false--12-31Q220200000911147YesYes0000911147us-gaap:RetainedEarningsMember2020-06-300000911147us-gaap:ParentMember2020-06-300000911147us-gaap:NoncontrollingInterestMember2020-06-300000911147us-gaap:CommonStockMember2020-06-300000911147us-gaap:AdditionalPaidInCapitalMember2020-06-300000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000911147us-gaap:RetainedEarningsMember2020-03-310000911147us-gaap:NoncontrollingInterestMember2020-03-310000911147us-gaap:CommonStockMember2020-03-310000911147us-gaap:AdditionalPaidInCapitalMember2020-03-310000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000911147us-gaap:RetainedEarningsMember2019-12-310000911147us-gaap:NoncontrollingInterestMember2019-12-310000911147us-gaap:CommonStockMember2019-12-310000911147us-gaap:AdditionalPaidInCapitalMember2019-12-310000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000911147srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-06-300000911147srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:NoncontrollingInterestMember2019-06-300000911147us-gaap:RetainedEarningsMember2019-06-300000911147us-gaap:ParentMember2019-06-300000911147us-gaap:NoncontrollingInterestMember2019-06-300000911147us-gaap:CommonStockMember2019-06-300000911147us-gaap:AdditionalPaidInCapitalMember2019-06-300000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000911147us-gaap:RetainedEarningsMember2019-03-310000911147us-gaap:NoncontrollingInterestMember2019-03-310000911147us-gaap:CommonStockMember2019-03-310000911147us-gaap:AdditionalPaidInCapitalMember2019-03-310000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000911147us-gaap:RetainedEarningsMember2018-12-310000911147us-gaap:NoncontrollingInterestMember2018-12-310000911147us-gaap:CommonStockMember2018-12-310000911147us-gaap:AdditionalPaidInCapitalMember2018-12-310000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000911147us-gaap:TrademarksMember2020-01-012020-06-300000911147us-gaap:LicensingAgreementsMember2020-01-012020-06-300000911147us-gaap:CorporateAndOtherMember2020-04-012020-06-300000911147country:US2020-04-012020-06-300000911147country:PL2020-04-012020-06-300000911147us-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147us-gaap:CorporateAndOtherMember2019-04-012019-06-300000911147country:US2019-04-012019-06-300000911147country:PL2019-04-012019-06-300000911147country:CA2019-04-012019-06-300000911147us-gaap:CorporateAndOtherMember2019-01-012019-06-300000911147country:US2019-01-012019-06-300000911147country:PL2019-01-012019-06-300000911147country:CA2019-01-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:US2020-04-012020-06-300000911147us-gaap:FoodAndBeverageMembercountry:PL2020-04-012020-06-300000911147us-gaap:FoodAndBeverageMembercountry:CA2020-04-012020-06-300000911147srt:HotelMembercountry:US2020-04-012020-06-300000911147cnty:OtherMemberus-gaap:CorporateAndOtherMember2020-04-012020-06-300000911147cnty:OtherMembercountry:US2020-04-012020-06-300000911147cnty:OtherMembercountry:PL2020-04-012020-06-300000911147cnty:OtherMembercountry:CA2020-04-012020-06-300000911147cnty:GamingMemberus-gaap:CorporateAndOtherMember2020-04-012020-06-300000911147cnty:GamingMembercountry:US2020-04-012020-06-300000911147cnty:GamingMembercountry:PL2020-04-012020-06-300000911147cnty:GamingMembercountry:CA2020-04-012020-06-300000911147cnty:OtherMember2020-04-012020-06-300000911147us-gaap:FoodAndBeverageMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMembercountry:US2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMembercountry:PL2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMembercountry:CA2020-01-012020-06-300000911147srt:HotelMembercountry:US2020-01-012020-06-300000911147srt:HotelMembercountry:CA2020-01-012020-06-300000911147cnty:OtherMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147cnty:OtherMembercountry:US2020-01-012020-06-300000911147cnty:OtherMembercountry:PL2020-01-012020-06-300000911147cnty:OtherMembercountry:CA2020-01-012020-06-300000911147cnty:GamingMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147cnty:GamingMembercountry:US2020-01-012020-06-300000911147cnty:GamingMembercountry:PL2020-01-012020-06-300000911147cnty:GamingMembercountry:CA2020-01-012020-06-300000911147cnty:OtherMember2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMemberus-gaap:CorporateAndOtherMember2019-04-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:US2019-04-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:PL2019-04-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:CA2019-04-012019-06-300000911147srt:HotelMembercountry:US2019-04-012019-06-300000911147srt:HotelMembercountry:CA2019-04-012019-06-300000911147cnty:OtherMemberus-gaap:CorporateAndOtherMember2019-04-012019-06-300000911147cnty:OtherMembercountry:US2019-04-012019-06-300000911147cnty:OtherMembercountry:PL2019-04-012019-06-300000911147cnty:OtherMembercountry:CA2019-04-012019-06-300000911147cnty:GamingMemberus-gaap:CorporateAndOtherMember2019-04-012019-06-300000911147cnty:GamingMembercountry:US2019-04-012019-06-300000911147cnty:GamingMembercountry:PL2019-04-012019-06-300000911147cnty:GamingMembercountry:CA2019-04-012019-06-300000911147cnty:OtherMember2019-04-012019-06-300000911147us-gaap:FoodAndBeverageMemberus-gaap:CorporateAndOtherMember2019-01-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:US2019-01-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:PL2019-01-012019-06-300000911147us-gaap:FoodAndBeverageMembercountry:CA2019-01-012019-06-300000911147srt:HotelMembercountry:US2019-01-012019-06-300000911147srt:HotelMembercountry:CA2019-01-012019-06-300000911147cnty:OtherMemberus-gaap:CorporateAndOtherMember2019-01-012019-06-300000911147cnty:OtherMembercountry:US2019-01-012019-06-300000911147cnty:OtherMembercountry:PL2019-01-012019-06-300000911147cnty:OtherMembercountry:CA2019-01-012019-06-300000911147cnty:GamingMemberus-gaap:CorporateAndOtherMember2019-01-012019-06-300000911147cnty:GamingMembercountry:US2019-01-012019-06-300000911147cnty:GamingMembercountry:PL2019-01-012019-06-300000911147cnty:GamingMembercountry:CA2019-01-012019-06-300000911147cnty:OtherMember2019-01-012019-06-300000911147srt:MaximumMembercnty:DepositsRelatedToInsurancePolicyMember2020-06-300000911147cnty:CenturyResortsManagementGmbhMemberus-gaap:BankTimeDepositsMember2020-06-300000911147cnty:CasinosPolandLtdMembercnty:DepositsRelatedToPaymentsOfPrizesAndGiveawaysMember2020-06-300000911147us-gaap:BankTimeDepositsMember2020-06-300000911147us-gaap:BankTimeDepositsMember2019-06-300000911147cnty:BMOCreditAgreementMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembersrt:MaximumMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembersrt:MaximumMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembersrt:MaximumMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147us-gaap:RetainedEarningsMember2020-04-012020-06-300000911147us-gaap:RetainedEarningsMember2020-01-012020-06-300000911147us-gaap:RetainedEarningsMember2019-04-012019-06-300000911147us-gaap:RetainedEarningsMember2019-01-012019-06-300000911147cnty:GoldenHospitalityLtd.Member2019-05-012019-05-310000911147cnty:CenturyBetsIncMembercnty:RockyMountainTurfClubMember2019-08-052019-08-050000911147cnty:CenturyBetsIncMembercnty:RockyMountainTurfClubMember2019-08-012019-08-310000911147cnty:CenturyResortsManagementGmbhMembercnty:MendozaCentralEntretenimientosSMember2014-10-312014-10-310000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300000911147us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-06-300000911147cnty:CenturySportsMemberus-gaap:SubsequentEventMember2020-08-052020-08-050000911147cnty:CenturySportsMemberus-gaap:SubsequentEventMember2020-07-312020-07-310000911147us-gaap:AccountingStandardsUpdate201602Member2019-01-010000911147cnty:MountaineerMembercnty:AcquiredCasinosMember2020-01-012020-06-300000911147cnty:CenturyCasinoCaruthersvilleMembercnty:AcquiredCasinosMember2020-01-012020-06-300000911147cnty:CenturyCasinoCapeGirardeauMembercnty:AcquiredCasinosMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementGmbhMembercnty:MendozaCentralEntretenimientosSMember2020-06-300000911147cnty:PolishAirportsMembercnty:LotPolishAirlinesInvesmentMembercnty:CasinosPolandLtdMember2020-03-310000911147cnty:CenturyResortsManagementGmbhMembercnty:MendozaCentralEntretenimientosSMember2014-10-310000911147cnty:UnaffiliatedShareholdersMembercnty:CenturyDownsRacetrackAndCasinoMember2020-06-300000911147cnty:PolishAirportsMembercnty:LotPolishAirlinesInvesmentMember2020-06-300000911147us-gaap:NoncontrollingInterestMember2020-04-012020-06-300000911147us-gaap:NoncontrollingInterestMember2020-01-012020-06-300000911147us-gaap:NoncontrollingInterestMember2019-04-012019-06-300000911147us-gaap:NoncontrollingInterestMember2019-01-012019-06-300000911147cnty:CenturyDownsRacetrackAndCasinoMember2020-06-300000911147cnty:ReviewOfAllTaxOpenPeriodsMember2020-06-300000911147cnty:MacquarieCapitalMembercnty:CreditAgreementMembercnty:TermLoanMember2019-12-060000911147cnty:MacquarieCapitalMemberus-gaap:RevolvingCreditFacilityMember2019-12-060000911147cnty:MacquarieCapitalMemberus-gaap:LetterOfCreditMember2019-12-060000911147cnty:MacquarieCapitalMembercnty:CreditAgreementMember2019-12-060000911147cnty:CasinosPolandLtdMembercnty:CreditAgreementMembercnty:FirstLoanWithMbankMember2019-04-252019-04-250000911147cnty:MacquarieCapitalMemberus-gaap:RevolvingCreditFacilityMember2020-03-310000911147cnty:MacquarieCapitalMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2020-04-012020-06-300000911147cnty:MacquarieCapitalMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000911147cnty:MacquarieCapitalMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2020-07-300000911147cnty:MacquarieCapitalMemberus-gaap:LineOfCreditMemberus-gaap:SubsequentEventMember2020-07-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditLoanMember2020-06-300000911147cnty:RevolvingCreditFacilityFinancialCovenantMember2020-06-300000911147srt:MinimumMembercnty:RevolvingCreditFacilityFinancialCovenantMember2020-03-310000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMember2020-03-310000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMember2018-08-310000911147cnty:CenturyResortsManagementMembercnty:UnicreditLoanMember2017-08-310000911147cnty:CenturySportsMemberus-gaap:SubsequentEventMember2020-08-050000911147srt:MinimumMember2020-06-300000911147srt:MaximumMember2020-06-300000911147country:UScnty:MasterLeaseMember2020-04-012020-06-300000911147country:CAcnty:CdrLandLeaseMember2020-04-012020-06-300000911147country:UScnty:MasterLeaseMember2020-01-012020-06-300000911147country:CAcnty:CdrLandLeaseMember2020-01-012020-06-300000911147country:CAcnty:CdrLandLeaseMember2019-04-012019-06-300000911147country:CAcnty:CdrLandLeaseMember2019-01-012019-06-300000911147us-gaap:InterestRateSwapMember2019-04-012019-06-300000911147us-gaap:InterestRateSwapMember2019-01-012019-06-300000911147cnty:CenturyCasinosMemberus-gaap:TrademarksMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:TrademarksMember2020-01-012020-06-300000911147us-gaap:TrademarksMember2020-01-012020-06-300000911147cnty:CenturyCasinosMemberus-gaap:TrademarksMemberus-gaap:CorporateAndOtherMember2020-06-300000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:TrademarksMember2020-06-300000911147country:USus-gaap:LicensingAgreementsMember2020-06-300000911147country:CAus-gaap:LicensingAgreementsMember2020-06-300000911147us-gaap:TrademarksMember2020-06-300000911147us-gaap:LicensingAgreementsMember2020-06-300000911147cnty:CenturyCasinosMemberus-gaap:TrademarksMemberus-gaap:CorporateAndOtherMember2019-12-310000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:TrademarksMember2019-12-310000911147country:USus-gaap:LicensingAgreementsMember2019-12-310000911147country:CAus-gaap:LicensingAgreementsMember2019-12-310000911147us-gaap:TrademarksMember2019-12-310000911147us-gaap:LicensingAgreementsMember2019-12-310000911147cnty:CenturyResortsManagementGmbhMember2020-04-012020-06-300000911147cnty:USDeferredTaxAssetsMember2020-01-012020-03-310000911147country:USus-gaap:LicensingAgreementsMember2020-01-012020-06-300000911147country:CAus-gaap:LicensingAgreementsMember2020-01-012020-06-300000911147us-gaap:LicensingAgreementsMember2020-01-012020-06-300000911147country:US2020-01-012020-06-300000911147country:PL2020-01-012020-06-300000911147country:US2020-06-300000911147country:PL2020-06-300000911147country:CA2020-06-300000911147country:US2019-12-310000911147country:PL2019-12-310000911147country:CA2019-12-310000911147cnty:LotPolishAirlinesInvesmentMembercnty:CasinosPolandLtdMember2020-01-012020-06-300000911147cnty:MendozaCentralEntretenimientosSMember2020-01-012020-06-300000911147cnty:LotPolishAirlinesInvesmentMembercnty:CasinosPolandLtdMember2020-01-012020-03-310000911147cnty:GoldenHospitalityLtd.Member2019-01-012019-12-310000911147currency:PLN2020-06-300000911147currency:GBP2020-06-300000911147currency:EUR2020-06-300000911147currency:CAD2020-06-300000911147currency:PLN2019-12-310000911147currency:GBP2019-12-310000911147currency:EUR2019-12-310000911147currency:CAD2019-12-310000911147cnty:MountaineerMembercnty:AcquiredCasinosMemberus-gaap:TradeNamesMember2020-01-012020-06-300000911147cnty:MountaineerMemberus-gaap:TrademarksMember2020-01-012020-06-300000911147us-gaap:CustomerListsMember2020-01-012020-06-300000911147cnty:PlayerLoyaltyProgramsMember2020-01-012020-06-300000911147cnty:MountaineerMembersrt:WeightedAverageMemberus-gaap:TrademarksMember2020-01-012020-06-300000911147srt:WeightedAverageMemberus-gaap:CustomerListsMember2020-01-012020-06-300000911147cnty:MountaineerMembercountry:USus-gaap:TrademarksMember2020-06-300000911147cnty:MountaineerMembercountry:USus-gaap:TrademarksMember2019-12-310000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:LicensingAgreementsMember2019-12-310000911147country:USus-gaap:CustomerListsMember2019-12-310000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:LicensingAgreementsMember2020-06-300000911147country:USus-gaap:CustomerListsMember2020-06-300000911147cnty:MountaineerMemberus-gaap:TrademarksMember2020-06-300000911147us-gaap:TrademarksMember2020-06-300000911147us-gaap:LicensingAgreementsMember2020-06-300000911147us-gaap:CustomerListsMember2020-06-300000911147us-gaap:TrademarksMember2019-12-310000911147us-gaap:LicensingAgreementsMember2019-12-310000911147us-gaap:CustomerListsMember2019-12-310000911147cnty:GoldenHospitalityLtd.Membercnty:CenturyResortsManagementGmbhMember2018-04-300000911147cnty:GoldenHospitalityLtd.Membercnty:CenturyResortsManagementMember2020-06-300000911147cnty:CenturyResortsManagementGmbhMembercnty:PercentageOfCenturyDownsRacetrackOwnedByCenturyCasinosEuropeMember2020-06-300000911147cnty:CasinosPolandLtdMember2020-06-300000911147cnty:CenturyBetsIncMembercnty:RockyMountainTurfClubMember2019-08-310000911147cnty:CenturyBetsIncMembercnty:RockyMountainTurfClubMember2019-07-310000911147cnty:GoldenHospitalityLtd.Membercnty:GoldenHospitalityLtd.Membercnty:MinhChauLtd.Member2019-05-310000911147cnty:GoldenHospitalityLtd.Membercnty:FutureInvesmentMembercnty:MinhChauLtd.Member2018-04-300000911147cnty:GoldenHospitalityLtd.Membercnty:CenturyResortsManagementMember2018-04-300000911147us-gaap:ScenarioPlanMember2020-04-012020-06-300000911147us-gaap:ScenarioPlanMember2020-01-012020-06-300000911147country:CA2020-04-012020-06-300000911147country:CA2020-01-012020-06-300000911147cnty:CenturyCasinoCalgaryMemberus-gaap:SubsequentEventMember2020-08-050000911147cnty:CenturyCasinoCalgaryMemberus-gaap:SubsequentEventMember2020-07-310000911147cnty:CenturyCasinoCalgaryMember2020-06-300000911147cnty:ViciPropertiesMembercnty:MasterLeaseMember2020-06-300000911147cnty:CenturyMileRacetrackMember2020-03-310000911147cnty:MacquarieCapitalMember2020-06-300000911147cnty:TotalPrincipalDebtMember2020-06-300000911147cnty:TotalPrincipalDebtMember2019-12-310000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementTerm5Member2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementTerm4Member2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementTerm3Member2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementTerm2Member2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementTerm1Member2020-01-012020-06-300000911147cnty:MacquarieCapitalMembercnty:TermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-06-300000911147cnty:MacquarieCapitalMembercnty:TermLoanMembercnty:AlternateBaseRateMember2020-06-300000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioLess2.75Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-04-010000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioLess2.75Memberus-gaap:RevolvingCreditFacilityMembercnty:AlternateBaseRateMember2020-04-010000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.75Memberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-04-010000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.75Memberus-gaap:RevolvingCreditFacilityMembercnty:AlternateBaseRateMember2020-04-010000911147cnty:CasinosPolandLtdMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:MacquarieCapitalMemberus-gaap:RevolvingCreditFacilityMember2020-06-300000911147cnty:MacquarieCapitalMembercnty:TermLoanMember2020-06-300000911147cnty:CasinosPolandLtdMembercnty:FirstLoanWithMbankMember2020-06-300000911147cnty:UnicreditLoanMember2020-06-300000911147cnty:UnicreditAgreementMember2020-06-300000911147cnty:MacquarieCreditAgreementMember2020-06-300000911147cnty:FinancingObligationCdrLandLeaseMember2020-06-300000911147cnty:CreditAgreementsCasinosPolandMember2020-06-300000911147cnty:CreditAgreementMacquarieMember2020-06-300000911147cnty:CenturyDownsLandLeaseMember2020-06-300000911147cnty:CasinosPolandCreditAgreementsMember2020-06-300000911147cnty:UnicreditLoanMember2019-12-310000911147cnty:FinancingObligationCdrLandLeaseMember2019-12-310000911147cnty:CreditAgreementsCasinosPolandMember2019-12-310000911147cnty:CreditAgreementMacquarieMember2019-12-310000911147cnty:CasinosPolandLtdMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMembercnty:WarsawInterbankOfferedRateMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMembercnty:WarsawInterbankOfferedRateMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMembercnty:WarsawInterbankOfferedRateMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMemberus-gaap:EurodollarMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:LineOfCreditWithBphBankMembercnty:WarsawInterbankOfferedRateMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:FirstLoanWithMbankMembercnty:WarsawInterbankOfferedRateMember2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMember2020-04-012020-06-300000911147srt:HotelMember2020-04-012020-06-300000911147cnty:GamingMember2020-04-012020-06-300000911147us-gaap:FoodAndBeverageMember2020-01-012020-06-300000911147srt:HotelMember2020-01-012020-06-300000911147cnty:GamingMember2020-01-012020-06-300000911147us-gaap:FoodAndBeverageMember2019-04-012019-06-300000911147srt:HotelMember2019-04-012019-06-300000911147cnty:GamingMember2019-04-012019-06-300000911147us-gaap:FoodAndBeverageMember2019-01-012019-06-300000911147srt:HotelMember2019-01-012019-06-300000911147cnty:GamingMember2019-01-012019-06-300000911147srt:MaximumMembercnty:OpeningMember2020-04-012020-06-300000911147cnty:OpeningMember2020-04-012020-06-300000911147cnty:IncreaseDecreaseMember2020-04-012020-06-300000911147cnty:ClosingMember2020-04-012020-06-300000911147cnty:OpeningMember2020-01-012020-06-300000911147cnty:IncreaseDecreaseMember2020-01-012020-06-300000911147cnty:ClosingMember2020-01-012020-06-300000911147cnty:OpeningMember2019-04-012019-06-300000911147cnty:IncreaseDecreaseMember2019-04-012019-06-300000911147cnty:ClosingMember2019-04-012019-06-300000911147cnty:OpeningMember2019-01-012019-06-300000911147cnty:IncreaseDecreaseMember2019-01-012019-06-300000911147cnty:ClosingMember2019-01-012019-06-3000009111472018-12-3100009111472019-06-300000911147cnty:AcquiredCasinosMember2020-06-300000911147cnty:AcquiredCasinosMember2019-12-310000911147cnty:AcquiredCasinosMember2019-12-062019-12-060000911147cnty:AcquiredCasinosMember2020-04-012020-06-300000911147cnty:AcquiredCasinosMember2020-01-012020-06-300000911147cnty:AcquiredCasinosMember2019-04-012019-06-300000911147cnty:AcquiredCasinosMember2019-01-012019-06-300000911147cnty:ReportingUnitsMember2020-04-012020-06-300000911147cnty:MendozaCentralEntretenimientosSMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147cnty:Covid19Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-06-300000911147us-gaap:FairValueMeasurementsNonrecurringMember2020-01-012020-06-300000911147cnty:ReportingUnitsMember2020-01-012020-06-300000911147us-gaap:EmployeeStockOptionMember2020-04-012020-06-300000911147us-gaap:EmployeeStockOptionMember2020-01-012020-06-300000911147us-gaap:EmployeeStockOptionMember2019-04-012019-06-300000911147us-gaap:EmployeeStockOptionMember2019-01-012019-06-300000911147cnty:MountaineerMembercountry:USus-gaap:TrademarksMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercountry:PLus-gaap:LicensingAgreementsMember2020-01-012020-06-300000911147country:USus-gaap:CustomerListsMember2020-01-012020-06-300000911147cnty:MacquarieCapitalMember2020-04-012020-06-300000911147cnty:MacquarieCapitalMember2020-01-012020-06-300000911147cnty:MendozaCentralEntretenimientosSMember2020-03-012020-03-310000911147us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000911147us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300000911147us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000911147us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-3000009111472020-08-030000911147cnty:AcquiredCasinosMember2020-05-222020-05-220000911147cnty:CenturyCasinoCalgaryMemberus-gaap:SubsequentEventMember2020-08-052020-08-050000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembersrt:MaximumMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:GoldenHospitalityLtd.Membercnty:MinhChauLtd.Member2018-04-012018-04-300000911147cnty:MacquarieCapitalMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioLess2.25Membercnty:TermLoanMember2020-01-012020-06-300000911147cnty:MacquarieCapitalMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.25Membercnty:TermLoanMember2020-01-012020-06-3000009111472020-05-122020-05-120000911147cnty:CenturyResortsManagementGmbhMembercnty:MendozaCentralEntretenimientosSMember2014-10-012014-10-310000911147cnty:CasinosPolandLtdMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:CreditAgreementMembercnty:CreditAgreementsWithMbankMember2020-06-300000911147us-gaap:CorporateAndOtherMembercnty:OperatingSegment15Member2020-01-012020-06-300000911147us-gaap:CorporateAndOtherMembercnty:OperatingSegment13Member2020-01-012020-06-300000911147country:UScnty:OperatingSegment5Member2020-01-012020-06-300000911147country:UScnty:OperatingSegment4Member2020-01-012020-06-300000911147country:UScnty:OperatingSegment3Member2020-01-012020-06-300000911147country:UScnty:OperatingSegment2Member2020-01-012020-06-300000911147country:UScnty:OperatingSegment1Member2020-01-012020-06-300000911147country:PLcnty:OperatingSegment12Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment9Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment8Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment7Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment6Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment11Member2020-01-012020-06-300000911147country:CAcnty:OperatingSegment10Member2020-01-012020-06-300000911147cnty:CenturyCasinoCalgaryMember2020-04-012020-06-300000911147cnty:CenturyCasinoCalgaryMember2020-01-012020-06-300000911147cnty:HamiltonPropertiesLtd.Member2017-08-012017-08-310000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMember2020-06-300000911147cnty:UnicreditBankAustriaMember2020-03-310000911147cnty:MacquarieCapitalMember2020-03-310000911147cnty:ViciPropertiesMembercnty:MasterLeaseMember2019-12-060000911147cnty:ViciPropertiesMembercnty:MasterLeaseMember2019-12-062019-12-060000911147cnty:CasinosPolandLtdMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:GuaranteeFromAliorBankMember2020-01-012020-06-300000911147cnty:SawCloseCasinoLtd.Member2020-04-012020-06-300000911147cnty:SawCloseCasinoLtd.Member2020-01-012020-06-300000911147cnty:MacquarieCapitalMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-06-300000911147cnty:CenturyDownsRacetrackAndCasinoMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMember2020-01-012020-06-3000009111472020-06-3000009111472019-12-310000911147srt:MaximumMember2020-01-012020-06-300000911147cnty:ViciPropertiesMembercnty:MasterLeaseMember2020-01-012020-06-300000911147cnty:ViciPropertiesMembersrt:MaximumMembercnty:MasterLeaseMember2019-12-062019-12-060000911147cnty:ViciPropertiesMembercnty:Year8Membercnty:MasterLeaseMember2019-12-062019-12-060000911147cnty:ViciPropertiesMembercnty:Year4Through7Membercnty:MasterLeaseMember2019-12-062019-12-060000911147cnty:ViciPropertiesMembercnty:Year2And3Membercnty:MasterLeaseMember2019-12-062019-12-060000911147cnty:CasinosPolandLtdMember2020-06-300000911147cnty:MacquarieCapitalMembercnty:TermLoanMember2020-01-012020-06-3000009111472020-04-012020-06-3000009111472019-04-012019-06-300000911147cnty:MacquarieCapitalMembersrt:MinimumMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.75Memberus-gaap:RevolvingCreditFacilityMember2020-06-300000911147cnty:MacquarieCapitalMembersrt:MinimumMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.25Membercnty:TermLoanMember2020-06-300000911147cnty:MacquarieCapitalMembersrt:MaximumMembercnty:ConsolidatedFirstLienNetLeverageRatioLess2.75Memberus-gaap:RevolvingCreditFacilityMember2020-06-300000911147cnty:MacquarieCapitalMembersrt:MaximumMembercnty:ConsolidatedFirstLienNetLeverageRatioLess2.25Membercnty:TermLoanMember2020-06-300000911147cnty:MacquarieCapitalMembersrt:MaximumMembercnty:ConsolidatedFirstLienNetLeverageRatioGreater2.25Membercnty:TermLoanMember2020-06-300000911147us-gaap:CommonStockMember2020-01-012020-06-300000911147us-gaap:CommonStockMember2019-04-012019-06-300000911147us-gaap:CommonStockMember2019-01-012019-06-300000911147cnty:AcquiredCasinosMember2019-12-060000911147cnty:CasinosPolandLtdMembercnty:GuaranteeFromMbankMember2020-06-300000911147currency:PLN2020-04-012020-06-300000911147currency:GBP2020-04-012020-06-300000911147currency:EUR2020-04-012020-06-300000911147currency:CAD2020-04-012020-06-300000911147currency:PLN2020-01-012020-06-300000911147currency:GBP2020-01-012020-06-300000911147currency:EUR2020-01-012020-06-300000911147currency:CAD2020-01-012020-06-300000911147currency:PLN2019-04-012019-06-300000911147currency:GBP2019-04-012019-06-300000911147currency:EUR2019-04-012019-06-300000911147currency:CAD2019-04-012019-06-300000911147currency:PLN2019-01-012019-06-300000911147currency:GBP2019-01-012019-06-300000911147currency:EUR2019-01-012019-06-300000911147currency:CAD2019-01-012019-06-300000911147cnty:CasinosPolandLtdMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CasinosPolandLtdMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditLoanMember2020-01-012020-06-300000911147cnty:CenturyResortsManagementMembercnty:UnicreditAgreementMember2020-01-012020-03-3100009111472019-01-012019-06-300000911147us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-04-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:US2020-04-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:PL2020-04-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:CA2020-04-012020-06-300000911147us-gaap:OperatingSegmentsMember2020-04-012020-06-300000911147us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2020-01-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:US2020-01-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:PL2020-01-012020-06-300000911147us-gaap:OperatingSegmentsMembercountry:CA2020-01-012020-06-300000911147us-gaap:OperatingSegmentsMember2020-01-012020-06-300000911147us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-04-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:US2019-04-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:PL2019-04-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:CA2019-04-012019-06-300000911147us-gaap:OperatingSegmentsMember2019-04-012019-06-300000911147us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-01-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:US2019-01-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:PL2019-01-012019-06-300000911147us-gaap:OperatingSegmentsMembercountry:CA2019-01-012019-06-300000911147us-gaap:OperatingSegmentsMember2019-01-012019-06-300000911147cnty:GoldenHospitalityLtd.Membercnty:OptionToPurchaseMembercnty:MinhChauLtd.Member2018-04-300000911147cnty:CenturyResortsManagementGmbhMembercnty:MendozaCentralEntretenimientosSMember2014-10-310000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:ThirdCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:SecondCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-300000911147cnty:CasinosPolandLtdMembersrt:MinimumMembercnty:FirstCreditAgreementMembercnty:TermLoanWithMbankMember2020-06-3000009111472020-01-012020-06-30iso4217:GBPiso4217:CADiso4217:USDxbrli:sharescnty:employeecnty:itemiso4217:EURiso4217:PLNxbrli:sharesiso4217:USDxbrli:pure

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 June 30, 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 August 3, 2020.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

3

Condensed Consolidated Statements of (Loss) Earnings for the Three and Six Months Ended June 30, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30, 2020 and 2019

6

Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4.

Controls and Procedures

58

Part II

OTHER INFORMATION

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 5.

Other Information

59

Item 6.

Exhibits

60

Signatures

61


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

June 30,

December 31,

Amounts in thousands, except for share and per share information

2020

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

51,641

$

54,754

Receivables, net

8,837

11,371

Prepaid expenses

6,296

10,379

Inventories

1,773

2,046

Other current assets

3,415

816

Assets held for sale

539

Total Current Assets

72,501

79,366

Property and equipment, net

491,904

503,933

Leased right-of-use assets, net

33,891

37,040

Goodwill

10,203

32,936

Intangible assets, net

53,567

67,061

Deferred income taxes

499

2,447

Cost investment

1,000

Note receivable, net of current portion and unamortized discount

438

423

Deposits and other

2,414

2,694

Total Assets

$

665,417

$

726,900

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

20,354

$

3,157

Current portion of operating lease liabilities

4,003

4,235

Current portion of finance lease liabilities

135

161

Accounts payable

7,983

5,200

Accrued liabilities

17,982

21,707

Accrued payroll

9,950

13,201

Taxes payable

8,143

8,575

Contingent liability (Note 8)

1,112

334

Liabilities held for sale

248

Total Current Liabilities

69,910

56,570

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

173,795

175,806

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

277,133

275,605

Operating lease liabilities, net of current portion

32,152

42,942

Finance lease liabilities, net of current portion

137

217

Taxes payable and other

3,936

2,672

Deferred income taxes

2,758

1,013

Total Liabilities

559,821

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)

June 30,

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

116,019

115,784

(Accumulated deficit) retained earnings

(1,794)

56,669

Accumulated other comprehensive loss

(16,639)

(9,442)

Total Century Casinos, Inc. Shareholders' Equity

97,882

163,306

Non-controlling interests

7,714

8,769

Total Equity

105,596

172,075

Total Liabilities and Equity

$

665,417

$

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

For the six months

 

ended June 30,

ended June 30,

Amounts in thousands, except for per share information

2020

2019

2020

2019

Operating revenue:

Gaming

$

29,922

$

41,986

$

104,215

$

79,326

Hotel

476

494

2,292

940

Food and beverage

1,151

5,054

7,703

8,805

Other

4,554

4,911

9,550

8,986

Net operating revenue

36,103

52,445

123,760

98,057

Operating costs and expenses:

Gaming

16,482

21,718

58,525

41,284

Hotel

254

187

978

365

Food and beverage

1,468

4,550

8,138

8,480

General and administrative

12,451

20,963

41,986

37,015

Depreciation and amortization

6,405

2,443

12,899

4,868

Impairment - goodwill and intangible assets

1,157

35,121

Total operating costs and expenses

38,217

49,861

157,647

92,012

Earnings (Loss) from equity investment

14

(1)

(Loss) earnings from operations

(2,114)

2,598

(33,887)

6,044

Non-operating income (expense):

Interest income

5

5

6

9

Interest expense

(10,584)

(1,398)

(21,950)

(2,656)

Gain on foreign currency transactions, cost recovery income and other

78

523 

79

770 

Non-operating (expense) income, net

(10,501)

(870)

(21,865)

(1,877)

(Loss) earnings before income taxes

(12,615)

1,728

(55,752)

4,167 

Income tax expense

(582)

(1,370)

(3,106)

(2,086)

Net (loss) earnings

(13,197)

358

(58,858)

2,081

Net loss (earnings) attributable to non-controlling interests

590

(923)

395

(1,578)

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

$

(12,607)

$

(565)

$

(58,463)

$

503

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

Basic

$

(0.43)

$

(0.02)

$

(1.98)

$

0.02

Diluted

$

(0.43)

$

(0.02)

$

(1.98)

$

0.02

Weighted average shares outstanding - basic

29,576

29,440

29,541

29,440

Weighted average shares outstanding - diluted

29,576

29,440

29,541

30,114

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

For the six months

ended June 30,

ended June 30,

Amounts in thousands

2020

2019

2020

2019

 

Net (loss) earnings

$

(13,197)

$

358

$

(58,858)

$

2,081

Other comprehensive (loss) income

Foreign currency translation adjustments

6,028

2,239

(7,699)

3,607

Other comprehensive income (loss)

6,028

2,239

(7,699)

3,607

Comprehensive (loss) income

$

(7,169)