Century Casinos initiates strategic review process following Q2 2025 results
Century Casinos recorded net operating revenue of $150.8m, a 3% increase from $146.4m in Q2 2024.
Key Points
- Century Casinos reported a 3% revenue increase and a 70% reduction in net loss in Q2 2025
- A strategic review has been initiated to explore asset sales, partnerships and structural changes
- Strong gains were recorded in Poland and at the new Missouri property
Century Casinos has announced the launch of a strategic review process aimed at enhancing shareholder value, following the release of its second quarter 2025 financial results.
The Colorado Springs-based gaming operator reported net operating revenue of $150.8m for the three months ended 30 June 2025, representing a 3% increase compared to the same period in 2024.
The company’s financial performance showed mixed results across key metrics.
While net operating revenue grew modestly, Century Casinos managed to significantly improve its bottom line, with net loss attributable to shareholders decreasing by 70% to $12.3m compared to $41.6m in Q2 2024. This improvement translated to a basic net loss per share of $0.40, substantially better than the $1.36 loss recorded in the prior year period.
Operational efficiency improvements were evident in the company’s adjusted EBITDAR, which increased 10% to $30.3m, while earnings from operations rose 16% to $16.6m.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger attributed the decision to initiate the strategic review to “various inquiries from third parties about potential asset sales and strategic partnerships.”
The comprehensive review will explore multiple strategic alternatives, including potential mergers, strategic partnerships or the sale of the company entirely.
The board has engaged Faegre Drinker Biddle & Reath LLP as legal counsel and Macquarie Capital as financial advisor to support the review process.
Geographically, the company’s performance varied across its three primary markets. The US segment generated $106.1m in revenue, essentially flat compared to the prior year, while maintaining strong operational margins with adjusted EBITDAR of $25.7m.
The Canadian operations showed modest growth with revenue increasing 1% to $20m and adjusted EBITDAR of $5.6m.
Poland emerged as the standout performer, with revenue surging 23% to $24.7m and adjusted EBITDAR jumping 332% to $1.9m.
The company’s Polish operations received particular attention during the quarter. Century Casinos was awarded a second license in Wroclaw in March 2025, with the new casino expected to open in the fourth quarter.
However, the company also faced a setback when it was notified in June that it had not received a license for a second casino in Warsaw, leading to the closure of its casino at the Hilton Hotel.
The company’s flagship Warsaw casino at The Presidential Hotel continues operations under a license that runs through 2028.
In Missouri, Century Casinos strengthened its sports betting capabilities by partnering with BetMGM to operate online and mobile sports betting applications under the company’s license. The agreement includes revenue sharing arrangements with guaranteed minimums and retail sportsbook options.
Good to know: Sports betting is expected to launch in Missouri during the fourth quarter of 2025, providing a new revenue stream for the company
The company’s recent capital expenditure program also showed positive results, particularly at its Caruthersville, Missouri, property. Since the opening of the new casino and hotel on 1 November 2024, net operating revenue and adjusted EBITDAR have increased 26% and 31% respectively, demonstrating the effectiveness of the company’s investment strategy.
From a financial position standpoint, Century Casinos maintained adequate liquidity with $85.5m in cash and cash equivalents as of 30 June 2025, compared to $98.8m at year-end 2024. The decrease was primarily attributed to capital expenditures of $12.5m during the six-month period.
Outstanding debt remained stable at $338.1m, including a $335.1m term loan with Goldman Sachs Bank USA.
Century Casinos’ management expressed confidence in the company’s operational momentum and reiterated its focus on optimizing shareholder value. However, the outcome of the strategic review remains uncertain, and the company has indicated it will not provide further updates unless necessary.
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