Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 03, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 186,250,356 | ||
Entity Common Stock, Shares Outstanding | 29,870,547 | ||
Documents Incorporated By Reference | Part III incorporates by reference the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after December 31, 2022. | ||
Entity Central Index Key | 0000911147 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 101,785 | $ 107,821 |
Receivables, net | 9,085 | 9,414 |
Prepaid expenses | 13,780 | 12,417 |
Inventories | 1,530 | 1,443 |
Restricted cash | 100,151 | |
Other current assets | 1,688 | 1,163 |
Assets held for sale | 8,422 | |
Total Current Assets | 228,019 | 140,680 |
Property and equipment, net | 464,650 | 472,302 |
Leased right-of-use assets, net | 27,190 | 28,383 |
Goodwill | 9,583 | 10,347 |
Intangible assets, net | 44,771 | 48,930 |
Deferred income taxes | 15,579 | 555 |
Equity investment | 93,260 | |
Note receivable, net of current portion and unamortized discount | 336 | 358 |
Deposits and other | 1,579 | 1,803 |
Total Assets | 884,967 | 703,358 |
Current Liabilities: | ||
Current portion of long-term debt | 5,322 | 3,958 |
Current portion of operating lease liabilities | 3,947 | 3,915 |
Current portion of finance lease liabilities | 150 | 38 |
Accounts payable | 15,341 | 12,651 |
Accrued liabilities | 19,012 | 13,592 |
Accrued payroll | 11,840 | 11,190 |
Taxes payable | 9,801 | 15,089 |
Total Current Liabilities | 65,413 | 60,433 |
Long-term debt, net of current portion and deferred financing costs (Note 6) | 344,258 | 177,526 |
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7) | 284,904 | 281,901 |
Operating lease liabilities, net of current portion | 26,016 | 27,229 |
Finance lease liabilities, net of current portion | 399 | 43 |
Taxes payable and other | 6,965 | 2,954 |
Deferred income taxes | 2,813 | 2,915 |
Total Liabilities | 730,768 | 553,001 |
Commitments and Contingencies (Note 16) | ||
Equity: | ||
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding | ||
Common stock; $0.01 par value; 50,000,000 shares authorized; 29,870,547 and 29,624,814 shares issued and outstanding | 299 | 296 |
Additional paid-in capital | 121,653 | 118,469 |
Retained earnings | 37,265 | 29,289 |
Accumulated other comprehensive loss | (15,189) | (6,430) |
Total Century Casinos, Inc. Shareholders’ Equity | 144,028 | 141,624 |
Non-controlling interests | 10,171 | 8,733 |
Total Equity | 154,199 | 150,357 |
Total Liabilities and Equity | $ 884,967 | $ 703,358 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 29,870,547 | 29,624,814 |
Common stock, shares outstanding | 29,870,547 | 29,624,814 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating revenue: | |||
Net operating revenue | $ 430,529 | $ 388,506 | $ 304,268 |
Operating costs and expenses: | |||
General and administrative | 105,467 | 93,489 | 80,246 |
Depreciation and amortization | 27,109 | 26,762 | 26,534 |
Impairment - intangible and tangible assets | 35,121 | ||
(Gain) on sale of casino operations (Note 1) | (6,457) | ||
Loss on sale of assets (Note 1) | 2,154 | ||
Total operating costs and expenses | 366,166 | 319,988 | 304,395 |
Earnings from equity investment | 3,249 | ||
Earnings (loss) from operations | 67,612 | 68,518 | (127) |
Non-operating (expense) income: | |||
Interest income | 851 | 174 | 6 |
Interest expense | (65,831) | (42,832) | (43,104) |
Gain (loss) on foreign currency transactions, cost recovery income and other | 3,378 | 2,289 | (63) |
Non-operating (expense) income, net | (61,602) | (40,369) | (43,161) |
Earnings before income taxes | 6,010 | 28,149 | (43,288) |
Income tax benefit (expense) | 7,660 | (6,371) | (4,848) |
Net earnings (loss) | 13,670 | 21,778 | (48,136) |
Net (earnings) loss attributable to non-controlling interests | (5,694) | (1,156) | 134 |
Net earnings attributable to Century Casinos, Inc. shareholders | $ 7,976 | $ 20,622 | $ (48,002) |
Earnings (loss) per share attributable to Century Casinos, Inc. shareholders: | |||
Basic | $ 0.27 | $ 0.70 | $ (1.62) |
Diluted | $ 0.25 | $ 0.66 | $ (1.62) |
Weighted average shares outstanding - basic | 29,809 | 29,593 | 29,559 |
Weighted average shares outstanding - diluted | 31,480 | 31,388 | 29,559 |
Gaming [Member] | |||
Operating revenue: | |||
Operating revenue | $ 365,986 | $ 331,877 | $ 253,281 |
Operating costs and expenses: | |||
Operating costs and expenses | 183,841 | 161,119 | 131,563 |
Pari-Mutuel, Sports Betting And iGaming [Member] | |||
Operating revenue: | |||
Operating revenue | 19,607 | 18,848 | 17,660 |
Operating costs and expenses: | |||
Operating costs and expenses | 22,149 | 19,735 | 19,301 |
Hotel Project [Member] | |||
Operating revenue: | |||
Operating revenue | 9,628 | 8,286 | 5,910 |
Operating costs and expenses: | |||
Operating costs and expenses | 2,815 | 2,360 | 2,125 |
Food And Beverage [Member] | |||
Operating revenue: | |||
Operating revenue | 24,097 | 17,788 | 16,194 |
Operating costs and expenses: | |||
Operating costs and expenses | 22,631 | 16,523 | 15,962 |
Other [Member] | |||
Operating revenue: | |||
Operating revenue | $ 11,211 | $ 11,707 | $ 11,223 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Net earnings (loss) | $ 13,670 | $ 21,778 | $ (48,136) |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | (9,739) | (495) | 3,415 |
Other comprehensive loss | (9,739) | (495) | 3,415 |
Comprehensive income (loss) | 3,931 | 21,283 | (44,721) |
Comprehensive income (loss) attributable to non-controlling interests | |||
Net (earnings) loss attributable to non-controlling interests | (5,694) | (1,156) | 134 |
Foreign currency translation adjustments | 980 | 444 | (352) |
Comprehensive income (loss) attributable to Century Casinos, Inc. shareholders | $ (783) | $ 20,571 | $ (44,939) |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total Century Casinos, Inc. Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2019 | $ 295 | $ 115,784 | $ (9,442) | $ 56,669 | $ 8,769 | ||
Performance stock unit issuance | 1 | ||||||
Net earnings (loss) | (48,002) | (134) | $ (48,136) | ||||
Foreign currency translation adjustment | 3,063 | 352 | 3,415 | ||||
Amortization of stock-based compensation | (214) | ||||||
Distribution to non-controlling interest | (158) | ||||||
Balance at Dec. 31, 2020 | 296 | 115,570 | (6,379) | 8,667 | $ 118,154 | 8,829 | $ 126,983 |
Common shares issued | 75,635 | ||||||
Net earnings (loss) | 20,622 | 1,156 | $ 21,778 | ||||
Foreign currency translation adjustment | (51) | (444) | (495) | ||||
Amortization of stock-based compensation | 2,652 | ||||||
Distribution to non-controlling interest | (808) | ||||||
Exercise of options | 247 | ||||||
Balance at Dec. 31, 2021 | 296 | 118,469 | (6,430) | 29,289 | 141,624 | 8,733 | $ 150,357 |
Common shares issued | 48,852 | ||||||
Performance stock unit issuance | 2 | (436) | |||||
Net earnings (loss) | 7,976 | 5,694 | $ 13,670 | ||||
Foreign currency translation adjustment | (8,759) | (980) | (9,739) | ||||
Amortization of stock-based compensation | 3,335 | ||||||
Distribution to non-controlling interest | (3,276) | ||||||
Exercise of options | 1 | 285 | |||||
Balance at Dec. 31, 2022 | $ 299 | $ 121,653 | $ (15,189) | $ 37,265 | $ 144,028 | $ 10,171 | $ 154,199 |
Common shares issued | 245,733 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows provided by Operating Activities: | |||
Net earnings (loss) | $ 13,670 | $ 21,778 | $ (48,136) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 27,109 | 26,762 | 26,534 |
Lease amortization | 4,003 | 4,037 | 3,661 |
Loss on disposition of fixed assets | 18 | 389 | 24 |
Adjustment of contingent liability (Note 16) | (436) | 51 | |
Income on equity investment | (3,249) | ||
Amortization of stock-based compensation expense | 3,335 | 2,652 | (214) |
Amortization and write-off of deferred financing costs and discount on note receivable | 9,716 | 1,565 | 1,614 |
Impairment (Note 4, Note 5) | 35,121 | ||
Gain on deconsolidated subsidiary, excluding cash (Note 1) | (7,848) | ||
Loss on sale of assets (Note 1) | 2,154 | ||
Gain on sale of operations (Note 1) | (6,457) | ||
Deferred taxes | (15,126) | 345 | 3,448 |
Other | 1 | ||
Changes in Operating Assets and Liabilities: | |||
Receivables, net | 139 | (1,218) | 2,502 |
Prepaid expenses and other assets | (1,335) | (473) | (1,250) |
Accounts payable | (1,941) | (4,939) | 4,640 |
Other current and long-term liabilities | 4,043 | 2,995 | (4,201) |
Inventories | (142) | 192 | 349 |
Accrued payroll | 985 | 2,944 | (4,970) |
Taxes payable | (5,982) | 2,597 | 4,136 |
Net cash provided by operating activities | 37,397 | 59,190 | 9,005 |
Cash Flows used in Investing Activities: | |||
Purchases of property and equipment | (19,193) | (10,012) | (10,705) |
Acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville | (1,157) | ||
Smooth Bourbon dividends (Note 3) | 4,989 | ||
Smooth Bourbon acquisition (Note 3) | (95,000) | ||
Purchase of intangible assets - casino license | (390) | ||
Proceeds from disposition of assets | 124 | 44 | |
Century Casino Calgary sale working capital adjustment, net of earn out (Note 1) | (24) | 6,575 | |
Calgary asset sale (Note 1) | 6,330 | ||
Net cash used in investing activities | (103,140) | (9,992) | (5,287) |
Cash Flows provided by (used in) Financing Activities: | |||
Proceeds from borrowings | 355,000 | 17,351 | |
Principal payments | (171,550) | (4,152) | (13,188) |
Payment of deferred financing costs | (18,864) | (876) | |
Distribution to non-controlling interest | (3,276) | (808) | (158) |
Repurchase of shares to satisfy tax withholding | (434) | ||
Proceeds from exercise of stock options | 286 | 247 | |
Net cash provided by (used in) financing activities | 161,162 | (4,713) | 3,129 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (1,329) | (121) | 1,190 |
Increase in Cash, Cash Equivalents and Restricted Cash | 94,090 | 44,364 | 8,037 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 108,041 | 63,677 | 55,640 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 202,131 | 108,041 | 63,677 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid | 53,276 | 39,025 | 38,832 |
Income taxes paid | 8,968 | 6,025 | 2,607 |
Income tax refunds | 890 | 1,049 | 1,242 |
Non-Cash Investing Activities: | |||
Purchase of property and equipment on account | $ 6,717 | $ 1,882 | $ 867 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 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 December 31, 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 St. Albert, Alberta, Canada (“CSA”); and Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”) (2) (1) VICI Properties Inc. (“VICI PropCo”) owns the real estate assets. (2) CMR leases the land on which the racetrack and Racing and Entertainment Centre (“REC”) are located. 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 Note 1 for additional information about Century Sports. 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 currently has a controlling financial interest through its wholly-owned subsidiary CRM in the following majority-owned subsidiaries: The Company owns 75 % of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a REC in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25 % is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. The Company owns 66.6 % of Casinos Poland Ltd. (“CPL” or “Casinos Poland”). As of December 31, 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. 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 December 31, 2022, the Company had a concession agreement with TUI Cruises for one ship-based casino that ends in the second quarter of 2023. In April 2022, a concession agreement with TUI Cruises for one other ship-based casino ended and in May 2021, a concession agreement with TUI Cruises for two other ship-based casinos ended. Recent Developments Related to COVID-19 The COVID-19 pandemic had an adverse effect on the Company’s 2020 results of operations and financial condition, and adversely impacted 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 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 Colorado March 17, 2020 June 15 and June 17, 2020 Missouri March 17, 2020 June 1, 2020 West Virginia March 17, 2020 June 5, 2020 Edmonton March 17, 2020 June 13, 2020 December 13, 2020 June 10, 2021 Calgary March 17, 2020 June 13, 2020 December 13, 2020 June 10, 2021 Poland March 13, 2020 May 18, 2020 December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 In March 2020, as a proactive measure to increase its cash position and preserve financial flexibility, the Company borrowed an additional $ 9.95 million on its revolving credit facility (the “Revolving Facility”) under its credit facility (“Macquarie Credit Agreement”) with Macquarie Capital (“Macquarie”) and $ 7.4 million on its credit agreement with UniCredit Bank Austria AG (“UniCredit”). The Revolving Facility was repaid in July 2020 except for a $ 50,000 letter of credit that was repaid in May 2021. The $ 7.4 million credit agreement with UniCredit was refinanced in June 2021 to a EUR 6.0 million term loan repayable through December 31, 2025 . See Note 6 for further discussion of the Macquarie Credit Agreement and the UniCredit credit agreement. The duration and impact of the COVID-19 pandemic remains uncertain. The Company cannot predict the negative impacts that COVID-19 will have on its consumer demand, workforce, suppliers, contractors and other partners and whether future closures will be required. Such closures have had a material impact on the Company’s financial results. The effects of COVID-19, ongoing governmental health and safety requirements and any future closures could have a material impact on the Company. The Company will continue to monitor its liquidity and make reductions to marketing and operating expenditures, where possible, if future government mandates or closures are required that would have an adverse impact on the Company. Other Projects and Developments 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 Smooth Bourbon, 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 6) 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 in the second quarter of 2023 (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 through April 1, 2027 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. 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 PropCo, 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 ). Recent Developments Related to Century Casino Caruthersville On October 26, 2022, the Missouri Gaming Commission 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. The riverboat casino had 519 slot machines and seven table games. From October to December 2022, the casino was operated from the barge with 299 slot machines and four table games. The move to the pavilion, which has 425 slot machines and six table games, was completed in late December 2022. The pavilion building will not be affected by water levels, is protected by a flood wall and provides for easier access to the casino for customers than the riverboat. 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. This change, which recently survived a legal challenge, provides an opportunity for Century Casino Caruthersville to move to a non-floating facility. The Company is building a new land-based casino with a 38 room hotel adjacent to and connected with the existing building. Construction on the project began in December 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 is financing this project through VICI PropCo. As of December 31, 2022, the Company has spent $ 2.2 million on this project and has received $ 5.0 million from VICI PropCo in financing. 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, The Farmstead, on October 30, 2022 with a total project cost of $ 3.6 million. Cape Girardeau Hotel The Company is building a 69 room 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. 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 December 31, 2022, the Company has spent $ 2.8 million on this project. Terminated Projects Century Casino Calgary and Century Sports In August 2020, the Company announced that it had entered into a definitive agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($ 7.5 million based on the exchange rate on August 5, 2020) plus a three year quarterly earn out as specified in the agreement. The Company received the CAD 10.0 million at the execution of the definitive agreement. The sale transaction closed on December 1, 2020. During the first quarter of 2021, the Company paid CAD 0.1 million ($ 0.1 million based on the exchange rate on February 12, 2021) in working capital adjustments under the purchase agreement. The Company recognized a gain on the sale of the casino operations of CAD 8.4 million ($ 6.5 million based on the exchange rate in effect on December 1, 2020), after giving effect to working capital and other adjustments. In December 2020, the Company entered into a three year lease agreement of the casino premises with the purchaser for annual net rent of CAD 0.5 million ($ 0.4 million based on the exchange rate on December 31, 2022). After the sale, the Company continued to operate Century Sports and 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. Century Casino Bath In March 2020, Century Casino Bath (“CCB”) was closed due to COVID-19. Due to challenging conditions that included historical and forecast losses due to changes in the regulatory environment for casinos in England requiring enhanced due diligence of customers, CCB’s board of directors determined that it would enter into creditors voluntary liquidation and control of CCB was relinquished. Under Accounting Standards Codification (“ASC”) 810, Consolidation , specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners. Accordingly, when a subsidiary is in legal reorganization or files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. The Company determined that it was appropriate to deconsolidate CCB effective as of May 6, 2020. As a result of the deconsolidation, the Company recognized a gain of $ 7.4 million in general and administrative expenses on its consolidated statement of earnings (loss) for the year ended December 31, 2020. The process of voluntary liquidation was completed in October 2022 and CCB was dissolved. Mendoza Central Entretenimientos S.A. The Company, through its subsidiary CRM, had a 7.5 % ownership interest in Mendoza Central Entretenimientos S.A, an Argentina company (“MCE”), which leases slot machines and provides related services to Casino de Mendoza, a casino located in Mendoza, Argentina that is owned by the Province of Mendoza . The casino closed in March 2020 due to COVID-19 and reopened in November 2020. In March 2020, the Company assessed the MCE investment due to COVID-19. The investment was valued using the following approaches: (i) income approach utilizing the business enterprise value which resulted in no value, and (ii) a value in exchange basis which resulted in no value due to the circumstances of COVID-19. The Company charged $ 1.0 million to impairment – intangible and tangible assets in the Corporate and Other segment on the Company’s consolidated statement of earnings (loss) for the year ended December 31, 2020 and wrote-down a $ 0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. In November 2021, CRM sold its ownership interest in MCE for nominal consideration. In addition, a consulting services agreement between CRM and MCE was terminated. Bermuda In August 2017, the Company announced that it had entered into a long-term casino management agreement with the owner of the Hamilton Princess Hotel & Beach Club in Hamilton, Bermuda. The Company would also provide a $ 5.0 million loan for the purchase of casino equipment if the gaming license was awarded. In January 2023, the management and funding agreements were mutually terminated because the project was not going forward. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL and CDR as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL and CDR that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. Recently Adopted Accounting Pronouncements – The Company has recently 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 was effective from March 12, 2020 through December 31, 2022. The Company evaluated its debt agreements under ASU 2020-04 and determined that it did not need to modify any of the agreements as a result of the discontinuation of LIBOR. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) (“ASU 2021-08”). The objective of ASU 2021-08 is to address diversity in practice and inconsistency related to (i) recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard and will apply the guidance in connection with its pending acquisitions. Accounting Pronouncements Pending Adoption – The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its audited consolidated financial statements or notes thereto. Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. As of December 31, 2022 and 2021, the Company had no cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2022 2021 Cash and cash equivalents $ 101,785 $ 107,821 Restricted cash 100,151 — Restricted cash included in deposits and other 195 220 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 202,131 $ 108,041 As of December 31, 2022, the Company had $ 100.2 million related to the Acquisition Escrow in restricted cash and $ 0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and less than $ 0.1 million in deposits related to an insurance policy in restricted cash included in deposits and other on its consolidated balance sheet. As of December 31, 2021, the Company had $ 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 consolidated balance sheet. Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. Accounts Receivable – Accounts receivable are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment. Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill, including the impairments recorded in the year ended December 31, 2020. Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company has determined that the trademarks and casino licenses, with the exception of the trademark related to MTR and the casino licenses related to CPL, are indefinite-lived intangible assets and are therefore not amortized. The Company’s casino licenses related to CPL, the trademark related to MTR and the player’s club lists are finite-lived intangible assets and are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets, including the impairments recorded in the year ended December 31, 2020. Financing Obligation with VICI PropCo – The Company and subsidiaries of VICI PropCo entered into a triple net lease agreement (the “Master Lease”) concurrently with the Company’s acquisition (the “2019 Acquisition”) in 2019 of MTR, CCG and CCV (the “2019 Acquired Casinos”). The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Note 7). As a financing obligation, the Company continues to reflect the real estate assets on its consolidated balance sheets as if the Company were the legal owner and continues to recognize depreciation expense over the estimated useful lives. The Company does not recognize rent expense related to these leased assets; instead, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method . In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of earnings (loss), which causes the financing obligation to increase during the initial years of the lease term. Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2022 2021 Canadian dollar (CAD) 1.3550 1.2678 Euros (EUR) 0.9393 0.8810 Polish zloty (PLN) 4.4004 4.0492 For the year ended December 31, % Change Average Rates 2022 2021 2020 2022/2021 2021/2020 Canadian dollar (CAD) 1.3011 1.2537 1.3412 ( 3.8 %) 6.5 % Euros (EUR) 0.9506 0.8456 0.8776 ( 12.4 %) 3.6 % Polish zloty (PLN) 4.4559 3.8608 3.8989 ( 15.4 %) 1.0 % British pound (GBP) N/A 0.7270 0.7798 N/A 6.8 % Source: 2022 Xe Currency Converter, 2021 and 2020 Pacific Exchange Rate Service Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $ 42.4 million, $ 39.0 million and $ 30.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage and Other Sales Goods and services provided include hotel room rentals, food and beverage sales and retail sales. The majority of the hotel, food and beverage and other sales contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGaming Sports betting revenue involves wagers on sporting events, and iGaming revenue involves wagers on casino games through an online platform. The Company has partnered with sports betting operators at its Colorado and West Virginia casinos and an iGaming operator at its West Virginia casino. The Company receives a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting Fees The Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. Promotional Allowances – The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2022, 2021 and 2020, the estimated direct costs of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Hotel $ 348 $ 293 $ 248 Food and beverage 2,065 1,789 1,775 $ 2,413 $ 2,082 $ 2,023 Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $ 1.0 million as of December 31, 2022 and 2021. Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $ 3.6 million, $ 2.3 million and $ 2.6 million in the years ended December 31, 2022, 2021 and 2020, respectively, and are included in gaming expenses on the Company’s consolidated statement of earnings (loss). Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2022, 2021 and 2020 were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Weighted average common shares, basic 29,809 29,593 29,559 Dilutive effect of stock options 1,671 1,795 — Weighted average common shares, diluted 31,480 31,388 29,559 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2022 2021 2020 Stock options 2,740 2,572 1,272 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 interests 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. Government Wage and Rent Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the years ended December 31, 2021 and 2020, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($ 2.5 million based on the exchange rate in effect on December 31, 2021) and CAD 7.4 million ($ 5.5 million based on the exchange rate in effect on December 31, 2020), respectively. In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize for a limited period rent for businesses experiencing a drop in revenue. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($ 1.3 million based on the average exchange rate for the year ended December 31, 2021) and CAD 0.5 million ($ 0.4 million based on the average exchange rate for the year ended December 31, 2020). There were no wage or rent subsidies received in Canada for the year ended December 31, 2022. Wage credits and subsidies were also provided by the US and Polish governments but were immaterial. |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 31, 2022 | |
Equity Investment [Abstract] | |
Equity Investment | 3. EQUITY INVESTMENT Following is summarized financial information regarding Smooth Bourbon as of December 31, 2022: For the year ended Amounts in thousands December 31, 2022 Operating Results Net operating revenue $ 11,501 Earnings from continuing operations $ 11,219 Net earnings $ 6,497 Net earnings attributable to Century Casinos, Inc. $ 3,249 The Company’s maximum exposure to losses at December 31, 2022 was $ 93.3 million, the value of its equity investment in Smooth Bourbon. Changes in the carrying amount of the investment in Smooth Bourbon for the year ended December 31, 2022 are presented in the table below. Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Balance at December 31, 2022 Smooth Bourbon $ — $ 95,000 $ 3,249 $ ( 4,989 ) $ 93,260 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2022 and 2021 consisted of the following: December 31, Amounts in thousands 2022 2021 Land $ 43,654 $ 49,948 Buildings and improvements 436,207 450,280 Gaming equipment 43,590 41,523 Furniture and non-gaming equipment 47,166 46,896 Property and equipment held under finance leases (Note 9) 764 424 Capital projects in process 18,954 4,086 $ 590,335 $ 593,157 Less: accumulated depreciation ( 125,685 ) ( 112,433 ) Less: assets held for sale — ( 8,422 ) Property and equipment, net $ 464,650 $ 472,302 Depreciation expense was $ 23.5 million, $ 23.1 million and $ 22.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. No long-lived asset impairment charges were recorded for the years ended December 31, 2022, 2021 and 2020. In December 2020, the Company began to market the sale of the land and building that it owned in Calgary, Alberta, Canada. The Company recorded assets held for sale that included $ 4.8 million in land and $ 3.6 million in building and improvements, net of accumulated depreciation as of December 31, 2021. In February 2022, the Company sold the land and building. Until the sale, the Company operated Century Sports from this location and leased a portion of the land and building. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 5 . GOODWILL AND INTANGIBLE ASSETS Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management. The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. Testing compares the estimated fair values of the reporting units to the reporting units’ carrying values. The reportable segments with goodwill balances as of December 31, 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 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 (“MPEEM”) and the relief from royalty method under the income approach. During the first quarter of 2020, as a result of the COVID-19 pandemic and associated closure of its casinos, the Company concluded these triggering events could indicate possible impairment of its goodwill and indefinite-lived intangible assets. The Company performed a quantitative and qualitative impairment analysis and determined that goodwill and casino licenses related to certain reporting units were impaired. During the second quarter of 2020, the Company paid an additional $ 1.2 million related to the working capital adjustment for the 2019 Acquisition that resulted in additional goodwill. This amount was subsequently impaired in the same period. The Company recorded $ 34.1 million to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 31, 2020 related to the impairment of its goodwill and casino licenses for certain reporting units. The impairment analysis required management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, heightened by the possibility of additional effects of COVID-19, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. Goodwill Changes in the carrying value of goodwill related to the United States, Canada and Poland segments are as follows: Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2021 $ 19,786 $ 7,385 $ 6,891 $ 34,062 Currency translation — 17 ( 571 ) ( 554 ) Gross carrying value December 31, 2021 19,786 7,402 6,320 33,508 Currency translation — ( 260 ) ( 504 ) ( 764 ) Gross carrying value December 31, 2022 19,786 7,142 5,816 32,744 Accumulated impairment losses January 1, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at December 31, 2021 $ — $ 4,027 $ 6,320 $ 10,347 Net carrying value at December 31, 2022 $ — $ 3,767 $ 5,816 $ 9,583 Intangible Assets Intangible assets at December 31, 2022 and 2021 consisted of the following: December 31, December 31, Amounts in thousands 2022 2021 Finite-lived Casino licenses $ 2,672 $ 2,768 Less: accumulated amortization ( 1,763 ) ( 1,749 ) 909 1,019 Trademarks 2,368 2,368 Less: accumulated amortization ( 730 ) ( 494 ) 1,638 1,874 Players club lists 20,373 20,373 Less: accumulated amortization ( 8,974 ) ( 6,063 ) 11,399 14,310 Total finite-lived intangible assets, net 13,946 17,203 Indefinite-lived Casino licenses 29,331 30,112 Trademarks 1,494 1,615 Total indefinite-lived intangible assets 30,825 31,727 Total intangible assets, net $ 44,771 $ 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 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. The trademark will be amortized over its useful life. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s consolidated statement of earnings (loss). Changes in the carrying amount of the Mountaineer trademark are as follows: Amounts in thousands Balance at January 1, 2022 Amortization Balance at December 31, 2022 United States $ 1,874 $ ( 236 ) $ 1,638 Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021 United States $ 2,111 $ ( 237 ) $ 1,874 As of December 31, 2022, estimated amortization expense for the Mountaineer trademark over the next five years was as follows: Amounts in thousands 2023 $ 237 2024 237 2025 237 2026 237 2027 237 Thereafter 453 $ 1,638 The weighted-average amortization period of the Mountaineer trademark is 6.9 years. Trademarks: Indefinite-Lived The Company has determined the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s consolidated statement of earnings (loss). Changes in the carrying amount of the indefinite-lived trademarks are as follows: Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 Poland $ 1,507 $ ( 121 ) $ 1,386 Corporate and Other 108 — 108 $ 1,615 $ ( 121 ) $ 1,494 Amounts in thousands Balance at January 1, 2021 Currency translation Balance at December 31, 2021 Poland $ 1,643 $ ( 136 ) $ 1,507 Corporate and Other 108 — 108 $ 1,751 $ ( 136 ) $ 1,615 Casino Licenses: Finite-Lived As of December 31, 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 December 31, 2022 Poland $ 1,019 $ 390 $ ( 443 ) $ ( 57 ) $ 909 Amounts in thousands Balance at January 1, 2021 New Casino License Amortization Currency translation Balance at December 31, 2021 Poland $ 1,615 $ — $ ( 485 ) $ ( 111 ) $ 1,019 As of December 31, 2022, estimated amortization expense for the Casinos Poland casino licenses over the next five years was as follows: Amounts in thousands 2023 $ 407 2024 215 2025 95 2026 70 2027 70 Thereafter 52 $ 909 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 1.9 years. In Poland, gaming licenses are not renewable. Once a gaming license has expired, any gaming company can apply for the license. Casino Licenses: Indefinite-Lived The Company has determined that the casino licenses held in the United States segment from the Missouri Gaming Commission and the West Virginia Lottery Commission and held in the Canada segment from the AGLC and the HRA are indefinite-lived. Costs incurred to renew licenses that are indefinite-lived are expensed over the renewal period to general and administrative expenses on the Company’s consolidated statement of earnings (loss). Changes in the carrying amount of the licenses are as follows: Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 United States $ 17,962 $ — $ 17,962 Canada 12,150 ( 781 ) 11,369 $ 30,112 $ ( 781 ) $ 29,331 Amounts in thousands Balance at January 1, 2021 Currency translation Balance at December 31, 2021 United States $ 17,962 $ — $ 17,962 Canada 12,099 51 12,150 $ 30,061 $ 51 $ 30,112 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 as estimated by management over each property’s historical operations as estimated by management. The player’s club lists will be amortized over their useful lives. Changes in the carrying amount of the player’s club lists are as follows: Amounts in thousands Balance at January 1, 2022 Amortization Balance at December 31, 2022 United States $ 14,310 $ ( 2,911 ) $ 11,399 Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021 United States $ 17,220 $ ( 2,910 ) $ 14,310 As of December 31, 2022, estimated amortization expense for the player’s club lists over the next five years was as follows: Amounts in thousands 2023 $ 2,910 2024 2,910 2025 2,910 2026 2,669 $ 11,399 The weighted-average amortization period for the player’s club lists is 3.9 years. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 6. LONG-TERM DEBT Long-term debt and the weighted average interest rates at December 31, 2022 and 2021 consisted of the following: Amounts in thousands December 31, 2022 December 31, 2021 Credit agreement - Goldman $ 347,375 8.45 % $ — — Credit agreement - Macquarie — — 166,600 6.70 % Credit agreement - CPL — — 207 2.12 % UniCredit term loans 4,661 3.17 % 6,994 2.55 % Financing obligation - CDR land lease 14,388 15.05 % 15,378 11.44 % Total principal $ 366,424 8.72 % $ 189,179 6.89 % Deferred financing costs ( 16,844 ) ( 7,695 ) Total long-term debt $ 349,580 $ 181,484 Less current portion ( 5,322 ) ( 3,958 ) Long-term portion $ 344,258 $ 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 December 31, 2022, the outstanding balance of the Term Loan was $ 347.4 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 $ 0.1 million were recorded as interest expense in the consolidated statements of earnings (loss) for the year ended December 31, 2022. 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 December 31, 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 year ended December 31, 2022. Amortization expenses relating to the Goldman Credit Agreement were $ 2.0 million for the year ended December 31, 2022. These costs are included in interest expense in the consolidated statement of earnings (loss) for the year ended December 31, 2022. Credit Agreement – Macquarie Capital In December 2019, the Company entered into a $ 180.0 million credit agreement (the “Macquarie Credit Agreement”) with Macquarie Capital Funding LLC, as swingline lender, administrative agent and collateral agent, Macquarie Capital (USA) Inc., as sole lead arranger and sole bookrunner, and the Lenders and L/C Lenders party thereto. The Macquarie Credit Agreement replaced the Company’s credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). The Macquarie Credit Agreement 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 2019 Acquisition, for the repayment of approximately $ 52.0 million outstanding under the BMO Credit Agreement and for general working capital and corporate purposes. In March 2020, the Company drew $ 9.95 million on the Macquarie Revolving Facility. The Macquarie Revolving Facility was repaid in July 2020 except for a $ 50,000 letter of credit that was repaid in May 2021. 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 consolidated statement of earnings (loss) for the years ended December 31, 2022, 2021 and 2020. The Company amortized $ 0.4 million, $ 1.6 million and $ 1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. These costs are included in interest expense in the consolidated statements of earnings (loss) for the years ended December 31, 2022, 2021 and 2020. 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 short-term line of credit with Alior Bank ended in April 2020. The line of credit bore an interest rate of three-month Warsaw Interbank Offered Rate (“WIBOR”) plus 1.55 %. CPL’s PLN 3.0 million term loan and PLN 4.0 million term loan with mBank were paid in full in November 2021. The term loans bore an interest rate of 1-month WIBOR plus 1.70 %. 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. The short-term line of credit was terminated in October 2022. As of December 31, 2022, CPL had a short-term line of credit with mBank used to finance current operations. The line of credit bears an interest rate of overnight WIBOR plus 2.00 % with a borrowing capacity of PLN 5.0 million and is available through April 27, 2023. As of December 31, 2022, the credit facility had no outstanding balance and approximately PLN 5.0 million ($ 1.1 million based on the exchange rate in effect on December 31, 2022) was available for 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. 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 ($ 0.8 million based on the exchange rate in effect as of December 31, 2022). The mBank guarantees are secured by land owned by CPL in Kolbaskowo, Poland as well as a deposit of PLN 1.2 million ($ 0.3 million based on the exchange rate in effect as of December 31, 2022) with mBank and terminate in June 2024 and January 2026, respectively. CPL is also required to maintain deposits or provide bank guarantees for payment of additional prizes and giveaways at the casinos. The amount of these deposits varies depending on the value of the prizes. CPL maintained PLN 0.7 million ($ 0.2 million based on the exchange rate in effect as of December 31, 2022) in deposits for this purpose as of December 31, 2022. These deposits are included in deposits and other on the Company’s consolidated balance sheet for the year ended December 31, 2022. Century Resorts Management As of December 31, 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. I n 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 December 31, 2022, the amount outstanding on UniCredit Term Loan 1 was $ 0.4 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 in June 2021. In August 2018, CRM entered into a loan agreement with UniCredit for a revolving line of credit to be used for acquisitions and capital expenditures at the Company’s existing operations or new operations. In March 2020, CRM borrowed $ 7.4 million with a 12 month term under the UniCredit credit agreement. In March 2021, the term of the line of credit was extended to June 2021, when it was converted into UniCredit Term Loan 2. The term loan matures on December 31, 2025 and bears interest at a rate of 2.875 %. As of December 31, 2022, the amount outstanding was EUR 4.0 million ($ 4.3 million based on the exchange rate in effect on December 31, 2022) and the Company had no further borrowings available. The UniCredit Term Loan 2 is secured by a EUR 6.0 million guarantee by the Company and has no financial covenants. Century Downs Racetrack and Casino CDR’s land lease is a financing obligation to the Company. Prior to the Company’s acquisition of its ownership interest in CDR, CDR sold a portion of land on which Century Downs is located and then entered into an agreement to lease back a portion of the land sold. The Company accounts for the lease using the financing method by accounting for the land subject to lease as an asset and the lease payments as interest on the financing obligation. Under the land lease, CDR has four options to purchase the land. The first option is on July 1, 2023. Due to the nature of the CDR land lease financing obligation, there are no principal payments due until the Company exercises its option to purchase the land. Lease payments are applied to interest only, and any change in the outstanding balance of the financing obligation relates to foreign currency translation. As of December 31, 2022, the outstanding balance on the financing obligation was CAD 19.5 million ($ 14.4 million based on the exchange rate in effect on December 31, 2022). As of December 31, 2022, scheduled maturities related to the Company’s debt were as follows: Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2023 $ 3,500 $ 1,822 $ — $ 5,322 2024 3,500 1,420 — 4,920 2025 3,500 1,419 — 4,919 2026 3,500 — — 3,500 2027 3,500 — — 3,500 Thereafter 329,875 — 14,388 344,263 Total $ 347,375 $ 4,661 $ 14,388 $ 366,424 |
Long-Term Financing Obligation
Long-Term Financing Obligation | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Financing Obligation [Abstract] | |
Long-Term Financing Obligation | 7. LONG-TERM FINANCING OBLIGATION On December 6, 2019, certain subsidiaries of the Company (collectively, the “Tenant”) and certain subsidiaries of VICI PropCo (collectively, the “Landlord”) entered into the sale and leaseback transaction for the 2019 Acquired Casino properties. The Tenant entered into the Master Lease with the Landlord to lease the real estate assets of the 2019 Acquired Casinos. The Master Lease does not transfer control of the 2019 Acquired Casino properties to VICI Propco subsidiaries. On December 1, 2022, the Master Lease was amended (the “Master Lease Amendment”) to provide for certain (i) modifications with respect to certain project work to be done by the Company related to Century Casino Caruthersville, (ii) modifications to rent under the Master Lease and (iii) other related modifications. The Company accounts for the transaction as a failed sale-leaseback financing obligation. When cash proceeds are exchanged, a failed sale-leaseback financing obligation is equal to the proceeds received for the assets that are sold and then leased back. The value of the failed sale-leaseback financing obligations recognized in this transaction was determined to be the fair value of the leased real estate assets. In subsequent periods, a portion of the periodic payment under the Master Lease will be recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method. The failed sale-leaseback obligations will not be reduced to less than the net book value of the leased real estate assets as of the end of the lease term, which is estimated to be $ 28.5 million. The fair values of the real estate assets and the related failed sale-leaseback financing obligation were estimated based on the present value of the estimated future payments over the term plus renewal options of 35 years, using the imputed discount rate of approximately 10.2 %. The value of the failed sale-leaseback financing obligation is dependent upon assumptions regarding the amount of the payments and the estimated discount rate of the payments required by a market participant. The Master Lease provides for the lease of land, buildings, structures and other improvements on the land (including barges and riverboats), easements and similar appurtenances to the land and improvements relating to the operations of the leased properties. The Master Lease has an initial term of 15 years with no purchase option. At the Company’s option, the Master Lease may be extended for up to four five year renewal terms beyond the initial 15 year term. The Company exercised one five year renewal option when the Master Lease was amended on December 1, 2022. 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 2019 Acquired Casino properties, including real estate taxes, insurance, utilities, maintenance and operating costs. The Master Lease contains certain covenants, including minimum capital improvement expenditures. The Company has provided a guarantee of the Tenant’s obligations under the Master Lease. The rent payable under the Master Lease, as amended on December 1, 2022, 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. In addition, Rent will increase by approximately $ 4.2 million on the “CapEx Project Incremental Rent Increase Date” (as defined in the Master Lease Amendment). 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. 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 %. The estimated future payments are not adjusted for increases based on the CPI. Annual rent adjusted for CPI for the year ended December 31, 2023 is estimated to be $ 27.5 million, excluding the increased rent due to the Rocky Gap Acquisition. 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 ). Total payments and interest expense related to the Master Lease for the years ended December 31, 2022, 2021 and 2020 were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Payments made $ 25,666 $ 25,271 $ 25,021 Interest expense on financing obligation $ 28,532 $ 28,232 $ 28,356 The estimated future payments related to the Master Lease financing obligation with VICI PropCo at December 31, 2022 are as follows: Amounts in thousands 2023 $ 23,670 2024 26,144 2025 26,471 2026 26,802 2027 27,137 Thereafter 875,958 Total payments 1,006,182 Less imputed interest ( 749,770 ) Residual value 28,492 Total $ 284,904 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 8. REVENUE RECOGNITION The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s revenue and other income is presented in the table below. For the year ended December 31, Amounts in thousands 2022 2021 2020 Revenue from contracts with customers $ 430,529 $ 388,506 $ 304,268 Cost recovery income 1,938 655 158 Century Casino Calgary sale earn out revenue — 51 — Total revenue $ 432,467 $ 389,212 $ 304,426 The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, iGaming, and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, pari-mutuel and sports betting, iGaming, hotel, food and beverage, and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below. For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 232,871 $ 43,972 $ 88,959 $ 184 $ 365,986 Pari-mutuel, sports betting and iGaming 8,728 10,879 — — 19,607 Hotel 9,159 469 — — 9,628 Food and beverage 12,394 10,860 843 — 24,097 Other 5,430 5,392 367 22 11,211 Net operating revenue $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 249,397 $ 25,604 $ 56,724 $ 152 $ 331,877 Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848 Hotel 8,241 45 — — 8,286 Food and beverage 11,761 5,606 421 — 17,788 Other 5,394 4,817 1,081 415 11,707 Net operating revenue $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 For the year ended December 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 168,904 $ 30,319 $ 53,228 $ 830 $ 253,281 Pari-mutuel, sports betting and iGaming 7,502 10,158 — — 17,660 Hotel 5,826 84 — — 5,910 Food and beverage 9,795 5,832 462 105 16,194 Other 6,317 3,847 581 478 11,223 Net operating revenue $ 198,344 $ 50,240 $ 54,271 $ 1,413 $ 304,268 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 $ 1.6 million and $ 0.6 million for each of the years ended December 31, 2022 and 2021, respectively. This revenue consisted primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s receivables and contract liabilities is presented in the table below. For the year For the year ended December 31, 2022 ended December 31, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,269 $ 2,986 $ 1,103 $ 2,200 Closing 1,351 2,417 1,269 2,986 Increase/(Decrease) $ 82 $ ( 569 ) $ 166 $ 786 Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s consolidated balance sheets. In March 2020, the Company wrote-down its receivables related to MCE based on assessments made due to COVID-19 and future cash flows of MCE, and as a result, charged $ 0.3 million to general and administrative expenses during the year ended December 31, 2020 . Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 9. LEASES The Company determines if an arrangement is a lease at inception. 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 14 years. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Notes 2 and 7). The components of lease expense were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Operating lease expense $ 5,345 $ 5,864 $ 5,250 Finance lease expense: Amortization of right-of-use assets $ 136 $ 128 $ 165 Interest on lease liabilities 29 6 15 Total finance lease expense $ 165 $ 134 $ 180 Variable lease expense $ 1,478 $ 1,290 $ 1,476 Variable lease expense relates primarily to rates based on a percentage of gaming revenue, changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland. Supplemental cash flow information related to leases was as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 25 $ 6 $ 5 Operating cash flows from operating leases 5,168 5,201 6,355 Financing cash flows from finance leases 157 123 166 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,076 $ 407 $ — Supplemental balance sheet information related to leases was as follows: As of As of Amounts in thousands December 31, 2022 December 31, 2021 Operating leases Leased right-of-use assets, net $ 27,190 $ 28,383 Current portion of operating lease liabilities 3,947 3,915 Operating lease liabilities, net of current portion 26,016 27,229 Total operating lease liabilities 29,963 31,144 Finance leases Finance lease right-of-use assets, gross 764 424 Accumulated depreciation ( 175 ) ( 342 ) Property and equipment, net 589 82 Current portion of finance lease liabilities 150 38 Finance lease liabilities, net of current portion 399 43 Total finance lease liabilities 549 81 Weighted-average remaining lease term Operating leases 10.5 years 11.2 years Finance leases 3.6 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 December 31, 2022 were as follows: Amounts in thousands Operating Leases Finance Leases 2023 $ 5,091 $ 184 2024 4,446 178 2025 3,413 160 2026 3,136 85 2027 3,123 15 Thereafter 20,366 — Total lease payments 39,575 622 Less imputed interest ( 9,612 ) ( 73 ) Total $ 29,963 $ 549 10 |
Other Balance Sheet And Stateme
Other Balance Sheet And Statement Of Earnings (Loss) Captions | 12 Months Ended |
Dec. 31, 2022 | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions | 10. OTHER BALANCE SHEET AND STATEMENT OF EARNINGS (LOSS) CAPTIONS Accrued liabilities include the following as of December 31, 2022 and 2021: December 31, Amounts in thousands 2022 2021 Accrued commissions (AGLC) $ 2,436 $ 863 Progressive slot, table and on track liability 3,719 3,340 Player point liability 1,047 1,006 Chip liability 639 592 Racing-related liabilities 814 1,068 Deposit liability 368 420 Construction liability 3,562 — Other accrued liabilities 6,427 6,303 Total $ 19,012 $ 13,592 Accrued commissions (AGLC) include the portion of slot machine net sales and table game wins owed to the AGLC as of December 31, 2022 and 2021. Taxes payable include the following as of December 31, 2022 and 2021: December 31, Amounts in thousands 2022 2021 Accrued property taxes $ 1,478 $ 1,567 Gaming taxes payable 6,787 11,595 Other taxes payable 1,536 1,927 Total $ 9,801 $ 15,089 Pari-mutuel, sports betting and iGaming revenue includes the following for the years ended December 31, 2022, 2021 and 2020: For the year ended December 31, Amounts in thousands 2022 2021 2020 Pari-mutuel revenue $ 16,310 $ 16,484 $ 14,937 Sports betting revenue 2,734 2,166 2,723 iGaming revenue 563 198 — Total $ 19,607 $ 18,848 $ 17,660 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 11. SHAREHOLDERS’ EQUITY Since March 2000, the Company has had a discretionary program to repurchase the Company’s outstanding common stock. The total remaining authorization under the repurchase program was $ 14.7 million as of December 31, 2022. The Company did no t repurchase any shares of its common stock during 2022 and 2021. The repurchase program has no set expiration or termination date. The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the board of directors. The Company does not have any minimum capital requirements related to its status as a US corporation in the state of Delaware. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION At the 2005 annual meeting of stockholders, stockholders of the Company approved an equity incentive plan (as amended, the “2005 Plan”). The 2005 Plan expired in June 2015. There are stock options issued under the 2005 Plan that remain outstanding. The 2005 Plan provided for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provided for the issuance of up to 2,000,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company was not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options were required to have an exercise period not to exceed ten years . The Company had granted awards of incentive stock options and non-qualified stock options under the 2005 Plan, all of which had exercise prices that were not less than the fair market value at the date of grant. Options granted had six month , one year , three year or four year vesting periods. All outstanding options were issued at market value as of the date of the grant. Stockholders of the Company approved the 2016 Equity Incentive Plan (the “2016 Plan”) at the 2016 annual meeting of stockholders. The 2016 Plan will expire in June 2026 . The 2016 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2016 Plan. The 2016 Plan provides for the issuance of up to 3,500,000 shares of common stock to eligible individuals, including directors, through the various forms of permitted awards. The Company is not permitted to issue stock options at an exercise price lower than fair market value at the date of grant. All stock options are required to have an exercise period not to exceed ten years . As of December 31, 2022, the Company has granted 1,062,162 target performance stock units (“PSUs”) under the 2016 Plan. Any committee as delegated by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2016 Plan also allows limited transferability of any stock options to legal entities that are 100 % owned or controlled by the optionee or to the optionee’s family trust. PSUs The PSUs vest subject to market and performance conditions. The conditions are weighted 25 % based on market conditions and 75 % based on performance conditions. Market conditions are based on the Company’s total shareholder return (“TSR”) relative to a select group of peer companies at the end of a three year performance period. Performance conditions are based on the Company’s actual Adjusted EBITDA over the three year performance period compared to forecasted Adjusted EBITDA over the same period. Depending on the TSR and Adjusted EBITDA at the end of the performance period, anywhere from 0 % to 200 % of the target grant may vest. Expense is recognized on a straight-line basis over the performance period beginning on the date of grant. Probability is assessed quarterly on the performance conditions and compensation expense is adjusted accordingly. Actual forfeitures are recognized as they occur. Activity in the Company’s stock-based compensation plan for the PSUs was as follows: Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2020 441,223 $ 9.62 Granted 413,964 3.75 Vested ( 87,171 ) 6.75 Forfeited ( 80,797 ) 9.41 Nonvested at December 31, 2020 687,219 $ 6.47 Granted 268,947 6.44 Vested — — Forfeited ( 141,002 ) 11.97 Nonvested at December 31, 2021 815,164 $ 5.51 Granted 420,989 10.22 Vested ( 227,510 ) 9.17 Forfeited ( 21,481 ) 6.14 Nonvested at December 31, 2022 987,162 $ 6.66 At December 31, 2022, there was a total of $ 3.3 million of total unrecognized compensation expense related to the PSUs. The cost is expected to be recognized over a weighted-average period of 1.7 years. The PSUs granted during 2020 will vest in March 2023. The fair value of the PSUs granted is estimated on the date of grant using the Monte Carlo model with the following assumptions: Assumptions for PSU Awards 2022 2021 2020 Risk-free interest rate 2.47 % 0.19 % 0.19 % Expected life 2.8 years 2.9 years 2.2 years Expected volatility 91.0 % 82.2 % 88.4 % Expected dividends $ 0 $ 0 $ 0 Forfeiture rate 0 % 0 % 0 % Stock Options Activity related to options in the Company’s stock-based compensation plans for employee stock options was as follows: Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2022 1,127,500 $ 5.05 2.99 1,127,500 $ 5.05 Granted — — Exercised ( 52,500 ) 5.05 Cancelled or forfeited — — Expired — — Outstanding at December 31, 2022 1,075,000 $ 5.05 1.99 1,075,000 $ 5.05 (1) In years The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2022: Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $ 5.05 1,075,000 1,075,000 $ 2,129 $ 2,129 2.0 2.0 (1) In years The aggregate intrinsic value represents the difference between the Company’s closing stock price of $ 7.03 per share as of December 31, 2022 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. There were no options issued to directors of the Company during 2022. As of December 31, 2022, there were 96,700 options outstanding to independent directors of the Company with a weighted-average exercise price of $ 7.16 per share. At December 31, 2022, there was $ 0.1 million in unrecognized compensation expense related to directors’ options. The following table includes additional information related to exercises of stock options: For the year ended December 31, Amounts in thousands 2022 2021 2020 Intrinsic value of share-based awards exercised $ 183 $ 451 $ — Stock-based compensation expense was recognized in general and administrative expenses on the Company’s consolidated statement of earnings (loss) as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Compensation expense: 2016 Plan $ 3,335 $ 2,652 $ ( 214 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The Company’s US and foreign pre-tax income (loss) is summarized in the table below: Amounts in thousands 2022 2021 2020 Income (loss) before taxes: US $ ( 10,142 ) $ 29,715 $ ( 45,927 ) Foreign 16,152 ( 1,566 ) 2,639 Total income (loss) before taxes $ 6,010 $ 28,149 $ ( 43,288 ) The Company’s (benefit) provision for income taxes is summarized as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 US - Current $ 3,176 $ 5,160 $ 270 US - Deferred ( 14,981 ) — 973 (Benefit) provision for US income taxes $ ( 11,805 ) $ 5,160 $ 1,243 Foreign - Current $ 4,291 $ 866 $ 1,130 Foreign - Deferred ( 146 ) 345 2,475 Provision for foreign income taxes $ 4,145 $ 1,211 $ 3,605 Total (benefit) provision for income taxes $ ( 7,660 ) $ 6,371 $ 4,848 The Company’s effective income tax rate differs from the statutory federal income tax rate as follows: Amounts in thousands 2022 2021 2020 US federal income tax statutory rate 21.0 % 21.0 % ( 21.0 %) Foreign tax rate differential 18.6 % ( 0.5 %) ( 5.8 %) State income tax (net of federal benefit) 0.9 % 3.0 % ( 3.8 %) Meals, entertainment, gifts and giveaways 3.7 % 0.4 % — Statutory to US GAAP adjustments, including foreign currency ( 3.7 %) 2.6 % ( 1.8 %) Valuation allowance ( 173.5 %) ( 4.6 %) 41.0 % Unrecognized tax benefit ( 4.7 %) ( 0.3 %) — Stock options 7.0 % 1.3 % ( 0.1 %) Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits 2.5 % — — Permanent and other items 0.7 % ( 0.3 %) 2.7 % Total provision for income taxes ( 127.5 %) 22.6 % 11.2 % The Company’s effective income tax rate for the year ended December 31, 2022 was ( 127.5 %). The comparison of pre-tax income of $ 6.0 million for the year ended December 31, 2022 compared to pre-tax income of $ 28.1 million for the year ended December 31, 2021 should be considered when comparing tax rates year-over-year. The federal corporate income tax rate in the United States for 2022 was 21 %; additionally, the Company is subject to Colorado, Missouri and West Virginia state jurisdictions that had corporate tax rates ranging from 4.0 % to 6.5 % in 2022. The Company’s effective tax rate in the United States for 2022 was 116.4 %, primarily due to the release of the valuation allowance on its deferred tax assets in 2022, as well as other permanent items such as nondeductible stock compensation, lobbying costs and GILTI. The effective tax rate of 36.9 % in Canada, which has a 23.0 % income tax rate, was due to various permanent addbacks and movement in the valuation allowance on Century Mile’s deferred tax assets. The effective tax rate of 20.7 % related to 2022 earnings in Poland, which has a 19.0 % income tax rate, was due to nondeductible payments to certain governing authorities as well as nondeductible meals, entertainment, gifts and giveaways. The effective tax rate of 0.0 % related to 2022 losses in Mauritius, which has a 15.0 % income tax rate, was primarily due to movement in the valuation allowance on deferred tax assets, which was established in 2021. The effective tax rate of 1.7 % related to 2022 income in Austria, which has a 25.0 % income tax rate, was due to various permanent addbacks, including the change in the valuation allowance recorded on the Company’s deferred tax assets during 2020. The movement of exchange rates for intercompany loans denominated in US dollars further impacts the effective income tax rate because foreign currency gains and losses generally are not taxed until realized. Therefore, the overall effective income tax rate can be impacted by foreign currency gains or losses in the future. The Tax Cuts and Jobs Act (the “Tax Act”) created requirements that certain income, such as GILTI, earned by a controlled foreign corporation (“CFC”) must be included currently in the gross income of the CFC’s US shareholder, effective in 2018. Under US GAAP, the Company is allowed to make an accounting policy election of either (1) treating taxes due on future US inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company has elected to account for GILTI in the year the tax is incurred as a current period expense and recorded a tax expense, net of foreign tax credits, of $ 0.1 million for the year ended December 31, 2022. There was no net tax expense related to GILTI for the years ended December 31, 2021 and 2020. The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income. The Company assesses the need for a valuation allowance based on its ability to realize the benefits of the Company’s deferred tax assets. The Company determined it is more-likely-than-not that the remaining deferred tax assets in the United States would be utilized and released the valuation allowance previously recorded, which resulted in a ($ 10.2 ) million tax benefit recognized during 2022. The Company’s deferred income taxes at December 31, 2022 and 2021 are summarized as follows: Amounts in thousands 2022 2021 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 8,101 $ 7,902 Financing obligation to VICI Properties, Inc. subsidiaries 69,356 68,342 Operating and finance leases 462 329 Disallowed interest expense 3,588 — Accrued liabilities and other 1,040 861 82,547 77,434 Valuation allowance — ( 10,236 ) $ 82,547 $ 67,198 Deferred tax liabilities Property and equipment $ ( 66,062 ) $ ( 66,616 ) Operating and finance leases ( 444 ) ( 313 ) Prepaid expenses ( 342 ) ( 269 ) Other ( 718 ) — $ ( 67,566 ) $ ( 67,198 ) Long-term deferred tax asset $ 14,981 $ — Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 276 $ 704 NOL carryforward 7,464 6,331 Accrued liabilities and other 984 1,018 Operating and finance leases 8,415 8,615 Subsidiary liquidation 2,810 3,802 Exchange rate gain 926 992 20,875 21,462 Valuation allowance ( 9,907 ) ( 10,088 ) $ 10,968 $ 11,374 Deferred tax liabilities Property and equipment $ ( 3,823 ) $ ( 4,071 ) Exchange rate loss ( 4 ) ( 158 ) Intangibles ( 1,037 ) ( 1,110 ) Operating and finance leases ( 7,726 ) ( 7,894 ) Others ( 592 ) ( 501 ) $ ( 13,182 ) $ ( 13,734 ) Long-term deferred tax liability $ ( 2,214 ) $ ( 2,360 ) The Company has analyzed filing positions in all of the US federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its US federal tax return, its state tax returns in Colorado, Missouri and West Virginia and its foreign tax returns in Canada and Poland as “major” tax jurisdictions, as defined by the Internal Revenue Code. The Company is not currently under an income tax audit in any US or foreign jurisdiction. However, any adjustment made by a taxing authority in the future could impact the effective tax rate. The Company’s income tax returns for the following periods are currently subject to examination: Jurisdiction Periods US Federal 2017 (1) , 2019 - 2021 US State - Colorado 2018 - 2021 US State – Missouri 2019 - 2021 US State – West Virginia 2019 - 2021 Canada 2008 - 2021 Mauritius 2019 - 2021 Poland 2017 - 2021 Austria 2017 - 2021 (1) The 2017 tax period subject to examination only applies to the Company’s transition tax liability in the United States. The Company had income tax net operating loss carryforwards related to its domestic and international operations of approximately $ 32.9 million as of December 31, 2022. The Company had recorded $ 7.5 million of deferred tax assets related to the net operating loss carryforwards, excluding the impact of the adjustments of valuation allowances and unrecognized tax benefits. The deferred tax assets expire as follows: Amounts in thousands 2022 - 2032 $ 176 2033 - 2042 6,424 No expiration 864 Total deferred tax assets $ 7,464 Certain net operating loss carryforwards in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those net operating loss carryforwards are presented net of these unrecognized tax benefits. As of December 31, 2022, the Company has accumulated undistributed earnings generated by its foreign subsidiaries that significantly exceed the approximately $ 37.1 million of cash and cash equivalents held by its foreign subsidiaries. Because substantially all of these accumulated undistributed earnings have previously been subject to the one-time transition tax on foreign earnings required by the Tax Act or have been subject to tax under the GILTI regime, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of the Company’s foreign investments would generally be limited to foreign and state taxes. The determination of the additional deferred taxes that would be provided for undistributed earnings has not been determined because the hypothetical calculation is not practicable. The Company intends, however, to indefinitely reinvest these earnings and expects its future US cash generation to be sufficient to meet its future US cash needs. As of December 31, 2022, the Company’s unrecognized tax benefit totaled $ 0.5 million. The net decrease in the current year unrecognized tax benefit is due to a change in foreign exchange rates as well as a lapse of statute of limitations related to the Company’s ability to utilize pre-acquisition net operating losses. A portion of this adjustment has been recorded as a component of taxes payable in the accompanying consolidated balance sheet as of December 31, 2022. It is anticipated that certain tax positions related to the Company’s ability to utilize pre-acquisition net operating losses will decrease the Company’s balance of unrecognized tax benefits by approximately $ 0.5 million in 2023, due to lapse of statute of limitations . The Company may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. The Company’s total amount of unrecognized tax benefit and changes to unrecognized tax benefit during the years ended December 31, 2022 and 2021 are summarized in the table below: Amounts in thousands 2022 2021 Unrecognized tax benefit - January 1 $ 777 $ 835 Gross increases - tax positions in prior period 0 3 Gross decreases - tax positions in prior period ( 31 ) — Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations ( 218 ) ( 61 ) Unrecognized tax benefit - December 31 $ 528 $ 777 The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued penalties and interest of less than $ 0.1 million during 2022 and 2021. The $ 0.5 million balance of unrecognized tax benefits, if recognized, would affect the effective tax rate. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements And Derivative Instruments Reporting [Abstract] | |
Fair Value Measurements And Derivative Instruments Reporting | 14. FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS REPORTING Fair Value 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 year ended December 31, 2022. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard to its non-recurring, non-financial assets and liabilities measured at fair value. During 2020, the Company wrote-down goodwill and intangible assets at certain properties based on forecasted losses and cash flows at these reporting units resulting from the triggering events caused by COVID-19 and, as a result, charged $ 34.1 million to impairment – intangible and tangible assets on its consolidated statement of earnings (loss) for the year ended December 31, 2020. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the goodwill and intangible assets. In addition, the Company impaired its MCE investment based on evaluations of the investment resulting from the triggering events caused by COVID-19. The Company made assessments about MCE’s ability to continue as a going concern and future cash flows of MCE. Management’s assessments were designated as Level 3 measurements based on the unobservable nature of the inputs used to evaluate the investment. The Company used an income approach and cost approach and weighted both equally. The resulting fair value was insignificant, and consequently the investment was fully impaired resulting in $ 1.0 million expense recorded as impairment – intangible and tangible assets on the Company’s consolidated statement of earnings (loss) for the year ended December 31, 2020. The Company classified these impairments as Level 3 because inputs into the valuation model were based on unobservable market information. Long-Term Debt – The carrying values of the Goldman Credit Agreement, the UniCredit Term Loans and CPL short term line of credit approximate fair value based on variable interest paid on the obligations. The carrying values of the UniCredit Term Loan 2 and CPL short-term line of credit approximate fair value due to the short-term nature of the agreements and recently negotiated terms. The estimated fair values of the outstanding balances under the 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 values of other assets and liabilities, such as cash and cash equivalents, accounts receivable and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments. As of December 31, 2022 and 2021, the Company had no cash equivalents. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | 15. SEGMENT AND GEOGRAPHIC INFORMATION The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. The Company views each market in which it operates as a separate operating segment and each casino or other operation within those markets as a reporting unit. Operating segments are aggregated within reportable segments based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s operations related to Century Casino Bath, which the Company deconsolidated in May 2020, its concession, management and consulting agreements and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All intercompany transactions are eliminated in consolidation. The table below provides information about the aggregation of the Company’s reporting units and operating segments into reportable segments as of December 31, 2022: 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 (1) Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary (2) Century Downs Racetrack and Casino Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other (3) (1) Includes The Farmstead. (2) The Company operated Century Sports through February 10, 2022 and Century Bets through August 2021, when operations were transferred to Century Mile. For more information about Century Sports and Century Bets, see Note 1. (3) The 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 a primary profit measure for its reportable segments. Adjusted EBITDA is a non-US GAAP measure defined as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers. The following tables provide summary information regarding the Company’s reportable segments: For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 Earnings from equity investment $ — $ — $ — $ 3,249 $ 3,249 Earnings (loss) before income taxes $ 32,354 $ 11,211 $ 11,044 $ ( 48,599 ) $ 6,010 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 24,759 $ 6,070 $ 5,811 $ ( 28,664 ) $ 7,976 Interest expense (income), net (2) 28,531 2,281 ( 686 ) 34,854 64,980 Income taxes (benefit) 7,595 2,354 2,326 ( 19,935 ) ( 7,660 ) Depreciation and amortization 19,364 4,754 2,606 385 27,109 Net earnings attributable to non-controlling interests — 2,787 2,907 — 5,694 Non-cash stock-based compensation — — — 3,335 3,335 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 123 ( 1,153 ) ( 205 ) ( 1,236 ) Loss (gain) on disposition of fixed assets 49 27 63 ( 121 ) 18 Acquisition costs — — — 3,124 3,124 Adjusted EBITDA $ 80,297 $ 18,396 $ 11,874 $ ( 7,227 ) $ 103,340 Long-lived assets (4) $ 466,403 $ 139,304 $ 27,134 $ 8,192 $ 641,033 Total assets (5) $ 425,820 $ 162,088 $ 42,173 $ 254,886 $ 884,967 Capital expenditures $ 16,000 $ 1,566 $ 1,578 $ 49 $ 19,193 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations. (2) Expense of $ 28.5 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 2.3 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.7 million and $ 2.1 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 in February 2022 is included in the Canada segment. The loss from the sale was offset by cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. (5) Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 Earnings (loss) before income taxes $ 49,628 $ 3,312 $ 921 $ ( 25,712 ) $ 28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 49,628 $ 1,124 $ 440 $ ( 30,570 ) $ 20,622 Interest expense (income), net (2) 28,229 1,796 ( 477 ) 13,110 42,658 Income taxes — 1,256 257 4,858 6,371 Depreciation and amortization 18,398 4,904 3,028 432 26,762 Net earnings attributable to non-controlling interests — 932 224 — 1,156 Non-cash stock-based compensation — — — 2,652 2,652 Gain on foreign currency transactions, cost recovery income and other (3) ( 836 ) ( 545 ) ( 887 ) ( 418 ) ( 2,686 ) Loss (gain) on disposition of fixed assets 341 43 44 ( 37 ) 391 Adjusted EBITDA $ 95,760 $ 9,510 $ 2,629 $ ( 9,973 ) $ 97,926 Long-lived assets (4) $ 376,210 $ 152,278 $ 29,865 $ 3,412 $ 561,765 Total assets $ 422,409 $ 179,297 $ 44,204 $ 57,448 $ 703,358 Capital expenditures $ 8,672 $ 646 $ 163 $ 531 $ 10,012 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations. (2) Expense of $ 28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.8 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.3 million and $ 2.0 million, respectively, for the period presented. (3) Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 198,344 $ 50,240 $ 54,271 $ 1,413 $ 304,268 (Loss) earnings before income taxes $ ( 29,548 ) $ 6,869 $ ( 2,578 ) $ ( 18,031 ) $ ( 43,288 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 30,571 ) $ 2,551 $ ( 1,373 ) $ ( 18,609 ) $ ( 48,002 ) Interest expense (income), net (2) 28,357 2,047 27 12,667 43,098 Income taxes (benefit) 1,023 3,765 ( 518 ) 578 4,848 Depreciation and amortization 17,580 5,264 3,124 566 26,534 Net earnings (loss) attributable to non-controlling interests — 553 ( 687 ) — ( 134 ) Non-cash stock-based compensation — — — ( 214 ) ( 214 ) Gain on foreign currency transactions, cost recovery income and other (3) — ( 6,015 ) ( 233 ) ( 6,897 ) ( 13,145 ) Impairment - intangible and tangible assets 30,746 3,375 — 1,000 35,121 Loss (gain) on disposition of fixed assets 64 ( 43 ) 4 1 26 Acquisition costs — — — 266 266 Adjusted EBITDA $ 47,199 $ 11,497 $ 344 $ ( 10,642 ) $ 48,398 Long-lived assets (4) $ 385,426 $ 156,433 $ 39,066 $ 3,971 $ 584,896 Total assets $ 417,388 $ 181,477 $ 49,372 $ 32,523 $ 680,760 Capital expenditures $ 7,767 $ 2,057 $ 719 $ 162 $ 10,705 (1) Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations. (2) Expense of $ 28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.0 million and $ 1.3 million, respectively, for the period presented. (3) Income of $ 6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. |
Commitments, Contingencies And
Commitments, Contingencies And Other Matters | 12 Months Ended |
Dec. 31, 2022 | |
Commitments, Contingencies And Other Matters [Abstract] | |
Commitments, Contingencies And Other Matters | 16. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations. The Company had a contingent liability related to a series of tax audits conducted by the Polish IRS related to the calculation and payment of personal income tax by CPL employees for periods ranging from 2007 to 2013. The Polish IRS asserted that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers and prevailed in several court challenges by CPL. Through December 31, 2022, CPL has paid PLN 14.3 million ($ 4.2 million) to the Polish IRS related to these audits. The statute of limitations expired on all open periods in which CPL calculated personal income tax in which the Polish IRS disagreed. The Company adjusted its contingent liability related to the CPL taxes to remove the estimated taxes accrued for these tax years due to the statute of limitations expiring. The adjustments reduced the contingent liability by PLN 1.8 million ($ 0.5 million) and PLN 2.8 million ($ 0.7 million) in December 2021 and 2020, respectively, and were recorded as gain on foreign currency transactions, cost recovery income and other on the Company’s consolidated statements of earnings (loss) for the years ended December 31, 2021 and 2020, respectively. In September 2022, the Polish IRS reimbursed PLN 1.8 million ($ 0.4 million based on the exchange rate in effect on September 30, 2022) plus interest, after CPL prevailed in a court challenge of a 2011 tax audit. In September 2021, the Polish IRS reimbursed CPL PLN 2.4 million ($ 0.6 million based on the exchange rate in effect on September 30, 2021) plus interest, after CPL prevailed in a court challenge of a 2012 tax audit. The Company recorded the Polish IRS reimbursement to gain on foreign currency transactions, cost recovery income and other on its consolidated statement of earnings (loss) for the years ended December 31, 2022 and 2021. Any additional tax obligations are not probable or estimable and no additional future tax obligations as a result of these matters are expected. In March 2020, the Company assessed the likelihood of the collectability of a receivable from LOT Polish Airlines (“LOT”), which previously owned a 33.3 % interest in CPL that it sold to the Company in 2013. Due to COVID-19, LOT grounded flights in March 2020. Based on past efforts to collect on LOT’s portions of payments made by CPL to the Polish IRS for tax periods in January 2009 to March 2013 and analysis of LOT’s ability to pay, the Company wrote-down PLN 3.0 million ($ 0.7 million based on the exchange rate on March 31, 2020) to general and administrative expenses on its consolidated statement of earnings (loss) for the year ended December 31, 2020. Distribution to Non-Controlling Interest – The Company purchased a portion of its ownership interest in CDR in November 2013. Prior to the Company’s acquisition of its ownership interest in CDR, the non-controlling shareholders built infrastructure in the land surrounding CDR. When funds for the use of this infrastructure are received by CDR from unrelated parties, they are distributed to CDR’s non-controlling shareholders through non-controlling interest. The Company distributed $ 2.0 million, $ 0.7 million and $ 0.2 million related to the infrastructure to CDR’s non-controlling shareholders during the years ended December 31, 2022, 2021 and 2020, respectively. Employee Benefit Plans – The Company provides its employees in the United States with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six year period. The Company contributed $ 0.5 million, $ 0.5 million and $ 0.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan (the “RSP Plan”) and Registered Pension Plan (the “RPP Plan”, and collectively the “RSP and RPP Plans”). The RSP and RPP Plans allow eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants in the RPP Plan become fully vested in employer contributions over a two year period, and participants in the RSP Plan become fully vested in employer contributions immediately. The Company contributed $ 0.3 million, $ 0.2 million and $ 0.2 million to the RSP and RPP Plans for the years ended December 31, 2022, 2021 and 2020, respectively. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Transactions With Related Parties [Abstract] | |
Transactions With Related Parties | 17. TRANSACTIONS WITH RELATED PARTIES The Company has entered into separate management agreements with Flyfish Management & Consulting AG (“Flyfish”), a management company controlled by Co CEO Erwin Haitzmann, and with Focus Lifestyle and Entertainment AG (“Focus”), a management company controlled by Co CEO Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of earnings (loss) are payments to both Flyfish and Focus for a total of $ 0.7 million for each of the years ended December 31, 2022, 2021 and 2020. The Company has entered into an agreement for general contracting services with Marnell, with which the Company owns 50 % of Smooth Bourbon. The Company has a liability of $ 0.4 million related to construction performed by Marnell in accrued liabilities on its consolidated balance sheets for the year ended December 31, 2022. The Company also has entered into certain consulting agreements with Marnell for services after the acquisition of OpCo is completed. No services were performed under the agreements during the year ended December 31, 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. SUBSEQUENT EVENTS The Company evaluated subsequent events and accounting and disclosure requirements related to material subsequent events in its consolidated financial statements and related notes. The Company did not identify any material subsequent events impacting its financial statements in this report. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates CPL and CDR as majority owned subsidiaries for which the Company has a controlling interest. The portion of CPL and CDR that are not wholly-owned are reflected as non-controlling interests in the accompanying consolidated financial statements. All intercompany transactions and balances have been eliminated. |
Use Of Estimates | Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements – The Company has recently 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 was effective from March 12, 2020 through December 31, 2022. The Company evaluated its debt agreements under ASU 2020-04 and determined that it did not need to modify any of the agreements as a result of the discontinuation of LIBOR. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) (“ASU 2021-08”). The objective of ASU 2021-08 is to address diversity in practice and inconsistency related to (i) recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company has adopted this standard and will apply the guidance in connection with its pending acquisitions. |
Accounting Pronouncements Pending Adoption | Accounting Pronouncements Pending Adoption – The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its audited consolidated financial statements or notes thereto. |
Cash and Cash Equivalents | Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents. As of December 31, 2022 and 2021, the Company had no cash equivalents. A reconciliation of cash, cash equivalents and restricted cash as stated in the Company’s statement of cash flows is presented in the following table: December 31, December 31, Amounts in thousands 2022 2021 Cash and cash equivalents $ 101,785 $ 107,821 Restricted cash 100,151 — Restricted cash included in deposits and other 195 220 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 202,131 $ 108,041 As of December 31, 2022, the Company had $ 100.2 million related to the Acquisition Escrow in restricted cash and $ 0.2 million in deposits related to payments of prizes and giveaways for Casinos Poland and less than $ 0.1 million in deposits related to an insurance policy in restricted cash included in deposits and other on its consolidated balance sheet. As of December 31, 2021, the Company had $ 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 consolidated balance sheet. |
Concentrations Of Credit Risk | Concentrations of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk. |
Accounts Receivable | Accounts Receivable – Accounts receivable are expected to be collected within six months of the maturity date. Receivables not collected within that time frame are written down to the allowance for doubtful accounts and further written off after one year if not collected. |
Inventories | Inventories – I nventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. |
Property And Equipment | Property and Equipment – Property and equipment are stated at cost. Costs of major improvements are capitalized, and costs of normal repairs and maintenance are charged to expense as incurred. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Estimated service lives used are as follows: Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. See Note 4 for additional information about the Company’s property and equipment. |
Goodwill | Goodwill – Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations. See Note 5 for additional information about the Company’s goodwill, including the impairments recorded in the year ended December 31, 2020. |
Intangible Assets | Intangible Assets – Identifiable intangible assets include trademarks, player’s club lists and casino licenses. The Company has determined that the trademarks and casino licenses, with the exception of the trademark related to MTR and the casino licenses related to CPL, are indefinite-lived intangible assets and are therefore not amortized. The Company’s casino licenses related to CPL, the trademark related to MTR and the player’s club lists are finite-lived intangible assets and are amortized over their respective useful lives. See Note 5 for additional information about the Company’s intangible assets, including the impairments recorded in the year ended December 31, 2020. |
Financing Obligation With VICI PropCo | Financing Obligation with VICI PropCo – The Company and subsidiaries of VICI PropCo entered into a triple net lease agreement (the “Master Lease”) concurrently with the Company’s acquisition (the “2019 Acquisition”) in 2019 of MTR, CCG and CCV (the “2019 Acquired Casinos”). The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Note 7). As a financing obligation, the Company continues to reflect the real estate assets on its consolidated balance sheets as if the Company were the legal owner and continues to recognize depreciation expense over the estimated useful lives. The Company does not recognize rent expense related to these leased assets; instead, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment reducing the failed sale-leaseback financing obligation using the effective interest method . In the initial periods, cash payments are less than the interest expense recognized in the consolidated statements of earnings (loss), which causes the financing obligation to increase during the initial years of the lease term. |
Foreign Currency | Foreign Currency – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”), Polish zloty (“PLN”) and British pound (“GBP”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in non-operating income (expense) as they occur. The exchange rates to the US dollar used to translate balances for the reported periods are as follows: As of December 31, As of December 31, Ending Rates 2022 2021 Canadian dollar (CAD) 1.3550 1.2678 Euros (EUR) 0.9393 0.8810 Polish zloty (PLN) 4.4004 4.0492 For the year ended December 31, % Change Average Rates 2022 2021 2020 2022/2021 2021/2020 Canadian dollar (CAD) 1.3011 1.2537 1.3412 ( 3.8 %) 6.5 % Euros (EUR) 0.9506 0.8456 0.8776 ( 12.4 %) 3.6 % Polish zloty (PLN) 4.4559 3.8608 3.8989 ( 15.4 %) 1.0 % British pound (GBP) N/A 0.7270 0.7798 N/A 6.8 % Source: 2022 Xe Currency Converter, 2021 and 2020 Pacific Exchange Rate Service |
Comprehensive Loss | Comprehensive Loss – Comprehensive loss includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments. |
Revenue Recognition | Revenue Recognition – The Company’s performance obligations related to contracts with customers consist of the following: Gaming The majority of the Company’s revenue is derived from gaming transactions involving wagers wherein, upon settlement, the Company either retains the customer’s wager, or returns the wager to the customer. Gaming revenue is reported as the net difference between wins and losses. Gaming revenue is reduced by the incremental amount of unpaid progressive jackpots in the period during which the jackpot increases and the dollar value of points earned through tracked play. In Canada, gaming revenue is also reduced by amounts retained by the Alberta Gaming, Liquor and Cannabis Commission (“AGLC”) and Horse Racing Alberta (“HRA”). Performance obligations are satisfied upon completion of the wager with liabilities recognized for points earned through play. The Company offers lines of credit to customers at select locations; the lines of credit are short-term in nature. Hotel accommodations and food and beverage furnished without charge, coupons and downloadable credits provided to customers to entice play are considered marketing incentives to induce play and are presented as a reduction to gaming revenue at their retail value on the date of redemption. Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The value of the points is offset against the revenue in the period in which the points were earned. Marketing incentives and player club points provided to gaming customers allocated to gaming revenue were $ 42.4 million, $ 39.0 million and $ 30.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company records a liability based on the redemption value of the player club points earned with an estimate for breakage, and records a corresponding reduction in gaming revenue. The value of unused or unredeemed points is included in accrued liabilities on the Company’s consolidated balance sheets. Hotel, Food and Beverage and Other Sales Goods and services provided include hotel room rentals, food and beverage sales and retail sales. The majority of the hotel, food and beverage and other sales contracts are satisfied on the same day and revenue is recognized on the date of the sale. Revenue that is collected before the date of sale is recorded as deferred revenue. In the normal course of business, the Company does not accept product returns. The Company excludes taxes assessed by a governmental authority and collected by the Company from the transaction price. Pari-Mutuel Pari-mutuel revenue involves wagers on horse racing. The Company facilitates wagers on horse racing through live racing at the Company’s racetrack, off-track betting parlors at the Company’s casinos, and the operation of the Alberta off-track betting network. The Company has determined that it is the principal in the performance obligations through which amounts are wagered on horse races run at the Company’s racetrack. For these performance obligations, the Company records revenue as the commission retained on wagers with revenue recognized on the date of the wager. The Company has determined that it is acting as the agent for all wagers placed through the Company’s off-track betting parlors and the off-track betting network. For these performance obligations, the Company records pari-mutuel revenue as the commission retained on wagers less the expense for host fees to the host racetrack with revenue recognized on the date of the wager. Expenses related to licenses and HRA levies are expensed in the same month as revenue is recognized. The Company takes future bets for the Kentucky Derby only and recognizes wagers on the Kentucky Derby as deferred revenue. Sports Betting and iGaming Sports betting revenue involves wagers on sporting events, and iGaming revenue involves wagers on casino games through an online platform. The Company has partnered with sports betting operators at its Colorado and West Virginia casinos and an iGaming operator at its West Virginia casino. The Company receives a share of net gaming revenue and a minimum revenue guarantee each year from the sports betting and iGaming operators. The Company has determined that it is acting as the agent in its sports betting and iGaming transactions. Management and Consulting Fees The Company’s consulting services agreement with MCE was terminated in November 2021. Prior to termination, revenue from the agreement was recorded monthly as services were provided. Payments were typically due within 30 days of the month to which the services relate. The agreed upon price in the contract did not contain variable consideration. |
Promotional Allowances | Promotional Allowances – The Company issues coupons and downloadable promotional credits to customers for the purpose of generating future revenue. The value of coupons and downloadable promotional credits redeemed is applied against the revenue generated on the day of the redemption. For the years ended December 31, 2022, 2021 and 2020, the estimated direct costs of providing promotional allowances were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Hotel $ 348 $ 293 $ 248 Food and beverage 2,065 1,789 1,775 $ 2,413 $ 2,082 $ 2,023 |
Loyalty Programs | Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the redemption value of the points earned and records a corresponding reduction in casino revenue. Points can be redeemed for cash, downloadable promotional credits and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is reduced by points not expected to be redeemed (breakage) and included in accrued liabilities on the Company’s consolidated balance sheets. The outstanding balance of this liability on the Company’s consolidated balance sheets was $ 1.0 million as of December 31, 2022 and 2021. |
Stock-Based Compensation | Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the Black-Scholes option pricing model for all non-performance option grants and the Monte Carlo option pricing model for all performance stock unit grants related to total shareholder return to determine the fair value of all such grants. See Note 12. |
Advertising Costs | Advertising Costs – Advertising costs are expensed when incurred by the Company. Advertising costs were $ 3.6 million, $ 2.3 million and $ 2.6 million in the years ended December 31, 2022, 2021 and 2020, respectively, and are included in gaming expenses on the Company’s consolidated statement of earnings (loss). |
Income Taxes | Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future taxable income. |
Earnings Per Share | Earnings Per Share – The calculation of basic earnings per share considers the weighted average outstanding common shares in the computation. The calculation of diluted earnings per share also gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the years ended December 31, 2022, 2021 and 2020 were as follows: For the year ended December 31, Amounts in thousands 2022 2021 2020 Weighted average common shares, basic 29,809 29,593 29,559 Dilutive effect of stock options 1,671 1,795 — Weighted average common shares, diluted 31,480 31,388 29,559 The following stock options are anti-dilutive and have not been included in the weighted-average shares outstanding calculation: For the year ended December 31, Amounts in thousands 2022 2021 2020 Stock options 2,740 2,572 1,272 |
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 interests 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. |
Government Wage and Rent Subsidies | Government Wage and Rent Subsidies – In April 2020, the Canadian government enacted the Canada Emergency Wage Subsidy as a result of COVID-19 to help employers offset a portion of their employee wages for a limited period. The Company elected to treat qualified government subsidies for the Canada segment as offsets to the related operating expenses. During the years ended December 31, 2021 and 2020, qualified payroll credits reduced the Canada segment’s operating expenses by CAD 3.1 million ($ 2.5 million based on the exchange rate in effect on December 31, 2021) and CAD 7.4 million ($ 5.5 million based on the exchange rate in effect on December 31, 2020), respectively. In November 2020, the Canadian government enacted the Canada Emergency Rent Subsidy as a result of COVID-19 to help subsidize for a limited period rent for businesses experiencing a drop in revenue. The qualified government rent subsidies reduced operating expenses by CAD 1.6 million ($ 1.3 million based on the average exchange rate for the year ended December 31, 2021) and CAD 0.5 million ($ 0.4 million based on the average exchange rate for the year ended December 31, 2020). There were no wage or rent subsidies received in Canada for the year ended December 31, 2022. Wage credits and subsidies were also provided by the US and Polish governments but were immaterial. |
Description Of Business And B_2
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Description Of Business And Basis Of Presentation [Abstract] | |
Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open | Operating Segment Closure Date Reopen Date Colorado March 17, 2020 June 15 and June 17, 2020 Missouri March 17, 2020 June 1, 2020 West Virginia March 17, 2020 June 5, 2020 Edmonton March 17, 2020 June 13, 2020 December 13, 2020 June 10, 2021 Calgary March 17, 2020 June 13, 2020 December 13, 2020 June 10, 2021 Poland March 13, 2020 May 18, 2020 December 29, 2020 February 12, 2021 March 20, 2021 May 28, 2021 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Reconciliation Of Cash, Cash Equivalents, And Restricted Cash | December 31, December 31, Amounts in thousands 2022 2021 Cash and cash equivalents $ 101,785 $ 107,821 Restricted cash 100,151 — Restricted cash included in deposits and other 195 220 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 202,131 $ 108,041 |
Schedule Of Depreciation Period Of Property And Equipment | Buildings and improvements 5 – 39 years Gaming equipment 3 – 7 years Furniture and non-gaming equipment 3 – 7 years |
Schedule Of Exchange Rates To US Dollar | As of December 31, As of December 31, Ending Rates 2022 2021 Canadian dollar (CAD) 1.3550 1.2678 Euros (EUR) 0.9393 0.8810 Polish zloty (PLN) 4.4004 4.0492 For the year ended December 31, % Change Average Rates 2022 2021 2020 2022/2021 2021/2020 Canadian dollar (CAD) 1.3011 1.2537 1.3412 ( 3.8 %) 6.5 % Euros (EUR) 0.9506 0.8456 0.8776 ( 12.4 %) 3.6 % Polish zloty (PLN) 4.4559 3.8608 3.8989 ( 15.4 %) 1.0 % British pound (GBP) N/A 0.7270 0.7798 N/A 6.8 % Source: 2022 Xe Currency Converter, 2021 and 2020 Pacific Exchange Rate Service |
Schedule Of Promotional Allowances | For the year ended December 31, Amounts in thousands 2022 2021 2020 Hotel $ 348 $ 293 $ 248 Food and beverage 2,065 1,789 1,775 $ 2,413 $ 2,082 $ 2,023 |
Schedule Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2022 2021 2020 Weighted average common shares, basic 29,809 29,593 29,559 Dilutive effect of stock options 1,671 1,795 — Weighted average common shares, diluted 31,480 31,388 29,559 |
Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding | For the year ended December 31, Amounts in thousands 2022 2021 2020 Stock options 2,740 2,572 1,272 |
Equity Investment (Tables)
Equity Investment (Tables) - Smooth Bourbon, LLC [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Summarized Financial Information | Following is summarized financial information regarding Smooth Bourbon as of December 31, 2022: For the year ended Amounts in thousands December 31, 2022 Operating Results Net operating revenue $ 11,501 Earnings from continuing operations $ 11,219 Net earnings $ 6,497 Net earnings attributable to Century Casinos, Inc. $ 3,249 |
Changes In Carrying Amount Of Investment | Amounts in thousands Balance at January 1, 2022 Acquisition Equity Earnings Dividend Balance at December 31, 2022 Smooth Bourbon $ — $ 95,000 $ 3,249 $ ( 4,989 ) $ 93,260 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | December 31, Amounts in thousands 2022 2021 Land $ 43,654 $ 49,948 Buildings and improvements 436,207 450,280 Gaming equipment 43,590 41,523 Furniture and non-gaming equipment 47,166 46,896 Property and equipment held under finance leases (Note 9) 764 424 Capital projects in process 18,954 4,086 $ 590,335 $ 593,157 Less: accumulated depreciation ( 125,685 ) ( 112,433 ) Less: assets held for sale — ( 8,422 ) Property and equipment, net $ 464,650 $ 472,302 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes In The Carrying Value Of Goodwill | Amounts in thousands United States Canada Poland Total Gross carrying value January 1, 2021 $ 19,786 $ 7,385 $ 6,891 $ 34,062 Currency translation — 17 ( 571 ) ( 554 ) Gross carrying value December 31, 2021 19,786 7,402 6,320 33,508 Currency translation — ( 260 ) ( 504 ) ( 764 ) Gross carrying value December 31, 2022 19,786 7,142 5,816 32,744 Accumulated impairment losses January 1, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2021 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Accumulated impairment losses December 31, 2022 ( 19,786 ) ( 3,375 ) — ( 23,161 ) Net carrying value at December 31, 2021 $ — $ 4,027 $ 6,320 $ 10,347 Net carrying value at December 31, 2022 $ — $ 3,767 $ 5,816 $ 9,583 |
Schedule Of Intangible Assets | December 31, December 31, Amounts in thousands 2022 2021 Finite-lived Casino licenses $ 2,672 $ 2,768 Less: accumulated amortization ( 1,763 ) ( 1,749 ) 909 1,019 Trademarks 2,368 2,368 Less: accumulated amortization ( 730 ) ( 494 ) 1,638 1,874 Players club lists 20,373 20,373 Less: accumulated amortization ( 8,974 ) ( 6,063 ) 11,399 14,310 Total finite-lived intangible assets, net 13,946 17,203 Indefinite-lived Casino licenses 29,331 30,112 Trademarks 1,494 1,615 Total indefinite-lived intangible assets 30,825 31,727 Total intangible assets, net $ 44,771 $ 48,930 |
Casino Licenses [Member] | |
Changes In Carrying Amount - Indefinite-Lived | Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 United States $ 17,962 $ — $ 17,962 Canada 12,150 ( 781 ) 11,369 $ 30,112 $ ( 781 ) $ 29,331 Amounts in thousands Balance at January 1, 2021 Currency translation Balance at December 31, 2021 United States $ 17,962 $ — $ 17,962 Canada 12,099 51 12,150 $ 30,061 $ 51 $ 30,112 |
Player's Club Lists [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2022 Amortization Balance at December 31, 2022 United States $ 14,310 $ ( 2,911 ) $ 11,399 Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021 United States $ 17,220 $ ( 2,910 ) $ 14,310 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 2,910 2024 2,910 2025 2,910 2026 2,669 $ 11,399 |
Mountaineer Casino [Member] | Trademarks [Member] | |
Changes In Carrying Amount - Finited-Lived | Amounts in thousands Balance at January 1, 2022 Amortization Balance at December 31, 2022 United States $ 1,874 $ ( 236 ) $ 1,638 Amounts in thousands Balance at January 1, 2021 Amortization Balance at December 31, 2021 United States $ 2,111 $ ( 237 ) $ 1,874 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 237 2024 237 2025 237 2026 237 2027 237 Thereafter 453 $ 1,638 |
Casinos Poland [Member] | Trademarks [Member] | |
Changes In Carrying Amount - Indefinite-Lived | Amounts in thousands Balance at January 1, 2022 Currency translation Balance at December 31, 2022 Poland $ 1,507 $ ( 121 ) $ 1,386 Corporate and Other 108 — 108 $ 1,615 $ ( 121 ) $ 1,494 Amounts in thousands Balance at January 1, 2021 Currency translation Balance at December 31, 2021 Poland $ 1,643 $ ( 136 ) $ 1,507 Corporate and Other 108 — 108 $ 1,751 $ ( 136 ) $ 1,615 |
Casinos Poland [Member] | 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 December 31, 2022 Poland $ 1,019 $ 390 $ ( 443 ) $ ( 57 ) $ 909 Amounts in thousands Balance at January 1, 2021 New Casino License Amortization Currency translation Balance at December 31, 2021 Poland $ 1,615 $ — $ ( 485 ) $ ( 111 ) $ 1,019 |
Estimated Amortization Expense | Amounts in thousands 2023 $ 407 2024 215 2025 95 2026 70 2027 70 Thereafter 52 $ 909 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Weighted Average Interest | Amounts in thousands December 31, 2022 December 31, 2021 Credit agreement - Goldman $ 347,375 8.45 % $ — — Credit agreement - Macquarie — — 166,600 6.70 % Credit agreement - CPL — — 207 2.12 % UniCredit term loans 4,661 3.17 % 6,994 2.55 % Financing obligation - CDR land lease 14,388 15.05 % 15,378 11.44 % Total principal $ 366,424 8.72 % $ 189,179 6.89 % Deferred financing costs ( 16,844 ) ( 7,695 ) Total long-term debt $ 349,580 $ 181,484 Less current portion ( 5,322 ) ( 3,958 ) Long-term portion $ 344,258 $ 177,526 |
Schedule Of Maturities Related To Debt | Amounts in thousands Goldman Credit Agreement UniCredit Term Loans Century Downs Land Lease Total 2023 $ 3,500 $ 1,822 $ — $ 5,322 2024 3,500 1,420 — 4,920 2025 3,500 1,419 — 4,919 2026 3,500 — — 3,500 2027 3,500 — — 3,500 Thereafter 329,875 — 14,388 344,263 Total $ 347,375 $ 4,661 $ 14,388 $ 366,424 |
Long-Term Financing Obligation
Long-Term Financing Obligation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Financing Obligation [Abstract] | |
Total Payments And Interest Expense | For the year ended December 31, Amounts in thousands 2022 2021 2020 Payments made $ 25,666 $ 25,271 $ 25,021 Interest expense on financing obligation $ 28,532 $ 28,232 $ 28,356 |
Future Payments Related To Master Lease | Amounts in thousands 2023 $ 23,670 2024 26,144 2025 26,471 2026 26,802 2027 27,137 Thereafter 875,958 Total payments 1,006,182 Less imputed interest ( 749,770 ) Residual value 28,492 Total $ 284,904 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Schedule Of Breakout Of The Company's Derived Revenue And Other Income | For the year ended December 31, Amounts in thousands 2022 2021 2020 Revenue from contracts with customers $ 430,529 $ 388,506 $ 304,268 Cost recovery income 1,938 655 158 Century Casino Calgary sale earn out revenue — 51 — Total revenue $ 432,467 $ 389,212 $ 304,426 |
Disaggregation Of Company's Revenue From Contracts With Customers | For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 232,871 $ 43,972 $ 88,959 $ 184 $ 365,986 Pari-mutuel, sports betting and iGaming 8,728 10,879 — — 19,607 Hotel 9,159 469 — — 9,628 Food and beverage 12,394 10,860 843 — 24,097 Other 5,430 5,392 367 22 11,211 Net operating revenue $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 249,397 $ 25,604 $ 56,724 $ 152 $ 331,877 Pari-mutuel, sports betting and iGaming 8,492 10,356 — — 18,848 Hotel 8,241 45 — — 8,286 Food and beverage 11,761 5,606 421 — 17,788 Other 5,394 4,817 1,081 415 11,707 Net operating revenue $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 For the year ended December 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Gaming $ 168,904 $ 30,319 $ 53,228 $ 830 $ 253,281 Pari-mutuel, sports betting and iGaming 7,502 10,158 — — 17,660 Hotel 5,826 84 — — 5,910 Food and beverage 9,795 5,832 462 105 16,194 Other 6,317 3,847 581 478 11,223 Net operating revenue $ 198,344 $ 50,240 $ 54,271 $ 1,413 $ 304,268 |
Schedule Of Contract Assets And Liabilities | For the year For the year ended December 31, 2022 ended December 31, 2021 Amounts in thousands Receivables Contract Liabilities Receivables Contract Liabilities Opening $ 1,269 $ 2,986 $ 1,103 $ 2,200 Closing 1,351 2,417 1,269 2,986 Increase/(Decrease) $ 82 $ ( 569 ) $ 166 $ 786 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components Of Lease Expense | For the year ended December 31, Amounts in thousands 2022 2021 2020 Operating lease expense $ 5,345 $ 5,864 $ 5,250 Finance lease expense: Amortization of right-of-use assets $ 136 $ 128 $ 165 Interest on lease liabilities 29 6 15 Total finance lease expense $ 165 $ 134 $ 180 Variable lease expense $ 1,478 $ 1,290 $ 1,476 |
Supplemental Cash Flow Information Related To Leases | For the year ended December 31, Amounts in thousands 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 25 $ 6 $ 5 Operating cash flows from operating leases 5,168 5,201 6,355 Financing cash flows from finance leases 157 123 166 Right-of-use assets obtained in exchange for operating lease liabilities $ 1,076 $ 407 $ — |
Supplemental Balance Sheet Information Related To Leases | As of As of Amounts in thousands December 31, 2022 December 31, 2021 Operating leases Leased right-of-use assets, net $ 27,190 $ 28,383 Current portion of operating lease liabilities 3,947 3,915 Operating lease liabilities, net of current portion 26,016 27,229 Total operating lease liabilities 29,963 31,144 Finance leases Finance lease right-of-use assets, gross 764 424 Accumulated depreciation ( 175 ) ( 342 ) Property and equipment, net 589 82 Current portion of finance lease liabilities 150 38 Finance lease liabilities, net of current portion 399 43 Total finance lease liabilities 549 81 Weighted-average remaining lease term Operating leases 10.5 years 11.2 years Finance leases 3.6 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 2023 $ 5,091 $ 184 2024 4,446 178 2025 3,413 160 2026 3,136 85 2027 3,123 15 Thereafter 20,366 — Total lease payments 39,575 622 Less imputed interest ( 9,612 ) ( 73 ) Total $ 29,963 $ 549 |
Other Balance Sheet And State_2
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | |
Accrued Liabilities | December 31, Amounts in thousands 2022 2021 Accrued commissions (AGLC) $ 2,436 $ 863 Progressive slot, table and on track liability 3,719 3,340 Player point liability 1,047 1,006 Chip liability 639 592 Racing-related liabilities 814 1,068 Deposit liability 368 420 Construction liability 3,562 — Other accrued liabilities 6,427 6,303 Total $ 19,012 $ 13,592 |
Taxes Payable | December 31, Amounts in thousands 2022 2021 Accrued property taxes $ 1,478 $ 1,567 Gaming taxes payable 6,787 11,595 Other taxes payable 1,536 1,927 Total $ 9,801 $ 15,089 |
Other Operating Revenue | For the year ended December 31, Amounts in thousands 2022 2021 2020 Pari-mutuel revenue $ 16,310 $ 16,484 $ 14,937 Sports betting revenue 2,734 2,166 2,723 iGaming revenue 563 198 — Total $ 19,607 $ 18,848 $ 17,660 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stock-Based Compensation [Abstract] | |
Stock Based Compensation Plan For PSU's | Target PSUs Weighted-Average Grant-Date Fair Value Nonvested at January 1, 2020 441,223 $ 9.62 Granted 413,964 3.75 Vested ( 87,171 ) 6.75 Forfeited ( 80,797 ) 9.41 Nonvested at December 31, 2020 687,219 $ 6.47 Granted 268,947 6.44 Vested — — Forfeited ( 141,002 ) 11.97 Nonvested at December 31, 2021 815,164 $ 5.51 Granted 420,989 10.22 Vested ( 227,510 ) 9.17 Forfeited ( 21,481 ) 6.14 Nonvested at December 31, 2022 987,162 $ 6.66 |
Assumptions For PSU Awards | Assumptions for PSU Awards 2022 2021 2020 Risk-free interest rate 2.47 % 0.19 % 0.19 % Expected life 2.8 years 2.9 years 2.2 years Expected volatility 91.0 % 82.2 % 88.4 % Expected dividends $ 0 $ 0 $ 0 Forfeiture rate 0 % 0 % 0 % |
Stock Options | Option Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (1) Options Exercisable Weighted-Average Exercise Price Outstanding at January 1, 2022 1,127,500 $ 5.05 2.99 1,127,500 $ 5.05 Granted — — Exercised ( 52,500 ) 5.05 Cancelled or forfeited — — Expired — — Outstanding at December 31, 2022 1,075,000 $ 5.05 1.99 1,075,000 $ 5.05 (1) In years |
Stock Options Outstanding And Exercisable | Dollar amounts in thousands Options Outstanding Options Exercisable Intrinsic Value of Options Outstanding Intrinsic Value of Options Exercisable Weighted-Average Life of Options Outstanding (1) Weighted-Average Life of Options Exercisable (1) Exercise Price: $ 5.05 1,075,000 1,075,000 $ 2,129 $ 2,129 2.0 2.0 (1) In years |
Additional Information Related To Stock Options | For the year ended December 31, Amounts in thousands 2022 2021 2020 Intrinsic value of share-based awards exercised $ 183 $ 451 $ — |
Stock-Based Compensation Expense Recognized In General And Administrative Expenses | For the year ended December 31, Amounts in thousands 2022 2021 2020 Compensation expense: 2016 Plan $ 3,335 $ 2,652 $ ( 214 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
US And Foreign Pre-Tax Income (Loss) | Amounts in thousands 2022 2021 2020 Income (loss) before taxes: US $ ( 10,142 ) $ 29,715 $ ( 45,927 ) Foreign 16,152 ( 1,566 ) 2,639 Total income (loss) before taxes $ 6,010 $ 28,149 $ ( 43,288 ) |
(Benefit) Provision For Income Taxes | For the year ended December 31, Amounts in thousands 2022 2021 2020 US - Current $ 3,176 $ 5,160 $ 270 US - Deferred ( 14,981 ) — 973 (Benefit) provision for US income taxes $ ( 11,805 ) $ 5,160 $ 1,243 Foreign - Current $ 4,291 $ 866 $ 1,130 Foreign - Deferred ( 146 ) 345 2,475 Provision for foreign income taxes $ 4,145 $ 1,211 $ 3,605 Total (benefit) provision for income taxes $ ( 7,660 ) $ 6,371 $ 4,848 |
Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate | Amounts in thousands 2022 2021 2020 US federal income tax statutory rate 21.0 % 21.0 % ( 21.0 %) Foreign tax rate differential 18.6 % ( 0.5 %) ( 5.8 %) State income tax (net of federal benefit) 0.9 % 3.0 % ( 3.8 %) Meals, entertainment, gifts and giveaways 3.7 % 0.4 % — Statutory to US GAAP adjustments, including foreign currency ( 3.7 %) 2.6 % ( 1.8 %) Valuation allowance ( 173.5 %) ( 4.6 %) 41.0 % Unrecognized tax benefit ( 4.7 %) ( 0.3 %) — Stock options 7.0 % 1.3 % ( 0.1 %) Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits 2.5 % — — Permanent and other items 0.7 % ( 0.3 %) 2.7 % Total provision for income taxes ( 127.5 %) 22.6 % 11.2 % |
Deferred Tax Assets And Liabilities | Amounts in thousands 2022 2021 Deferred tax assets (liabilities) - US Federal and state: Deferred tax assets Amortization of goodwill for tax $ 8,101 $ 7,902 Financing obligation to VICI Properties, Inc. subsidiaries 69,356 68,342 Operating and finance leases 462 329 Disallowed interest expense 3,588 — Accrued liabilities and other 1,040 861 82,547 77,434 Valuation allowance — ( 10,236 ) $ 82,547 $ 67,198 Deferred tax liabilities Property and equipment $ ( 66,062 ) $ ( 66,616 ) Operating and finance leases ( 444 ) ( 313 ) Prepaid expenses ( 342 ) ( 269 ) Other ( 718 ) — $ ( 67,566 ) $ ( 67,198 ) Long-term deferred tax asset $ 14,981 $ — Deferred tax assets (liabilities) - foreign Deferred tax assets Property and equipment $ 276 $ 704 NOL carryforward 7,464 6,331 Accrued liabilities and other 984 1,018 Operating and finance leases 8,415 8,615 Subsidiary liquidation 2,810 3,802 Exchange rate gain 926 992 20,875 21,462 Valuation allowance ( 9,907 ) ( 10,088 ) $ 10,968 $ 11,374 Deferred tax liabilities Property and equipment $ ( 3,823 ) $ ( 4,071 ) Exchange rate loss ( 4 ) ( 158 ) Intangibles ( 1,037 ) ( 1,110 ) Operating and finance leases ( 7,726 ) ( 7,894 ) Others ( 592 ) ( 501 ) $ ( 13,182 ) $ ( 13,734 ) Long-term deferred tax liability $ ( 2,214 ) $ ( 2,360 ) |
Periods Subject To Examination Of Tax Returns | Jurisdiction Periods US Federal 2017 (1) , 2019 - 2021 US State - Colorado 2018 - 2021 US State – Missouri 2019 - 2021 US State – West Virginia 2019 - 2021 Canada 2008 - 2021 Mauritius 2019 - 2021 Poland 2017 - 2021 Austria 2017 - 2021 |
Deferred Tax Assets Expiration | Amounts in thousands 2022 - 2032 $ 176 2033 - 2042 6,424 No expiration 864 Total deferred tax assets $ 7,464 |
Unrecognized Tax Benefits | Amounts in thousands 2022 2021 Unrecognized tax benefit - January 1 $ 777 $ 835 Gross increases - tax positions in prior period 0 3 Gross decreases - tax positions in prior period ( 31 ) — Gross increases - tax positions in current period — — Settlements — — Lapse of statute of limitations ( 218 ) ( 61 ) Unrecognized tax benefit - December 31 $ 528 $ 777 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment And Geographic 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 (1) Canada Edmonton Century Casino & Hotel - Edmonton Century Casino St. Albert Century Mile Racetrack and Casino Calgary (2) Century Downs Racetrack and Casino Poland Poland Casinos Poland Corporate and Other Corporate and Other Cruise Ships & Other Corporate Other (3) (1) Includes The Farmstead. (2) The Company operated Century Sports through February 10, 2022 and Century Bets through August 2021, when operations were transferred to Century Mile. For more information about Century Sports and Century Bets, see Note 1. (3) The equity investment in Smooth Bourbon is included in the Corporate Other reporting unit. |
Segment Information | For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 Earnings from equity investment $ — $ — $ — $ 3,249 $ 3,249 Earnings (loss) before income taxes $ 32,354 $ 11,211 $ 11,044 $ ( 48,599 ) $ 6,010 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 24,759 $ 6,070 $ 5,811 $ ( 28,664 ) $ 7,976 Interest expense (income), net (2) 28,531 2,281 ( 686 ) 34,854 64,980 Income taxes (benefit) 7,595 2,354 2,326 ( 19,935 ) ( 7,660 ) Depreciation and amortization 19,364 4,754 2,606 385 27,109 Net earnings attributable to non-controlling interests — 2,787 2,907 — 5,694 Non-cash stock-based compensation — — — 3,335 3,335 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 123 ( 1,153 ) ( 205 ) ( 1,236 ) Loss (gain) on disposition of fixed assets 49 27 63 ( 121 ) 18 Acquisition costs — — — 3,124 3,124 Adjusted EBITDA $ 80,297 $ 18,396 $ 11,874 $ ( 7,227 ) $ 103,340 Long-lived assets (4) $ 466,403 $ 139,304 $ 27,134 $ 8,192 $ 641,033 Total assets (5) $ 425,820 $ 162,088 $ 42,173 $ 254,886 $ 884,967 Capital expenditures $ 16,000 $ 1,566 $ 1,578 $ 49 $ 19,193 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations. (2) Expense of $ 28.5 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 2.3 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.7 million and $ 2.1 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 in February 2022 is included in the Canada segment. The loss from the sale was offset by cost recovery income for CDR. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. (5) Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. For the year ended December 31, 2021 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 283,285 $ 46,428 $ 58,226 $ 567 $ 388,506 Earnings (loss) before income taxes $ 49,628 $ 3,312 $ 921 $ ( 25,712 ) $ 28,149 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 49,628 $ 1,124 $ 440 $ ( 30,570 ) $ 20,622 Interest expense (income), net (2) 28,229 1,796 ( 477 ) 13,110 42,658 Income taxes — 1,256 257 4,858 6,371 Depreciation and amortization 18,398 4,904 3,028 432 26,762 Net earnings attributable to non-controlling interests — 932 224 — 1,156 Non-cash stock-based compensation — — — 2,652 2,652 Gain on foreign currency transactions, cost recovery income and other (3) ( 836 ) ( 545 ) ( 887 ) ( 418 ) ( 2,686 ) Loss (gain) on disposition of fixed assets 341 43 44 ( 37 ) 391 Adjusted EBITDA $ 95,760 $ 9,510 $ 2,629 $ ( 9,973 ) $ 97,926 Long-lived assets (4) $ 376,210 $ 152,278 $ 29,865 $ 3,412 $ 561,765 Total assets $ 422,409 $ 179,297 $ 44,204 $ 57,448 $ 703,358 Capital expenditures $ 8,672 $ 646 $ 163 $ 531 $ 10,012 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations. (2) Expense of $ 28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.8 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.3 million and $ 2.0 million, respectively, for the period presented. (3) Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. For the year ended December 31, 2020 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 198,344 $ 50,240 $ 54,271 $ 1,413 $ 304,268 (Loss) earnings before income taxes $ ( 29,548 ) $ 6,869 $ ( 2,578 ) $ ( 18,031 ) $ ( 43,288 ) Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ ( 30,571 ) $ 2,551 $ ( 1,373 ) $ ( 18,609 ) $ ( 48,002 ) Interest expense (income), net (2) 28,357 2,047 27 12,667 43,098 Income taxes (benefit) 1,023 3,765 ( 518 ) 578 4,848 Depreciation and amortization 17,580 5,264 3,124 566 26,534 Net earnings (loss) attributable to non-controlling interests — 553 ( 687 ) — ( 134 ) Non-cash stock-based compensation — — — ( 214 ) ( 214 ) Gain on foreign currency transactions, cost recovery income and other (3) — ( 6,015 ) ( 233 ) ( 6,897 ) ( 13,145 ) Impairment - intangible and tangible assets 30,746 3,375 — 1,000 35,121 Loss (gain) on disposition of fixed assets 64 ( 43 ) 4 1 26 Acquisition costs — — — 266 266 Adjusted EBITDA $ 47,199 $ 11,497 $ 344 $ ( 10,642 ) $ 48,398 Long-lived assets (4) $ 385,426 $ 156,433 $ 39,066 $ 3,971 $ 584,896 Total assets $ 417,388 $ 181,477 $ 49,372 $ 32,523 $ 680,760 Capital expenditures $ 7,767 $ 2,057 $ 719 $ 162 $ 10,705 (1) Net operating revenue for the Corporate and Other segment primarily relates to CCB and the Company’s cruise ship operations. (2) Expense of $ 28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.0 million and $ 1.3 million, respectively, for the period presented. (3) Income of $ 6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary. (4) Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. |
Description Of Business And B_3
Description Of Business And Basis Of Presentation (Narrative) (Details) $ in Thousands, € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Oct. 26, 2022 item | Aug. 24, 2022 USD ($) | Apr. 01, 2022 USD ($) | Jul. 16, 2021 room | Dec. 01, 2020 USD ($) | Dec. 01, 2020 CAD ($) | Dec. 31, 2022 USD ($) item | Jun. 30, 2021 EUR (€) | Aug. 31, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) room item | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² room item | Dec. 31, 2022 CAD ($) ft² room item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 30, 2022 item | Feb. 10, 2022 USD ($) | Feb. 10, 2022 CAD ($) | Nov. 01, 2021 | Jun. 30, 2021 USD ($) | May 31, 2021 item | Aug. 31, 2020 CAD ($) | Dec. 31, 2019 USD ($) | Aug. 01, 2017 USD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Purchased amount for ownership interest | $ 95,000 | ||||||||||||||||||||||||
Earn outs | $ 51 | ||||||||||||||||||||||||
Restricted cash | $ 100,151 | $ 100,151 | $ 100,151 | ||||||||||||||||||||||
Impairment - intangible and tangible assets | $ 35,121 | ||||||||||||||||||||||||
Assets held for sale | 8,422 | ||||||||||||||||||||||||
Macquarie Capital [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Revolving credit facility, amount drew | $ 9,950 | ||||||||||||||||||||||||
UniCredit Bank Austria [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Revolving credit facility, amount drew | 7,400 | ||||||||||||||||||||||||
Credit facility amount | $ 7,400 | ||||||||||||||||||||||||
Polish Airports Company [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Ownership interest by non-controlling | 33.30% | 33.30% | 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 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Option to acquire period | 5 years | 5 years | |||||||||||||||||||||||
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% | 100% | 100% | ||||||||||||||||||||||
Casinos Poland [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Ownership percentage | 66.60% | 66.60% | 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% | ||||||||||||||||||||||||
Mendoza Central Entretenimientos S. A. [Member] | Mendoza Central Entretenimientos S. A. [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Impairment - intangible and tangible assets | 1,000 | ||||||||||||||||||||||||
Wrote-down receivable | $ 300 | ||||||||||||||||||||||||
Hamilton Princess Hotel & Beach Club [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Estimated loan to be granted for casino equipment purchase | $ 5,000 | ||||||||||||||||||||||||
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% | 100% | 100% | ||||||||||||||||||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon, LLC [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Ownership percentage | 50% | 50% | 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% | 75% | 75% | ||||||||||||||||||||||
Century Casino Bath [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Gain in general and administrative expenses | $ 7,400 | ||||||||||||||||||||||||
Macquarie Capital [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Credit facility amount | $ 10,000 | ||||||||||||||||||||||||
Century Casino Caruthersville [Member] | Hotel Project [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Number of rooms | room | 36 | ||||||||||||||||||||||||
Project cost | $ 3,600 | $ 3,600 | $ 3,600 | ||||||||||||||||||||||
Century Casino Caruthersville [Member] | Riverboat Casino Project [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Number of rooms | room | 38 | 38 | |||||||||||||||||||||||
Project cost | 2,200 | 2,200 | $ 2,200 | ||||||||||||||||||||||
Estimated projects cost | $ 51,900 | $ 51,900 | 51,900 | ||||||||||||||||||||||
Amount received for project financing | $ 5,000 | ||||||||||||||||||||||||
Century Casino Caruthersville [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] | Land-based pavilion [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Number of slot machines | item | 425 | ||||||||||||||||||||||||
Number of table games | item | 6 | ||||||||||||||||||||||||
Century Casino Caruthersville [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 | ||||||||||||||||||||||||
TUI Cruises [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Number of ship-based casinos | item | 1 | 1 | 1 | ||||||||||||||||||||||
Number of ship based casinos, ended | item | 1 | 2 | |||||||||||||||||||||||
Cape Girardeau [Member] | Hotel Project [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Square footage of hotel | ft² | 68,000 | 68,000 | |||||||||||||||||||||||
Number of rooms | room | 69 | ||||||||||||||||||||||||
Project cost | $ 2,800 | $ 2,800 | $ 2,800 | ||||||||||||||||||||||
Estimated projects cost | $ 30,500 | $ 30,500 | $ 30,500 | ||||||||||||||||||||||
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% | 50% | 50% | ||||||||||||||||||||||
Term Loan [Member] | UniCredit Bank Austria [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Maturity date | Dec. 31, 2025 | ||||||||||||||||||||||||
Refinanced amount | € | € 6 | ||||||||||||||||||||||||
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% | 25% | 25% | ||||||||||||||||||||||
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 | $ 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 | ||||||||||||||||||||||
Deposits And Other Related To Insurance Policy [Member] | Casinos Poland [Member] | Maximum [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Restricted cash | 100 | ||||||||||||||||||||||||
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 [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Total consideration | $ 10 | $ 7,500 | $ 10 | ||||||||||||||||||||||
Working capital and other adjustments | $ 100 | ||||||||||||||||||||||||
Gain on sale of casino operations | $ 6,500 | $ 8.4 | |||||||||||||||||||||||
Quarterly earn out period | 3 years | ||||||||||||||||||||||||
Lease term | 3 years | ||||||||||||||||||||||||
Annual rent | $ 400 | $ 0.5 | |||||||||||||||||||||||
Century Casino Calgary [Member] | Land [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Assets held for sale | 4,800 | ||||||||||||||||||||||||
Century Casino Calgary [Member] | Buildings And Improvements [Member] | |||||||||||||||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||||||||||||||
Assets held for sale | $ 3,600 |
Description Of Business And B_4
Description Of Business And Basis Of Presentation (Summary Of The Time Period Casinos Closure And Reopen With Gaming Floor Open) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Colorado [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 15 and June 17, 2020 |
Missouri [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 1, 2020 |
West Virginia [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 5, 2020 |
Edmonton [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 13, 2020 |
Edmonton [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 13, 2020 |
Reopen Date | June 10, 2021 |
Calgary [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 17, 2020 |
Reopen Date | June 13, 2020 |
Calgary [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 13, 2020 |
Reopen Date | June 10, 2021 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 13, 2020 |
Reopen Date | May 18, 2020 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | December 29, 2020 |
Reopen Date | February 12, 2021 |
Poland [Member] | |
Description Of Business And Basis Of Presentation [Line Items] | |
Closure Date | March 20, 2021 |
Reopen Date | May 28, 2021 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 CAD ($) | Apr. 01, 2022 | |
Significant Accounting Policies [Line Items] | |||||||
Cash equivalents | $ 0 | $ 0 | |||||
Restricted cash | 100,151 | ||||||
Acquisition escrow in restricted cash | $ 100,200 | ||||||
Accounts receivable expected to be collected period of the maturity date | 6 months | 6 months | |||||
Accounts receivable written off after | 1 year | 1 year | |||||
Marketing incentives and player club points allocated to gaming revenue | $ 42,400 | 39,000 | $ 30,300 | ||||
Outstanding balance of promotional balance liability | 1,000 | 1,000 | |||||
Advertising costs | 3,600 | 2,300 | 2,600 | ||||
Canada [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Qualified payroll credits | 2,500 | $ 3.1 | 5,500 | $ 7.4 | |||
Qualified government rent subsidies reduced operating expenses | 1,300 | $ 1.6 | $ 400 | $ 0.5 | |||
Rent or wage subsidy | $ 0 | ||||||
Deposits And Other Related To Payments Of Prizes And Giveaways [Member] | Casinos Poland [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | 200 | 200 | |||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 100 | ||||||
Deposits And Other Related To Insurance Policy [Member] | Maximum [Member] | Casinos Poland [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Restricted cash | $ 100 | ||||||
Marnell Gaming, LLC [Member] | Smooth Bourbon, LLC [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership percentage | 50% | ||||||
Smooth Bourbon, LLC [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership interest | 50% | ||||||
Smooth Bourbon, LLC [Member] | Marnell Gaming, LLC [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership interest | 50% |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation Of Cash, Cash Equivalents, And Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Significant Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 101,785 | $ 107,821 | ||
Restricted cash | 100,151 | |||
Restricted cash included in deposits and other | 195 | 220 | ||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 202,131 | $ 108,041 | $ 63,677 | $ 55,640 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule Of Depreciation Period Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 5 years |
Minimum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Minimum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 3 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 39 years |
Maximum [Member] | Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Maximum [Member] | Furniture And Non-Gaming Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated service lives used | 7 years |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule Of Exchange Rates To US Dollar) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Canadian Dollar (CAD) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 1.3550 | 1.2678 | |
Average Rates | 1.3011 | 1.2537 | 1.3412 |
Average Rates % Change | (3.80%) | 6.50% | |
Euros (EUR) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 0.9393 | 0.8810 | |
Average Rates | 0.9506 | 0.8456 | 0.8776 |
Average Rates % Change | (12.40%) | 3.60% | |
Polish Zloty (PLN) [Member] | |||
Currency [Line Items] | |||
Ending Rates | 4.4004 | 4.0492 | |
Average Rates | 4.4559 | 3.8608 | 3.8989 |
Average Rates % Change | (15.40%) | 1% | |
British Pound (GBP) [Member] | |||
Currency [Line Items] | |||
Average Rates | 0.7270 | 0.7798 | |
Average Rates % Change | 6.80% |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule Of Promotional Allowances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 2,413 | $ 2,082 | $ 2,023 |
Hotel Project [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | 348 | 293 | 248 |
Food And Beverage [Member] | |||
Promotional Allowances [Line Items] | |||
Promotional allowances, estimated cost | $ 2,065 | $ 1,789 | $ 1,775 |
Significant Accounting Polici_9
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |||
Weighted average common shares, basic | 29,809 | 29,593 | 29,559 |
Dilutive effect of stock options | 1,671 | 1,795 | |
Weighted average common shares, diluted | 31,480 | 31,388 | 29,559 |
Significant Accounting Polic_10
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive, excluded from calculation of diluted shares | 2,740 | 2,572 | 1,272 |
Equity Investment (Narrative) (
Equity Investment (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Smooth Bourbon, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, maximum loss exposure | $ 93.3 |
Equity Investment (Schedule of
Equity Investment (Schedule of Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Net operating revenue | $ 430,529 | $ 388,506 | $ 304,268 |
Earnings from continuing operations | 67,612 | 68,518 | (127) |
Net earnings | 13,670 | 21,778 | (48,136) |
Net earnings attributable to Century Casinos, Inc. | 7,976 | $ 20,622 | $ (48,002) |
Smooth Bourbon, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net operating revenue | 11,501 | ||
Earnings from continuing operations | 11,219 | ||
Net earnings | 6,497 | ||
Net earnings attributable to Century Casinos, Inc. | $ 3,249 |
Equity Investment (Changes in C
Equity Investment (Changes in Carrying Amount of Investment) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Equity earnings | $ 3,249 |
Balance at September 30, 2022 | 93,260 |
Smooth Bourbon, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Acquisition | 95,000 |
Equity earnings | 3,249 |
Dividend | (4,989) |
Balance at September 30, 2022 | $ 93,260 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 23,500 | $ 23,100 | $ 22,900 |
Impairment - intangible and tangible assets | 35,121 | ||
Assets held for sale | 8,422 | ||
Land [Member] | Canada [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | 4,800 | ||
Buildings And Improvements [Member] | Canada [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Assets held for sale | 3,600 | ||
Corporate And Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment - intangible and tangible assets | $ 0 | $ 0 | $ 0 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 590,335 | $ 593,157 |
Less: accumulated depreciation | (125,685) | (112,433) |
Less: assets held for sale | (8,422) | |
Property and equipment, net | 464,650 | 472,302 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 43,654 | 49,948 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 436,207 | 450,280 |
Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 43,590 | 41,523 |
Furniture And Non-Gaming Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,166 | 46,896 |
Property And Equipment Held Under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 764 | 424 |
Capital Projects In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 18,954 | $ 4,086 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 USD ($) | Dec. 31, 2022 item | Dec. 31, 2020 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||
Number of trademarks | item | 3 | ||
Impairment - intangible and tangible assets | $ 35,121 | ||
Casino Licenses [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 1 year 10 months 24 days | ||
Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 7 years | ||
Player's Club Lists [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 3 years 10 months 24 days | ||
Mountaineer Casino [Member] | Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life | 10 years | ||
Mountaineer Casino [Member] | Trademarks [Member] | Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 6 years 10 months 24 days | ||
Casinos Poland [Member] | Casino Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Number of casino licenses | item | 8 | ||
Useful life | 6 years | ||
Reporting Units [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, acquisition | $ 1,200 | ||
Impairment - intangible and tangible assets | $ 34,100 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Changes In The Carrying Value Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Gross carrying value, Beginning | $ 33,508 | $ 34,062 |
Currency translation | (764) | (554) |
Gross carrying value, Ending | 32,744 | 33,508 |
Accumulated impairment losses, Beginning | (23,161) | (23,161) |
Accumulated impairment losses, Ending | (23,161) | (23,161) |
Net carrying value | 9,583 | 10,347 |
United States [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 19,786 | 19,786 |
Gross carrying value, Ending | 19,786 | 19,786 |
Accumulated impairment losses, Beginning | (19,786) | (19,786) |
Accumulated impairment losses, Ending | (19,786) | (19,786) |
Canada [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 7,402 | 7,385 |
Currency translation | (260) | 17 |
Gross carrying value, Ending | 7,142 | 7,402 |
Accumulated impairment losses, Beginning | (3,375) | (3,375) |
Accumulated impairment losses, Ending | (3,375) | (3,375) |
Net carrying value | 3,767 | 4,027 |
Poland [Member] | ||
Goodwill [Line Items] | ||
Gross carrying value, Beginning | 6,320 | 6,891 |
Currency translation | (504) | (571) |
Gross carrying value, Ending | 5,816 | 6,320 |
Accumulated impairment losses, Beginning | ||
Accumulated impairment losses, Ending | ||
Net carrying value | $ 5,816 | $ 6,320 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-lived | |||
Total finite-lived intangible assets, net | $ 13,946 | $ 17,203 | |
Indefinite-lived | |||
Total indefinite-lived intangible assets | 30,825 | 31,727 | |
Total intangible assets, net | 44,771 | 48,930 | |
Casino Licenses [Member] | |||
Indefinite-lived | |||
Total indefinite-lived intangible assets | 29,331 | 30,112 | $ 30,061 |
Trademarks [Member] | |||
Indefinite-lived | |||
Total indefinite-lived intangible assets | 1,494 | 1,615 | |
Casino Licenses [Member] | |||
Finite-lived | |||
Gross | 2,672 | 2,768 | |
Less: accumulated amortization | (1,763) | (1,749) | |
Total finite-lived intangible assets, net | 909 | 1,019 | |
Trademarks [Member] | |||
Finite-lived | |||
Gross | 2,368 | 2,368 | |
Less: accumulated amortization | (730) | (494) | |
Total finite-lived intangible assets, net | 1,638 | 1,874 | |
Player's Club Lists [Member] | |||
Finite-lived | |||
Gross | 20,373 | 20,373 | |
Less: accumulated amortization | (8,974) | (6,063) | |
Total finite-lived intangible assets, net | $ 11,399 | $ 14,310 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Changes In Carrying Amount - Finite-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | $ 17,203 | |
Balance at end of period | 13,946 | $ 17,203 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,874 | |
Balance at end of period | 1,638 | 1,874 |
Trademarks [Member] | United States [Member] | Mountaineer Casino [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,874 | 2,111 |
Amortization | (236) | (237) |
Balance at end of period | 1,638 | 1,874 |
Casino Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,019 | |
Balance at end of period | 909 | 1,019 |
Casino Licenses [Member] | Poland [Member] | Casinos Poland [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 1,019 | 1,615 |
New Casino License | 390 | |
Amortization | (443) | (485) |
Currency translation | (57) | (111) |
Balance at end of period | 909 | 1,019 |
Player's Club Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 14,310 | |
Balance at end of period | 11,399 | 14,310 |
Player's Club Lists [Member] | United States [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance at beginning of period | 14,310 | 17,220 |
Amortization | (2,911) | (2,910) |
Balance at end of period | $ 11,399 | $ 14,310 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | $ 13,946 | $ 17,203 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 1,638 | 1,874 | |
Casino Licenses [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 909 | 1,019 | |
Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total finite-lived intangible assets, net | 11,399 | 14,310 | |
United States [Member] | Trademarks [Member] | Mountaineer Casino [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 237 | ||
2024 | 237 | ||
2025 | 237 | ||
2026 | 237 | ||
2027 | 237 | ||
Thereafter | 453 | ||
Total finite-lived intangible assets, net | 1,638 | 1,874 | $ 2,111 |
United States [Member] | Player's Club Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 2,910 | ||
2024 | 2,910 | ||
2025 | 2,910 | ||
2026 | 2,669 | ||
Total finite-lived intangible assets, net | 11,399 | 14,310 | 17,220 |
Poland [Member] | Casino Licenses [Member] | Casinos Poland [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2023 | 407 | ||
2024 | 215 | ||
2025 | 95 | ||
2026 | 70 | ||
2027 | 70 | ||
Thereafter | 52 | ||
Total finite-lived intangible assets, net | $ 909 | $ 1,019 | $ 1,615 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Changes In Carrying Amount - Indefinite-Lived) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | $ 31,727 | |
Balance at end of the period | 30,825 | $ 31,727 |
Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,615 | |
Balance at end of the period | 1,494 | 1,615 |
Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 30,112 | 30,061 |
Currency translation | (781) | 51 |
Balance at end of the period | 29,331 | 30,112 |
Casinos Poland [Member] | Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,615 | 1,751 |
Currency translation | (121) | (136) |
Balance at end of the period | 1,494 | 1,615 |
Casinos Poland [Member] | Trademarks [Member] | Corporate And Other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 108 | 108 |
Currency translation | ||
Balance at end of the period | 108 | 108 |
Poland [Member] | Casinos Poland [Member] | Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 1,507 | 1,643 |
Currency translation | (121) | (136) |
Balance at end of the period | 1,386 | 1,507 |
United States [Member] | Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 17,962 | 17,962 |
Currency translation | ||
Balance at end of the period | 17,962 | 17,962 |
Canada [Member] | Casino Licenses [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance at beginning of the period | 12,150 | 12,099 |
Currency translation | (781) | 51 |
Balance at end of the period | $ 11,369 | $ 12,150 |
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 | 12 Months Ended | |||||||||||||||
Apr. 22, 2022 USD ($) | Apr. 01, 2022 USD ($) | Sep. 30, 2022 PLN (zł) | Nov. 30, 2021 PLN (zł) | Apr. 30, 2020 | Dec. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 PLN (zł) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 CAD ($) | Jun. 23, 2021 USD ($) | Jul. 31, 2020 USD ($) | Mar. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing costs | $ 9,716,000 | $ 1,565,000 | $ 1,614,000 | |||||||||||||||
Amount outstanding | 366,424,000 | 189,179,000 | ||||||||||||||||
Principal payments | 157,000 | 123,000 | 166,000 | |||||||||||||||
Outstanding financing obligation | 622,000 | |||||||||||||||||
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 | 1,600,000 | 1,600,000 | |||||||||||||||
Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | zł | zł 3.6 | |||||||||||||||||
Deposits maintained for payment of casino jackpots and gaming tax obligations | 200,000 | 0.7 | ||||||||||||||||
Deposit for secured by land owned | 300,000 | 1.2 | ||||||||||||||||
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 | 347,400,000 | |||||||||||||||||
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 | $ 4,661,000 | |||||||||||||||||
UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Term loan | £ | £ 2 | |||||||||||||||||
Expiration date | Sep. 30, 2023 | Sep. 30, 2023 | ||||||||||||||||
Interest rate percentage points | 1.625% | 1.625% | ||||||||||||||||
Amount outstanding | $ 400,000 | |||||||||||||||||
Borrowing availability | 0 | |||||||||||||||||
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 | 1,100,000 | 5 | ||||||||||||||||
Amount outstanding | $ 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 | $ 10,000,000 | |||||||||||||||||
Line of credit available for cash borrowing removed | $ 2,500,000 | |||||||||||||||||
CDR Financing Obligation [Member] | Century Downs Racetrack And Casino [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Outstanding financing obligation | $ 14,400,000 | $ 19.5 | ||||||||||||||||
Line Of Credit With Alior Bank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate percentage points | 1.55% | |||||||||||||||||
Guarantee From mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Deposits or bank guarantees for payment of casino jackpots and gaming tax obligations under gaming law | 800,000 | zł 3.6 | ||||||||||||||||
Goldman Credit Agreement [Member] | Goldman Sachs Bank USA and BOFA Securities, Inc [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Customary agency fees | 100,000 | |||||||||||||||||
Deferred financing costs | 18,900,000 | |||||||||||||||||
Amortization of deferred financing costs | 2,000,000 | |||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
Revolving credit facility, amount drew | $ 9,950,000 | |||||||||||||||||
Line Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 50,000 | |||||||||||||||||
Line Of Credit [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 7,400,000 | |||||||||||||||||
Amount outstanding | $ 7,400,000 | |||||||||||||||||
Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility | $ 50,000 | |||||||||||||||||
Credit Agreement [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 180,000,000 | |||||||||||||||||
Repayment amount | $ 166,200,000 | |||||||||||||||||
Credit Agreement [Member] | Term Loan [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 170,000,000 | |||||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | zł 3 | |||||||||||||||||
First Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | WIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate percentage points | 1.70% | |||||||||||||||||
Second Credit Agreement [Member] | UniCredit Term Loans [Member] | Century Resorts Management [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 2.875% | 2.875% | 2.875% | 2.875% | 2.875% | |||||||||||||
Term loan | € | € 6 | |||||||||||||||||
Guaranteed amount | € | € 6 | |||||||||||||||||
Amount outstanding | $ 4,300,000 | € 4 | ||||||||||||||||
Borrowing availability | 0 | |||||||||||||||||
Second Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | zł 4 | |||||||||||||||||
Third Credit Agreement [Member] | Term Loan With mBank [Member] | Casinos Poland [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | zł | zł 2.5 | |||||||||||||||||
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] | 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] | 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 | |||||||||||||||||
Maximum [Member] | Letter Of Credit [Member] | Macquarie Capital [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 5,000,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt And Weighted Average Interest) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total principal | $ 366,424 | $ 189,179 |
Deferred financing costs | (16,844) | (7,695) |
Total long-term debt | 349,580 | 181,484 |
Less current portion | (5,322) | (3,958) |
Long-term portion | 344,258 | 177,526 |
Credit agreement - Goldman [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 347,375 | |
Weighted-average interest rate | 8.45% | |
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 | $ 4,661 | $ 6,994 |
Weighted-average interest rate | 3.17% | 2.55% |
Financing Obligation - CDR Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 14,388 | $ 15,378 |
Weighted-average interest rate | 15.05% | 11.44% |
Total Principal [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 8.72% | 6.89% |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Related To Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
2023 | $ 5,322 | |
2024 | 4,920 | |
2025 | 4,919 | |
2026 | 3,500 | |
2027 | 3,500 | |
Thereafter | 344,263 | |
Total | 366,424 | $ 189,179 |
Goldman Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 3,500 | |
2024 | 3,500 | |
2025 | 3,500 | |
2026 | 3,500 | |
2027 | 3,500 | |
Thereafter | 329,875 | |
Total | 347,375 | |
UniCredit Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 1,822 | |
2024 | 1,420 | |
2025 | 1,419 | |
2026 | ||
2027 | ||
Thereafter | ||
Total | 4,661 | |
Century Downs Land Lease [Member] | ||
Debt Instrument [Line Items] | ||
2023 | ||
2024 | ||
2025 | ||
2026 | ||
2027 | ||
Thereafter | 14,388 | |
Total | $ 14,388 |
Long-Term Financing Obligatio_2
Long-Term Financing Obligation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 01, 2022 | Aug. 24, 2022 | Dec. 06, 2019 | Dec. 31, 2022 | |
Residual value | $ 28,500 | |||
VICI PropCo [Member] | Master Lease [Member] | ||||
Residual value | $ 28,492 | |||
Discount rate | 10.20% | |||
Lease term plus renewal options | 35 years | |||
Lease term contract | 15 years | |||
Lessee, Operating Lease, Option to Extend | four five year renewal terms | |||
Lease renewal term | 5 years | |||
Annual rent | $ 25,000 | |||
Base Rent Escalator, percentage | 1.0125% | |||
Direct Financing Lease Base Rent Increase | $ 4,200 | |||
Estimated annual adjusted rent, 2023 | $ 27,500 | |||
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% | |||
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments made | $ 25,666 | $ 25,271 | $ 25,021 |
Interest expense on financing obligation | $ 28,532 | $ 28,232 | $ 28,356 |
Long-Term Financing Obligatio_4
Long-Term Financing Obligation (Future Payments Related To Master Lease) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Residual value | $ 28,500 |
Master Lease [Member] | VICI PropCo [Member] | |
2023 | 23,670 |
2024 | 26,144 |
2025 | 26,471 |
2026 | 26,802 |
2027 | 27,137 |
Thereafter | 875,958 |
Total payments | 1,006,182 |
Less imputed interest | (749,770) |
Residual value | 28,492 |
Total | $ 284,904 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and administrative expenses | $ 105,467 | $ 93,489 | $ 80,246 |
Opening [Member] | |||
Contract liability | $ 1,600 | $ 600 | |
Mendoza Central Entretenimientos S. A. [Member] | |||
General and administrative expenses | $ 300 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Breakout Of The Company's Derived Revenue And Other Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |||
Revenue from contracts with customers | $ 430,529 | $ 388,506 | $ 304,268 |
Cost recovery income | 1,938 | 655 | 158 |
Century Casino Calgary sale earn out revenue | 51 | ||
Total revenue | $ 432,467 | $ 389,212 | $ 304,426 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation Of Company's Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | $ 430,529 | $ 388,506 | $ 304,268 |
Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 206 | 567 | 1,413 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 268,582 | 283,285 | 198,344 |
Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 71,572 | 46,428 | 50,240 |
Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net operating revenue | 90,169 | 58,226 | 54,271 |
Gaming [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 365,986 | 331,877 | 253,281 |
Gaming [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 184 | 152 | 830 |
Gaming [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 232,871 | 249,397 | 168,904 |
Gaming [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 43,972 | 25,604 | 30,319 |
Gaming [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 88,959 | 56,724 | 53,228 |
Pari-Mutuel, Sports Betting And iGaming [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 19,607 | 18,848 | 17,660 |
Pari-Mutuel, Sports Betting And iGaming [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 8,728 | 8,492 | 7,502 |
Pari-Mutuel, Sports Betting And iGaming [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 10,879 | 10,356 | 10,158 |
Hotel Project [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 9,628 | 8,286 | 5,910 |
Hotel Project [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 9,159 | 8,241 | 5,826 |
Hotel Project [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 469 | 45 | 84 |
Food And Beverage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 24,097 | 17,788 | 16,194 |
Food And Beverage [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 105 | ||
Food And Beverage [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 12,394 | 11,761 | 9,795 |
Food And Beverage [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 10,860 | 5,606 | 5,832 |
Food And Beverage [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 843 | 421 | 462 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 11,211 | 11,707 | 11,223 |
Other [Member] | Corporate And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 22 | 415 | 478 |
Other [Member] | United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 5,430 | 5,394 | 6,317 |
Other [Member] | Canada [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | 5,392 | 4,817 | 3,847 |
Other [Member] | Poland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Operating revenue | $ 367 | $ 1,081 | $ 581 |
Revenue Recognition (Schedule_2
Revenue Recognition (Schedule Of Contract Assets And Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Opening [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | $ 1,269 | $ 1,103 |
Contract Liabilities | 2,986 | 2,200 |
Closing [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 1,351 | 1,269 |
Contract Liabilities | 2,417 | 2,986 |
Increase/(Decrease) [Member] | ||
Contract Receivables and Liabilities [Line Items] | ||
Receivables | 82 | 166 |
Contract Liabilities | $ (569) | $ 786 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Dec. 31, 2022 |
Minimum [Member] | |
Remaining lease term | 1 month |
Maximum [Member] | |
Remaining lease term | 14 years |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease expense | $ 5,345 | $ 5,864 | $ 5,250 |
Finance lease expense: | |||
Amortization of right-of-use assets | 136 | 128 | 165 |
Interest on lease liabilities | 29 | 6 | 15 |
Total finance lease expense | 165 | 134 | 180 |
Variable lease expense | $ 1,478 | $ 1,290 | $ 1,476 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating cash flows from finance leases | $ 25 | $ 6 | $ 5 |
Operating cash flows from operating leases | 5,168 | 5,201 | 6,355 |
Financing cash flows from finance leases | 157 | 123 | $ 166 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,076 | $ 407 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Leased right-of-use assets, net | $ 27,190 | $ 28,383 |
Current portion of operating lease liabilities | 3,947 | 3,915 |
Operating lease liabilities, net of current portion | 26,016 | 27,229 |
Total operating lease liabilities | 29,963 | 31,144 |
Finance Leases | ||
Finance lease right-of-use assets, gross | 764 | 424 |
Accumulated depreciation | (175) | (342) |
Property and equipment, net | $ 589 | $ 82 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Leased right-of-use assets, net | Leased right-of-use assets, net |
Current portion of finance lease liabilities | $ 150 | $ 38 |
Finance lease liabilities, net of current portion | 399 | 43 |
Total finance lease liabilities | $ 549 | $ 81 |
Weighted-average remaining lease term | ||
Operating leases | 10 years 6 months | 11 years 2 months 12 days |
Finance leases | 3 years 7 months 6 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 5,091 | |
2024 | 4,446 | |
2025 | 3,413 | |
2026 | 3,136 | |
2027 | 3,123 | |
Thereafter | 20,366 | |
Total lease payments | 39,575 | |
Less imputed interest | (9,612) | |
Total | 29,963 | $ 31,144 |
Finance Leases | ||
2023 | 184 | |
2024 | 178 | |
2025 | 160 | |
2026 | 85 | |
2027 | 15 | |
Thereafter | ||
Total lease payments | 622 | |
Less imputed interest | (73) | |
Total | $ 549 | $ 81 |
Other Balance Sheet And State_3
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Accrued Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 19,012 | $ 13,592 |
Accrued Commissions (AGLC) [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 2,436 | 863 |
Progressive Slot, Table And On Track Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 3,719 | 3,340 |
Player Point Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 1,047 | 1,006 |
Chip Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 639 | 592 |
Racing-Related Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 814 | 1,068 |
Deposit Liability [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 368 | 420 |
Construction Liabilitiy [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | 3,562 | |
Other Accrued Liabilities [Member] | ||
Accounts Payable And Accrued Liabilities [Line Items] | ||
Accrued liabilities | $ 6,427 | $ 6,303 |
Other Balance Sheet And State_4
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Taxes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Balance Sheet And Statement Of Earnings (Loss) Captions [Abstract] | ||
Accrued property taxes | $ 1,478 | $ 1,567 |
Gaming taxes payable | 6,787 | 11,595 |
Other taxes payable | 1,536 | 1,927 |
Total | $ 9,801 | $ 15,089 |
Other Balance Sheet And State_5
Other Balance Sheet And Statement Of (Loss) Earnings Captions (Other Operating Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pari-Mutuel Revenue [Member] | |||
Other operating revenue | $ 16,310 | $ 16,484 | $ 14,937 |
Sports Betting Revenue [Member] | |||
Other operating revenue | 2,734 | 2,166 | 2,723 |
iGaming Revenue [Member] | |||
Other operating revenue | 563 | 198 | |
Other Operating Revenue [Member] | |||
Other operating revenue | $ 19,607 | $ 18,848 | $ 17,660 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Shareholders' Equity [Abstract] | ||
Shares of common stock repurchased | 0 | 0 |
Total remaining authorization under the repurchase program | $ 14.7 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,000,000 | ||
2005 Plan [Member] | One-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
2005 Plan [Member] | Three-Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration date | June 2026 | ||
Number of shares authorized | 3,500,000 | ||
Percentage of legal entity controlled by optionee | 100% | ||
Maximum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Vesting period | 4 years | ||
Maximum [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise period of options | 10 years | ||
Minimum [Member] | 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 6 months | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 420,989 | 268,947 | 413,964 |
Vesting period | 3 years | ||
Market Conditions | 25% | ||
Performance Conditions | 75% | ||
Unrecognized compensation expense related to unvested stock options | $ 3.3 | ||
Expected period of recognition for unrecognized compensation cost | 1 year 8 months 12 days | ||
Performance Shares [Member] | 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Granted | 1,062,162 | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 200% | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target Grant | 0% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | |||
Options outstanding | 1,075,000 | 1,127,500 | |
Closing stock price per share | $ 7.03 | ||
Directors [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | 0 | ||
Options outstanding | 96,700 | ||
Weighted average exercise price per share of options outstanding | $ 7.16 | ||
Unrecognized compensation expense related to unvested stock options | $ 0.1 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Based Compensation Plan For PSU's) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target PSU's, Beginning of Period | 815,164 | 687,219 | 441,223 |
Target PSU's, Granted | 420,989 | 268,947 | 413,964 |
Target PSU's, Vested | (227,510) | (87,171) | |
Target PSU's, Forfeited | (21,481) | (141,002) | (80,797) |
Target PSU's, End of Period | 987,162 | 815,164 | 687,219 |
Weighted-Average Grant-Date Fair Value, Beginning of Period | $ 5.51 | $ 6.47 | $ 9.62 |
Weighted-Average Grant-Date Fair Value, Granted | 10.22 | 6.44 | 3.75 |
Weighted-Average Grant-Date Fair Value, Vested | 9.17 | 6.75 | |
Weighted-Average Grant-Date Fair Value, Forfeited | 6.14 | 11.97 | 9.41 |
Weighted-Average Grant-Date Fair Value, End of Period | $ 6.66 | $ 5.51 | $ 6.47 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions For PSU Awards) (Details) - Performance Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.47% | 0.19% | 0.19% |
Expected life | 2 years 9 months 18 days | 2 years 10 months 24 days | 2 years 2 months 12 days |
Expected volatility | 91% | 82.20% | 88.40% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Forfeiture rate | 0% | 0% | 0% |
Stock-Based Compensation (Sto_2
Stock-Based Compensation (Stock Options) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option Shares, Outstanding at beginning of period | 1,127,500 | ||
Option Shares, Granted | |||
Option Shares, Exercised | (52,500) | ||
Option Shares, Cancelled or forfeited | |||
Options Shares, Expired | |||
Option shares, Outstanding at end of period | 1,075,000 | 1,127,500 | |
Weighted-Average Exercise Price, Beginning Balance | $ 5.05 | ||
Weighted-Average Exercise Price, Granted | |||
Weighted-Average Exercise Price, Exercised | 5.05 | ||
Weighted-Average Exercise Price, Cancelled or forfeited | |||
Weighted-Average Exercise Price, Expired | |||
Weighted-Average Exercise Price, Ending Balance | $ 5.05 | $ 5.05 | |
Weighted-Average Remaining Contractual Term | [1] | 1 year 11 months 26 days | 2 years 11 months 26 days |
Options Exercisable | 1,075,000 | 1,127,500 | |
Weighted-Average Exercise Price | $ 5.05 | $ 5.05 | |
[1] In years |
Stock-Based Compensation (Sto_3
Stock-Based Compensation (Stock Options Outstanding And Exercisable) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.05 | $ 5.05 | |
Options Outstanding | 1,075,000 | 1,127,500 | |
Options Exercisable | 1,075,000 | 1,127,500 | |
$5.05 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.05 | ||
Options Outstanding | 1,075,000 | ||
Options Exercisable | 1,075,000 | ||
Intrinsic Value of Options Outstanding | $ 2,129 | ||
Intrinsic Value of Options Exercisable | $ 2,129 | ||
Weighted-Average Life of Options Outstanding | [1] | 2 years | |
Weighted-Average Life of Options Exercisable | [1] | 2 years | |
[1] In years |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information Related To Stock Options) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of share-based awards exercised | $ 183 | $ 451 |
Stock-Based Compensation (Sto_4
Stock-Based Compensation (Stock-Based Compensation Expense Recognized In General And Administrative Expenses) (Details) - 2016 Plan [Member] - General and Administrative Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ (214) | ||
Total compensation expense | $ 3,335 | $ 2,652 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | |
Income Taxes [Line Items] | ||||
Pre-tax earnings (loss) | $ 6,010 | $ 28,149 | $ (43,288) | |
Effective tax rate | (127.50%) | 22.60% | 11.20% | |
Corporate tax rates | 0.90% | 3% | (3.80%) | |
US federal income tax statutory rate | 21% | 21% | 21% | |
Foreign income tax statutory rate | 18.60% | (0.50%) | (5.80%) | |
Liability for uncertain tax positions taken on U.S. tax return | $ 500 | |||
Cash and cash equivalents held by foreign subsidiaries | 37,100 | |||
Penalties and interest related to unrecognized tax benefits | 100 | $ 100 | ||
Income tax net operating loss carryforwards | 32,900 | |||
Deferred tax assets related to net operating loss carryforwards | 7,464 | |||
Unrecognized tax benefits that would impact effective tax rate | 500 | |||
Income tax benefit recognized from release of valuation allowance | $ (10,200) | |||
Colorado, Missouri And West Virginia [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Corporate tax rates | 4% | |||
Colorado, Missouri And West Virginia [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Corporate tax rates | 6.50% | |||
United States [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 116.40% | |||
Canada [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 36.90% | |||
Foreign income tax statutory rate | 23% | |||
Poland [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 20.70% | |||
Foreign income tax statutory rate | 19% | |||
Mauritius [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 0% | |||
Foreign income tax statutory rate | 15% | |||
Austria [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 1.70% | |||
Foreign income tax statutory rate | 25% | |||
Forecast [Member] | ||||
Income Taxes [Line Items] | ||||
Liability for uncertain tax positions taken on U.S. tax return | $ 500 | |||
Plan [Member] | ||||
Income Taxes [Line Items] | ||||
Tax expense for GILTI, net of foreign tax credits | $ 100 | $ 0 | $ 0 |
Income Taxes (US And Foreign Pr
Income Taxes (US And Foreign Pre-Tax Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total income (loss) before taxes | $ 6,010 | $ 28,149 | $ (43,288) |
US [Member] | |||
Total income (loss) before taxes | (10,142) | 29,715 | (45,927) |
Foreign [Member] | |||
Total income (loss) before taxes | $ 16,152 | $ (1,566) | $ 2,639 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
US - Current | $ 3,176 | $ 5,160 | $ 270 |
US - Deferred | (14,981) | 973 | |
(Benefit) provision for US income taxes | (11,805) | 5,160 | 1,243 |
Foreign - Current | 4,291 | 866 | 1,130 |
Foreign - Deferred | (146) | 345 | 2,475 |
Provision for foreign income taxes | 4,145 | 1,211 | 3,605 |
Total (benefit) provision for income taxes | $ (7,660) | $ 6,371 | $ 4,848 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Income Tax Rate Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
US federal income tax statutory rate | 21% | 21% | 21% |
Foreign tax rate differential | 18.60% | (0.50%) | (5.80%) |
State income tax (net of federal benefit) | 0.90% | 3% | (3.80%) |
Meals, entertainment, gifts and giveaways | 3.70% | 0.40% | |
Statutory to US GAAP adjustments, including foreign currency | (3.70%) | 2.60% | (1.80%) |
Valuation allowance | (173.50%) | (4.60%) | 41% |
Unrecognized tax benefit | (4.70%) | (0.30%) | |
Stock options | 7% | 1.30% | (0.10%) |
Global Intangible Low-Taxed Income ("GILTI"), net foreign tax credits | 2.50% | ||
Permanent and other items | 0.70% | (0.30%) | 2.70% |
Total provision for income taxes | (127.50%) | 22.60% | 11.20% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
US [Member] | ||
Deferred tax assets | ||
Amortization of goodwill for tax | $ 8,101 | $ 7,902 |
Financing obligation to VICI Properties, Inc. subsidiaries | 69,356 | 68,342 |
Accrued liabilities and other | 1,040 | 861 |
Operating and finance leases | 462 | 329 |
Disallowed interest expense | 3,588 | |
Deferred tax assets, gross | 82,547 | 77,434 |
Valuation allowance | (10,236) | |
Deferred tax assets, total | 82,547 | 67,198 |
Deferred tax liabilities | ||
Property and equipment | (66,062) | (66,616) |
Operating and finance leases | (444) | (313) |
Prepaid expenses | (342) | (269) |
Others | (718) | |
Deferred tax liabilities, total | (67,566) | (67,198) |
Long-term deferred tax asset | 14,981 | |
Foreign [Member] | ||
Deferred tax assets | ||
Property and equipment | 276 | 704 |
NOL carryforward | 7,464 | 6,331 |
Accrued liabilities and other | 984 | 1,018 |
Operating and finance leases | 8,415 | 8,615 |
Subsidiary liquidation | 2,810 | 3,802 |
Exchange rate gain | 926 | 992 |
Deferred tax assets, gross | 20,875 | 21,462 |
Valuation allowance | (9,907) | (10,088) |
Deferred tax assets, total | 10,968 | 11,374 |
Deferred tax liabilities | ||
Property and equipment | (3,823) | (4,071) |
Exchange rate loss | (4) | (158) |
Intangibles | (1,037) | (1,110) |
Operating and finance leases | (7,726) | (7,894) |
Others | (592) | (501) |
Deferred tax liabilities, total | (13,182) | (13,734) |
Long-term deferred tax liability | $ (2,214) | $ (2,360) |
Income Taxes (Periods Subject T
Income Taxes (Periods Subject To Examination Of Tax Returns) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
US Federal [Member] | |
Period | 2017 |
Minimum [Member] | US Federal [Member] | |
Period | 2019 |
Minimum [Member] | US State - Colorado [Member] | |
Period | 2018 |
Minimum [Member] | US State - Missouri [Member] | |
Period | 2019 |
Minimum [Member] | US State - West Virginia [Member] | |
Period | 2019 |
Minimum [Member] | Canada [Member] | |
Period | 2008 |
Minimum [Member] | Mauritius [Member] | |
Period | 2019 |
Minimum [Member] | Poland [Member] | |
Period | 2017 |
Minimum [Member] | Austria [Member] | |
Period | 2017 |
Maximum [Member] | US Federal [Member] | |
Period | 2021 |
Maximum [Member] | US State - Colorado [Member] | |
Period | 2021 |
Maximum [Member] | US State - Missouri [Member] | |
Period | 2021 |
Maximum [Member] | US State - West Virginia [Member] | |
Period | 2021 |
Maximum [Member] | Canada [Member] | |
Period | 2021 |
Maximum [Member] | Mauritius [Member] | |
Period | 2021 |
Maximum [Member] | Poland [Member] | |
Period | 2021 |
Maximum [Member] | Austria [Member] | |
Period | 2021 |
Income Taxes (Deferred Tax As_2
Income Taxes (Deferred Tax Assets Expiration) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 7,464 |
2022 - 2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 176 |
2033 - 2042 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | 6,424 |
No Expiration [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total deferred tax assets | $ 864 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Unrecognized tax benefit - January 1 | $ 777 | $ 835 |
Gross increases - tax positions in prior period | 3 | |
Gross decreases - tax positions in prior period | (31) | |
Gross increases - tax positions in current period | ||
Settlements | ||
Lapse of statute of limitations | (218) | (61) |
Unrecognized tax benefit - December 31 | $ 528 | $ 777 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments Reporting (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between the three levels | $ 0 | ||
Impairment - intangible and tangible assets | $ 35,121 | ||
Cash equivalents | $ 0 | $ 0 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment - intangible and tangible assets | 1,000 | ||
Fair Value, Nonrecurring [Member] | COVID 19 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment - intangible and tangible assets | $ 34,100 |
Segment And Geographic Inform_3
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 segment item | |
Segment And Geographic Information [Abstract] | |
Number of chief operating decision maker | 2 |
Number of Co-CEOs | 2 |
Number of reportable segments based on geographical locations | segment | 3 |
Segment And Geographic Inform_4
Segment And Geographic Information (Aggregation Of Operating Segments Into Reportable Segments) (Details) | 12 Months Ended |
Dec. 31, 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 (1) |
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 |
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 (3) |
Segment And Geographic Inform_5
Segment And Geographic Information (Segment Information) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | $ 430,529 | $ 388,506 | $ 304,268 | |||||
Earnings from equity investment | 3,249 | |||||||
Earnings (loss) before income taxes | 6,010 | 28,149 | (43,288) | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 7,976 | 20,622 | (48,002) | |||||
Income taxes (benefit) | (7,660) | 6,371 | 4,848 | |||||
Depreciation and amortization | 27,109 | 26,762 | 26,534 | |||||
Net earnings attributable to non-controlling interests | 5,694 | 1,156 | (134) | |||||
Non-cash stock-based compensation | 3,335 | 2,652 | (214) | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (3,378) | (2,289) | 63 | |||||
Impairment - intangible and tangible assets | 35,121 | |||||||
Total assets | 884,967 | 703,358 | ||||||
Cash payments related to lease | 5,168 | 5,201 | 6,355 | |||||
Income related to the sale of the casino operations | 24 | (6,575) | ||||||
Amortization of deferred financing costs | 9,716 | 1,565 | 1,614 | |||||
Acquisition escrow in restricted cash | 100,200 | |||||||
Equity investment | 93,260 | |||||||
Smooth Bourbon, LLC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Earnings from equity investment | 3,249 | |||||||
Equity investment | 93,260 | |||||||
Corporate And Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | 206 | 567 | 1,413 | |||||
Impairment - intangible and tangible assets | 0 | 0 | 0 | |||||
Acquisition escrow in restricted cash | 100,200 | |||||||
United States [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | 268,582 | 283,285 | 198,344 | |||||
Canada [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | 71,572 | 46,428 | 50,240 | |||||
Poland [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | 90,169 | 58,226 | 54,271 | |||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | [1] | 430,529 | 388,506 | 304,268 | ||||
Earnings from equity investment | 3,249 | |||||||
Earnings (loss) before income taxes | 6,010 | 28,149 | (43,288) | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 7,976 | 20,622 | (48,002) | |||||
Interest expense (income), net | 64,980 | [2] | 42,658 | [3] | 43,098 | [4] | ||
Income taxes (benefit) | (7,660) | 6,371 | 4,848 | |||||
Depreciation and amortization | 27,109 | 26,762 | 26,534 | |||||
Net earnings attributable to non-controlling interests | 5,694 | 1,156 | (134) | |||||
Non-cash stock-based compensation | 3,335 | 2,652 | (214) | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (1,236) | [5] | (2,686) | [6] | (13,145) | [7] | ||
Impairment - intangible and tangible assets | 35,121 | |||||||
Loss (gain) on disposition of fixed assets | 18 | 391 | 26 | |||||
Acquisition costs | 3,124 | 266 | ||||||
Adjusted EBITDA | 103,340 | 97,926 | 48,398 | |||||
Long-lived assets | 641,033 | [8] | 561,765 | [9] | 584,896 | [9] | ||
Total assets | 884,967 | [10] | 703,358 | 680,760 | ||||
Capital expenditures | 19,193 | 10,012 | 10,705 | |||||
Operating Segments [Member] | Corporate And Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | [1] | 206 | 567 | 1,413 | ||||
Earnings from equity investment | 3,249 | |||||||
Earnings (loss) before income taxes | (48,599) | (25,712) | (18,031) | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | (28,664) | (30,570) | (18,609) | |||||
Interest expense (income), net | 34,854 | [2] | 13,110 | [3] | 12,667 | [4] | ||
Income taxes (benefit) | (19,935) | 4,858 | 578 | |||||
Depreciation and amortization | 385 | 432 | 566 | |||||
Non-cash stock-based compensation | 3,335 | 2,652 | (214) | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (205) | [5] | (418) | [6] | (6,897) | [7] | ||
Impairment - intangible and tangible assets | 1,000 | |||||||
Loss (gain) on disposition of fixed assets | (121) | (37) | 1 | |||||
Acquisition costs | 3,124 | 266 | ||||||
Adjusted EBITDA | (7,227) | (9,973) | (10,642) | |||||
Long-lived assets | 8,192 | [8] | 3,412 | [9] | 3,971 | [9] | ||
Total assets | 254,886 | [10] | 57,448 | 32,523 | ||||
Capital expenditures | 49 | 531 | 162 | |||||
Operating Segments [Member] | United States [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | [1] | 268,582 | 283,285 | 198,344 | ||||
Earnings (loss) before income taxes | 32,354 | 49,628 | (29,548) | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 24,759 | 49,628 | (30,571) | |||||
Interest expense (income), net | 28,531 | [2] | 28,229 | [3] | 28,357 | [4] | ||
Income taxes (benefit) | 7,595 | 1,023 | ||||||
Depreciation and amortization | 19,364 | 18,398 | 17,580 | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (1) | [5] | (836) | [6] | ||||
Impairment - intangible and tangible assets | 30,746 | |||||||
Loss (gain) on disposition of fixed assets | 49 | 341 | 64 | |||||
Adjusted EBITDA | 80,297 | 95,760 | 47,199 | |||||
Long-lived assets | 466,403 | [8] | 376,210 | [9] | 385,426 | [9] | ||
Total assets | 425,820 | [10] | 422,409 | 417,388 | ||||
Capital expenditures | 16,000 | 8,672 | 7,767 | |||||
Operating Segments [Member] | Canada [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | [1] | 71,572 | 46,428 | 50,240 | ||||
Earnings (loss) before income taxes | 11,211 | 3,312 | 6,869 | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 6,070 | 1,124 | 2,551 | |||||
Interest expense (income), net | 2,281 | [2] | 1,796 | [3] | 2,047 | [4] | ||
Income taxes (benefit) | 2,354 | 1,256 | 3,765 | |||||
Depreciation and amortization | 4,754 | 4,904 | 5,264 | |||||
Net earnings attributable to non-controlling interests | 2,787 | 932 | 553 | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | 123 | [5] | (545) | [6] | (6,015) | [7] | ||
Impairment - intangible and tangible assets | 3,375 | |||||||
Loss (gain) on disposition of fixed assets | 27 | 43 | (43) | |||||
Adjusted EBITDA | 18,396 | 9,510 | 11,497 | |||||
Long-lived assets | 139,304 | [8] | 152,278 | [9] | 156,433 | [9] | ||
Total assets | 162,088 | [10] | 179,297 | 181,477 | ||||
Capital expenditures | 1,566 | 646 | 2,057 | |||||
Operating Segments [Member] | Poland [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating revenue | [1] | 90,169 | 58,226 | 54,271 | ||||
Earnings (loss) before income taxes | 11,044 | 921 | (2,578) | |||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders | 5,811 | 440 | (1,373) | |||||
Interest expense (income), net | (686) | [2] | (477) | [3] | 27 | [4] | ||
Income taxes (benefit) | 2,326 | 257 | (518) | |||||
Depreciation and amortization | 2,606 | 3,028 | 3,124 | |||||
Net earnings attributable to non-controlling interests | 2,907 | 224 | (687) | |||||
(Gain) loss on foreign currency transactions, cost recovery income and other | (1,153) | [5] | (887) | [6] | (233) | [7] | ||
Loss (gain) on disposition of fixed assets | 63 | 44 | 4 | |||||
Adjusted EBITDA | 11,874 | 2,629 | 344 | |||||
Long-lived assets | 27,134 | [8] | 29,865 | [9] | 39,066 | [9] | ||
Total assets | 42,173 | [10] | 44,204 | 49,372 | ||||
Capital expenditures | 1,578 | 163 | 719 | |||||
Master Lease [Member] | United States [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest expense (income), net | 28,500 | 28,200 | 28,400 | |||||
Cash payments related to lease | 25,700 | 25,300 | 25,000 | |||||
CDR Land Lease [Member] | Canada [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest expense (income), net | 2,300 | 1,800 | 1,500 | |||||
Cash payments related to lease | 2,100 | 2,000 | 1,300 | |||||
Century Casino Calgary [Member] | Canada [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income related to the sale of the casino operations | 6,500 | |||||||
Mountaineer, Land [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income related to the sale unused land | 800 | |||||||
Macquarie Capital [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Amortization of deferred financing costs | 400 | $ 1,600 | $ 1,600 | |||||
Macquarie Capital [Member] | Corporate And Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Amortization of deferred financing costs | $ 7,300 | |||||||
Land and Building [Member] | Calgary [Member] | Canada [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Loss (gain) on disposition of fixed assets | $ 2,200 | |||||||
[1] For the year ended December 31, 2022 Amounts in thousands United States Canada Poland Corporate and Other Total Net operating revenue (1) $ 268,582 $ 71,572 $ 90,169 $ 206 $ 430,529 Earnings from equity investment $ — $ — $ — $ 3,249 $ 3,249 Earnings (loss) before income taxes $ 32,354 $ 11,211 $ 11,044 $ ( 48,599 ) $ 6,010 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 24,759 $ 6,070 $ 5,811 $ ( 28,664 ) $ 7,976 Interest expense (income), net (2) 28,531 2,281 ( 686 ) 34,854 64,980 Income taxes (benefit) 7,595 2,354 2,326 ( 19,935 ) ( 7,660 ) Depreciation and amortization 19,364 4,754 2,606 385 27,109 Net earnings attributable to non-controlling interests — 2,787 2,907 — 5,694 Non-cash stock-based compensation — — — 3,335 3,335 (Gain) loss on foreign currency transactions, cost recovery income and other (3) ( 1 ) 123 ( 1,153 ) ( 205 ) ( 1,236 ) Loss (gain) on disposition of fixed assets 49 27 63 ( 121 ) 18 Acquisition costs — — — 3,124 3,124 Adjusted EBITDA $ 80,297 $ 18,396 $ 11,874 $ ( 7,227 ) $ 103,340 Long-lived assets (4) $ 466,403 $ 139,304 $ 27,134 $ 8,192 $ 641,033 Total assets (5) $ 425,820 $ 162,088 $ 42,173 $ 254,886 $ 884,967 Capital expenditures $ 16,000 $ 1,566 $ 1,578 $ 49 $ 19,193 (1) Net operating revenue for the Corporate and Other segment primarily relates to the Company’s cruise ship operations. Expense of $ 28.5 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 2.3 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.7 million and $ 2.1 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. Expense of $ 28.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.8 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.3 million and $ 2.0 million, respectively, for the period presented. Expense of $ 28.4 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $ 1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $ 25.0 million and $ 1.3 million, respectively, for the period presented. Loss of $ 2.2 million related to the sale of the land and building in Calgary in February 2022 is included in the Canada segment. The loss from the sale was offset by cost recovery income for CDR. Income of $ 0.8 million related to the sale of unused land at Mountaineer, net of expenses, is included in the United States segment. Income of $ 6.5 million is included in the Canada segment related to the sale of the casino operations of Century Casino Calgary. Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Long-lived assets are calculated as total assets less total current assets, deferred income taxes and note receivable, net of current portion and unamortized discount. Total assets for the Corporate and Other segment include $ 100.2 million in restricted cash related to the Acquisition Escrow and $ 93.3 million related to the equity investment in Smooth Bourbon. |
Commitments, Contingencies An_2
Commitments, Contingencies And Other Matters (Narrative) (Details) $ in Thousands, zł in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2020 USD ($) | Mar. 31, 2020 PLN (zł) | Dec. 31, 2022 USD ($) item | Dec. 31, 2022 PLN (zł) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 PLN (zł) | Dec. 31, 2021 PLN (zł) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 PLN (zł) | Dec. 31, 2020 PLN (zł) | Dec. 31, 2012 | |
Commitments and Contingencies [Line items] | |||||||||||||
Reduction to contingent liability | $ 500 | $ 700 | zł 1.8 | zł 2.8 | |||||||||
Reimbursement from Polish IRS | $ 400 | zł 1.8 | $ 600 | zł 2.4 | |||||||||
General and administrative | $ 105,467 | 93,489 | 80,246 | ||||||||||
Distribution to non-controlling interest | 3,276 | 808 | 158 | ||||||||||
Lot Polish Airlines Investment [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
General and administrative | $ 700 | zł 3 | |||||||||||
Polish Airports Company [Member] | Lot Polish Airlines Investment [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Ownership interest | 33.30% | ||||||||||||
Casinos Poland [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Income tax audit costs | 4,200 | zł 14.3 | |||||||||||
Century Downs Racetrack And Casino [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Distribution to non-controlling interest | $ 2,000 | 700 | 200 | ||||||||||
401K Plan [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Vesting period for plan | 6 years | 6 years | |||||||||||
Contributed to plan | $ 500 | 500 | 300 | ||||||||||
RSP and RPP Plans [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Number of registered retirement plans in Canada | item | 2 | 2 | |||||||||||
Contributed to plan | $ 300 | $ 200 | $ 200 | ||||||||||
RPP Plan [Member] | |||||||||||||
Commitments and Contingencies [Line items] | |||||||||||||
Vesting period for plan | 2 years | 2 years |
Transactions With Related Par_2
Transactions With Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Charges from Flyfish and Focus | $ 0.7 | $ 0.7 | $ 0.7 |
Marnell Gaming, LLC [Member] | |||
Payable for general contracting services | $ 0.4 | ||
Smooth Bourbon, LLC [Member] | Marnell Gaming, LLC [Member] | |||
Ownership interest | 50% |