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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

84-1271317

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Per Share Par Value

CNTY

Nasdaq Capital Market, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer þ

Non-accelerated Filer ¨

Smaller Reporting Company ¨

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

29,575,962 shares of common stock, $0.01 par value per share, were outstanding as of May 14, 2020.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

3

Condensed Consolidated Statements of (Loss) Earnings for the Three Months Ended March 31, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2020 and 2019

6

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

8

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 5.

Other Items

51

Item 6.

Exhibits

52

Signatures

53


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2020

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

63,676

$

54,754

Receivables, net

3,532

11,371

Prepaid expenses

8,689

10,379

Inventories

1,893

2,046

Other current assets

903

816

Total Current Assets

78,693

79,366

Property and equipment, net

490,307

503,933

Leased right-of-use assets, net

33,288

37,040

Goodwill

9,788

32,936

Intangible assets, net

53,887

67,061

Deferred income taxes

1,507

2,447

Cost investment

1,000

Note receivable, net of current portion and unamortized discount

426

423

Deposits and other

2,226

2,694

Total Assets

$

670,122

$

726,900

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

10,572

$

3,157

Current portion of operating lease liabilities

3,938

4,235

Current portion of finance lease liabilities

146

161

Accounts payable

6,467

5,200

Accrued liabilities

18,595

21,707

Accrued payroll

9,894

13,201

Taxes payable

2,833

8,575

Contingent liability (Note 8)

1,035

334

Total Current Liabilities

53,480

56,570

Long-term debt, net of current portion and deferred financing costs (Note 6)

183,457

175,806

Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7)

276,636

275,605

Operating lease liabilities, net of current portion

38,852

42,942

Finance lease liabilities, net of current portion

160

217

Taxes payable and other

2,584

2,672

Deferred income taxes

2,279

1,013

Total Liabilities

557,448

554,825

Commitments and Contingencies (Note 8)

 

 

See notes to unaudited condensed consolidated financial statements.

- Continued -


3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2020

2019

Equity:

Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding

Common stock; $0.01 par value; 50,000,000 shares authorized; 29,575,962 and 29,500,327 shares issued and outstanding

296

295

Additional paid-in capital

115,770

115,784

Retained earnings

10,813

56,669

Accumulated other comprehensive loss

(22,280)

(9,442)

Total Century Casinos, Inc. Shareholders' Equity

104,599

163,306

Non-controlling interests

8,075

8,769

Total Equity

112,674

172,075

Total Liabilities and Equity

$

670,122

$

726,900

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS (Unaudited)

 

For the three months

 

ended March 31,

Amounts in thousands, except for per share information

2020

2019

Operating revenue:

Gaming

$

74,292

$

37,340

Hotel

1,816

446

Food and beverage

6,552

3,752

Other

4,996

4,075

Net operating revenue

87,656

45,613

Operating costs and expenses:

Gaming

42,043

19,566

Hotel

724

178

Food and beverage

6,670

3,929

General and administrative

29,532

16,055

Depreciation and amortization

6,495

2,425

Impairment - goodwill and intangible assets

33,964

Total operating costs and expenses

119,428

42,153

Loss from equity investment

(14)

(Loss) earnings from operations

(31,772)

3,446

Non-operating income (expense):

Interest income

1

4

Interest expense

(11,367)

(1,258)

Gain on foreign currency transactions, cost recovery income and other

1 

247 

Non-operating (expense) income, net

(11,365)

(1,007)

(Loss) earnings before income taxes

(43,137)

2,439 

Income tax expense

(2,524)

(716)

Net (loss) earnings

(45,661)

1,723

Net earnings attributable to non-controlling interests

(195)

(655)

Net (loss) earnings attributable to Century Casinos, Inc. shareholders

$

(45,856)

$

1,068

(Loss) earnings per share attributable to Century Casinos, Inc. shareholders:

Basic

$

(1.55)

$

0.04

Diluted

$

(1.55)

$

0.04

Weighted average shares outstanding - basic

29,507

29,439

Weighted average shares outstanding - diluted

29,507

30,052

See notes to unaudited condensed consolidated financial statements.


5


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2020

2019

 

Net (loss) earnings

$

(45,661)

$

1,723

Other comprehensive (loss) income

Foreign currency translation adjustments

(13,727)

1,368

Other comprehensive (loss) income

(13,727)

1,368

Comprehensive (loss) income

$

(59,388)

$

3,091

Comprehensive (loss) income attributable to non-controlling interests

Net earnings attributable to non-controlling interests

(195)

(655)

Foreign currency translation adjustments

889

61

Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders

$

(58,694)

$

2,497

See notes to unaudited condensed consolidated financial statements.

6


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

For the three months

ended March 31,

Amounts in thousands, except for share information

2020

2019

Common Stock

Balance, beginning of period

$

295

$

294

Performance stock unit issuance

1

Balance, end of period

296

294

Additional Paid-in Capital

Balance, beginning of period

$

115,784

$

114,214

Amortization of stock-based compensation (1)

(14)

261

Balance, end of period

115,770

114,475

Accumulated Other Comprehensive Income (Loss)

Balance, beginning of period

$

(9,442)

$

(14,243)

Foreign currency translation adjustment

(12,838)

1,429

Balance, end of period

(22,280)

(12,814)

Retained Earnings

Balance, beginning of period

$

56,669

$

76,056

Net (loss) earnings

(45,856)

1,068

Cumulative effect of accounting change (2)

(232)

Balance, end of period

10,813

76,892

Total Century Casinos, Inc. Shareholders' Equity

$

104,599

$

178,847

Noncontrolling Interests

Balance, beginning of period

$

8,769

$

7,062

Net earnings

195

655

Foreign currency translation adjustment

(889)

(61)

Distribution to non-controlling interest

(37)

Cumulative effect of accounting change (2)

(49)

Balance, end of period

8,075

7,570

Total Equity

$

112,674

$

186,417

Common shares issued

75,635

See notes to unaudited condensed consolidated financial statements.

(1)Includes forfeiture credit for cancelled shares.

(2)Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-02. See Note 13 to the unaudited condensed consolidated financial statements for further details on the adoption of this accounting standard.

7


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2020

2019

Cash Flows provided by Operating Activities:

Net (loss) earnings

$

(45,661)

$

1,723

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

Depreciation and amortization

6,495

2,425

Lease amortization

599

Loss on disposition of fixed assets

3

59

Adjustment of contingent liability (Note 8)

734

25

Unrealized loss on interest rate swaps

103

Amortization of stock-based compensation expense

(14)

261

Amortization of deferred financing costs and discount on note receivable

398

30

Impairment (Note 4 and Note 5)

33,964