Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-22900 | |
Entity Registrant Name | CENTURY CASINOS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1271317 | |
Entity Address, Address Line One | 455 E. Pikes Peak Ave. | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Colorado Springs | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80903 | |
City Area Code | 719 | |
Local Phone Number | 527-8300 | |
Title of 12(b) Security | Common Stock, $0.01 Per Share Par Value | |
Trading Symbol | CNTY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,575,962 | |
Amendment Flag | false | |
Entity Central Index Key | 0000911147 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 65,969 | $ 63,413 |
Receivables, net | 6,004 | 8,237 |
Prepaid expenses | 9,807 | 12,021 |
Inventories | 1,474 | 1,660 |
Other current assets | 1,538 | 1,020 |
Assets held for sale | 8,374 | 8,271 |
Total Current Assets | 93,166 | 94,622 |
Property and equipment, net | 482,495 | 485,248 |
Leased right-of-use assets, net | 32,196 | 34,074 |
Goodwill | 10,528 | 10,901 |
Intangible assets, net | 51,803 | 52,758 |
Deferred income taxes | 1,390 | 861 |
Note receivable, net of current portion and unamortized discount | 381 | 381 |
Deposits and other | 1,846 | 1,915 |
Total Assets | 673,805 | 680,760 |
Current Liabilities: | ||
Current portion of long-term debt | 10,619 | 10,718 |
Current portion of operating lease liabilities | 4,134 | 4,327 |
Current portion of finance lease liabilities | 100 | 131 |
Accounts payable | 7,940 | 12,857 |
Accrued liabilities | 15,039 | 12,486 |
Accrued payroll | 7,983 | 8,402 |
Taxes payable | 9,559 | 10,766 |
Contingent liability (Note 7) | 453 | 476 |
Total Current Liabilities | 55,827 | 60,163 |
Long-term debt, net of current portion and deferred financing costs (Note 5) | 173,802 | 173,832 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6) | 279,276 | 278,940 |
Operating lease liabilities, net of current portion | 30,700 | 32,277 |
Finance lease liabilities, net of current portion | 72 | 83 |
Taxes payable and other | 6,066 | 5,608 |
Deferred income taxes | 2,631 | 2,874 |
Total Liabilities | 548,374 | 553,777 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,575,962 and 29,575,962 shares issued and outstanding | 296 | 296 |
Additional paid-in capital | 115,829 | 115,570 |
Retained earnings | 7,248 | 8,667 |
Accumulated other comprehensive loss | (5,363) | (6,379) |
Total Century Casinos, Inc. Shareholders’ Equity | 118,010 | 118,154 |
Non-controlling interests | 7,421 | 8,829 |
Total Equity | 125,431 | 126,983 |
Total Liabilities and Equity | $ 673,805 | $ 680,760 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 29,575,962 | 29,575,962 |
Common stock, shares outstanding | 29,575,962 | 29,575,962 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenue: | ||
Net operating revenue | $ 72,415 | $ 87,656 |
Operating costs and expenses: | ||
General and administrative | 20,268 | 26,372 |
Depreciation and amortization | 6,643 | 6,495 |
Impairment - intangible and tangible assets | 33,964 | |
Total operating costs and expenses | 64,167 | 119,428 |
Earnings (loss) from operations | 8,248 | (31,772) |
Non-operating (expense) income: | ||
Interest income | 1 | |
Interest expense | (10,522) | (11,367) |
Gain on foreign currency transactions, cost recovery income and other | 470 | 1 |
Non-operating (expense) income, net | (10,052) | (11,365) |
Loss before income taxes | (1,804) | (43,137) |
Income tax expense | (99) | (2,524) |
Net loss | (1,903) | (45,661) |
Net loss (earnings) attributable to non-controlling interests | 484 | (195) |
Net loss attributable to Century Casinos, Inc. shareholders | $ (1,419) | $ (45,856) |
Loss per share attributable to Century Casinos, Inc. shareholders: | ||
Basic | $ (0.05) | $ (1.55) |
Diluted | $ (0.05) | $ (1.55) |
Weighted average shares outstanding - basic | 29,576 | 29,507 |
Weighted average shares outstanding - diluted | 29,576 | 29,507 |
Gaming [Member] | ||
Operating revenue: | ||
Operating revenue | $ 63,428 | $ 74,292 |
Operating costs and expenses: | ||
Operating costs and expenses | 31,739 | 42,043 |
Pari-Mutuel And Sports Betting [Member] | ||
Operating revenue: | ||
Operating revenue | 2,484 | 2,352 |
Operating costs and expenses: | ||
Operating costs and expenses | 2,401 | 3,160 |
Hotel [Member] | ||
Operating revenue: | ||
Operating revenue | 1,750 | 1,816 |
Operating costs and expenses: | ||
Operating costs and expenses | 511 | 724 |
Food And Beverage [Member] | ||
Operating revenue: | ||
Operating revenue | 2,720 | 6,552 |
Operating costs and expenses: | ||
Operating costs and expenses | 2,605 | 6,670 |
Other [Member] | ||
Operating revenue: | ||
Operating revenue | $ 2,033 | $ 2,644 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Condensed Consolidated Statements Of Comprehensive Loss [Abstract] | ||
Net loss | $ (1,903) | $ (45,661) |
Other comprehensive (loss) income | ||
Foreign currency translation adjustments | 747 | (13,727) |
Other comprehensive income (loss) | 747 | (13,727) |
Comprehensive loss | (1,156) | (59,388) |
Comprehensive (loss) income attributable to non-controlling interests | ||
Net loss (earnings) attributable to non-controlling interests | 484 | (195) |
Foreign currency translation adjustments | 269 | 889 |
Comprehensive loss attributable to Century Casinos, Inc. shareholders | $ (403) | $ (58,694) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total Century Casinos, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total | |
Balance at Dec. 31, 2019 | $ 295 | $ 115,784 | $ (9,442) | $ 56,669 | $ 8,769 | |||
Performance stock unit issuance | 1 | |||||||
Net (loss) earnings | (45,856) | 195 | $ (45,661) | |||||
Foreign currency translation adjustment | (12,838) | (889) | (13,727) | |||||
Amortization of stock-based compensation | [1] | (14) | ||||||
Balance at Mar. 31, 2020 | $ 296 | 115,770 | (22,280) | 10,813 | $ 104,599 | 8,075 | 112,674 | |
Common shares issued | 75,635 | |||||||
Balance at Dec. 31, 2020 | $ 296 | 115,570 | (6,379) | 8,667 | 8,829 | 126,983 | ||
Net (loss) earnings | (1,419) | (484) | (1,903) | |||||
Foreign currency translation adjustment | 1,016 | (269) | 747 | |||||
Amortization of stock-based compensation | [1] | 259 | ||||||
Distribution to non-controlling interest | (655) | |||||||
Balance at Mar. 31, 2021 | $ 296 | $ 115,829 | $ (5,363) | $ 7,248 | $ 118,010 | $ 7,421 | $ 125,431 | |
[1] | Includes forfeiture credit for cancelled shares. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows provided by (used in) Operating Activities: | ||
Net loss | $ (1,903) | $ (45,661) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 6,643 | 6,495 |
Lease amortization | 1,116 | 599 |
Loss on disposition of fixed assets | 105 | 3 |
Adjustment of contingent liability (Note 7) | 6 | 734 |
Amortization of stock-based compensation expense | 259 | (14) |
Amortization of deferred financing costs and discount on note receivable | 391 | 398 |
Impairment (Note 3, Note 4) | 33,964 | |
Deferred taxes | (772) | 2,207 |
Other | 1 | |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | 1,612 | 7,574 |
Prepaid expenses and other assets | 2,186 | 1,731 |
Accounts payable | (6,524) | 441 |
Other current and long-term liabilities | 2,206 | (1,579) |
Inventories | 171 | 69 |
Accrued payroll | (335) | (2,925) |
Taxes payable | (80) | (5,614) |
Net cash provided by (used in) operating activities | 5,081 | (1,577) |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (1,599) | (4,370) |
Sale of Century Casino Calgary working capital adjustment | (75) | |
Net cash used in investing activities | (1,674) | (4,370) |
Cash Flows (used in) provided by Financing Activities: | ||
Proceeds from borrowings | 17,351 | |
Principal payments | (689) | (742) |
Payment of deferred financing costs | (491) | |
Net cash (used in) provided by financing activities | (689) | 16,118 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (158) | (1,304) |
Increase in Cash, Cash Equivalents and Restricted Cash | 2,560 | 8,867 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 63,677 | 55,640 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 66,237 | 64,507 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 7,574 | 11,828 |
Income taxes paid | 1,083 | 893 |
Non-Cash Investing Activities: | ||
Purchase of property and equipment on account | 1,536 | $ 1,153 |
Non-Cash Financing Activities: | ||
Distributions payable to non-controlling shareholders | $ 655 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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. (the “Company”) is a casino entertainment company with operations primarily in North America. The Company’s operations as of March 31, 2021 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:  The Century Casino & Hotel in Central City, Colorado (“CTL”)  The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)  Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1)  The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) (1)  The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) (1)  The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)  The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and  Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (1) VICI Properties Inc. (“VICI PropCo”) owns the real estate assets. On December 1, 2020, the Company sold the casino operations of Century Casino Calgary (“CAL”). The Company continues to operate Century Sports, a sports bar, bowling and entertainment facility located on the property. In addition, the Company owns and leases the underlying real estate to the purchaser. See below in this Note 1 for additional information about CAL. On March 17, 2020, the Company announced that it had permanently closed Century Casino Bath (“CCB”). CCB voluntarily surrendered its casino gaming license on April 28, 2020 and entered into a creditors voluntary liquidation on May 6, 2020. See below in this Note 1 for additional information about CCB. Century Bets! Inc. (“CBS” or “Century Bets”) operates the pari-mutuel off-track betting network in southern Alberta, Canada. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries:  The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2021, CPL owned 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.  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 racing and entertainment center (“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 Company has the following concession, management and consulting service agreements:  As of March 31, 2021, the Company had a concession agreement with TUI Cruises for four ship-based casinos. The ship-based casinos are not operating due to the coronavirus (“COVID-19”) pandemic. In May 2021, the agreement for three of the ship-based casinos ended. The Company’s agreement to operate one ship-based casino is expected to continue through June 2022.  The Company, through its subsidiary CRM, has a 7.5 % ownership interest in Mendoza Central Entretenimientos S.A., an Argentinian company (“MCE”). In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement in exchange for a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). In March 2020, the Company impaired the $ 1.0 million MCE investment and wrote-down a $ 0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. See Note 3 for additional information related to MCE. Recent Developments Related to COVID-19 In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s 2020 and first quarter 2021 results of operations and financial condition and the Company expects this situation will continue to have an adverse impact on its results in 2021. The duration and impact of the COVID-19 pandemic otherwise remains uncertain. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities have been closed to comply with quarantines issued by governments to contain the spread of COVID-19. The Company’s casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. These include capacity and gaming floor restrictions and limited hours of operations. Operating Segment Closure Date Reopen Date Gaming Floor Open Colorado March 17, 2020 June 15 and June 17, 2020 80 % (1) Missouri March 17, 2020 June 1, 2020 94 % West Virginia March 17, 2020 June 5, 2020 85 % Edmonton March 17, 2020 June 13, 2020 December 13, 2020 Currently Closed Calgary March 17, 2020 June 13, 2020 December 13, 2020 Currently Closed Poland March 13, 2020 May 18, 2020 December 29, 2020 February 12, 2021 March 20, 2021 Currently Closed (2) (1) CRC’s slot floor is fully open. CTL’s slot floor is 66 % open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions. (2) The Poland casinos are expected to reopen on May 8, 2021 . The Company continues to monitor its liquidity in light of the uncertainty resulting from COVID-19. The Company plans to continue its reduced marketing expenditures and operational expenditures where possible. The Company’s 2021 planned capital expenditure projects will be evaluated throughout the year and postponed to 2022 if necessary and permitted under its agreements. In March 2020, as a proactive measure to increase its cash position and preserve financial flexibility, the Company borrowed an additional $ 9.95 million on its $ 10.0 million revolving credit facility (the “Revolving Facility”) under its credit facility (“Macquarie Credit Agreement”) with Macquarie Capital (“Macquarie”) and $ 7.4 million on its credit agreement with UniCredit Bank Austria AG (“UniCredit”). The Revolving Facility was repaid in July 2020 except for a $ 50,000 letter of credit that the Company cash collateralized. See Note 5 for further discussion of the Macquarie Credit Agreement and the UniCredit credit agreement. The Company cannot predict the negative impacts that the failure to suppress the spread of COVID-19 will have on its consumer demand, workforce, suppliers, contractors and other partners and, whether future closures will be required. Such closures have had and will continue to have a material impact on the Company. While the severity and duration of such business impacts cannot currently be estimated, the effects of COVID-19 and the requirements of health and safety protocols are expected to continue to have a material impact on the Company. Management estimates that the Company’s casino properties in Canada and Poland that are currently closed will need approximately $ 7.0 million to reopen operations and to cover short-term cash needs at those casinos. Other Developments Century Casino Calgary On August 5, 2020, the Company announced that it had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($ 7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. During the first quarter of 2021, the Company paid CAD 0.1 million ($ 0.1 million based on the exchange rate on February 12, 2021) in working capital adjustments under the purchase agreement. The Company continues to operate Century Sports, and to own the underlying real estate. Upon closing of the transaction, the Company entered into a three year lease agreement with the purchaser of the casino operations for annual net rent for the land and building of CAD 0.5 million ($ 0.4 million based on the exchange rate on March 31, 2021). In December 2020, the Company began to market the sale of the land and building that it owns in Calgary. The sale is expected to occur by the end of 2021. As of March 31, 2021, the held for sale assets include $ 4.8 million in land and $ 3.6 million in buildings and improvements, net of accumulated depreciation. Century Casino Bath In March 2020, CCB was closed due to COVID-19. Due to challenging conditions that included historical and forecast losses due to changes in the regulatory environment for casinos in England requiring enhanced due diligence of customers, CCB’s board of directors determined that it would enter into creditors voluntary liquidation and control of CCB was relinquished. Under Accounting Standards Codification (“ASC”) 810, Consolidation , specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners. Accordingly, when a subsidiary is in legal reorganization or files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. The Company will not regain control of CCB and determined that it was appropriate to deconsolidate CCB effective as of May 6, 2020. Preparation of Financial Statements 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, 2020. The results of operations for the quarter ended March 31, 2021 are not necessarily indicative of the operating results for the full year. Reclassifications – Certain prior period amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and the accompanying notes thereto. Cash, Cash Equivalents and Restricted Cash – A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table: March 31, March 31, Amounts in thousands 2021 2020 Cash and cash equivalents $ 65,969 $ 63,676 Restricted cash included in deposits and other 268 831 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 66,237 $ 64,507 As of March 31, 2021, restricted cash included $ 0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $ 0.1 million in deposits and other related to an insurance policy. As of March 31, 2020, restricted cash included $ 0.6 million in deposits and other related to a cash guarantee under the CCB loan agreement that CRM assumed in February 2020, $ 0.2 million in deposits and other related to payments of prizes and giveaways for Casinos Poland and less than $ 0.1 million in deposits and other related to an insurance policy. Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”). 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 US dollar used to translate balances at the end of the reported periods are as follows: As of March 31, As of December 31, Ending Rates 2021 2020 Canadian dollar (CAD) 1.2575 1.2732 Euros (EUR) 0.8520 0.8157 Polish zloty (PLN) 3.9564 3.7136 British pound (GBP) 0.7253 0.7325 The average exchange rates to the US dollar used to translate balances during each reported period are as follows: For the three months ended March 31, Average Rates 2021 2020 % Change Canadian dollar (CAD) 1.2665 1.3429 5.7 % Euros (EUR) 0.8296 0.9074 8.6 % Polish zloty (PLN) 3.7693 3.9221 3.9 % British pound (GBP) 0.7253 0.7816 7.2 % Source: Pacific Exchange Rate Service |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement: In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, and updating certain requirements, and (ii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements. Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides clarification that certain optional expedients and exceptions in ASU 2020-04 for contract modification and hedge accounting apply to derivatives that are affected by discounting transition. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | 3 . INVESTMENTS Cost Investment Mendoza Central Entretenimientos S.A. In October 2014, CRM entered into an agreement (the “MCE Agreement”) with Gambling and Entertainment LLC and its affiliates, pursuant to which CRM purchased 7.5 % of the shares of MCE for $ 1.0 million. Pursuant to the MCE Agreement, CRM is working 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 that is owned by the Province of Mendoza. MCE may also pursue other gaming opportunities. Under the MCE Agreement, CRM has appointed one director to MCE’s board of directors. In March 2020, the Company assessed the MCE investment due to COVID-19. Casino de Mendoza, MCE’s only customer, was temporarily closed in March 2020. The investment was valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in no value, and (ii) a value in exchange basis which resulted in no value due to the current circumstances of COVID-19. The Company charged $ 1.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 4. GOODWILL AND INTANGIBLE ASSETS Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. The Company tests 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 reportable segments with goodwill balances as of March 31, 2021 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach. During the first quarter of 2020, as a result of the COVID-19 pandemic and associated closure of its casinos, the Company concluded these triggering events could indicate possible impairment of its goodwill and indefinite-lived intangible assets. The Company performed a quantitative and qualitative impairment analysis and determined that goodwill and casino licenses related to certain reporting units were impaired. The Company recorded $ 33.0 million to impairment –intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020 related to the impairment of its goodwill and casino licenses for certain reporting units. The impairment analysis required management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, heightened by the possibility of additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. Goodwill Changes in the carrying amount of goodwill related to the United States, Canada and Poland segments are as follows: Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2021 $ 19,786 $ 7,385 $ 6,891 $ 34,062 Currency translation — 50 ( 423 ) ( 373 ) Gross carrying value March 31, 2021 19,786 7,435 6,468 33,689 Accumulated impairment losses January 1, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses March 31, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at January 1, 2021 $ — $ 4,010 $ 6,891 $ 10,901 Net carrying value at March 31, 2021 $ — $ 4,060 $ 6,468 $ 10,528 Intangible Assets Intangible assets at March 31, 2021 and December 31, 2020 consisted of the following: March 31, December 31, Amounts in thousands 2021 2020 Finite-lived Casino licenses $ 2,833 $ 3,019 Less: accumulated amortization ( 1,436 ) ( 1,404 ) 1,397 1,615 Trademarks 2,368 2,368 Less: accumulated amortization ( 316 ) ( 257 ) 2,052 2,111 Players club lists 20,373 20,373 Less: accumulated amortization ( 3,881 ) ( 3,153 ) 16,492 17,220 Total finite-lived intangible assets, net 19,941 20,946 Indefinite-lived Casino licenses 30,212 30,061 Trademarks 1,650 1,751 Total indefinite-lived intangible assets 31,862 31,812 Total intangible assets, net $ 51,803 $ 52,758 Trademarks The Company currently owns three trademarks, the Century Casinos trademark, the Mountaineer trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. Trademarks: Finite-Lived The Company has determined that the Mountaineer trademark, reported in the United States segment, has a useful life of ten years after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trade name. As such the trademark will be amortized over its useful life. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the Mountaineer trademark are as follows: Amounts in thousands Balance at January 1, 2021 Amortization Balance at March 31, 2021 United States $ 2,111 $ ( 59 ) $ 2,052 As of March 31, 2021, estimated amortization expense of the Mountaineer trademark over the next five years was as follows: Amounts in thousands 2021 $ 178 2022 237 2023 237 2024 237 2025 237 Thereafter 926 $ 2,052 The weighted-average amortization period of the Mountaineer trademark is 8.7 years. Trademarks: Indefinite-Lived The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2021 Currency translation Balance at March 31, 2021 Poland $ 1,643 $ ( 101 ) $ 1,542 Corporate and Other 108 — 108 $ 1,751 $ ( 101 ) $ 1,650 Casino Licenses: Finite-Lived As of March 31, 2021, Casinos Poland had eight casino licenses, each with an original term of six years , which are reported as finite-lived intangible assets and are amortized over their respective useful lives. Changes in the carrying amount of the Casinos Poland licenses are as follows: Amounts in thousands Balance at January 1, 2021 Amortization Currency translation Balance at March 31, 2021 Poland $ 1,615 $ ( 124 ) $ ( 94 ) $ 1,397 As of March 31, 2021, estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2021 $ 355 2022 459 2023 395 2024 161 2025 27 $ 1,397 These estimates do not reflect the impact of future foreign exchange rate changes or the continuation of the licenses following their expiration. The weighted average period before the next license expiration is 2.9 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. Casino Licenses: Indefinite-Lived The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss. Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2021 Currency translation Balance at March 31, 2021 United States $ 17,962 $ — $ 17,962 Canada 12,099 151 12,250 $ 30,061 $ 151 $ 30,212 Player’s Club Lists The Company has determined that the player’s club lists, reported in the United States segment, have a useful life of seven years based on estimated revenue attrition among the player’s club members over each property’s historical operations as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows: Amounts in thousands Balance at January 1, 2021 Amortization Balance at March 31, 2021 United States $ 17,220 $ ( 728 ) $ 16,492 As of March 31, 2021, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2021 $ 2,182 2022 2,910 2023 2,910 2024 2,910 2025 2,910 Thereafter 2,670 $ 16,492 The weighted-average amortization period for the player’s club lists is 5.7 years. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of March 31, 2021 and December 31, 2020 consisted of the following: Amounts in thousands March 31, 2021 December 31, 2020 Credit agreement - Macquarie $ 167,875 6.64 % $ 168,300 6.72 % Credit agreements - CPL 994 2.02 % 1,296 2.61 % UniCredit loan 1,517 1.66 % 1,502 2.05 % UniCredit agreement 7,400 2.48 % 7,400 2.60 % Financing obligation - CDR land lease 15,504 11.62 % 15,313 13.70 % Total principal $ 193,290 6.55 % $ 193,811 7.03 % Deferred financing costs ( 8,869 ) ( 9,261 ) Total long-term debt $ 184,421 $ 184,550 Less current portion ( 10,619 ) ( 10,718 ) Long-term portion $ 173,802 $ 173,832 Credit Agreement – Macquarie Capital On December 6, 2019, the Company entered into a $ 180.0 million credit agreement with Macquarie Capital Funding LLC, as swingline lender, administrative agent and collateral agent, Macquarie Capital (USA) Inc., as sole lead arranger and sole bookrunner, and the Lenders and L/C Lenders party thereto. The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provides for a $ 170.0 million term loan (the “Term Loan”) and the $ 10.0 million Revolving Facility. The Revolving Facility includes up to $ 5.0 million available for the issuance of letters of credit. The Company used proceeds from the Term Loan to fund the acquisition of Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) from Eldorado Resorts, Inc. on December 6, 2019 (the “Acquisition”), for the repayment of approximately $ 52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In March 2020, the Company drew $ 9.95 million on the Revolving Facility. The Revolving Facility was repaid in July 2020 except for a $ 50,000 letter of credit that the Company cash collateralized. As of March 31, 2021, the outstanding balance of the Term Loan was $ 167.9 million and the Company had $ 9.95 million available to borrow on the Revolving Facility. The Term Loan matures on December 6, 2026 , and the Revolving Facility matures on December 6, 2024 . The Term Loan requires scheduled quarterly payments in amounts equal to 0.25 % of the original aggregate principal amount of the Term Loan, with the balance due at maturity. The Term Loan may be prepaid without penalty or premium. Borrowings under the Macquarie Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the London Interbank Offered Rate (“LIBOR”) (as defined in the Macquarie Credit Agreement), plus an applicable margin (each loan, being a “LIBOR Loan”) or (b) the Alternate Base Rate (as defined in the Macquarie Credit Agreement) (each loan, being a “ABR Loan”). The applicable margin for borrowings under the Term Loan is currently 6.50 % per annum with respect to LIBOR Loans and 5.50 % per annum with respect to ABR Loans. The applicable margin for borrowings under the Revolving Facility is determined as follows: (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Macquarie Credit Agreement) of the Company is greater than 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.25 % per annum, and for ABR Loans will be 3.25 % per annum, and (2) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.75 to 1.00, the applicable margin for LIBOR Loans will be 4.00 % per annum, and for ABR Loans will be 3.00 % per annum. In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Facility a commitment fee in respect of any unused commitments under the Revolving Facility in the amount of 0.50 % of the principal amount of unused commitments of such lender, subject to a stepdown to 0.375 % based upon the Company’s Consolidated First Lien Net Leverage Ratio. The Company is also required to pay letter of credit participation fees equal to the applicable margin then in effect for LIBOR Loans multiplied by the average aggregate daily maximum amount available to be drawn under all letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee in an amount equal to 0.125 % of the face amount of such letter of credit. The Company is also required to pay customary agency fees. Commitment fees of less than $ 0.1 million were recorded as interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020. The Macquarie Credit Agreement requires the Company to prepay the Term Loan, subject to certain exceptions, with:  100 % of the net cash proceeds of certain non-ordinary course asset sales or certain casualty events, subject to certain exceptions; and  75 % of the Company’s annual Excess Cash Flow (as defined in the Macquarie Credit Agreement) if the Consolidated First Lien Net Leverage Ratio is greater than 2.75 to 1.00 (which percentage will be reduced to (i) 50 % if the Consolidated First Lien Net Leverage Ratio is greater than 2.50 to 1.00 but less than or equal to 2.75 to 1.00, (ii) 25 % if the Consolidated First Lien Net Leverage Ratio is greater than 2.25 to 1.00 but less than or equal to 2.50 to 1.00, and (iii) 0 % if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.25 to 1.00). The borrowings under the Macquarie Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions, and are secured by a pledge (and, with respect to real property, mortgage) of substantially all of the existing and future property and assets of the Company and the guarantors, subject to certain exceptions. The Macquarie Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Macquarie Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. The Revolving Facility includes a financial maintenance covenant (the “Financial Covenant”) tested as of the last day of each fiscal quarter in which borrowings under the Revolving Facility as of such day equal or exceed $ 3.5 million. Due to the COVID-19-related borrowings under the Revolving Facility in March 2020, which were substantially repaid in July 2020, the Company and the lender concluded that the Company had not been in compliance with the Financial Covenant. As of September 30, 2020, the Company and Macquarie amended the Macquarie Credit Agreement. Among other things, the amendment waived past noncompliance with the Financial Covenant, suspended further testing of the Financial Covenant until the fiscal quarter ending September 30, 2021, and suspended certain restricted payment baskets until June 30, 2021. As of March 31, 2021, the Company was in compliance with all applicable financial covenants under the Macquarie Credit Agreement. Deferred financing costs consist of the Company’s costs related to the financing of the Macquarie Credit Agreement. The Company amortized $ 0.4 million for the three months ended March 31, 2021 and 2020 relating to Macquarie Credit Agreement deferred financing costs. These costs are included in interest expense in the condensed consolidated statements of loss for the three months ended March 31, 2021 and 2020. Casinos Poland CPL’s short-term line of credit with Alior Bank ended in April 2020. The line of credit bore an interest rate of three-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.55 %. As of March 31, 2021, CPL had five credit agreements with mBank as detailed below. In April 2021, CPL obtained a waiver from mBank regarding its noncompliance with the required cash inflows and financial covenants related to the five credit agreements during the three months ended March 31, 2021. The waiver waives CPL’s compliance requirements through October 31, 2021. The first credit agreement between CPL and mBank is a PLN 3.0 million term loan that was used to renovate the existing casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70 %. The credit agreement has a three year term through November 30, 2021 . As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.1 million ($ 0.3 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash in an account with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.3 % to 0.4 %, liquidity ratios no less than 1.3 and a debt ratio not higher than 60 %. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021. The second credit agreement between CPL and mBank is a PLN 4.0 million term loan that was used to renovate and enlarge the casino space at the Marriott Hotel in Warsaw. The credit agreement bears an interest rate of 1-month WIBOR plus 1.70 %. The credit agreement has a three year term through November 30, 2021 . As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.5 million ($ 0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5 %, liquidity ratios no less than 0.6 and a debt ratio not higher than 70 %. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2021. The third credit agreement between CPL and mBank is a PLN 2.5 million term loan that was used to purchase gaming and other equipment for the Marriott Hotel in Warsaw. The credit agreement bears interest at an interest rate of 1-month WIBOR plus 1.90 %. The credit agreement has a four year term through November 30, 2022 . As of March 31, 2021, the credit agreement had an outstanding balance of PLN 1.4 million ($ 0.4 million based on the exchange rate in effect on March 31, 2021). CPL has no further borrowing availability under this credit agreement. The credit agreement is secured by a building owned by CPL in Warsaw. In addition, CPL is required to maintain cash inflows of PLN 7.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.5 %, liquidity ratios no less than 0.6 and a debt ratio not higher than 70 %. In May 2020, the credit agreement was amended to defer three months of payments to November 30, 2022. As of March 31, 2021, CPL also had a short-term line of credit with mBank used to finance current operations. The line of credit has a borrowing capacity of PLN 5.0 million. As of March 31, 2021, the credit facility had no outstanding balance and PLN 5.0 million ($ 1.3 million based on the exchange rate in effect on March 31, 2021) was available for additional borrowing. The credit agreement is secured by a building owned by CPL in Warsaw. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. The credit agreement was scheduled to expire in March 2021 but was amended in April 2021 to extend the line of credit through October 28, 2021 bearing an interest rate that was increased from overnight WIBOR plus 1.80 % to overnight WIBOR plus 2.40 %. As of March 31, 2021, CPL had an additional short-term line of credit with mBank used to finance CPL’s current operations. The line of credit bears an interest rate of 1-month WIBOR plus 2.10 % with a borrowing capacity of PLN 10.0 million ($ 2.5 million based on the exchange rate in effect on March 31, 2021), of which PLN 7.5 million ($ 1.9 million based on the exchange rate in effect on March 31, 2021) can be used only to secure bank guarantees. The credit agreement has a two year term through October 14, 2022 . As of March 31, 2021, the credit facility had no outstanding balance and PLN 2.5 million ($ 0.6 million based on the exchange rate in effect on March 31, 2021) was available for borrowing. The credit agreement is secured by a building owned by CPL in Warsaw and a liquidity guarantee provided by Bank Gospodarstwa Krajowego for the amount of PLN 8.0 million. In addition, CPL is required to maintain cash inflows of PLN 5.0 million to its account held with mBank and to comply with financial covenants, including covenants that relate to profit margins not lower than 0.4 %, liquidity ratios not less than 1.3 and a debt ratio not higher than 60 %. 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 March 31, 2021). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($ 0.3 million based on the exchange rate in effect on March 31, 2021) with mBank and will terminate in June 2024 and January 2026. CPL also 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 PLN 0.9 million ($ 0.2 million based on the exchange rate in effect on March 31, 2021) in deposits for this purpose as of March 31, 2021. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Resorts Management In August 2017, the Company’s subsidiary CCB entered into a GBP 2.0 million term loan with UniCredit (the “UniCredit Loan”). In February 2020, the Company’s subsidiary CRM assumed the UniCredit Loan. The UniCredit Loan matures September 30, 2023 and bears interest at the LIBOR plus 1.625 %. Proceeds from the loan were used for construction and fitting out of CCB. As of March 31, 2021, the amount outstanding on the UniCredit Loan was GBP 1.1 million ($ 1.5 million based on the exchange rate in effect on March 31, 2021). CRM has no further borrowing availability under the loan agreement. The loan is unsecured and has no financial covenants. In August 2018, CRM entered into a loan agreement with UniCredit (the “UniCredit Agreement”) for a revolving line of credit to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. The borrowings may be denominated in EUR, bearing an interest rate of EURIBOR plus a margin of 1.5 %, or USD, bearing an interest rate of LIBOR plus a margin of 1.5 % of up to EUR 7.0 million, or the US dollar equivalent. If the interest rate indicator is no longer available, the indicator that comes closest to the agreed upon indicator will be used. The line of credit is available until terminated by either party. Funds can be borrowed with terms of 1 , 3 , 6 , 9 or 12 months. In March 2020, CRM borrowed $ 7.4 million with a 12 month term under the UniCredit Agreement and the Company had no further borrowings available as of March 31, 2021. The UniCredit Agreement is secured by a EUR 7.0 million guarantee by the Company and has no financial covenants. The UniCredit Agreement contains customary events of default, including the failure to make required payments. Upon a failure to make required payments following a grace period, amounts due under the UniCredit Agreement may be accelerated. In March 2021, UniCredit extended the term of the line of credit to June 23, 2021 and reduced the interest rate to 1.9 %. The Company is in negotiations to convert the line of credit to a term loan. Century Downs Racetrack and Casino CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project 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 March 31, 2021, the outstanding balance on the financing obligation was CAD 19.5 million ($ 15.5 million based on the exchange rate in effect on March 31, 2021). As of March 31, 2021, scheduled maturities related to long-term debt were as follows: Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Loan Century Downs Land Lease UniCredit Agreement Total 2021 $ 1,275 $ 784 $ 551 $ — $ 7,400 $ 10,010 2022 1,700 210 551 — — 2,461 2023 1,700 — 415 — — 2,115 2024 1,700 — — — — 1,700 2025 1,700 — — — — 1,700 Thereafter 159,800 — — 15,504 — 175,304 Total $ 167,875 $ 994 $ 1,517 $ 15,504 $ 7,400 $ 193,290 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 6. LONG-TERM FINANCING OBLIGATION On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the Acquired Casino properties. The Tenant entered into a triple net lease agreement (the “Master Lease”) with the Landlord to lease the real estate assets of the Acquired Casinos. The Master Lease does not transfer control of the Acquired Casino properties to VICI Propco subsidiaries. The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $ 28.5 million. The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using an imputed discount rate of approximately 10.6 %. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant. The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The renewal terms are effective as to all, but not less than all, of the property then subject to the Master Lease. The Company does not have the ability to terminate its obligations under the Master Lease prior to its expiration without the Landlord’s consent. The Master Lease has a triple-net structure, which requires the Tenant to pay substantially all costs associated with the Acquired Casino properties, including real estate taxes, insurance, utilities, maintenance and operational costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease. The rent payable under the Master Lease is comprised of “Base Rent” and “Variable Rent”. Base rent is:  An initial annual rent (the “Rent”) of approximately $ 25.0 million.  The Rent will escalate at a rate of 1.01 % for the 2 nd and 3 rd years and the greater of either 1.0125 % (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4 th year and ending the 7 th year.  The Base Rent Escalator is subject to adjustment from and after the 6 th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied.  Beginning in the 8 th year of the lease term, Rent will be calculated as (i) 80 % of the Rent for the 7 th lease year (“Base Rent”), subject to an annual Base Rent Escalator of the greater of 1.0125 % or CPI subject to adjustment if the Minimum Rent Coverage Ratio is not satisfied, plus (ii) variable rent (“Variable Rent”) equal to 20 % of the Rent for the 7 th lease year, plus or minus 4.0 % of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease.  For the 11 th year and thereafter of the initial lease term, the Base Rent will escalate annually as set forth above and the Variable Rent will be recalculated as set forth in the Master Lease. The estimated future payments include the payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.0125 % and estimates based on contingent rental payments. Total payments and interest expense related to the Master Lease for the three months ended March 31, 2021 and 2020 were as follows. For the three months ended March 31, Amounts in thousands 2021 2020 Payments made $ 4,208 $ 6,250 Interest expense on financing obligation $ 6,934 7,281 The future payments related to the Master Lease financing obligation with the Landlord at March 31, 2021 were as follows. Amounts in thousands 2021 $ 18,938 2022 25,503 2023 25,821 2024 26,144 2025 26,340 Thereafter 1,034,721 Total payments 1,157,467 Less imputed interest ( 906,683 ) Residual Value 28,492 Total $ 279,276 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. COMMITMENTS AND CONTINGENCIES Litigation Since 2011, the Polish Internal Revenue Service (“Polish IRS”) has conducted a series of tax audits of CPL to review the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS has asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and has prevailed in several court challenges by CPL. Through March 31, 2021, CPL has paid PLN 14.3 million ($ 4.2 million) related to these audits. The balance of the potential liability on the Company’s condensed consolidated balance sheet for all open periods as of March 31, 2021 is PLN 1.8 million ($ 0.5 million based on the exchange rate in effect on March 31, 2021). The Company has evaluated the contingent liability recorded on its condensed consolidated balance sheet as of March 31, 2021 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 March 31, 2021. Additional court decisions 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 March 31, 2021. 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. In March 2020, the Company assessed the likelihood of the collectability of a receivable from LOT Polish Airlines (“LOT”), which previously owned a 33.3 % interest in CPL that it sold to the Company in 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013 and analysis of LOT’s ability to pay, the Company wrote-down PLN 3.0 million ($ 0.7 million based on the exchange rate in effect on March 31, 2020) to general and administrative expenses on its condensed consolidated statement of loss for the three months ended March 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES Income tax expense is recorded relative to the jurisdictions that recognize book earnings. For the three months ended March 31, 2021, the Company recognized income tax expense of $ 0.1 million on pre-tax loss of ($ 1.8 ) million, representing an effective income tax rate of ( 5.5 %) compared to income tax expense of $ 2.5 million on pre-tax loss of ($ 43.1 ) million, representing an effective income tax rate of ( 5.9 %) for the same period in 2020. The comparison of pre-tax loss of ($ 1.8 ) million for the three months ended March 31, 2021 to the pre-tax loss of ($ 43.1 ) million for the three months ended March 31, 2020 should be considered when comparing effective tax rates for the respective periods. For the three months ended March 31, 2021, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, which take into account a range of potential impacts from the COVID-19 pandemic, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the three months ended March 31, 2021. A number of items caused the effective income tax rate for the three months ended March 31, 2021 to differ from the US federal statutory income tax rate of 21 %, including a 23 % statutory tax rate in Canada, certain nondeductible business expenses in Poland, and various exchange rate benefits. The Company continues to maintain a full valuation allowance on deferred tax assets for CMR, United States, and CRM. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. 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 months ended March 31, 2021 and 2020 were as follows: For the three months ended March 31, Amounts in thousands 2021 2020 Weighted average common shares, basic 29,576 29,507 Dilutive effect of stock options — — Weighted average common shares, diluted 29,576 29,507 The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation: For the three months ended March 31, Amounts in thousands 2021 2020 Stock options 1,022 1,410 |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 10. 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. There were no transfers between the three levels for the three months ended March 31, 2021 and 2020. Non-Recurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. During 2020, the Company wrote-down goodwill and intangible assets at certain properties based on forecast losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $ 33.0 million to impairment – intangible and tangible assets on its condensed consolidated statement of loss for the three months ended March 31, 2020. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the goodwill and intangible assets. In addition, the Company impaired its MCE investment based on evaluations of the investment resulting from the triggering events caused by COVID-19. The Company made assessments about MCE’s ability to continue as a going concern and future cash flows of MCE. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the investment. The Company used an income approach and cost approach and weighted both equally. The resulting fair value was insignificant, and consequently the investment was fully impaired resulting in $ 1.0 million expense recorded as impairment – intangible and tangible assets on the Company’s condensed consolidated statement of loss for the three months ended March 31, 2020. Long-Term Debt – The carrying value of the Macquarie Credit Agreement, the UniCredit Agreement and CPL credit agreements approximate fair value based on the variable interest paid on the obligations. The carrying values of the CRM and CPL short-term lines of credit approximate fair value due to the short-term nature of the agreements and recently negotiated terms. The estimated fair values of the outstanding balances under the Macquarie Credit Agreement, CPL credit facility, CPL credit agreements, and UniCredit Agreement are designated as Level 2 measurements in the fair value hierarchy based on quoted prices in active markets for similar liabilities. The carrying values of the Company’s finance lease obligations approximate fair value based on the similar terms and conditions currently available to the Company in the marketplace for similar financings. 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 and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of March 31, 2021 and December 31, 2020, the Company had no cash equivalents. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 11. REVENUE RECOGNITION The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below. For the three months ended March 31, Amounts in thousands 2021 2020 Revenue from contracts with customers $ 72,415 $ 87,656 Interest income — 1 Cost recovery income 655 — Total revenue $ 73,070 $ 87,657 The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, pari-mutuel and sports betting, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below. For the three months ended March 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 57,909 $ — $ 5,519 $ — $ 63,428 Pari-mutuel and sports betting 931 1,553 — — 2,484 Hotel 1,750 — — — 1,750 Food and beverage 2,684 36 — — 2,720 Other 1,097 422 391 123 2,033 Net operating revenue $ 64,371 $ 2,011 $ 5,910 $ 123 $ 72,415 For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 46,535 $ 10,210 $ 16,754 $ 793 $ 74,292 Pari-mutuel and sports betting 277 2,075 — — 2,352 Hotel 1,733 83 — — 1,816 Food and beverage 3,753 2,501 193 105 6,552 Other 1,129 1,318 115 82 2,644 Net operating revenue $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year . The amount of revenue recognized that was included in the opening contract liability balance was $ 0.4 million and $ 0.6 million for the three months ended March 31, 2021 and 2020, respectively. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s receivables and contract liabilities is presented in the tables below. For the three months For the three months ended March 31, 2021 ended March 31, 2020 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,103 2,200 $ 326 663 Closing 472 2,227 19 722 Increase/(decrease) $ ( 631 ) $ 27 $ ( 307 ) $ 59 Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. In March 2020, the Company wrote-down its receivables related to MCE based on assessments made due to COVID-19 and future cash flows of MCE, and as a result, charged $ 0.3 million to general and administrative expenses during the three months ended March 31, 2020 . Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 12. LEASES In January 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842) , and the subsequent amendments using the alternative modified retrospective method. When adopting the leasing standard, the Company made the following policy elections:  The Company elected the practical expedient to account for the lease and non-lease components as a single lease component for all asset classes;  The Company elected the short-term lease measurement and recognition exemption and did not establish right-of-use (“ROU”) assets or lease liabilities for operating leases with terms of 12 months or less;  The Company used its original assumptions for operating leases entered into prior to adoption, electing not to use the hindsight practical expedient;  The Company elected to use the package of practical expedients for transition and did not reassess (i) whether expired or existing contracts were leases or contained leases, (ii) the classification of its existing leases, or (iii) initial direct costs for existing leases; and  The Company elected not to evaluate existing or expired land easements under the leasing standard prior to the date of adoption. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 16 years. The components of lease expense were as follows: For the three months ended March 31, Amounts in thousands 2021 2020 Operating lease expense $ 1,463 $ 1,519 Finance lease expense: Amortization of right-of-use assets $ 35 $ 40 Interest on lease liabilities 2 4 Total finance lease expense $ 37 $ 44 Short-term lease expense $ 35 $ 75 Variable lease expense $ 177 $ 759 Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland. Supplemental cash flow information related to leases was as follows: For the three months March 31, Amounts in thousands 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1 $ 4 Operating cash flows from operating leases 1,581 1,822 Financing cash flows from finance leases 33 43 Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands March 31, 2021 December 31, 2020 Operating leases Leased right-of-use assets, net $ 32,196 $ 34,074 Current portion of operating lease liabilities 4,134 4,327 Operating lease liabilities, net of current portion 30,700 32,277 Total operating lease liabilities 34,834 36,604 Finance leases Finance lease right-of-use assets, gross 429 552 Accumulated depreciation ( 254 ) ( 338 ) Property and equipment, net 175 214 Current portion of finance lease liabilities 100 131 Finance lease liabilities, net of current portion 72 83 Total finance lease liabilities 172 214 Weighted-average remaining lease term Operating leases 11.4 years 11.3 years Finance leases 2.1 years 2.1 years Weighted-average discount rate Operating leases 4.6 % 4.5 % Finance leases 4.6 % 4.7 % Maturities of lease liabilities as of March 31, 2021 were as follows: Amounts in thousands Operating Leases Finance Leases 2021 $ 4,097 $ 95 2022 5,247 41 2023 4,608 25 2024 3,872 19 2025 2,786 — Thereafter 26,405 — Total lease payments 47,015 180 Less imputed interest ( 12,181 ) ( 8 ) Total $ 34,834 $ 172 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | 13. 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. The Company views each market in which it operates as a separate operating segment and each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic 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 operations related to Century Casino Bath, which the Company deconsolidated in May 2020, its 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 reporting units and operating segments into reportable segments: Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Downs Racetrack and Casino Century Sports Century Bets! Inc. Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders 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, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. 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 months ended March 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 64,371 $ 2,011 $ 5,910 $ 123 $ 72,415 Earnings (loss) before income taxes $ 10,594 $ ( 3,489 ) $ ( 3,357 ) $ ( 5,552 ) $ ( 1,804 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 10,594 $ ( 3,512 ) $ ( 1,835 ) $ ( 6,666 ) $ ( 1,419 ) Interest expense (income), net (2) 6,935 307 4 3,276 10,522 Income taxes (benefit) — ( 409 ) ( 606 ) 1,114 99 Depreciation and amortization 4,525 1,222 793 103 6,643 Net earnings (loss) attributable to non-controlling interests — 432 ( 916 ) — ( 484 ) Non-cash stock-based compensation — — — 259 259 Gain on foreign currency transactions, cost recovery income and other — ( 557 ) ( 7 ) ( 417 ) ( 981 ) Loss on disposition of fixed assets 73 32 — — 105 Adjusted EBITDA $ 22,127 $ ( 2,485 ) $ ( 2,567 ) $ ( 2,331 ) $ 14,744 (1) Net operating revenue for Corporate and Other primarily related to the Company’s consulting agreements. (2) Expense of $ 6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 4.2 million and $ 0.3 million, respectively, for the period presented. For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 (Loss) earnings before income taxes $ ( 32,372 ) $ ( 2,157 ) $ 91 $ ( 8,699 ) $ ( 43,137 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 34,219 ) $ ( 4,408 ) $ 31 $ ( 7,260 ) $ ( 45,856 ) Interest expense (income), net (2) 7,281 543 31 3,511 11,366 Income taxes (benefit) 1,847 2,071 45 ( 1,439 ) 2,524 Depreciation and amortization 4,259 1,337 763 136 6,495 Net earnings attributable to non-controlling interests — 180 15 — 195 Non-cash stock-based compensation — — — ( 14 ) ( 14 ) (Gain) loss on foreign currency transactions and cost recovery income — ( 64 ) 172 645 753 Impairment - intangible and tangible assets (3) 29,589 3,375 — 1,000 33,964 Loss on disposition of fixed assets — — 2 2 4 Acquisition costs — — — 213 213 Adjusted EBITDA $ 8,757 $ 3,034 $ 1,059 $ ( 3,206 ) $ 9,644 (1) Net operating revenue for Corporate and Other primarily related to CCB, the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.2 million and $ 0.5 million, respectively, for the period presented. (3) Expense of $ 29.6 million and $ 3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4). Expense of $ 1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3). |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its condensed consolidated financial statements and related notes. Casinos throughout Poland were closed on March 20, 2021 to comply with a quarantine imposed by the Polish government to contain the spread of COVID-19. The Company expects to reopen its eight casinos in Poland on May 8, 2021. The regulation lifting the lockdown for the Polish casinos includes social distancing practices and enhanced health and safety protocols. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncement: In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is (i) to simplify the accounting for income taxes by removing certain exceptions, and updating certain requirements, and (ii) to make minor codification improvements for income taxes. The guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s financial statements. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). The objective of ASU 2020-04 is to provide optional expedients and exceptions for applying US GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides clarification that certain optional expedients and exceptions in ASU 2020-04 for contract modification and hedge accounting apply to derivatives that are affected by discounting transition. The guidance is effective from March 12, 2020 through December 31, 2022. The Company is evaluating the expedients and exceptions provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open | Operating Segment Closure Date Reopen Date Gaming Floor Open Colorado March 17, 2020 June 15 and June 17, 2020 80 % (1) Missouri March 17, 2020 June 1, 2020 94 % West Virginia March 17, 2020 June 5, 2020 85 % Edmonton March 17, 2020 June 13, 2020 December 13, 2020 Currently Closed Calgary March 17, 2020 June 13, 2020 December 13, 2020 Currently Closed Poland March 13, 2020 May 18, 2020 December 29, 2020 February 12, 2021 March 20, 2021 Currently Closed (2) (1) CRC’s slot floor is fully open. CTL’s slot floor is 66 % open due to a county variance requiring every other machine to be powered off. CRC and CTL reopened table games in February 2021 with restrictions on the number of gaming positions. (2) The Poland casinos are expected to reopen on May 8, 2021 . |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | March 31, March 31, Amounts in thousands 2021 2020 Cash and cash equivalents $ 65,969 $ 63,676 Restricted cash included in deposits and other 268 831 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 66,237 $ 64,507 |
Schedule Of Exchange Rates To US Dollar | As of March 31, As of December 31, Ending Rates 2021 2020 Canadian dollar (CAD) 1.2575 1.2732 Euros (EUR) 0.8520 0.8157 Polish zloty (PLN) 3.9564 3.7136 British pound (GBP) 0.7253 0.7325 |
Average Exchange Rates | For the three months ended March 31, Average Rates 2021 2020 % Change Canadian dollar (CAD) 1.2665 1.3429 5.7 % Euros (EUR) 0.8296 0.9074 8.6 % Polish zloty (PLN) 3.7693 3.9221 3.9 % British pound (GBP) 0.7253 0.7816 7.2 % Source: Pacific Exchange Rate Service |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2021 $ 19,786 $ 7,385 $ 6,891 $ 34,062 Currency translation — 50 ( 423 ) ( 373 ) Gross carrying value March 31, 2021 19,786 7,435 6,468 33,689 Accumulated impairment losses January 1, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses March 31, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at January 1, 2021 $ — $ 4,010 $ 6,891 $ 10,901 Net carrying value at March 31, 2021 $ — $ 4,060 $ 6,468 $ 10,528 |
Schedule Of Intangible Assets | March 31, December 31, Amounts in thousands 2021 2020 Finite-lived Casino licenses $ 2,833 $ 3,019 Less: accumulated amortization ( 1,436 ) ( 1,404 ) 1,397 1,615 Trademarks 2,368 2,368 Less: accumulated amortization ( 316 ) ( 257 ) 2,052 2,111 Players club lists 20,373 20,373 Less: accumulated amortization ( 3,881 ) ( 3,153 ) 16,492 17,220 Total finite-lived intangible assets, net 19,941 20,946 Indefinite-lived Casino licenses 30,212 30,061 Trademarks 1,650 1,751 Total indefinite-lived intangible assets 31,862 31,812 Total intangible assets, net $ 51,803 $ 52,758 |
Trademarks [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2021 Currency translation Balance at March 31, 2021 Poland $ 1,643 $ ( 101 ) $ 1,542 Corporate and Other 108 — 108 $ 1,751 $ ( 101 ) $ 1,650 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2021 Currency translation Balance at March 31, 2021 United States $ 17,962 $ — $ 17,962 Canada 12,099 151 12,250 $ 30,061 $ 151 $ 30,212 |
Trademarks [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Balance at March 31, 2021 United States $ 2,111 $ ( 59 ) $ 2,052 |
Estimated Amortization Expense | Amounts in thousands 2021 $ 178 2022 237 2023 237 2024 237 2025 237 Thereafter 926 $ 2,052 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Currency translation Balance at March 31, 2021 Poland $ 1,615 $ ( 124 ) $ ( 94 ) $ 1,397 |
Estimated Amortization Expense | Amounts in thousands 2021 $ 355 2022 459 2023 395 2024 161 2025 27 $ 1,397 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Balance at March 31, 2021 United States $ 17,220 $ ( 728 ) $ 16,492 |
Estimated Amortization Expense | Amounts in thousands 2021 $ 2,182 2022 2,910 2023 2,910 2024 2,910 2025 2,910 Thereafter 2,670 $ 16,492 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands March 31, 2021 December 31, 2020 Credit agreement - Macquarie $ 167,875 6.64 % $ 168,300 6.72 % Credit agreements - CPL 994 2.02 % 1,296 2.61 % UniCredit loan 1,517 1.66 % 1,502 2.05 % UniCredit agreement 7,400 2.48 % 7,400 2.60 % Financing obligation - CDR land lease 15,504 11.62 % 15,313 13.70 % Total principal $ 193,290 6.55 % $ 193,811 7.03 % Deferred financing costs ( 8,869 ) ( 9,261 ) Total long-term debt $ 184,421 $ 184,550 Less current portion ( 10,619 ) ( 10,718 ) Long-term portion $ 173,802 $ 173,832 |
Schedule Of Maturities Related To Debt | Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Loan Century Downs Land Lease UniCredit Agreement Total 2021 $ 1,275 $ 784 $ 551 $ — $ 7,400 $ 10,010 2022 1,700 210 551 — — 2,461 2023 1,700 — 415 — — 2,115 2024 1,700 — — — — 1,700 2025 1,700 — — — — 1,700 Thereafter 159,800 — — 15,504 — 175,304 Total $ 167,875 $ 994 $ 1,517 $ 15,504 $ 7,400 $ 193,290 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Long-Term Financing Obligation [Abstract] | |
Total Payments And Interest Expense | For the three months ended March 31, Amounts in thousands 2021 2020 Payments made $ 4,208 $ 6,250 Interest expense on financing obligation $ 6,934 7,281 |
Future Payments Related To Master Lease | Amounts in thousands 2021 $ 18,938 2022 25,503 2023 25,821 2024 26,144 2025 26,340 Thereafter 1,034,721 Total payments 1,157,467 Less imputed interest ( 906,683 ) Residual Value 28,492 Total $ 279,276 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2021 2020 Weighted average common shares, basic 29,576 29,507 Dilutive effect of stock options — — Weighted average common shares, diluted 29,576 29,507 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months ended March 31, Amounts in thousands 2021 2020 Stock options 1,022 1,410 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the three months ended March 31, Amounts in thousands 2021 2020 Revenue from contracts with customers $ 72,415 $ 87,656 Interest income — 1 Cost recovery income 655 — Total revenue $ 73,070 $ 87,657 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the three months ended March 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 57,909 $ — $ 5,519 $ — $ 63,428 Pari-mutuel and sports betting 931 1,553 — — 2,484 Hotel 1,750 — — — 1,750 Food and beverage 2,684 36 — — 2,720 Other 1,097 422 391 123 2,033 Net operating revenue $ 64,371 $ 2,011 $ 5,910 $ 123 $ 72,415 For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 46,535 $ 10,210 $ 16,754 $ 793 $ 74,292 Pari-mutuel and sports betting 277 2,075 — — 2,352 Hotel 1,733 83 — — 1,816 Food and beverage 3,753 2,501 193 105 6,552 Other 1,129 1,318 115 82 2,644 Net operating revenue $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 |
Schedule Of Contract Assets And Liabilities | For the three months For the three months ended March 31, 2021 ended March 31, 2020 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,103 2,200 $ 326 663 Closing 472 2,227 19 722 Increase/(decrease) $ ( 631 ) $ 27 $ ( 307 ) $ 59 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | For the three months ended March 31, Amounts in thousands 2021 2020 Operating lease expense $ 1,463 $ 1,519 Finance lease expense: Amortization of right-of-use assets $ 35 $ 40 Interest on lease liabilities 2 4 Total finance lease expense $ 37 $ 44 Short-term lease expense $ 35 $ 75 Variable lease expense $ 177 $ 759 |
Supplemental Cash Flow Information Related To Leases | For the three months March 31, Amounts in thousands 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1 $ 4 Operating cash flows from operating leases 1,581 1,822 Financing cash flows from finance leases 33 43 |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands March 31, 2021 December 31, 2020 Operating leases Leased right-of-use assets, net $ 32,196 $ 34,074 Current portion of operating lease liabilities 4,134 4,327 Operating lease liabilities, net of current portion 30,700 32,277 Total operating lease liabilities 34,834 36,604 Finance leases Finance lease right-of-use assets, gross 429 552 Accumulated depreciation ( 254 ) ( 338 ) Property and equipment, net 175 214 Current portion of finance lease liabilities 100 131 Finance lease liabilities, net of current portion 72 83 Total finance lease liabilities 172 214 Weighted-average remaining lease term Operating leases 11.4 years 11.3 years Finance leases 2.1 years 2.1 years Weighted-average discount rate Operating leases 4.6 % 4.5 % Finance leases 4.6 % 4.7 % |
Maturities Of Lease Liabilities | Amounts in thousands Operating Leases Finance Leases 2021 $ 4,097 $ 95 2022 5,247 41 2023 4,608 25 2024 3,872 19 2025 2,786 — Thereafter 26,405 — Total lease payments 47,015 180 Less imputed interest ( 12,181 ) ( 8 ) Total $ 34,834 $ 172 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Downs Racetrack and Casino Century Sports Century Bets! Inc. Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other |
Segment Information | For the three months ended March 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 64,371 $ 2,011 $ 5,910 $ 123 $ 72,415 Earnings (loss) before income taxes $ 10,594 $ ( 3,489 ) $ ( 3,357 ) $ ( 5,552 ) $ ( 1,804 ) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 10,594 $ ( 3,512 ) $ ( 1,835 ) $ ( 6,666 ) $ ( 1,419 ) Interest expense (income), net (2) 6,935 307 4 3,276 10,522 Income taxes (benefit) — ( 409 ) ( 606 ) 1,114 99 Depreciation and amortization 4,525 1,222 793 103 6,643 Net earnings (loss) attributable to non-controlling interests — 432 ( 916 ) — ( 484 ) Non-cash stock-based compensation — — — 259 259 Gain on foreign currency transactions, cost recovery income and other — ( 557 ) ( 7 ) ( 417 ) ( 981 ) Loss on disposition of fixed assets 73 32 — — 105 Adjusted EBITDA $ 22,127 $ ( 2,485 ) $ ( 2,567 ) $ ( 2,331 ) $ 14,744 (1) Net operating revenue for Corporate and Other primarily related to the Company’s consulting agreements. (2) Expense of $ 6.9 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 4.2 million and $ 0.3 million, respectively, for the period presented. For the three months ended March 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 53,427 $ 16,187 $ 17,062 $ 980 $ 87,656 (Loss) earnings before income taxes $ ( 32,372 ) $ ( 2,157 ) $ 91 $ ( 8,699 ) $ ( 43,137 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 34,219 ) $ ( 4,408 ) $ 31 $ ( 7,260 ) $ ( 45,856 ) Interest expense (income), net (2) 7,281 543 31 3,511 11,366 Income taxes (benefit) 1,847 2,071 45 ( 1,439 ) 2,524 Depreciation and amortization 4,259 1,337 763 136 6,495 Net earnings attributable to non-controlling interests — 180 15 — 195 Non-cash stock-based compensation — — — ( 14 ) ( 14 ) (Gain) loss on foreign currency transactions and cost recovery income — ( 64 ) 172 645 753 Impairment - intangible and tangible assets (3) 29,589 3,375 — 1,000 33,964 Loss on disposition of fixed assets — — 2 2 4 Acquisition costs — — — 213 213 Adjusted EBITDA $ 8,757 $ 3,034 $ 1,059 $ ( 3,206 ) $ 9,644 (1) Net operating revenue for Corporate and Other primarily related to CCB, the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 7.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.2 million and $ 0.5 million, respectively, for the period presented. (3) Expense of $ 29.6 million and $ 3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets (see Note 4). Expense of $ 1.0 million is included in the Corporate and Other segment related to the impairment of the MCE investment (see Note 3). |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, $ in Millions | Aug. 05, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)item | Mar. 31, 2021CAD ($)item | May 31, 2021item | Dec. 31, 2020USD ($) | Aug. 05, 2020CAD ($) | Dec. 06, 2019USD ($) | Oct. 31, 2014 |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of ship-based casinos | item | 4 | ||||||||
Assets held for sale | $ 8,374 | $ 8,271 | |||||||
Restricted cash | $ 831 | 268 | |||||||
Canada And Poland [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Estimates amount to reopen operations and cover short-term cash | $ 7,000 | ||||||||
UniCredit Bank Austria [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Revolving credit facility, amount drew | 7,400 | ||||||||
Subsequent Event [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Number of ship based casinos, ended | item | 3 | ||||||||
Number of ship based casinos, operating | item | 1 | ||||||||
Lot Polish Airlines Invesment [Member] | Polish Airports Company [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership interest by non-controlling | 33.30% | ||||||||
Casinos Poland [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership percentage | 66.60% | ||||||||
Number of casinos owned | item | 8 | 8 | |||||||
Mendoza Central Entretenimientos S. A. [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Impairment intangible assets | 1,000 | ||||||||
Wrote-down receivable | 300 | ||||||||
Century Resorts Management GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership interest | 7.50% | 7.50% | |||||||
Century Resorts Management 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% | ||||||||
Macquarie Capital [Member] | Revolving Credit Facility [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Revolving credit facility, amount drew | 9,950 | ||||||||
Credit facility amount | $ 10,000 | $ 10,000 | |||||||
Macquarie Capital [Member] | Line of Credit [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Line of credit facility | 50 | ||||||||
Century Sports [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Lease term | 3 years | 3 years | |||||||
Annual net rent | $ 400 | $ 0.5 | |||||||
Century Downs Racetrack And Casino [Member] | Unaffiliated Shareholders [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Ownership interest by non-controlling | 25.00% | ||||||||
Deposits And Other Related To A Cash Guarantee [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Restricted cash | 600 | ||||||||
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Restricted cash | 200 | $ 200 | |||||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Restricted cash | $ 100 | 100 | |||||||
Century Casino Calgary [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Amount, sell casino operation | $ 7,500 | $ 10 | |||||||
Quarterly earn out period | 3 years | ||||||||
Working capital | 100 | $ 0.1 | |||||||
Century Casino Calgary [Member] | Land [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Assets held for sale | 4,800 | ||||||||
Century Casino Calgary [Member] | Buildings And Improvements [Member] | |||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||
Assets held for sale | $ 3,600 |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Colorado [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 15 and June 17, 2020 |
Gaming Floor Open | 80.00% |
Missouri [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 1, 2020 |
Gaming Floor Open | 94.00% |
West Virginia [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 5, 2020 |
Gaming Floor Open | 85.00% |
Edmonton [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 13, 2020 |
Edmonton [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 13, 2020 |
Reopen Date | Currently Closed |
Calgary [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 13, 2020 |
Calgary [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 13, 2020 |
Reopen Date | Currently Closed |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 13, 2020 |
Reopen Date | May 18, 2020 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 29, 2020 |
Reopen Date | February 12, 2021 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 20, 2021 |
Reopen Date | Currently Closed (2) |
Expected To Reopen Date | May 8, 2021 |
CTL [Member] | Colorado [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Gaming Floor Open | 66.00% |
CRC And CTL [Member] | Colorado [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Gaming Floor Reopen Date | February 2021 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Description Of Business And Basis Of Presentation [Abstract] | ||||
Cash and cash equivalents | $ 65,969 | $ 63,413 | $ 63,676 | |
Restricted cash included in deposits and other | 268 | 831 | ||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 66,237 | $ 63,677 | $ 64,507 | $ 55,640 |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Schedule Of Exchange Rates To US Dollar) (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 1.2575 | 1.2732 |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 0.8520 | 0.8157 |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 3.9564 | 3.7136 |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 0.7253 | 0.7325 |
Description Of Business And B_7
Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Average Rates | 1.2665 | 1.3429 |
Average Rates % Change | 5.70% | |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.8296 | 0.9074 |
Average Rates % Change | 8.60% | |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Average Rates | 3.7693 | 3.9221 |
Average Rates % Change | 3.90% | |
British Pound (GBP) [Member] | ||
Currency [Line Items] | ||
Average Rates | 0.7253 | 0.7816 |
Average Rates % Change | 7.20% |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Thousands | Oct. 31, 2014USD ($) | Oct. 31, 2014employee | Mar. 31, 2020USD ($) | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||||
Impairment - intangible and tangible assets | $ 33,964 | |||
Century Resorts Management GmbH [Member] | Mendoza Central Entretenimientos S. A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Investment in Mendoza Central Entretenmientos S.A. | $ 1,000 | |||
Number of directors appointed | employee | 1 | |||
Mendoza Central Entretenimientos S. A. [Member] | Century Resorts Management GmbH [Member] | ||||
Business Acquisition [Line Items] | ||||
Ownership interest | 7.50% | 7.50% | 7.50% | |
Corporate And Other [Member] | Mendoza Central Entretenimientos S. A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Impairment - intangible and tangible assets | $ 1,000 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021item | Mar. 31, 2020USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Number of trademarks | item | 3 | |
Impairment - intangible and tangible assets | $ | $ 33,964 | |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 7 years | |
Player's Club Lists [Member] | Weighted Average [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 5 years 8 months 12 days | |
Mountaineer Casino [Member] | Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life | 10 years | |
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 8 years 8 months 12 days | |
Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Number of casino licenses | item | 8 | |
Useful life | 6 years | |
Weighted-average period before the next renewal of casino licenses | 2 years 10 months 24 days | |
Reporting Units [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment - intangible and tangible assets | $ | $ 33,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 34,062 | |
Currency translation | (373) | |
Gross carrying value, Ending | 33,689 | |
Accumulated impairment losses, Beginning | (23,161) | |
Accumulated impairment losses, Ending | (23,161) | |
Net carrying value | 10,528 | $ 10,901 |
United States [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 19,786 | |
Currency translation | ||
Gross carrying value, Ending | 19,786 | |
Accumulated impairment losses, Beginning | (19,786) | |
Accumulated impairment losses, Ending | (19,786) | |
Net carrying value | ||
Canada [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,385 | |
Currency translation | 50 | |
Gross carrying value, Ending | 7,435 | |
Accumulated impairment losses, Beginning | (3,375) | |
Accumulated impairment losses, Ending | (3,375) | |
Net carrying value | 4,060 | 4,010 |
Poland [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 6,891 | |
Currency translation | (423) | |
Gross carrying value, Ending | 6,468 | |
Accumulated impairment losses, Beginning | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 6,468 | $ 6,891 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-lived | ||
Total finite-lived intangible assets, net | $ 19,941 | $ 20,946 |
Indefinite-lived | ||
Total indefinite-lived intangible assets | 31,862 | 31,812 |
Total intangible assets, net | 51,803 | 52,758 |
Casino Licenses [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 30,212 | 30,061 |
Trademarks [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 1,650 | 1,751 |
Casino Licenses [Member] | ||
Finite-lived | ||
Gross | 2,833 | 3,019 |
Less: accumulated amortization | (1,436) | (1,404) |
Total finite-lived intangible assets, net | 1,397 | 1,615 |
Trademarks [Member] | ||
Finite-lived | ||
Gross | 2,368 | 2,368 |
Less: accumulated amortization | (316) | (257) |
Total finite-lived intangible assets, net | 2,052 | 2,111 |
Player's Club Lists [Member] | ||
Finite-lived | ||
Gross | 20,373 | 20,373 |
Less: accumulated amortization | (3,881) | (3,153) |
Total finite-lived intangible assets, net | $ 16,492 | $ 17,220 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finited-Lived) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | $ 20,946 |
Balance at end of period | 19,941 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,111 |
Balance at end of period | 2,052 |
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 2,111 |
Amortization | (59) |
Balance at end of period | 2,052 |
Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 1,615 |
Balance at end of period | 1,397 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 1,615 |
Amortization | (124) |
Currency translation | (94) |
Balance at end of period | 1,397 |
Player's Club Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 17,220 |
Balance at end of period | 16,492 |
Player's Club Lists [Member] | United States [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at begininng of period | 17,220 |
Amortization | (728) |
Balance at end of period | $ 16,492 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | $ 19,941 | $ 20,946 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 2,052 | 2,111 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 1,397 | 1,615 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 16,492 | 17,220 |
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 178 | |
2022 | 237 | |
2023 | 237 | |
2024 | 237 | |
2025 | 237 | |
Thereafter | 926 | |
Total finite-lived intangible assets, net | 2,052 | 2,111 |
United States [Member] | Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 2,182 | |
2022 | 2,910 | |
2023 | 2,910 | |
2024 | 2,910 | |
2025 | 2,910 | |
Thereafter | 2,670 | |
Total finite-lived intangible assets, net | 16,492 | 17,220 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2021 | 355 | |
2022 | 459 | |
2023 | 395 | |
2024 | 161 | |
2025 | 27 | |
Total finite-lived intangible assets, net | $ 1,397 | $ 1,615 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinited-Lived) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | $ 31,812 |
Balance at end of the period | 31,862 |
Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,751 |
Currency translation | (101) |
Balance at end of the period | 1,650 |
Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 30,061 |
Currency translation | 151 |
Balance at end of the period | 30,212 |
Century Casinos [Member] | Trademarks [Member] | Corporate And Other [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 108 |
Currency translation | |
Balance at end of the period | 108 |
Poland [Member] | Casinos Poland [Member] | Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,643 |
Currency translation | (101) |
Balance at end of the period | 1,542 |
United States [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 17,962 |
Currency translation | |
Balance at end of the period | 17,962 |
Canada [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 12,099 |
Currency translation | 151 |
Balance at end of the period | $ 12,250 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands, € in Millions, £ in Millions, zł in Millions, $ in Millions | Dec. 06, 2019USD ($) | Apr. 30, 2021 | Mar. 31, 2021USD ($)item | Mar. 31, 2021PLN (zł)item | Mar. 31, 2020USD ($) | Mar. 31, 2021PLN (zł)item | Mar. 31, 2021GBP (£)item | Mar. 31, 2021EUR (€)item | Mar. 31, 2021CAD ($)item | Dec. 31, 2020USD ($) | Aug. 31, 2018EUR (€) | Aug. 31, 2017GBP (£) |
Debt Instrument [Line Items] | ||||||||||||
Amortization of deferred financing costs | $ 391 | $ 398 | ||||||||||
Amount outstanding | 193,290 | $ 193,811 | ||||||||||
Principal payments | 33 | 43 | ||||||||||
Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amortization of deferred financing costs | 400 | $ 400 | ||||||||||
Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł | zł 3.6 | |||||||||||
Deposits guarantees for payment of prizes and giveaways | $ 200 | zł 0.9 | ||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Options to purchase land | item | 4 | 4 | ||||||||||
First option date | Jul. 1, 2023 | Jul. 1, 2023 | ||||||||||
Principal payments | $ 0 | |||||||||||
Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of the net cash proceeds of non-ordinary course asset sales or certain casualty events | 100.00% | 100.00% | ||||||||||
Maturity date | Dec. 6, 2026 | Dec. 6, 2026 | ||||||||||
Amount outstanding | $ 167,900 | |||||||||||
Pecentage of quarterly payments equal to original principal | 0.25% | 0.25% | ||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow | 75.00% | 75.00% | ||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.50 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow | 50.00% | 50.00% | ||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.25 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow | 25.00% | 25.00% | ||||||||||
Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow | 0.00% | 0.00% | ||||||||||
Term Loan [Member] | Macquarie Capital [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | |||||||
Term Loan [Member] | Macquarie Capital [Member] | ABR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | 5.50% | |||||||
UniCredit Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount outstanding | $ 1,517 | $ 1,502 | ||||||||||
UniCredit Loan [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | ÂŁ | ÂŁ 2 | |||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | ||||||||||
Amount outstanding | $ 1,500 | ÂŁ 1.1 | ||||||||||
Borrowing availability | $ 0 | |||||||||||
UniCredit Loan [Member] | Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.625% | 1.625% | ||||||||||
BMO Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayment amount | $ 52,000 | |||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | zł | zł 5 | |||||||||||
Line of credit facility amount available for borrowing | $ 1,300 | 5 | ||||||||||
Amount outstanding | $ 0 | |||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Expiration date | Oct. 28, 2021 | |||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.80% | 1.80% | ||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 2.40% | |||||||||||
Line Of Credit With mBank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of credit agreement | 2 years | 2 years | ||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 2,500 | 10 | ||||||||||
Line of credit amount that can only be used to secure bank guarantees | $ 1,900 | zł 7.5 | ||||||||||
Expiration date | Oct. 14, 2022 | Oct. 14, 2022 | ||||||||||
Line of credit facility amount available for borrowing | $ 600 | zł 2.5 | ||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% | |||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.55% | |||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | $ 900 | |||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 900 | zł 3.6 | ||||||||||
Deposit for secured by land owned | 300 | zł 1.2 | ||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 10,000 | 10,000 | ||||||||||
Line of credit facility amount available for borrowing | $ 9,950 | |||||||||||
Percentage of principal amount of unused commitments | 0.50% | 0.50% | ||||||||||
Fronting fee percentage | 0.125% | 0.125% | ||||||||||
Revolving credit facility, amount drew | $ 9,950 | |||||||||||
Maturity date | Dec. 6, 2024 | Dec. 6, 2024 | ||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | |||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | LIBOR [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | |||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||||
Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 5,000 | |||||||||||
Line of credit facility | $ 50 | |||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 180,000 | |||||||||||
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 170,000 | |||||||||||
Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility secured amount | zł | zł 8 | |||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 5 | |||||||||||
Credit Agreement [Member] | Credit Agreements With Mbank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of credit agreements | item | 5 | 5 | 5 | 5 | 5 | |||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | zł | zł 3 | |||||||||||
Expiration date | Nov. 30, 2021 | Nov. 30, 2021 | ||||||||||
Term of borrowing | 3 years | 3 years | ||||||||||
Amount outstanding | $ 300 | 1.1 | ||||||||||
Borrowing availability | $ 0 | |||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.70% | 1.70% | ||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | zł | 4 | |||||||||||
Expiration date | Nov. 30, 2021 | Nov. 30, 2021 | ||||||||||
Term of borrowing | 3 years | 3 years | ||||||||||
Amount outstanding | $ 400 | 1.5 | ||||||||||
Borrowing availability | $ 0 | |||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 7 | |||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.70% | 1.70% | ||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | zł | 2.5 | |||||||||||
Expiration date | Nov. 30, 2022 | Nov. 30, 2022 | ||||||||||
Term of borrowing | 4 years | 4 years | ||||||||||
Amount outstanding | $ 400 | zł 1.4 | ||||||||||
Borrowing availability | $ 0 | |||||||||||
Required amount to maintain in cash inflows and financial covenants | zł | zł 7 | |||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.90% | 1.90% | ||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | € | € 7 | |||||||||||
Line of credit facility secured amount | € | € 7 | |||||||||||
Amount outstanding | $ 7,400 | |||||||||||
Borrowing availability | $ 0 | |||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | Extended Maturity [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity date | Jun. 23, 2021 | Jun. 23, 2021 | ||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | Interest Rate Reduction [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.90% | 1.90% | 1.90% | 1.90% | 1.90% | |||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | EURIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.50% | 1.50% | ||||||||||
UniCredit Agreement [Member] | Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate percentage points | 1.50% | 1.50% | ||||||||||
UniCredit Agreement Term 1 [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of borrowing | 1 month | 1 month | ||||||||||
UniCredit Agreement Term 2 [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of borrowing | 3 months | 3 months | ||||||||||
UniCredit Agreement Term 3 [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of borrowing | 6 months | 6 months | ||||||||||
UniCredit Agreement Term 4 [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of borrowing | 9 months | 9 months | ||||||||||
UniCredit Agreement Term 5 [Member] | Century Resorts Management [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term of borrowing | 12 months | 12 months | ||||||||||
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | |||||||
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.50 But Less Than Or Equal To 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | |||||||
Minimum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.50 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | |||||||
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of principal amount of unused commitments | 0.375% | 0.375% | ||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | |||||||
Minimum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Profit margin | 0.40% | 0.40% | ||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||
Minimum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Profit margin | 0.30% | 0.30% | ||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | |||||||
Minimum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Profit margin | 0.50% | 0.50% | ||||||||||
Liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Profit margin | 0.50% | 0.50% | ||||||||||
Liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | |||||||
Minimum [Member] | Revolving Credit Facility - Financial Covenant [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility | $ 3,500 | |||||||||||
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | |||||||
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Greater 2.25 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | |||||||
Maximum [Member] | Term Loan [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | |||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fees | $ 100 | $ 100 | ||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | Consolidated First Lien Net Leverage Ratio Less 2.75 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | |||||||
Maximum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | |||||||
Maximum [Member] | First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Profit margin | 0.40% | 0.40% | ||||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | |||||||
Maximum [Member] | Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt ratio | 70 | 70 | 70 | 70 | 70 | |||||||
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt ratio | 70 | 70 | 70 | 70 | 70 | |||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance on financing obligation | $ 15,500 | $ 19.5 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total principal | $ 193,290 | $ 193,811 |
Deferred financing costs | (8,869) | (9,261) |
Total long-term debt | 184,421 | 184,550 |
Less current portion | (10,619) | (10,718) |
Long-term portion | 173,802 | 173,832 |
Credit Agreement - Macquarie [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 167,875 | $ 168,300 |
Weighted-average interest rate | 6.64% | 6.72% |
Credit Agreements - CPL [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 994 | $ 1,296 |
Weighted-average interest rate | 2.02% | 2.61% |
UniCredit Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 1,517 | $ 1,502 |
Weighted-average interest rate | 1.66% | 2.05% |
UniCredit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 7,400 | $ 7,400 |
Weighted-average interest rate | 2.48% | 2.60% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 15,504 | $ 15,313 |
Weighted-average interest rate | 11.62% | 13.70% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 6.55% | 7.03% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 | $ 10,010 | |
2022 | 2,461 | |
2023 | 2,115 | |
2024 | 1,700 | |
2025 | 1,700 | |
Thereafter | 175,304 | |
Total | 193,290 | $ 193,811 |
Macquarie Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 1,275 | |
2022 | 1,700 | |
2023 | 1,700 | |
2024 | 1,700 | |
2025 | 1,700 | |
Thereafter | 159,800 | |
Total | 167,875 | |
Casinos Poland Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 784 | |
2022 | 210 | |
2023 | ||
2024 | ||
2025 | ||
Thereafter | ||
Total | 994 | |
UniCredit Loan [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 551 | |
2022 | 551 | |
2023 | 415 | |
2024 | ||
2025 | ||
Thereafter | ||
Total | 1,517 | 1,502 |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2021 | ||
2022 | ||
2023 | ||
2024 | ||
2025 | ||
Thereafter | 15,504 | |
Total | 15,504 | |
UniCredit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 7,400 | |
2022 | ||
2023 | ||
2024 | ||
2025 | ||
Thereafter | ||
Total | $ 7,400 | $ 7,400 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) - VICI PropCo [Member] - Master Lease [Member] $ in Thousands | Dec. 06, 2019USD ($)item | Mar. 31, 2021USD ($) |
Residual value | $ 28,500 | $ 28,492 |
Discount rate | 10.60% | |
Lease term plus renewal options | 35 years | |
Initial lease term | 15 years | |
Number of renewal options | item | 4 | |
Lease renewal term | 5 years | |
Initial annual rent | $ 25,000 | |
Maximum [Member] | ||
Base Rent Escalator, percentage | 1.0125% | |
2nd And 3rd Year [Member] | ||
Base Rent Escalator, percentage | 1.01% | |
4th Through 7th Year [Member] | ||
Base Rent Escalator, percentage | 1.0125% | |
8th Year [Member] | ||
Base Rent Escalator, percentage | 1.0125% | |
Base Rent, percentage | 80.00% | |
Variable Rent, percentage | 20.00% | |
Change In Average Net Revenue, percentage | 4.00% |
Long-Term Financing Obligatio_3
Long-Term Financing Obligation (Total Payments And Interest Expense) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Payments made | $ 4,208 | $ 6,250 |
Interest expense on financing obligation | $ 6,934 | $ 7,281 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 06, 2019 |
2021 | $ 18,938 | |
2022 | 25,503 | |
2023 | 25,821 | |
2024 | 26,144 | |
2025 | 26,340 | |
Thereafter | 1,034,721 | |
Total payments | 1,157,467 | |
Less imputed interest | (906,683) | |
Residual Value | 28,492 | $ 28,500 |
Total | $ 279,276 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, zł in Millions | 3 Months Ended | |||||
Mar. 31, 2021USD ($) | Mar. 31, 2021PLN (zł) | Mar. 31, 2020USD ($) | Mar. 31, 2020PLN (zł) | Mar. 31, 2021PLN (zł) | Dec. 31, 2020USD ($) | |
Commitments and Contingencies [Line items] | ||||||
Contingent liability | $ 453 | $ 476 | ||||
General and administrative | 20,268 | $ 26,372 | ||||
Casinos Poland [Member] | ||||||
Commitments and Contingencies [Line items] | ||||||
Income tax audit costs | 4,200 | zł 14.3 | ||||
Casinos Poland [Member] | Lot Polish Airlines Invesment [Member] | ||||||
Commitments and Contingencies [Line items] | ||||||
General and administrative | $ 700 | zł 3 | ||||
Casinos Poland [Member] | Polish Airports Company [Member] | Lot Polish Airlines Invesment [Member] | ||||||
Commitments and Contingencies [Line items] | ||||||
Ownership interest | 33.30% | 33.30% | ||||
Review of All Tax Open Periods [Member] | ||||||
Commitments and Contingencies [Line items] | ||||||
Contingent liability | $ 500 | zł 1.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes [Line Items] | ||
Pre-tax loss | $ (1,804) | $ (43,137) |
Effective tax rate | (5.50%) | (5.90%) |
US federal income tax statutory rate | 21.00% | |
Income tax expense | $ 99 | $ 2,524 |
Canada [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 23.00% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares, basic | 29,576 | 29,507 |
Weighted average common shares, diluted | 29,576 | 29,507 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock options | 1,022 | 1,410 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between levels | $ 0 | $ 0 | |
Impairment - intangible and tangible assets | 33,964,000 | ||
Cash equivalents | $ 0 | $ 0 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment - intangible and tangible assets | 1,000,000 | ||
Fair Value, Nonrecurring [Member] | COVID 19 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment - intangible and tangible assets | $ 33,000,000 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Performance Obligation, Description of Timing | The expected duration of the performance obligation is less than one year. | |
General and administrative expenses | $ 20,268 | $ 26,372 |
Maximum [Member] | ||
Expected duration of performance obligation | 1 year | |
Contracts and contract liabilities duration period | 1 year | |
Opening [Member] | ||
Contract liability | $ 400 | 600 |
Mendoza Central Entretenimientos S. A. [Member] | ||
General and administrative expenses | $ 300 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue Recognition [Abstract] | ||
Revenue from contracts with customers | $ 72,415 | $ 87,656 |
Interest income | 1 | |
Cost recovery income | 655 | |
Total revenue | $ 73,070 | $ 87,657 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | $ 72,415 | $ 87,656 |
Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 123 | 980 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 64,371 | 53,427 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 2,011 | 16,187 |
Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net operating revenue | 5,910 | 17,062 |
Gaming [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 63,428 | 74,292 |
Gaming [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 793 | |
Gaming [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 57,909 | 46,535 |
Gaming [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 10,210 | |
Gaming [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 5,519 | 16,754 |
Pari-Mutuel And Sports Betting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,484 | 2,352 |
Pari-Mutuel And Sports Betting [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 931 | 277 |
Pari-Mutuel And Sports Betting [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,553 | 2,075 |
Hotel [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,750 | 1,816 |
Hotel [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,750 | 1,733 |
Hotel [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 83 | |
Food And Beverage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,720 | 6,552 |
Food And Beverage [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 105 | |
Food And Beverage [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,684 | 3,753 |
Food And Beverage [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 36 | 2,501 |
Food And Beverage [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 193 | |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 2,033 | 2,644 |
Other [Member] | Corporate And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 123 | 82 |
Other [Member] | United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 1,097 | 1,129 |
Other [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | 422 | 1,318 |
Other [Member] | Poland [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenue | $ 391 | $ 115 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Opening [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | $ 1,103 | $ 326 |
Contract Liabilities | 2,200 | 663 |
Closing [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 472 | 19 |
Contract Liabilities | 2,227 | 722 |
Increase/(Decrease) [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | (631) | (307) |
Contract Liabilities | $ 27 | $ 59 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2021 |
Minimum [Member] | |
Remaining lease term | 1 month |
Maximum [Member] | |
Remaining lease term | 16 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,463 | $ 1,519 |
Finance lease expense: | ||
Amortization of right-of-use assets | 35 | 40 |
Interest on lease liabilities | 2 | 4 |
Total finance lease expense | 37 | 44 |
Short-term lease expense | 35 | 75 |
Variable lease expense | $ 177 | $ 759 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 1 | $ 4 |
Operating cash flows from operating leases | 1,581 | 1,822 |
Financing cash flows from finance leases | $ 33 | $ 43 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Leased right-of-use assets, net | $ 32,196 | $ 34,074 |
Current portion of operating lease liabilities | 4,134 | 4,327 |
Operating lease liabilities, net of current portion | 30,700 | 32,277 |
Total operating lease liabilities | 34,834 | 36,604 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 429 | 552 |
Accumulated depreciation | (254) | (338) |
Property and equipment, net | 175 | 214 |
Current portion of finance lease liabilities | 100 | 131 |
Finance lease liabilities, net of current portion | 72 | 83 |
Total finance lease liabilities | $ 172 | $ 214 |
Weighted-average remaining lease term | ||
Operating leases | 11 years 4 months 24 days | 11 years 3 months 18 days |
Finance leases | 2 years 1 month 6 days | 2 years 1 month 6 days |
Weighted-average discount rate | ||
Operating leases | 4.60% | 4.50% |
Finance leases | 4.60% | 4.70% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 | $ 4,097 | |
2022 | 5,247 | |
2023 | 4,608 | |
2024 | 3,872 | |
2025 | 2,786 | |
Thereafter | 26,405 | |
Total lease payments | 47,015 | |
Less imputed interest | (12,181) | |
Total | 34,834 | $ 36,604 |
Finance Leases | ||
2021 | 95 | |
2022 | 41 | |
2023 | 25 | |
2024 | 19 | |
2025 | ||
Thereafter | ||
Total lease payments | 180 | |
Less imputed interest | (8) | |
Total | $ 172 | $ 214 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021item | |
Segment Information [Abstract] | |
Number of Co-CEOs | 2 |
Number of reportable segments based on geographical locations | 3 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Central City |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Cripple Creek |
West Virginia [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Mountaineer Casino, Racetrack & Resort |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Cape Girardeau |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Caruthersville |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Edmonton |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino St. Albert |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Mile Racetrack and Casino |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Downs Racetrack and Casino |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Sports |
Calgary [member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Bets! Inc. |
Poland [Member] | Poland [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Casinos Poland |
Corporate And Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Cruise Ships & Other |
Corporate And Other [Member] | Corporate And Other [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Corporate Other |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net operating revenue | $ 72,415 | $ 87,656 | |
Earnings (loss) before income taxes | (1,804) | (43,137) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,419) | (45,856) | |
Income taxes (benefit) | 99 | 2,524 | |
Depreciation and amortization | 6,643 | 6,495 | |
Net earning (loss) attributable to non-controlling interests | (484) | 195 | |
Non-cash stock-based compensation | 259 | (14) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (470) | (1) | |
Impairment - intangible and tangible assets | 33,964 | ||
Total assets | 673,805 | $ 680,760 | |
Cash payments related to lease | 1,581 | 1,822 | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 123 | 980 | |
Corporate And Other [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment - intangible and tangible assets | 1,000 | ||
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 64,371 | 53,427 | |
Impairment - intangible and tangible assets | 29,600 | ||
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 2,011 | 16,187 | |
Impairment - intangible and tangible assets | 3,400 | ||
Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 5,910 | 17,062 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 72,415 | 87,656 | |
Earnings (loss) before income taxes | (1,804) | (43,137) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,419) | (45,856) | |
Interest expense (income), net | 10,522 | 11,366 | |
Income taxes (benefit) | 99 | 2,524 | |
Depreciation and amortization | 6,643 | 6,495 | |
Net earning (loss) attributable to non-controlling interests | (484) | 195 | |
Non-cash stock-based compensation | 259 | (14) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (981) | 753 | |
Impairment - intangible and tangible assets | 33,964 | ||
Loss on disposition of fixed assets | 105 | 4 | |
Acquisition costs | 213 | ||
Adjusted EBITDA | 14,744 | 9,644 | |
Operating Segments [Member] | Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 123 | 980 | |
Earnings (loss) before income taxes | (5,552) | (8,699) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (6,666) | (7,260) | |
Interest expense (income), net | 3,276 | 3,511 | |
Income taxes (benefit) | 1,114 | (1,439) | |
Depreciation and amortization | 103 | 136 | |
Non-cash stock-based compensation | 259 | (14) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (417) | 645 | |
Impairment - intangible and tangible assets | 1,000 | ||
Loss on disposition of fixed assets | 2 | ||
Acquisition costs | 213 | ||
Adjusted EBITDA | (2,331) | (3,206) | |
Operating Segments [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 64,371 | 53,427 | |
Earnings (loss) before income taxes | 10,594 | (32,372) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 10,594 | (34,219) | |
Interest expense (income), net | 6,935 | 7,281 | |
Income taxes (benefit) | 1,847 | ||
Depreciation and amortization | 4,525 | 4,259 | |
Impairment - intangible and tangible assets | 29,589 | ||
Loss on disposition of fixed assets | 73 | ||
Adjusted EBITDA | 22,127 | 8,757 | |
Operating Segments [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 2,011 | 16,187 | |
Earnings (loss) before income taxes | (3,489) | (2,157) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (3,512) | (4,408) | |
Interest expense (income), net | 307 | 543 | |
Income taxes (benefit) | (409) | 2,071 | |
Depreciation and amortization | 1,222 | 1,337 | |
Net earning (loss) attributable to non-controlling interests | 432 | 180 | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (557) | (64) | |
Impairment - intangible and tangible assets | 3,375 | ||
Loss on disposition of fixed assets | 32 | ||
Adjusted EBITDA | (2,485) | 3,034 | |
Operating Segments [Member] | Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 5,910 | 17,062 | |
Earnings (loss) before income taxes | (3,357) | 91 | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (1,835) | 31 | |
Interest expense (income), net | 4 | 31 | |
Income taxes (benefit) | (606) | 45 | |
Depreciation and amortization | 793 | 763 | |
Net earning (loss) attributable to non-controlling interests | (916) | 15 | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (7) | 172 | |
Loss on disposition of fixed assets | 2 | ||
Adjusted EBITDA | (2,567) | 1,059 | |
Master Lease [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense (income), net | 6,900 | 7,300 | |
Cash payments related to lease | 4,200 | 6,200 | |
CDR Land Lease [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense (income), net | 400 | 500 | |
Cash payments related to lease | $ 300 | $ 500 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | May 08, 2021item |
Subsequent Event [Member] | Poland [Member] | |
Subsequent Event [Line Items] | |
Number of casinos expect to reopen | 8 |