Century Casinos has announced a notable enhancement in its operating performance for 2025, even though it experienced a slight decrease in annual revenue. The casino operator managed to reduce its losses and achieve a higher operating income compared to the previous year.
For the fiscal year ending December 31, 2025, the net operating revenue reached $573 million, reflecting a 1% decline from $575.9 million in 2024. Operating earnings surged to $51.3 million, marking a significant 331% increase from a loss of $22.2 million reported the prior year. The net loss attributable to Century Casinos shareholders improved to $61.4 million, a substantial reduction from $153.6 million in 2024, with the basic net loss per share decreasing to $2.04 from $5.02.
In the fourth quarter, the net operating revenue stood at $138 million, remaining relatively stable compared to the same quarter in 2024. Operating income was reported at $10.4 million, a stark contrast to the loss of $62.6 million a year earlier. The net loss for shareholders was $17.9 million, down from $90.3 million in the fourth quarter of 2024, with a basic net loss per share of $0.61.
Adjusted EBITDAR for the full year was $105.4 million, a 3% increase from $102.7 million in 2024. In the fourth quarter, Adjusted EBITDAR saw a 13% rise, reaching $23.9 million.
The earnings improvements in 2025 were partially driven by issues that impacted the previous year’s results. In 2024, operating income was adversely affected by goodwill impairment charges related to the Nugget and Rocky Gap properties, which accounted for $70.2 million in expenses during that year's fourth quarter.
Additionally, the net results for 2024 were influenced by a valuation allowance on deferred tax assets in the U.S., which raised income tax expenses.
Performance varied by region, with the Midwest U.S. seeing a 2% increase in annual revenue to $163.8 million and a slight rise in operating income to $43 million. Poland experienced a 5% revenue growth for the year, totaling $84.2 million. Conversely, Canada’s annual revenue dipped slightly to $75.9 million, and the U.S. West segment reported a 9% decrease in annual revenue to $79.6 million.
In the East U.S. segment, annual revenue fell by 1% to $169.5 million, although operating income improved to $11.9 million from an operating loss of $15.8 million the previous year.
Century Casinos also provided updates on its operational developments during and after the reporting period. In Missouri, the company has teamed up with BetMGM to manage a sportsbook at its Cape Girardeau location and to initiate online and mobile sports betting under its license.
The retail sportsbook commenced operations on December 1, 2025, coinciding with the launch of online betting. This agreement allows the company to earn a percentage of net gaming revenue, along with a guaranteed minimum payment.
Separately, the company inaugurated its second casino in Wroclaw, Poland, in February 2026.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger remarked, "We are starting to observe improvements among our lower-end customer base, and we are satisfied with the 13% growth in Adjusted EBITDAR and the margin enhancement in the fourth quarter of 2025. However, we believe that our casino portfolio has yet to reach its full potential. We are making headway with productive discussions regarding strategic alternatives, including the potential sale of our operations in Poland."
As of December 31, 2025, the company reported cash and cash equivalents totaling $68.9 million, down from $98.8 million at the end of 2024, primarily due to $22.3 million spent on investing activities.
The outstanding debt at the close of 2025 was $337.7 million, slightly lower than the $339.6 million recorded a year prior. This total includes $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 associated with the same entity.
During the 2025 earnings call, Century’s leadership expressed an optimistic outlook for the company as it heads into 2026.