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Century Casinos reported higher first-quarter revenue, stronger operating earnings, and a smaller net loss as North American properties delivered better results.
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Century Casinos opened 2026 with its highest first-quarter net operating revenue on record, helped by gains in the US and Canada.
For the three months ended March 31, the Nasdaq-listed casino operator generated $137.2 million in net operating revenue, up from $130.4 million in Q1 2025. Earnings from operations climbed 65% to $11.8 million.
The net loss attributable to Century Casinos shareholders narrowed to $16.5 million, compared with $20.6 million last year. Basic and diluted loss per share both reached $0.58, down from $0.67.
Adjusted EBITDAR rose 24% to $24.9 million, with all North American segments posting year-over-year gains.
US Midwest remained the largest revenue segment at $41.8 million, up 5%. US East also grew 5% to $38.9 million, while US West rose 4% to $17.1 million. Canada had the fastest revenue growth, up 11% to $18.3 million. Poland increased 2% to $21.1 million.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said:
“The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the company’s history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR.
“The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase in Adjusted EBITDAR of 93% compared to the first quarter of 2025.”
Operating earnings also improved in the core regions. US Midwest rose 23% to $11.8 million, Canada increased 27% to $4.3 million, and US East reached $1.5 million, up from $435,000. US West cut its operating loss to $2 million from $2.7 million.
Adjusted EBITDAR reached $15.6 million in US Midwest, $5.4 million in US East, $1.4 million in US West, and $5.5 million in Canada. Poland fell 8% to $505,000 and recorded an operating loss of $177,000.
Century Casinos had $60 million in cash and cash equivalents at quarter-end, down from $68.9 million at the end of 2025. Outstanding debt stood at $336.7 million, slightly below $337.7 million on December 31.
The company also reported a $712.0 million long-term financing obligation tied to its master lease with subsidiaries of VICI Properties. Its Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00 at the end of March, though no revolving loans, swingline loans, or letters of credit were outstanding under the Goldman Sachs Bank USA credit agreement.