Century Casinos reported an improved operating performance for 2025 despite a slight decline in annual revenue, as the casino operator narrowed losses and recorded higher operating income compared with the previous year.
For the year ended December 31, 2025, net operating revenue totaled $573 million, down 1% from $575.9 million in 2024. Earnings from operations rose sharply to $51.3 million, representing a 331% increase from a loss of $22.2 million recorded a year earlier. Net loss attributable to Century Casinos shareholders improved to $61.4 million, compared with $153.6 million in 2024, while basic net loss per share narrowed to $2.04 from $5.02.
In the fourth quarter, net operating revenue was $138 million, remaining broadly unchanged from the same period in 2024. Operating income reached $10.4 million compared with a loss of $62.6 million a year earlier. Net loss attributable to shareholders was $17.9 million, compared with $90.3 million in the fourth quarter of 2024, while basic net loss per share was $0.61.
Adjusted EBITDAR reached $105.4 million for the full year, up 3% from $102.7 million in 2024. For the fourth quarter, Adjusted EBITDAR increased 13% to $23.9 million.
Earnings improvements in 2025 were partly influenced by factors affecting the previous year’s results. Operating income in 2024 was negatively impacted by goodwill impairment charges related to the Nugget and Rocky Gap properties, which resulted in $70.2 million in expenses recorded during the fourth quarter of that year.
Net results in 2024 were also affected by a valuation allowance recorded on deferred tax assets in the United States, increasing income tax expenses.
Segment performance varied across regions. In the United States Midwest, annual revenue increased 2% to $163.8 million, while operating income rose slightly to $43 million. Poland recorded revenue growth of 5% for the year, reaching $84.2 million. Canada’s annual revenue declined marginally to $75.9 million, while the U.S. West segment reported a 9% drop in annual revenue to $79.6 million.
In the United States East segment, annual revenue declined 1% to $169.5 million, although operating income improved to $11.9 million compared with an operating loss of $15.8 million in the prior year.
Cape Girardeau property
Century Casinos also updated investors on developments in its operations during and after the reporting period. In Missouri, the company partnered with BetMGM to operate a sportsbook at its Cape Girardeau property and to launch online and mobile sports betting under its license.
The retail sportsbook opened on December 1, 2025, alongside the launch of online betting. The agreement provides the company with a percentage of net gaming revenue and includes a guaranteed minimum payment.
Separately, the company opened its second casino in Wroclaw, Poland, in February 2026.
Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger stated: “We are beginning to see improvements with the lower-end of our customer base, and we are pleased with the 13% Adjusted EBITDAR growth and the margin improvement in the fourth quarter of 2025, but we believe our portfolio of casinos has not yet shown its full potential. We continue to make progress with robust discussions around strategic alternatives, including the sale of our operations in Poland.”
The company reported cash and cash equivalents of $68.9 million as of December 31, 2025, compared with $98.8 million at the end of 2024. Cash declined primarily due to $22.3 million used in investing activities.
Outstanding debt totaled $337.7 million at the end of 2025, slightly lower than $339.6 million recorded a year earlier. The total included $333.4 million under a term loan with Goldman Sachs Bank USA, $0.5 million under a credit agreement related to Casinos Poland, and $3.8 million under a revolving credit facility linked to the same entity.
Century’s earnings call
Century’s leadership used the 2025 earnings call to strike an optimistic tone about the company’s direction heading into 2026. Co-CEO Peter Hoetzinger said the operator had delivered “solid results” in 2025 but emphasized that the company is already seeing signs of stronger momentum in the new year. According to Hoetzinger, play from high-value customers remained consistent throughout last year, while activity from lower-value segments has begun to recover, a trend the company expects to continue.
Co-CEO Erwin Haitzmann also pointed to the performance of Century’s Missouri properties as a major highlight. He described Century Caruthersville as having had a “fantastic” year, noting that the property has more than doubled the roughly $12 million in annual cash flow it generated when the company first acquired it. Haitzmann said the casino’s smaller, more focused footprint has proven effective, adding that the company has seen increases “across all age groups” and demographics.
Elsewhere in the portfolio, management said several properties were showing signs of stabilization or improvement despite weather challenges and competitive pressures. Haitzmann cited a “nice rebound” at Century Mountaineer in West Virginia following a difficult start to 2025 due to severe weather, while Rocky Gap Resort in Maryland and the company’s Canadian operations also faced weather-related headwinds during the year. Even so, he noted that recent trends at Mountaineer had been “very positive,” with the company continuing to invest in the property.
Looking ahead, executives said the company’s priority remains strengthening its balance sheet while building on early operational improvements. Hoetzinger made clear that debt reduction will take precedence over potential share buybacks, telling analysts the company’s “main focus will be on debt pay-down.” Haitzmann added that management is encouraged by early 2026 results, pointing to double-digit cash-flow increases at several North American properties and expressing confidence that current positive trends could continue through the year.
Original article: https://www.yogonet.com/international/news/2026/03/16/118089-century-casinos-narrows-losses-and-lifts-operating-income-beyond-10-million-in-2025-results
