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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 September 30, 2025

¨ 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 þ
			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:

29,445,056 shares of common stock, $0.01 par value per share, were outstanding as of November 6, 2025.

INDEX


Part I	FINANCIAL INFORMATION	Page
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3
	Condensed Consolidated Statements of Loss for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2025 and 2024	5
	Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	46
Part II	OTHER INFORMATION
Item 1.	Legal Proceedings	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
Signatures		49

‎

PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


	September 30,			December 31,
Amounts in thousands, except for share and per share information	2025			2024
ASSETS
Current Assets:
Cash and cash equivalents	$	77,692	$	98,769
Receivables, net		12,095		11,097
Prepaid expenses		15,507		19,597
Inventories		3,652		3,691
Other current assets		511		2,395
Total Current Assets		109,457		135,549

Property and equipment, net		906,755		922,146
Leased right-of-use assets, net		33,633		30,015
Goodwill		10,703		9,783
Intangible assets, net		79,632		84,916
Deferred income taxes		17,157		16,159
Deposits and other		1,567		1,271
Total Assets	$	1,158,904	$	1,199,839

LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	7,989	$	6,226
Current portion of operating lease liabilities		5,032		4,034
Current portion of finance lease liabilities		352		260
Accounts payable		7,258		20,974
Accrued liabilities		31,883		31,639
Accrued payroll		15,654		14,504
Taxes payable		7,827		8,407
Total Current Liabilities		75,995		86,044

Long-term debt, net of current portion and deferred financing costs (Note 4)		321,327		321,930
Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 5)		712,064		700,970
Operating lease liabilities, net of current portion		31,935		29,148
Finance lease liabilities, net of current portion		563		494
Taxes payable and other		413		677
Deferred income taxes		4,251		4,003
Total Liabilities		1,146,548		1,143,266
Commitments and Contingencies (Note 6)

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; 29,652,946 and 30,682,603 shares issued and outstanding		297		307
Additional paid-in capital		122,243		123,922
Retained loss		(188,004)		(144,534)
Accumulated other comprehensive loss		(13,147)		(14,426)
Total Century Casinos, Inc. Shareholders' Equity (Deficit)		(78,611)		(34,731)
Non-controlling interests		90,967		91,304
Total Equity		12,356		56,573
Total Liabilities and Equity	$	1,158,904	$	1,199,839

See notes to unaudited condensed consolidated financial statements.

‎

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)



	For the three months				For the nine months
	ended September 30,				ended September 30,
Amounts in thousands, except for per share information	2025		2024		2025		2024
Operating revenue:
Gaming	$	106,793	$	105,450	$	318,529	$	317,753
Pari-mutuel, sports betting and iGaming		6,685		5,753		14,641		14,439
Hotel		14,845		15,350		38,613		37,419
Food and beverage		18,343		18,630		43,954		45,185
Other		7,058		10,518		19,247		23,351
Net operating revenue		153,724		155,701		434,984		438,147
Operating costs and expenses:
Gaming		56,371		57,229		169,486		169,773
Pari-mutuel, sports betting and iGaming		7,551		6,978		17,239		16,666
Hotel		5,237		5,009		14,716		14,317
Food and beverage		14,761		15,127		38,292		39,809
Other		2,811		4,844		7,515		8,901
General and administrative		37,050		36,134		108,843		111,273
Depreciation and amortization		12,817		12,462		38,053		36,942
Total operating costs and expenses		136,598		137,783		394,144		397,681
Earnings from operations		17,126		17,918		40,840		40,466
Non-operating (expense) income:
Interest income		405		751		1,058		2,110
Interest expense		(26,418)		(25,855)		(78,665)		(77,426)
(Loss) gain on foreign currency transactions, cost recovery income and other (Note 1)		(85)		127		1,075		2,717
Non-operating (expense) income, net		(26,098)		(24,977)		(76,532)		(72,599)
Loss before income taxes		(8,972)		(7,059)		(35,692)		(32,133)
Income tax (expense) benefit		(423)		334		(2,155)		(25,299)
Net loss		(9,395)		(6,725)		(37,847)		(57,432)
Net earnings attributable to non-controlling interests		(1,153)		(1,394)		(5,623)		(5,844)
Net loss attributable to Century Casinos, Inc. shareholders	$	(10,548)	$	(8,119)	$	(43,470)	$	(63,276)

Loss per share attributable to Century Casinos, Inc. shareholders:
Basic	$	(0.35)	$	(0.26)	$	(1.43)	$	(2.07)
Diluted	$	(0.35)	$	(0.26)	$	(1.43)	$	(2.07)
Weighted average shares outstanding - basic		29,956		30,683		30,399		30,595
Weighted average shares outstanding - diluted		29,956		30,683		30,399		30,595

See notes to unaudited condensed consolidated financial statements.

‎

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)



	For the three months				For the nine months
	ended September 30,				ended September 30,
Amounts in thousands	2025		2024		2025		2024
Net loss	$	(9,395)	$	(6,725)	$	(37,847)	$	(57,432)

Other comprehensive income (loss)
Foreign currency translation adjustments		134		935		1,926		(1,414)
Other comprehensive income (loss)		134		935		1,926		(1,414)
Comprehensive loss	$	(9,261)	$	(5,790)	$	(35,921)	$	(58,846)

Comprehensive loss attributable to non-controlling interests
Net earnings attributable to non-controlling interests		(1,153)		(1,394)		(5,623)		(5,844)
Foreign currency translation adjustments		(56)		(310)		(647)		(228)
Comprehensive loss attributable to Century Casinos, Inc. shareholders	$	(10,470)	$	(7,494)	$	(42,191)	$	(64,918)

See notes to unaudited condensed consolidated financial statements.

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)


	For the three months				For the nine months
	ended September 30,				ended September 30,
Amounts in thousands, except for share information	2025		2024		2025		2024
Common Stock
Balance, beginning of period	$	303	$	307	$	307	$	304
Common stock repurchase		(6)		—		(10)		—
Performance stock unit issuance		—		—		—		3
Balance, end of period		297		307		297		307

Additional Paid-in Capital
Balance, beginning of period	$	123,454	$	124,702	$	123,922	$	124,094
Amortization of stock-based compensation		316		(280)		802		566
Common stock repurchase (including incremental costs)		(1,527)		—		(2,481)		—
Performance stock unit issuance		—		—		—		(238)
Balance, end of period		122,243		124,422		122,243		124,422

Accumulated Other Comprehensive Loss
Balance, beginning of period	$	(13,225)	$	(14,340)	$	(14,426)	$	(12,073)
Foreign currency translation adjustment		78		625		1,279		(1,642)
Balance, end of period		(13,147)		(13,715)		(13,147)		(13,715)

Retained (Loss) Earnings
Balance, beginning of period	$	(177,456)	$	(46,090)	$	(144,534)	$	9,067
Net loss		(10,548)		(8,119)		(43,470)		(63,276)
Balance, end of period		(188,004)		(54,209)		(188,004)		(54,209)

Total Century Casinos, Inc. Shareholders' (Deficit) Equity	$	(78,611)	$	56,805	$	(78,611)	$	56,805

Non-controlling Interests
Balance, beginning of period	$	91,692	$	92,434	$	91,304	$	93,049
Net earnings		1,153		1,394		5,623		5,844
Foreign currency translation adjustment		56		310		647		228
Distributions to non-controlling interests		(1,934)		(1,910)		(6,607)		(6,893)
Balance, end of period		90,967		92,228		90,967		92,228

Total Equity	$	12,356	$	149,033	$	12,356	$	149,033

Common shares issued		—		—		—		322,672
Common shares repurchased and retired		(600,923)		—		(1,029,657)		—

See notes to unaudited condensed consolidated financial statements.

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	For the nine months
	ended September 30,
Amounts in thousands		2025		2024
Cash Flows provided by (used in) Operating Activities:
Net loss		$	(37,847)	$	(57,432)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			38,053		36,942
Operating lease expense			5,510		4,628
Paid in kind interest on financing obligation			6,324		2,784
Loss on disposition of fixed assets			123		866
Amortization of stock-based compensation expense			802		566
Amortization of deferred financing costs and discount on notes receivable			2,055		2,022
Gain on debt repurchase			—		(146)
Deferred taxes			(749)		20,676
Changes in Operating Assets and Liabilities:
Receivables, net			(827)		2,469
Prepaid expenses and other assets			4,345		(2,627)
Accounts payable			(15,116)		(6,646)
Other current and long-term liabilities			2,135		7,577
Inventories			62		643
Accrued payroll			382		(549)
Taxes payable			1,550		(12,817)
Net cash provided by (used in) operating activities			6,802		(1,044)

Cash Flows (used in) provided by Investing Activities:
Purchases of property and equipment			(17,374)		(44,546)
Notes receivable proceeds			160		—
Purchase of intangible assets - casino license			(677)		(1,760)
Proceeds from disposition of assets			83		48
Net cash used in investing activities			(17,808)		(46,258)

Cash Flows (used in) provided by Financing Activities:
Proceeds from borrowings			2,977		11,800
Principal payments			(4,604)		(7,283)
Distributions to non-controlling interests			(6,607)		(6,893)
Common shares repurchased and retired			(2,468)		—
Repurchase of shares to satisfy tax withholding			—		(235)
Net cash used in financing activities			(10,702)		(2,611)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash		$	794	$	(2,576)

Decrease in Cash, Cash Equivalents and Restricted Cash		$	(20,914)	$	(52,489)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period		$	99,013	$	171,590
Cash, Cash Equivalents and Restricted Cash at End of Period		$	78,099	$	119,101

Supplemental Disclosure of Cash Flow Information:
Interest paid		$	71,148	$	64,436
Income taxes paid		$	1,884	$	15,793
Income tax refunds		$	1,086	$	358
Non-Cash Investing Activities:
Purchase of property and equipment on account		$	1,770	$	9,128

See notes to unaudited condensed consolidated financial statements.

CENTURY CASINOS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (the “Company”) is a casino entertainment company with operations primarily in North America. The Company’s operations as of September 30, 2025 are detailed below.

The Company owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

Century Casino & Hotel Central City in Colorado (“Central City” or “CTL”)

Century Casino & Hotel Cripple Creek in Colorado (“Cripple Creek” or “CRC”)

Mountaineer Casino, Resort & Races in New Cumberland, West Virginia (“Mountaineer” or “MTR”) ⁽¹⁾

Century Casino & Hotel Cape Girardeau in Missouri (“Cape Girardeau” or “CCG”) ⁽¹⁾

Century Casino & Hotel Caruthersville in Missouri (“Caruthersville” or “CCV”) ⁽¹⁾

Nugget Casino Resort in Reno-Sparks, Nevada (“Nugget” or “NUG”) ⁽²⁾

Rocky Gap Casino, Resort & Golf in Flintstone, Maryland (“Rocky Gap” or “ROK”)⁽¹⁾

Century Casino & Hotel Edmonton in Alberta, Canada (“Century Resorts Alberta” or “CRA”) ⁽¹⁾

Century Casino St. Albert in St. Albert, Alberta, Canada (“St. Albert” or “CSA”)⁽¹⁾

Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“Century Mile” or “CMR”) ⁽¹⁾

(1)Subsidiaries of VICI Properties Inc. (“VICI PropCo”), an unaffiliated third party, own the real estate assets underlying these properties, except The Riverview hotel in Cape Girardeau and The Farmstead hotel in Caruthersville, and subsidiaries of the Company lease these properties under a triple net master lease agreement (“Master Lease”) with subsidiaries of VICI PropCo.

(2)Smooth Bourbon, LLC (“Smooth Bourbon”), a 50% owned subsidiary of the Company, owns the real estate assets underlying this property. Smooth Bourbon is consolidated as a subsidiary for which the Company has a controlling financial interest. See discussion below.

The Company’s Colorado, West Virginia and Nevada subsidiaries have partnered with sports betting and iGaming operators to offer sports wagering and online betting through mobile apps. The Company has also partnered with a sports betting operator to offer sports wagering in Missouri, which is expected to begin on December 1, 2025. During 2024, two of the Company’s sports betting partners in Colorado requested early termination of their agreements, and the Company agreed to cancel the agreements. The agreement with Circa Sports was cancelled in May 2024. As part of the Circa Sports termination agreement, the Company received a payment of $1.1 million that included sports betting revenue owed from January 2024 to May 2024 and a breakage fee of $0.7 million. Tipico Group Ltd. (“Tipico”) exited the US market, and the Tipico agreement was cancelled in July 2024. As part of the Tipico termination agreement, the Company received a payment of $1.6 million that included sports betting revenue owed from November 2023 to June 2024 and a breakage fee of $1.0 million. The breakage fees were recorded as other revenue on the Company’s condensed consolidated statements of loss, resulting in $1.0 million and $1.7 million in other revenue for the three and nine months ended September 30, 2024, respectively. Prior to the termination of the agreements, revenue from these agreements was $1.8 million per year in our United States segment.

The Company has a controlling financial interest through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”) in the following majority-owned subsidiaries:

The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). CPL owns and operates casinos throughout Poland. As of September 30, 2025, CPL operated five casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest. See Note 3 for additional information regarding CPL’s gaming licenses and casinos.

The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a racetrack and entertainment center (“REC”) in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest. A subsidiary of VICI PropCo owns the real estate assets underlying this property, and the Company leases the assets under the Master Lease.

Through its wholly-owned subsidiary Century Nevada Acquisition, Inc., the Company has a 50% equity interest in Smooth Bourbon. The Company consolidates Smooth Bourbon as a subsidiary for which it has a controlling financial interest. The Company determined it has a controlling financial interest in Smooth Bourbon based on the Nugget being the primary beneficiary of Smooth Bourbon. The remaining 50% of Smooth Bourbon is owned by Marnell Gaming, LLC (“Marnell”) and is reported as a non-controlling financial interest.

Other Projects and Developments

Sports Betting – Missouri

In May 2025, the Company announced that it has partnered with BetMGM, LLC (“BetMGM”) to operate an online and mobile sports betting application under the Company’s license in Missouri. The agreement includes a percentage of net gaming revenue payable to the Company, with a guaranteed minimum, as well as retail sportsbook options to be exercised at its discretion. Sports betting is expected to begin in Missouri on December 1, 2025.

Caruthersville Land-Based Casino and Hotel

On November 1, 2024, the Company opened its new land-based casino with a 38 room hotel adjacent to and connected with the existing casino pavilion building in Caruthersville, Missouri. The project cost approximately $51.9 million and was funded through financing provided by VICI PropCo in conjunction with the Master Lease. The Company previously amended its Master Lease on December 1, 2022 to provide for an increase in initial annualized rent of approximately $4.2 million upon completion of the Caruthersville project. See Note 5, “Long-Term Financing Obligation” for additional information regarding the amendment to the Master Lease.

Cape Girardeau Hotel

On April 4, 2024, the Company opened its 69 room hotel in Cape Girardeau, Missouri called The Riverview. The Riverview is a six story building with 68,000 square feet that is adjacent to and connected with the existing casino building. The project cost approximately $30.5 million. The Company financed the project with cash on hand.

Preparation of Financial Statements

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission, which apply to interim financial statements, and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year.

Reclassifications – Certain prior period amounts in the condensed consolidated statement of cash flows have been reclassified to conform to the current presentation in the condensed consolidated financial statements and the accompanying notes thereto.

Cash and Cash Equivalents and Restricted Cash – A reconciliation of cash and cash equivalents and restricted cash as stated in the Company’s condensed consolidated statements of cash flows is presented in the following table:


	September 30,		September 30,
Amounts in thousands	2025		2024
Cash and cash equivalents	$	77,692	$	118,770
Restricted cash included in deposits and other		407		331
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	78,099	$	119,101

As of September 30, 2025, the Company had $0.3 million related to payments of prizes and giveaways for Casinos Poland and $0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet. As of September 30, 2024, the Company had $0.3 million related to payments of prizes and giveaways for Casinos Poland and less than $0.1 million related to an insurance policy in restricted cash included in deposits and other on its condensed consolidated balance sheet.

Use of Estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Management’s use of estimates includes estimates for property and equipment, goodwill, intangible assets and income tax.

Presentation of Foreign Currency Amounts – The Company’s functional currency is the US dollar (“USD” or “$”). Foreign subsidiaries with a functional currency other than the US dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies. These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”). Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur.

The exchange rates to the US dollar used to translate balances at the end of the reported periods are as follows:


	As of September 30,	As of December 31,
Ending Rates	2025	2024
Canadian dollar (CAD)	1.3917	1.4349
Euros (EUR)	0.8522	0.9611
Polish zloty (PLN)	3.6379	4.1106

The average exchange rates to the US dollar used to translate balances during each reported period are as follows:


	For the three months			For the nine months
	ended September 30,			ended September 30,
Average Rates	2025	2024	% Change	2025	2024	% Change
Canadian dollar (CAD)	1.3773	1.3641	(1.0%)	1.3988	1.3600	(2.9%)
Euros (EUR)	0.8561	0.9103	6.0%	0.8964	0.9201	2.6%
Polish zloty (PLN)	3.6461	3.9007	6.5%	3.8012	3.9624	4.1%
Source: Xe Currency Converter

Cost Recovery Income – Cost recovery income is related to infrastructure built during the development of CDR. The infrastructure was built by the non-controlling shareholders prior to the Company’s acquisition of its controlling ownership interest in CDR. Income received by CDR related to cost recoveries is included in gain on foreign currency transactions, cost recovery income and other. The distribution of cost recovery income to CDR’s non-controlling shareholders is recorded as distributions to non-controlling interests.

2.SIGNIFICANT ACCOUNTING POLICIES

Accounting Pronouncements Pending Adoption

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements – Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative (“ASU 2023-06”). The objective of ASU 2023-06 is to update and simplify disclosure requirements and is intended to align US GAAP and SEC requirements. Early adoption of ASU 2023-06 is not permitted. The guidance relates to various topics and is effective on the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. The Company is reviewing the updates provided by this standard. The Company does not expect the adoption of the standard to have a material impact on the Company’s financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740); Improvements to Income Tax Disclosures (“ASU 2023-09”). The objective of ASU 2023-09 is to improve income tax disclosure requirements. Under ASU 2023-09, entities must annually (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Early adoption of ASU 2023-09 is permitted. The guidance is effective for annual periods beginning after December 15, 2024. The Company does not expect the adoption of the standard to have a material impact on its financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The objective of ASU 2024-03 is to disaggregate the disclosure of expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. In January

2025, the FASB issued ASU 2025-01, Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2025-01 clarified that ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods with annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-3 is permitted. The standard can be adopted prospectively or retrospectively. The Company is currently analyzing the additional disclosure requirements of ASU 2024-03 and the impact of adoption on the Company’s financial statements.

The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements or notes thereto.

Significant Accounting Policies

Stock Repurchases – The Company records retirements of repurchased common stock at cost and allocates the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement. When shares of common stock are retired, they are deducted from the number of shares issued. Excise tax payments related to the repurchase of common stock are reported as an operating activity on the Company’s condensed consolidated statement of cash flows.

3.GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the future economic benefits of a business combination to the extent that the purchase price exceeds the fair value of the net identified tangible and intangible assets acquired and liabilities assumed. The Company determines the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed after review and consideration of relevant information including discounted cash flows, quoted market prices, and estimates made by management.

The Company tests goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary. The reportable segments with goodwill balances as of September 30, 2025 included Canada and Poland. For the quantitative goodwill impairment test, the current fair value of each reporting unit with goodwill balances is estimated using a combination of (i) the income approach using the discounted cash flow method for projected revenue, EBITDA and working capital, (ii) the market approach observing the price at which comparable companies or shares of comparable companies are bought or sold, and (iii) fair value measurements using either quoted market price or an estimate of fair value using a present value technique. The cost approach, estimating the cost of reproduction or replacement of an asset, was considered but not used because it does not adequately capture an operating company’s intangible value. If the carrying value of a reporting unit exceeds its estimated fair value, the Company will recognize an impairment for the amount by which the carrying value exceeds the reporting unit’s fair value. The impairment analysis requires management to make estimates about future operating results, valuation multiples and discount rates and assumptions based on historical data and consideration of future market conditions. Changes in the assumptions can materially affect these estimates. Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, or conditions may change, which could result in additional impairment charges in the future. Such impairments could be material. Changes in the carrying amount of goodwill are as follows:


Amounts in thousands	United States		Canada		Poland		Total
Gross carrying value January 1, 2025	$	89,975	$	6,932	$	6,226	$	103,133
Currency translation		—		110		810		920
Gross carrying value September 30, 2025		89,975		7,042		7,036		104,053

Accumulated impairment losses January 1, 2025		(89,975)		(3,375)		—		(93,350)
Accumulated impairment losses September 30, 2025		(89,975)		(3,375)		—		(93,350)

Net carrying value at January 1, 2025	$	—	$	3,557	$	6,226	$	9,783
Net carrying value at September 30, 2025	$	—	$	3,667	$	7,036	$	10,703

‎

Intangible Assets

The Company tests its indefinite-lived intangible assets as of October 1 each year, or more frequently as circumstances indicate it is necessary. The fair value is determined primarily using the multi-period excess earnings methodology and the relief from royalty method under the income approach. Intangible assets at September 30, 2025 and December 31, 2024 consisted of the following:

‎
		September 30,		December 31,
Amounts in thousands	2025		2024
Finite-lived
Casino licenses	$	3,746	$	3,055
Less: accumulated amortization		(998)		(844)
		2,748		2,211
Trademarks		16,718		16,718
Less: accumulated amortization		(4,757)		(3,508)
		11,961		13,210
Player's club lists		59,253		59,253
Less: accumulated amortization		(26,146)		(21,048)
		33,107		38,205
Total finite-lived intangible assets, net		47,816		53,626
Indefinite-lived
Casino licenses		30,030		29,698
Trademarks		1,786		1,592
Total indefinite-lived intangible assets		31,816		31,290
Total intangible assets, net	$	79,632	$	84,916

Trademarks

The Company currently owns five trademarks: Century Casinos, Mountaineer, Nugget, Rocky Gap and Casinos Poland. The trademarks are reported as intangible assets on the Company’s condensed consolidated balance sheets.

Trademarks: Finite-Lived

The Company has determined that the Mountaineer, Nugget and Rocky Gap trademarks, all reported in the United States segment, have useful lives of ten years after considering, among other things, the expected use of the asset, the expected useful life of other related assets or asset groups, any legal, regulatory, or contractual provisions that may limit the useful life, the effects of obsolescence, demand and other economic factors, and the maintenance expenditures required to promote and support the trademark. As such, the trademarks will be amortized over their useful lives. Costs incurred to renew trademarks that are finite-lived are expensed over the renewal period to general and administrative expenses on the Company’s condensed consolidated statements of loss.

Changes in the carrying amount of the United States trademarks are as follows:


Amounts in thousands		Balance at ‎January 1, 2025		Amortization		Balance at September 30, 2025
United States	$	13,210	$	(1,249)	$	11,961

As of September 30, 2025, estimated amortization expense of the United States trademarks over the next five years and thereafter was as follows:


Amounts in thousands
2025	$	416
2026		1,665
2027		1,665
2028		1,665
2029		1,645
Thereafter		4,905
	$	11,961

Trademark amortization expense was $0.4 million for each of the three months ended September 30, 2025 and 2024 and $1.2 million for each of the nine months ended September 30, 2025 and 2024. The weighted-average amortization period of the United States trademarks is 6.5 years.

Trademarks: Indefinite-Lived

The Company has determined that the Casinos Poland trademark, reported in the Poland segment, and the Century Casinos trademark, reported in the Corporate and Other segment, have indefinite useful lives and therefore the Company does not amortize these trademarks. Costs incurred to renew trademarks that are indefinite-lived are expensed over the renewal period as general and administrative expenses on the Company’s condensed consolidated statements of loss.

Changes in the carrying amount of the indefinite-lived trademarks are as follows:


Amounts in thousands		Balance at January 1, 2025		Currency translation		Balance at September 30, 2025
Poland	$	1,484	$	194	$	1,678
Corporate and Other		108		—		108
	$	1,592	$	194	$	1,786

Casino Licenses: Finite-Lived

As of September 30, 2025, Casinos Poland had six casino licenses, each with an original term of six years, which are reported as finite-lived intangible assets and are amortized over their respective useful lives.

Changes in the carrying amount of the Casinos Poland licenses are as follows:

CENTURY CASINOS INC /CO/ 10-Q