Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 03, 2022 | Jun. 30, 2021 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Period End Date | Dec. 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 345,812,360 | ||
Entity Common Stock, Shares Outstanding | 29,624,814 | ||
Documents Incorporated By Reference | Part III incorporates by reference the registrant’s definitive Proxy Statement for its 2022 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after December 31, 2021. | ||
Entity Central Index Key | 0000911147 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 107,821 | $ 63,413 |
Receivables, net | 9,414 | 8,237 |
Prepaid expenses | 12,417 | 12,021 |
Inventories | 1,443 | 1,660 |
Other current assets | 1,163 | 1,020 |
Assets held for sale | 8,422 | 8,271 |
Total Current Assets | 140,680 | 94,622 |
Property and equipment, net | 472,302 | 485,248 |
Leased right-of-use assets, net | 28,383 | 34,074 |
Goodwill | 10,347 | 10,901 |
Intangible assets, net | 48,930 | 52,758 |
Deferred income taxes | 555 | 861 |
Note receivable, net of current portion and unamortized discount | 358 | 381 |
Deposits and other | 1,803 | 1,915 |
Total Assets | 703,358 | 680,760 |
Current Liabilities: | ||
Current portion of long-term debt | 3,958 | 10,718 |
Current portion of operating lease liabilities | 3,915 | 4,327 |
Current portion of finance lease liabilities | 38 | 131 |
Accounts payable | 12,651 | 12,857 |
Accrued liabilities | 13,592 | 12,486 |
Accrued payroll | 11,190 | 8,402 |
Taxes payable | 15,089 | 10,766 |
Contingent liability (Note 16) | 476 | |
Total Current Liabilities | 60,433 | 60,163 |
Long-term debt, net of current portion and deferred financing costs (Note 6) | 177,526 | 173,832 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7) | 281,901 | 278,940 |
Operating lease liabilities, net of current portion | 27,229 | 32,277 |
Finance lease liabilities, net of current portion | 43 | 83 |
Taxes payable and other | 2,954 | 5,608 |
Deferred income taxes | 2,915 | 2,874 |
Total Liabilities | 553,001 | 553,777 |
Commitments and Contingencies (Note 16) | ||
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; 29,624,814 and 29,575,962 shares issued and outstanding | 296 | 296 |
Additional paid-in capital | 118,469 | 115,570 |
Retained earnings | 29,289 | 8,667 |
Accumulated other comprehensive loss | (6,430) | (6,379) |
Total Century Casinos, Inc. Shareholders’ Equity | 141,624 | 118,154 |
Non-controlling interests | 8,733 | 8,829 |
Total Equity | 150,357 | 126,983 |
Total Liabilities and Equity | $ 703,358 | $ 680,760 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 29,624,814 | 29,575,962 |
Common stock, shares outstanding | 29,624,814 | 29,575,962 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating revenue: | |||
Net operating revenue | $ 388,506 | $ 304,268 | $ 218,227 |
Operating costs and expenses: | |||
General and administrative | 93,489 | 80,246 | 69,667 |
Depreciation and amortization | 26,762 | 26,534 | 10,843 |
Impairment - intangible and tangible assets | 35,121 | 16,486 | |
(Gain) on sale of casino operations (Note 1) | (6,457) | ||
Total operating costs and expenses | 319,988 | 304,395 | 223,446 |
Loss from equity investment | (1) | ||
Earnings (loss) from operations | 68,518 | (127) | (5,220) |
Non-operating (expense) income: | |||
Interest income | 174 | 6 | 21 |
Interest expense | (42,832) | (43,104) | (8,250) |
Gain (loss) on foreign currency transactions, cost recovery income and other | 2,289 | (63) | 1,482 |
Non-operating (expense) income, net | (40,369) | (43,161) | (6,747) |
Earnings (loss) before income taxes | 28,149 | (43,288) | (11,967) |
Income tax expense | (6,371) | (4,848) | (4,174) |
Net earnings (loss) | 21,778 | (48,136) | (16,141) |
Net (earnings) loss attributable to non-controlling interests | (1,156) | 134 | (3,014) |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | $ 20,622 | $ (48,002) | $ (19,155) |
Earnings (loss) per share attributable to Century Casinos, Inc. shareholders: | |||
Basic | $ 0.70 | $ (1.62) | $ (0.65) |
Diluted | $ 0.66 | $ (1.62) | $ (0.65) |
Weighted average shares outstanding - basic | 29,593 | 29,559 | 29,452 |
Weighted average shares outstanding - diluted | 31,388 | 29,559 | 29,452 |
Gaming [Member] | |||
Operating revenue: | |||
Operating revenue | $ 331,877 | $ 253,281 | $ 176,866 |
Operating costs and expenses: | |||
Operating costs and expenses | 161,119 | 131,563 | 92,749 |
Pari-Mutuel, Sports Betting And iGaming [Member] | |||
Operating revenue: | |||
Operating revenue | 18,848 | 17,660 | 10,783 |
Operating costs and expenses: | |||
Operating costs and expenses | 19,735 | 19,301 | 13,313 |
Hotel Project [Member] | |||
Operating revenue: | |||
Operating revenue | 8,286 | 5,910 | 2,521 |
Operating costs and expenses: | |||
Operating costs and expenses | 2,360 | 2,125 | 906 |
Food And Beverage [Member] | |||
Operating revenue: | |||
Operating revenue | 17,788 | 16,194 | 20,022 |
Operating costs and expenses: | |||
Operating costs and expenses | 16,523 | 15,962 | 19,482 |
Other [Member] | |||
Operating revenue: | |||
Operating revenue | $ 11,707 | $ 11,223 | $ 8,035 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Net earnings (loss) | $ 21,778 | $ (48,136) | $ (16,141) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (495) | 3,415 | 4,975 |
Other comprehensive (loss) income | (495) | 3,415 | 4,975 |
Comprehensive income (loss) | 21,283 | (44,721) | (11,166) |
Comprehensive income (loss) attributable to non-controlling interests | |||
Net (earnings) loss attributable to non-controlling interests | (1,156) | 134 | (3,014) |
Foreign currency translation adjustments | 444 | (352) | (174) |
Comprehensive income (loss) attributable to Century Casinos, Inc. shareholders | $ 20,571 | $ (44,939) | $ (14,354) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [2] | Retained Earnings [Member] | Total Century Casinos, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [2] | Noncontrolling Interests [Member] | Total | |
Balance at Dec. 31, 2018 | $ 294 | $ 114,214 | $ (14,243) | $ 76,056 | $ 7,062 | |||||||
Net earnings (loss) | (19,155) | 3,014 | $ (16,141) | |||||||||
Foreign currency translation adjustment | 4,801 | 174 | 4,975 | |||||||||
Amortization of stock-based compensation | 1,303 | |||||||||||
Distribution to non-controlling interest | (989) | |||||||||||
Changes in non-controlling interest | [1] | (443) | ||||||||||
Exercise of options | 1 | 267 | ||||||||||
Balance at Dec. 31, 2019 | 295 | 115,784 | (9,442) | $ (232) | 56,669 | $ 163,306 | $ (49) | 8,769 | $ 172,075 | |||
Common shares issued | 61,148 | |||||||||||
Performance stock unit issuance | 1 | |||||||||||
Net earnings (loss) | (48,002) | (134) | $ (48,136) | |||||||||
Foreign currency translation adjustment | 3,063 | 352 | 3,415 | |||||||||
Amortization of stock-based compensation | (214) | |||||||||||
Distribution to non-controlling interest | (158) | |||||||||||
Balance at Dec. 31, 2020 | 296 | 115,570 | (6,379) | 8,667 | 118,154 | 8,829 | $ 126,983 | |||||
Common shares issued | 75,635 | |||||||||||
Net earnings (loss) | 20,622 | 1,156 | $ 21,778 | |||||||||
Foreign currency translation adjustment | (51) | (444) | (495) | |||||||||
Amortization of stock-based compensation | 2,652 | |||||||||||
Distribution to non-controlling interest | (808) | |||||||||||
Exercise of options | 247 | |||||||||||
Balance at Dec. 31, 2021 | $ 296 | $ 118,469 | $ (6,430) | $ 29,289 | $ 141,624 | $ 8,733 | $ 150,357 | |||||
Common shares issued | 48,852 | |||||||||||
[1] | In May 2019, the Company sold its interest in Golden Hospitality Limited (“GHL”) to the unaffiliated shareholders of GHL resulting in a $ 0.4 million decrease to non-controlling interests on the Company’s consolidated balance sheet as of December 31, 2019. In July 2019, the Company purchased the remaining 25 % non-controlling interest in Century Bets!, Inc. resulting in a less than $ 0.1 million decrease to non-controlling interest on the Company’s consolidated balance sheet as of December 31, 2019. | |||||||||||
[2] | In January 2019, the Company recognized the cumulative effect of the accounting change related to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) . The Company used the alternative modified retrospective method, also known as the transition relief method, which did not require the restatement of prior periods and instead recognized a $ 0.3 million cumulative effect adjustment to retained earnings upon transition. |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | ||
Jul. 31, 2019 | May 31, 2019 | Jan. 31, 2019 | |
Golden Hospitality Ltd. [Member] | |||
Decrease to non-controlling interests | $ 400 | ||
Century Bets [Member] | Maximum [Member] | |||
Decrease to non-controlling interests | $ 100 | ||
Century Bets [Member] | |||
Ownership interest | 25.00% | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained earnings | $ 300 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows provided by Operating Activities: | |||
Net earnings (loss) | $ 21,778 | $ (48,136) | $ (16,141) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 26,762 | 26,534 | 10,843 |
Lease amortization | 4,037 | 3,661 | 5,904 |
Loss on disposition of fixed assets | 389 | 24 | 902 |
Adjustment of contingent liability (Note 16) | (436) | 51 | (484) |
Unrealized loss on interest rate swaps | 169 | ||
Amortization of stock-based compensation expense | 2,652 | (214) | 1,303 |
Amortization of deferred financing costs and discount on note receivable | 1,565 | 1,614 | 551 |
Impairment (Note 4, Note 5) | 35,121 | 16,486 | |
Gain on deconsolidated subsidiary, excluding cash (Note 1) | (7,848) | ||
Gain on sale of operations (Note 1) | (6,457) | ||
Deferred taxes | 345 | 3,448 | 110 |
Other | 1 | 17 | |
Changes in Operating Assets and Liabilities: | |||
Receivables, net | (1,218) | 2,502 | (1,462) |
Prepaid expenses and other assets | (473) | (1,250) | (4,492) |
Accounts payable | (4,939) | 4,640 | (4,319) |
Other current and long-term liabilities | 2,995 | (4,201) | 5,417 |
Inventories | 192 | 349 | (80) |
Other operating liabilities | (1,282) | ||
Accrued payroll | 2,944 | (4,970) | 2,819 |
Taxes payable | 2,597 | 4,136 | 2,519 |
Net cash provided by operating activities | 59,190 | 9,005 | 18,780 |
Cash Flows used in Investing Activities: | |||
Purchases of property and equipment | (10,012) | (10,705) | (24,038) |
Acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville (Note 3) | (1,157) | (96,629) | |
Acquisition of non-controlling interest of Century Bets!, Inc. (Note 1) | (44) | ||
Proceeds from disposition of assets | 44 | ||
Century Casino Calgary sale (Note 1) | (75) | 6,575 | |
Century Casino Calgary earn out | 51 | ||
Note receivable proceeds | 25 | ||
Net cash used in investing activities | (9,992) | (5,287) | (120,686) |
Cash Flows (used in) provided by Financing Activities: | |||
Proceeds from borrowings | 17,351 | 186,217 | |
Principal payments | (4,152) | (13,188) | (61,546) |
Payment of deferred financing costs | (876) | (10,080) | |
Distribution to non-controlling interest | (808) | (158) | (989) |
Proceeds from exercise of stock options | 247 | 267 | |
Net cash (used in) provided by financing activities | (4,713) | 3,129 | 113,869 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (121) | 1,190 | (2,607) |
Increase in Cash, Cash Equivalents and Restricted Cash | 44,364 | 8,037 | 9,356 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 63,677 | 55,640 | 46,284 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 108,041 | 63,677 | 55,640 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 39,025 | 38,832 | 6,500 |
Income taxes paid | 6,025 | 2,607 | 3,019 |
Income tax refunds | 1,049 | 1,242 | |
Non-Cash Investing Activities: | |||
Purchase of property and equipment on account | $ 1,882 | $ 867 | $ 1,140 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 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 December 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 St. Albert, Alberta, Canada (“CSA”); andCentury Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (2) (1)VICI Properties Inc. (“VICI PropCo”) owns the real estate assets.(2)CMR leases the land on which the racetrack and Racing and Entertainment Centre (“REC”) are located. As of December 31, 2021, the Company operated Century Sports (“CAL”), a sports bar, bowling and entertainment facility located in Calgary, Canada. In addition, the Company leased underlying real estate to a casino operator. On February 10, 2022, the Company sold the real estate, transferred the lease agreement for the casino premises to the buyer, and ceased operating Century Sports. See below in Note 1 for additional information about CAL. Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) were acquired on December 6, 2019 from Eldorado Resorts, Inc. (“Eldorado Resorts”) (the “2019 Acquisition”). See Note 3 for additional information about the Acquired Casinos and the 2019 Acquisition. Through August 2021, the Company operated the pari-mutuel off-track betting network in southern Alberta, Canada through Century Bets!, Inc. (“CBS” or “Century Bets”). In September 2021, the Company transferred these contracts to Century Mile. Prior to August 2019, the Company had a 75% controlling financial interest in CBS through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”). In August 2019, the Company purchased the remaining 25% non-controlling financial interest from Rocky Mountain Turf Club for CAD 0.2 million ($0.2 million based on the exchange rate in effect on August 5, 2019), resulting in CBS becoming a wholly-owned subsidiary. The Company currently has a controlling financial interest through its subsidiary CRM in the following majority-owned subsidiaries: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% is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. The Company owns 66.6% of Casinos Poland Ltd. (“CPL” or “Casinos Poland”). As of December 31, 2021, CPL owned and operated 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 has the following concession agreements:As of December 31, 2021, the Company had a concession agreement with TUI Cruises for two ship-based casinos. From March 2020 to June 2021, neither casino operated due to the coronavirus (“COVID-19”) pandemic. Only one ship-based casino is currently operating. The Company’s agreement to operate that ship-based casino ends in the second quarter of 2022 and the Company’s agreement to operate other ship-based casino ends in the second quarter of 2023. In May 2021, a concession agreement with TUI Cruises for two other ship-based casinos ended. Recent Developments Related to COVID-19The COVID-19 pandemic had an adverse effect on the Company’s 2020 results of operations and financial condition, and adversely impacted the Company’s results of operations to a lesser extent in 2021 because the Company’s United States properties were open and operating during 2021. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities were 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. The Company’s operations in the United States and Poland have limited health and safety requirements for entry. Operating SegmentClosure DateReopen DateColoradoMarch 17, 2020 June 15 and June 17, 2020MissouriMarch 17, 2020June 1, 2020West VirginiaMarch 17, 2020June 5, 2020EdmontonMarch 17, 2020June 13, 2020 December 13, 2020June 10, 2021CalgaryMarch 17, 2020June 13, 2020 December 13, 2020June 10, 2021PolandMarch 13, 2020May 18, 2020 December 29, 2020February 12, 2021 March 20, 2021May 28, 2021 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 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 was repaid in May 2021. The $7.4 million credit agreement with UniCredit was refinanced in June 2021 to a EUR 6.0 million term loan repayable through December 31, 2025. See Note 6 for further discussion of the Macquarie Credit Agreement and the UniCredit credit agreement. The duration and impact of the COVID-19 pandemic remains uncertain. The Company cannot predict the negative impacts that 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 a material impact on the Company’s financial results. The effects of COVID-19, ongoing governmental health and safety requirements and any future closures could have a material impact on the Company. The Company will continue to monitor its liquidity and make reductions to marketing and operating expenditures, where possible, if future government mandates or closures are required that would have an adverse impact on the Company. Other Projects and DevelopmentsNugget Casino Resort in Sparks, NevadaOn February 22, 2022, the Company entered into a definitive agreement with Marnell Gaming, LLC (“Marnell”), pursuant to which a newly formed subsidiary of the Company will purchase from Marnell (i) 50% of the membership interests in Smooth Bourbon, LLC (“PropCo”), and (ii) 100% of the membership interests in Nugget Sparks, LLC (“OpCo”). OpCo owns and operates the Nugget Casino Resort in Sparks, Nevada, and PropCo owns the real property on which the casino is located. At the First Closing (as defined below), PropCo will enter into a lease with OpCo for an annual rent of $15.0 million. The Company will purchase 50% of the membership interests in PropCo for approximately $95.0 million (subject to certain adjustments) at the first closing, which is expected to occur early in the second quarter of 2022 (the “First Closing”). Subject to approval from the Nevada Gaming Commission, the Company’s purchase of 100% of the membership interests in OpCo for approximately $100.0 million (subject to certain adjustments) is expected to close within one year after the First Closing (the “Second Closing”). Following the Second Closing, the Company will own the operating assets of Nugget Casino Resort and 50% of the membership interests in PropCo. The Company also will have a five-year option to acquire the remaining 50% of the membership interests in PropCo for $105 million plus 2% per annum. Caruthersville HotelOn July 16, 2021, the Company announced that it had purchased land and a small two-story hotel near Century Casino Caruthersville with plans to refurbish the existing hotel’s 36 rooms by mid-2022. As of December 31, 2021, the Company has spent $0.6 million on this project. MissouriThe Company plans to build hotels at its Cape Girardeau and Caruthersville locations. The hotel at Cape Girardeau is planned as a seven story building with 76,000 square feet. The hotel project has been approved by the City of Cape Girardeau. Additional state and local approvals from other agencies will also be required. Construction is expected to start in the summer of 2022 with completion expected in late 2023. The new land-based casino at Century Casino Caruthersville will be located on the protected side of the Caruthersville floodwall. It is adjacent to the property’s existing Pavilion building, which will feature the hotel lobby, a restaurant, a bar, a lounge, multi-purpose meeting rooms and offices. The gaming spaces will initially offer 650 slot machines, table games, a restaurant and a bar. In addition, the new casino will also have the possibility of an expansion for up to an additional 140 slot machines. The hotel will include 38 rooms. The Missouri Gaming Commission gave preliminary approval for the casino project on December 1, 2021. Additional state and local approvals will be required, including the final regulatory approval from the Missouri Gaming Commission once the new casino construction project is completed. Pending resolution of the City of St. Louis lawsuit, construction is expected to start in the summer of 2022 with completion expected in mid-2024. In July 2021, the Missouri law requiring each casino to be a floating facility was amended to allow casino facilities to be built as a standard building with a container with at least 2,000 gallons of water beneath the facility. This change provides an opportunity for Century Casino Caruthersville, the last remaining riverboat casino on open water in Missouri, to move to a non-floating facility. The Company plans to move the casino from the riverboat to a new land-based casino. As of December 31, 2021, the Company has spent $1.0 million on these projects. There is a lawsuit pending filed by the City of St. Louis to block the implementation of the omnibus bill that included the amendment to the definition of a floating facility. The portion of the project in Caruthersville is delayed pending a resolution of the lawsuit or a stand-alone bill amending the definition of a floating facility. The estimated cost of the projects is $73.0 million. The Company plans to finance the cost of the projects with cash on hand, financing or a combination of the two. Terminated ProjectsCentury Casino CalgaryOn August 5, 2020, the Company announced that it had entered into a definitive 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 Company received the CAD 10.0 million at the execution of the definitive agreement. The sale transaction closed on December 1, 2020. The Company recognized a gain on the sale of the casino operations of CAD 8.4 million ($6.5 million based on the exchange rate in effect on December 1, 2020), after giving effect to working capital and other adjustments. In December 2020, the Company entered into a three year lease agreement of the casino premises with the purchaser for annual net rent of CAD 0.5 million ($0.4 million based on the exchange rate on December 31, 2021). After the sale, the Company continued to operate Century Sports, a sports bar, bowling and entertainment facility, and own the underlying real estate. In January 2022, the Company announced that it had entered into an agreement to sell the land and building in Calgary for CAD 8.1 million ($6.5 million based on the exchange rate on January 12, 2022). The transaction closed on February 10, 2022, at which time the Company transferred the lease agreement for the casino premises to the buyer and ceased operating Century Sports. As of December 31, 2021, the assets held for sale included $4.8 million in land and $3.6 million in buildings and improvements, net of accumulated depreciation. Century Sports is included in the Canada reportable segment. Century Casino BathIn March 2020, Century Casino Bath 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. As a result of the deconsolidation, the Company recognized a gain of $7.4 million in general and administrative expenses on its consolidated statement of earnings (loss) for the year ended December 31, 2020. Prior to the deconsolidation, the Company impaired the assets related to CCB and wrote-down $16.5 million during the fourth quarter of 2019. Mendoza Central Entretenimientos S.A.The Company, through its subsidiary CRM, had a 7.5% ownership interest in Mendoza Central Entretenimientos S.A, an Argentina company (“MCE”), which leases slot machines and provides related services to Casino de Mendoza, a casino located in Mendoza, Argentina that is owned by the Province of Mendoza. The casino closed in March 2020 due to COVID-19 and reopened in November 2020. In March 2020, the Company assessed the MCE investment due to COVID-19. 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 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 consolidated statement of earnings (loss) for the year ended December 31, 2020 and wrote-down a $0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. In November 2021, CRM sold its ownership interest in MCE for nominal consideration. In addition, a consulting services agreement between CRM and MCE was terminated. Golden Hospitality Ltd.The Company, through its subsidiary CRM, had a 51% ownership interest in Golden Hospitality Ltd. (“GHL”), an entity that invested in Minh Chau Ltd. (“MCL”), owner of a hotel, entertainment and gaming club in Vietnam. The Company accounted for GHL’s interest in MCL as an equity investment. The Company sold its interest in GHL to the unaffiliated shareholders of GHL in May 2019 for a $0.7 million non-interest bearing promissory note. The Company recognized a loss on the sale of its investment of less than $0.1 million in general and administrative expenses on its consolidated statement of earnings (loss) for the year ended December 31, 2019. The Company derecognized the equity investment in MCL on its consolidated balance sheets as a result of the sale. The sale of the Company’s equity interest in GHL also ended its related equity interest in Minh Chau Ltd. (“MCL”). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL and CDR as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL and CDR that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Reclassifications – Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated financial statements and the accompanying notes thereto. Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncements: In January 2017, 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 Pending Adoption – The Company has not yet adopted the following accounting pronouncements as of December 31, 2021: 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. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) (“ASU 2021-08”). The objective of ASU 2021-08 is to address diversity in practice and inconsistency related to (i) recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the adoption of this standard in connection with its pending acquisition of PropCo and OpCo. 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 audited consolidated financial statements or notes thereto. Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2021 2020Cash and cash equivalents $107,821 $63,413Restricted cash included in deposits and other 220 264Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $108,041 $63,677 For each of the years ended December 31, 2021 and 2020, restricted cash included $0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits related to an insurance policy. Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. Accounts Receivable – Accounts receivables are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements5 – 39 yearsGaming equipment3 – 7 yearsFurniture and non-gaming equipment3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment, including the impairment recorded in the year ended December 31, 2019. Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill, including the impairments recorded in the year ended December 31, 2020. Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company has determined that the trademarks and casino licenses, with the exception of the trademark related to MTR and the casino licenses related to CPL, are indefinite-lived intangible assets and are therefore not amortized. The Company’s casino licenses related to CPL, the trademark related to MTR and the player’s club lists are finite-lived intangible assets and are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets, including the impairments recorded in the years ended December 31, 2020 and 2019. Financing Obligation with VICI PropCo – The Company and subsidiaries of VICI PropCo entered into a triple net lease agreement (the “Master Lease”) concurrently with the 2019 Acquisition. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Note 7). As a financing obligation, the Company continues to reflect the real estate assets on its consolidated balance sheets as if the Company were the legal owner and continues to recognize depreciation expense over the estimated useful lives. The Company does not recognize rent expense related to these leased assets; instead, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of earnings (loss), which causes the financing obligation to increase during the initial years of the lease term. Foreign Currency – 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 non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2021 2020Canadian dollar (CAD) 1.2678 1.2732Euros (EUR) 0.8810 0.8157Polish zloty (PLN) 4.0492 3.7136British pound (GBP) 0.7400 0.7325 For the year ended December 31, % ChangeAverage Rates 2021 2020 2019 2021/2020 2020/2019Canadian dollar (CAD) 1.2537 1.3412 1.3268 6.5% (1.1%)Euros (EUR) 0.8456 0.8776 0.8934 3.6% 1.8%Polish zloty (PLN) 3.8608 3.8989 3.8378 1.0% (1.6%)British pound (GBP) 0.7270 0.7798 0.7836 6.8% 0.5%Source: Pacific Exchange Rate Service Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: GamingThe majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $39.0 million, $30.3 million and $15.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage, Bowling and Other SalesGoods and services provided include hotel room rentals, food and beverage sales, bowling lane rentals and retail sales. Revenue is recognized over time as specified in the contract; however, the majority of the contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-MutuelPari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGamingSports betting revenue involves wagers on sporting events and iGaming revenue involves wagers on casino games through an online platform. The Company has partnered with sports betting operators at its Colorado and West Virginia casinos and an iGaming operator at its West Virginia casino. The Company receives a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting FeesThe Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. Promotional Allowances –The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2021, 2020, and 2019, the estimated direct cost of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Hotel $293 $248 $77Food and beverage 1,789 1,775 1,472 $2,082 $2,023 $1,549 Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $1.0 million as of December 31, 2021 and 2020. Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $2.3 million, $2.6 million and $3.4 million in the years ended December 31, 2021, 2020 and 2019, respectively, and are included in gaming expenses on the Company’s consolidated statement of earnings (loss). Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2021, 2020 and 2019 were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Weighted average common shares, basic 29,593 29,559 29,452Dilutive effect of stock options 1,795 — —Weighted average common shares, diluted 31,388 29,559 29,452 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2021 2020 2019Stock options 2,572 1,272 1,630 Business Combinations – In accordance with ASC 805, “Business Combinations” (“ASC 805”), acquisitions are recorded using the acquisition method of accounting. The Company includes the operating results of acquired entities from their date of acquisition. The Company recognizes and measures the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date fair value. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management judgment, the utilization of independent valuation experts and often involves the use of significant estimates and assumptions with respect to timing and amounts of future cash flows, discount rates, market prices and asset lives, among other things. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred. Government Wage Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the years ended December 31, 2021 and 2020, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($2.5 million based on the exchange rate in effect on December 31, 2021) and CAD 7.4 million ($5.5 million based on the exchange rate in effect on December 31, 2020), respectively. In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize rent for businesses experiencing a drop in revenue for a limited period. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($1.3 million based on the average exchange rate for the year ended December 31, 2021) and CAD 0.5 million ($0.4 million based on the average exchange rate for the year ended December 31, 2020). Wage credits and subsidies were also offered by the US and Polish governments but were immaterial. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITIONS On December 6, 2019, the Company completed the 2019 Acquisition of the operations of the Acquired Casinos from Eldorado Resorts. Immediately prior to the 2019 Acquisition, the real estate assets underlying the Acquired Casinos were sold to an affiliate of VICI PropCo. On the closing date, certain subsidiaries of the Company and subsidiaries of VICI PropCo entered into the “Master Lease” for the three Acquired Casino properties. See Note 7 for additional information about the Master Lease. The Company paid for the 2019 Acquisition using a portion of the $180.0 million credit facility from Macquarie (see Note 6). The total consideration of $389.6 million (the “Purchase Price”) for the 2019 Acquisition was paid through the Macquarie Credit Agreement and by VICI PropCo in connection with its purchase of the real estate assets underlying the Acquired Casinos. In connection with the 2019 Acquisition, the Company made an initial payment to the seller of $110.7 million on December 6, 2019. This amount included a base price of $107.2 million plus an adjustment based on the estimated working capital of the acquired entities at closing. The Company paid $1.2 million on May 22, 2020 related to the working capital adjustment. As of December 6, 2019, the Company began consolidating the Acquired Casinos as wholly-owned subsidiaries. CCG contributed:-$73.6 million in net operating revenue and $15.3 million in net earnings attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2021; -$49.5 million in net operating revenue and ($22.8) million in net losses attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2020; and -$4.6 million in net operating revenue and $0.6 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2019. CCV contributed: -$49.4 million in net operating revenue and $13.1 million in net earnings attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2021; -$30.0 million in net operating revenue and ($8.5) million in net losses attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2020; and -$2.8 million in net operating revenue and $0.4 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2019. MTR contributed -$115.0 million in net operating revenue and $6.2 million in net earnings attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2021; -$90.2 million in net operating revenue and ($5.9) million in net losses attributable to Century Casinos, Inc. shareholders, respectively, for the year ended December 31, 2020; and -$8.7 million in net operating revenue and $0.4 million in net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2019. Acquisition-related costsThe Company incurred acquisition costs of approximately $0.3 million and $5.4 million for the years ended December 31, 2020 and 2019, respectively, in connection with the 2019 Acquisition. These costs include investment banking, legal and accounting fees and have been recorded as general and administrative expenses in the Corporate and Other segment. Ancillary Agreements In connection with the 2019 Acquisition, the Company and the sellers entered into a transition services agreement, under which the sellers agreed to provide the Company with certain transitional services following the 2019 Acquisition. The agreement compensated the sellers for services following the 2019 Acquisition as performed by employees at stated hourly rates. Fees incurred under the agreement recorded as general and administrative expenses in the Corporate and Other segment amounted to $0.4 million and less than $0.1 million during the years ended December 31, 2020 and 2019, respectively, and in the United States segment amounted to $0.2 million during the year ended December 31, 2020. The sellers did not provide any services in 2021 and the Company does not anticipate any additional transitional services will be provided. Acquisition-Related ContingenciesEach of the acquired entities is a party to various legal and administrative proceedings, which have arisen in the normal course of business and relate to underlying events that occurred on or before December 6, 2019. Estimated losses have been accrued as of the 2019 Acquisition date for these proceedings in accordance with ASC Topic 450, Contingencies (“ASC 450”), which requires that an amount be accrued if the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition, and those estimated losses are not expected to have a material impact on its results of operations. However, such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s consolidated financial condition or results of operations. The Company accrued $0.5 million and $0.6 million related to these contingencies to accrued liabilities on its consolidated balance sheets as of December 31, 2021 and 2020, respectively. Pro forma results (Unaudited)The following table provides unaudited pro forma information of the Company as if the 2019 Acquisition had occurred at the beginning of the earliest comparable period presented. The unaudited pro forma financial results include adjustments for transaction-related costs that are directly attributable to the 2019 Acquisition for the year ended December 31, 2019 including (i) removal of acquisition costs reported by the Company, (ii) pro forma adjustments to record the removal of interest expense related to the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”), (iii) pro forma adjustments to record interest expense related to the Macquarie Credit Agreement and Master Lease, (iv) pro forma adjustments to record depreciation for assets acquired in the 2019 Acquisition, and (v) an estimated tax impact. This pro forma information is not necessarily indicative of the combined results of operations that actually would have been realized had the 2019 Acquisition been consummated during the periods for which the pro forma information is presented, or of future results. For the purposes of this table, financial information has been provided through December 31, 2019 for the Acquired Casinos and the Company. For the year endedAmounts in thousands, except for per share information December 31, 2019Net operating revenue $ 422,716Net loss attributable to Century Casinos, Inc. shareholders $ (13,588)Basic and diluted loss per share $ (0.46) |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2021 and 2020 consisted of the following: December 31,Amounts in thousands 2021 2020Land $49,948 $49,928Buildings and improvements 450,280 448,574Gaming equipment 41,523 40,062Furniture and non-gaming equipment 46,896 44,817Property and equipment held under finance leases (Note 9) 424 552Capital projects in process 4,086 855 $593,157 $584,788Less: accumulated depreciation (112,433) (91,269)Less: assets held for sale (8,422) (8,271)Property and equipment, net $472,302 $485,248 Depreciation expense was $23.1 million, $22.9 million and $10.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2019, the Company wrote down the leasehold improvements and other assets at CCB based on the losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England. The assets were valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in negative value, and (ii) a value in exchange basis which resulted in no value for the assets due to the market for gaming in the United Kingdom. As a result of the valuation, the Company charged $8.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s consolidated statement of earnings (loss) for the year ended December 31, 2019. No long-lived asset impairment charges were recorded for the years ended December 31, 2021 and 2020. In December 2020, the Company began to market the sale of the land and building that it owns in Calgary, Alberta, Canada. In January 2022, the Company signed an agreement to sell the real estate and the sale occurred in February 2022. Until the sale, the Company operated Century Sports from this location and leased a portion of the land and building. The assets held for sale include $4.8 million in land and $3.6 million in building and improvements, net of accumulated depreciation. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5. 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 the reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of December 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 MPEEM 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. During the second quarter of 2020, the Company paid an additional $1.2 million related to the working capital adjustment for the 2019 Acquisition that resulted in additional goodwill. This amount was subsequently impaired in the same period. The Company recorded $34.1 million to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 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. The Company impaired the casino license at Century Casino Bath in December 2019 based on the losses incurred by the casino since operations began and future forecasts of continued losses due to the regulatory environment for casinos in England. As a result, the Company impaired $1.2 million related to the CCB license and recorded it to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s consolidated statement of earnings (loss) for the year ended December 31, 2019. GoodwillChanges in the carrying value of goodwill related to the United States, Canada and Poland segments are as follows: Amounts in thousands United States Canada Poland TotalGross carrying value January 1, 2020 $18,629 $7,550 $6,757 $32,936Acquisitions 1,157 — — 1,157Currency translation — (165) 134 (31)Gross carrying value December 31, 2020 19,786 7,385 6,891 34,062Currency translation — 17 (571) (554)Gross carrying value December 31, 2021 19,786 7,402 6,320 33,508 Accumulated impairment losses January 1, 2020 — — — —Impairments (19,786) (3,375) — (23,161)Accumulated impairment losses December 31, 2020 (19,786) (3,375) — (23,161)Impairments — — — —Accumulated impairment losses December 31, 2021 (19,786) (3,375) — (23,161) Net carrying value at December 31, 2020 $— $4,010 $6,891 $10,901Net carrying value at December 31, 2021 $— $4,027 $6,320 $10,347 Intangible AssetsIntangible assets at December 31, 2021 and 2020 consisted of the following: December 31, December 31, Amounts in thousands 2021 2020Finite-lived Casino licenses $ 2,768 $ 3,019Less: accumulated amortization (1,749) (1,404) 1,019 1,615Trademarks 2,368 2,368Less: accumulated amortization (494) (257) 1,874 2,111Players club lists 20,373 20,373Less: accumulated amortization (6,063) (3,153) 14,310 17,220Total finite-lived intangible assets, net 17,203 20,946Indefinite-lived Casino licenses 30,112 30,061Trademarks 1,615 1,751Total indefinite-lived intangible assets 31,727 31,812Total intangible assets, net $ 48,930 $ 52,758 TrademarksThe 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 consolidated balance sheets. Trademarks: Finite-LivedThe 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. The trademark will be amortized over its useful life. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s consolidated statement of earnings (loss). Changes in the carrying amount of the Mountaineer trademark are as follows: Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021United States $2,111 $(237) $1,874 Amounts in thousands Balance at January 1, 2020 Amortization Balance at December 31, 2020United States $2,349 $(238) $2,111 As of December 31, 2021, estimated amortization expense for the Mountaineer trademark over the next five years was as follows: Amounts in thousands 2022 $ 2372023 2372024 2372025 2372026 237Thereafter 689 $ 1,874 The weighted-average amortization period of the Mountaineer trademark is 7.9 years. Trademarks: Indefinite-LivedThe Company has determined 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 consolidated statement of earnings (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 December 31, 2021Poland $1,643 $(136) $1,507Corporate and Other 108 — 108 $1,751 $(136) $1,615 Amounts in thousands Balance at January 1, 2020 Currency translation Balance at December 31, 2020Poland $1,611 $32 $1,643Corporate and Other 108 — 108 $1,719 $32 $1,751 Casino Licenses: Finite-LivedAs of December 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 December 31, 2021Poland $1,615 $(485) $(111) $1,019 Amounts in thousands Balance at January 1, 2020 Amortization Currency translation Balance at December 31, 2020Poland $2,078 $(481) $18 $1,615 As of December 31, 2021, estimated amortization expense for the Casinos Poland casino licenses over the next five years was as follows: Amounts in thousands 2022 $4492023 3852024 1582025 27 $1,019 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 2.1 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-LivedThe 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 AGLC and the HRA 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 consolidated statement of earnings (loss). Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2021 Impairment Currency translation Balance at December 31, 2021United States $17,962 $— $— $17,962Canada 12,099 — 51 12,150 $30,061 $— $51 $30,112 Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at December 31, 2020United States $28,922 $(10,960) $— $17,962Canada 11,860 — 239 12,099 $40,782 $(10,960) $239 $30,061 Player’s Club ListsThe 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 as estimated by management over each property’s historical operations as estimated by management. 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 December 31, 2021United States $17,220 $(2,910) $14,310 Amounts in thousands Balance at January 1, 2020 Amortization Balance at December 31, 2020United States $20,133 $(2,913) $17,220 As of December 31, 2021, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2022 $ 2,9102023 2,9102024 2,9102025 2,9102026 2,670 $14,310 The weighted-average amortization period for the player’s club lists is 4.9 years. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT Long-term debt and the weighted average interest rates at December 31, 2021 and 2020 consisted of the following: Amounts in thousands December 31, 2021 December 31, 2020Credit agreement - Macquarie $166,600 6.70% $168,300 6.72%Credit agreements - CPL 207 2.12% 1,296 2.61%UniCredit term loans 6,994 2.55% 1,502 2.05%UniCredit agreement — — 7,400 2.60%Financing obligation - CDR land lease 15,378 11.44% 15,313 13.70%Total principal $ 189,179 6.89% $ 193,811 7.03%Deferred financing costs (7,695) (9,261) Total long-term debt $ 181,484 $ 184,550 Less current portion (3,958) (10,718) Long-term portion $ 177,526 $ 173,832 Credit Agreement – Macquarie CapitalOn 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 BMO Credit Agreement. The Macquarie Credit Agreement provides for a $170.0 million term loan (the “Term Loan”) and a $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 2019 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 was repaid in May 2021. As of December 31, 2021, the outstanding balance of the Term Loan was $166.6 million and $10.0 million was 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 consolidated statement of earnings (loss) for the years ended December 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; and75% 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 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, 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 December 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 $1.6 million, $1.6 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. These costs are included in interest expense in the consolidated statements of earnings (loss) for the years ended December 31, 2021, 2020 and 2019. Casinos PolandCPL’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%. CPL’s PLN 3.0 million term loan and PLN 4.0 million term loan with mBank were paid in full in November 2021. The term loans bore an interest rate of 1-month WIBOR plus 1.70%. As of December 31, 2021, CPL had three credit agreements with mBank as detailed below. As of December 31, 2021, CPL was in compliance with all applicable financial covenants under these agreements. The 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 December 31, 2021, the credit agreement had an outstanding balance of PLN 0.8 million ($0.2 million based on the exchange rate in effect on December 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 and a pledge of certain slot machines. In addition, CPL is required to maintain both 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 December 31, 2021, CPL had a short-term line of credit with mBank used to finance current operations. The line of credit bears an interest rate of overnight WIBOR plus 2.40% with a borrowing capacity of PLN 5.0 million and is available through April 28, 2022. As of December 31, 2021, the credit facility had no outstanding balance and approximately PLN 5.0 million ($1.2 million based on the exchange rate in effect on December 31, 2021) was available for borrowing. The credit facility 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. As of December 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 9.0 million ($2.2 million based on the exchange rate in effect on December 31, 2021), of which PLN 6.5 million ($1.6 million based on the exchange rate in effect on December 31, 2021) can be used only to secure bank guarantees. The credit agreement has a two year term through October 27, 2023. As of December 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 December 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 both 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 as of December 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 as of December 31, 2021) with mBank and terminate in June 2024 and January 2026, respectively. CPL is also 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 0.8 million ($0.2 million based on the exchange rate in effect as of December 31, 2021) in deposits for this purpose as of December 31, 2021. These deposits are included in deposits and other on the Company’s consolidated balance sheet for the year ended December 31, 2021. Century Resorts ManagementAs of December 31, 2021, CRM had two credit agreements with UniCredit (the “UniCredit Term Loans”). The first credit agreement (“UniCredit Term Loan 1”) is a GBP 2.0 million term loan used for construction and fitting out of CCB. On November 8, 2021, the Company amended the UniCredit Term Loan 1 to convert it into a USD term loan beginning December 31, 2021. The term loan matures September 30, 2023 and bears interest at LIBOR plus 1.625%. If LIBOR is not available, the interest rate will be determined based on a quoted rate from leading banks in the London interbank market. As of December 31, 2021, the amount outstanding on UniCredit Term Loan 1 was $0.9 million. CRM has no further borrowing availability under the loan agreement. The loan is unsecured and has no financial covenants. The second credit agreement (“UniCredit Term Loan 2”) is a EUR 6.0 million term loan converted from a $7.4 million line of credit on June 23, 2021. In August 2018, CRM entered into a loan agreement with UniCredit for a revolving line of credit to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. In March 2020, CRM borrowed $7.4 million with a 12 month term under the UniCredit credit agreement. In March 2021, the term of the line of credit was extended to June 2021, when it was converted into UniCredit Term Loan 2. The term loan matures on December 31, 2025 and bears interest at a rate of 2.875%. As of December 31, 2021, the amount outstanding was EUR 5.3 million ($6.1 million based on the exchange rate in effect on December 31, 2021) and the Company had no further borrowings available. The UniCredit Term Loan 2 is secured by a EUR 6.0 million guarantee by the Company and has no financial covenants. Century Downs Racetrack and CasinoCDR’s land lease is a financing obligation to the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of land on which Century Downs 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 is on 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 December 31, 2021, the outstanding balance on the financing obligation was CAD 19.5 million ($15.4 million based on the exchange rate in effect on December 31, 2021). As of December 31, 2021, scheduled maturities related to the Company’s debt were as follows: Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Term Loans Century Downs Land Lease Total2022 $1,700 $207 $2,051 $— $3,9582023 1,700 — 1,917 — 3,6172024 1,700 — 1,513 — 3,2132025 1,700 — 1,513 — 3,2132026 159,800 — — — 159,800Thereafter — — — 15,378 15,378Total $166,600 $207 $6,994 $15,378 $189,179 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 7. 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 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 the 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 operating 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 2nd and 3rd 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 4th year and ending the 7th year.The Base Rent Escalator is subject to adjustment from and after the 6th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied. Beginning in the 8th year of the lease term, Rent will be calculated as (i) 80% of the Rent for the 7th 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 7th lease year, plus or minus 4% of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease. For the 11th 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 years ended December 31, 2021, 2020 and 2019 were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Payments made $ 25,271 $ 25,021 $ 3,831Interest expense on financing obligation $ 28,232 $ 28,356 $ 1,635 The future payments related to the Master Lease financing obligation with VICI PropCo at December 31, 2021 are as follows: Amounts in thousands 2022 $ 23,3772023 25,8212024 26,1442025 26,3402026 26,538Thereafter 1,008,183Total payments 1,136,403Less imputed interest (882,994)Residual value 28,492Total $ 281,901 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 8. 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 year ended December 31, Amounts in thousands 2021 2020 2019Revenue from contracts with customers $388,506 $304,268 $218,227Interest income 174 6 21Cost recovery income 655 158 417Dividend income — — 18Century Casino Calgary sale earn out revenue 51 — —Total revenue $389,386 $304,432 $218,683 The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, iGaming, 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, iGaming, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below. For the year ended December 31, 2021Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$249,397 $25,604 $56,724 $152 $331,877Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848Hotel 8,241 45 — — 8,286Food and beverage 11,761 5,606 421 — 17,788Other 5,394 4,817 1,081 415 11,707Net operating revenue$283,285 $46,428 $58,226 $567 $388,506 For the year ended December 31, 2020Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$168,904 $30,319 $53,228 $830 $253,281Pari-mutuel, sports betting and iGaming 7,502 10,158 — — 17,660Hotel 5,826 84 — — 5,910Food and beverage 9,795 5,832 462 105 16,194Other 6,317 3,847 581 478 11,223Net operating revenue$198,344 $50,240 $54,271 $1,413 $304,268 For the year ended December 31, 2019Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$42,285 $49,450 $80,829 $4,302 $176,866Pari-mutuel, sports betting and iGaming 58 10,725 — — 10,783Hotel 2,030 491 — — 2,521Food and beverage 4,804 13,507 912 799 20,022Other 821 6,477 153 584 8,035Net operating revenue$49,998 $80,650 $81,894 $5,685 $218,227 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 $0.6 million for each of the years ended December 31, 2021 and 2020. This revenue consisted 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 table below. For the year For the year ended December 31, 2021 ended December 31, 2020Amounts in thousands Receivables Contract Liabilities Receivables Contract LiabilitiesOpening $1,103 $2,200 $326 $663Closing 1,269 2,986 1,103 2,200Increase/(decrease) $166 $786 $777 $1,537 Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s 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 year ended December 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 | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. LEASES 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 Company determined that the ROU asset at CCB was impaired based on the losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England. As a result, the Company impaired $7.3 million related to the CCB ROU asset to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 31, 2019. The components of lease expense were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Operating lease expense $ 5,864 $ 5,250 $ 6,443 Finance lease expense: Amortization of right-of-use assets $ 128 $ 165 $ 303Interest on lease liabilities 6 15 44Total finance lease expense $ 134 $ 180 $ 347 Variable lease expense $ 1,290 $ 1,476 $ 3,502 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 year ended December 31, Amounts in thousands 2021 2020 2019Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 6 $ 5 $ 48Operating cash flows from operating leases 5,201 6,355 7062Financing cash flows from finance leases 123 166 364 Supplemental balance sheet information related to leases was as follows: As of As ofAmounts in thousands December 31, 2021 December 31, 2020Operating leases Leased right-of-use assets, net $ 28,383 $ 34,074 Current portion of operating lease liabilities 3,915 4,327Operating lease liabilities, net of current portion 27,229 32,277Total operating lease liabilities 31,144 36,604 Finance leases Finance lease right-of-use assets, gross 424 552Accumulated depreciation (342) (338)Property and equipment, net 82 214 Current portion of finance lease liabilities 38 131Finance lease liabilities, net of current portion 43 83Total finance lease liabilities 81 214 Weighted-average remaining lease term Operating leases 11.2 years 11.3 yearsFinance leases 2.2 years 2.1 years Weighted-average discount rate Operating leases 4.7% 4.5%Finance leases 4.0% 4.7% Maturities of lease liabilities as of December 31, 2021 were as follows: Amounts in thousands Operating Leases Finance Leases2022 $ 5,101 $ 402023 4,528 252024 3,824 202025 2,762 —2026 2,477 —Thereafter 23,435 —Total lease payments 42,127 85Less imputed interest (10,983) (4)Total $ 31,144 $ 81 10 |
Other Balance Sheet And Stateme
Other Balance Sheet And Statement Of Earnings (Loss) Captions | 12 Months Ended |
Dec. 31, 2021 | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions | 10. OTHER BALANCE SHEET AND STATEMENT OF EARNINGS (LOSS) CAPTIONS Accrued liabilities include the following as of December 31, 2021 and 2020: December 31, Amounts in thousands 2021 2020Accrued commissions (AGLC) $863 $—Progressive slot, table and on track liability 3,340 3,105Player point liability 1,006 1,016Chip liability 592 542Racing-related liabilities 1,068 1,046Deposit liability 420 309Other accrued liabilities 6,303 6,468Total $13,592 $12,486 Accrued commissions (AGLC) include the portion of slot machine net sales and table game wins owed to the AGLC as of December 31, 2021 and 2020. Taxes payable include the following as of December 31, 2021 and 2020: December 31, Amounts in thousands 2021 2020Accrued property taxes $1,567 $1,582Gaming taxes payable 11,595 8,430Other taxes payable 1,927 754Total $15,089 $10,766 Pari-mutuel, sports betting and iGaming revenue includes the following for the years ended December 31, 2021, 2020 and 2019: For the year ended December 31, Amounts in thousands 2021 2020 2019Pari-mutuel revenue $16,484 $14,937 $10,679Sports betting revenue 2,166 2,723 104iGaming revenue 198 — —Total $18,848 $17,660 $10,783 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Since March 2000, the Company has had a discretionary program to repurchase the Company’s outstanding common stock. The total remaining authorization under the repurchase program was $14.7 million as of December 31, 2021. The Company did not repurchase any shares of its common stock during 2021 and 2020. The repurchase program has no set expiration or termination date. The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the board of directors. At the present time, the Company intends to use any earnings that may be generated to finance the growth of its business. The Company does not have any minimum capital requirements related to its status as a US corporation in the state of Delaware. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION At the 2005 annual meeting of stockholders, stockholders of the Company approved an equity incentive plan (as amended, the “2005 Plan”). The 2005 Plan expired in June 2015. There are stock options issued under the 2005 Plan that remain outstanding. The 2005 Plan provided for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provided for the issuance of up to 2,000,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company was not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options were required to have an exercise period not to exceed ten years. The Company had granted awards of incentive stock options and non-qualified stock options under the 2005 Plan, all of which had exercise prices that were not less than the fair market value at the date of grant. Options granted had six month, one year, three year or four year vesting periods. All outstanding options were issued at market value as of the date of the grant. Stockholders of the Company approved the 2016 Equity Incentive Plan (the “2016 Plan”) at the 2016 annual meeting of stockholders. The 2016 Plan will expire in June 2026. The 2016 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2016 Plan. The 2016 Plan provides for the issuance of up to 3,500,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company is not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options are required to have an exercise period not to exceed ten years. As of December 31, 2021, the Company has granted 894,386 target performance stock units (“PSUs”) under the 2016 Plan. Any committee as delegated by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2016 Plan also allows limited transferability of any stock options to legal entities that are 100% owned or controlled by the optionee or to the optionee’s family trust. PSUsThe PSUs vest subject to market and performance conditions. The conditions are weighted 25% based on market conditions and 75% based on performance conditions. Market conditions are based on the Company’s total shareholder return (“TSR”) relative to a select group of peer companies at the end of a three year performance period. Performance conditions are based on the Company’s actual Adjusted EBITDA over the three year performance period compared to forecasted Adjusted EBITDA over the same period. Depending on the TSR and Adjusted EBITDA at the end of the performance period, anywhere from 0% to 200% of the target grant may vest. Expense is recognized on a straight-line basis over the performance period beginning on the date of grant. Probability is assessed quarterly on the performance conditions and compensation expense is adjusted accordingly. Actual forfeitures are recognized as they occur. Activity in the Company’s stock-based compensation plan for the PSUs was as follows: Target PSUs Weighted-Average Grant-Date Fair ValueNonvested at January 1, 2019 308,970 $9.83Granted 132,253 9.12Vested — —Forfeited — —Nonvested at December 31, 2019 441,223 $9.62Granted 413,964 3.75Vested (87,171) 6.75Forfeited (80,797) 9.41Nonvested at December 31, 2020 687,219 $6.47Granted 268,947 6.44Vested — —Forfeited (141,002) 11.97Nonvested at December 31, 2021 815,164 $5.51 At December 31, 2021, there was a total of $2.0 million of total unrecognized compensation expense related to the PSUs. The cost is expected to be recognized over a weighted-average period of 2.0 years. The PSUs granted during 2019 will vest in March 2022. The fair value of the PSUs granted is estimated on the date of grant using the Monte Carlo model with the following assumptions: Assumptions for PSU Awards 202120202019Risk-free interest rate0.19%0.19%2.32%Expected life2.9 years2.2 years2.8 yearsExpected volatility82.2%88.4%34.1%Expected dividends$0$0$0Forfeiture rate0%0%0% Stock Options Activity related to options in the Company’s stock-based compensation plans for employee stock options was as follows: Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise PriceOutstanding at January 1, 2021 1,171,352 $5.05 3.99 1,171,352 $5.05Granted — — Exercised (42,852) 5.05 Cancelled or forfeited — — Expired (1,000) 5.05 Outstanding at December 31, 2021 1,127,500 $5.05 2.99 1,127,500 $5.05 (1) In years There were no options issued to directors of the Company during 2021. As of December 31, 2021, there were 100,700 options outstanding to independent directors of the Company with a weighted-average exercise price of $7.08 per share. At December 31, 2021, there was $0.1 million in unrecognized compensation expense. The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2021: Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1)Exercise Price: $5.05 1,127,500 1,127,500 $8,039 $8,039 3.0 3.0 (1) In years The aggregate intrinsic value represents the difference between the Company’s closing stock price of $12.18 per share as of December 31, 2021 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. The following table includes additional information related to exercises of stock options: For the year ended December 31,Amounts in thousands 2021 2020 2019Intrinsic value of share-based awards exercised $451 $— $270 Stock-based compensation expense was recognized in general and administrative expenses on the Company’s consolidated statement of earnings (loss) as follows: For the year ended December 31,Amounts in thousands 2021 2020 2019Compensation expense: 2016 Plan $2,652 $(214) $1,303 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The Company’s US and foreign pre-tax income is summarized in the table below: Amounts in thousands 2021 2020 2019Income before taxes: US $ 29,715 $ (45,927) $ (3,736)Foreign (1,566) 2,639 (8,231)Total income before taxes $ 28,149 $ (43,288) $ (11,967) The Company’s provision for income taxes is summarized as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019US - Current $5,160 $270 $316US - Deferred — 973 (199)Provision for US income taxes $5,160 $1,243 $117 Foreign - Current $866 $1,130 $3,748Foreign - Deferred 345 2,475 309Provision for foreign income taxes $1,211 $3,605 $4,057Total provision for income taxes $6,371 $4,848 $4,174 The Company’s effective income tax rate differs from the statutory federal income tax rate as follows: Amounts in thousands202120202019US federal income tax statutory rate 21.0%(21.0%)(21.0%)Foreign income taxes(0.2%)(2.2%)6.8%State income tax (net of federal benefit)3.0%(3.8%)(0.3%)Meals, entertainment, gifts and giveaways0.4%—2.4%Statutory to US GAAP adjustments, including foreign currency2.6%(1.8%)3.7%Valuation allowance(4.6%)41.0%32.3%Unrecognized tax benefit(0.3%)——Stock options1.3%(0.1%)1.9%Tax Act impact——5.6%Permanent and other items(0.6%)(0.9%)3.5%Total provision for income taxes22.6%11.2%34.9% The Company’s effective income tax rate for the year ended December 31, 2021 was 22.6%. The comparison of pre-tax income of $28.1 million for the year ended December 31, 2021 compared to pre-tax loss of ($43.3) million for the year ended December 31, 2020 should be considered when comparing tax rates year-over-year. The federal corporate income tax rate in the United States for 2021 was 21%; additionally, the Company is subject to Colorado, Missouri and West Virginia state jurisdictions that had corporate tax rates ranging from 4.0% to 6.5% in 2021. The Company’s effective tax rate in the United States for 2021 was 17.4%, primarily due to the change in the valuation allowance of deferred tax assets established during 2020, as well as other permanent items such as nondeductible stock compensation and lobbying costs. The effective tax rate of (44.0%) related to 2021 losses in Canada, which has a 23.0% income tax rate, was due to various permanent addbacks and movement in the valuation allowance on Century Mile’s deferred tax assets. The effective tax rate of 28.4% related to 2021 earnings in Poland, which has a 19.0% income tax rate, was due to nondeductible payments to certain governing authorities as well as nondeductible meals, entertainment, gifts and giveaways. The effective tax rate of (42.1%) related to 2021 losses in Mauritius, which has a 15.0% income tax rate, was primarily driven by a valuation allowance of deferred tax assets recorded during 2021. The effective tax rate of (21.7%) related to 2021 losses in Austria, which has a 25.0% income tax rate, was due to various permanent addbacks, including the change in the valuation allowance recorded on the Company’s deferred tax assets during 2020. The movement of exchange rates for intercompany loans denominated in US dollars further impacts the effective income tax rate because foreign currency gains and losses generally are not taxed until realized. Therefore, the overall effective income tax rate can be impacted by foreign currency gains or losses in the future. The Tax Cuts and Jobs Act (the “Tax Act”) created requirements that certain income, such as global intangible low-taxed income (“GILTI”), earned by a controlled foreign corporation (“CFC”) must be included currently in the gross income of the CFC’s US shareholder, effective in 2018. Under US GAAP, the Company is allowed to make an accounting policy election of either (1) treating taxes due on future US inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company has elected to account for GILTI in the year the tax is incurred as a current period expense and recorded a net tax expense of $0.5 million for the year ended December 31, 2019. There was no net tax expense related to GILTI for the years ended December 31, 2021 and 2020. The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income. The Company assesses the need for a valuation allowance based on its ability to realize the benefits of the Company’s deferred tax assets. The Company’s deferred income taxes at December 31, 2021 and 2020 are summarized as follows: Amounts in thousands 2021 2020Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 7,902 $8,416Amortization of startup costs — 13Financing obligation to VICI Properties, Inc. subsidiaries 68,342 67,712NOL carryforward — 2,506Operating and finance leases 329 488Accrued liabilities and other 861 590 77,434 79,725Valuation allowance (10,236) (12,371) $67,198 $67,354Deferred tax liabilities Property and equipment $ (66,616) $ (66,677)Operating and finance leases (313) (479)Prepaid expenses (269) (198) $ (67,198) $ (67,354)Long-term deferred tax asset $ — $ — Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 704 $ 810 NOL carryforward 6,331 5,179Accrued liabilities and other 1,018 854Contingent liability — 90Operating and finance leases 8,615 9,583Subsidiary liquidation 3,802 4,283Exchange rate gain 992 1,236 21,462 22,035Valuation allowance (10,088) (9,261) $ 11,374 $ 12,774Deferred tax liabilities Property and equipment $ (4,071) $ (4,044)Exchange rate loss (158) (199)Intangibles (1,110) (1,105)Operating and finance leases (7,894) (8,944)Others (501) (495) $ (13,734) $ (14,787)Long-term deferred tax liability $ (2,360) $ (2,013) The Company has analyzed filing positions in all of the US federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its US federal tax return, its state tax returns in Colorado, Missouri and West Virginia and its foreign tax returns in Canada and Poland as “major” tax jurisdictions, as defined by the Internal Revenue Code. The Company is not currently under an income tax audit in any US or foreign jurisdiction. However, any adjustment made by a taxing authority in the future could impact the effective tax rate. The Company’s income tax returns for the following periods are currently subject to examination: Jurisdiction Periods US Federal 2017-2020 US State - Colorado 2017-2020 US State – Missouri 2019-2020 US State – West Virginia 2019-2020 Canada 2006-2020 Mauritius 2018-2020 Poland 2016-2020 Austria 2016-2020 The Company had income tax net operating loss carryforwards related to its domestic and international operations of approximately $27.8 million as of December 31, 2021. The Company had recorded $6.3 million of deferred tax assets related to the net operating loss carryforwards, excluding the impact of the adjustments of valuation allowances and unrecognized tax benefits. The deferred tax assets expire as follows: Amounts in thousands 2021 - 2031 $2712032 - 2041 5,618No expiration 442Total deferred tax assets $6,331 Certain net operating loss carryforwards in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those net operating loss carryforwards are presented net of these unrecognized tax benefits. As of December 31, 2021, the Company has accumulated undistributed earnings generated by its foreign subsidiaries that significantly exceed the approximately $32.1 million of cash and cash equivalents held by its foreign subsidiaries. Because substantially all of these accumulated undistributed earnings have previously been subject to the one-time transition tax on foreign earnings required by the Tax Act or have been subject to tax under the GILTI regime, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company’s foreign investments would generally be limited to foreign and state taxes. The determination of the additional deferred taxes that would be provided for undistributed earnings has not been determined because the hypothetical calculation is not practicable. The Company intends, however, to indefinitely reinvest these earnings and expects its future US cash generation to be sufficient to meet its future US cash needs. As of December 31, 2021, the Company’s unrecognized tax benefit totaled $0.8 million. The net decrease in the current year unrecognized tax benefit is due to a change in foreign exchange rates as well as a lapse of statute of limitations. A portion of this adjustment has been recorded as a component of taxes payable in the accompanying consolidated balance sheet as of December 31, 2021. It is anticipated that certain tax positions, related to the Company’s ability to utilize pre-acquisition net operating losses, will decrease the Company’s balance of unrecognized tax benefits by approximately $0.2 million during 2022 and $0.5 million in 2023, due to lapse of statute of limitations. The Company may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. The Company’s total amount of unrecognized tax benefit and changes to unrecognized tax benefit during the years ended December 31, 2021 and 2020 are summarized in the table below: Amounts in thousands 2021 2020Unrecognized tax benefit - January 1 $835 $821Gross increases - tax positions in prior period 3 14Gross decreases - tax positions in prior period — —Gross increases - tax positions in current period — —Settlements — —Lapse of statute of limitations (61) —Unrecognized tax benefit - December 31 $777 $835 The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued penalties and interest of less than $0.1 million during 2021 and 2020. The $0.8 million balance of unrecognized tax benefits, if recognized, would affect the effective tax rate. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 14. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING Fair Value MeasurementsThe 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 liabilitiesLevel 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 observableLevel 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 year ended December 31, 2021. Recurring Fair Value MeasurementsThe Company determined the fair value of its interest rate swap agreements based on the notional amount of the swaps and the forward rate CAD-CDOR curve provided by Bloomberg and zero-coupon Canadian spot rates as of the valuation date. The Company classified these instruments as Level 2 because the inputs into the valuation model could be corroborated utilizing observable benchmark market rates at commonly quoted intervals. The interest rate swap agreements ended in December 2019 when the Company’s BMO Credit Agreement was repaid. Nonrecurring 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 forecasted losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $34.1 million to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 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 consolidated statement of earnings (loss) for the year ended December 31, 2020. During 2019, the Company wrote down the casino license, leasehold improvements and other assets at CCB based on the losses incurred by the casino since operations began and future forecasts of continued losses due to the current regulatory environment for casinos in England and, as a result, charged $16.5 million to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 31, 2019. The Company classified these impairments as Level 3 because inputs into the valuation model were based on unobservable market information. Long-Term Debt – The carrying value of the Macquarie Credit Agreement, the UniCredit Term Loans and CPL credit agreements approximate fair value based on variable interest paid on the obligations. The carrying values of the UniCredit Term Loan 2 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 agreements and UniCredit Term Loan 1 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 values of 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 December 31, 2021 and 2020, the Company had no cash equivalents. Derivative Instruments ReportingIn April 2016, the Company began using interest rate swaps to mitigate the risk of variable interest rates under its BMO Credit Agreement. The interest rate swaps were repaid in December 2019 when the BMO Credit Agreement was repaid. The interest rate swaps were not designated as accounting hedges. These interest rate swaps reset monthly, and the difference to be paid or received under the terms of the interest rate swap agreements was accrued as interest rates changed and recognized as an adjustment to interest expense for the related debt. The Company recognized $0.7 million in interest expense related to its interest rate swaps on its consolidated statement of earnings (loss) for the year ended December 31, 2019. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | 15. SEGMENT AND GEOGRAPHIC 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 as of December 31, 2021: Reportable SegmentOperating SegmentReporting UnitUnited StatesColoradoCentury Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West VirginiaMountaineer Casino, Racetrack & Resort MissouriCentury Casino Cape Girardeau Century Casino CaruthersvilleCanadaEdmontonCentury Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino CalgaryCentury Downs Racetrack and Casino Century SportsPolandPolandCasinos PolandCorporate and OtherCorporate and OtherCruise 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 a 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 summary information regarding the Company’s reportable segments: For the year ended December 31, 2021Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $283,285 $46,428 $58,226 $567 $388,506 Earnings (loss) before income taxes $49,628 $3,312 $921 $(25,712) $28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $49,628 $1,124 $440 $(30,570) $20,622Interest expense (income), net (2) 28,229 1,796 (477) 13,110 42,658Income taxes — 1,256 257 4,858 6,371Depreciation and amortization 18,398 4,904 3,028 432 26,762Net earnings attributable to non-controlling interests — 932 224 — 1,156Non-cash stock-based compensation — — — 2,652 2,652Gain on foreign currency transactions, cost recovery income and other (3) (836) (545) (887) (418) (2,686)Loss (gain) on disposition of fixed assets 341 43 44 (37) 391Adjusted EBITDA $95,760 $9,510 $2,629 $(9,973) $97,926 Long-lived assets (4) $376,210 $152,278 $29,865 $3,412 $561,765 Total assets $422,409 $179,297 $44,204 $57,448 $703,358 Capital expenditures $8,672 $646 $163 $531 $10,012 (1)Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations.(2)Expense of $28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.8 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 $25.3 million and $2.0 million, respectively, for the period presented.(3)Income of $0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment.(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2020Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $198,344 $50,240 $54,271 $1,413 $304,268 (Loss) earnings before income taxes $(29,548) $6,869 $(2,578) $(18,031) $(43,288) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $(30,571) $2,551 $(1,373) $(18,609) $(48,002)Interest expense (income), net (2) 28,357 2,047 27 12,667 43,098Income taxes (benefit) 1,023 3,765 (518) 578 4,848Depreciation and amortization 17,580 5,264 3,124 566 26,534Net earnings (loss) attributable to non-controlling interests — 553 (687) — (134)Non-cash stock-based compensation — — — (214) (214)Gain on foreign currency transactions, cost recovery income and other (3) — (6,015) (233) (6,897) (13,145)Impairment - intangible and tangible assets 30,746 3,375 — 1,000 35,121Loss (gain) on disposition of fixed assets 64 (43) 4 1 26Acquisition costs — — — 266 266Adjusted EBITDA $47,199 $11,497 $344 $(10,642) $48,398 Long-lived assets (4) $385,426 $156,433 $39,066 $3,971 $584,896 Total assets $417,388 $181,477 $49,372 $32,523 $680,760 Capital expenditures $7,767 $2,057 $719 $162 $10,705 (1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations.(2)Expense of $28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.5 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 $25.0 million and $1.3 million, respectively, for the period presented.(3)Income of $6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary.(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2019Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $49,998 $80,650 $81,894 $5,685 $218,227 Earnings (loss) before income taxes $7,843 $11,242 $6,814 $(37,866) $(11,967) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $5,825 $6,669 $3,466 $(35,115) $(19,155)Interest expense (income), net (2) 1,635 5,312 197 1,085 8,229Income taxes (benefit) 2,018 3,278 1,617 (2,739) 4,174Depreciation and amortization 2,330 4,539 3,064 910 10,843Net earnings (loss) attributable to non-controlling interests — 1,295 1,731 (12) 3,014Non-cash stock-based compensation — — — 1,303 1,303(Gain) loss on foreign currency transactions, cost recovery income and other — (439) (1,096) 223 (1,312)Impairment - intangible and tangible assets — — — 16,486 16,486Loss on disposition of fixed assets 17 20 413 345 795Acquisition costs — — — 5,366 5,366Pre-opening expenses — 538 — — 538Adjusted EBITDA $11,825 $21,212 $9,392 $(12,148) $30,281 Long-lived assets (3) $424,790 $170,107 $43,585 $6,182 $644,664 Total assets (4) $458,351 $191,925 $51,921 $24,703 $726,900 Capital expenditures (5) $1,148 $17,865 $4,188 $837 $24,038 (1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations. (2)Expense of $1.6 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $2.2 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 $3.8 million and $2.0 million, respectively, for the period presented.(3)Long-lived assets in the United States segment include $377.0 million related to the Acquired Casinos. Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.(4)Total assets in the United States segment include $404.5 million related to the Acquired Casinos.(5)Capital expenditures in 2019 included construction costs of $15.0 million related to Century Mile in the Canada segment. |
Commitments, Contingencies And
Commitments, Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2021 | |
Commitments, Contingencies And Other Matters [Abstract] | |
Commitments, Contingencies And Other Matters | 16. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations. The Company had a contingent liability related to a series of tax audits conducted by the Polish IRS related to the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS 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 prevailed in several court challenges by CPL. Through December 31, 2021, CPL has paid PLN 14.3 million ($4.2 million) to the Polish IRS related to these audits. The statute of limitations expired on all open periods in which CPL calculated personal income tax in which the Polish IRS disagreed. The Company adjusted its contingent liability related to the CPL taxes to remove the estimated taxes accrued for these tax years due to the statute of limitations expiring. The adjustments reduced the contingent liability by PLN 1.8 million ($0.5 million), PLN 2.8 million ($0.7 million) and PLN 2.2 million ($0.6 million) in December 2021, 2020 and 2019, respectively, and were recorded as gain on foreign currency transactions, cost recovery income and other on the Company’s consolidated statements of earnings (loss) for the years ended December 31, 2021, 2020 and 2019, respectively. In September 2021, the Polish IRS reimbursed PLN 2.4 million ($0.6 million based on the exchange rate in effect on September 30, 2021) plus interest, after CPL prevailed in a court challenge of a 2012 tax audit. The Company recorded the Polish IRS reimbursement to gain on foreign currency transactions, cost recovery income and other on its consolidated statement of earnings (loss) for the year ended December 31, 2021. Any additional tax obligations are not probable or estimable and no additional future tax obligations as a result of these matters are expected. 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 on March 31, 2020) to general and administrative expenses on its consolidated statement of earnings (loss) for the year ended December 31, 2020. Distribution to Non-Controlling Interest – The Company purchased a portion of its ownership interest in CDR in November 2013. Prior to the Company’s acquisition of its ownership interest in CDR, the non-controlling shareholders built infrastructure in the land surrounding CDR. When funds for the use of this infrastructure are received by CDR from unrelated parties, they are distributed to CDR’s non-controlling shareholders through non-controlling interest. The Company distributed $0.7 million, $0.2 million and $0.4 million related to the infrastructure to CDR’s non-controlling shareholders during the years ended December 31, 2021, 2020 and 2019, respectively. Employee Benefit Plans – The Company provides its employees in the United States with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six year period. The Company contributed $0.5 million, $0.3 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan (the “RSP Plan”) and Registered Pension Plan (the “RPP Plan”, and collectively the “RSP and RPP Plans”). The RSP and RPP Plans allow eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants in the RPP Plan become fully vested in employer contributions over a two year period, and participants in the RSP Plan become fully vested in employer contributions immediately. The Company contributed $0.2 million to the RSP and RPP Plans for each of the years ended December 31, 2021, 2020 and 2019. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Transactions With Related Parties [Abstract] | |
Transactions With Related Parties | 17. TRANSACTIONS WITH RELATED PARTIES The Company has entered into separate management agreements with Flyfish Management & Consulting AG (“Flyfish”), a management company controlled by Co CEO Erwin Haitzmann, and with Focus Lifestyle and Entertainment AG (“Focus”), a management company controlled by Co CEO Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of earnings (loss) are payments to both Flyfish and Focus for a total of $0.7 million for each of the years ended December 31, 2021, 2020 and 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to material subsequent events in its consolidated financial statements and related notes. On January 13, 2022, the Company announced that the Company’s subsidiary CRA entered into a definitive agreement to sell the land and building in Calgary, Alberta, Canada to Rowanwood Financial Properties Ltd. (the “Buyer”) for CAD 8.1 million ($6.5 million based on the exchange rate on January 12, 2022) subject to working capital adjustments. CRA operated Century Sports on a portion of the property and leased a portion of the property to a casino operator. The sale closed on February 10, 2022, at which point the Company received CAD 7.8 million ($6.2 million based on the exchange rate on February 10, 2022). Upon closing, CRA stopped operating Century Sports and transferred the lease agreement for the casino premises to the Buyer. On February 22, 2022, the Company entered into a definitive agreement with Marnell, pursuant to which a newly formed subsidiary of the Company will purchase from Marnell (i) 50% of the membership interests in PropCo, and (ii) 100% of the membership interests in OpCo. OpCo owns and operates the Nugget Casino Resort in Sparks, Nevada, and PropCo owns the real property on which the casino is located. At the First Closing, PropCo will enter into a lease with OpCo for an annual rent of $15.0 million. The Company will purchase 50% of the membership interests in PropCo for approximately $95.0 million (subject to certain adjustments) at the First Closing, which is expected to occur early in the second quarter of 2022. Subject to approval from the Nevada Gaming Commission, the Company’s purchase of 100% of the membership interests in OpCo for approximately $100.0 million (subject to certain adjustments) is expected to close within one year after the First Closing. Following the Second Closing, the Company will own the operating assets of Nugget Casino Resort and 50% of the membership interests in PropCo. The Company also will have a five-year option to acquire the remaining 50% of the membership interests in PropCo for $105 million plus 2% per annum. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL and CDR as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL and CDR that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. |
Reclassifications | Reclassifications – Certain prior period amounts have been reclassified to conform to the current year presentation in the consolidated financial statements and the accompanying notes thereto. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – The Company has recently adopted the following accounting pronouncements: In January 2017, 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 Pending Adoption | Accounting Pronouncements Pending Adoption – The Company has not yet adopted the following accounting pronouncements as of December 31, 2021: 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. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) (“ASU 2021-08”). The objective of ASU 2021-08 is to address diversity in practice and inconsistency related to (i) recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the adoption of this standard in connection with its pending acquisition of PropCo and OpCo. 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 audited consolidated financial statements or notes thereto. |
Cash And Cash Equivalents | Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2021 2020Cash and cash equivalents $107,821 $63,413Restricted cash included in deposits and other 220 264Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $108,041 $63,677 For each of the years ended December 31, 2021 and 2020, restricted cash included $0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million in deposits related to an insurance policy. |
Concentrations Of Credit Risk | Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. |
Accounts Receivable | Accounts Receivable – Accounts receivables are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. |
Inventories | Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. |
Property And Equipment | Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements5 – 39 yearsGaming equipment3 – 7 yearsFurniture and non-gaming equipment3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment, including the impairment recorded in the year ended December 31, 2019. |
Goodwill | Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill, including the impairments recorded in the year ended December 31, 2020. |
Intangible Assets | Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company has determined that the trademarks and casino licenses, with the exception of the trademark related to MTR and the casino licenses related to CPL, are indefinite-lived intangible assets and are therefore not amortized. The Company’s casino licenses related to CPL, the trademark related to MTR and the player’s club lists are finite-lived intangible assets and are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets, including the impairments recorded in the years ended December 31, 2020 and 2019. |
Financing Obligation With VICI PropCo | Financing Obligation with VICI PropCo – The Company and subsidiaries of VICI PropCo entered into a triple net lease agreement (the “Master Lease”) concurrently with the 2019 Acquisition. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Note 7). As a financing obligation, the Company continues to reflect the real estate assets on its consolidated balance sheets as if the Company were the legal owner and continues to recognize depreciation expense over the estimated useful lives. The Company does not recognize rent expense related to these leased assets; instead, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of earnings (loss), which causes the financing obligation to increase during the initial years of the lease term. |
Foreign Currency | Foreign Currency – 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 non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2021 2020Canadian dollar (CAD) 1.2678 1.2732Euros (EUR) 0.8810 0.8157Polish zloty (PLN) 4.0492 3.7136British pound (GBP) 0.7400 0.7325 For the year ended December 31, % ChangeAverage Rates 2021 2020 2019 2021/2020 2020/2019Canadian dollar (CAD) 1.2537 1.3412 1.3268 6.5% (1.1%)Euros (EUR) 0.8456 0.8776 0.8934 3.6% 1.8%Polish zloty (PLN) 3.8608 3.8989 3.8378 1.0% (1.6%)British pound (GBP) 0.7270 0.7798 0.7836 6.8% 0.5%Source: Pacific Exchange Rate Service |
Comprehensive Loss | Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. |
Revenue Recognition | Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: GamingThe majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $39.0 million, $30.3 million and $15.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage, Bowling and Other SalesGoods and services provided include hotel room rentals, food and beverage sales, bowling lane rentals and retail sales. Revenue is recognized over time as specified in the contract; however, the majority of the contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-MutuelPari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGamingSports betting revenue involves wagers on sporting events and iGaming revenue involves wagers on casino games through an online platform. The Company has partnered with sports betting operators at its Colorado and West Virginia casinos and an iGaming operator at its West Virginia casino. The Company receives a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting FeesThe Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. |
Promotional Allowances | Promotional Allowances –The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2021, 2020, and 2019, the estimated direct cost of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Hotel $293 $248 $77Food and beverage 1,789 1,775 1,472 $2,082 $2,023 $1,549 |
Loyalty Programs | Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned, and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $1.0 million as of December 31, 2021 and 2020. |
Stock-Based Compensation | Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. |
Advertising Costs | Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $2.3 million, $2.6 million and $3.4 million in the years ended December 31, 2021, 2020 and 2019, respectively, and are included in gaming expenses on the Company’s consolidated statement of earnings (loss). |
Income Taxes | Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. |
Earnings Per Share | Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2021, 2020 and 2019 were as follows: For the year ended December 31, Amounts in thousands 2021 2020 2019Weighted average common shares, basic 29,593 29,559 29,452Dilutive effect of stock options 1,795 — —Weighted average common shares, diluted 31,388 29,559 29,452 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2021 2020 2019Stock options 2,572 1,272 1,630 |
Business Combinations | Business Combinations – In accordance with ASC 805, “Business Combinations” (“ASC 805”), acquisitions are recorded using the acquisition method of accounting. The Company includes the operating results of acquired entities from their date of acquisition. The Company recognizes and measures the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date fair value. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management judgment, the utilization of independent valuation experts and often involves the use of significant estimates and assumptions with respect to timing and amounts of future cash flows, discount rates, market prices and asset lives, among other things. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred. |
Government Wage Subsidies | Government Wage Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the years ended December 31, 2021 and 2020, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($2.5 million based on the exchange rate in effect on December 31, 2021) and CAD 7.4 million ($5.5 million based on the exchange rate in effect on December 31, 2020), respectively. In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize rent for businesses experiencing a drop in revenue for a limited period. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($1.3 million based on the average exchange rate for the year ended December 31, 2021) and CAD 0.5 million ($0.4 million based on the average exchange rate for the year ended December 31, 2020). Wage credits and subsidies were also offered by the US and Polish governments but were immaterial. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open | Operating SegmentClosure DateReopen DateColoradoMarch 17, 2020 June 15 and June 17, 2020MissouriMarch 17, 2020June 1, 2020West VirginiaMarch 17, 2020June 5, 2020EdmontonMarch 17, 2020June 13, 2020 December 13, 2020June 10, 2021CalgaryMarch 17, 2020June 13, 2020 December 13, 2020June 10, 2021PolandMarch 13, 2020May 18, 2020 December 29, 2020February 12, 2021 March 20, 2021May 28, 2021 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | December 31, December 31, Amounts in thousands 2021 2020Cash and cash equivalents $107,821 $63,413Restricted cash included in deposits and other 220 264Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $108,041 $63,677 |
Schedule Of Depreciation Period Of Property And Equipment | Buildings and improvements5 – 39 yearsGaming equipment3 – 7 yearsFurniture and non-gaming equipment3 – 7 years |
Schedule Of Exchange Rates To US Dollar | As of December 31, As of December 31, Ending Rates 2021 2020Canadian dollar (CAD) 1.2678 1.2732Euros (EUR) 0.8810 0.8157Polish zloty (PLN) 4.0492 3.7136British pound (GBP) 0.7400 0.7325 For the year ended December 31, % ChangeAverage Rates 2021 2020 2019 2021/2020 2020/2019Canadian dollar (CAD) 1.2537 1.3412 1.3268 6.5% (1.1%)Euros (EUR) 0.8456 0.8776 0.8934 3.6% 1.8%Polish zloty (PLN) 3.8608 3.8989 3.8378 1.0% (1.6%)British pound (GBP) 0.7270 0.7798 0.7836 6.8% 0.5%Source: Pacific Exchange Rate Service |
Schedule Of Promotional Allowances | For the year ended December 31, Amounts in thousands 2021 2020 2019Hotel $293 $248 $77Food and beverage 1,789 1,775 1,472 $2,082 $2,023 $1,549 |
Schedule Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2021 2020 2019Weighted average common shares, basic 29,593 29,559 29,452Dilutive effect of stock options 1,795 — —Weighted average common shares, diluted 31,388 29,559 29,452 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2021 2020 2019Stock options 2,572 1,272 1,630 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Schedule Of Unaudited Pro Forma Information | For the year endedAmounts in thousands, except for per share information December 31, 2019Net operating revenue $ 422,716Net loss attributable to Century Casinos, Inc. shareholders $ (13,588)Basic and diluted loss per share $ (0.46) |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31,Amounts in thousands 2021 2020Land $49,948 $49,928Buildings and improvements 450,280 448,574Gaming equipment 41,523 40,062Furniture and non-gaming equipment 46,896 44,817Property and equipment held under finance leases (Note 9) 424 552Capital projects in process 4,086 855 $593,157 $584,788Less: accumulated depreciation (112,433) (91,269)Less: assets held for sale (8,422) (8,271)Property and equipment, net $472,302 $485,248 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands United States Canada Poland TotalGross carrying value January 1, 2020 $18,629 $7,550 $6,757 $32,936Acquisitions 1,157 — — 1,157Currency translation — (165) 134 (31)Gross carrying value December 31, 2020 19,786 7,385 6,891 34,062Currency translation — 17 (571) (554)Gross carrying value December 31, 2021 19,786 7,402 6,320 33,508 Accumulated impairment losses January 1, 2020 — — — —Impairments (19,786) (3,375) — (23,161)Accumulated impairment losses December 31, 2020 (19,786) (3,375) — (23,161)Impairments — — — —Accumulated impairment losses December 31, 2021 (19,786) (3,375) — (23,161) Net carrying value at December 31, 2020 $— $4,010 $6,891 $10,901Net carrying value at December 31, 2021 $— $4,027 $6,320 $10,347 |
Schedule Of Intangible Assets | December 31, December 31, Amounts in thousands 2021 2020Finite-lived Casino licenses $ 2,768 $ 3,019Less: accumulated amortization (1,749) (1,404) 1,019 1,615Trademarks 2,368 2,368Less: accumulated amortization (494) (257) 1,874 2,111Players club lists 20,373 20,373Less: accumulated amortization (6,063) (3,153) 14,310 17,220Total finite-lived intangible assets, net 17,203 20,946Indefinite-lived Casino licenses 30,112 30,061Trademarks 1,615 1,751Total indefinite-lived intangible assets 31,727 31,812Total intangible assets, net $ 48,930 $ 52,758 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2021 Impairment Currency translation Balance at December 31, 2021United States $17,962 $— $— $17,962Canada 12,099 — 51 12,150 $30,061 $— $51 $30,112 Amounts in thousands Balance at January 1, 2020 Impairment Currency translation Balance at December 31, 2020United States $28,922 $(10,960) $— $17,962Canada 11,860 — 239 12,099 $40,782 $(10,960) $239 $30,061 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021United States $17,220 $(2,910) $14,310 Amounts in thousands Balance at January 1, 2020 Amortization Balance at December 31, 2020United States $20,133 $(2,913) $17,220 |
Estimated Amortization Expense | Amounts in thousands 2022 $ 2,9102023 2,9102024 2,9102025 2,9102026 2,670 $14,310 |
Mountaineer Casino [Member] | Trademarks [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021United States $2,111 $(237) $1,874 Amounts in thousands Balance at January 1, 2020 Amortization Balance at December 31, 2020United States $2,349 $(238) $2,111 |
Estimated Amortization Expense | Amounts in thousands 2022 $ 2372023 2372024 2372025 2372026 237Thereafter 689 $ 1,874 |
Casinos Poland [Member] | Trademarks [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2021 Currency translation Balance at December 31, 2021Poland $1,643 $(136) $1,507Corporate and Other 108 — 108 $1,751 $(136) $1,615 Amounts in thousands Balance at January 1, 2020 Currency translation Balance at December 31, 2020Poland $1,611 $32 $1,643Corporate and Other 108 — 108 $1,719 $32 $1,751 |
Casinos Poland [Member] | Casino Licenses [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2021 Amortization Currency translation Balance at December 31, 2021Poland $1,615 $(485) $(111) $1,019 Amounts in thousands Balance at January 1, 2020 Amortization Currency translation Balance at December 31, 2020Poland $2,078 $(481) $18 $1,615 |
Estimated Amortization Expense | Amounts in thousands 2022 $4492023 3852024 1582025 27 $1,019 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands December 31, 2021 December 31, 2020Credit agreement - Macquarie $166,600 6.70% $168,300 6.72%Credit agreements - CPL 207 2.12% 1,296 2.61%UniCredit term loans 6,994 2.55% 1,502 2.05%UniCredit agreement — — 7,400 2.60%Financing obligation - CDR land lease 15,378 11.44% 15,313 13.70%Total principal $ 189,179 6.89% $ 193,811 7.03%Deferred financing costs (7,695) (9,261) Total long-term debt $ 181,484 $ 184,550 Less current portion (3,958) (10,718) Long-term portion $ 177,526 $ 173,832 |
Schedule Of Maturities Related To Debt | Amounts in thousands Macquarie Credit Agreement Casinos Poland Credit Agreements UniCredit Term Loans Century Downs Land Lease Total2022 $1,700 $207 $2,051 $— $3,9582023 1,700 — 1,917 — 3,6172024 1,700 — 1,513 — 3,2132025 1,700 — 1,513 — 3,2132026 159,800 — — — 159,800Thereafter — — — 15,378 15,378Total $166,600 $207 $6,994 $15,378 $189,179 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Financing Obligation [Abstract] | |
Total Payments And Interest Expense | For the year ended December 31, Amounts in thousands 2021 2020 2019Payments made $ 25,271 $ 25,021 $ 3,831Interest expense on financing obligation $ 28,232 $ 28,356 $ 1,635 |
Future Payments Related To Master Lease | Amounts in thousands 2022 $ 23,3772023 25,8212024 26,1442025 26,3402026 26,538Thereafter 1,008,183Total payments 1,136,403Less imputed interest (882,994)Residual value 28,492Total $ 281,901 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the year ended December 31, Amounts in thousands 2021 2020 2019Revenue from contracts with customers $388,506 $304,268 $218,227Interest income 174 6 21Cost recovery income 655 158 417Dividend income — — 18Century Casino Calgary sale earn out revenue 51 — —Total revenue $389,386 $304,432 $218,683 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the year ended December 31, 2021Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$249,397 $25,604 $56,724 $152 $331,877Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848Hotel 8,241 45 — — 8,286Food and beverage 11,761 5,606 421 — 17,788Other 5,394 4,817 1,081 415 11,707Net operating revenue$283,285 $46,428 $58,226 $567 $388,506 For the year ended December 31, 2020Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$168,904 $30,319 $53,228 $830 $253,281Pari-mutuel, sports betting and iGaming 7,502 10,158 — — 17,660Hotel 5,826 84 — — 5,910Food and beverage 9,795 5,832 462 105 16,194Other 6,317 3,847 581 478 11,223Net operating revenue$198,344 $50,240 $54,271 $1,413 $304,268 For the year ended December 31, 2019Amounts in thousands United States Canada Poland Corporate and Other TotalGaming$42,285 $49,450 $80,829 $4,302 $176,866Pari-mutuel, sports betting and iGaming 58 10,725 — — 10,783Hotel 2,030 491 — — 2,521Food and beverage 4,804 13,507 912 799 20,022Other 821 6,477 153 584 8,035Net operating revenue$49,998 $80,650 $81,894 $5,685 $218,227 |
Schedule Of Contract Assets And Liabilities | For the year For the year ended December 31, 2021 ended December 31, 2020Amounts in thousands Receivables Contract Liabilities Receivables Contract LiabilitiesOpening $1,103 $2,200 $326 $663Closing 1,269 2,986 1,103 2,200Increase/(decrease) $166 $786 $777 $1,537 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components Of Lease Expense | For the year ended December 31, Amounts in thousands 2021 2020 2019Operating lease expense $ 5,864 $ 5,250 $ 6,443 Finance lease expense: Amortization of right-of-use assets $ 128 $ 165 $ 303Interest on lease liabilities 6 15 44Total finance lease expense $ 134 $ 180 $ 347 Variable lease expense $ 1,290 $ 1,476 $ 3,502 |
Supplemental Cash Flow Information Related To Leases | For the year ended December 31, Amounts in thousands 2021 2020 2019Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 6 $ 5 $ 48Operating cash flows from operating leases 5,201 6,355 7062Financing cash flows from finance leases 123 166 364 |
Supplemental Balance Sheet Information Related To Leases | As of As ofAmounts in thousands December 31, 2021 December 31, 2020Operating leases Leased right-of-use assets, net $ 28,383 $ 34,074 Current portion of operating lease liabilities 3,915 4,327Operating lease liabilities, net of current portion 27,229 32,277Total operating lease liabilities 31,144 36,604 Finance leases Finance lease right-of-use assets, gross 424 552Accumulated depreciation (342) (338)Property and equipment, net 82 214 Current portion of finance lease liabilities 38 131Finance lease liabilities, net of current portion 43 83Total finance lease liabilities 81 214 Weighted-average remaining lease term Operating leases 11.2 years 11.3 yearsFinance leases 2.2 years 2.1 years Weighted-average discount rate Operating leases 4.7% 4.5%Finance leases 4.0% 4.7% |
Maturities Of Lease Liabilities | Amounts in thousands Operating Leases Finance Leases2022 $ 5,101 $ 402023 4,528 252024 3,824 202025 2,762 —2026 2,477 —Thereafter 23,435 —Total lease payments 42,127 85Less imputed interest (10,983) (4)Total $ 31,144 $ 81 |
Other Balance Sheet And State_2
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | |
Accrued Liabilities | December 31, Amounts in thousands 2021 2020Accrued commissions (AGLC) $863 $—Progressive slot, table and on track liability 3,340 3,105Player point liability 1,006 1,016Chip liability 592 542Racing-related liabilities 1,068 1,046Deposit liability 420 309Other accrued liabilities 6,303 6,468Total $13,592 $12,486 |
Taxes Payable | December 31, Amounts in thousands 2021 2020Accrued property taxes $1,567 $1,582Gaming taxes payable 11,595 8,430Other taxes payable 1,927 754Total $15,089 $10,766 |
Other Operating Revenue | For the year ended December 31, Amounts in thousands 2021 2020 2019Pari-mutuel revenue $16,484 $14,937 $10,679Sports betting revenue 2,166 2,723 104iGaming revenue 198 — —Total $18,848 $17,660 $10,783 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock Based Compensation Plan For PSU's | Target PSUs Weighted-Average Grant-Date Fair ValueNonvested at January 1, 2019 308,970 $9.83Granted 132,253 9.12Vested — —Forfeited — —Nonvested at December 31, 2019 441,223 $9.62Granted 413,964 3.75Vested (87,171) 6.75Forfeited (80,797) 9.41Nonvested at December 31, 2020 687,219 $6.47Granted 268,947 6.44Vested — —Forfeited (141,002) 11.97Nonvested at December 31, 2021 815,164 $5.51 |
Assumptions For PSU Awards | Assumptions for PSU Awards 202120202019Risk-free interest rate0.19%0.19%2.32%Expected life2.9 years2.2 years2.8 yearsExpected volatility82.2%88.4%34.1%Expected dividends$0$0$0Forfeiture rate0%0%0% |
Stock Options | Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise PriceOutstanding at January 1, 2021 1,171,352 $5.05 3.99 1,171,352 $5.05Granted — — Exercised (42,852) 5.05 Cancelled or forfeited — — Expired (1,000) 5.05 Outstanding at December 31, 2021 1,127,500 $5.05 2.99 1,127,500 $5.05 (1) In years |
Stock Options Outstanding And Exercisable | Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1)Exercise Price: $5.05 1,127,500 1,127,500 $8,039 $8,039 3.0 3.0 (1) In years |
Additional Information Related To Stock Options | For the year ended December 31,Amounts in thousands 2021 2020 2019Intrinsic value of share-based awards exercised $451 $— $270 |
Stock-Based Compensation Expense Recognized In General And Administrative Expenses | For the year ended December 31,Amounts in thousands 2021 2020 2019Compensation expense: 2016 Plan $2,652 $(214) $1,303 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
US And Foreign Pre-Tax Income | Amounts in thousands 2021 2020 2019Income before taxes: US $ 29,715 $ (45,927) $ (3,736)Foreign (1,566) 2,639 (8,231)Total income before taxes $ 28,149 $ (43,288) $ (11,967) |
Provision For Income Taxes | For the year ended December 31, Amounts in thousands 2021 2020 2019US - Current $5,160 $270 $316US - Deferred — 973 (199)Provision for US income taxes $5,160 $1,243 $117 Foreign - Current $866 $1,130 $3,748Foreign - Deferred 345 2,475 309Provision for foreign income taxes $1,211 $3,605 $4,057Total provision for income taxes $6,371 $4,848 $4,174 |
Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate | Amounts in thousands202120202019US federal income tax statutory rate 21.0%(21.0%)(21.0%)Foreign income taxes(0.2%)(2.2%)6.8%State income tax (net of federal benefit)3.0%(3.8%)(0.3%)Meals, entertainment, gifts and giveaways0.4%—2.4%Statutory to US GAAP adjustments, including foreign currency2.6%(1.8%)3.7%Valuation allowance(4.6%)41.0%32.3%Unrecognized tax benefit(0.3%)——Stock options1.3%(0.1%)1.9%Tax Act impact——5.6%Permanent and other items(0.6%)(0.9%)3.5%Total provision for income taxes22.6%11.2%34.9% |
Deferred Tax Assets And Liabilities | Amounts in thousands 2021 2020Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 7,902 $8,416Amortization of startup costs — 13Financing obligation to VICI Properties, Inc. subsidiaries 68,342 67,712NOL carryforward — 2,506Operating and finance leases 329 488Accrued liabilities and other 861 590 77,434 79,725Valuation allowance (10,236) (12,371) $67,198 $67,354Deferred tax liabilities Property and equipment $ (66,616) $ (66,677)Operating and finance leases (313) (479)Prepaid expenses (269) (198) $ (67,198) $ (67,354)Long-term deferred tax asset $ — $ — Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 704 $ 810 NOL carryforward 6,331 5,179Accrued liabilities and other 1,018 854Contingent liability — 90Operating and finance leases 8,615 9,583Subsidiary liquidation 3,802 4,283Exchange rate gain 992 1,236 21,462 22,035Valuation allowance (10,088) (9,261) $ 11,374 $ 12,774Deferred tax liabilities Property and equipment $ (4,071) $ (4,044)Exchange rate loss (158) (199)Intangibles (1,110) (1,105)Operating and finance leases (7,894) (8,944)Others (501) (495) $ (13,734) $ (14,787)Long-term deferred tax liability $ (2,360) $ (2,013) |
Periods Subject To Examination Of Tax Returns | Jurisdiction Periods US Federal 2017-2020 US State - Colorado 2017-2020 US State – Missouri 2019-2020 US State – West Virginia 2019-2020 Canada 2006-2020 Mauritius 2018-2020 Poland 2016-2020 Austria 2016-2020 |
Deferred Tax Assets Expiration | Amounts in thousands 2021 - 2031 $2712032 - 2041 5,618No expiration 442Total deferred tax assets $6,331 |
Unrecognized Tax Benefits | Amounts in thousands 2021 2020Unrecognized tax benefit - January 1 $835 $821Gross increases - tax positions in prior period 3 14Gross decreases - tax positions in prior period — —Gross increases - tax positions in current period — —Settlements — —Lapse of statute of limitations (61) —Unrecognized tax benefit - December 31 $777 $835 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment And Geographic Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable SegmentOperating SegmentReporting UnitUnited StatesColoradoCentury Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West VirginiaMountaineer Casino, Racetrack & Resort MissouriCentury Casino Cape Girardeau Century Casino CaruthersvilleCanadaEdmontonCentury Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino CalgaryCentury Downs Racetrack and Casino Century SportsPolandPolandCasinos PolandCorporate and OtherCorporate and OtherCruise Ships & Other Corporate Other |
Segment Information | For the year ended December 31, 2021Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $283,285 $46,428 $58,226 $567 $388,506 Earnings (loss) before income taxes $49,628 $3,312 $921 $(25,712) $28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $49,628 $1,124 $440 $(30,570) $20,622Interest expense (income), net (2) 28,229 1,796 (477) 13,110 42,658Income taxes — 1,256 257 4,858 6,371Depreciation and amortization 18,398 4,904 3,028 432 26,762Net earnings attributable to non-controlling interests — 932 224 — 1,156Non-cash stock-based compensation — — — 2,652 2,652Gain on foreign currency transactions, cost recovery income and other (3) (836) (545) (887) (418) (2,686)Loss (gain) on disposition of fixed assets 341 43 44 (37) 391Adjusted EBITDA $95,760 $9,510 $2,629 $(9,973) $97,926 Long-lived assets (4) $376,210 $152,278 $29,865 $3,412 $561,765 Total assets $422,409 $179,297 $44,204 $57,448 $703,358 Capital expenditures $8,672 $646 $163 $531 $10,012 (1)Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations.(2)Expense of $28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.8 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 $25.3 million and $2.0 million, respectively, for the period presented.(3)Income of $0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment.(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2020Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $198,344 $50,240 $54,271 $1,413 $304,268 (Loss) earnings before income taxes $(29,548) $6,869 $(2,578) $(18,031) $(43,288) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $(30,571) $2,551 $(1,373) $(18,609) $(48,002)Interest expense (income), net (2) 28,357 2,047 27 12,667 43,098Income taxes (benefit) 1,023 3,765 (518) 578 4,848Depreciation and amortization 17,580 5,264 3,124 566 26,534Net earnings (loss) attributable to non-controlling interests — 553 (687) — (134)Non-cash stock-based compensation — — — (214) (214)Gain on foreign currency transactions, cost recovery income and other (3) — (6,015) (233) (6,897) (13,145)Impairment - intangible and tangible assets 30,746 3,375 — 1,000 35,121Loss (gain) on disposition of fixed assets 64 (43) 4 1 26Acquisition costs — — — 266 266Adjusted EBITDA $47,199 $11,497 $344 $(10,642) $48,398 Long-lived assets (4) $385,426 $156,433 $39,066 $3,971 $584,896 Total assets $417,388 $181,477 $49,372 $32,523 $680,760 Capital expenditures $7,767 $2,057 $719 $162 $10,705 (1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations.(2)Expense of $28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $1.5 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 $25.0 million and $1.3 million, respectively, for the period presented.(3)Income of $6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary.(4)Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2019Amounts in thousands United States Canada Poland Corporate and Other TotalNet operating revenue (1) $49,998 $80,650 $81,894 $5,685 $218,227 Earnings (loss) before income taxes $7,843 $11,242 $6,814 $(37,866) $(11,967) Net earnings (loss) attributable to Century Casinos, Inc. shareholders $5,825 $6,669 $3,466 $(35,115) $(19,155)Interest expense (income), net (2) 1,635 5,312 197 1,085 8,229Income taxes (benefit) 2,018 3,278 1,617 (2,739) 4,174Depreciation and amortization 2,330 4,539 3,064 910 10,843Net earnings (loss) attributable to non-controlling interests — 1,295 1,731 (12) 3,014Non-cash stock-based compensation — — — 1,303 1,303(Gain) loss on foreign currency transactions, cost recovery income and other — (439) (1,096) 223 (1,312)Impairment - intangible and tangible assets — — — 16,486 16,486Loss on disposition of fixed assets 17 20 413 345 795Acquisition costs — — — 5,366 5,366Pre-opening expenses — 538 — — 538Adjusted EBITDA $11,825 $21,212 $9,392 $(12,148) $30,281 Long-lived assets (3) $424,790 $170,107 $43,585 $6,182 $644,664 Total assets (4) $458,351 $191,925 $51,921 $24,703 $726,900 Capital expenditures (5) $1,148 $17,865 $4,188 $837 $24,038 (1)Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations. (2)Expense of $1.6 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $2.2 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 $3.8 million and $2.0 million, respectively, for the period presented.(3)Long-lived assets in the United States segment include $377.0 million related to the Acquired Casinos. Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount.(4)Total assets in the United States segment include $404.5 million related to the Acquired Casinos.(5)Capital expenditures in 2019 included construction costs of $15.0 million related to Century Mile in the Canada segment. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, € in Millions, $ in Millions | Feb. 22, 2022USD ($) | Jul. 16, 2021room | Dec. 01, 2020USD ($) | Dec. 01, 2020CAD ($) | Aug. 05, 2020USD ($) | Aug. 05, 2019USD ($) | Jun. 30, 2021EUR (€) | Mar. 31, 2020USD ($) | Aug. 31, 2019CAD ($) | May 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2022USD ($)ft²roomitem | Dec. 31, 2021USD ($)item | Dec. 31, 2021CAD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 12, 2022USD ($) | Jan. 12, 2022CAD ($) | Nov. 01, 2021 | Jun. 30, 2021USD ($) | May 31, 2021item | Aug. 05, 2020CAD ($) | Jul. 31, 2020USD ($) | Dec. 06, 2019USD ($) | Jul. 31, 2019 | Apr. 25, 2018 | Dec. 31, 2013 |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Assets held for sale | $ 8,422 | $ 8,271 | |||||||||||||||||||||||||
Earn outs | 51 | ||||||||||||||||||||||||||
Restricted cash | $ 220 | 264 | |||||||||||||||||||||||||
Impairment - intangible and tangible assets | 35,121 | $ 16,486 | |||||||||||||||||||||||||
Macquarie Capital [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Revolving credit facility, amount drew | $ 9,950 | ||||||||||||||||||||||||||
UniCredit Bank Austria [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Revolving credit facility, amount drew | 7,400 | ||||||||||||||||||||||||||
Credit facility amount | $ 7,400 | ||||||||||||||||||||||||||
Subsequent Event [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Purchased amount for remaining ownership interest | $ 105,000 | ||||||||||||||||||||||||||
Option to acquire period | 5 years | ||||||||||||||||||||||||||
Ownership interest | 50.00% | ||||||||||||||||||||||||||
Ownership interest, remaining | 50.00% | ||||||||||||||||||||||||||
Percentage per annum, remaining ownership interest | 2.00% | ||||||||||||||||||||||||||
Subsequent Event [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Purchased amount for ownership interest | $ 100,000 | ||||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||||
Forecast [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Purchased amount for ownership interest | $ 95,000 | ||||||||||||||||||||||||||
Purchased amount for remaining ownership interest | $ 105,000 | ||||||||||||||||||||||||||
Option to acquire period | 5 years | ||||||||||||||||||||||||||
Ownership interest | 50.00% | ||||||||||||||||||||||||||
Ownership interest, remaining | 50.00% | ||||||||||||||||||||||||||
Percentage per annum, remaining ownership interest | 2.00% | ||||||||||||||||||||||||||
Forecast [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Purchased amount for ownership interest | $ 100,000 | ||||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||||
Lot Polish Airlines Invesment [Member] | Polish Airports Company [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 33.30% | ||||||||||||||||||||||||||
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 and operated | item | 8 | 8 | |||||||||||||||||||||||||
Century Resorts Management [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 7.50% | ||||||||||||||||||||||||||
Century Resorts Management [Member] | Golden Hospitality Ltd. [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 51.00% | ||||||||||||||||||||||||||
Mendoza Central Entretenimientos S. A. [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Impairment - intangible and tangible assets | 1,000 | ||||||||||||||||||||||||||
Wrote-down receivable | $ 300 | ||||||||||||||||||||||||||
Marnell Gaming, LLC [Member] | Subsequent Event [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 50.00% | ||||||||||||||||||||||||||
Marnell Gaming, LLC [Member] | Subsequent Event [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||||
Marnell Gaming, LLC [Member] | Forecast [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 50.00% | ||||||||||||||||||||||||||
Marnell Gaming, LLC [Member] | Forecast [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership interest | 100.00% | ||||||||||||||||||||||||||
Century Bets [Member] | Rocky Mountain Turf Club [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 25.00% | 75.00% | |||||||||||||||||||||||||
Purchased amount for ownership interest | $ 200 | $ 0.2 | |||||||||||||||||||||||||
Century Casino Bath [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Gain in general and administrative expenses | 7,400 | ||||||||||||||||||||||||||
Impaired assets and wrote-down | $ 16,500 | ||||||||||||||||||||||||||
Macquarie Capital [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Credit facility amount | $ 10,000 | ||||||||||||||||||||||||||
Maturity date | Dec. 6, 2024 | Dec. 6, 2024 | |||||||||||||||||||||||||
Macquarie Capital [Member] | Line Of Credit [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Line of credit facility | $ 50 | ||||||||||||||||||||||||||
Century Casino Caruthersville [Member] | Hotel Project [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Number of rooms | room | 36 | ||||||||||||||||||||||||||
Project cost | $ 600 | ||||||||||||||||||||||||||
Century Casino Caruthersville [Member] | Riverboat Casino Project [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Project cost | 1,000 | ||||||||||||||||||||||||||
Century Casino Caruthersville [Member] | Forecast [Member] | Hotel Project [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Number of slot machines | item | 650 | ||||||||||||||||||||||||||
Number of rooms | room | 38 | ||||||||||||||||||||||||||
Century Casino Caruthersville [Member] | Forecast [Member] | Additional Slot Machines [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Number of slot machines | item | 140 | ||||||||||||||||||||||||||
Century Casino Caruthersville And Century Casino Cape Girardeau [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Estimated projects cost | $ 73,000 | ||||||||||||||||||||||||||
TUI Cruises [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Number of ship-based casinos | item | 2 | ||||||||||||||||||||||||||
Number of ship based casinos, operating | item | 1 | ||||||||||||||||||||||||||
Number of ship based casinos, ended | item | 2 | ||||||||||||||||||||||||||
Cape Girardeau [Member] | Forecast [Member] | Hotel Project [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Square footage of hotel | ft² | 76,000 | ||||||||||||||||||||||||||
Golden Hospitality Ltd. [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Proceeds from non-interest bearing promissory note | $ 700 | ||||||||||||||||||||||||||
Loss on sale of investment | $ 100 | ||||||||||||||||||||||||||
Smooth Bourbon, LLC [Member] | Subsequent Event [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Annual net rent | $ 15,000 | ||||||||||||||||||||||||||
Smooth Bourbon, LLC [Member] | Forecast [Member] | Nugget Sparks, LLC [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Annual net rent | $ 15,000 | ||||||||||||||||||||||||||
Term Loan [Member] | UniCredit Bank Austria [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Refinanced amount | € | € 6 | ||||||||||||||||||||||||||
Maturity date | Dec. 31, 2025 | ||||||||||||||||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Maturity date | Dec. 6, 2026 | Dec. 6, 2026 | |||||||||||||||||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | 75.00% | ||||||||||||||||||||||||||
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 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, Land And Building [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Sell of land and building | $ 6,500 | $ 8.1 | |||||||||||||||||||||||||
Century Casino Calgary [Member] | |||||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||||
Total consideration | $ 10 | $ 7,500 | $ 10 | ||||||||||||||||||||||||
Gain on sale of casino operations | $ 6,500 | $ 8.4 | |||||||||||||||||||||||||
Quarterly earn out period | 3 years | ||||||||||||||||||||||||||
Lease term | 3 years | ||||||||||||||||||||||||||
Annual net rent | 400 | $ 0.5 | |||||||||||||||||||||||||
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) | 12 Months Ended |
Dec. 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 |
Missouri [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 1, 2020 |
West Virginia [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 5, 2020 |
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 | June 10, 2021 |
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 | June 10, 2021 |
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 | May 28, 2021 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 220 | $ 264 | |||
Accounts receivable expected to be collected period of the maturity date | 6 months | 6 months | |||
Accounts receivable written off after | 1 year | 1 year | |||
Marketing incentives and player club points allocated to gaming revenue | $ 39,000 | 30,300 | $ 15,300 | ||
Outstanding balance of promotional balance liability | 1,000 | 1,000 | |||
Advertising costs | 2,300 | 2,600 | $ 3,400 | ||
Canada [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Qualified payroll credits | 2,500 | $ 3.1 | 5,500 | $ 7.4 | |
Qualified government rent subsidies reduced operating expenses | 1,300 | $ 1.6 | 400 | $ 0.5 | |
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restricted cash | 200 | 200 | |||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 100 | $ 100 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Depreciation Period Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 5 years |
Minimum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Minimum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 39 years |
Maximum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Maximum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Exchange Rates To US Dollar) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Canadian Dollar (CAD) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 1.2678 | 1.2732 | |
Average Rates | 1.2537 | 1.3412 | 1.3268 |
Average Rates % Change | 6.50% | (1.10%) | |
Euros (EUR) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 0.8810 | 0.8157 | |
Average Rates | 0.8456 | 0.8776 | 0.8934 |
Average Rates % Change | 3.60% | 1.80% | |
Polish Zloty (PLN) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 4.0492 | 3.7136 | |
Average Rates | 3.8608 | 3.8989 | 3.8378 |
Average Rates % Change | 1.00% | (1.60%) | |
British Pound (GBP) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 0.7400 | 0.7325 | |
Average Rates | 0.7270 | 0.7798 | 0.7836 |
Average Rates % Change | 6.80% | 0.50% |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 2,082 | $ 2,023 | $ 1,549 |
Hotel Project [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | 293 | 248 | 77 |
Food And Beverage [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 1,789 | $ 1,775 | $ 1,472 |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |||
Weighted average common shares, basic | 29,593 | 29,559 | 29,452 |
Dilutive effect of stock options | 1,795 | ||
Weighted average common shares, diluted | 31,388 | 29,559 | 29,452 |
Significant Accounting Polici_9
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, excluded from calculation of diluted shares | 2,572 | 1,272 | 1,630 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | May 22, 2020USD ($) | Dec. 06, 2019USD ($)item | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ 20,622 | $ (48,002) | $ (19,155) | ||
Goodwill | 10,347 | 10,901 | |||
Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Total consideration | $ 389,600 | ||||
Initial payment | 110,700 | ||||
Base price | 107,200 | ||||
Working capital adjustment | $ 1,200 | ||||
Acquisition costs | 300 | 5,400 | |||
Acquisition-related contingencies | 500 | 600 | |||
Macquarie Capital [Member] | Credit Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Credit facility amount | $ 180,000 | ||||
VICI PropCo [Member] | Master Lease [Member] | |||||
Business Acquisition [Line Items] | |||||
Initial lease term | 15 years | ||||
Number of renewal options | item | 4 | ||||
Lease renewal term | 5 years | ||||
Century Casino Cape Girardeau [Member] | Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenue | 73,600 | 49,500 | 4,600 | ||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | 15,300 | (22,800) | 600 | ||
Century Casino Caruthersville [Member] | Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenue | 49,400 | 30,000 | 2,800 | ||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | 13,100 | (8,500) | 400 | ||
Mountaineer Casino [Member] | Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Operating revenue | 115,000 | 90,200 | 8,700 | ||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | 6,200 | (5,900) | 400 | ||
United States [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | |||||
United States [Member] | Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Ancillary agreement fees | 200 | ||||
Corporate And Other [Member] | Acquired Casinos [Member] | |||||
Business Acquisition [Line Items] | |||||
Ancillary agreement fees | $ 400 | ||||
Corporate And Other [Member] | Acquired Casinos [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Ancillary agreement fees | $ 100 |
Acquisitions (Schedule Of Unaud
Acquisitions (Schedule Of Unaudited Pro Forma Information) (Details) - Acquired Casinos [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Net operating revenue | $ 422,716 |
Net (loss) earnings attributable to Century Casinos, Inc. shareholders | $ (13,588) |
Basic and diluted (loss) earnings per share | $ / shares | $ (0.46) |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 23,100 | $ 22,900 | $ 10,100 |
Impairment - intangible and tangible assets | 35,121 | 16,486 | |
Assets held for sale | 8,422 | 8,271 | |
Land [Member] | Canada [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | 4,800 | ||
Buildings And Improvements [Member] | Canada [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | 3,600 | ||
Corporate And Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment - intangible and tangible assets | $ 0 | $ 0 | |
Corporate And Other [Member] | Century Casino Bath [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment - intangible and tangible assets | $ 8,000 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 593,157 | $ 584,788 |
Less: accumulated depreciation | (112,433) | (91,269) |
Less: assets held for sale | (8,422) | (8,271) |
Property and equipment, net | 472,302 | 485,248 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 49,948 | 49,928 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 450,280 | 448,574 |
Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 41,523 | 40,062 |
Furniture And Non-Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 46,896 | 44,817 |
Property And Equipment Held Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 424 | 552 |
Capital Projects In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,086 | $ 855 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Number of trademarks | item | 3 | |||
Goodwill, acquisition | $ 1,157 | |||
Impairment - intangible and tangible assets | 35,121 | $ 16,486 | ||
Casino Licenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges related to indefinite-lived assets | (10,960) | |||
Casino Licenses [Member] | Weighted Average [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 2 years 1 month 6 days | |||
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 | 4 years 10 months 24 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 | 7 years 10 months 24 days | |||
Casinos Poland [Member] | Casino Licenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Number of casino licenses | item | 8 | |||
Useful life | 6 years | |||
Century Casino Bath [Member] | Casino Licenses [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment - intangible and tangible assets | $ 1,200 | |||
Reporting Units [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, acquisition | $ 1,200 | |||
Impairment - intangible and tangible assets | $ 34,100 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 34,062 | $ 32,936 |
Acquisition | 1,157 | |
Currency translation | (554) | (31) |
Gross carrying value, Ending | 33,508 | 34,062 |
Accumulated impairment losses, Beginning | (23,161) | |
Impairment | (23,161) | |
Accumulated impairment losses, Ending | (23,161) | (23,161) |
Net carrying value | 10,347 | 10,901 |
United States [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 19,786 | 18,629 |
Acquisition | 1,157 | |
Currency translation | ||
Gross carrying value, Ending | 19,786 | 19,786 |
Accumulated impairment losses, Beginning | (19,786) | |
Impairment | (19,786) | |
Accumulated impairment losses, Ending | (19,786) | (19,786) |
Net carrying value | ||
Canada [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,385 | 7,550 |
Acquisition | ||
Currency translation | 17 | (165) |
Gross carrying value, Ending | 7,402 | 7,385 |
Accumulated impairment losses, Beginning | (3,375) | |
Impairment | (3,375) | |
Accumulated impairment losses, Ending | (3,375) | (3,375) |
Net carrying value | 4,027 | 4,010 |
Poland [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 6,891 | 6,757 |
Acquisition | ||
Currency translation | (571) | 134 |
Gross carrying value, Ending | 6,320 | 6,891 |
Accumulated impairment losses, Beginning | ||
Impairment | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 6,320 | $ 6,891 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-lived | |||
Total finite-lived intangible assets, net | $ 17,203 | $ 20,946 | |
Indefinite-lived | |||
Total indefinite-lived intangible assets | 31,727 | 31,812 | |
Total intangible assets, net | 48,930 | 52,758 | |
Casino Licenses [Member] | |||
Indefinite-lived | |||
Total indefinite-lived intangible assets | 30,112 | 30,061 | $ 40,782 |
Trademarks [Member] | |||
Indefinite-lived | |||
Total indefinite-lived intangible assets | 1,615 | 1,751 | |
Casino Licenses [Member] | |||
Finite-lived | |||
Gross | 2,768 | 3,019 | |
Less: accumulated amortization | (1,749) | (1,404) | |
Total finite-lived intangible assets, net | 1,019 | 1,615 | |
Trademarks [Member] | |||
Finite-lived | |||
Gross | 2,368 | 2,368 | |
Less: accumulated amortization | (494) | (257) | |
Total finite-lived intangible assets, net | 1,874 | 2,111 | |
Player's Club Lists [Member] | |||
Finite-lived | |||
Gross | 20,373 | 20,373 | |
Less: accumulated amortization | (6,063) | (3,153) | |
Total finite-lived intangible assets, net | $ 14,310 | $ 17,220 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finited-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | $ 20,946 | |
Balance at end of period | 17,203 | $ 20,946 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 2,111 | |
Balance at end of period | 1,874 | 2,111 |
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 2,111 | 2,349 |
Amortization | (237) | (238) |
Balance at end of period | 1,874 | 2,111 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 1,615 | |
Balance at end of period | 1,019 | 1,615 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 1,615 | 2,078 |
Amortization | (485) | (481) |
Currency translation | (111) | 18 |
Balance at end of period | 1,019 | 1,615 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 17,220 | |
Balance at end of period | 14,310 | 17,220 |
Player's Club Lists [Member] | United States [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at begininng of period | 17,220 | 20,133 |
Amortization | (2,910) | (2,913) |
Balance at end of period | $ 14,310 | $ 17,220 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | $ 17,203 | $ 20,946 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 1,874 | 2,111 | |
Casino Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 1,019 | 1,615 | |
Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 14,310 | 17,220 | |
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 237 | ||
2023 | 237 | ||
2024 | 237 | ||
2025 | 237 | ||
2026 | 237 | ||
Thereafter | 689 | ||
Total finite-lived intangible assets, net | 1,874 | 2,111 | $ 2,349 |
United States [Member] | Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 2,910 | ||
2023 | 2,910 | ||
2024 | 2,910 | ||
2025 | 2,910 | ||
2026 | 2,670 | ||
Total finite-lived intangible assets, net | 14,310 | 17,220 | 20,133 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2022 | 449 | ||
2023 | 385 | ||
2024 | 158 | ||
2025 | 27 | ||
Total finite-lived intangible assets, net | $ 1,019 | $ 1,615 | $ 2,078 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinited-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | $ 31,812 | |
Balance at end of the period | 31,727 | $ 31,812 |
Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,751 | |
Balance at end of the period | 1,615 | 1,751 |
Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 30,061 | 40,782 |
Impairment | (10,960) | |
Currency translation | 51 | 239 |
Balance at end of the period | 30,112 | 30,061 |
Casinos Poland [Member] | Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,751 | 1,719 |
Currency translation | (136) | 32 |
Balance at end of the period | 1,615 | 1,751 |
Casinos Poland [Member] | Trademarks [Member] | Corporate And Other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 108 | 108 |
Currency translation | ||
Balance at end of the period | 108 | 108 |
Poland [Member] | Casinos Poland [Member] | Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,643 | 1,611 |
Currency translation | (136) | 32 |
Balance at end of the period | 1,507 | 1,643 |
United States [Member] | Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 17,962 | 28,922 |
Impairment | (10,960) | |
Currency translation | ||
Balance at end of the period | 17,962 | 17,962 |
Canada [Member] | Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 12,099 | 11,860 |
Impairment | ||
Currency translation | 51 | 239 |
Balance at end of the period | $ 12,150 | $ 12,099 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) € in Millions, £ in Millions, zł in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||||||
Nov. 30, 2021PLN (zł) | Apr. 30, 2020 | Dec. 31, 2021USD ($)item | Dec. 31, 2021PLN (zł) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2021PLN (zł)item | Dec. 31, 2021GBP (£)item | Dec. 31, 2021EUR (€)item | Dec. 31, 2021CAD ($)item | Jun. 23, 2021USD ($) | Jul. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 06, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Amortization of deferred financing costs | $ 1,565,000 | $ 1,614,000 | $ 551,000 | |||||||||||||
Long-term debt | 181,484,000 | 184,550,000 | $ 181,484,000 | |||||||||||||
Outstanding financing obligation | 85,000 | 85,000 | ||||||||||||||
Amount outstanding | 189,179,000 | 193,811,000 | 189,179,000 | |||||||||||||
Principal payments | 123,000 | 166,000 | 364,000 | |||||||||||||
Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amortization of deferred financing costs | 1,600,000 | $ 1,600,000 | $ 100,000 | |||||||||||||
Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł | zł 3.6 | |||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 200,000 | 200,000 | 0.8 | |||||||||||||
Deposit for secured by land owned | $ 300,000 | $ 300,000 | zł 1.2 | |||||||||||||
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% | 100.00% | |||||||||||||
Maturity date | Dec. 6, 2026 | Dec. 6, 2026 | Dec. 6, 2026 | |||||||||||||
Pecentage of quarterly payments equal to original principal | 0.25% | 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% | 75.00% | |||||||||||||
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] | ||||||||||||||||
Percentage of annual excess cash flow | 50.00% | 50.00% | 50.00% | |||||||||||||
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] | ||||||||||||||||
Percentage of annual excess cash flow | 25.00% | 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% | 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% | 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% | 5.50% | ||||||||||
UniCredit Term Loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount outstanding | $ 6,994,000 | $ 6,994,000 | ||||||||||||||
UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan | £ | £ 2 | |||||||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | |||||||||||||
Interest rate percentage points | 1.625% | 1.625% | 1.625% | |||||||||||||
Amount outstanding | $ 900,000 | 900,000 | ||||||||||||||
Borrowing availability | 0 | |||||||||||||||
BMO Credit Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding amount | $ 52,000,000 | |||||||||||||||
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 | 1,200,000 | 1,200,000 | 5 | |||||||||||||
Amount outstanding | $ 0 | 0 | ||||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 2.40% | 2.40% | 2.40% | |||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 2,200,000 | 2,200,000 | 9 | |||||||||||||
Line of credit amount that can only be used to secure bank guarantees | $ 1,600,000 | zł 6.5 | ||||||||||||||
Term of credit agreement | 2 years | 2 years | 2 years | |||||||||||||
Expiration date | Oct. 27, 2023 | Oct. 27, 2023 | Oct. 27, 2023 | |||||||||||||
Line of credit facility amount available for borrowing | $ 600,000 | 600,000 | 2.5 | |||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 2.10% | 2.10% | 2.10% | |||||||||||||
CDR Financing Obligation [Member] | Century Downs Racetrack And Casino [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding financing obligation | $ 15,400,000 | 15,400,000 | $ 19.5 | |||||||||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.55% | |||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | 900,000 | 900,000 | zł 3.6 | |||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | 10,000,000 | |||||||||||||||
Line of credit facility amount available for borrowing | $ 10,000,000 | $ 10,000,000 | ||||||||||||||
Fronting fee percentage | 0.125% | 0.125% | 0.125% | |||||||||||||
Revolving credit facility, amount drew | $ 9,950,000 | |||||||||||||||
Maturity date | Dec. 6, 2024 | Dec. 6, 2024 | Dec. 6, 2024 | |||||||||||||
Line Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | $ 50,000 | |||||||||||||||
Line Of Credit [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | $ 7,400,000 | |||||||||||||||
Amount outstanding | $ 7,400,000 | |||||||||||||||
Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | Macquarie Capital [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | ||||||||||
Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | Macquarie Capital [Member] | ABR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | 3.25% | ||||||||||
Consolidated First Lien Net Leverage Ratio Less Than 2.75 [Member] | Macquarie Capital [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||
Consolidated First Lien Net Leverage Ratio Less Than 2.75 [Member] | Macquarie Capital [Member] | ABR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||
Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility | $ 50,000 | |||||||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | 180,000,000 | |||||||||||||||
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | 170,000,000 | |||||||||||||||
Amount outstanding | $ 166,600,000 | $ 166,600,000 | ||||||||||||||
Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of credit agreements | item | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||
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 | |||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | zł 3 | |||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate percentage points | 1.70% | |||||||||||||||
Second Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 2.875% | 2.875% | 2.875% | 2.875% | 2.875% | 2.875% | ||||||||||
Term loan | € | € 6 | |||||||||||||||
Guaranteed amount | € | € 6 | |||||||||||||||
Amount outstanding | $ 6,100,000 | $ 6,100,000 | € 5.3 | |||||||||||||
Borrowing availability | $ 0 | |||||||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | zł 4 | |||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | zł | zł 2.5 | |||||||||||||||
Term of credit agreement | 4 years | 4 years | 4 years | |||||||||||||
Expiration date | Nov. 30, 2022 | Nov. 30, 2022 | Nov. 30, 2022 | |||||||||||||
Amount outstanding | $ 200,000 | $ 200,000 | zł 0.8 | |||||||||||||
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% | 1.90% | |||||||||||||
Revolving Credit Facility - Financial Covenant [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Financial maintenance covenant | $ 3,500,000 | |||||||||||||||
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 | 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 | 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 | 2.25 | ||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | 2.75 | ||||||||||
Percentage of principal amount of unused commitments | 0.375% | 0.375% | 0.375% | |||||||||||||
Minimum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Profit margin | 0.40% | 0.40% | 0.40% | |||||||||||||
Debt ratio | 60 | 60 | 60 | 60 | 60 | 60 | ||||||||||
Minimum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Liquidity ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | ||||||||||
Debt ratio | 70 | 70 | 70 | 70 | 70 | 70 | ||||||||||
Maximum [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | 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 Than 2.50 But 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 | 2.75 | ||||||||||
Maximum [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 | 2.50 | 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 | 2.25 | ||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Commitment fees | $ 100,000 | |||||||||||||||
Percentage of principal amount of unused commitments | 0.50% | 0.50% | 0.50% | |||||||||||||
Maximum [Member] | Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 5,000,000 | |||||||||||||||
Maximum [Member] | Credit Agreement [Member] | Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Liquidity ratio | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | ||||||||||
Maximum [Member] | Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Profit margin | 0.50% | 0.50% | 0.50% |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total principal | $ 189,179 | $ 193,811 |
Deferred financing costs | (7,695) | (9,261) |
Total long-term debt | 181,484 | 184,550 |
Less current portion | (3,958) | (10,718) |
Long-term portion | 177,526 | 173,832 |
Credit Agreement - Macquarie [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 166,600 | $ 168,300 |
Weighted-average interest rate | 6.70% | 6.72% |
Credit Agreements - CPL [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 207 | $ 1,296 |
Weighted-average interest rate | 2.12% | 2.61% |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 6,994 | $ 1,502 |
Weighted-average interest rate | 2.55% | 2.05% |
UniCredit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 7,400 | |
Weighted-average interest rate | 2.60% | |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 15,378 | $ 15,313 |
Weighted-average interest rate | 11.44% | 13.70% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 6.89% | 7.03% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 3,958 | |
2023 | 3,617 | |
2024 | 3,213 | |
2025 | 3,213 | |
2026 | 159,800 | |
Thereafter | 15,378 | |
Total | 189,179 | $ 193,811 |
Macquarie Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 1,700 | |
2023 | 1,700 | |
2024 | 1,700 | |
2025 | 1,700 | |
2026 | 159,800 | |
Total | 166,600 | |
Casinos Poland Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 207 | |
2023 | ||
2024 | ||
2025 | ||
2026 | ||
Thereafter | ||
Total | 207 | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 2,051 | |
2023 | 1,917 | |
2024 | 1,513 | |
2025 | 1,513 | |
2026 | ||
Thereafter | ||
Total | 6,994 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2022 | ||
2023 | ||
2024 | ||
2025 | ||
2026 | ||
Thereafter | 15,378 | |
Total | $ 15,378 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) $ in Thousands | Dec. 06, 2019USD ($)item | Dec. 31, 2021USD ($) |
Residual value | $ 28,500 | |
VICI PropCo [Member] | Master Lease [Member] | ||
Residual value | $ 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 | |
Annual rent | $ 25,000 | |
Base Rent Escalator, percentage | 1.0125% | |
VICI PropCo [Member] | 2nd And 3rd Year [Member] | Master Lease [Member] | ||
Base Rent Escalator, percentage | 1.01% | |
VICI PropCo [Member] | 4th Through 7th Year [Member] | Master Lease [Member] | ||
Base Rent Escalator, percentage | 1.0125% | |
VICI PropCo [Member] | 8th Year [Member] | Master Lease [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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Payments made | $ 25,271 | $ 25,021 | $ 3,831 |
Interest expense on financing obligation | $ 28,232 | $ 28,356 | $ 1,635 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Residual value | $ 28,500 |
Master Lease [Member] | VICI PropCo [Member] | |
2022 | 23,377 |
2023 | 25,821 |
2024 | 26,144 |
2025 | 26,340 |
2026 | 26,538 |
Thereafter | 1,008,183 |
Total payments | 1,136,403 |
Less imputed interest | (882,994) |
Residual value | 28,492 |
Total | $ 281,901 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
General and administrative expenses | $ 93,489 | $ 80,246 | $ 69,667 |
Opening [Member] | |||
Contract liability | $ 600 | 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |||
Revenue from contracts with customers | $ 388,506 | $ 304,268 | $ 218,227 |
Interest income | 174 | 6 | 21 |
Cost recovery income | 655 | 158 | 417 |
Dividend income | 18 | ||
Century Casino Calgary sale earn out revenue | 51 | ||
Total revenue | $ 389,386 | $ 304,432 | $ 218,683 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | $ 388,506 | $ 304,268 | $ 218,227 |
Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 567 | 1,413 | 5,685 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 283,285 | 198,344 | 49,998 |
Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 46,428 | 50,240 | 80,650 |
Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 58,226 | 54,271 | 81,894 |
Gaming [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 331,877 | 253,281 | 176,866 |
Gaming [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 152 | 830 | 4,302 |
Gaming [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 249,397 | 168,904 | 42,285 |
Gaming [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 25,604 | 30,319 | 49,450 |
Gaming [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 56,724 | 53,228 | 80,829 |
Pari-Mutuel, Sports Betting And iGaming [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 18,848 | 17,660 | 10,783 |
Pari-Mutuel, Sports Betting And iGaming [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 8,492 | 7,502 | 58 |
Pari-Mutuel, Sports Betting And iGaming [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 10,356 | 10,158 | 10,725 |
Hotel Project [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 8,286 | 5,910 | 2,521 |
Hotel Project [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 8,241 | 5,826 | 2,030 |
Hotel Project [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 45 | 84 | 491 |
Food And Beverage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 17,788 | 16,194 | 20,022 |
Food And Beverage [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 105 | 799 | |
Food And Beverage [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 11,761 | 9,795 | 4,804 |
Food And Beverage [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 5,606 | 5,832 | 13,507 |
Food And Beverage [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 421 | 462 | 912 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 11,707 | 11,223 | 8,035 |
Other [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 415 | 478 | 584 |
Other [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 5,394 | 6,317 | 821 |
Other [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 4,817 | 3,847 | 6,477 |
Other [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | $ 1,081 | $ 581 | $ 153 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 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 | 1,269 | 1,103 |
Contract Liabilities | 2,986 | 2,200 |
Increase/(Decrease) [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 166 | 777 |
Contract Liabilities | $ 786 | $ 1,537 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2021 | |
Minimum [Member] | ||
Remaining lease term | 1 month | |
Maximum [Member] | ||
Remaining lease term | 16 years | |
Century Casino Bath [Member] | ||
Impairment related to ROU asset | $ 7.3 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease expense | $ 5,864 | $ 5,250 | $ 6,443 |
Finance lease expense: | |||
Amortization of right-of-use assets | 128 | 165 | 303 |
Interest on lease liabilities | 6 | 15 | 44 |
Total finance lease expense | 134 | 180 | 347 |
Variable lease expense | $ 1,290 | $ 1,476 | $ 3,502 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from finance leases | $ 6 | $ 5 | $ 48 |
Operating cash flows from operating leases | 5,201 | 6,355 | 7,062 |
Financing cash flows from finance leases | $ 123 | $ 166 | $ 364 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Leased right-of-use assets, net | $ 28,383 | $ 34,074 |
Current portion of operating lease liabilities | 3,915 | 4,327 |
Operating lease liabilities, net of current portion | 27,229 | 32,277 |
Total operating lease liabilities | 31,144 | 36,604 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 424 | 552 |
Accumulated depreciation | (342) | (338) |
Property and equipment, net | 82 | 214 |
Current portion of finance lease liabilities | 38 | 131 |
Finance lease liabilities, net of current portion | 43 | 83 |
Total finance lease liabilities | $ 81 | $ 214 |
Weighted-average remaining lease term | ||
Operating leases | 11 years 2 months 12 days | 11 years 3 months 18 days |
Finance leases | 2 years 2 months 12 days | 2 years 1 month 6 days |
Weighted-average discount rate | ||
Operating leases | 4.70% | 4.50% |
Finance leases | 4.00% | 4.70% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 5,101 | |
2023 | 4,528 | |
2024 | 3,824 | |
2025 | 2,762 | |
2026 | 2,477 | |
Thereafter | 23,435 | |
Total lease payments | 42,127 | |
Less imputed interest | (10,983) | |
Total | 31,144 | $ 36,604 |
Finance Leases | ||
2022 | 40 | |
2023 | 25 | |
2024 | 20 | |
2025 | ||
2026 | ||
Thereafter | ||
Total lease payments | 85 | |
Less imputed interest | (4) | |
Total | $ 81 | $ 214 |
Other Balance Sheet And State_3
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Accrued Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 13,592 | $ 12,486 |
Accrued Commissions (AGLC) [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 863 | |
Progressive Slot, Table And On Track Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 3,340 | 3,105 |
Player Point Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,006 | 1,016 |
Chip Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 592 | 542 |
Racing-Related Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,068 | 1,046 |
Deposit Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 420 | 309 |
Other Accrued Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 6,303 | $ 6,468 |
Other Balance Sheet And State_4
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Taxes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | ||
Accrued property taxes | $ 1,567 | $ 1,582 |
Gaming taxes payable | 11,595 | 8,430 |
Other taxes payable | 1,927 | 754 |
Taxes payable | $ 15,089 | $ 10,766 |
Other Balance Sheet And State_5
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Other Operating Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pari-Mutuel Revenue [Member] | |||
Other operating revenue | $ 16,484 | $ 14,937 | $ 10,679 |
Sports Betting Revenue [Member] | |||
Other operating revenue | 2,166 | 2,723 | 104 |
iGaming Revenue [Member] | |||
Other operating revenue | 198 | ||
Other Operating Revenue [Member] | |||
Other operating revenue | $ 18,848 | $ 17,660 | $ 10,783 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shareholders' Equity [Abstract] | ||
Shares of common stock repurchased | 0 | 0 |
Total remaining authorization under the repurchase program | $ 14.7 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
2005 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,000,000 | 2,000,000 | ||
2005 Plan [Member] | One-Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
2005 Plan [Member] | Three-Year [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration date | June 2026 | |||
Number of shares authorized | 3,500,000 | 3,500,000 | ||
Percentage of legal entity controlled by optionee | 100.00% | |||
Maximum [Member] | 2005 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise period of options | 10 years | |||
Vesting period | 4 years | |||
Maximum [Member] | 2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise period of options | 10 years | |||
Minimum [Member] | 2005 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 months | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target PSU's, Granted | 268,947 | 413,964 | 132,253 | |
Vesting period | 3 years | |||
Market Conditions | 25.00% | |||
Performance Conditions | 75.00% | |||
Unrecognized compensation expense related to unvested stock options | $ 2 | $ 2 | ||
Expected period of recognition for unrecognized compensation cost | 2 years | |||
Performance Shares [Member] | 2016 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target PSU's, Granted | 894,386 | |||
Performance Shares [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target Grant | 200.00% | |||
Performance Shares [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target Grant | 0.00% | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | ||||
Options outstanding | 1,127,500 | 1,127,500 | 1,171,352 | |
Closing stock price per share | $ 12.18 | $ 12.18 | ||
Unrecognized compensation expense related to unvested stock options | $ 0.1 | $ 0.1 | ||
Directors [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 0 | |||
Options outstanding | 100,700 | 100,700 | ||
Weighted average exercise price per share of options outstanding | $ 7.08 | $ 7.08 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Plan For PSU's) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Beginning of Period | 687,219 | 441,223 | 308,970 |
Target PSU's, Granted | 268,947 | 413,964 | 132,253 |
Target PSU's, Vested | (87,171) | ||
Target PSU's, Forfeited | (141,002) | (80,797) | |
Target PSU's, End of Period | 815,164 | 687,219 | 441,223 |
Weighted-Average Grant-Date Fair Value, Beginning of Period | $ 6.47 | $ 9.62 | $ 9.83 |
Weighted-Average Grant-Date Fair Value, Granted | 6.44 | 3.75 | 9.12 |
Weighted-Average Grant-Date Fair Value, Vested | 6.75 | ||
Weighted-Average Grant-Date Fair Value, Forfeited | 11.97 | 9.41 | |
Weighted-Average Grant-Date Fair Value, End of Period | $ 5.51 | $ 6.47 | $ 9.62 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions For PSU Awards) (Details) - Performance Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.19% | 0.19% | 2.32% |
Expected life | 2 years 10 months 24 days | 2 years 2 months 12 days | 2 years 9 months 18 days |
Expected volatility | 82.20% | 88.40% | 34.10% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Forfeiture rate | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option Shares, Outstanding at beginning of period | 1,171,352 | ||
Option Shares, Granted | |||
Option Shares, Exercised | (42,852) | ||
Option Shares, Cancelled or forfeited | |||
Options Shares, Expired | (1,000) | ||
Option shares, Outstanding at end of period | 1,127,500 | 1,171,352 | |
Weighted-Average Exercise Price, Beginning Balance | $ 5.05 | ||
Weighted-Average Exercise Price, Granted | |||
Weighted-Average Exercise Price, Exercised | 5.05 | ||
Weighted-Average Exercise Price, Cancelled or forfeited | |||
Weighted-Average Exercise Price, Expired | 5.05 | ||
Weighted-Average Exercise Price, Ending Balance | $ 5.05 | $ 5.05 | |
Weighted-Average Remaining Contractual Term | [1] | 2 years 11 months 26 days | 3 years 11 months 26 days |
Options Exercisable | 1,127,500 | 1,171,352 | |
Weighted-Average Exercise Price | $ 5.05 | $ 5.05 | |
[1] | In years |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock Options Outstanding And Exercisable) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.05 | $ 5.05 | |
Options Outstanding | 1,127,500 | 1,171,352 | |
Options Exercisable | 1,127,500 | 1,171,352 | |
$5.05 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.05 | ||
Options Outstanding | 1,127,500 | ||
Options Exercisable | 1,127,500 | ||
Intrinsic Value of Options Outstanding | $ 8,039 | ||
Intrinsic Value of Options Exercisable | $ 8,039 | ||
Weighted-Average Life of Options Outstanding | [1] | 3 years | |
Weighted-Average Life of Options Exercisable | [1] | 3 years | |
[1] | In years |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related To Stock Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2019 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of share-based awards exercised | $ 451 | $ 270 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock-Based Compensation Expense Recognized In General And Administrative Expenses) (Details) - 2016 Plan [Member] - General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ (214) | ||
Total compensation expense | $ 2,652 | $ 1,303 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Line Items] | |||||
Pre-tax earnings (loss) | $ 28,149 | $ (43,288) | $ (11,967) | ||
Effective tax rate | 22.60% | 11.20% | 34.90% | ||
Corporate tax rates | 3.00% | (3.80%) | (0.30%) | ||
US federal income tax statutory rate | 21.00% | 21.00% | 21.00% | ||
Foreign income tax statutory rate | (0.20%) | (2.20%) | 6.80% | ||
Liability for uncertain tax positions taken on U.S. tax return | $ 800 | ||||
Cash and cash equivalents held by foreign subsidiaries | 32,100 | ||||
Penalties and interest related to unrecognized tax benefits | 100 | $ 100 | |||
Income tax net operating loss carryforwards | 27,800 | ||||
Deferred tax assets related to net operating loss carryforwards | 6,331 | ||||
Unrecognized tax benefits that would impact effective tax rate | 800 | ||||
Income tax expense | $ 6,371 | 4,848 | $ 4,174 | ||
Colorado, Missouri And West Virginia [Member] | Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Corporate tax rates | 4.00% | ||||
Colorado, Missouri And West Virginia [Member] | Maximum [Member] | |||||
Income Taxes [Line Items] | |||||
Corporate tax rates | 6.50% | ||||
United States [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 17.40% | ||||
Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | (44.00%) | ||||
Foreign income tax statutory rate | 23.00% | ||||
Poland [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 28.40% | ||||
Foreign income tax statutory rate | 19.00% | ||||
Mauritius [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | (42.10%) | ||||
Foreign income tax statutory rate | 15.00% | ||||
Austria [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | (21.70%) | ||||
Foreign income tax statutory rate | 25.00% | ||||
Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Liability for uncertain tax positions taken on U.S. tax return | $ 500 | $ 200 | |||
Tax Act [Member] | |||||
Income Taxes [Line Items] | |||||
Tax expense for GILTI, net | $ 0 | $ 0 | $ 500 |
Income Taxes (US And Foreign Pr
Income Taxes (US And Foreign Pre-Tax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total income before taxes | $ 28,149 | $ (43,288) | $ (11,967) |
US [Member] | |||
Total income before taxes | 29,715 | (45,927) | (3,736) |
Foreign [Member] | |||
Total income before taxes | $ (1,566) | $ 2,639 | $ (8,231) |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
US - Current | $ 5,160 | $ 270 | $ 316 |
US - Deferred | 973 | (199) | |
Provision for US income taxes | 5,160 | 1,243 | 117 |
Foreign - Current | 866 | 1,130 | 3,748 |
Foreign - Deferred | 345 | 2,475 | 309 |
Provision for foreign income taxes | 1,211 | 3,605 | 4,057 |
Total provision for income taxes | $ 6,371 | $ 4,848 | $ 4,174 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
US federal income tax statutory rate | 21.00% | 21.00% | 21.00% |
Foreign income taxes | (0.20%) | (2.20%) | 6.80% |
State income tax (net of federal benefit) | 3.00% | (3.80%) | (0.30%) |
Meals, entertainment, gifts and giveaways | 0.40% | 2.40% | |
Statutory to US GAAP adjustments, including foreign currency | 2.60% | (1.80%) | 3.70% |
Valuation allowance | (4.60%) | 41.00% | 32.30% |
Unrecognized tax benefit | (0.30%) | ||
Stock options | 1.30% | (0.10%) | 1.90% |
Tax Act impact | 5.60% | ||
Permanent and other items | (0.60%) | (0.90%) | 3.50% |
Total provision for income taxes | 22.60% | 11.20% | 34.90% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
US [Member] | ||
Deferred tax assets | ||
Amortization of goodwill for tax | $ 7,902 | $ 8,416 |
Amortization of startup costs | 13 | |
Financing obligation to VICI Properties, Inc. subsidiaries | 68,342 | 67,712 |
NOL carryforward | 2,506 | |
Operating and finance leases | 329 | 488 |
Accrued liabilities and other | 861 | 590 |
Deferred tax assets, gross | 77,434 | 79,725 |
Valuation allowance | (10,236) | (12,371) |
Deferred tax assets, total | 67,198 | 67,354 |
Deferred tax liabilities | ||
Property and equipment | (66,616) | (66,677) |
Operating and finance leases | (313) | (479) |
Prepaid expenses | (269) | (198) |
Deferred tax liabilities, total | (67,198) | (67,354) |
Foreign [Member] | ||
Deferred tax assets | ||
Property and equipment | 704 | 810 |
NOL carryforward | 6,331 | 5,179 |
Operating and finance leases | 8,615 | 9,583 |
Accrued liabilities and other | 1,018 | 854 |
Contingent liability | 90 | |
Subsidiary liquidation | 3,802 | 4,283 |
Exchange rate gain | 992 | 1,236 |
Deferred tax assets, gross | 21,462 | 22,035 |
Valuation allowance | (10,088) | (9,261) |
Deferred tax assets, total | 11,374 | 12,774 |
Deferred tax liabilities | ||
Property and equipment | (4,071) | (4,044) |
Exchange rate loss | (158) | (199) |
Intangibles | (1,110) | (1,105) |
Operating and finance leases | (7,894) | (8,944) |
Others | (501) | (495) |
Deferred tax liabilities, total | (13,734) | (14,787) |
Long-term deferred tax liability | $ (2,360) | $ (2,013) |
Income Taxes (Periods Subject T
Income Taxes (Periods Subject To Examination Of Tax Returns) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | US Federal [Member] | |
Period | 2017 |
Minimum [Member] | US State - Colorado [Member] | |
Period | 2017 |
Minimum [Member] | US State - Missouri [Member] | |
Period | 2019 |
Minimum [Member] | US State - West Virginia [Member] | |
Period | 2019 |
Minimum [Member] | Canada [Member] | |
Period | 2006 |
Minimum [Member] | Mauritius [Member] | |
Period | 2018 |
Minimum [Member] | Poland [Member] | |
Period | 2016 |
Minimum [Member] | Austria [Member] | |
Period | 2016 |
Maximum [Member] | US Federal [Member] | |
Period | 2020 |
Maximum [Member] | US State - Colorado [Member] | |
Period | 2020 |
Maximum [Member] | US State - Missouri [Member] | |
Period | 2020 |
Maximum [Member] | US State - West Virginia [Member] | |
Period | 2020 |
Maximum [Member] | Canada [Member] | |
Period | 2020 |
Maximum [Member] | Mauritius [Member] | |
Period | 2020 |
Maximum [Member] | Poland [Member] | |
Period | 2020 |
Maximum [Member] | Austria [Member] | |
Period | 2020 |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets Expiration) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 6,331 |
2021 - 2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 271 |
2032 - 2041 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 5,618 |
No Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 442 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Unrecognized tax benefit - January 1 | $ 835 | $ 821 |
Gross increases - tax positions in prior period | 3 | 14 |
Gross decreases - tax positions in prior period | ||
Gross increases - tax positions in current period | ||
Settlements | ||
Lapse of statute of limitations | (61) | |
Unrecognized tax benefit - December 31 | $ 777 | $ 835 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between the three levels | $ 0 | ||
Impairment - intangible and tangible assets | $ 35,121 | $ 16,486 | |
Cash equivalents | 0 | 0 | |
Interest expense | $ 42,832 | 43,104 | 8,250 |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment - intangible and tangible assets | 1,000 | ||
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 | $ 34,100 | ||
Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest expense | $ 700 |
Segment And Geographic Inform_3
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021segmentitem | |
Segment And Geographic Information [Abstract] | |
Number of chief operating decision maker | 2 |
Number of Co-CEOs | 2 |
Number of reportable segments based on geographical locations | segment | 3 |
Segment And Geographic Inform_4
Segment And Geographic Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 12 Months Ended |
Dec. 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 |
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 And Geographic Inform_5
Segment And Geographic Information (Segment Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net operating revenue | $ 388,506 | $ 304,268 | $ 218,227 |
Earnings (loss) before income taxes | 28,149 | (43,288) | (11,967) |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 20,622 | (48,002) | (19,155) |
Interest expense (income), net | 8,229 | ||
Income taxes (benefit) | 6,371 | 4,848 | 4,174 |
Depreciation and amortization | 26,762 | 26,534 | 10,843 |
Net earning (loss) attributable to non-controlling interests | 1,156 | (134) | 3,014 |
Non-cash stock-based compensation | 2,652 | (214) | 1,303 |
(Gain) loss on foreign currency transactions, cost recovery income and other | (2,289) | 63 | (1,482) |
(Gain) loss on foreign currency transactions, cost recovery income and other | (1,312) | ||
Impairment - intangible and tangible assets | 35,121 | 16,486 | |
Loss (gain) on disposition of fixed assets | 795 | ||
Acquisition costs | 5,366 | ||
Pre-opening expenses | 538 | ||
Adjusted EBITDA | 30,281 | ||
Long-lived assets | 644,664 | ||
Total assets | 703,358 | 680,760 | 726,900 |
Capital expenditures | 24,038 | ||
Cash payments related to lease | 5,201 | 6,355 | 7,062 |
Income related to the sale of the casino operations | 75 | (6,575) | |
Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 567 | 1,413 | 5,685 |
Impairment - intangible and tangible assets | 0 | 0 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 283,285 | 198,344 | 49,998 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 46,428 | 50,240 | 80,650 |
Canada [Member] | Century Mile [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 15,000 | ||
Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 58,226 | 54,271 | 81,894 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 388,506 | 304,268 | |
Earnings (loss) before income taxes | 28,149 | (43,288) | |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 20,622 | (48,002) | |
Interest expense (income), net | 42,658 | 43,098 | |
Income taxes (benefit) | 6,371 | 4,848 | |
Depreciation and amortization | 26,762 | 26,534 | |
Net earning (loss) attributable to non-controlling interests | 1,156 | (134) | |
Non-cash stock-based compensation | 2,652 | (214) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (2,686) | (13,145) | |
Impairment - intangible and tangible assets | 35,121 | ||
Loss (gain) on disposition of fixed assets | 391 | 26 | |
Acquisition costs | 266 | ||
Adjusted EBITDA | 97,926 | 48,398 | |
Long-lived assets | 561,765 | 584,896 | |
Total assets | 703,358 | 680,760 | |
Capital expenditures | 10,012 | 10,705 | |
Operating Segments [Member] | Corporate And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 567 | 1,413 | 5,685 |
Earnings (loss) before income taxes | (25,712) | (18,031) | (37,866) |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (30,570) | (18,609) | (35,115) |
Interest expense (income), net | 13,110 | 12,667 | 1,085 |
Income taxes (benefit) | 4,858 | 578 | (2,739) |
Depreciation and amortization | 432 | 566 | 910 |
Net earning (loss) attributable to non-controlling interests | (12) | ||
Non-cash stock-based compensation | 2,652 | (214) | 1,303 |
(Gain) loss on foreign currency transactions, cost recovery income and other | (418) | (6,897) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | 223 | ||
Impairment - intangible and tangible assets | 1,000 | 16,486 | |
Loss (gain) on disposition of fixed assets | (37) | 1 | 345 |
Acquisition costs | 266 | 5,366 | |
Adjusted EBITDA | (9,973) | (10,642) | (12,148) |
Long-lived assets | 3,412 | 3,971 | 6,182 |
Total assets | 57,448 | 32,523 | 24,703 |
Capital expenditures | 531 | 162 | 837 |
Operating Segments [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 283,285 | 198,344 | 49,998 |
Earnings (loss) before income taxes | 49,628 | (29,548) | 7,843 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 49,628 | (30,571) | 5,825 |
Interest expense (income), net | 28,229 | 28,357 | 1,635 |
Income taxes (benefit) | 1,023 | 2,018 | |
Depreciation and amortization | 18,398 | 17,580 | 2,330 |
(Gain) loss on foreign currency transactions, cost recovery income and other | (836) | ||
Impairment - intangible and tangible assets | 30,746 | ||
Loss (gain) on disposition of fixed assets | 341 | 64 | 17 |
Adjusted EBITDA | 95,760 | 47,199 | 11,825 |
Long-lived assets | 376,210 | 385,426 | 424,790 |
Total assets | 422,409 | 417,388 | 458,351 |
Capital expenditures | 8,672 | 7,767 | 1,148 |
Operating Segments [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 46,428 | 50,240 | 80,650 |
Earnings (loss) before income taxes | 3,312 | 6,869 | 11,242 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 1,124 | 2,551 | 6,669 |
Interest expense (income), net | 1,796 | 2,047 | 5,312 |
Income taxes (benefit) | 1,256 | 3,765 | 3,278 |
Depreciation and amortization | 4,904 | 5,264 | 4,539 |
Net earning (loss) attributable to non-controlling interests | 932 | 553 | 1,295 |
(Gain) loss on foreign currency transactions, cost recovery income and other | (545) | (6,015) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (439) | ||
Impairment - intangible and tangible assets | 3,375 | ||
Loss (gain) on disposition of fixed assets | 43 | (43) | 20 |
Pre-opening expenses | 538 | ||
Adjusted EBITDA | 9,510 | 11,497 | 21,212 |
Long-lived assets | 152,278 | 156,433 | 170,107 |
Total assets | 179,297 | 181,477 | 191,925 |
Capital expenditures | 646 | 2,057 | 17,865 |
Operating Segments [Member] | Poland [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating revenue | 58,226 | 54,271 | 81,894 |
Earnings (loss) before income taxes | 921 | (2,578) | 6,814 |
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 440 | (1,373) | 3,466 |
Interest expense (income), net | (477) | 27 | 197 |
Income taxes (benefit) | 257 | (518) | 1,617 |
Depreciation and amortization | 3,028 | 3,124 | 3,064 |
Net earning (loss) attributable to non-controlling interests | 224 | (687) | 1,731 |
(Gain) loss on foreign currency transactions, cost recovery income and other | (887) | (233) | |
(Gain) loss on foreign currency transactions, cost recovery income and other | (1,096) | ||
Loss (gain) on disposition of fixed assets | 44 | 4 | 413 |
Adjusted EBITDA | 2,629 | 344 | 9,392 |
Long-lived assets | 29,865 | 39,066 | 43,585 |
Total assets | 44,204 | 49,372 | 51,921 |
Capital expenditures | 163 | 719 | 4,188 |
Master Lease [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense (income), net | 28,200 | 28,400 | 1,600 |
Cash payments related to lease | 25,300 | 25,000 | 3,800 |
CDR Land Lease [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense (income), net | 1,800 | 1,500 | 2,200 |
Cash payments related to lease | 2,000 | 1,300 | 2,000 |
Acquired Casinos [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 377,000 | ||
Total assets | $ 404,500 | ||
Century Casino Calgary [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Income related to the sale of the casino operations | $ 6,500 | ||
Mountaineer, Land [Member] | |||
Segment Reporting Information [Line Items] | |||
Income related to the sale unused land | $ 800 |
Commitments, Contingencies An_2
Commitments, Contingencies And Other Matters (Narrative) (Details) $ in Thousands, zł in Millions | Mar. 31, 2020USD ($) | Mar. 31, 2020PLN (zł) | Dec. 31, 2021USD ($)item | Dec. 31, 2021PLN (zł)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021PLN (zł) | Sep. 30, 2021USD ($) | Sep. 30, 2021PLN (zł) | Dec. 31, 2020PLN (zł) | Dec. 31, 2019PLN (zł) | Dec. 31, 2013 |
Commitments and Contingencies [Line items] | ||||||||||||
Contingent liability | $ 476 | |||||||||||
Reduction to contingent liability | $ 500 | 700 | $ 600 | zł 1.8 | zł 2.8 | zł 2.2 | ||||||
Reimbursement from Polish IRS | $ 600 | zł 2.4 | ||||||||||
General and administrative | 93,489 | 80,246 | 69,667 | |||||||||
Distribution to non-controlling interest | 808 | 158 | 989 | |||||||||
Lot Polish Airlines Invesment [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
General and administrative | $ 700 | zł 3 | ||||||||||
Polish Airports Company [Member] | Lot Polish Airlines Invesment [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Ownership interest | 33.30% | |||||||||||
Casinos Poland [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Income tax audit costs | 4,200 | zł 14.3 | ||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Distribution to non-controlling interest | $ 700 | 200 | 400 | |||||||||
401K Plan [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Vesting period for plan | 6 years | 6 years | ||||||||||
Contributed to plan | $ 500 | 300 | 100 | |||||||||
RSP and RPP Plans | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Number of registered retirement plans in Canada | item | 2 | 2 | ||||||||||
Contributed to plan | $ 200 | $ 200 | $ 200 | |||||||||
RPP Plan [Member] | ||||||||||||
Commitments and Contingencies [Line items] | ||||||||||||
Vesting period for plan | 2 years | 2 years |
Transactions With Related Par_2
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transactions With Related Parties [Abstract] | |||
Charges from Flyfish and Focus | $ 0.7 | $ 0.7 | $ 0.7 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Millions, $ in Millions | Feb. 22, 2022USD ($) | Feb. 10, 2022CAD ($) | Feb. 10, 2022USD ($) | Dec. 31, 2022USD ($) | Jan. 12, 2022CAD ($) | Jan. 12, 2022USD ($) |
Subsequent Event [Member] | Century Casino Calgary, Land And Building [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Sell of land and building | $ 8.1 | $ 6.5 | ||||
Proceeds from sale of land and building | $ 7.8 | $ 6.2 | ||||
Subsequent Event [Member] | Smooth Bourbon, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 50.00% | |||||
Option to acquire period | 5 years | |||||
Ownership interest, remaining | 50.00% | |||||
Purchased amount for remaining ownership interest | $ 105 | |||||
Percentage per annum, remaining ownership interest | 2.00% | |||||
Subsequent Event [Member] | Nugget Sparks, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 100.00% | |||||
Purchased amount for ownership interest | $ 100 | |||||
Forecast [Member] | Smooth Bourbon, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 50.00% | |||||
Purchased amount for ownership interest | $ 95 | |||||
Option to acquire period | 5 years | |||||
Ownership interest, remaining | 50.00% | |||||
Purchased amount for remaining ownership interest | $ 105 | |||||
Percentage per annum, remaining ownership interest | 2.00% | |||||
Forecast [Member] | Nugget Sparks, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 100.00% | |||||
Purchased amount for ownership interest | $ 100 | |||||
Marnell Gaming, LLC [Member] | Subsequent Event [Member] | Smooth Bourbon, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 50.00% | |||||
Marnell Gaming, LLC [Member] | Subsequent Event [Member] | Nugget Sparks, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 100.00% | |||||
Marnell Gaming, LLC [Member] | Forecast [Member] | Smooth Bourbon, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 50.00% | |||||
Marnell Gaming, LLC [Member] | Forecast [Member] | Nugget Sparks, LLC [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest | 100.00% |