Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-22900 | |
Entity Registrant Name | CENTURY CASINOS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1271317 | |
Entity Address, Address Line One | 455 E. Pikes Peak Ave. | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Colorado Springs | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80903 | |
City Area Code | 719 | |
Local Phone Number | 527-8300 | |
Title of 12(b) Security | Common Stock, $0.01 Per Share Par Value | |
Trading Symbol | CNTY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,864,047 | |
Entity Central Index Key | 0000911147 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 99,257 | $ 107,821 |
Receivables, net | 9,071 | 9,414 |
Prepaid expenses | 8,979 | 12,417 |
Inventories | 1,529 | 1,443 |
Restricted cash | 100,100 | |
Other current assets | 826 | 1,163 |
Assets held for sale | 8,422 | |
Total Current Assets | 219,762 | 140,680 |
Property and equipment, net | 457,859 | 472,302 |
Leased right-of-use assets, net | 27,470 | 28,383 |
Goodwill | 8,907 | 10,347 |
Intangible assets, net | 45,297 | 48,930 |
Deferred income taxes | 13,321 | 555 |
Equity investment | 94,018 | |
Note receivable, net of current portion and unamortized discount | 358 | 358 |
Deposits and other | 1,542 | 1,803 |
Total Assets | 868,534 | 703,358 |
Current Liabilities: | ||
Current portion of long-term debt | 5,349 | 3,958 |
Current portion of operating lease liabilities | 3,610 | 3,915 |
Current portion of finance lease liabilities | 149 | 38 |
Accounts payable | 8,226 | 12,651 |
Accrued liabilities | 16,439 | 13,592 |
Accrued payroll | 10,857 | 11,190 |
Taxes payable | 9,851 | 15,089 |
Total Current Liabilities | 54,481 | 60,433 |
Long-term debt, net of current portion and deferred financing costs (Note 5) | 344,417 | 177,526 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6) | 284,085 | 281,901 |
Operating lease liabilities, net of current portion | 26,539 | 27,229 |
Finance lease liabilities, net of current portion | 430 | 43 |
Taxes payable and other | 2,406 | 2,954 |
Deferred income taxes | 2,869 | 2,915 |
Total Liabilities | 715,227 | 553,001 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,864,047 and 29,624,814 shares issued and outstanding | 299 | 296 |
Additional paid-in capital | 120,923 | 118,469 |
Retained earnings | 41,307 | 29,289 |
Accumulated other comprehensive loss | (17,668) | (6,430) |
Total Century Casinos, Inc. Shareholders’ Equity | 144,861 | 141,624 |
Non-controlling interests | 8,446 | 8,733 |
Total Equity | 153,307 | 150,357 |
Total Liabilities and Equity | $ 868,534 | $ 703,358 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 29,864,047 | 29,624,814 |
Common stock, shares outstanding | 29,864,047 | 29,624,814 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenue: | ||||
Net operating revenue | $ 112,552 | $ 116,610 | $ 326,776 | $ 281,207 |
Operating costs and expenses: | ||||
General and administrative | 26,179 | 24,918 | 79,002 | 66,337 |
Depreciation and amortization | 6,776 | 6,784 | 20,350 | 20,060 |
Loss on sale of assets (Note 1) | 2,154 | |||
Total operating costs and expenses | 93,617 | 90,883 | 275,056 | 229,118 |
Earnings from equity investment | 1,071 | 2,134 | ||
Earnings from operations | 20,006 | 25,727 | 53,854 | 52,089 |
Non-operating (expense) income: | ||||
Interest income | 574 | 164 | 699 | 164 |
Interest expense | (15,924) | (10,784) | (48,638) | (31,994) |
Gain (loss) on foreign currency transactions, cost recovery income and other | 409 | (135) | 2,725 | 302 |
Non-operating (expense) income, net | (14,941) | (10,755) | (45,214) | (31,528) |
Earnings before income taxes | 5,065 | 14,972 | 8,640 | 20,561 |
Income tax (expense) benefit | (855) | (2,593) | 8,130 | (3,813) |
Net earnings | 4,210 | 12,379 | 16,770 | 16,748 |
Net earnings attributable to non-controlling interests | (1,266) | (1,153) | (4,752) | (86) |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 2,944 | $ 11,226 | $ 12,018 | $ 16,662 |
Earnings per share attributable to Century Casinos, Inc. shareholders: | ||||
Basic | $ 0.10 | $ 0.38 | $ 0.40 | $ 0.56 |
Diluted | $ 0.09 | $ 0.36 | $ 0.38 | $ 0.54 |
Weighted average shares outstanding - basic | 29,864 | 29,598 | 29,790 | 29,584 |
Weighted average shares outstanding - diluted | 31,404 | 31,242 | 31,523 | 31,059 |
Gaming [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 93,505 | $ 98,366 | $ 277,853 | $ 240,694 |
Operating costs and expenses: | ||||
Operating costs and expenses | 46,729 | 46,388 | 137,755 | 115,557 |
Pari-Mutuel, Sports Betting And iGaming [Member] | ||||
Operating revenue: | ||||
Operating revenue | 6,067 | 6,200 | 14,755 | 13,342 |
Operating costs and expenses: | ||||
Operating costs and expenses | 6,922 | 6,741 | 16,724 | 14,031 |
Hotel Project [Member] | ||||
Operating revenue: | ||||
Operating revenue | 2,619 | 2,243 | 7,234 | 6,214 |
Operating costs and expenses: | ||||
Operating costs and expenses | 754 | 640 | 2,088 | 1,718 |
Food And Beverage [Member] | ||||
Operating revenue: | ||||
Operating revenue | 7,031 | 6,078 | 18,095 | 12,401 |
Operating costs and expenses: | ||||
Operating costs and expenses | 6,257 | 5,412 | 16,983 | 11,415 |
Other [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 3,330 | $ 3,723 | $ 8,839 | $ 8,556 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,210 | $ 12,379 | $ 16,770 | $ 16,748 |
Other comprehensive (loss) income | ||||
Foreign currency translation adjustments | (9,272) | (4,207) | (13,002) | (905) |
Other comprehensive loss | (9,272) | (4,207) | (13,002) | (905) |
Comprehensive (loss) income | (5,062) | 8,172 | 3,768 | 15,843 |
Comprehensive (loss) income attributable to non-controlling interests | ||||
Net earnings attributable to non-controlling interests | (1,266) | (1,153) | (4,752) | (86) |
Foreign currency translation adjustments | 1,035 | 292 | 1,764 | 292 |
Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders | $ (5,293) | $ 7,311 | $ 780 | $ 16,049 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total Century Casinos, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2020 | $ 296 | $ 115,570 | $ (6,379) | $ 8,667 | $ 8,829 | ||
Net earnings | 16,662 | 86 | $ 16,748 | ||||
Foreign currency translation adjustment | (613) | (292) | (905) | ||||
Amortization of stock-based compensation | 1,568 | ||||||
Distribution to non-controlling interest | (808) | ||||||
Exercise of options | 166 | ||||||
Balance at Sep. 30, 2021 | $ 296 | 117,304 | (6,992) | 25,329 | $ 135,937 | 7,815 | 143,752 |
Common shares issued | 32,852 | ||||||
Balance at Jun. 30, 2021 | $ 296 | 116,192 | (3,077) | 14,103 | 7,107 | ||
Net earnings | 11,226 | 1,153 | 12,379 | ||||
Foreign currency translation adjustment | (3,915) | (292) | (4,207) | ||||
Amortization of stock-based compensation | 986 | ||||||
Distribution to non-controlling interest | (153) | ||||||
Exercise of options | 126 | ||||||
Balance at Sep. 30, 2021 | $ 296 | 117,304 | (6,992) | 25,329 | 135,937 | 7,815 | 143,752 |
Common shares issued | 25,000 | ||||||
Balance at Dec. 31, 2021 | $ 296 | 118,469 | (6,430) | 29,289 | 8,733 | 150,357 | |
Performance stock unit issuance | 3 | (436) | |||||
Net earnings | 12,018 | 4,752 | 16,770 | ||||
Foreign currency translation adjustment | (11,238) | (1,764) | (13,002) | ||||
Amortization of stock-based compensation | 2,638 | ||||||
Distribution to non-controlling interest | (3,275) | ||||||
Exercise of options | 252 | ||||||
Balance at Sep. 30, 2022 | $ 299 | 120,923 | (17,668) | 41,307 | 144,861 | 8,446 | 153,307 |
Common shares issued | 239,233 | ||||||
Balance at Jun. 30, 2022 | $ 299 | 119,970 | (9,431) | 38,363 | 9,530 | ||
Net earnings | 2,944 | 1,266 | 4,210 | ||||
Foreign currency translation adjustment | (8,237) | (1,035) | (9,272) | ||||
Amortization of stock-based compensation | 953 | ||||||
Distribution to non-controlling interest | (1,315) | ||||||
Balance at Sep. 30, 2022 | $ 299 | $ 120,923 | $ (17,668) | $ 41,307 | $ 144,861 | $ 8,446 | $ 153,307 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows provided by Operating Activities: | ||
Net earnings | $ 16,770 | $ 16,748 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 20,350 | 20,060 |
Lease amortization | 2,763 | 3,349 |
(Gain) loss on disposition of fixed assets | (37) | 278 |
Adjustment of contingent liability (Note 7) | 20 | |
Amortization of stock-based compensation expense | 2,638 | 1,568 |
Amortization and write-off of deferred financing costs and discount on note receivable | 9,042 | 1,174 |
Loss on sale of assets (Note 1) | 2,154 | |
Deferred taxes | (13,616) | (468) |
Changes in Operating Assets and Liabilities: | ||
Receivables, net | (20) | (1,792) |
Prepaid expenses and other assets | 3,557 | 3,256 |
Accounts payable | (6,516) | (9,468) |
Other current and long-term liabilities | 3,190 | 6,662 |
Inventories | (169) | 184 |
Accrued payroll | 306 | 2,186 |
Taxes payable | (3,724) | 4,924 |
Net cash provided by operating activities | 36,688 | 48,681 |
Cash Flows used in Investing Activities: | ||
Purchases of property and equipment | (12,938) | (7,389) |
Smooth Bourbon dividends (Note 3) | 982 | |
Smooth Bourbon acquisition (Note 3) | (95,000) | |
Proceeds from disposition of assets | 124 | 44 |
Purchase of intangible assets - casino license | (390) | |
Century Casino Calgary sale working capital adjustment, net of earn out (Note 1) | (28) | |
Calgary asset sale (Note 1) | 6,330 | |
Net cash used in investing activities | (100,892) | (7,373) |
Cash Flows provided by (used in) Financing Activities: | ||
Proceeds from borrowings | 350,000 | |
Principal payments | (170,141) | (2,838) |
Payment of deferred financing costs | (18,857) | |
Distribution to non-controlling interest | (2,378) | (655) |
Repurchase of shares to satisfy tax withholding | (434) | |
Proceeds from exercise of stock options | 253 | 166 |
Net cash provided by (used in) financing activities | 158,443 | (3,327) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (2,781) | (476) |
Increase in Cash, Cash Equivalents and Restricted Cash | 91,458 | 37,505 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 108,041 | 63,677 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 199,499 | 101,182 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | 37,439 | 26,118 |
Income taxes paid | 6,489 | 4,200 |
Income tax refunds | 890 | 1,049 |
Non-Cash Investing Activities: | ||
Purchase of property and equipment on account | 2,304 | 1,766 |
Non-Cash Financing Activities: | ||
Distributions payable to non-controlling shareholders | $ 1,003 | $ 153 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: The Century Casino & Hotel in Central City, Colorado (“CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”) Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1) The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) (1) The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) (1) The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (2) (1) Subsidiaries of VICI Properties Inc. (“VICI”) own the real estate assets underlying these properties. (2) CMR leases the land on which CMR’s racing and entertainment centre (“REC”) and racetrack are located. On February 10, 2022, the Company sold the land and building in Calgary, transferred the lease agreement for the casino premises to the buyer, and ceased operating Century Sports, a sports bar, bowling and entertainment facility located on the property. See below in this Note 1 for additional information about the Calgary property. 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. The Company’s Colorado and West Virginia subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries: The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of September 30, 2022, 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 owns 75 % of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25 % of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. Through its wholly owned subsidiary Century Nevada Acquisition, Inc., the Company has a 50 % equity interest in Smooth Bourbon, LLC (“PropCo” or “Smooth Bourbon”). The Company reports this interest as an equity investment. As of September 30, 2022, the Company had a concession agreement with TUI Cruises for one ship-based casino that ends in the second quarter of 2023. The table below illustrates the ships operating during the three and nine months ended September 30, 2022 and 2021. Ship Operated From Operated To Mein Schiff Herz April 5, 2022 Currently operating Mein Schiff 6 June 11, 2021 April 18, 2022 Recent Developments Related to COVID-19 The COVID-19 pandemic impacted the Company’s results of operations in the first half of 2021 because of closures at the Company’s Canada and Poland properties during this period. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities were closed in December 2020 and during 2021 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. Currently the Company’s operations are open and have no health and safety requirements for entry and few COVID-19 related restrictions. Operating Segment Closure Date Reopen Date Edmonton December 13, 2020 June 10, 2021 Calgary December 13, 2020 June 10, 2021 Poland December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 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 Developments Rocky Gap Casino Resort in Flintstone, Maryland On August 24, 2022, the Company entered into a definitive agreement with Lakes Maryland Development, LLC (“Lakes Maryland”), Golden Entertainment, Inc (“Golden”), and VICI Properties, L.P. (“VICI PropCo”), an affiliate of VICI, pursuant to which the Company agreed to acquire the operations of Rocky Gap Casino Resort (“Rocky Gap”) for approximately $ 56.1 million subject to the conditions and terms set forth therein (the “Rocky Gap Acquisition”). Pursuant to a real estate purchase agreement, dated August 24, 2022, by and between Evitts Resort, LLC (“Evitts”) and an affiliate of VICI PropCo (“VICI PropCo Buyer”), VICI PropCo Buyer agreed to acquire the real estate assets relating to Rocky Gap for approximately $ 203.9 million, subject to the conditions and terms set forth therein. In connection with the closing of this transaction, subsidiaries of the Company and VICI PropCo will enter into an amendment to their triple net lease agreement (the “Master Lease”) to (i) add Rocky Gap to the Master Lease, (ii) provide for an initial annual rent for Rocky Gap of approximately $ 15.5 million and (iii) extend the initial Master Lease term for 15 years from the date of the amendment (subject to the existing four five year renewal options ). Nugget Casino Resort in Sparks, Nevada On 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 (i) purchased from Marnell 50 % of the membership interests in PropCo, and (ii) will purchase 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. The Company purchased 50 % of the membership interests in PropCo for approximately $ 95.0 million (the “PropCo Acquisition”) at the first closing, which occurred on April 1, 2022 (the “First Closing”). The Company used approximately $ 29.3 million of cash on hand and borrowings under the Goldman Credit Agreement (see Note 5) in connection with 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) (the “OpCo Acquisition” and, together with the PropCo Acquisition, the “Nugget Acquisition”) is expected to close within one year after the First Closing (the “Second Closing”). The purchase price for the OpCo Acquisition will be paid from proceeds of the Term Loan (as defined below) deposited in escrow (“Acquisition Escrow”) on the First Closing date. 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 has a five year option to acquire the remaining 50 % of the membership interests in PropCo for $ 105.0 million plus 2 % per annum. At the First Closing, PropCo entered into a lease with OpCo for an annual rent of $ 15.0 million. Caruthersville Land-Based Casino and Hotel 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. Subsequently, a lawsuit was filed by the City of St. Louis that seeks to block the implementation of the omnibus bill that included the amendment to the definition of a floating facility. In June 2022, the Missouri governor signed a standalone bill to amend the definition of a floating 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 with a small hotel adjacent to and connected with the existing building. Construction on the project began in October 2022, and it is expected to be completed in the second half of 2024 with an estimated project cost of $ 51.9 million. The Company plans to finance the cost of this project with a combination of financing and cash on hand. As of September 30, 2022, the Company has spent $ 2.1 million on this project. Recent Developments Related to Century Casino Caruthersville On October 26, 2022, the Missouri Gaming Commission (“MGC”) approved the relocation of the casino at Century Casino Caruthersville from the riverboat and the barge to a land-based pavilion until the new land-based casino and hotel are completed. On October 13, 2022, the riverboat, which had operated since 1994, had to be closed as it was no longer accessible from the barge because of the record low water levels in the Mississippi River. Since then, Caruthersville has operated the casino from the barge with 299 slot machines and four table games. The pavilion building will not be affected by water levels and is protected by a flood wall. The pavilion will provide for easier access to the casino for customers and the Company anticipates it will bring operating efficiencies and cost savings. The casino will be smaller with approximately 400 slot machines and seven table games, compared to 519 slot machines and seven table games on the riverboat and barge. Caruthersville will continue to operate from the barge until the move to the pavilion is complete. The Company anticipates the move to the pavilion will be completed by the end of 2022 and that there will be no negative impact on results of operations thereafter. Caruthersville Hotel In July 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. The Company opened the hotel on October 30, 2022. As of September 30, 2022, the Company has spent $ 2.7 million on this project and estimates an additional $ 1.0 million will be spent in the fourth quarter of 2022. Cape Girardeau Hotel The Company is building a hotel at its Cape Girardeau location. The hotel is planned as a six story building with 68,000 square feet that will be adjacent to and connected with the existing casino building. The hotel project has been approved by the City of Cape Girardeau. Additional state and local approvals from other agencies will also be required. Planning, design and preparations for the project are substantially complete. Construction on the project began in September 2022, and it is expected to be completed in the first half of 2024. The Company estimates a project cost of approximately $ 30.5 million. The Company is financing the project with cash on hand. As of September 30, 2022, the Company has spent $ 1.4 million on this project. Terminated Projects Century Sports In August 2020, the Company announced that it had entered into an agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($ 7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The transaction closed on December 1, 2020. During the first quarter of 2021, the Company paid CAD 0.1 million ($ 0.1 million based on the exchange rate on February 12, 2021) in working capital adjustments under the purchase agreement. Upon closing of the transaction, the Company entered into a three year lease agreement with the purchaser of the casino operations for annual net rent for the land and building of CAD 0.5 million ($ 0.4 million based on the exchange rate on September 30, 2022). After the sale, the Company continued to operate Century Sports, and to own the underlying real estate. On February 10, 2022, the Company sold the land and building in Calgary for CAD 8.0 million ($ 6.3 million based on the exchange rate 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 was included in the Canada reportable segment. 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 . 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. Preparation of Financial Statements The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. Cash, Cash Equivalents and Restricted Cash – A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table: September 30, September 30, Amounts in thousands 2022 2021 Cash and cash equivalents $ 99,257 $ 100,759 Restricted cash 100,100 196 Restricted cash included in deposits and other 142 227 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 199,499 $ 101,182 As of September 30, 2022, the Company had $ 100.1 million related to the Acquisition Escrow in restricted cash and $ 0.1 million related to payment of prizes and giveaways for Casinos Poland and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. As of September 30, 2021, the Company had $ 0.2 million in restricted cash related to cash held in escrow for a cancelled sale agreement for Calgary and $ 0.2 million related to payments of prizes and giveaways for Casinos Poland, and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows: As of September 30, As of December 31, Ending Rates 2022 2021 Canadian dollar (CAD) 1.3702 1.2678 Euros (EUR) 1.0179 0.8810 Polish zloty (PLN) 4.9399 4.0492 The average exchange rates to the US dollar used to translate balances during each reported period are as follows: For the three months For the nine months ended September 30, ended September 30, Average Rates 2022 2021 % Change 2022 2021 % Change Canadian dollar (CAD) 1.3045 1.2593 ( 3.6 %) 1.2823 1.2515 ( 2.5 %) Euros (EUR) 0.9920 0.8482 ( 17.0 %) 0.9403 0.8360 ( 12.5 %) Polish zloty (PLN) 4.7025 3.8721 ( 21.4 %) 4.3935 3.8013 ( 15.6 %) Source: 2022 Xe Currency Converter, 2021 Pacific Exchange Rate Service Equity Investment – On April 1, 2022, the Company purchased 50 % of the membership interests in Smooth Bourbon. Smooth Bourbon owns the real property on which the Nugget Casino is located. The additional 50 % of the membership interest in Smooth Bourbon is held by Marnell. At Smooth Bourbon, decision making is controlled by Marnell, the managing member. The Company completed an assessment of whether Smooth Bourbon is a variable interest entity in which it has a financial interest. Based on this assessment, the Company concluded that Smooth Bourbon is not subject to consolidation under the guidance for variable interest entities. The Company will evaluate its investment in Smooth Bourbon for impairment on an annual basis or whenever events or circumstances indicate the carrying amount may not be recoverable. See Note 3 for additional information about Smooth Bourbon. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has evaluated its debt agreements under ASU 2020-04 and has determined that it will not need to modify any of the agreements as a result of the discontinuation of LIBOR. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto. |
Equity Investment
Equity Investment | 9 Months Ended |
Sep. 30, 2022 | |
Equity Investment [Abstract] | |
Equity Investment | 3. EQUITY INVESTMENT Following is summarized financial information regarding Smooth Bourbon as of September 30, 2022: For the three months ended For the nine months ended Amounts in thousands September 30, 2022 September 30, 2022 Operating Results Net operating revenue $ 3,959 $ 7,729 Earnings from continuing operations $ 3,725 $ 7,475 Net earnings $ 2,142 $ 4,268 Net earnings attributable to Century Casinos, Inc. $ 1,071 $ 2,134 The Company’s maximum exposure to losses at September 30, 2022 was $ 94.0 million, the value of its equity investment in Smooth Bourbon. Changes in the carrying amount of the investment in Smooth Bourbon for the nine months ended September 30, 2022 are presented in the table below. Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Balance at September 30, 2022 Smooth Bourbon $ — $ 95,000 $ 2,134 $ ( 3,116 ) $ 94,018 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 4. GOODWILL AND INTANGIBLE ASSETS Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of September 30, 2022 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 impairment analysis requires 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 tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach. Goodwill Changes in the carrying amount of goodwill related to the Canada and Poland segments are as follows: Amounts in thousands Canada Poland Total Gross carrying value January 1, 2022 $ 7,402 $ 6,320 $ 13,722 Currency translation ( 301 ) ( 1,139 ) ( 1,440 ) Gross carrying value September 30, 2022 7,101 5,181 12,282 Accumulated impairment losses January 1, 2022 ( 3,375 ) — ( 3,375 ) Accumulated impairment losses September 30, 2022 ( 3,375 ) — ( 3,375 ) Net carrying value at January 1, 2022 $ 4,027 $ 6,320 $ 10,347 Net carrying value at September 30, 2022 $ 3,726 $ 5,181 $ 8,907 Intangible Assets Intangible assets at September 30, 2022 and December 31, 2021 consisted of the following: September 30, December 31, Amounts in thousands 2022 2021 Finite-lived Casino licenses $ 2,380 $ 2,768 Less: accumulated amortization ( 1,455 ) ( 1,749 ) 925 1,019 Trademarks 2,368 2,368 Less: accumulated amortization ( 671 ) ( 494 ) 1,697 1,874 Players club lists 20,373 20,373 Less: accumulated amortization ( 8,246 ) ( 6,063 ) 12,127 14,310 Total finite-lived intangible assets, net 14,749 17,203 Indefinite-lived Casino licenses 29,205 30,112 Trademarks 1,343 1,615 Total indefinite-lived intangible assets 30,548 31,727 Total intangible assets, net $ 45,297 $ 48,930 Trademarks The Company currently owns three trademarks, the Century Casinos trademark, the Mountaineer trademark and the Casinos Poland trademark, which are reported as intangible assets on the Company’s condensed consolidated balance sheets. Trademarks: Finite-Lived The Company has determined that the Mountaineer trademark, reported in the United States segment, has a useful life of ten years after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trade name. As such, the trademark will be amortized over its useful life. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of earnings. Changes in the carrying amount of the Mountaineer trademark are as follows: Amounts in thousands Balance at January 1, 2022 Amortization Balance at September 30, 2022 United States $ 1,874 $ ( 177 ) $ 1,697 As of September 30, 2022, estimated amortization expense of the Mountaineer trademark over the next five years was as follows: Amounts in thousands 2022 $ 60 2023 237 2024 237 2025 237 2026 237 Thereafter 689 $ 1,697 The weighted-average amortization period of the Mountaineer trademark is 7.2 years. Trademarks: Indefinite-Lived The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of earnings. Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2022 Currency translation Balance at September 30, 2022 Poland $ 1,507 $ ( 272 ) $ 1,235 Corporate and Other 108 — 108 $ 1,615 $ ( 272 ) $ 1,343 Casino Licenses: Finite-Lived As of September 30, 2022, 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, 2022 New Casino License Amortization Currency translation Balance at September 30, 2022 Poland $ 1,019 $ 390 $ ( 321 ) $ ( 163 ) $ 925 As of September 30, 2022, estimated amortization expense for the CPL casino licenses over the next five years was as follows: Amounts in thousands 2022 $ 100 2023 378 2024 192 2025 84 2026 62 Thereafter 109 $ 925 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-Lived The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and those held in the Canada segment from the Alberta Gaming, Liquor and Cannabis Commission and Horse Racing Alberta are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of earnings. Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2022 Currency translation Balance at September 30, 2022 United States $ 17,962 $ — $ 17,962 Canada 12,150 ( 907 ) 11,243 $ 30,112 $ ( 907 ) $ 29,205 Player’s Club Lists The Company has determined that the player’s club lists, reported in the United States segment, have a useful life of seven years based on estimated revenue attrition among the player’s club members over each property’s historical operations as estimated by management. As such, the player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows: Amounts in thousands Balance at January 1, 2022 Amortization Balance at September 30, 2022 United States $ 14,310 $ ( 2,183 ) $ 12,127 As of September 30, 2022, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2022 $ 727 2023 2,910 2024 2,910 2025 2,910 2026 2,670 $ 12,127 The weighted-average amortization period for the player’s club lists is 4.2 years. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. LONG-TERM DEBT Long-term debt and the weighted average interest rates as of September 30, 2022 and December 31, 2021 consisted of the following: Amounts in thousands September 30, 2022 December 31, 2021 Credit agreement - Goldman $ 348,250 7.71 % $ — — Credit agreement - Macquarie — — 166,600 6.70 % Credit agreement - CPL — — 207 2.12 % UniCredit term loans 4,797 3.12 % 6,994 2.55 % Financing obligation - CDR land lease 14,229 15.09 % 15,378 11.44 % Total principal $ 367,276 8.12 % $ 189,179 6.89 % Deferred financing costs ( 17,510 ) ( 7,695 ) Total long-term debt $ 349,766 $ 181,484 Less current portion ( 5,349 ) ( 3,958 ) Long-term portion $ 344,417 $ 177,526 Goldman Credit Agreement On April 1, 2022, the Company entered into a Credit Agreement (the “Goldman Credit Agreement”) by and among the Company, as borrower, the subsidiary guarantors party thereto, Goldman Sachs Bank USA, as administrative agent and collateral agent, Goldman Sachs Bank USA and BOFA Securities, Inc., as joint lead arrangers and joint bookrunners, and the Lenders and L/C Lenders party thereto. The Goldman Credit Agreement replaces the Macquarie Credit Agreement discussed below. The Goldman Credit Agreement provides for a $ 350.0 million term loan (the “Term Loan”) and a $ 30.0 million revolving credit facility (the “Revolving Facility”). As of September 30, 2022, the outstanding balance of the Term Loan was $ 348.3 million and the Company had $ 30.0 million available to borrow on the Revolving Facility. The Company used the Goldman Credit Agreement to fund the PropCo Acquisition, for the repayment of approximately $ 166.2 million outstanding under the Macquarie Credit Agreement, to fund the Acquisition Escrow and for related fees and expenses. The Term Loan matures on April 1, 2029 , and the Revolving Facility matures on April 1, 2027 . The Revolving Facility includes up to $ 10.0 million available for the issuance of letters of credit. The Term Loan requires scheduled quarterly payments of $ 875,000 equal to 0.25 % of the original aggregate principal amount of the Term Loan, with the balance due at maturity. Borrowings under the Goldman Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) the Adjusted Term SOFR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “SOFR Loan”) or (b) the ABR (as defined in the Goldman Credit Agreement), plus an applicable margin (each loan, being a “ABR Loan”). The applicable margin for the Term Loan is 6.00 % per annum with respect to SOFR Loans and 5.00 % per annum with respect to ABR Loans. The applicable margin for loans under the Revolving Facility (“Revolving Loans”) is (1) so long as the Consolidated First Lien Net Leverage Ratio (as defined in the Goldman Credit Agreement) of the Company is greater than 2.75 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 5.25 % per annum, and for Revolving Loans that are ABR Loans will be 4.25 % per annum; (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 but greater than 2.25 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 5.00 % per annum, and for Revolving Loans that are ABR Loans will be 4.00 % per annum; and (3) so long as the Consolidated First Lien Net Leverage Ratio of the Company is less than or equal to 2.25 to 1.00, the applicable margin for Revolving Loans that are SOFR Loans will be 4.75 % per annum, and for Revolving Loans that are ABR Loans will be 3.75 % 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 at a per annum rate 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 fees equal to the applicable margin then in effect for SOFR Loans that are Revolving Loans multiplied by the average daily maximum aggregate 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. Fees related to the Goldman Credit Agreement of less than $ 0.1 million and $ 0.1 million were recorded as interest expense in the consolidated statements of earnings for the three and nine months ended September 30, 2022, respectively. The Goldman Credit Agreement requires the Company to prepay the Term Loan, subject to certain exceptions, with: • 100 % of the net cash proceeds of certain non-ordinary course asset sales or certain casualty events, subject to certain exceptions; and • 50 % of the Company’s annual Excess Cash Flow (as defined in the Goldman Credit Agreement) (which percentage will be reduced to 25 % if the Consolidated First Lien Net Leverage Ratio is greater than 2.25 to 1.00 but less than or equal to 2.75 to 1.00, and to 0 % if the Consolidated First Lien Net Leverage Ratio is less than or equal to 2.25 to 1.00); and • 100 % of the funds in the Acquisition Escrow if the OpCo Acquisition does not occur. The Goldman Credit Agreement provides that the Term Loan may be prepaid, subject to a prepayment premium in an amount equal to 1.00 % of the principal amount of the Term Loan if such event occurs on or before April 1, 2023. This premium does not apply if there is a mandatory prepayment with respect to the Acquisition Escrow. The borrowings under the Goldman Credit Agreement are guaranteed by the material subsidiaries of the Company, subject to certain exceptions (including the exclusion of the Company’s non-domestic subsidiaries), 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 Goldman Credit Agreement contains customary representations and warranties, affirmative, negative and financial covenants, and events of default. All future borrowings under the Goldman Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties. The Company was in compliance with all applicable financial covenants under the Goldman Credit Agreement as of September 30, 2022. Deferred financing costs consist of the Company’s costs related to financings. The Company recognized $ 18.9 million in deferred financing costs related to the Goldman Credit Agreement for the nine months ended September 30, 2022. Amortization expenses relating to the Goldman Credit Agreement were $ 0.7 million and $ 1.3 million for the three and nine months ended September 30, 2022, respectively. These costs are included in interest expense in the condensed consolidated statement of earnings for the three and nine months ended September 30, 2022. Credit Agreement – Macquarie Capital In December 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”). The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement provided for a $ 170.0 million term loan (the “Macquarie Term Loan”) and a $ 10.0 million Revolving Facility (the “Macquarie Revolving Facility”). The Macquarie Revolving Facility included up to $ 5.0 million available for the issuance of letters of credit. The Company used proceeds from the Macquarie Term Loan to fund the acquisition of MTR, CCG and CCV (the “Acquired Casinos”), for the repayment of approximately $ 52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In connection with the Goldman Credit Agreement, the Macquarie Term Loan was repaid on April 1, 2022 and the Macquarie Credit Agreement was terminated. Commitment fees related to the Macquarie Revolving Facility of less than $ 0.1 million were recorded as interest expense in the condensed consolidated statements of earnings for the nine months ended September 30, 2022 and for each of the three and nine months ended September 30, 2021. The Company amortized $ 0.4 million for the nine months ended September 30, 2022 and $ 0.4 million and $ 1.2 million for each of the three and nine months ended September 30, 2021, respectively, relating to Macquarie Credit Agreement deferred financing costs. These costs are included in interest expense in the condensed consolidated statements of earnings for the three and nine months ended September 30, 2022 and 2021. The Company wrote off approximately $ 7.3 million of deferred financing costs to interest expense in the second quarter of 2022 in connection with the prepayment of the Macquarie Term Loan. Casinos Poland 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 Warsaw Interbank Offered Rate (“WIBOR”) plus 1.70 %. CPL’s PLN 2.5 million term loan with mBank was paid in full in September 2022. The term loan bore an interest rate of 1-month WIBOR plus 1.90 %. CPL’s PLN 10.0 million short-term line of credit was amended on April 22, 2022, and the PLN 2.5 million that was available for cash borrowing was removed from the line of credit. As of September 30, 2022, CPL had a short-term line of credit with mBank used to finance current operations. The line of credit has a borrowing capacity of PLN 5.0 million bearing an interest rate of overnight WIBOR plus 2.00 %. As of September 30, 2022, the credit facility had no outstanding balance and PLN 5.0 million ($ 1.0 million based on the exchange rate in effect on September 30, 2022) was available for additional borrowing. The credit agreement is secured by a building owned by CPL in Warsaw. The credit facility contains a number of covenants applicable to CPL, including covenants that require CPL to maintain certain liquidity and liability to asset ratios. The line of credit was amended in April 2022 extending the line of credit through April 27, 2023. 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 ($ 0.7 million based on the exchange rate in effect on September 30, 2022). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($ 0.2 million based on the exchange rate in effect on September 30, 2022) with mBank and will terminate in June 2024 and January 2026 , respectively. CPL also is required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 0.6 million ($ 0.1 million based on the exchange rate in effect on September 30, 2022) in deposits for this purpose as of September 30, 2022. These deposits are included in deposits and other on the Company’s condensed consolidated balance sheets. Century Resorts Management As of September 30, 2022, 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 Century Casino Bath, a casino in Bath, England that the Company closed in March 2020. In November 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 September 30, 2022, the amount outstanding on UniCredit Term Loan 1 was $ 0.5 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 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 September 30, 2022, the amount outstanding was EUR 4.3 million ($ 4.3 million based on the exchange rate in effect on September 30, 2022) and the Company had no further borrowings available. 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 Casino CDR’s land lease is a financing obligation of the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of the land on which the REC project is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option date is July 1, 2023 . Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of September 30, 2022, the outstanding balance on the financing obligation was CAD 19.5 million ($ 14.2 million based on the exchange rate in effect on September 30, 2022). As of September 30, 2022, scheduled maturities related to long-term debt were as follows: Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2022 $ 875 $ 464 $ — $ 1,339 2023 3,500 1,713 — 5,213 2024 3,500 1,310 — 4,810 2025 3,500 1,310 — 4,810 2026 3,500 — — 3,500 Thereafter 333,375 — 14,229 347,604 Total $ 348,250 $ 4,797 $ 14,229 $ 367,276 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 6. LONG-TERM FINANCING OBLIGATION On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the Acquired Casino properties. The Tenant entered into 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. Pursuant to a real estate purchase agreement, dated August 24, 2022, between Evitts and VICI PropCo Buyer, VICI PropCo Buyer agreed to acquire the real estate assets relating to Rocky Gap for approximately $ 203.9 million. In connection with the Rocky Gap Acquisition, the Tenant and Landlord will enter into an amendment to the Master Lease to (i) add Rocky Gap to the Master Lease, (ii) provide for an initial annual rent for Rocky Gap of approximately $ 15.5 million and (iii) extend the initial Master Lease term for 15 years from the date of the amendment (subject to the existing four five year renewal options ). The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $ 28.5 million. The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using an imputed discount rate of approximately 10.6 %. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant. The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option (which term will be extended for 15 years from the date of the Master Lease amendment). 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 Company’s Missouri and West Virginia 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 2 nd and 3 rd years and the greater of either 1.0125 % (the “Base Rent Escalator”) or the increase in the Consumer Price Index (“CPI”) for each year starting in the 4 th year and ending the 7 th year. The Base Rent Escalator is subject to adjustment from and after the 6 th year if the Minimum Rent Coverage Ratio (as defined in the Master Lease) is not satisfied. Beginning in the 8 th year of the lease term, Rent will be calculated as (i) 80 % of the Rent for the 7 th lease year (“Base Rent”), subject to an annual Base Rent Escalator of the greater of 1.0125 % or CPI subject to adjustment if the Minimum Rent Coverage Ratio is not satisfied, plus (ii) variable rent (“Variable Rent”) equal to 20 % of the Rent for the 7 th lease year, plus or minus 4.0 % of the change in average net revenue of the Acquired Casinos calculated as set forth in the Master Lease. For the 11 th year and thereafter of the initial lease term, the Base Rent will escalate annually as set forth above and the Variable Rent will be recalculated as set forth in the Master Lease. The estimated future payments include the payments and adjustments to reflect estimated payments as described in the Master Lease, including an annual escalator of up to 1.0125 % and estimates based on contingent rental payments. Total payments and interest expense related to the Master Lease for the three and nine months ended September 30, 2022 and 2021 were as follows: For the three months ended For the nine months ended September 30, September 30, Amounts in thousands 2022 2021 2022 2021 Payments made $ 8,501 $ 6,313 $ 19,127 $ 16,833 Interest expense on financing obligation $ 7,201 $ 7,125 $ 21,311 $ 21,087 The future payments related to the Master Lease financing obligation with the Landlord at September 30, 2022 were as follows: Amounts in thousands 2022 $ 4,250 2023 25,821 2024 26,144 2025 26,340 2026 26,538 Thereafter 1,008,183 Total payments 1,117,276 Less imputed interest ( 861,683 ) Residual value 28,492 Total $ 284,085 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. COMMITMENTS AND CONTINGENCIES 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES Income tax expense or benefits are recorded relative to the jurisdictions that recognize book earnings. For the nine months ended September 30, 2022, the Company recognized an income tax benefit of ($ 8.1 ) million on pre-tax earnings of $ 8.6 million, representing an effective income tax rate of ( 94.1 %) compared to income tax expense of $ 3.8 million on pre-tax earnings of $ 20.6 million, representing an effective income tax rate of 18.5 % for the same period in 2021. The comparison of pre-tax earnings of $ 8.6 million for the nine months ended September 30, 2022 to the pre-tax earnings of $ 20.6 million for the nine months ended September 30, 2021 should be considered when comparing effective tax rates for the respective periods. For the nine months ended September 30, 2022, the Company computed an annual effective tax rate using forecasted information. Based on current forecasts, the Company’s effective tax rate is expected to be highly sensitive to changes in earnings. The Company concluded that computing its effective tax rate using forecasted information would be appropriate in estimating tax expense for the nine months ended September 30, 2022. A number of items caused the effective income tax rate for the nine months ended September 30, 2022 to differ from the US federal statutory income tax rate of 21 %, including taxation of global intangible low-tax income (GILTI) in the United States, a 23 % statutory tax rate in Canada, certain nondeductible business expenses in Poland, and various exchange rate benefits. Furthermore, management has determined that there is significant positive evidence to conclude that it is more likely than not that the deferred tax assets in the United States will be realized. As a result, the valuation allowance against these deferred tax assets has been released, resulting in a $ 10.2 million income tax benefit recognized during 2022. As of September 30, 2022, the Company continues to maintain a full valuation allowance on deferred tax assets for CMR, CRM and Century Resorts International Ltd. Additionally, the Company has unrecognized tax benefits of $ 0.8 million, of which $ 0.7 million is due to the Company’s ability to utilize pre-acquisition net operating losses. Due to the lapse of statute of limitations related to the pre-acquisition net operating losses, the Company recognized a tax benefit of $ 0.2 million during 2022 and anticipates it will recognize a tax benefit of $ 0.5 million during 2023. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive stock options. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the three and nine months ended September 30, 2022 and 2021 were as follows: For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Weighted average common shares, basic 29,864 29,598 29,790 29,584 Dilutive effect of stock options 1,540 1,644 1,733 1,475 Weighted average common shares, diluted 31,404 31,242 31,523 31,059 The following stock options are anti-dilutive and have not been included in the weighted average shares outstanding calculation: For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Stock options 2,730 757 2,746 867 |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 10. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING Fair Value Measurements The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs: Level 1 – quoted prices in active markets for identical assets or liabilities Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3 – significant inputs to the valuation model are unobservable A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. There were no transfers between the three levels for the three and nine months ended September 30, 2022 and 2021. Non-Recurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. There were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2022 and 2021. Long-Term Debt – The carrying value of the Goldman Credit Agreement, the UniCredit Term Loans and CPL’s short-term line of credit approximate fair value based on the variable interest paid on the obligations. The carrying value of the UniCredit Term Loan 2 approximates fair value due to the short-term nature of the agreement. The estimated fair values of the outstanding balances under the Goldman Credit Agreement 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 value of the Company’s other assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of September 30, 2022 and December 31, 2021, the Company had no cash equivalents. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 11. REVENUE RECOGNITION The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below. For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Revenue from contracts with customers $ 112,552 $ 116,610 $ 326,776 $ 281,207 Cost recovery income — — 1,938 655 Century Casino Calgary sale earn out revenue — 47 — 47 Total revenue $ 112,552 $ 116,657 $ 328,714 $ 281,909 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 reportable segment is presented in the tables below. For the three months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 60,150 $ 11,841 $ 21,478 $ 36 $ 93,505 Pari-mutuel, sports betting and iGaming 2,965 3,102 — — 6,067 Hotel 2,485 134 — — 2,619 Food and beverage 3,319 3,509 203 — 7,031 Other 1,799 1,479 52 — 3,330 Net operating revenue $ 70,718 $ 20,065 $ 21,733 $ 36 $ 112,552 For the three months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 64,569 $ 12,917 $ 20,811 $ 69 $ 98,366 Pari-mutuel, sports betting and iGaming 2,617 3,583 — — 6,200 Hotel 2,243 — — — 2,243 Food and beverage 2,950 2,962 166 — 6,078 Other 1,518 1,906 174 125 3,723 Net operating revenue $ 73,897 $ 21,368 $ 21,151 $ 194 $ 116,610 For the nine months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 179,524 $ 33,728 $ 64,481 $ 120 $ 277,853 Pari-mutuel, sports betting and iGaming 6,300 8,455 — — 14,755 Hotel 6,895 339 — — 7,234 Food and beverage 9,314 8,171 610 — 18,095 Other 4,242 4,412 174 11 8,839 Net operating revenue $ 206,275 $ 55,105 $ 65,265 $ 131 $ 326,776 For the nine months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 190,159 $ 15,937 $ 34,514 $ 84 $ 240,694 Pari-mutuel, sports betting and iGaming 5,825 7,517 — — 13,342 Hotel 6,214 — — — 6,214 Food and beverage 8,676 3,504 221 — 12,401 Other 4,095 3,073 1,016 372 8,556 Net operating revenue $ 214,969 $ 30,031 $ 35,751 $ 456 $ 281,207 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 $ 1.1 million and $ 1.3 million for the three and nine months ended September 30, 2022, respectively, and $ 1.0 million and $ 0.5 million for the three and nine months ended September 30, 2021, respectively. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s receivables and contract liabilities is presented in the tables below. For the three months For the three months ended September 30, 2022 ended September 30, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 749 2,842 739 2,769 Closing 1,299 2,607 899 3,038 Increase/(Decrease) $ 550 $ ( 235 ) $ 160 $ 269 For the nine months For the nine months ended September 30, 2022 ended September 30, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,269 2,986 1,103 2,200 Closing 1,299 2,607 899 3,038 (Decrease)/Increase $ 30 $ ( 379 ) $ ( 204 ) $ 838 Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 12. LEASES The Company determines if an arrangement is a lease at inception. The right-of-use (“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 15 years. The components of lease expense were as follows: For the three months ended For the nine months ended September 30, September 30, Amounts in thousands 2022 2021 2022 2021 Operating lease expense $ 1,305 $ 1,463 $ 3,988 $ 4,445 Finance lease expense: Amortization of right-of-use assets $ 26 $ 31 $ 110 $ 97 Interest on lease liabilities 10 1 19 5 Total finance lease expense $ 36 $ 32 $ 129 $ 102 Variable lease expense $ 415 $ 554 $ 1,139 $ 942 Variable lease expense relates primarily to rates based on 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 nine months ended September 30, Amounts in thousands 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 15 $ 5 Operating cash flows from operating leases 3,579 3,960 Financing cash flows from finance leases 115 93 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,050 $ 334 Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands September 30, 2022 December 31, 2021 Operating leases Leased right-of-use assets, net $ 27,470 $ 28,383 Current portion of operating lease liabilities 3,610 3,915 Operating lease liabilities, net of current portion 26,539 27,229 Total operating lease liabilities 30,149 31,144 Finance leases Finance lease right-of-use assets, gross 747 424 Accumulated depreciation ( 142 ) ( 342 ) Property and equipment, net 605 82 Current portion of finance lease liabilities 149 38 Finance lease liabilities, net of current portion 430 43 Total finance lease liabilities 579 81 Weighted-average remaining lease term Operating leases 10.8 years 11.2 years Finance leases 3.8 years 2.2 years Weighted-average discount rate Operating leases 4.9 % 4.7 % Finance leases 7.0 % 4.0 % Maturities of lease liabilities as of September 30, 2022 were as follows: Amounts in thousands Operating Leases Finance Leases 2022 $ 1,215 $ 49 2023 4,845 180 2024 4,179 174 2025 3,228 159 2026 2,995 84 Thereafter 23,837 15 Total lease payments 40,299 661 Less imputed interest ( 10,150 ) ( 82 ) Total $ 30,149 $ 579 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Information [Abstract] | |
Segment Information | 13. SEGMENT INFORMATION The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. The Company views each market in which it operates as a separate operating segment and each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s operations related to its concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation. The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments: Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Downs Racetrack and Casino Century Sports (1) Century Bets! Inc. (1) Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other (2) (1) The Company operated Century Sports through February 10, 2022. The Company operated Century Bets! Inc. through August 2021, when operations were transferred to Century Mile. For more information about Century Sports and Century Bets! Inc., see Note 1. (2) The Company’s equity investment in Smooth Bourbon is included in the Corporate Other reporting unit. The Company’s chief operating decision maker is a management function comprised of two individuals. These two individuals are the Company’s Co-Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as the primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) 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) attributable to Century Casinos, Inc. shareholders 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. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. The following tables provide information regarding the Company’s reportable segments: For the three months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 70,718 $ 20,065 $ 21,733 $ 36 $ 112,552 Earnings (loss) before income taxes $ 9,139 $ 3,395 $ 3,513 $ ( 10,982 ) $ 5,065 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 2,372 $ 2,623 $ 2,032 $ ( 4,083 ) $ 2,944 Interest expense (income), net (2) 7,201 581 ( 519 ) 8,087 15,350 Income taxes (benefit) 6,767 522 465 ( 6,899 ) 855 Depreciation and amortization 4,892 1,180 623 81 6,776 Net earnings attributable to non-controlling interests — 250 1,016 — 1,266 Non-cash stock-based compensation — — — 953 953 Gain on foreign currency transactions, cost recovery income and other — ( 71 ) ( 333 ) ( 5 ) ( 409 ) Loss on disposition of fixed assets 11 — 27 — 38 Acquisition costs — — — 295 295 Adjusted EBITDA $ 21,243 $ 5,085 $ 3,311 $ ( 1,571 ) $ 28,068 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations. (2) Expense of $ 7.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.6 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 $ 8.5 million and $ 0.5 million, respectively, for the period presented. For the three months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 73,897 $ 21,368 $ 21,151 $ 194 $ 116,610 Earnings (loss) before income taxes $ 12,389 $ 6,242 $ 2,829 $ ( 6,488 ) $ 14,972 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 12,389 $ 5,308 $ 1,437 $ ( 7,908 ) $ 11,226 Interest expense (income), net (2) 7,121 560 ( 355 ) 3,294 10,620 Income taxes — 499 674 1,420 2,593 Depreciation and amortization 4,699 1,217 760 108 6,784 Net earnings attributable to non-controlling interests — 435 718 — 1,153 Non-cash stock-based compensation — — — 986 986 Gain on foreign currency transactions and cost recovery income — ( 57 ) ( 232 ) ( 24 ) ( 313 ) Loss on disposition of fixed assets — 4 3 — 7 Adjusted EBITDA $ 24,209 $ 7,966 $ 3,005 $ ( 2,124 ) $ 33,056 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 7.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.3 million and $ 0.4 million, respectively, for the period presented. For the nine months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 206,275 $ 55,105 $ 65,265 $ 131 $ 326,776 Earnings (loss) before income taxes $ 28,176 $ 9,123 $ 7,967 $ ( 36,626 ) $ 8,640 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 21,409 $ 4,797 $ 4,285 $ ( 18,473 ) $ 12,018 Interest expense (income), net (2) 21,310 1,733 ( 586 ) 25,482 47,939 Income taxes (benefit) 6,767 1,718 1,538 ( 18,153 ) ( 8,130 ) Depreciation and amortization 14,418 3,632 1,979 321 20,350 Net earnings attributable to non-controlling interests — 2,608 2,144 — 4,752 Non-cash stock-based compensation — — — 2,638 2,638 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 138 ( 712 ) ( 8 ) ( 583 ) Loss (gain) on disposition of fixed assets 33 23 31 ( 124 ) ( 37 ) Acquisition costs — — — 2,724 2,724 Adjusted EBITDA $ 63,936 $ 14,649 $ 8,679 $ ( 5,593 ) $ 81,671 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations. (2) Expense of $ 21.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.7 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 $ 19.1 million and $ 1.6 million respectively, for the period presented. Expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment. (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. For the nine months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 214,969 $ 30,031 $ 35,751 $ 456 $ 281,207 Earnings (loss) before income taxes $ 39,486 $ 1,728 $ ( 2,364 ) $ ( 18,289 ) $ 20,561 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 39,486 $ 265 $ ( 1,432 ) $ ( 21,657 ) $ 16,662 Interest expense (income), net (2) 21,083 1,263 ( 341 ) 9,825 31,830 Income taxes (benefit) — 661 ( 216 ) 3,368 3,813 Depreciation and amortization 13,734 3,689 2,320 317 20,060 Net earnings (loss) attributable to non-controlling interests — 802 ( 716 ) — 86 Non-cash stock-based compensation — — — 1,568 1,568 Gain on foreign currency transactions, cost recovery income and other — ( 604 ) ( 221 ) ( 436 ) ( 1,261 ) Loss (gain) on disposition of fixed assets 282 36 3 ( 39 ) 282 Adjusted EBITDA $ 74,585 $ 6,112 $ ( 603 ) $ ( 7,054 ) $ 73,040 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 21.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 1.2 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 16.8 million and $ 1.3 million, respectively, for the period presented. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to material subsequent events in its condensed consolidated financial statements and related notes. The Company did not identify any material subsequent events impacting its financial statements in this report. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2022 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Business Description And Basis Of Presentation | 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 September 30, 2022 are detailed below. The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America: The Century Casino & Hotel in Central City, Colorado (“CTL”) The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”) Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia (“Mountaineer” or “MTR”) (1) The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”) (1) The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”) (1) The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”) The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”); and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (2) (1) Subsidiaries of VICI Properties Inc. (“VICI”) own the real estate assets underlying these properties. (2) CMR leases the land on which CMR’s racing and entertainment centre (“REC”) and racetrack are located. On February 10, 2022, the Company sold the land and building in Calgary, transferred the lease agreement for the casino premises to the buyer, and ceased operating Century Sports, a sports bar, bowling and entertainment facility located on the property. See below in this Note 1 for additional information about the Calgary property. 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. The Company’s Colorado and West Virginia subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries: The Company owns 66.6 % of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of September 30, 2022, 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 owns 75 % of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25 % of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. Through its wholly owned subsidiary Century Nevada Acquisition, Inc., the Company has a 50 % equity interest in Smooth Bourbon, LLC (“PropCo” or “Smooth Bourbon”). The Company reports this interest as an equity investment. As of September 30, 2022, the Company had a concession agreement with TUI Cruises for one ship-based casino that ends in the second quarter of 2023. The table below illustrates the ships operating during the three and nine months ended September 30, 2022 and 2021. Ship Operated From Operated To Mein Schiff Herz April 5, 2022 Currently operating Mein Schiff 6 June 11, 2021 April 18, 2022 |
Recent Developments Related To COVID-19 | Recent Developments Related to COVID-19 The COVID-19 pandemic impacted the Company’s results of operations in the first half of 2021 because of closures at the Company’s Canada and Poland properties during this period. The table below provides a summary of the time periods in which the Company’s casinos, hotels and other facilities were closed in December 2020 and during 2021 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. Currently the Company’s operations are open and have no health and safety requirements for entry and few COVID-19 related restrictions. Operating Segment Closure Date Reopen Date Edmonton December 13, 2020 June 10, 2021 Calgary December 13, 2020 June 10, 2021 Poland December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 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. |
Preparation of Financial Statements | Preparation of Financial Statements The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated. In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the operating results for the full year. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax. |
Presentation of Foreign Currency Amounts | Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. |
Equity Investment | Equity Investment – On April 1, 2022, the Company purchased 50 % of the membership interests in Smooth Bourbon. Smooth Bourbon owns the real property on which the Nugget Casino is located. The additional 50 % of the membership interest in Smooth Bourbon is held by Marnell. At Smooth Bourbon, decision making is controlled by Marnell, the managing member. The Company completed an assessment of whether Smooth Bourbon is a variable interest entity in which it has a financial interest. Based on this assessment, the Company concluded that Smooth Bourbon is not subject to consolidation under the guidance for variable interest entities. The Company will evaluate its investment in Smooth Bourbon for impairment on an annual basis or whenever events or circumstances indicate the carrying amount may not be recoverable. See Note 3 for additional information about Smooth Bourbon. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash – A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table: September 30, September 30, Amounts in thousands 2022 2021 Cash and cash equivalents $ 99,257 $ 100,759 Restricted cash 100,100 196 Restricted cash included in deposits and other 142 227 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 199,499 $ 101,182 As of September 30, 2022, the Company had $ 100.1 million related to the Acquisition Escrow in restricted cash and $ 0.1 million related to payment of prizes and giveaways for Casinos Poland and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. As of September 30, 2021, the Company had $ 0.2 million in restricted cash related to cash held in escrow for a cancelled sale agreement for Calgary and $ 0.2 million related to payments of prizes and giveaways for Casinos Poland, and less than $ 0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted – The Company has not yet adopted the following accounting pronouncements: In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has evaluated its debt agreements under ASU 2020-04 and has determined that it will not need to modify any of the agreements as a result of the discontinuation of LIBOR. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Schedule of Ships Operating | Ship Operated From Operated To Mein Schiff Herz April 5, 2022 Currently operating Mein Schiff 6 June 11, 2021 April 18, 2022 |
Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open | Operating Segment Closure Date Reopen Date Edmonton December 13, 2020 June 10, 2021 Calgary December 13, 2020 June 10, 2021 Poland December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | September 30, September 30, Amounts in thousands 2022 2021 Cash and cash equivalents $ 99,257 $ 100,759 Restricted cash 100,100 196 Restricted cash included in deposits and other 142 227 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 199,499 $ 101,182 |
Schedule Of Exchange Rates To US Dollar | As of September 30, As of December 31, Ending Rates 2022 2021 Canadian dollar (CAD) 1.3702 1.2678 Euros (EUR) 1.0179 0.8810 Polish zloty (PLN) 4.9399 4.0492 |
Average Exchange Rates | For the three months For the nine months ended September 30, ended September 30, Average Rates 2022 2021 % Change 2022 2021 % Change Canadian dollar (CAD) 1.3045 1.2593 ( 3.6 %) 1.2823 1.2515 ( 2.5 %) Euros (EUR) 0.9920 0.8482 ( 17.0 %) 0.9403 0.8360 ( 12.5 %) Polish zloty (PLN) 4.7025 3.8721 ( 21.4 %) 4.3935 3.8013 ( 15.6 %) Source: 2022 Xe Currency Converter, 2021 Pacific Exchange Rate Service |
Equity Investment (Tables)
Equity Investment (Tables) - Smooth Bourbon, LLC [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Schedule of Summarized Financial Information | Following is summarized financial information regarding Smooth Bourbon as of September 30, 2022: For the three months ended For the nine months ended Amounts in thousands September 30, 2022 September 30, 2022 Operating Results Net operating revenue $ 3,959 $ 7,729 Earnings from continuing operations $ 3,725 $ 7,475 Net earnings $ 2,142 $ 4,268 Net earnings attributable to Century Casinos, Inc. $ 1,071 $ 2,134 |
Changes In Carrying Amount Of Investment | Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Balance at September 30, 2022 Smooth Bourbon $ — $ 95,000 $ 2,134 $ ( 3,116 ) $ 94,018 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands Canada Poland Total Gross carrying value January 1, 2022 $ 7,402 $ 6,320 $ 13,722 Currency translation ( 301 ) ( 1,139 ) ( 1,440 ) Gross carrying value September 30, 2022 7,101 5,181 12,282 Accumulated impairment losses January 1, 2022 ( 3,375 ) — ( 3,375 ) Accumulated impairment losses September 30, 2022 ( 3,375 ) — ( 3,375 ) Net carrying value at January 1, 2022 $ 4,027 $ 6,320 $ 10,347 Net carrying value at September 30, 2022 $ 3,726 $ 5,181 $ 8,907 |
Schedule Of Intangible Assets | September 30, December 31, Amounts in thousands 2022 2021 Finite-lived Casino licenses $ 2,380 $ 2,768 Less: accumulated amortization ( 1,455 ) ( 1,749 ) 925 1,019 Trademarks 2,368 2,368 Less: accumulated amortization ( 671 ) ( 494 ) 1,697 1,874 Players club lists 20,373 20,373 Less: accumulated amortization ( 8,246 ) ( 6,063 ) 12,127 14,310 Total finite-lived intangible assets, net 14,749 17,203 Indefinite-lived Casino licenses 29,205 30,112 Trademarks 1,343 1,615 Total indefinite-lived intangible assets 30,548 31,727 Total intangible assets, net $ 45,297 $ 48,930 |
Trademarks [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2022 Currency translation Balance at September 30, 2022 Poland $ 1,507 $ ( 272 ) $ 1,235 Corporate and Other 108 — 108 $ 1,615 $ ( 272 ) $ 1,343 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinited-Lived | Amounts in thousands Balance at January 1, 2022 Currency translation Balance at September 30, 2022 United States $ 17,962 $ — $ 17,962 Canada 12,150 ( 907 ) 11,243 $ 30,112 $ ( 907 ) $ 29,205 |
Trademarks [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2022 Amortization Balance at September 30, 2022 United States $ 1,874 $ ( 177 ) $ 1,697 |
Estimated Amortization Expense | Amounts in thousands 2022 $ 60 2023 237 2024 237 2025 237 2026 237 Thereafter 689 $ 1,697 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2022 New Casino License Amortization Currency translation Balance at September 30, 2022 Poland $ 1,019 $ 390 $ ( 321 ) $ ( 163 ) $ 925 |
Estimated Amortization Expense | Amounts in thousands 2022 $ 100 2023 378 2024 192 2025 84 2026 62 Thereafter 109 $ 925 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2022 Amortization Balance at September 30, 2022 United States $ 14,310 $ ( 2,183 ) $ 12,127 |
Estimated Amortization Expense | Amounts in thousands 2022 $ 727 2023 2,910 2024 2,910 2025 2,910 2026 2,670 $ 12,127 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands September 30, 2022 December 31, 2021 Credit agreement - Goldman $ 348,250 7.71 % $ — — Credit agreement - Macquarie — — 166,600 6.70 % Credit agreement - CPL — — 207 2.12 % UniCredit term loans 4,797 3.12 % 6,994 2.55 % Financing obligation - CDR land lease 14,229 15.09 % 15,378 11.44 % Total principal $ 367,276 8.12 % $ 189,179 6.89 % Deferred financing costs ( 17,510 ) ( 7,695 ) Total long-term debt $ 349,766 $ 181,484 Less current portion ( 5,349 ) ( 3,958 ) Long-term portion $ 344,417 $ 177,526 |
Schedule Of Maturities Related To Debt | Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2022 $ 875 $ 464 $ — $ 1,339 2023 3,500 1,713 — 5,213 2024 3,500 1,310 — 4,810 2025 3,500 1,310 — 4,810 2026 3,500 — — 3,500 Thereafter 333,375 — 14,229 347,604 Total $ 348,250 $ 4,797 $ 14,229 $ 367,276 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Financing Obligation [Abstract] | |
Total Payments And Interest Expense | For the three months ended For the nine months ended September 30, September 30, Amounts in thousands 2022 2021 2022 2021 Payments made $ 8,501 $ 6,313 $ 19,127 $ 16,833 Interest expense on financing obligation $ 7,201 $ 7,125 $ 21,311 $ 21,087 |
Future Payments Related To Master Lease | Amounts in thousands 2022 $ 4,250 2023 25,821 2024 26,144 2025 26,340 2026 26,538 Thereafter 1,008,183 Total payments 1,117,276 Less imputed interest ( 861,683 ) Residual value 28,492 Total $ 284,085 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Weighted Average Shares Outstanding | For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Weighted average common shares, basic 29,864 29,598 29,790 29,584 Dilutive effect of stock options 1,540 1,644 1,733 1,475 Weighted average common shares, diluted 31,404 31,242 31,523 31,059 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Stock options 2,730 757 2,746 867 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the three months For the nine months ended September 30, ended September 30, Amounts in thousands 2022 2021 2022 2021 Revenue from contracts with customers $ 112,552 $ 116,610 $ 326,776 $ 281,207 Cost recovery income — — 1,938 655 Century Casino Calgary sale earn out revenue — 47 — 47 Total revenue $ 112,552 $ 116,657 $ 328,714 $ 281,909 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the three months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 60,150 $ 11,841 $ 21,478 $ 36 $ 93,505 Pari-mutuel, sports betting and iGaming 2,965 3,102 — — 6,067 Hotel 2,485 134 — — 2,619 Food and beverage 3,319 3,509 203 — 7,031 Other 1,799 1,479 52 — 3,330 Net operating revenue $ 70,718 $ 20,065 $ 21,733 $ 36 $ 112,552 For the three months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 64,569 $ 12,917 $ 20,811 $ 69 $ 98,366 Pari-mutuel, sports betting and iGaming 2,617 3,583 — — 6,200 Hotel 2,243 — — — 2,243 Food and beverage 2,950 2,962 166 — 6,078 Other 1,518 1,906 174 125 3,723 Net operating revenue $ 73,897 $ 21,368 $ 21,151 $ 194 $ 116,610 For the nine months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 179,524 $ 33,728 $ 64,481 $ 120 $ 277,853 Pari-mutuel, sports betting and iGaming 6,300 8,455 — — 14,755 Hotel 6,895 339 — — 7,234 Food and beverage 9,314 8,171 610 — 18,095 Other 4,242 4,412 174 11 8,839 Net operating revenue $ 206,275 $ 55,105 $ 65,265 $ 131 $ 326,776 For the nine months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 190,159 $ 15,937 $ 34,514 $ 84 $ 240,694 Pari-mutuel, sports betting and iGaming 5,825 7,517 — — 13,342 Hotel 6,214 — — — 6,214 Food and beverage 8,676 3,504 221 — 12,401 Other 4,095 3,073 1,016 372 8,556 Net operating revenue $ 214,969 $ 30,031 $ 35,751 $ 456 $ 281,207 |
Schedule Of Contract Assets And Liabilities | For the three months For the three months ended September 30, 2022 ended September 30, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 749 2,842 739 2,769 Closing 1,299 2,607 899 3,038 Increase/(Decrease) $ 550 $ ( 235 ) $ 160 $ 269 For the nine months For the nine months ended September 30, 2022 ended September 30, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,269 2,986 1,103 2,200 Closing 1,299 2,607 899 3,038 (Decrease)/Increase $ 30 $ ( 379 ) $ ( 204 ) $ 838 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components Of Lease Expense | For the three months ended For the nine months ended September 30, September 30, Amounts in thousands 2022 2021 2022 2021 Operating lease expense $ 1,305 $ 1,463 $ 3,988 $ 4,445 Finance lease expense: Amortization of right-of-use assets $ 26 $ 31 $ 110 $ 97 Interest on lease liabilities 10 1 19 5 Total finance lease expense $ 36 $ 32 $ 129 $ 102 Variable lease expense $ 415 $ 554 $ 1,139 $ 942 |
Supplemental Cash Flow Information Related To Leases | For the nine months ended September 30, Amounts in thousands 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 15 $ 5 Operating cash flows from operating leases 3,579 3,960 Financing cash flows from finance leases 115 93 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,050 $ 334 |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands September 30, 2022 December 31, 2021 Operating leases Leased right-of-use assets, net $ 27,470 $ 28,383 Current portion of operating lease liabilities 3,610 3,915 Operating lease liabilities, net of current portion 26,539 27,229 Total operating lease liabilities 30,149 31,144 Finance leases Finance lease right-of-use assets, gross 747 424 Accumulated depreciation ( 142 ) ( 342 ) Property and equipment, net 605 82 Current portion of finance lease liabilities 149 38 Finance lease liabilities, net of current portion 430 43 Total finance lease liabilities 579 81 Weighted-average remaining lease term Operating leases 10.8 years 11.2 years Finance leases 3.8 years 2.2 years Weighted-average discount rate Operating leases 4.9 % 4.7 % Finance leases 7.0 % 4.0 % |
Maturities Of Lease Liabilities | Amounts in thousands Operating Leases Finance Leases 2022 $ 1,215 $ 49 2023 4,845 180 2024 4,179 174 2025 3,228 159 2026 2,995 84 Thereafter 23,837 15 Total lease payments 40,299 661 Less imputed interest ( 10,150 ) ( 82 ) Total $ 30,149 $ 579 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Information [Abstract] | |
Aggregation Of Operating Segments Into Reportable Segments | Reportable Segment Operating Segment Reporting Unit United States Colorado Century Casino & Hotel - Central City Century Casino & Hotel - Cripple Creek West Virginia Mountaineer Casino, Racetrack & Resort Missouri Century Casino Cape Girardeau Century Casino Caruthersville Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary Century Downs Racetrack and Casino Century Sports (1) Century Bets! Inc. (1) Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other (2) (1) The Company operated Century Sports through February 10, 2022. The Company operated Century Bets! Inc. through August 2021, when operations were transferred to Century Mile. For more information about Century Sports and Century Bets! Inc., see Note 1. (2) The Company’s equity investment in Smooth Bourbon is included in the Corporate Other reporting unit. |
Segment Information | For the three months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 70,718 $ 20,065 $ 21,733 $ 36 $ 112,552 Earnings (loss) before income taxes $ 9,139 $ 3,395 $ 3,513 $ ( 10,982 ) $ 5,065 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 2,372 $ 2,623 $ 2,032 $ ( 4,083 ) $ 2,944 Interest expense (income), net (2) 7,201 581 ( 519 ) 8,087 15,350 Income taxes (benefit) 6,767 522 465 ( 6,899 ) 855 Depreciation and amortization 4,892 1,180 623 81 6,776 Net earnings attributable to non-controlling interests — 250 1,016 — 1,266 Non-cash stock-based compensation — — — 953 953 Gain on foreign currency transactions, cost recovery income and other — ( 71 ) ( 333 ) ( 5 ) ( 409 ) Loss on disposition of fixed assets 11 — 27 — 38 Acquisition costs — — — 295 295 Adjusted EBITDA $ 21,243 $ 5,085 $ 3,311 $ ( 1,571 ) $ 28,068 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations. (2) Expense of $ 7.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.6 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 $ 8.5 million and $ 0.5 million, respectively, for the period presented. For the three months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 73,897 $ 21,368 $ 21,151 $ 194 $ 116,610 Earnings (loss) before income taxes $ 12,389 $ 6,242 $ 2,829 $ ( 6,488 ) $ 14,972 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 12,389 $ 5,308 $ 1,437 $ ( 7,908 ) $ 11,226 Interest expense (income), net (2) 7,121 560 ( 355 ) 3,294 10,620 Income taxes — 499 674 1,420 2,593 Depreciation and amortization 4,699 1,217 760 108 6,784 Net earnings attributable to non-controlling interests — 435 718 — 1,153 Non-cash stock-based compensation — — — 986 986 Gain on foreign currency transactions and cost recovery income — ( 57 ) ( 232 ) ( 24 ) ( 313 ) Loss on disposition of fixed assets — 4 3 — 7 Adjusted EBITDA $ 24,209 $ 7,966 $ 3,005 $ ( 2,124 ) $ 33,056 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 7.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.3 million and $ 0.4 million, respectively, for the period presented. For the nine months ended September 30, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 206,275 $ 55,105 $ 65,265 $ 131 $ 326,776 Earnings (loss) before income taxes $ 28,176 $ 9,123 $ 7,967 $ ( 36,626 ) $ 8,640 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 21,409 $ 4,797 $ 4,285 $ ( 18,473 ) $ 12,018 Interest expense (income), net (2) 21,310 1,733 ( 586 ) 25,482 47,939 Income taxes (benefit) 6,767 1,718 1,538 ( 18,153 ) ( 8,130 ) Depreciation and amortization 14,418 3,632 1,979 321 20,350 Net earnings attributable to non-controlling interests — 2,608 2,144 — 4,752 Non-cash stock-based compensation — — — 2,638 2,638 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 138 ( 712 ) ( 8 ) ( 583 ) Loss (gain) on disposition of fixed assets 33 23 31 ( 124 ) ( 37 ) Acquisition costs — — — 2,724 2,724 Adjusted EBITDA $ 63,936 $ 14,649 $ 8,679 $ ( 5,593 ) $ 81,671 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations. (2) Expense of $ 21.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.7 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 $ 19.1 million and $ 1.6 million respectively, for the period presented. Expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment. (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. For the nine months ended September 30, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 214,969 $ 30,031 $ 35,751 $ 456 $ 281,207 Earnings (loss) before income taxes $ 39,486 $ 1,728 $ ( 2,364 ) $ ( 18,289 ) $ 20,561 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 39,486 $ 265 $ ( 1,432 ) $ ( 21,657 ) $ 16,662 Interest expense (income), net (2) 21,083 1,263 ( 341 ) 9,825 31,830 Income taxes (benefit) — 661 ( 216 ) 3,368 3,813 Depreciation and amortization 13,734 3,689 2,320 317 20,060 Net earnings (loss) attributable to non-controlling interests — 802 ( 716 ) — 86 Non-cash stock-based compensation — — — 1,568 1,568 Gain on foreign currency transactions, cost recovery income and other — ( 604 ) ( 221 ) ( 436 ) ( 1,261 ) Loss (gain) on disposition of fixed assets 282 36 3 ( 39 ) 282 Adjusted EBITDA $ 74,585 $ 6,112 $ ( 603 ) $ ( 7,054 ) $ 73,040 (1) Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements. (2) Expense of $ 21.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 1.2 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 16.8 million and $ 1.3 million, respectively, for the period presented. |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 26, 2022 item | Aug. 24, 2022 USD ($) | Apr. 01, 2022 USD ($) | Jul. 16, 2021 room | Feb. 12, 2021 USD ($) | Feb. 12, 2021 CAD ($) | Aug. 31, 2020 | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) item | Sep. 30, 2022 CAD ($) item | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² | Feb. 10, 2022 USD ($) | Feb. 10, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Nov. 01, 2021 | Aug. 05, 2020 USD ($) | Aug. 05, 2020 CAD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Purchased amount for ownership interest | $ 95,000 | |||||||||||||||||
Number of ship-based casinos | item | 1 | |||||||||||||||||
Earn outs | $ 47 | $ 47 | ||||||||||||||||
Restricted cash | 196 | $ 100,100 | 196 | |||||||||||||||
Acquisition escrow in restricted cash | $ 100,100 | |||||||||||||||||
Polish Airports Company [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership interest by non-controlling | 33.30% | |||||||||||||||||
Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Purchased amount for ownership interest | $ 95,000 | |||||||||||||||||
Ownership interest | 50% | |||||||||||||||||
Payments for acquisition in cash | $ 29,300 | |||||||||||||||||
Subsequent Event [Member] | Hotel Project [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Project cost | $ 1,000 | |||||||||||||||||
Forecast [Member] | Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Option to acquire period | 5 years | |||||||||||||||||
Plan [Member] | Real estate assets relating to Rocky Gap [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Lease term | 15 years | |||||||||||||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | four five year renewal options | ||||||||||||||||
Annual rent | $ 15,500 | |||||||||||||||||
Payments to Acquire Productive Assets | 203,900 | |||||||||||||||||
Plan [Member] | Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Purchased amount for remaining ownership interest | $ 105,000 | |||||||||||||||||
Ownership interest, remaining | 50% | 50% | ||||||||||||||||
Percentage per annum, remaining ownership interest | 2% | 2% | ||||||||||||||||
Plan [Member] | Nugget Sparks, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Purchased amount for ownership interest | $ 100,000 | |||||||||||||||||
Ownership interest | 100% | |||||||||||||||||
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% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership interest | 50% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Plan [Member] | Nugget Sparks, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership interest | 100% | |||||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership percentage | 50% | |||||||||||||||||
Century Resorts Management GmbH [Member] | Percentage Of Century Downs Racetrack Owned By Century Casinos Europe [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership percentage | 75% | |||||||||||||||||
Century Sports [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Lease term | 3 years | 3 years | ||||||||||||||||
Annual net rent income | $ 400 | $ 0.5 | ||||||||||||||||
Century Casino Caruthersville [Member] | Hotel Project [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Number of rooms | room | 36 | |||||||||||||||||
Project cost | 2,700 | |||||||||||||||||
Century Casino Caruthersville [Member] | Riverboat Casino Project [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Project cost | 2,100 | |||||||||||||||||
Estimated projects cost | 51,900 | |||||||||||||||||
Century Casino Caruthersville [Member] | Subsequent Event [Member] | Barge [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Number of slot machines | item | 299 | |||||||||||||||||
Number of table games | item | 4 | |||||||||||||||||
Century Casino Caruthersville [Member] | Subsequent Event [Member] | Land-based pavilion [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Number of slot machines | item | 400 | |||||||||||||||||
Number of table games | item | 7 | |||||||||||||||||
Century Casino Caruthersville [Member] | Subsequent Event [Member] | Riverboat and the barge [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Number of slot machines | item | 519 | |||||||||||||||||
Number of table games | item | 7 | |||||||||||||||||
Cape Girardeau [Member] | Hotel Project [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Project cost | 1,400 | |||||||||||||||||
Estimated projects cost | $ 30,500 | |||||||||||||||||
Cape Girardeau [Member] | Forecast [Member] | Hotel Project [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Square footage of hotel | ft² | 68,000 | |||||||||||||||||
Smooth Bourbon, LLC [Member] | Nugget Sparks, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Annual rent | $ 15,000 | |||||||||||||||||
Century Nevada Acquisition, Inc. [Member] | Smooth Bourbon, LLC [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership percentage | 50% | |||||||||||||||||
Rocky Gap Casino Resort [Member] | Plan [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Lessee, Operating Lease, Option to Extend | four five year renewal options | four five year renewal options | ||||||||||||||||
Payments for acquisition in cash | $ 56,100 | |||||||||||||||||
Century Downs Racetrack And Casino [Member] | Unaffiliated Shareholders [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Ownership interest by non-controlling | 25% | |||||||||||||||||
Acquisition Escrow [Member] | Casinos Poland [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Restricted cash | $ 100 | |||||||||||||||||
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 | ||||||||||||||||
Cash Held In Escrow [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 | $ 100 | |||||||||||||||
Century Casino Calgary, Casino Operations [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Total consideration | $ 7,500 | $ 10 | ||||||||||||||||
Quarterly earn out period | 3 years | |||||||||||||||||
Working capital | $ 100 | $ 0.1 | ||||||||||||||||
Century Casino Calgary, Land And Building [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Sell of land and building | $ 6,300 | $ 8 | ||||||||||||||||
Century Casino Calgary, Land And Building [Member] | Land [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Held for sale assets | $ 4,800 | |||||||||||||||||
Century Casino Calgary, Land And Building [Member] | Buildings And Improvements [Member] | ||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||
Held for sale assets | $ 3,600 |
Description Of Business And B_5
Description Of Business And Basis Of Presentation (Schedule of Ship Operating) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Mein Schiff 6 [Member] | |
Operation start date | Jun. 11, 2021 |
Operation end date | Apr. 18, 2022 |
TUI Cruises [Member] | Mein Schiff Herz [Member] | |
Operation start date | Apr. 05, 2022 |
Operation end date description | Currently operating |
Description Of Business And B_6
Description Of Business And Basis Of Presentation (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Description Of Business And Basis Of Presentation [Abstract] | ||||
Cash and cash equivalents | $ 99,257 | $ 107,821 | $ 100,759 | |
Restricted cash | 100,100 | 196 | ||
Restricted cash included in deposits and other | 142 | 227 | ||
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 199,499 | $ 108,041 | $ 101,182 | $ 63,677 |
Description Of Business And B_7
Description Of Business And Basis Of Presentation (Schedule Of Exchange Rates To US Dollar) (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Canadian Dollar (CAD) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 1.3702 | 1.2678 |
Euros (EUR) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 1.0179 | 0.8810 |
Polish Zloty (PLN) [Member] | ||
Currency [Line Items] | ||
Ending Rates | 4.9399 | 4.0492 |
Description Of Business And B_8
Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Canadian Dollar (CAD) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 1.3045 | 1.2593 | 1.2823 | 1.2515 |
Average Rates % Change | (3.60%) | (2.50%) | ||
Euros (EUR) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 0.9920 | 0.8482 | 0.9403 | 0.8360 |
Average Rates % Change | (17.00%) | (12.50%) | ||
Polish Zloty (PLN) [Member] | ||||
Currency [Line Items] | ||||
Average Rates | 4.7025 | 3.8721 | 4.3935 | 3.8013 |
Average Rates % Change | (21.40%) | (15.60%) |
Description Of Business And B_9
Description Of Business And Basis Of Presentation (Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
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 | December 13, 2020 |
Reopen Date | June 10, 2021 |
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 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Smooth Bourbon, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, maximum loss exposure | $ 94 |
Equity Investment (Schedule of
Equity Investment (Schedule of Summarized Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||
Current assets | $ 219,762 | $ 219,762 | $ 140,680 | ||
Current liabilities | 54,481 | 54,481 | $ 60,433 | ||
Net operating revenue | 112,552 | $ 116,610 | 326,776 | $ 281,207 | |
Earnings from continuing operations | 20,006 | 25,727 | 53,854 | 52,089 | |
Net earnings | 4,210 | 12,379 | 16,770 | 16,748 | |
Net earnings attributable to Century Casinos, Inc. | 2,944 | $ 11,226 | 12,018 | $ 16,662 | |
Smooth Bourbon, LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Net operating revenue | 3,959 | 7,729 | |||
Earnings from continuing operations | 3,725 | 7,475 | |||
Net earnings | 2,142 | 4,268 | |||
Net earnings attributable to Century Casinos, Inc. | $ 1,071 | $ 2,134 |
Equity Investment (Changes in C
Equity Investment (Changes in Carrying Amount of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity earnings | $ 1,071 | $ 2,134 |
Balance at September 30, 2022 | 94,018 | 94,018 |
Smooth Bourbon, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Acquisition | 95,000 | |
Equity earnings | 2,134 | |
Dividend | (3,116) | |
Balance at September 30, 2022 | $ 94,018 | $ 94,018 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 item | |
Finite-Lived Intangible Assets [Line Items] | |
Number of trademarks | 3 |
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 2 months 12 days |
Mountaineer Casino [Member] | Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization period | 7 years 2 months 12 days |
Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Number of casino licenses | 8 |
Useful life | 6 years |
Weighted-average period before the next renewal of casino licenses | 2 years 1 month 6 days |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 13,722 | |
Currency translation | (1,440) | |
Gross carrying value, Ending | 12,282 | |
Accumulated impairment losses, Beginning | (3,375) | |
Accumulated impairment losses, Ending | (3,375) | |
Net carrying value | 8,907 | $ 10,347 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,402 | |
Currency translation | (301) | |
Gross carrying value, Ending | 7,101 | |
Accumulated impairment losses, Beginning | (3,375) | |
Accumulated impairment losses, Ending | (3,375) | |
Net carrying value | 3,726 | 4,027 |
Poland [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 6,320 | |
Currency translation | (1,139) | |
Gross carrying value, Ending | 5,181 | |
Accumulated impairment losses, Beginning | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 5,181 | $ 6,320 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-lived | ||
Total finite-lived intangible assets, net | $ 14,749 | $ 17,203 |
Indefinite-lived | ||
Total indefinite-lived intangible assets | 30,548 | 31,727 |
Total intangible assets, net | 45,297 | 48,930 |
Casino Licenses [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 29,205 | 30,112 |
Trademarks [Member] | ||
Indefinite-lived | ||
Total indefinite-lived intangible assets | 1,343 | 1,615 |
Casino Licenses [Member] | ||
Finite-lived | ||
Gross | 2,380 | 2,768 |
Less: accumulated amortization | (1,455) | (1,749) |
Total finite-lived intangible assets, net | 925 | 1,019 |
Trademarks [Member] | ||
Finite-lived | ||
Gross | 2,368 | 2,368 |
Less: accumulated amortization | (671) | (494) |
Total finite-lived intangible assets, net | 1,697 | 1,874 |
Player's Club Lists [Member] | ||
Finite-lived | ||
Gross | 20,373 | 20,373 |
Less: accumulated amortization | (8,246) | (6,063) |
Total finite-lived intangible assets, net | $ 12,127 | $ 14,310 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finite-Lived) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | $ 17,203 |
Balance at end of period | 14,749 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,874 |
Balance at end of period | 1,697 |
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,874 |
Amortization | (177) |
Balance at end of period | 1,697 |
Casino Licenses [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,019 |
Balance at end of period | 925 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 1,019 |
New Casino License | 390 |
Amortization | (321) |
Currency translation | (163) |
Balance at end of period | 925 |
Player's Club Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 14,310 |
Balance at end of period | 12,127 |
Player's Club Lists [Member] | United States [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Balance at beginning of period | 14,310 |
Amortization | (2,183) |
Balance at end of period | $ 12,127 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | $ 14,749 | $ 17,203 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 1,697 | 1,874 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 925 | 1,019 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total finite-lived intangible assets, net | 12,127 | 14,310 |
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 60 | |
2023 | 237 | |
2024 | 237 | |
2025 | 237 | |
2026 | 237 | |
Thereafter | 689 | |
Total finite-lived intangible assets, net | 1,697 | 1,874 |
United States [Member] | Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 727 | |
2023 | 2,910 | |
2024 | 2,910 | |
2025 | 2,910 | |
2026 | 2,670 | |
Total finite-lived intangible assets, net | 12,127 | 14,310 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2022 | 100 | |
2023 | 378 | |
2024 | 192 | |
2025 | 84 | |
2026 | 62 | |
Thereafter | 109 | |
Total finite-lived intangible assets, net | $ 925 | $ 1,019 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinite-Lived) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | $ 31,727 |
Balance at end of the period | 30,548 |
Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,615 |
Currency translation | (272) |
Balance at end of the period | 1,343 |
Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 30,112 |
Currency translation | (907) |
Balance at end of the period | 29,205 |
Century Casinos [Member] | Trademarks [Member] | Corporate And Other [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 108 |
Currency translation | |
Balance at end of the period | 108 |
Poland [Member] | Casinos Poland [Member] | Trademarks [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 1,507 |
Currency translation | (272) |
Balance at end of the period | 1,235 |
United States [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 17,962 |
Currency translation | |
Balance at end of the period | 17,962 |
Canada [Member] | Casino Licenses [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Balance at beginning of the period | 12,150 |
Currency translation | (907) |
Balance at end of the period | $ 11,243 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) € in Millions, £ in Millions, zł in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
Apr. 22, 2022 PLN (zł) | Apr. 01, 2022 USD ($) | Nov. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Sep. 30, 2022 USD ($) item | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) item | Sep. 30, 2022 EUR (€) item | Sep. 30, 2021 USD ($) | Sep. 30, 2022 PLN (zł) item | Sep. 30, 2022 GBP (£) item | Sep. 30, 2022 EUR (€) item | Sep. 30, 2022 CAD ($) item | Dec. 31, 2021 USD ($) | Jun. 23, 2021 USD ($) | Jun. 23, 2021 EUR (€) | Mar. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 9,042,000 | $ 1,174,000 | ||||||||||||||||
Amount outstanding | $ 367,276,000 | 367,276,000 | $ 189,179,000 | |||||||||||||||
Principal payments | 115,000 | 93,000 | ||||||||||||||||
Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 5.25% | |||||||||||||||||
Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 400,000 | 400,000 | 1,200,000 | |||||||||||||||
Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | zł | zł 3.6 | |||||||||||||||||
Deposits guarantees for payment of prizes and giveaways | 100,000 | $ 100,000 | 0.6 | |||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Options to purchase land | item | 4 | 4 | ||||||||||||||||
First option date | Jul. 01, 2023 | Jul. 01, 2023 | ||||||||||||||||
Principal payments | $ 0 | |||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of the net cash proceeds of non-ordinary course asset sales or certain casualty events | 100% | |||||||||||||||||
Percentage of annual excess cash flow | 50% | |||||||||||||||||
Prepayment premium percentage | 1% | |||||||||||||||||
Percentage of funds in acquisition escrow | 100% | |||||||||||||||||
Amount outstanding | 348,300,000 | 348,300,000 | ||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of annual excess cash flow | 25% | |||||||||||||||||
Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [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% | |||||||||||||||||
Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 7,300,000 | |||||||||||||||||
UniCredit Term Loans [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount outstanding | 4,797,000 | 4,797,000 | ||||||||||||||||
BMO Credit Agreement [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment amount | $ 52,000,000 | |||||||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | 5 | |||||||||||||||||
Line of credit facility amount available for borrowing | 1,000,000 | 1,000,000 | 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% | 2% | ||||||||||||||||
Line Of Credit With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | zł 10 | |||||||||||||||||
Line of credit available for cash borrowing removed | zł | zł 2.5 | |||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Bank guarantee issued for payment of casino jackpots and gaming tax obligations | (700,000) | $ (700,000) | ||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 700,000 | 700,000 | 3.6 | |||||||||||||||
Deposit for secured by land owned | 200,000 | 200,000 | zł 1.2 | |||||||||||||||
Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Deferred financing costs | 18,900,000 | 18,900,000 | ||||||||||||||||
Amortization of deferred financing costs | 700,000 | 1,300,000 | ||||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 350,000,000 | |||||||||||||||||
Maturity date | Apr. 01, 2029 | |||||||||||||||||
Scheduled quarterly payments | $ 875,000 | |||||||||||||||||
Percentage of quarterly payments equal to original principal | 0.25% | |||||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 6% | |||||||||||||||||
Goldman Credit Agreement [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ABR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 5% | |||||||||||||||||
Revolving Credit Facility [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 4.75% | |||||||||||||||||
Revolving Credit Facility [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 4.25% | |||||||||||||||||
Revolving Credit Facility [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Less Than Or Equal To 2.25 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 3.75% | |||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | |||||||||||||||||
Line of credit facility amount available for borrowing | $ 30,000,000 | $ 30,000,000 | ||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | |||||||||||||||||
Fronting fee percentage | 0.125% | |||||||||||||||||
Maturity date | Apr. 01, 2027 | |||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | SOFR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 5% | |||||||||||||||||
Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ABR [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 4% | |||||||||||||||||
Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 10,000,000 | |||||||||||||||||
Line Of Credit [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 7,400,000 | |||||||||||||||||
Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 5,000,000 | |||||||||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 180,000,000 | |||||||||||||||||
Repayment amount | $ 166,200,000 | |||||||||||||||||
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 170,000,000 | |||||||||||||||||
Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Number of credit agreements | item | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||
First Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | £ | £ 2 | |||||||||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | ||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | $ 0 | ||||||||||||||||
Amount outstanding | $ 500,000 | $ 500,000 | ||||||||||||||||
Debt Instrument, Covenant Compliance | no financial covenants | no financial covenants | ||||||||||||||||
First Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | ||||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 3,000,000 | |||||||||||||||||
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 | |||||||||||||||||
Line of credit facility | $ 7,400,000 | |||||||||||||||||
Line of credit facility amount available for borrowing | $ 0 | $ 0 | ||||||||||||||||
Guaranteed amount | € | € 6 | |||||||||||||||||
Maturity date | Dec. 31, 2025 | Dec. 31, 2025 | ||||||||||||||||
Amount outstanding | 4,300,000 | $ 4,300,000 | € 4.3 | |||||||||||||||
Debt Instrument, Covenant Compliance | no financial covenants | no financial covenants | ||||||||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 4,000,000 | |||||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | zł 2.5 | |||||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate percentage points | 1.90% | |||||||||||||||||
Minimum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | |||||||||||||||||
Minimum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.25 | |||||||||||||||||
Minimum [Member] | Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Terminate date | 2024-06 | 2024-06 | ||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of principal amount of unused commitments | 0.375% | |||||||||||||||||
Maximum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | |||||||||||||||||
Maximum [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [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 | |||||||||||||||||
Maximum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | Consolidated First Lien Net Leverage Ratio Greater Than 2.25 But Less Than Or Equal To 2.75 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Consolidated First Lien Net Leverage Ratio | 2.75 | |||||||||||||||||
Maximum [Member] | Term Loan [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [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 | |||||||||||||||||
Maximum [Member] | Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Terminate date | 2026-01 | 2026-01 | ||||||||||||||||
Maximum [Member] | Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Customary agency fees | 100,000 | $ 100,000 | ||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Percentage of principal amount of unused commitments | 0.50% | |||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Commitment fees | $ 100,000 | 100,000 | $ 100,000 | |||||||||||||||
Maximum [Member] | Letter Of Credit [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||||||||||||
Century Downs Racetrack And Casino [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Outstanding balance on financing obligation | $ 14,200,000 | $ 14,200,000 | $ 19.5 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total principal | $ 367,276 | $ 189,179 |
Deferred financing costs | (17,510) | (7,695) |
Total long-term debt | 349,766 | 181,484 |
Less current portion | (5,349) | (3,958) |
Long-term portion | 344,417 | 177,526 |
Credit agreement - Goldman [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 348,250 | |
Weighted-average interest rate | 7.71% | |
Credit Agreement - Macquarie [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 166,600 | |
Weighted-average interest rate | 6.70% | |
Credit Agreements - CPL [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 207 | |
Weighted-average interest rate | 2.12% | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 4,797 | $ 6,994 |
Weighted-average interest rate | 3.12% | 2.55% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,229 | $ 15,378 |
Weighted-average interest rate | 15.09% | 11.44% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 8.12% | 6.89% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2022 | $ 1,339 | |
2023 | 5,213 | |
2024 | 4,810 | |
2025 | 4,810 | |
2026 | 3,500 | |
Thereafter | 347,604 | |
Total | 367,276 | $ 189,179 |
Goldman Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 875 | |
2023 | 3,500 | |
2024 | 3,500 | |
2025 | 3,500 | |
2026 | 3,500 | |
Thereafter | 333,375 | |
Total | 348,250 | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2022 | 464 | |
2023 | 1,713 | |
2024 | 1,310 | |
2025 | 1,310 | |
2026 | ||
Thereafter | ||
Total | 4,797 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2022 | ||
2023 | ||
2024 | ||
2025 | ||
2026 | ||
Thereafter | 14,229 | |
Total | $ 14,229 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Aug. 24, 2022 | Dec. 06, 2021 | Dec. 06, 2019 | Sep. 30, 2022 | |
VICI PropCo [Member] | Master Lease [Member] | ||||
Residual value | $ 28,500 | $ 28,492 | ||
Discount rate | 10.60% | |||
Lease term plus renewal options | 35 years | |||
Lease term contract | 15 years | |||
Lessee, Operating Lease, Option to Extend | four five year renewal terms | |||
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% | |||
Variable Rent, percentage | 20% | |||
Change In Average Net Revenue, percentage | 4% | |||
Real estate assets relating to Rocky Gap [Member] | Plan [Member] | ||||
Lease term contract | 15 years | |||
Lessee, Operating Lease, Option to Extend | four five year renewal options | |||
Payments to Acquire Productive Assets | $ 203,900 | |||
Annual rent | 15,500 | |||
Real estate assets relating to Rocky Gap [Member] | VICI PropCo [Member] | Plan [Member] | ||||
Payments to Acquire Productive Assets | $ 203,900 |
Long-Term Financing Obligatio_3
Long-Term Financing Obligation (Total Payments And Interest Expense) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Payments made | $ 8,501 | $ 6,313 | $ 19,127 | $ 16,833 |
Interest expense on financing obligation | $ 7,201 | $ 7,125 | $ 21,311 | $ 21,087 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) - Master Lease [Member] - VICI PropCo [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 06, 2019 |
2022 | $ 4,250 | |
2023 | 25,821 | |
2024 | 26,144 | |
2025 | 26,340 | |
2026 | 26,538 | |
Thereafter | 1,008,183 | |
Total payments | 1,117,276 | |
Less imputed interest | (861,683) | |
Residual value | 28,492 | $ 28,500 |
Total | $ 284,085 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | |
Income Taxes [Line Items] | |||||
Pre-tax earnings (loss) | $ 5,065 | $ 14,972 | $ 8,640 | $ 20,561 | |
Effective tax rate | (94.10%) | 18.50% | |||
US federal income tax statutory rate | 21% | ||||
Income tax expense (benefit) | 855 | $ 2,593 | $ (8,130) | $ 3,813 | |
Liability for uncertain tax positions taken on U.S. tax return | 800 | 800 | |||
Unrecognized tax benefits to utilize pre-acquisition net operating losses | $ 700 | 700 | |||
Tax benefit recognized due to lapse of statute of limitations | 200 | ||||
Income tax benefit recognized from release of valuation allowance | $ (10,200) | ||||
Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Effective tax rate | 23% | ||||
Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Liability for uncertain tax positions taken on U.S. tax return | $ 500 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares, basic | 29,864 | 29,598 | 29,790 | 29,584 |
Dilutive effect of stock options | 1,540 | 1,644 | 1,733 | 1,475 |
Weighted average common shares, diluted | 31,404 | 31,242 | 31,523 | 31,059 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 2,730 | 757 | 2,746 | 867 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |||||
Transfers between the three levels | $ 0 | $ 0 | $ 0 | $ 0 | |
Assets measured at fair value on a non-recurring basis | 0 | 0 | 0 | 0 | |
Liabilities measured at fair value on a nonrecurring basis | 0 | $ 0 | 0 | $ 0 | |
Cash equivalents | $ 0 | $ 0 | $ 0 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Performance Obligation, Description of Timing | The expected duration of the performance obligation is less than one year. | |||
Maximum [Member] | ||||
Expected duration of performance obligation | 1 year | |||
Contracts and contract liabilities duration period | 1 year | |||
Opening [Member] | ||||
Contract liability | $ 1.1 | $ 1 | $ 1.3 | $ 0.5 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue Recognition [Abstract] | ||||
Revenue from contracts with customers | $ 112,552 | $ 116,610 | $ 326,776 | $ 281,207 |
Cost recovery income | 1,938 | 655 | ||
Century Casino Calgary sale earn out revenue | 47 | 47 | ||
Total revenue | $ 112,552 | $ 116,657 | $ 328,714 | $ 281,909 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | $ 112,552 | $ 116,610 | $ 326,776 | $ 281,207 |
Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 36 | 194 | 131 | 456 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 70,718 | 73,897 | 206,275 | 214,969 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 20,065 | 21,368 | 55,105 | 30,031 |
Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net operating revenue | 21,733 | 21,151 | 65,265 | 35,751 |
Gaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 93,505 | 98,366 | 277,853 | 240,694 |
Gaming [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 36 | 69 | 120 | 84 |
Gaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 60,150 | 64,569 | 179,524 | 190,159 |
Gaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 11,841 | 12,917 | 33,728 | 15,937 |
Gaming [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 21,478 | 20,811 | 64,481 | 34,514 |
Pari-Mutuel, Sports Betting And iGaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 6,067 | 6,200 | 14,755 | 13,342 |
Pari-Mutuel, Sports Betting And iGaming [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,965 | 2,617 | 6,300 | 5,825 |
Pari-Mutuel, Sports Betting And iGaming [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,102 | 3,583 | 8,455 | 7,517 |
Hotel Project [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,619 | 2,243 | 7,234 | 6,214 |
Hotel Project [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 2,485 | 2,243 | 6,895 | 6,214 |
Hotel Project [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 134 | 339 | ||
Food And Beverage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 7,031 | 6,078 | 18,095 | 12,401 |
Food And Beverage [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,319 | 2,950 | 9,314 | 8,676 |
Food And Beverage [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,509 | 2,962 | 8,171 | 3,504 |
Food And Beverage [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 203 | 166 | 610 | 221 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 3,330 | 3,723 | 8,839 | 8,556 |
Other [Member] | Corporate And Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 125 | 11 | 372 | |
Other [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,799 | 1,518 | 4,242 | 4,095 |
Other [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | 1,479 | 1,906 | 4,412 | 3,073 |
Other [Member] | Poland [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 52 | $ 174 | $ 174 | $ 1,016 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Opening [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | $ 749 | $ 739 | $ 1,269 | $ 1,103 |
Contract Liabilities | 2,842 | 2,769 | 2,986 | 2,200 |
Closing [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | 1,299 | 899 | 1,299 | 899 |
Contract Liabilities | 2,607 | 3,038 | 2,607 | 3,038 |
Increase/(Decrease) [Member] | ||||
Contract Receivables and Liabilities [Line Items] | ||||
Receivables | 550 | 160 | 30 | (204) |
Contract Liabilities | $ (235) | $ 269 | $ (379) | $ 838 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Sep. 30, 2022 |
Minimum [Member] | |
Remaining lease term | 1 month |
Maximum [Member] | |
Remaining lease term | 15 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease expense | $ 1,305 | $ 1,463 | $ 3,988 | $ 4,445 |
Finance lease expense: | ||||
Amortization of right-of-use assets | 26 | 31 | 110 | 97 |
Interest on lease liabilities | 10 | 1 | 19 | 5 |
Total finance lease expense | 36 | 32 | 129 | 102 |
Variable lease expense | $ 415 | $ 554 | $ 1,139 | $ 942 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows from finance leases | $ 15 | $ 5 |
Operating cash flows from operating leases | 3,579 | 3,960 |
Financing cash flows from finance leases | 115 | 93 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,050 | $ 334 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Leased right-of-use assets, net | $ 27,470 | $ 28,383 |
Current portion of operating lease liabilities | 3,610 | 3,915 |
Operating lease liabilities, net of current portion | 26,539 | 27,229 |
Total operating lease liabilities | 30,149 | 31,144 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 747 | 424 |
Accumulated depreciation | (142) | (342) |
Property and equipment, net | 605 | 82 |
Current portion of finance lease liabilities | 149 | 38 |
Finance lease liabilities, net of current portion | 430 | 43 |
Total finance lease liabilities | $ 579 | $ 81 |
Weighted-average remaining lease term | ||
Operating leases | 10 years 9 months 18 days | 11 years 2 months 12 days |
Finance leases | 3 years 9 months 18 days | 2 years 2 months 12 days |
Weighted-average discount rate | ||
Operating leases | 4.90% | 4.70% |
Finance leases | 7% | 4% |
Leases (Maturities Of Lease Lia
Leases (Maturities Of Lease Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2022 | $ 1,215 | |
2023 | 4,845 | |
2024 | 4,179 | |
2025 | 3,228 | |
2026 | 2,995 | |
Thereafter | 23,837 | |
Total lease payments | 40,299 | |
Less imputed interest | (10,150) | |
Total | 30,149 | $ 31,144 |
Finance Leases | ||
2022 | 49 | |
2023 | 180 | |
2024 | 174 | |
2025 | 159 | |
2026 | 84 | |
Thereafter | 15 | |
Total lease payments | 661 | |
Less imputed interest | (82) | |
Total | $ 579 | $ 81 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 item | |
Segment Information [Abstract] | |
Number of chief operating decision maker | 2 |
Number of Co-CEOs | 2 |
Number of reportable segments based on geographical locations | 3 |
Segment Information (Aggregatio
Segment Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Central City |
Colorado [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Cripple Creek |
West Virginia [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Mountaineer Casino, Racetrack & Resort |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Cape Girardeau |
Missouri [Member] | United States [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino Caruthersville |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino & Hotel - Edmonton |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Casino St. Albert |
Edmonton [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Mile Racetrack and Casino |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Downs Racetrack and Casino |
Calgary [Member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Sports |
Calgary [member] | Canada [Member] | |
Segment Reporting Information [Line Items] | |
Reporting Unit | Century Bets! Inc. (1) |
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 (2) |
Segment Information (Segment In
Segment Information (Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | $ 112,552 | $ 116,610 | $ 326,776 | $ 281,207 | ||||||
Earnings (loss) before income taxes | 5,065 | 14,972 | 8,640 | 20,561 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,944 | 11,226 | 12,018 | 16,662 | ||||||
Income taxes (benefit) | 855 | 2,593 | (8,130) | 3,813 | ||||||
Depreciation and amortization | 6,776 | 6,784 | 20,350 | 20,060 | ||||||
Net earnings attributable to non-controlling interests | 1,266 | 1,153 | 4,752 | 86 | ||||||
Non-cash stock-based compensation | 2,638 | 1,568 | ||||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (409) | 135 | (2,725) | (302) | ||||||
Loss on sale of land and building | 2,154 | |||||||||
Total assets | 868,534 | 868,534 | $ 703,358 | |||||||
Cash payments related to lease | 3,579 | 3,960 | ||||||||
Income related to the sale of the casino operations | 28 | |||||||||
Amortization and write-off of deferred financing costs and discount on note receivable | 9,042 | 1,174 | ||||||||
Corporate And Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 36 | 194 | 131 | 456 | ||||||
Amortization and write-off of deferred financing costs and discount on note receivable | 7,300 | |||||||||
United States [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 70,718 | 73,897 | 206,275 | 214,969 | ||||||
Canada [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 20,065 | 21,368 | 55,105 | 30,031 | ||||||
Poland [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 21,733 | 21,151 | 65,265 | 35,751 | ||||||
Operating Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 112,552 | [1] | 116,610 | [2] | 326,776 | [1] | 281,207 | [2] | ||
Earnings (loss) before income taxes | 5,065 | 14,972 | 8,640 | 20,561 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,944 | 11,226 | 12,018 | 16,662 | ||||||
Interest expense (income), net | 15,350 | [3] | 10,620 | [4] | 47,939 | [5] | 31,830 | [6] | ||
Income taxes (benefit) | 855 | (2,593) | (8,130) | 3,813 | ||||||
Depreciation and amortization | 6,776 | 6,784 | 20,350 | 20,060 | ||||||
Net earnings attributable to non-controlling interests | 1,266 | 1,153 | 4,752 | 86 | ||||||
Non-cash stock-based compensation | 953 | 986 | 2,638 | 1,568 | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (409) | (313) | (583) | [7] | (1,261) | |||||
Loss (gain) on disposition of fixed assets | 38 | 7 | (37) | 282 | ||||||
Acquisition costs | 295 | 2,724 | ||||||||
Adjusted EBITDA | 28,068 | (33,056) | 81,671 | 73,040 | ||||||
Operating Segments [Member] | Corporate And Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 36 | [1] | 194 | [2] | 131 | [1] | 456 | [2] | ||
Earnings (loss) before income taxes | (10,982) | (6,488) | (36,626) | (18,289) | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (4,083) | (7,908) | (18,473) | (21,657) | ||||||
Interest expense (income), net | 8,087 | [3] | 3,294 | [4] | 25,482 | [5] | 9,825 | [6] | ||
Income taxes (benefit) | (6,899) | (1,420) | (18,153) | 3,368 | ||||||
Depreciation and amortization | 81 | 108 | 321 | 317 | ||||||
Non-cash stock-based compensation | 953 | 986 | 2,638 | 1,568 | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (5) | (24) | (8) | [7] | (436) | |||||
Loss (gain) on disposition of fixed assets | (124) | (39) | ||||||||
Acquisition costs | 295 | 2,724 | ||||||||
Adjusted EBITDA | (1,571) | 2,124 | (5,593) | (7,054) | ||||||
Operating Segments [Member] | United States [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 70,718 | [1] | 73,897 | [2] | 206,275 | [1] | 214,969 | [2] | ||
Earnings (loss) before income taxes | 9,139 | 12,389 | 28,176 | 39,486 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,372 | 12,389 | 21,409 | 39,486 | ||||||
Interest expense (income), net | 7,201 | [3] | 7,121 | [4] | 21,310 | [5] | 21,083 | [6] | ||
Income taxes (benefit) | 6,767 | 6,767 | ||||||||
Depreciation and amortization | 4,892 | 4,699 | 14,418 | 13,734 | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | [7] | (1) | ||||||||
Loss (gain) on disposition of fixed assets | 11 | 33 | 282 | |||||||
Adjusted EBITDA | 21,243 | (24,209) | 63,936 | 74,585 | ||||||
Operating Segments [Member] | Canada [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 20,065 | [1] | 21,368 | [2] | 55,105 | [1] | 30,031 | [2] | ||
Earnings (loss) before income taxes | 3,395 | 6,242 | 9,123 | 1,728 | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,623 | 5,308 | 4,797 | 265 | ||||||
Interest expense (income), net | 581 | [3] | 560 | [4] | 1,733 | [5] | 1,263 | [6] | ||
Income taxes (benefit) | 522 | (499) | 1,718 | 661 | ||||||
Depreciation and amortization | 1,180 | 1,217 | 3,632 | 3,689 | ||||||
Net earnings attributable to non-controlling interests | 250 | 435 | 2,608 | 802 | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (71) | (57) | 138 | [7] | (604) | |||||
Loss (gain) on disposition of fixed assets | 4 | 23 | 36 | |||||||
Adjusted EBITDA | 5,085 | (7,966) | 14,649 | 6,112 | ||||||
Operating Segments [Member] | Poland [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net operating revenue | 21,733 | [1] | 21,151 | [2] | 65,265 | [1] | 35,751 | [2] | ||
Earnings (loss) before income taxes | 3,513 | 2,829 | 7,967 | (2,364) | ||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 2,032 | 1,437 | 4,285 | (1,432) | ||||||
Interest expense (income), net | (519) | [3] | (355) | [4] | (586) | [5] | (341) | [6] | ||
Income taxes (benefit) | 465 | (674) | 1,538 | (216) | ||||||
Depreciation and amortization | 623 | 760 | 1,979 | 2,320 | ||||||
Net earnings attributable to non-controlling interests | 1,016 | 718 | 2,144 | (716) | ||||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (333) | (232) | (712) | [7] | (221) | |||||
Loss (gain) on disposition of fixed assets | 27 | 3 | 31 | 3 | ||||||
Adjusted EBITDA | 3,311 | (3,005) | 8,679 | (603) | ||||||
Master Lease [Member] | United States [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Interest expense (income), net | 7,200 | 7,100 | 21,300 | 21,100 | ||||||
Cash payments related to lease | 8,500 | 6,300 | 19,100 | 16,800 | ||||||
CDR Land Lease [Member] | Canada [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Interest expense (income), net | 600 | 500 | 1,700 | 1,200 | ||||||
Cash payments related to lease | $ 500 | $ 400 | 1,600 | $ 1,300 | ||||||
Calgary [Member] | Canada [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Loss on sale of land and building | $ 2,200 | |||||||||
[1] Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations. Net operating revenue for Corporate and Other primarily related to the Company’s cruise ship operations and consulting agreements. Expense of $ 7.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 0.6 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 $ 8.5 million and $ 0.5 million, respectively, for the period presented. Expense of $ 7.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 0.5 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 6.3 million and $ 0.4 million, respectively, for the period presented. Expense of $ 21.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.7 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 $ 19.1 million and $ 1.6 million respectively, for the period presented. Expense of $ 7.3 million related to the write-off of deferred financing costs in connection with the prepayment of the Macquarie Term Loan is included in interest expense (income), net in the Corporate and Other segment. (3) Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. Expense of $ 21.1 million related to the Master Lease is included in interest expense, net in the United States segment. Expense of $ 1.2 million related to the CDR land lease is included in interest expense, net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 16.8 million and $ 1.3 million, respectively, for the period presented. Loss of $ 2.2 million related to the sale of the land and building in Calgary is included in the Canada segment. |