Century Casinos Reports $20.6 Million Net Loss in Q1 2025, Revenue Declines 4.1%

Century Casinos, Inc. reported a net loss of $20.6 million for the first quarter of 2025, a significant increase of 52.2% compared to a net loss of $13.5 million in the same period of 2024. The company's total operating revenue decreased by 4.1% to $130.4 million, down from $136.0 million year-over-year. The decline in revenue was primarily driven by a decrease in gaming revenue, which fell to $100.7 million from $105.4 million, alongside a 14.9% drop in pari-mutuel, sports betting, and iGaming revenue. Despite a slight increase in hotel revenue, overall performance was negatively impacted by adverse weather conditions and the termination of two sports betting agreements in Colorado.

In terms of operational metrics, Century Casinos experienced a decrease in customer engagement, with total operating costs also declining by 3.5% to $123.3 million. The company reported earnings from operations of $7.1 million, down from $8.3 million in the prior year. The reduction in operating costs was attributed to lower gaming-related expenses and general administrative costs. However, the company faced increased interest expenses, which totaled $26.0 million, primarily due to its financing obligations under the Goldman Credit Agreement and the Master Lease with VICI Properties.

Strategically, Century Casinos has made significant investments in its properties, including the opening of a new land-based casino and hotel in Caruthersville, Missouri, which cost approximately $51.9 million and was funded through financing from VICI PropCo. Additionally, the company opened a new hotel, The Riverview, in Cape Girardeau, Missouri, at a cost of $30.5 million. These developments are part of the company's broader strategy to enhance its offerings and attract more customers, although the impact of these investments on revenue has yet to be fully realized.

As of March 31, 2025, Century Casinos reported total assets of $1.21 billion, a decrease from $1.23 billion at the end of 2024. The company's cash and cash equivalents stood at $84.7 million, down from $98.8 million, reflecting cash used in operating and investing activities. The company’s long-term debt, including the current portion, was $328.8 million, with a net debt of $254.9 million. Looking ahead, Century Casinos anticipates continued challenges due to macroeconomic conditions affecting consumer spending, but remains focused on executing its growth strategy and managing its financial obligations effectively.