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State of Play’s TL;DR
- Century Casinos reported record revenue and adjusted EBITDA in Q2.
- Most of the good news came from the company’s US casino properties.
Century Casinos turned in record second-quarter revenue and adjusted EBITDA, with nearly all of the momentum coming from its North American casino portfolio.
Management also said reducing leverage and potentially selling international assets remain key priorities.
Century reported Q2 2026 net operating revenue of $152 million, up 1% year over year, and adjusted EBITDA of $31.7 million, up 5%.
On the company’s earnings call, management described both as second-quarter records and said North American operations accounted for 90% of total results.
US regional casinos did the heavy lifting
The strongest gains came from Century’s US properties. Net operating revenue in the US reached $111.6 million, up 5% from a year earlier, while adjusted EBITDAR rose 12% to $28.9 million. US property operating margin improved from 24% to 26%.
Management pointed to broad-based improvement across all seven US properties:
- Century Casino & Hotel Central City – Central City, CO
- Century Casino & Hotel Cape Girardeau – Cape Girardeau, MO
- Century Casino & Hotel Caruthersville – Caruthersville, MO
- Century Casino & Hotel Cripple Creek – Cripple Creek, CO
- Mountaineer Casino, Resort & Races – New Cumberland, WV
- Nugget Casino Resort – Sparks, NV
- Rocky Gap Casino, Resort & Golf – Flintstone, MD
In Missouri, combined net operating revenue increased more than 8%, marking the seventh straight quarter of EBITDAR growth in the state. Caruthersville stood out, with rated gaming revenue up 32% after the move to a land-based facility broadened the property’s geographic reach.
Elsewhere, Central City adjusted EBITDAR climbed more than 32%, helped by a 16% increase in guest volume and a 20% rise in coin-in. At the Nugget, hotel cash revenue increased more than 36% and transient corporate room nights jumped more than 300%, while slot coin-in was up about 6%.
Century offers Missouri sports betting through a BetMGM Sportsbook at its casino in Cape Girardeau. The company does not operate real-money online casinos.
Canada improved, while Poland remained a drag
Canada also posted stronger results, with net operating revenue up 2.2% to $20.4 million and adjusted EBITDA up 11% to $6.2 million. Total operating expenses there fell 1.3%, and property operating margin improved from 28% to 30%.
Poland was much weaker. Adjusted EBITDA there fell to $100,000 after the closure of the Hilton Warsaw casino and unusually low table game hold. Management said the business lost about $1 million in gaming revenue in June because table game hold came in well below historical averages.
Co-CEO Peter Hoetzinger said:
“Poland is the more difficult one with the war next door and that challenging regulatory environment.”
Debt reduction and a more US-centric strategy are in focus
As of June 30, Century had $60.2 million in cash and $336.5 million in total debt outstanding, with no maturities until the second quarter of 2029. Management said its net debt-to-EBITDA ratio was 6.5x and that it expects to reduce that to below 6x by the end of fiscal 2026.
Century also said it remains open to selling assets in Poland and Canada as it works toward a more US-centric business model. Capital expenditures for full-year 2026 are projected at $15 million, and management said recent performance trends carried into the third quarter.
Based on reporting by The Motley Fool.
