Century Casinos (CNTY) Q3 2025 earnings summary

Executive summary

• Net operating revenue for Q3 2025 was $153.7 million, down 1–1.3% year-over-year; earnings from operations fell 4% to $17.1 million.

• Net loss attributable to shareholders was $10.5 million, a 30% increase in loss compared to Q3 2024; basic net loss per share was $(0.35).

• Adjusted EBITDAR for Q3 2025 was $31.1 million, down 5.6–6% year-over-year; nine-month Adjusted EBITDAR was $81.5 million, nearly flat year-over-year.

• Strength in the US East and Midwest regions was offset by weakness in the West and Poland, with Poland impacted by one-time costs from a casino closure.

• Strategic review process initiated in August 2025 to explore alternatives for enhancing shareholder value, including potential asset sales or partnerships.

Financial highlights

• Gaming revenue for Q3 2025 was $106.8 million, up 1.3% year-over-year; nine-month gaming revenue was $318.5 million, up 0.2%.

• Q3 2025 net loss per share was $(0.35) basic and diluted; nine-month loss per share was $(1.43).

• Cash and cash equivalents at September 30, 2025 were $77.7 million, down from $98.8 million at year-end 2024, mainly due to $17.4 million in property and equipment purchases.

• Net debt as of September 30, 2025 was $261.1 million, up from $220.9 million a year earlier.

• Outstanding debt was $338.7 million as of September 30, 2025, with $334.3 million under a term loan and $4.1 million under a revolving facility.

Outlook and guidance

• Sports betting in Missouri is expected to launch December 1, 2025, through a partnership with BetMGM, providing a new revenue stream.

• A new casino in Wroclaw, Poland, is expected to open in January 2026, with no licensing disruptions anticipated for the next three years.

• No material US cash taxes anticipated for 2025 due to recent tax legislation.

• Remaining 2025 capital expenditures estimated at $3.2 million, with 84% of planned capex already spent by Q3.