Century Casinos (CNTY) Q1 2026 earnings summary

Executive summary

• Net operating revenue reached a record $137.2 million for Q1 2026, up 5.2% year-over-year, with all North American properties outperforming the prior year.

• Adjusted EBITDAR rose 24% to $24.9 million, reflecting improved operational efficiency and strong performances, notably a 93% increase at the Nugget Casino Resort.

• Net loss attributable to shareholders narrowed by 20% to $(16.5) million, with loss per share improving to $(0.58) from $(0.67).

• Recent investments, including acquisitions of Nugget and Rocky Gap, are now contributing to growth after integration and construction phases.

• Strategic review of operations and capital structure is ongoing, with potential asset sales or partnerships under consideration.

Financial highlights

• Gaming revenue grew 6% year-over-year to $106.7 million, with hotel, food & beverage, and sports betting also increasing.

• Adjusted EBITDAR for Q1 2026 was $24.9 million, up from $20.2 million in Q1 2025.

• Cash and cash equivalents stood at $60 million as of March 31, 2026; total principal debt was $336.7 million, with net debt at $276.7 million.

• Net debt to EBITDA ratio was 6.9x as of March 31, 2026, with lease-adjusted leverage at 7.6x.

• Operating costs and expenses increased 1.8% to $125.5 million, mainly due to higher payroll and gaming-related expenses.

Outlook and guidance

• Management expects continued strong performance from high-value and core customer groups, with no major capex projects planned.

• Maintenance capital expenditures for 2026 are projected at $14–15.4 million, down from $22 million in 2025.

• Free cash flow target of $30+ million within 2–3 years remains realistic, contingent on consumer recovery and continued improvements.

• Rent payments for 2026 are expected to be $75.3 million, with scheduled principal debt payments of $4.2 million.

• No material US cash taxes are anticipated for 2026; effective tax rate remains sensitive to earnings.