Century Casinos has announced a significant increase in revenue and operating earnings for the first quarter of 2026, with a notable reduction in net losses compared to the previous year, driven by strong performance across its North American venues.
The casino operator, listed on Nasdaq, reported net operating revenue of $137.2 million for the quarter ending March 31, reflecting a 5% rise from $130.4 million during the same timeframe in 2025. Operational earnings surged by 65%, reaching $11.8 million compared to $7.1 million from the prior year.
The net loss attributable to shareholders of Century Casinos was $16.5 million, a decrease from $20.6 million in the same quarter last year. Basic and diluted net loss per share were both reported at $0.58, down from $0.67 in Q1 2025. Adjusted EBITDAR also saw a 24% increase, climbing to $24.9 million from $20.2 million.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger stated, “The first quarter of 2026 marked a historic peak for net operating revenue in the company’s first quarter history, with all North American properties surpassing their performance from Q1 2025 in both net operating revenue and Adjusted EBITDAR.”
They added, “The growth was fueled by robust engagement from our high-value and core customer segments. We are particularly thrilled with the Nugget’s performance, which experienced a remarkable 93% increase in Adjusted EBITDAR compared to Q1 2025.”
Breaking down the performance by segment, the US Midwest operations contributed the highest net operating revenue at $41.8 million, up 5% from $39.8 million. Revenue from the US East rose 5% to $38.9 million, while the US West saw a 4% increase to $17.1 million. In Canada, revenue climbed 11% to $18.3 million, and Poland experienced a 2% rise to $21.1 million.
In terms of operational earnings, the US Midwest saw a 23% increase to $11.8 million, while Canada’s earnings grew by 27% to $4.3 million. The US East’s earnings jumped to $1.5 million from $435,000, and the US West narrowed its operating loss to $2 million from $2.7 million.
Poland reported an operating loss of $177,000, compared to a loss of $109,000 in the previous year. Other corporate and management operations recorded an operational loss of $3.7 million.
Adjusted EBITDAR showed growth across all North American segments: US Midwest increased by 16% to $15.6 million, US East rose by 27% to $5.4 million, US West surged by 93% to $1.4 million, and Canada increased by 26% to $5.5 million. Poland, however, saw an 8% decline to $505,000, while other operations reported negative Adjusted EBITDAR of $3.5 million.
As of March 31, 2026, the company held $60 million in cash and cash equivalents, down from $68.9 million at the end of 2025. Outstanding debt was reported at $336.7 million, slightly reduced from $337.7 million at the end of December 2025.
This debt included $332.5 million from a term loan under Century Casinos’ credit agreement with Goldman Sachs Bank USA, $1.0 million related to a credit agreement with Casinos Poland, and $3.2 million under a revolving credit facility for Casinos Poland. Additionally, the company has a revolving line of credit with Goldman of up to $30 million.
Century Casinos noted that its Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00 as of March 31, 2026. However, there were no outstanding revolving loans, swingline loans, or letters of credit under the Goldman credit agreement at the end of the quarter. The company also reported a long-term financing obligation of $712 million under its master lease with subsidiaries of VICI Properties.