Century Casinos announced a net loss of $10.5 million for Q3 2025 as the business faced one-time expenses in its operations in Poland alongside adjustments related to a previous goodwill write-down.
Net operating revenue decreased by 1% year-over-year, totaling $153.7 million for the three-month period ending September 30, 2025. Operating earnings declined by 4% to $17.1 million, while adjusted EBITDAR fell by 6% to $31.1 million. The company’s basic net loss per share increased to $0.35 from $0.26 in the prior year.
“We are encouraged by the growth experienced in the Eastern and Midwest regions of the United States,” stated Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger. “At Nugget in the Western region, we are dedicated to boosting local play and diversifying our entertainment options to enhance outcomes.”
“In Poland, the operations faced one-time costs due to the closure of the Hilton Hotel casino. Excluding Poland, the Adjusted EBITDAR for the third quarter would have shown year-over-year growth. We eagerly await the opening of the new Wroclaw casino in early 2026, anticipating improved results in Poland with stable licensing for the next three years.”
Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger
Revenue from the company’s U.S. operations reached $115 million during the quarter, down 2% from the previous year. In Canada, a slight increase of 2% was noted, totaling $20.6 million, whereas revenue in Poland slightly dipped by 1% to $18.1 million. Over the nine-month span, consolidated revenue hit $435 million, a 1% decrease compared to the same timeframe in 2024.
U.S. operating earnings slightly fell to $18 million, with Canada experiencing a 12% uptick to $4.3 million. However, Poland saw a drastic 46% decrease in operating income, heavily impacted by closure-related costs in Warsaw and Wroclaw.
The company also revealed that it intends to restate previous financial results due to a significant error in its calculation of the carrying value of invested capital for the Rocky Gap reporting unit. This adjustment resulted in a goodwill impairment affecting the previously reported earnings for 2024 but did not alter the adjusted EBITDAR. Century Casinos has submitted a Form 8-K detailing the restatement and plans to amend its Form 10-K and 10-Q within five days.
In Q3, Century further expanded its U.S. operations. In May 2025, it entered a partnership with BetMGM to manage an online and mobile sportsbook under its Missouri license. This agreement includes a share of net gaming revenue, with a guaranteed minimum and the opportunity to establish a retail sportsbook. Sports betting activities in Missouri are projected to commence on December 1, 2025.
In Europe, the company was granted a second casino license in Wroclaw, Poland, in March 2025 and plans to launch the new venue in January 2026.
As of September 30, 2025, Century Casinos reported $77.7 million in cash and cash equivalents, down from $98.8 million at the end of 2024, primarily due to $17.4 million in capital investments. Outstanding debt was reported at $338.7 million, which includes a $334.3 million term loan from Goldman Sachs Bank USA, and the company also maintains access to a $30 million revolving credit facility with the same bank.
Century Casinos holds a long-term financing obligation of $712.1 million under its master lease with subsidiaries of VICI Properties, Inc. Although its consolidated first-lien net leverage ratio surpassed the 5.50-to-1.00 limit at the close of the quarter, the company indicated it has no outstanding revolving loans or letters of credit under the Goldman credit agreement.