] | ||||||
Paid to Polish IRS | PLN 2.8 | $ 900 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||
Income tax expense | $ 373 | $ 138 | $ 402 | $ 786 | |
Pre-tax income | 3,512 | $ 219 | $ 12,657 | $ 377 | |
Effective tax rate | 3.20% | 208.50% | |||
Valuation allowance | $ 1,500 | $ 1,500 | |||
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 16.45% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares, basic | 24,399 | 24,381 | 24,389 | 24,380 |
Dilutive effect of stock options | 41 | 36 | 41 | 39 |
Weighted average common shares, diluted | 24,440 | 24,417 | 24,430 | 24,419 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 1,469 | 68 | 1,469 | 68 |
Fair Value Measurements and D44
Fair Value Measurements and Derivative Instruments Reporting (Details) CAD in Millions | 9 Months Ended | ||||
Sep. 30, 2015CADitem | Sep. 30, 2015USD ($) | Apr. 30, 2015CAD | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |||
Cash equivalents | $ 0 | 0 | |||
Derivative Liability | 0 | ||||
Number of interest rate swap agreements | item | 2 | ||||
Derivative Instruments designated as accouting hedges | $ 0 | $ 0 | |||
Minimum [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
CDOR exchange rate | 3.89 | 3.89 | |||
Maximum [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
CDOR exchange rate | 3.92 | 3.92 | |||
BMO Credit Agreement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Effective interest rate | 3.26% | 3.26% | |||
Line of Credit Facility, Amount Outstanding | CAD 29.1 | $ 21,700,000 | |||
Notional Value | 8,000,000 | CAD 10.7 | |||
BMO Credit Agreement [Member] | Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Line of Credit Facility, Amount Outstanding | 5,700,000 | CAD 7.7 | |||
Line of Credit Facility, Expiration Date | Aug. 15, 2019 | ||||
Notional Value | CAD 10.7 | 8,000,000 | |||
Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability | 0 | ||||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability | 223,000 | ||||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability | $ 0 | ||||
Century Downs Racetrack And Casino [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Effective interest rate | 12.90% | 12.90% | |||
Century Downs Racetrack And Casino [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Outstanding balance on financing obligation | CAD 19.5 | $ 14,600,000 | |||
Century Downs Racetrack And Casino [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Outstanding balance on financing obligation | CAD 19.5 | $ 14,500,000 |
Fair Value Measurements and D45
Fair Value Measurements and Derivative Instruments Reporting (Fair value and basis of valuatin of financial liabilities) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair value measurements [line items] | ||
Derivative financial instruments | $ 0 | |
Level 1 [Member] | ||
Fair value measurements [line items] | ||
Derivative financial instruments | $ 0 | |
Level 2 [Member] | ||
Fair value measurements [line items] | ||
Derivative financial instruments | (223,000) | |
Level 3 [Member] | ||
Fair value measurements [line items] | ||
Derivative financial instruments | $ 0 |
Fair Value Measurements and D46
Fair Value Measurements and Derivative Instruments Reporting (Derivative instruments in financial statements) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives not designated as ASC 815 hedges | $ 229 | $ 0 | $ 518 | $ 0 |
Fair Value Measurements and D47
Fair Value Measurements and Derivative Instruments Reporting (Fair Value of derivative insturments in Balance sheet) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |
Gross recognized Liabilites | $ (223) |
Gross Amounts Offset | 0 |
Net Recognized Fair value Liabilities | (223) |
Interest Rate Swap - Current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross recognized Liabilites | (107) |
Gross Amounts Offset | 0 |
Net Recognized Fair value Liabilities | (107) |
Interest Rate Swap - Non-Current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross recognized Liabilites | (116) |
Gross Amounts Offset | 0 |
Net Recognized Fair value Liabilities | $ (116) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)item | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Co-CEOs | item | 2 | 2 | ||
Net operating revenue | $ 33,526 | $ 28,123 | $ 101,803 | $ 88,790 |
Number of reportable segments | item | 3 | |||
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 7,958 | 7,252 | $ 21,960 | 20,456 |
Corporate and Other [Member] | International Waters [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 800 | 2,100 | 3,200 | 5,400 |
Corporate and Other [Member] | Aruba [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | 100 | $ 100 | 300 | $ 300 |
Corporate and Other [Member] | Argentina [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | $ 100 | 200 | ||
Termination of Concession agreements [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating revenue | $ 3,400 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Operating Segment 1 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel - Edmonton |
Operating Segment 2 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino Calgary |
Operating Segment 3 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Downs Racetrack and Casino |
Operating Segment 4 [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Bets! |
Operating Segment 5 [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel – Central City |
Operating Segment 6 [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Century Casino & Hotel – Cripple Creek |
Operating Segment 7 [Member] | Poland [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Casinos Poland |
Operating Segment 8 [Member] | Corporate and Other [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Cruise Ships & Other |
Operating Segment 9 [Member] | Corporate and Other [Member] | |
Segment Reporting Information [Line Items] | |
Name of operating segment | Corporate Other |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net operating revenue | $ 33,526 | $ 28,123 | $ 101,803 | $ 88,790 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,728 | 796 | 11,170 | 1,462 | |
Income tax (benefit) | 373 | 138 | 402 | 786 | |
Depreciation and amortization | 2,078 | 2,050 | 5,780 | 5,820 | |
Non-controlling interests | 411 | (715) | 1,085 | (1,871) | |
Non-cash stock-based compensation | 1,230 | 56 | |||
Gain (loss) on foreign currency transactions and other | (240) | (200) | (1,142) | (375) | |
Current assets | 35,651 | 35,651 | $ 30,163 | ||
Total Assets | 190,441 | 190,441 | 187,467 | ||
Property and equipment, net | 132,770 | 132,770 | $ 134,627 | ||
Consolidated Entities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net operating revenue | 33,526 | 28,123 | 101,803 | 88,790 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,728 | 796 | 11,170 | 1,462 | |
Interest expense (income), net | 810 | 696 | 2,506 | 2,018 | |
Income tax (benefit) | 373 | 138 | 402 | 786 | |
Depreciation and amortization | 2,078 | 2,050 | 5,780 | 5,820 | |
Non-controlling interests | 411 | (715) | 1,085 | (1,871) | |
Non-cash stock-based compensation | 423 | 14 | 1,230 | 57 | |
Gain (loss) on foreign currency transactions and other | (240) | (200) | (1,142) | (375) | |
Loss on disposition of fixed assets | 136 | (12) | 281 | 788 | |
Preopening expenses | 345 | ||||
Other one-time (income) | 0 | 114 | (3,365) | 121 | |
Adjusted EBITDA | 6,719 | 2,881 | 18,292 | 8,806 | |
Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net operating revenue | 12,198 | 8,264 | 33,951 | 25,533 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,957 | 1,548 | 6,355 | 4,458 | |
Interest expense (income), net | 783 | 612 | 2,406 | 1,798 | |
Income tax (benefit) | 519 | 387 | 1,479 | 1,400 | |
Depreciation and amortization | 644 | 487 | 1,635 | 1,432 | |
Non-controlling interests | 145 | (594) | 143 | (1,592) | |
Non-cash stock-based compensation | 0 | 0 | 0 | 0 | |
Gain (loss) on foreign currency transactions and other | (148) | (47) | (670) | (69) | |
Loss on disposition of fixed assets | 2 | 0 | 4 | 0 | |
Preopening expenses | 345 | ||||
Other one-time (income) | 0 | 0 | 0 | (103) | |
Adjusted EBITDA | 3,902 | 2,393 | 11,697 | 7,324 | |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net operating revenue | 7,958 | 7,252 | 21,960 | 20,456 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 931 | 501 | 2,125 | 1,103 | |
Interest expense (income), net | 0 | 0 | 0 | 0 | |
Income tax (benefit) | 571 | 307 | 1,301 | 676 | |
Depreciation and amortization | 638 | 647 | 1,904 | 1,775 | |
Non-controlling interests | 0 | 0 | 0 | 0 | |
Non-cash stock-based compensation | 0 | 0 | 0 | 0 | |
Gain (loss) on foreign currency transactions and other | 0 | 0 | 0 | 0 | |
Loss on disposition of fixed assets | 0 | 0 | 0 | 1 | |
Preopening expenses | 0 | ||||
Other one-time (income) | 0 | 0 | 0 | 0 | |
Adjusted EBITDA | 2,140 | 1,455 | 5,330 | 3,555 | |
Poland [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net operating revenue | 12,449 | 10,425 | 38,858 | 37,087 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 536 | (245) | 1,884 | (561) | |
Interest expense (income), net | 31 | 89 | 110 | 251 | |
Income tax (benefit) | 227 | (135) | 743 | (226) | |
Depreciation and amortization | 678 | 725 | 1,925 | 2,141 | |
Non-controlling interests | 266 | (121) | 942 | (279) | |
Non-cash stock-based compensation | 0 | 0 | 0 | 0 | |
Gain (loss) on foreign currency transactions and other | (98) | (155) | (466) | (320) | |
Loss on disposition of fixed assets | 131 | (12) | 273 | 784 | |
Preopening expenses | 0 | ||||
Other one-time (income) | 0 | 114 | 0 | 224 | |
Adjusted EBITDA | 1,771 | 260 | 5,411 | 2,014 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net operating revenue | 921 | 2,182 | 7,034 | 5,714 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (696) | (1,008) | 806 | (3,538) | |
Interest expense (income), net | (4) | (5) | (10) | (31) | |
Income tax (benefit) | (944) | (421) | (3,121) | (1,064) | |
Depreciation and amortization | 118 | 191 | 316 | 472 | |
Non-controlling interests | 0 | 0 | 0 | 0 | |
Non-cash stock-based compensation | 423 | 14 | 1,230 | 57 | |
Gain (loss) on foreign currency transactions and other | 6 | 2 | (6) | 14 | |
Loss on disposition of fixed assets | 3 | 0 | 4 | 3 | |
Preopening expenses | 0 | ||||
Other one-time (income) | 0 | 0 | (3,365) | 0 | |
Adjusted EBITDA | $ (1,094) | $ (1,227) | $ (4,146) | $ (4,087) |