Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 27, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 24,434,571 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets [Abstract] | ||
Cash and cash equivalents | $ 31,267 | $ 29,366 |
Receivables, net | 3,059 | 3,279 |
Prepaid expenses | 1,351 | 997 |
Inventories | 552 | 529 |
Deferred income taxes | 421 | 309 |
Other current assets | 40 | 60 |
Total Current Assets | 36,690 | 34,540 |
Property and equipment, net | 135,056 | 131,582 |
Goodwill | 10,382 | 10,173 |
Deferred income taxes | 5,068 | 4,834 |
Casino licenses | 3,016 | 3,028 |
Trademarks | 1,648 | 1,654 |
Cost investment | 1,000 | 1,000 |
Deposits and other | 1,288 | 272 |
Total Assets | 194,148 | 187,083 |
Current Liabilities: | ||
Current portion of long-term debt | 3,790 | 4,123 |
Accounts payable | 1,991 | 2,692 |
Accrued liabilities | 6,366 | 5,619 |
Accrued payroll | 3,917 | 4,162 |
Taxes payable | 3,199 | 4,371 |
Contingent liability (note 8) | 2,171 | 2,180 |
Deferred income taxes | 153 | 153 |
Total Current Liabilities | 21,587 | 23,300 |
Long-term debt, net of current portion and deferred financing costs (note 7) | 33,159 | 32,397 |
Taxes payable and other | 702 | 630 |
Deferred income taxes | 3,628 | 3,481 |
Total Liabilities | 59,076 | 59,808 |
Commitments and Contingencies | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,434,571 and 24,414,083 shares issued and outstanding | 244 | 244 |
Additional paid-in capital | 77,745 | 77,318 |
Retained earnings | 61,700 | 57,558 |
Accumulated other comprehensive earnings | (10,262) | (12,704) |
Total Century Casinos, Inc. shareholders’ equity | 129,427 | 122,416 |
Non-controlling interest | 5,645 | 4,859 |
Total Equity | 135,072 | 127,275 |
Total Liabilities and Equity | $ 194,148 | $ 187,083 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 24,434,571 | 24,414,083 |
Common stock, shares outstanding | 24,434,571 | 24,414,083 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Operating revenue: | |||||
Gaming | $ 30,901 | $ 30,470 | $ 59,060 | $ 58,649 | |
Hotel | 490 | 400 | 935 | 787 | |
Food and beverage | 3,028 | 3,218 | 5,920 | 5,785 | |
Termination of concession agreement | 0 | 3,365 | 0 | 3,365 | |
Other | 2,988 | 2,595 | 6,028 | 3,769 | |
Gross revenue | 37,407 | 40,048 | 71,943 | 72,355 | |
Less: Promotional allowances | (2,206) | (2,173) | (4,212) | (4,076) | |
Net operating revenue | [1] | 35,201 | 37,875 | 67,731 | 68,279 |
Operating costs and expenses: | |||||
Gaming | 14,251 | 14,206 | 27,616 | 28,895 | |
Hotel | 134 | 139 | 273 | 267 | |
Food and beverage | 2,659 | 2,834 | 5,222 | 4,981 | |
General and administrative | 11,499 | 10,967 | 22,569 | 20,494 | |
Depreciation and amortization | 2,117 | 1,890 | 4,127 | 3,702 | |
Total operating costs and expenses | 30,660 | 30,036 | 59,807 | 58,339 | |
Earnings from operations | 4,541 | 7,839 | 7,924 | 9,940 | |
Non-operating income (expense): | |||||
Interest income | 14 | 1 | 31 | 15 | |
Interest expense | (802) | (1,034) | (1,580) | (1,712) | |
Gain on foreign currency transactions and other | 1,560 | 407 | 1,758 | 902 | |
Non-operating income (expense), net | 772 | (626) | 209 | (795) | |
Earnings before income taxes | 5,313 | 7,213 | 8,133 | 9,145 | |
Income tax (expense) benefit | (987) | 406 | (1,584) | (29) | |
Net earnings | 4,326 | 7,619 | 6,549 | 9,116 | |
Net earnings attributable to non-controlling interests | (2,077) | (1,022) | (2,407) | (674) | |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 2,249 | $ 6,597 | $ 4,142 | $ 8,442 | |
Earnings per share attributable to Century Casinos, Inc. shareholders: | |||||
Basic | $ 0.09 | $ 0.27 | $ 0.17 | $ 0.35 | |
Diluted | $ 0.09 | $ 0.27 | $ 0.17 | $ 0.35 | |
Weighted average shares outstanding - basic | 24,432 | 24,386 | 24,445 | 24,384 | |
Weighted average shares outstanding - diluted | 24,548 | 24,428 | 24,616 | 24,424 | |
[1] | Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,326 | $ 7,619 | $ 6,549 | $ 9,116 |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments | (1,309) | 1,055 | 2,447 | (4,139) |
Other comprehensive (loss) income | (1,309) | 1,055 | 2,447 | (4,139) |
Comprehensive income | 3,017 | 8,674 | 8,996 | 4,977 |
Comprehensive income attributable to non-controlling interests | ||||
Net earnings attributable to non-controlling interests | (2,077) | (1,022) | (2,407) | (674) |
Foreign currency translation adjustments | 383 | (109) | (5) | 399 |
Comprehensive income loss attributable to Century Casinos, Inc. shareholders | $ 1,323 | $ 7,543 | $ 6,584 | $ 4,702 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of 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, 2014 | $ 244 | $ 76,169 | $ (3,636) | $ 45,651 | $ 118,428 | $ 3,998 | $ 122,426 |
Shares, BALANCE at Dec. 31, 2014 | 24,381,057 | ||||||
Net earnings | $ 0 | 0 | 0 | 8,442 | 8,442 | 674 | 9,116 |
Foreign currency translation adjustment | 0 | 0 | (3,740) | 0 | (3,740) | (399) | (4,139) |
Amortization of stock-based compensation | 0 | 807 | 0 | 0 | 807 | 0 | 807 |
Distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (490) | (490) |
Exercise of stock options | $ 0 | 83 | 0 | 0 | 83 | 0 | 83 |
Exercise of stock options, shares | 16,250 | ||||||
Conversion of CDR equity (note 3) | $ 0 | (581) | (135) | 0 | (716) | 716 | 0 |
BALANCE at Jun. 30, 2015 | $ 244 | 76,478 | (7,511) | 54,093 | 123,304 | 4,499 | 127,803 |
Shares, BALANCE at Jun. 30, 2015 | 24,397,307 | ||||||
BALANCE at Dec. 31, 2015 | $ 244 | 77,318 | (12,704) | 57,558 | 122,416 | 4,859 | $ 127,275 |
Shares, BALANCE at Dec. 31, 2015 | 24,414,083 | 24,414,083 | |||||
Net earnings | $ 0 | 0 | 0 | 4,142 | 4,142 | 2,407 | $ 6,549 |
Foreign currency translation adjustment | 0 | 0 | 2,442 | 0 | 2,442 | 5 | 2,447 |
Amortization of stock-based compensation | 0 | 381 | 0 | 0 | 381 | 0 | 381 |
Distribution to non-controlling interest | 0 | 0 | 0 | 0 | 0 | (1,626) | (1,626) |
Exercise of stock options | $ 0 | 46 | 0 | 0 | 46 | 0 | 46 |
Exercise of stock options, shares | 20,488 | ||||||
BALANCE at Jun. 30, 2016 | $ 244 | $ 77,745 | $ (10,262) | $ 61,700 | $ 129,427 | $ 5,645 | $ 135,072 |
Shares, BALANCE at Jun. 30, 2016 | 24,434,571 | 24,434,571 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 6,549 | $ 9,116 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 4,127 | 3,702 |
Loss on disposition of fixed assets | 37 | 146 |
Unrealized loss on interest rate swaps | 23 | 173 |
Amortization of stock-based compensation expense | 381 | 807 |
Amortization of deferred financing costs | 57 | 62 |
Deferred taxes | (197) | (1,810) |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | 278 | (2,062) |
Prepaid expenses and other assets | (847) | 1,467 |
Accounts payable | (257) | (570) |
Accrued liabilities | 717 | (797) |
Inventories | 2 | 30 |
Other operating assets | (489) | 0 |
Other operating liabilities | 3 | 4 |
Accrued payroll | (296) | (248) |
Taxes payable | (1,209) | (1,452) |
Contingent liability payment | 0 | (159) |
Net cash provided by operating activities | 8,879 | 8,409 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (3,805) | (12,958) |
Proceeds from disposition of assets | 10 | 696 |
Net cash used in investing activities | (3,795) | (12,262) |
Cash Flows (used in) provided by Financing Activities: | ||
Proceeds from borrowings | 379 | 11,243 |
Principal repayments | (2,426) | (2,271) |
Distribution to non-controlling interest | (1,626) | (490) |
Proceeds from exercise of stock options | 46 | 83 |
Net cash (used in) provided by financing activities | (3,627) | 8,565 |
Effect of Exchange Rate Changes on Cash | 444 | (528) |
Increase in Cash and Cash Equivalents | 1,901 | 4,184 |
Cash and Cash Equivalents at Beginning of Period | 29,366 | 24,741 |
Cash and Cash Equivalents at End of Period | 31,267 | 28,925 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 1,459 | 399 |
Income taxes paid | 1,896 | 2,036 |
Non-Cash Investing Activities: | ||
Purchase of property, plant and equipment on account | 740 | 965 |
Conversion of CDR equity (note 3) | $ 0 | $ 716 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 , 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 provide d gaming services in Argentina. The Company currently owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: · The Cen tury 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 currently has a controlling financial interest through its subsidiary Century Casinos Europe GmbH (“CCE”) in the following majority-owned subsidiaries: · T he Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). CPL is the owner and operator of eight 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. In July 2016, the casino license at the Katowice casino expired. The Company has applied for the license and expects a decision in September 2016. Until the license is awarded, the casino operations at the Katowice casino have been moved to the Sosnowiec casino. See Note 5 for additional information related to Casinos Poland’s casino licenses. · The Company owns 75% of 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 . T he 201 6 horse racing season is from February to November. 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. · The Company owns 75% of Century Bets! Inc. (“CBS” or “Century Bets”) . 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 the following concession, management and consulting service agreements: · The Company operates 13 ship-based casinos through concession agreements with four cruise ship owners. The Company began operating the ship-based casinos onboard the Mein Schiff 5, a new 2,500 passenger cruise ship, and TUI Discovery, a 2,067 passenger cruise ship, during the second quarter of 2016, and in July 2016 began operating the ship-based casino onboard Glory Sea, a 1,200 passenger cruise ship that will operate in the China market. Under an amended concession agreement with TUI Cruises , the Company also plans to operate the ship-based casino onboard Mein Schiff 6, a new 2,500 passenger cruise ship that is expected to begin operati ng in the third quarter of 2017. 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 and recorded this on its condensed consolidated statement of earnings (loss) under operating revenue net of $0.6 million related to 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 & Casino from which the Company receives a monthly management fee. · The Company, through its subsidiary CCE, has a 7.5% ownership interest in Mendoza Central Entretenimientos S.A., an Argentina company (“MCE”) . 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 Casino de Mendoza , a casino located in Mendoza, Argentina and owned by the Province of Mendoza. In addition, CCE and MCE have entered into a c onsulting s ervices a greement 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. 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. 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 the 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, 201 5 . The results of operations for the period ended June 30, 2016 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 denom inated 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: June 30, December 31, June 30, Ending Rates 2016 2015 2015 Canadian dollar (CAD) 1.3009 1.3840 1.2474 Euros (EUR) 0.9063 0.9209 0.8967 Polish zloty (PLN) 3.9625 3.9464 3.7550 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 six months ended June 30, ended June 30, Average Rates 2016 2015 % Change 2016 2015 % Change Canadian dollar (CAD) 1.2890 1.2302 (4.8%) 1.3311 1.2354 (7.7%) Euros (EUR) 0.8856 0.9041 2.0% 0.8961 0.8964 0.0% Polish zloty (PLN) 3.8726 3.6972 (4.7%) 3.9141 3.7104 (5.5%) Source: Pacific Exchange Rate Service Correction of Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 The Company identified errors within its statements of cash flows for the six months ended June 30, 2015. The Company inadvertently failed to remove the effects of a portion of unpaid purchases of property and equipment from the change in accounts payable and purchases of property and equipment in the preparation of the statements of cash flows. This error resulted in the understatement of net cash provided by operating activities of $1.2 million and a corresponding understatement of net cash used in investing activities of $1.2 million, for the six months ended June 30, 2015. The prior period amounts within the condensed consolidated statements of cash flows for the six months ended June 30, 2015 have been revised to reflect the correct balances. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
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 under 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; provided, however, that in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 for one year. ASU 2015-14 is effective for fiscal years and interim periods beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. In addition, the FASB has issued four related ASUs on principal versus agent guidance (ASU 2016-08), identifying performance obligations and the licensing implementation guidance (ASU 2016-10), a revision of certain SEC Staff Observer comments (ASU 2016-11) and implementation guidance (ASU 2016-12). The Company is currently evaluating the impact of adopting these ASUs, including the transition method to be applied; however, the standards are not expected 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 ending after December 15, 2016, and annual and interim periods thereafter. The Company is currently evaluating the impact of adopting ASU 2014-15; however, the standard is not expected to have a material impact on its 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 or 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. The Company is currently evaluating the impact of adopting ASU 2015-11; however, the standard is not expected to have a material impact on its 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 for acquisitions by eliminating the requirement to retrospectively adjust provisional amounts recognized in a business combination during the measurement period. ASU 2015-16 requires adjustments to the provisional amounts that are identified during the measurement period to be recognized when they are identified. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of ASU 2015-16 is permitted. ASU 2015-16 could have a material impact on the Company’s consolidated financial statements if we close the Apex Acquisition (see Note 3). In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). The objective of ASU 2015-17 is to simplify the presentation of deferred taxes in a classified statement of financial position. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2015-17 is permitted. The Company is currently evaluating the impact of adopting ASU 2015-17; however, the standard is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). The objective of ASU 2016-02 is to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of ASU 2016-02 is permitted. The Company is currently evaluating the impact of adopting ASU 2016-02. Adoption of this standard may have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify the accounting for share-based payment transactions, including recording all excess tax benefits and tax deficiencies through income tax on the statement of earnings and eliminating the requirement that excess tax benefits be realized before they can be recognized. ASU 2016-09 also simplifies several other aspects of the accounting for employee share-based payments, including forfeitures, statutory tax withholdings requirements and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2016-09 is permitted. The Company is currently evaluating the impact of adopting ASU 2016-09. |
Apex Acquisition
Apex Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Apex Acquisition [Abstract] | |
Apex Acquisition | 3. APEX ACQUISITION In June 2016, the Company’s subsidiary, CCE, entered into an agreement to acquire 100% of the issued and outstanding shares and related land of Game Plan Developments Ltd., Casino St. Albert Inc., Action ATM Inc. and MVP Sports Bar Ltd., collectively operating the Apex Casino (“Apex”) in St. Albert, Edmonton, Canada (the “Apex Acquisition”). Apex is a 34,500 square foot casino facility located on approximately seven acres of land. The casino facility includes 382 slot machines, 11 live table games, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests. The Apex Acquisition, which is expected to close in the fourth quarter of 2016, is subject to, among other things, the Company’s obtaining financing for the acquisition and customary closing conditions, including the receipt of necessary regulatory and governmental approvals, as well as the completion of due diligence by the Company. The total consideration for the Apex Acquisition is CAD 29.9 million subject to adjustment for the closing date working capital of Apex. Payments for the Apex Acquisition include the following: A) A CAD 0.6 million deposit ( $0.5 million based on the exchange rate in effect on June 30, 2016) , which was paid in two equal parts on April 25, 2016 and June 29, 2016 and was reported as deposits and other on the Company’s condensed consolidated balance sheet as of June 30, 2016. B) CAD 29.3 million, wh ich will be paid at closing. C) The working capital of Apex will be held in an escrow account until completion of the closing working capital statement. |
Cost Investment
Cost Investment | 6 Months Ended |
Jun. 30, 2016 | |
Cost Investment [Abstract] | |
Cost Investment | 4. COST INVESTMENT Mendoza Central Entretenimientos S.A. On October 31, 2014, CCE entered into an agreement ( 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 is work ing 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 Casino de Mendoza , 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 and has the right to appoint additional directors to MCE’s board of directors based on its ownership percentage of MCE . In addition, CCE has a three -year option through October 2017 to purchase up to 50% of the shares of MCE . The option can be exercised by CCE in tranches of shares, with each tranche representing not less than ten percent of the total outstanding shares of MCE. The exercise price of the shares is based upon the value of MCE at the time the option is exercised, which value is determined by a multiple of MCE’s EBITDA less certain debt. There are no conditions that limit CCE’s ability to exercise this option. The Company accounts for the $1.0 million investment in MCE using the cost method. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company test s 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. The reporting units with goodwill balances as of June 30, 2016 include the Edmonton casino property and the CDR and CPL operations. The Company consider s a variety of factors whe n estimating the fair value of its 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. 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. There have been no indications of impairment at the Company’s Edmonton property, CDR or CPL since the Company’s last annual analysis that would necessitate additional impairment testing by the Company . Changes in the carrying amount of goodwill related to the Company’s Edmonton property, CDR and CPL are as follows: Canada Poland Amounts in thousands Edmonton Century Downs Casinos Poland Total Balance – December 31, 2015 $ 3,551 $ 137 $ 6,485 $ 10,173 Effect of foreign currency translation 227 8 (26) 209 Balance -- June 30, 2016 $ 3,778 $ 145 $ 6,459 $ 10,382 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. Changes in the carrying amount of the trademarks are as follows: Amounts in thousands Century Casinos Casinos Poland Total Balance -- December 31, 2015 $ 108 $ 1,546 $ 1,654 Effect of foreign currency translation 0 (6) (6) Balance -- June 30, 2016 $ 108 $ 1,540 $ 1,648 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 Century Casinos and Casinos Poland trademarks have been recorded. Casino Licenses Casino licenses consist of the following: June 30, December 31, Amounts in thousands 2016 2015 Casino licenses $ 4,271 $ 4,131 Less: accumulated amortization (1,255) (1,103) Casino licenses, net $ 3,016 $ 3,028 Casinos Poland As of June 30, 2016, Casinos Poland had nine casino licenses, each with an original term of six years, which are finite-lived intangible assets and are amortized over their respective useful lives . Changes in the carrying amount of the Casinos Poland licenses a re as follows: Amounts in thousands Casinos Poland Balance – December 31, 2015 $ 730 Amortization (200) Effect of foreign currency translation 41 Balance -- June 30, 2016 $ 571 As of June 30, 2016 , estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2016 $ 191 2017 280 2018 87 2019 13 2020 0 $ 571 Such estimates do not reflect the impact of future foreign exchange rate changes or the extension of the current licenses. The weighted average period before the current casino licenses expire is 1.4 years . In Poland, gaming licenses are not renewed. Once a gaming license has expired, any gaming company can apply for the license. On July 7, 2016, the casino license at the Katowice casino expired. The Company has applied for the license and expects a decision in September 2016. Until the license is awarded, the casino operations at the Katowice casino have been moved to the Sosnowiec casino. If the license is not granted, the Company will continue operations at the Sosnowiec casino until its license expires in May 2017. The casino license at the Lim Center casino in Warsaw will expire in September 2016. The Company has appl ied for the license and expects a decision in September 2016. Century Downs Racetrack and Casino CDR currently has two licenses, one from the AGLC and one from HRA. The licenses are indefinite - lived intangible assets and therefore are not amortized . No impairment charges related to the CDR licenses have been recorded. Changes in the carrying amount of the CDR licenses a re as follows: Amounts in thousands Century Downs Balance – December 31, 2015 $ 2,298 Effect of foreign currency translation 147 Balance -- June 30, 2016 $ 2,445 |
Promotional Allowances
Promotional Allowances | 6 Months Ended |
Jun. 30, 2016 | |
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. T he cost s of providing promotional allowances were as follows: For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Hotel $ 13 $ 19 $ 29 $ 35 Food and beverage 245 260 494 497 $ 258 $ 279 $ 523 $ 532 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 June 30, 2016 and December 31, 201 5 , the outstanding balance of this liability was $0.7 million. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of June 30, 2016 and December 31, 201 5 consisted of the following: Amounts in thousands June 30, 2016 December 31, 2015 Credit agreement - Bank of Montreal $ 20,421 4.45% $ 20,419 5.07% Capital leases - Edmonton 270 6.77% 0 0.00% Credit agreement - Casinos Poland 883 3.50% 1,647 3.02% Credit facility - Casinos Poland 0 0.00% 0 0.00% Capital leases - Casinos Poland 4 59.33% 13 27.89% Financing obligation - CDR land lease 14,987 14.21% 14,087 12.94% Capital leases - CDR 604 5.48% 615 4.57% Total principal $ 37,169 8.47% $ 36,781 8.21% Deferred financing costs (220) (261) Total long-term debt $ 36,949 $ 36,520 Less current portion (3,790) (4,123) Long-term portion $ 33,159 $ 32,397 Bank of Montreal Credit Agreement In May 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with BM O . 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 with an interest rate of BMO’s floating rate plus a margin on the debt that is not included in the interest rate swap agreements. As of June 30, 2016 , the Company had borrowed CAD 33.9 million, of which the outstanding balance was CAD 26.6 million ( $20.4 million based on the exchange rate in effect on June 30, 2016 ) and the Company had approximately CAD 5.2 million ( $4.0 million based on the exchange rate in effect on June 30, 2016 ) 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 CDR . The Company can also use the proceeds to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. 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 s in effect on June 30, 2016 and 2015) were recorded as general and administrative expense in the condensed consolidated statement s of earnings for each of the three and six months ended June 30, 2016 and June 30, 2015 . 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 June 30, 2016 . 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 BMO Credit Agreement. The Company’s two interest rate swap agreements are set at a Canadian Dollar Offered Rate (“CDOR”) of 3.92% and 3.89% , respectively. The notional amount for each of the interest rate swap agreements wa s CAD 9.7 million ( $7.5 million based on the exchange rate in effect on June 30, 2016 ) . 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 s of earnings. Deferred financing costs consist of the Company’s costs related to the financing of the BMO Credit Agreement. Amortization expenses relating to deferred financing charges were less than $0.1 million for each of the three months ended June 30, 2016 and 201 5 . These costs are included in interest expense in the condensed consolidated statements of earnings. Edmonton As of June 30, 2016, Edmonton had a capital lease agreement totaling CAD 0.4 million ( $0.3 million based on the exchange rate in effect on June 30, 2016 ) for surveillance equipment. Casinos Poland As of June 30, 2016 , CPL had debt totaling PLN 3.5 million ( $0.9 million based on the exchange rate in effect on June 30, 2016 ) under two credit agreements and one capital lease agreement. CPL also had a credit facility that had no outstanding balance as of June 30, 2016. 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. The mBank credit agreement is secured by a building owned by CPL in Warsaw, Poland. As of June 30, 2016 , the amount outstanding on the term loan was PLN 2.0 million ( $0.5 million based on the exchange rate in effect on June 30, 2016 ). 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 June 30, 2016 . 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. The mBank credit agreement is secured by a building owned by CPL in Warsaw, Poland. As of June 30, 2016 , the amount outstanding on the term loan was PLN 1.5 million ($0.4 million based on the exchange rate in effect on June 30, 2016 ). 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 June 30, 2016 . 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% with a borrowing capacity of PLN 13.0 million, of which PLN 2.0 million may only be used to secure bank guarantees . The credit facility terminates on February 1 1 , 201 8 . The BPH Bank line of credit is secured by a building owned by CPL in Warsaw, Poland. As of June 30, 2016 , there was no outstanding amount on the credit facility, and CPL ha d approximately PLN 11.0 million ($2.8 million based on the exchange rate in effect on June 30, 2016 ) available under the agreement . 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 th e BPH Bank line of credit as of June 30, 2016 . CPL’s remaining debt is a capital lease agreement for a vehicle. As of June 30, 2016 , the amount outstanding was less than PLN 0.1 million (less than $0.1 million based on the exchange rate in effect on June 30, 2016 ). 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 June 30, 2016 ). 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 $0.2 million in deposits for this purpose as of June 30, 2016 . These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Downs Racetrack and Casino As of June 30, 2016 , CDR had debt totaling CAD 20.3 million ( $15.6 million based on the exchange rate in effect on June 30, 2016 ). The debt includes CDR’s land lease and five capital lease agreements. 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 is located 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 by accounting for the land subject to 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 June 30, 2016 , the outstanding balance on the financing obligation was CAD 19.5 million ($15. 0 million based on the exchange rate in effect on June 30, 2016 ) and the implicit interest rate was 10.0% . CDR’s remaining debt consists of five capital lease agreements for equipment used in the operation of CDR. As of June 30, 2016 , the amount outstanding was CAD 0.8 million ( $0.6 million based on the exchange rate in effect on June 30, 2016 ). As of June 30, 2016 , scheduled maturi ties related to long-term debt we re as follows: Amounts in thousands Bank of Montreal Edmonton Century Downs Casinos Poland Total 2016 $ 1,302 $ 46 $ 139 $ 659 $ 2,146 2017 2,604 96 289 228 3,217 2018 2,604 102 95 0 2,801 2019 13,911 26 44 0 13,981 2020 0 0 28 0 28 Thereafter 0 0 14,996 0 14,996 Total $ 20,421 $ 270 $ 15,591 $ 887 $ 37,169 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 . The Polish IRS has conducted tax audits 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. CPL has paid PLN 6.4 million ( $2.1 million) related to these audits. Following multiple appeals by CPL, the Supreme Administrative Court issued an oral decision in March 2016, which was confirmed in a written decision issued in May 2016, finding in favor of the Polish IRS for the tax periods of December 1, 2007 to December 31, 2008 and January 1, 2011 to January 31, 2011. In October 2015, the Voivodship Administrative Court found in favor of CPL for the tax period from January 1, 2009 to December 31, 2009 on procedural grounds that the prior tax proceedings were not conducted by the appropriate taxing authority. However, the court also found that CPL’s tax records for 2009 remain open for audit by a different tax authority. CPL appealed this decision to the Supreme Administrative Court in December 2015 and expects a decision in 2018. A tax audit was not conducted for the period from January 1, 2010 to November 30, 2010, and the statute of limitations has passed for an audit to be conducted. As a result, the Company adjusted its contingent liability to remove the estimated taxes accrued for the 2010 tax year. The adjustment reduced the contingent liability by PLN 3.4 million ( $0.9 million) in December 2015 and was recorded as gain on foreign currency transactions and other on the Company’s consolidated statement of earnings (loss) during the fourth quarter of the year ended December 31, 2015. The balance of the potential liability on the Company ’s condensed consolidated balance sheet for all open periods as of June 30, 2016 is estimated at PLN 8.6 million ( $2.2 million based on the exchange rate in effect on June 30, 2016 ). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of June 30, 2016 and has concluded that it is properly accrued in light of the Company’s estimated obligation related to personal income tax on tips as of June 30, 2016. The decision rendered by the Supreme Administrative Court in March 2016 and other proceedings by the Polish IRS may expose the Company to additional employment tax obligations in the future. Any additional tax obligations are not probable or estimable and the Company has not recorded any additional obligation related to such taxes as of June 30, 2016. Additional tax obligations assessed in the future as a result of these matters, if any, may be material to the Company’s financial position, results of operations and cash flows. To address these issues, the Company expects changes to the payroll and withholding processes for Casinos Poland will be implemented in the third quarter of 2016. The Company anticipates payroll costs to increase by approximately PLN 5.0 million per year ( $1.3 million based on the exchange rate in effect on June 30, 2016). Distribution to Non-Controlling Interest Century Downs 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. Following 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. T he Company distributed $0.5 million related to the infrastructure to CDR’s non-controlling shareholders in the second quarter of 2015 and $1.6 million in the second quarter of 2016 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 9. INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. During the six months ended June 30, 2016 , the Company recognized income tax expense of $1 . 6 million on pre-tax income of $ 8 . 1 million, representing an effective income tax rate of 19. 5 % compared to an income tax expense of less than $0. 1 million on pre-tax income of $ 9 . 1 million, representing an effective income tax rate of 0.3% for the same period in 201 5 . The difference between the income taxes expected at the U.S. federal statutory income tax rate of 34% and the reported income tax expense are impacted by a number of items. The Company’s effective tax rate is lower because there is a lower statutory tax rate in the countries where the Company pays taxes, such as Austria, Mauritius, Canada and Poland, when compared to the United States. T here is a lso a lower effective tax rate for the Company’s Canadian and Polish operations due to exchange rate benefits . 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 stock options . 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 six months ended June 30, 2016 and 201 5 were as follows: For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Weighted average common shares, basic 24,432 24,386 24,445 24,384 Dilutive effect of stock options 116 42 171 40 Weighted average common shares, diluted 24,548 24,428 24,616 24,424 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 six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Stock options 60 1,469 35 1,469 |
Fair Value Measurements and Der
Fair Value Measurements and Derivative Instruments Reporting | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swaps (1) $ 0 $ (237) $ 0 $ 0 $ (194) $ 0 (1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements. The Company determines the fair value of its interest rate swap agreements based on the notional amount of the swaps and the forward rate CAD-CDOR curve provided by Bloomberg and zero-coupon Canadian spot rates as of the valuation date. The Company classifies these instruments as Level 2 because the inputs into the valuation model can be corroborated utilizing observable benchmark market rates at commonly quoted intervals. Non-Recurring Fair Value Measurements The Company applies the provision s 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 June 30, 2016 and December 31, 201 5 . Long-Term Debt – The carrying value of the Company’s long-term debt approximates fair value because it bears interest at the lender’s variable rate for the debt related to the BMO Credit Agreement , the CPL credit agreements and CPL credit facility as of June 30, 2016 and December 31, 2015. The estimated fair values of the outstanding balances under the BMO Credit Agreement and CPL debt are designated as Level 2 measurements in the fair value hierarchy due to quoted prices in active markets for similar liabilities. Other Estimated Fair Value Measurements – The estimated fair value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll and accounts payable , have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of June 30, 2016 and December 31, 201 5 , the Company had no cash equivalents. Derivative Instruments Reporting As of April 2015, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. As of June 30, 2016 , the Company had two interest rate swap agreements, each with a notional amount of CAD 9.7 million ($7.5 million based on the exchange rate in effect on June 30, 2016 ) at a fixed CDOR rate of 3.92% and 3.89% , respectively, which 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 are recognized in interest expense on the Company’s condensed consolidated statement of earnings . The location and effects of derivative instruments on the condensed consolidated statements of earnings were as follows: Amounts in thousands Derivatives not designated as Income Statement For the three months ended June 30, For the six months ended June 30, ASC 815 hedges Classification 2016 2015 2016 2015 Interest Rate Swaps Interest Expense $ 169 $ 289 $ 320 $ 289 The location and fair value amounts of the Company’s derivative instruments in the condensed co nsolidated balance sheets were as follows: Amounts in thousands As of June 30, 2016 As of December 31, 2015 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Derivative liabilities: Interest rate swaps - current Accrued liabilities $ (71) $ 0 $ (71) $ (86) $ 0 $ (86) Interest rate swaps - non-current Taxes payable and other (166) 0 (166) (108) 0 (108) Total derivative liabilities $ (237) $ 0 $ (237) $ (194) $ 0 $ (194) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
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 agreements 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 six months ended June 30, 2016 and 2015: For the Three Months Ended June 30, 2016 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 13,167 $ 7,703 $ 13,570 $ 761 $ 35,201 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 1,948 $ 833 $ 678 $ (1,210) $ 2,249 Interest expense (income), net 784 0 8 (4) 788 Income taxes (benefit) 688 511 350 (562) 987 Depreciation and amortization 772 625 633 87 2,117 Non-controlling interest 1,736 0 341 0 2,077 Non-cash stock-based compensation 0 0 0 190 190 (Gain) loss on foreign currency transactions and other (1,524) 0 (22) (14) (1,560) Loss (gain) on disposition of fixed assets 18 1 (9) 0 10 Adjusted EBITDA $ 4,422 $ 1,970 $ 1,979 $ (1,513) $ 6,858 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. For the Three Months Ended June 30, 2015 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 13,309 $ 7,210 $ 12,875 $ 4,481 $ 37,875 Net earnings attributable to Century Casinos, Inc. shareholders $ 2,258 $ 718 $ 568 $ 3,053 $ 6,597 Interest expense (income), net 992 0 43 (2) 1,033 Income taxes (benefit) 611 362 268 (1,647) (406) Depreciation and amortization 573 632 636 49 1,890 Non-controlling interest 738 0 284 0 1,022 Non-cash stock-based compensation 0 0 0 419 419 Gain on foreign currency transactions and other (357) 0 (35) (15) (407) Loss on disposition of fixed assets 3 0 22 0 25 Acquisition costs (36) 0 0 36 0 Other one-time income (2) 0 0 0 (3,365) (3,365) Adjusted EBITDA $ 4,782 $ 1,712 $ 1,786 $ (1,472) $ 6,808 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations . (2) Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian. For the Six Months Ended June 30, 2016 Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 25,462 $ 14,784 $ 25,835 $ 1,650 $ 67,731 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 3,604 $ 1,377 $ 1,347 $ (2,186) $ 4,142 Interest expense (income), net 1,534 0 23 (8) 1,549 Income taxes (benefit) 1,118 844 617 (995) 1,584 Depreciation and amortization 1,470 1,251 1,234 172 4,127 Non-controlling interest 1,735 0 672 0 2,407 Non-cash stock-based compensation 0 0 0 381 381 (Gain) loss on foreign currency transactions and other (1,544) 0 (222) 8 (1,758) Loss on disposition of fixed assets 21 3 13 0 37 Adjusted EBITDA $ 7,938 $ 3,475 $ 3,684 $ (2,628) $ 12,469 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. For the Six Months Ended June 30, 2015 Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 21,754 $ 14,003 $ 26,409 $ 6,113 $ 68,279 Net earnings attributable to Century Casinos, Inc. shareholders $ 4,392 $ 1,194 $ 1,351 $ 1,505 $ 8,442 Interest expense (income), net 1,625 0 78 (6) 1,697 Income taxes (benefit) 957 731 516 (2,175) 29 Depreciation and amortization 992 1,266 1,247 197 3,702 Non-controlling interest (1) 0 675 0 674 Non-cash stock-based compensation 0 0 0 807 807 Gain on foreign currency transactions and other (519) 0 (368) (15) (902) Loss on disposition of fixed assets 3 0 142 1 146 Preopening expenses 345 0 0 0 345 Other one-time income (2) 0 0 0 (3,365) (3,365) Adjusted EBITDA $ 7,794 $ 3,191 $ 3,641 $ (3,051) $ 11,575 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations . (2) Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian . |
Description Of Business And B20
Description Of Business And Basis Of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Exchange Rates | June 30, December 31, June 30, Ending Rates 2016 2015 2015 Canadian dollar (CAD) 1.3009 1.3840 1.2474 Euros (EUR) 0.9063 0.9209 0.8967 Polish zloty (PLN) 3.9625 3.9464 3.7550 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 six months ended June 30, ended June 30, Average Rates 2016 2015 % Change 2016 2015 % Change Canadian dollar (CAD) 1.2890 1.2302 (4.8%) 1.3311 1.2354 (7.7%) Euros (EUR) 0.8856 0.9041 2.0% 0.8961 0.8964 0.0% Polish zloty (PLN) 3.8726 3.6972 (4.7%) 3.9141 3.7104 (5.5%) Source: Pacific Exchange Rate Service |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Changes In The Carrying Amount Of Goodwill | Canada Poland Amounts in thousands Edmonton Century Downs Casinos Poland Total Balance – December 31, 2015 $ 3,551 $ 137 $ 6,485 $ 10,173 Effect of foreign currency translation 227 8 (26) 209 Balance -- June 30, 2016 $ 3,778 $ 145 $ 6,459 $ 10,382 |
Trademarks | Amounts in thousands Century Casinos Casinos Poland Total Balance -- December 31, 2015 $ 108 $ 1,546 $ 1,654 Effect of foreign currency translation 0 (6) (6) Balance -- June 30, 2016 $ 108 $ 1,540 $ 1,648 |
Casino Licenses | June 30, December 31, Amounts in thousands 2016 2015 Casino licenses $ 4,271 $ 4,131 Less: accumulated amortization (1,255) (1,103) Casino licenses, net $ 3,016 $ 3,028 |
Changes in Carrying Amount of Licenses | Amounts in thousands Casinos Poland Balance – December 31, 2015 $ 730 Amortization (200) Effect of foreign currency translation 41 Balance -- June 30, 2016 $ 571 |
Estimated Amortization Expense | Amounts in thousands 2016 $ 191 2017 280 2018 87 2019 13 2020 0 $ 571 |
Century Downs Racetrack And Casino [Member] | |
Changes in Carrying Amount of Licenses | Amounts in thousands Century Downs Balance – December 31, 2015 $ 2,298 Effect of foreign currency translation 147 Balance -- June 30, 2016 $ 2,445 |
Promotional Allowances (Tables)
Promotional Allowances (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Promotional Allowances [Abstract] | |
Schedule Of Promotional Allowances | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Hotel $ 13 $ 19 $ 29 $ 35 Food and beverage 245 260 494 497 $ 258 $ 279 $ 523 $ 532 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-Term Debt [Abstract] | |
Schedule of Long-term Debt and Weighted Average Interest | Amounts in thousands June 30, 2016 December 31, 2015 Credit agreement - Bank of Montreal $ 20,421 4.45% $ 20,419 5.07% Capital leases - Edmonton 270 6.77% 0 0.00% Credit agreement - Casinos Poland 883 3.50% 1,647 3.02% Credit facility - Casinos Poland 0 0.00% 0 0.00% Capital leases - Casinos Poland 4 59.33% 13 27.89% Financing obligation - CDR land lease 14,987 14.21% 14,087 12.94% Capital leases - CDR 604 5.48% 615 4.57% Total principal $ 37,169 8.47% $ 36,781 8.21% Deferred financing costs (220) (261) Total long-term debt $ 36,949 $ 36,520 Less current portion (3,790) (4,123) Long-term portion $ 33,159 $ 32,397 |
Schedule of Maturities of Long-term Debt | Amounts in thousands Bank of Montreal Edmonton Century Downs Casinos Poland Total 2016 $ 1,302 $ 46 $ 139 $ 659 $ 2,146 2017 2,604 96 289 228 3,217 2018 2,604 102 95 0 2,801 2019 13,911 26 44 0 13,981 2020 0 0 28 0 28 Thereafter 0 0 14,996 0 14,996 Total $ 20,421 $ 270 $ 15,591 $ 887 $ 37,169 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Weighted average common shares, basic 24,432 24,386 24,445 24,384 Dilutive effect of stock options 116 42 171 40 Weighted average common shares, diluted 24,548 24,428 24,616 24,424 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2016 2015 2016 2015 Stock options 60 1,469 35 1,469 |
Fair Value Measurements and D25
Fair Value Measurements and Derivative Instruments Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements and Derivative Instruments Reporting [Abstract] | |
Fair value and basis of valuation of financial liabilities | Amounts in thousands June 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Interest rate swaps (1) $ 0 $ (237) $ 0 $ 0 $ (194) $ 0 (1) See “Derivative Instruments Reporting” below for detailed information regarding the Company's interest rate swap agreements. |
Fair value of derivative insturments in Statement of Earnings | Amounts in thousands Derivatives not designated as Income Statement For the three months ended June 30, For the six months ended June 30, ASC 815 hedges Classification 2016 2015 2016 2015 Interest Rate Swaps Interest Expense $ 169 $ 289 $ 320 $ 289 |
Derivative instruments location and fair value amounts | Amounts in thousands As of June 30, 2016 As of December 31, 2015 Derivatives not designated as ASC 815 hedges Balance Sheet Classification Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Gross Recognized Liabilities Gross Amounts Offset Net Recognized Fair Value Liabilities Derivative liabilities: Interest rate swaps - current Accrued liabilities $ (71) $ 0 $ (71) $ (86) $ 0 $ (86) Interest rate swaps - non-current Taxes payable and other (166) 0 (166) (108) 0 (108) Total derivative liabilities $ (237) $ 0 $ (237) $ (194) $ 0 $ (194) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Aggregation Of 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 |
Segment Information | For the Three Months Ended June 30, 2016 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 13,167 $ 7,703 $ 13,570 $ 761 $ 35,201 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 1,948 $ 833 $ 678 $ (1,210) $ 2,249 Interest expense (income), net 784 0 8 (4) 788 Income taxes (benefit) 688 511 350 (562) 987 Depreciation and amortization 772 625 633 87 2,117 Non-controlling interest 1,736 0 341 0 2,077 Non-cash stock-based compensation 0 0 0 190 190 (Gain) loss on foreign currency transactions and other (1,524) 0 (22) (14) (1,560) Loss (gain) on disposition of fixed assets 18 1 (9) 0 10 Adjusted EBITDA $ 4,422 $ 1,970 $ 1,979 $ (1,513) $ 6,858 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. For the Three Months Ended June 30, 2015 Amounts in thousands Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 13,309 $ 7,210 $ 12,875 $ 4,481 $ 37,875 Net earnings attributable to Century Casinos, Inc. shareholders $ 2,258 $ 718 $ 568 $ 3,053 $ 6,597 Interest expense (income), net 992 0 43 (2) 1,033 Income taxes (benefit) 611 362 268 (1,647) (406) Depreciation and amortization 573 632 636 49 1,890 Non-controlling interest 738 0 284 0 1,022 Non-cash stock-based compensation 0 0 0 419 419 Gain on foreign currency transactions and other (357) 0 (35) (15) (407) Loss on disposition of fixed assets 3 0 22 0 25 Acquisition costs (36) 0 0 36 0 Other one-time income (2) 0 0 0 (3,365) (3,365) Adjusted EBITDA $ 4,782 $ 1,712 $ 1,786 $ (1,472) $ 6,808 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations . (2) Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian. For the Six Months Ended June 30, 2016 Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 25,462 $ 14,784 $ 25,835 $ 1,650 $ 67,731 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 3,604 $ 1,377 $ 1,347 $ (2,186) $ 4,142 Interest expense (income), net 1,534 0 23 (8) 1,549 Income taxes (benefit) 1,118 844 617 (995) 1,584 Depreciation and amortization 1,470 1,251 1,234 172 4,127 Non-controlling interest 1,735 0 672 0 2,407 Non-cash stock-based compensation 0 0 0 381 381 (Gain) loss on foreign currency transactions and other (1,544) 0 (222) 8 (1,758) Loss on disposition of fixed assets 21 3 13 0 37 Adjusted EBITDA $ 7,938 $ 3,475 $ 3,684 $ (2,628) $ 12,469 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations. For the Six Months Ended June 30, 2015 Canada United States Poland Corporate and Other Total Net operating revenue (1) $ 21,754 $ 14,003 $ 26,409 $ 6,113 $ 68,279 Net earnings attributable to Century Casinos, Inc. shareholders $ 4,392 $ 1,194 $ 1,351 $ 1,505 $ 8,442 Interest expense (income), net 1,625 0 78 (6) 1,697 Income taxes (benefit) 957 731 516 (2,175) 29 Depreciation and amortization 992 1,266 1,247 197 3,702 Non-controlling interest (1) 0 675 0 674 Non-cash stock-based compensation 0 0 0 807 807 Gain on foreign currency transactions and other (519) 0 (368) (15) (902) Loss on disposition of fixed assets 3 0 142 1 146 Preopening expenses 345 0 0 0 345 Other one-time income (2) 0 0 0 (3,365) (3,365) Adjusted EBITDA $ 7,794 $ 3,191 $ 3,641 $ (3,051) $ 11,575 (1) Net operating revenue for Corporate and Other primarily relates to the Company’s cruise ship operations . (2) Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian . |
Description Of Business And B27
Description Of Business And Basis Of Presentation (Narrative) (Details) CAD in Millions | Mar. 20, 2015CAD | Mar. 20, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($)item | Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($)item | Oct. 31, 2014 | Feb. 21, 2013 |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of ship-based casinos | item | 13 | 13 | |||||||
Number of cruise ship owners | item | 4 | ||||||||
Number of ships for which concession agreements will be terminated | item | 8 | 8 | 8 | ||||||
Consideration to be received in relation to early termination of concession agreements | $ | $ 4,000,000 | ||||||||
Loss on disposition of fixed assets | $ | $ 600,000 | $ (10,000) | $ (25,000) | $ (37,000) | $ (146,000) | ||||
Correction of Prior Year Balances [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Understatement to cash provided by operating activities, adjustment | $ | 1,200,000 | ||||||||
Understatement to cash used in investing activities, adjustment | $ | $ 1,200,000 | ||||||||
Percentage Of CBS Owned By CCE [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership percentage | 75.00% | 75.00% | |||||||
Lot Polish Airlines Invesment [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Owned by noncontrolling interest | 33.30% | 33.30% | |||||||
Casinos Poland Ltd [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership percentage | 66.60% | 66.60% | |||||||
Number of casinos owned and operated | item | 8 | ||||||||
Century Bets! Inc. [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Owned by noncontrolling interest | 25.00% | 25.00% | |||||||
Casinos Poland Ltd [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Additional ownership acquired | 33.30% | ||||||||
Century Casinos Europe GmbH [Member] | Percentage Of Century Downs Racetrack Owned By Century Casinos Europe [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership percentage | 75.00% | 75.00% | |||||||
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, TUI Discovery [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of passengers | item | 2,067 | ||||||||
TUI Cruises, Mein Schiff 5 [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of passengers | item | 2,500 | ||||||||
TUI Cruises, Mein Schiff 6 [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of passengers | item | 2,500 | ||||||||
Taihu International Cruises [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of passengers | item | 1,200 | ||||||||
Century Downs Racetrack And Casino [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership percentage | 75.00% | 75.00% | |||||||
Owned by noncontrolling interest | 25.00% | 25.00% | |||||||
Century Downs Racetrack And Casino [Member] | Century Casinos Europe GmbH [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Additional ownership acquired | 60.00% | 60.00% | |||||||
Amount of credit agreement converted | CAD | CAD 11 | ||||||||
Gain on conversion of debt receivable to equity recognized in accumulated other comprehensive income | $ | $ 100,000 | ||||||||
Gain on conversion of debt receivable to equity | $ | $ 600,000 | ||||||||
Mendoza Central Entretenimientos S. A. [Member] | Century Casinos Europe GmbH [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership interest | 7.50% |
Description Of Business And B28
Description Of Business And Basis Of Presentation (Exchange Rates) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Canadian Dollar [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 1.3009 | 1.2474 | 1.3009 | 1.2474 | 1.3840 |
Average Rates | 1.2890 | 1.2302 | 1.3311 | 1.2354 | |
Average Rates % Change | (4.80%) | (7.70%) | |||
Euros [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 0.9063 | 0.8967 | 0.9063 | 0.8967 | 0.9209 |
Average Rates | 0.8856 | 0.9041 | 0.8961 | 0.8964 | |
Average Rates % Change | 2.00% | 0.00% | |||
Polish Zloty [Member] | |||||
Currency [Line Items] | |||||
Ending rates | 3.9625 | 3.7550 | 3.9625 | 3.7550 | 3.9464 |
Average Rates | 3.8726 | 3.6972 | 3.9141 | 3.7104 | |
Average Rates % Change | (4.70%) | (5.50%) |
Apex Acquisition (Narrative) (D
Apex Acquisition (Narrative) (Details) - Apex Acquisition[Member] CAD in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2016CAD | Jun. 30, 2016CADaft²item | Jun. 30, 2016USD ($)aft²item | |
Business Acquisition [Line Items] | |||
Additional ownership acquired | 100.00% | 100.00% | |
Square footage of casino facility | ft² | 34,500 | 34,500 | |
Number of live table games | 11 | 11 | |
Number of slot machines | 382 | 382 | |
Acres of land | a | 7 | 7 | |
Number of guests that the banquet facility can accommodate | 175 | 175 | |
Total consideration | CAD | CAD 29.9 | ||
Payments for acquisition | CAD 0.6 | $ 0.5 | |
Scenario, Forecast [Member] | |||
Business Acquisition [Line Items] | |||
Payments for acquisition | CAD | CAD 29.3 |
Cost Investment (Narrative) (De
Cost Investment (Narrative) (Details) $ in Thousands | Oct. 31, 2014USD ($) | Jun. 30, 2016USD ($)employee | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Cost investment | $ 1,000 | $ 1,000 | |
Century Casinos Europe GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest | 7.50% | ||
Period of option to purchase additional equity interest | 3 years | ||
Additional interest to purchase under option, percentage | 50.00% | ||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000 | ||
Number of directors appointed | employee | 1 |
Goodwill And Intangible Asset31
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges related to goodwill | $ | $ 0 | |
Number of trademarks | 2 | |
Impairment charges related to trademarks | $ | $ 0 | |
AGLC [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of casino licenses | 1 | |
HRA [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of casino licenses | 1 | |
Casinos Poland Ltd [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of casino licenses | 9 | |
Term of casino licenses, years | 6 years | |
Weighted-average period before the next renewal of casino licenses | 1 year 4 months 24 days | |
Century Downs Racetrack And Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of casino licenses | 2 | |
Impairment charges | $ | $ 0 | $ 0 |
Goodwill And Intangible Asset32
Goodwill And Intangible Assets (Changes In The Carrying Amount Of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Balance | $ 10,173 |
Effect of foreign currency translation | 209 |
Balance | 10,382 |
Edmonton [Member] | |
Goodwill [Line Items] | |
Balance | 3,551 |
Effect of foreign currency translation | 227 |
Balance | 3,778 |
Century Downs Racetrack And Casino [Member] | |
Goodwill [Line Items] | |
Balance | 137 |
Effect of foreign currency translation | 8 |
Balance | 145 |
Casinos Poland Ltd [Member] | |
Goodwill [Line Items] | |
Balance | 6,485 |
Effect of foreign currency translation | (26) |
Balance | $ 6,459 |
Goodwill And Intangible Asset33
Goodwill And Intangible Assets (Trademarks) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 1,654 |
Effect of foreign currency translation | (6) |
Balance at end of period | 1,648 |
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 | 1,546 |
Effect of foreign currency translation | (6) |
Balance at end of period | $ 1,540 |
Goodwill And Intangible Asset34
Goodwill And Intangible Assets (Casino Licenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets [Abstract] | ||
Casino Licenses | $ 4,271 | $ 4,131 |
Less: accumulated amortization | (1,255) | (1,103) |
Casino licenses, net | $ 3,016 | $ 3,028 |
Goodwill And Intangible Asset35
Goodwill And Intangible Assets (Changes in Carrying Amount of Licenses) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Line Items] | |
Balance | $ 3,028 |
Balance | 3,016 |
Casinos Poland Ltd [Member] | |
Goodwill [Line Items] | |
Balance | 730 |
Amortization | (200) |
Effect of foreign currency translation adjustments | 41 |
Balance | 571 |
Century Downs Racetrack And Casino [Member] | |
Goodwill [Line Items] | |
Balance | 2,298 |
Effect of foreign currency translation adjustments | 147 |
Balance | $ 2,445 |
Goodwill And Intangible Asset36
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Casino licenses, net | $ 3,016 | $ 3,028 |
Casinos Poland Ltd [Member] | ||
2,016 | 191 | |
2,017 | 280 | |
2,018 | 87 | |
2,019 | 13 | |
2,020 | 0 | |
Casino licenses, net | $ 571 | $ 730 |
Promotional Allowances (Schedul
Promotional Allowances (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Promotional Allowances [Line Items] | |||||
Total promotional allowances | $ 258 | $ 279 | $ 523 | $ 532 | |
Outstanding Balance Of Promotional Allowance Liability | 700 | 700 | $ 700 | ||
Hotel [Member] | |||||
Promotional Allowances [Line Items] | |||||
Total promotional allowances | 13 | 19 | 29 | 35 | |
Food And Beverage [Member] | |||||
Promotional Allowances [Line Items] | |||||
Total promotional allowances | $ 245 | $ 260 | $ 494 | $ 497 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, PLN in Millions, CAD in Millions | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2016CADloanitem | Jun. 30, 2016PLN | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015USD ($) | Jun. 30, 2016PLNloanitem | Jun. 30, 2016USD ($)loanitem | Apr. 30, 2015CADitem | Apr. 30, 2015USD ($)item | Mar. 26, 2015 | Mar. 25, 2015 | Aug. 15, 2014CAD | Feb. 21, 2013 | May 31, 2012CAD | |
Debt Instrument [Line Items] | |||||||||||||||
Amortization of deferred financing costs | $ 57 | $ 62 | |||||||||||||
Amount outstanding | $ 36,781 | $ 37,169 | |||||||||||||
total debt | 36,520 | $ 36,949 | |||||||||||||
Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of credit agreements | item | 2 | 2 | |||||||||||||
Casinos Poland Ltd [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Additional ownership acquired | 33.30% | ||||||||||||||
Number of credit agreements | loan | 2 | 2 | 2 | ||||||||||||
Number of capital lease agreements | item | 1 | 1 | 1 | ||||||||||||
Amount outstanding | $ 887 | ||||||||||||||
Capital lease agreements | PLN 0.1 | 100 | |||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | PLN | 3.6 | ||||||||||||||
total debt | PLN 3.5 | $ 900 | |||||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of capital lease agreements | item | 5 | 5 | 5 | ||||||||||||
Amount outstanding | $ 15,591 | ||||||||||||||
total debt | CAD 20.3 | 15,600 | |||||||||||||
Edmonton Mortgage [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding balance on financing obligation | CAD 0.4 | 300 | |||||||||||||
BMO Credit Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | CAD | CAD 39.1 | CAD 28 | |||||||||||||
Notional Value | 7,500 | ||||||||||||||
Term of credit agreement | 5 years | 5 years | 5 years | ||||||||||||
Required minimum equity balance under debt covenant | 28,000 | ||||||||||||||
Required maximum capital expenditure limit under debt covenant | CAD | CAD 2 | ||||||||||||||
Line of credit facility amount outstanding | 26.6 | 20,400 | |||||||||||||
Line of credit facility amount available for borrowing | 5.2 | $ 4,000 | |||||||||||||
Standby fees | 0.1 | $ 100 | CAD 0.1 | 100 | |||||||||||
Line of credit facility amount that cannot be reborrowed once repaid | CAD | CAD 33.9 | ||||||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
CDOR exchange rate | 3.92 | 3.92 | 3.92 | ||||||||||||
Notional Value | CAD 9.7 | $ 7,500 | CAD 9.7 | $ 7,500 | |||||||||||
BMO Credit Agreement [Member] | Interest Rate Swap Second Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
CDOR exchange rate | 3.89 | 3.89 | 3.89 | ||||||||||||
CDR Financing Obligation [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate on financing obligation | 10.00% | 10.00% | 10.00% | ||||||||||||
CDR Financing Obligation [Member] | Century Downs Racetrack And Casino [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Capital lease agreements | CAD 0.8 | $ 600 | |||||||||||||
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 | 3 years | ||||||||||||
Interest rate percentage points above WIBOR | 1.75% | 1.75% | 1.75% | ||||||||||||
Amount outstanding | PLN 2 | 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 | 3 years | ||||||||||||
Interest rate percentage points above WIBOR | 1.70% | 1.70% | 1.70% | ||||||||||||
Amount outstanding | 1.5 | 400 | |||||||||||||
Required liquidity ratio under debt covenant | 0.5 | 0.6 | |||||||||||||
Line Of Credit With BPH Bank [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | PLN | 13 | ||||||||||||||
Line of credit amount that can only be used to secure bank guarantees | PLN | PLN 2 | ||||||||||||||
Line Of Credit With BPH Bank [Member] | Casinos Poland Ltd [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility amount outstanding | PLN | 0 | ||||||||||||||
Line of credit facility amount available for borrowing | 11 | 2,800 | |||||||||||||
Interest rate percentage points above WIBOR | 1.85% | 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 | 200 | ||||||||||||||
Minimum [Member] | Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
CDOR exchange rate | 3.89 | 3.89 | 3.89 | ||||||||||||
Minimum [Member] | BMO Credit Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Standby fees, percentage | 0.50% | 0.50% | 0.50% | ||||||||||||
Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amortization of deferred financing costs | $ 100 | $ 100 | |||||||||||||
Maximum [Member] | Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
CDOR exchange rate | 3.92 | 3.92 | 3.92 | ||||||||||||
Maximum [Member] | BMO Credit Agreement [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Standby fees, percentage | 0.75% | 0.75% | 0.75% | ||||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Ownership percentage | 75.00% | 75.00% | 75.00% | ||||||||||||
Outstanding balance on financing obligation | CAD 19.5 | $ 15,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt and Weighted Average Interest) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal | $ 37,169 | $ 36,781 |
Deferred financing costs | (220) | (261) |
Total long-term debt | 36,949 | 36,520 |
Less: current portion | (3,790) | (4,123) |
Long-term portion | 33,159 | 32,397 |
Credit Agreement - Bank of Montreal [member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 20,421 | $ 20,419 |
Weighted-average interest rate | 4.45% | 5.07% |
Capital Lease - Edmonton [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 270 | $ 0 |
Weighted-average interest rate | 6.77% | 0.00% |
Credit Agreements - Casinos Poland [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 883 | $ 1,647 |
Weighted-average interest rate | 3.50% | 3.02% |
Credit Facility - Casinos Poland [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 0 | $ 0 |
Weighted-average interest rate | 0.00% | 0.00% |
Capital Leases - Casinos Poland [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 4 | $ 13 |
Weighted-average interest rate | 59.33% | 27.89% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,987 | $ 14,087 |
Weighted-average interest rate | 14.21% | 12.94% |
Capital Lease - CDR [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 604 | $ 615 |
Weighted-average interest rate | 5.48% | 4.57% |
Total Principal Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 8.47% | 8.21% |
Long-Term Debt (Schedule of Mat
Long-Term Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,016 | $ 2,146 | |
2,017 | 3,217 | |
2,018 | 2,801 | |
2,019 | 13,981 | |
2,020 | 28 | |
Thereafter | 14,996 | |
Total | 37,169 | $ 36,781 |
Bank Of Montreal [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 1,302 | |
2,017 | 2,604 | |
2,018 | 2,604 | |
2,019 | 13,911 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 20,421 | |
Edmonton [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 46 | |
2,017 | 96 | |
2,018 | 102 | |
2,019 | 26 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 270 | |
Century Downs Racetrack And Casino [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 139 | |
2,017 | 289 | |
2,018 | 95 | |
2,019 | 44 | |
2,020 | 28 | |
Thereafter | 14,996 | |
Total | 15,591 | |
Casinos Poland Ltd [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 659 | |
2,017 | 228 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | $ 887 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, PLN in Millions, CAD in Millions | Mar. 20, 2015CAD | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2017PLN | Jun. 30, 2017USD ($) | Dec. 31, 2014PLN | Dec. 31, 2014USD ($) | Jun. 30, 2016PLN | Jun. 30, 2016USD ($) | Dec. 31, 2015PLN | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Line items] | |||||||||||||
Contingent liability | $ 2,171 | $ 2,180 | |||||||||||
Payroll increase | $ (296) | $ (248) | |||||||||||
Distribution to non-controlling interest | $ 1,600 | $ 500 | $ 1,626 | $ 490 | |||||||||
Scenario, Forecast [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Payroll increase | PLN 5 | $ 1,300 | |||||||||||
Casinos Poland Ltd [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Income tax audit costs | PLN 6.4 | $ 2,100 | |||||||||||
Review of Tax Year 2010 [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Contingent liability | PLN 3.4 | $ 900 | |||||||||||
Review of All Tax Open Periods [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Contingent liability | PLN 8.6 | $ 2,200 | |||||||||||
Century Casinos Europe GmbH [Member] | Century Downs Racetrack And Casino [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Amount of credit agreement converted | CAD | CAD 11 | ||||||||||||
Additional ownership acquired | 60.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Taxes [Abstract] | ||||
Income tax expense (benefit) | $ 987 | $ (406) | $ 1,584 | $ 29 |
Pre-tax income | $ 5,313 | $ 7,213 | $ 8,133 | $ 9,145 |
Effective tax rate | 19.50% | 0.30% | ||
U.S. Federal income tax statutory rate | 34.00% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares, basic | 24,432 | 24,386 | 24,445 | 24,384 |
Dilutive effect of stock options | 116 | 42 | 171 | 40 |
Weighted average common shares, diluted | 24,548 | 24,428 | 24,616 | 24,424 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 60 | 1,469 | 35 | 1,469 |
Fair Value Measurements and D45
Fair Value Measurements and Derivative Instruments Reporting (Narrative) (Details) CAD in Millions | 6 Months Ended | ||||
Jun. 30, 2016CADitem | Jun. 30, 2016USD ($)item | Dec. 31, 2015USD ($) | Apr. 30, 2015CAD | Apr. 30, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets measured at fair value on a nonrecurring basis | $ 0 | $ 0 | |||
Cash equivalents | $ 0 | $ 0 | |||
Interest Rate Swap [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of interest rate swap agreements | item | 2 | 2 | |||
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] | |||||
Notional Value | $ 7,500,000 | ||||
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, Expiration Date | Aug. 15, 2019 | ||||
Notional Value | CAD 9.7 | $ 7,500,000 | CAD 9.7 | $ 7,500,000 | |
CDOR exchange rate | 3.92 | 3.92 |
Fair Value Measurements and D46
Fair Value Measurements and Derivative Instruments Reporting (Fair value and basis of valuation of financial liabilities) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ 0 | $ 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | 237 | 194 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial Liabilities | $ 0 | $ 0 |
Fair Value Measurements and D47
Fair Value Measurements and Derivative Instruments Reporting (Fair value of derivative insturments in Statement of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Expense [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (loss) on derivative instruments | $ 169 | $ 289 | $ 320 | $ 289 |
Fair Value Measurements and D48
Fair Value Measurements and Derivative Instruments Reporting (Derivative instruments location and fair value amounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Gross recognized Liabilites | $ (237) | $ (194) |
Gross Amounts Offset | 0 | 0 |
Net Recognized Fair value Liabilities | (237) | (194) |
Interest Rate Swap - Current [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross recognized Liabilites | (71) | (86) |
Gross Amounts Offset | 0 | 0 |
Net Recognized Fair value Liabilities | (71) | (86) |
Interest Rate Swap - Non-Current [Member] | Taxes Payable and Other [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross recognized Liabilites | (166) | (108) |
Gross Amounts Offset | 0 | 0 |
Net Recognized Fair value Liabilities | $ (166) | $ (108) |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 6 Months Ended |
Jun. 30, 2016 | |
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) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)item | Jun. 30, 2015USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | [1] | $ 35,201 | $ 37,875 | $ 67,731 | $ 68,279 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,249 | 6,597 | 4,142 | 8,442 | ||
Interest expense (income), net | 788 | 1,033 | 1,549 | 1,697 | ||
Income taxes (benefit) | 987 | (406) | 1,584 | 29 | ||
Depreciation and amortization | 2,117 | 1,890 | 4,127 | 3,702 | ||
Non-controlling interests | 2,077 | 1,022 | 2,407 | 674 | ||
Non-cash stock-based compensation | 190 | 419 | 381 | 807 | ||
(Gain) loss on foreign currency transactions and other | (1,560) | (407) | (1,758) | (902) | ||
Loss (gain) on disposition of fixed assets | $ (600) | 10 | 25 | 37 | 146 | |
Acquisition costs | 0 | |||||
Preopening expenses | 345 | |||||
Other one-time income | [2] | (3,365) | (3,365) | |||
Adjusted EBITDA | $ 6,858 | 6,808 | $ 12,469 | 11,575 | ||
Number of Co-CEOs | item | 2 | 2 | ||||
Number of reportable segments | item | 3 | |||||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | [1] | $ 761 | 4,481 | $ 1,650 | 6,113 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,210) | 3,053 | (2,186) | 1,505 | ||
Interest expense (income), net | (4) | (2) | (8) | (6) | ||
Income taxes (benefit) | (562) | (1,647) | (995) | (2,175) | ||
Depreciation and amortization | 87 | 49 | 172 | 197 | ||
Non-controlling interests | 0 | 0 | 0 | 0 | ||
Non-cash stock-based compensation | 190 | 419 | 381 | 807 | ||
(Gain) loss on foreign currency transactions and other | (14) | (15) | 8 | (15) | ||
Loss (gain) on disposition of fixed assets | 0 | 0 | 0 | 1 | ||
Acquisition costs | 36 | |||||
Preopening expenses | 0 | |||||
Other one-time income | [2] | (3,365) | (3,365) | |||
Adjusted EBITDA | (1,513) | (1,472) | (2,628) | (3,051) | ||
Canada [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | [1] | 13,167 | 13,309 | 25,462 | 21,754 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,948 | 2,258 | 3,604 | 4,392 | ||
Interest expense (income), net | 784 | 992 | 1,534 | 1,625 | ||
Income taxes (benefit) | 688 | 611 | 1,118 | 957 | ||
Depreciation and amortization | 772 | 573 | 1,470 | 992 | ||
Non-controlling interests | 1,736 | 738 | 1,735 | (1) | ||
Non-cash stock-based compensation | 0 | 0 | 0 | 0 | ||
(Gain) loss on foreign currency transactions and other | (1,524) | (357) | (1,544) | (519) | ||
Loss (gain) on disposition of fixed assets | 18 | 3 | 21 | 3 | ||
Acquisition costs | (36) | |||||
Preopening expenses | 345 | |||||
Other one-time income | [2] | 0 | 0 | |||
Adjusted EBITDA | 4,422 | 4,782 | 7,938 | 7,794 | ||
United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | [1] | 7,703 | 7,210 | 14,784 | 14,003 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 833 | 718 | 1,377 | 1,194 | ||
Interest expense (income), net | 0 | 0 | 0 | 0 | ||
Income taxes (benefit) | 511 | 362 | 844 | 731 | ||
Depreciation and amortization | 625 | 632 | 1,251 | 1,266 | ||
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 (gain) on disposition of fixed assets | 1 | 0 | 3 | 0 | ||
Acquisition costs | 0 | |||||
Preopening expenses | 0 | |||||
Other one-time income | [2] | 0 | 0 | |||
Adjusted EBITDA | 1,970 | 1,712 | 3,475 | 3,191 | ||
Poland [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net operating revenue | [1] | 13,570 | 12,875 | 25,835 | 26,409 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 678 | 568 | 1,347 | 1,351 | ||
Interest expense (income), net | 8 | 43 | 23 | 78 | ||
Income taxes (benefit) | 350 | 268 | 617 | 516 | ||
Depreciation and amortization | 633 | 636 | 1,234 | 1,247 | ||
Non-controlling interests | 341 | 284 | 672 | 675 | ||
Non-cash stock-based compensation | 0 | 0 | 0 | 0 | ||
(Gain) loss on foreign currency transactions and other | (22) | (35) | (222) | (368) | ||
Loss (gain) on disposition of fixed assets | (9) | 22 | 13 | 142 | ||
Acquisition costs | 0 | |||||
Preopening expenses | 0 | |||||
Other one-time income | [2] | 0 | 0 | |||
Adjusted EBITDA | $ 1,979 | 1,786 | $ 3,684 | 3,641 | ||
Termination of Concession Agreements with Oceania and Regent [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Other one-time income | $ 3,400 | $ 3,400 | ||||
[1] | Net operating revenue for Corporate and Other primarily relates to the Company's cruise ship operations. | |||||
[2] | Other one-time income for Corporate and Other relates to the $3.4 million consideration for the Termination Agreement with Norwegian. |