Century Casinos has indicated enhanced operational results for 2025, despite a minor drop in yearly revenue. The casino operator has mitigated losses and achieved a growth in operating income relative to the prior year.
For the period ending December 31, 2025, net operating revenue amounted to $573 million, a 1% decline from $575.9 million in 2024. Operational earnings surged to $51.3 million, marking an astonishing 331% increase from a loss of $22.2 million reported the previous year. Net loss attributable to Century Casinos shareholders improved significantly to $61.4 million, down from $153.6 million in 2024, while the basic net loss per share contracted to $2.04 from $5.02.
In the fourth quarter, net operating revenue reached $138 million, remaining stable compared to the same quarter in 2024. Operating income was $10.4 million compared to a loss of $62.6 million reported a year earlier. The net loss attributable to shareholders registered at $17.9 million, down from $90.3 million in Q4 2024, while the basic net loss per share was $0.61.
Full-year adjusted EBITDAR totaled $105.4 million, reflecting a 3% increase from $102.7 million in 2024. For the fourth quarter, adjusted EBITDAR grew 13% to $23.9 million.
Improvements in 2025’s earnings were partly due to issues experienced in the prior year’s results. The operating income for 2024 was adversely affected by goodwill impairment charges associated with the Nugget and Rocky Gap properties, incurring $70.2 million in expenses during that year’s fourth quarter.
The net outcomes for 2024 were also influenced by a valuation allowance applied to deferred tax assets in the U.S., increasing income tax expenses.
Performance varied significantly across segments. In the Midwest U.S., annual revenue saw a 2% increase to $163.8 million, with a slight rise in operating income to $43 million. Poland experienced a 5% growth in revenue for the year, totaling $84.2 million. Conversely, Canada reported a minimal revenue decline to $75.9 million, while the U.S. West segment reflected a 9% drop in annual revenue to $79.6 million.
Revenue in the U.S. East segment slipped 1% to $169.5 million, although operating income improved to $11.9 million compared to an operating loss of $15.8 million in the previous year.
Cape Girardeau property
Century Casinos also provided updates on its operational developments during and after the reporting period. In Missouri, the company collaborated with BetMGM to manage a sportsbook at its Cape Girardeau location and to introduce online and mobile sports betting under its license.
The retail sportsbook launched on December 1, 2025, coinciding with the initiation of online betting. The partnership guarantees the company a percentage of net gaming revenue along with a minimum payment.
Separately, the company opened its second casino in Wroclaw, Poland, in February 2026.
Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger commented, “We are witnessing positive indicators with our lower-end customer segments, and we are satisfied with the 13% growth in adjusted EBITDAR and profit margin improvements in Q4 2025. However, we contend that our casino portfolio has not reached its full potential. We are making strides in discussions around strategic options, including the potential sale of our Polish operations.”
At the end of December 31, 2025, the company reported cash and cash equivalents of $68.9 million, down from $98.8 million at the conclusion of 2024. The cash decrease was primarily due to $22.3 million allocated for investment activities.
Outstanding debt stood at $337.7 million by the end of 2025, slightly lower than the previous year’s $339.6 million. This total included $333.4 million under a term loan with Goldman Sachs Bank USA, $0.5 million under a credit facility linked to Casinos Poland, and $3.8 million under a revolving credit line associated with the same entity.
Century’s Earnings Call
During the 2025 earnings call, Century’s leadership exuded optimism regarding the company’s trajectory heading into 2026. Co-CEO Peter Hoetzinger noted that the operator had achieved “solid results” in 2025, indicating the emergence of robust growth trends for the new year. He highlighted that engagement from high-value customers remained steady throughout the year, while participation from lower-value segments shows signs of recovery, a pattern the operator anticipates will persist.
Co-CEO Erwin Haitzmann underscored the exceptional performance of Century’s Missouri properties as a significant highlight. He described Century Caruthersville’s year as “fantastic,” reporting that the property has more than doubled its prior $12 million annual cash flow since acquisition. Haitzmann attributed this success to the property’s smaller, focused operations, noting improvements across various age demographics and customer segments.
Despite some weather-related challenges and competitive pressures, management indicated several properties are exhibiting signs of stability or improvement. Haitzmann mentioned a significant rebound at Century Mountaineer in West Virginia, which faced considerable setbacks in early 2025 due to extreme weather. He also referenced the adverse conditions at Rocky Gap Resort in Maryland and its Canadian operations during the year, though he reported encouraging trends at Mountaineer and pointed to ongoing investments in the property.
Looking forward, executives reiterated a commitment to fortifying the company’s balance sheet while capitalizing on preliminary operational enhancements. Hoetzinger made it clear that reducing debt would take precedence over possible share repurchases, stating that the company’s “primary focus will be on debt repayment.” Haitzmann added that early 2026 results are promising, highlighting double-digit cash flow increases at various North American properties and expressing confidence that the current positive trends may continue throughout the year.