Century Casinos, Inc. · NASDAQ:CNTY
Century Casinos — Q3 2025 Earnings Presentation
40 slides from Century Casinos's earnings presentation, Nov 11, 2025
Slide 1: Investor Presentation
Results through Q3 2024 INVESTOR PRESENTATION Peter Hoetzinger, Co CEO & President
Slide 2: Forward-Looking Statements
FORWARD - LOOKING STATEMENTS This presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act o
Slide 3: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Well Established Multi-Channel Gaming Company: 7,276 slot/electronic Growth Drivers gaming machines, 222 gaming tables and 2,153 hotel rooms across 17 • Improvements at Nugget Casino Resort in Reno-Sparks, NV properties1 in USA, Canada and Europe. • Century Casino & Hotel
Slide 4: Multi-Channel Gaming Company
MULTI-CHANNEL GAMING COMPANY Regional Casinos Racing and On/Off-Track Betting Sportsbook (Retail & Online) and iGaming The online world and the land-based casino Horse races at our racetracks provide a real Sports betting and iGaming are integral parts world co-exist successfully. experience. Pari-m
Slide 5: North American Property Footprint
NORTH AMERICAN PROPERTY FOOTPRINT 11 Properties In the USA (Nevada, Colorado, Missouri, West Virginia and Maryland) and Canada (Alberta) 2,153 Hotel Rooms1 Across eight casino hotel/resort properties. 6,995 Slot Machines & 143 Table Games Offering popular and exciting slot machines and the latest in
Slide 6: Regional Markets Overview
REGIONAL MARKETS OVERVIEW Diverse regional exposure in stable, mature gaming markets in the U.S. • Regional markets resilient during the pandemic Gross Gaming Revenue (GGR)1 • 2021 through 2023 Gross Gaming Revenue levels materially up versus 2019 1,088 1,060 across all markets served in the U.S. Co
Slide 7: Stable Performance
STABLE PERFORMANCE US regional GGR has maintained stable growth since 2001 and has been resilient to macroeconomic changes including oil prices and CPI U.S. Regional GGR 1 58 52 47 37 39 40 32 34 34 35 29 31 30 29 29 30 31 31 24 24 26 27 22 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 8: Income Statement
INCOME STATEMENT Selected information in USD, millions Q3 2024 Q3 2023 CHANGE Net Operating Revenue 155.7 161.2 (3%) Adjusted EBITDAR1 32.9 33.3 (1%) Net Loss Attributable to Century Casinos, Inc. Shareholders (8.1) (14.2) 43% 1. Adjusted EBITDAR is a non-GAAP financial measure. See Appendix for the
Slide 9: CNTY Consolidated Results
CNTY CONSOLIDATED RESULTS 2022 – 2024 Quarterly Results 1 Net Operating Revenue Adjusted EBITDAR2 180 35 33.3 32.9 161.2 155.7 160 29.8 29.3 146.4 143.8 30 27.4 28.1 136.0 136.8 26.1 140 25.4 25 23.8 120 111.1 112.6 21.3 21.7 103.1 108.5 103.8 100 20 80 15 60 10 40 20 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2
Slide 10: Balance Sheet and Leverage
BALANCE SHEET AND LEVERAGE As of September 30, 2024 Cash 7.3X $118.8 Debt Leverage 1 Total Principal Debt 1 Net Debt 2 Anticipate Debt Leverage to trend towards 4.0X by the end of 2025 via increase in trailing twelve-month Adjusted EBITDAR. $339.6 $220.9 4.7X 5.5X Trailing Twelve Month Trailing Twel
Slide 11: U.S. Operations Overview
U.S. OPERATIONS OVERVIEW East, Midwest and West Regions 10
Slide 12: East Region Market Overview
EAST REGION MARKET OVERVIEW West Virginia POINTS OF DIFFERENTIATION MOUNTAINEER CASINO, RESORT & RACES MARKET DYNAMICS AND DEMOGRAPHICS • Represents the only full-service resort and casino • Located on the Ohio River in the northern • West Virginia was an early adopter of internet in the immediate v
Slide 13: East Region Market Overview
EAST REGION MARKET OVERVIEW Maryland POINTS OF DIFFERENTIATION ROCKY GAP CASINO, RESORT & GOLF MARKET DYNAMICS AND DEMOGRAPHICS • Complete casino resort with Jack Nicklaus • Located against a picturesque outdoor backdrop • Western Maryland is expected to see annual Signature golf course, and large e
Slide 14: East Region Results
EAST REGION RESULTS West Virginia and Maryland Net Operating Revenue Adjusted EBITDAR1 50.0 10.0 47.1 45.1 8.9 45.0 44.0 44.2 9.0 8.5 8.0 40.0 38.5 8.0 7.6 35.0 7.0 29.7 30.4 30.0 28.2 6.0 26.3 26.7 26.5 5.3 4.8 4.9 25.0 5.0 4.3 3.9 3.9 20.0 4.0 3.5 15.0 3.0 10.0 2.0 5.0 1.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q
Slide 15: Midwest Region Market Overview
MIDWEST REGION MARKET OVERVIEW Colorado POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL – CENTRAL CITY MARKET DYNAMICS AND DEMOGRAPHICS • Strategically located in close proximity to Denver, • Denver and Colorado Springs MSAs, both Colorado (Central City ~35 miles away) and exhibiting strong demogra
Slide 16: Midwest Region Market Overview
MIDWEST REGION MARKET OVERVIEW Missouri POINTS OF DIFFERENTIATION CENTURY CASINO & HOTEL – CAPE GIRARDEAU MARKET DYNAMICS AND DEMOGRAPHICS • Cape Girardeau and Caruthersville are both local, • Missouri is one of the largest regional gaming drive-to markets with loyal customer bases. markets with ~$1
Slide 17: Midwest Region Results
MIDWEST REGION RESULTS Colorado and Missouri Net Operating Revenue Adjusted EBITDAR1 45.0 20.0 39.7 39.2 40.6 40.6 40.3 40.4 40.8 40.0 39.0 39.2 18.0 17.4 37.6 35.8 16.1 15.9 15.9 16.0 15.4 15.3 35.0 14.4 14.6 14.5 14.0 13.5 30.0 12.8 12.0 25.0 10.0 20.0 8.0 15.0 6.0 10.0 4.0 5.0 2.0 0.0 0.0 Q1 Q2 Q
Slide 18: West Region Market Overview
WEST REGION MARKET OVERVIEW Nevada POINTS OF DIFFERENTIATION NUGGET CASINO RESORT MARKET DYNAMICS AND DEMOGRAPHICS • Newly remodeled full-service resort conveniently • Located in Reno-Sparks, Nevada (aka the • Reno is famous for its casinos and as a located on Route I-80 with easy access from the “B
Slide 19: West Region Results
WEST REGION RESULTS Nevada Net Operating Revenue Adjusted EBITDAR1 35.0 8.0 32.5 7.0 6.8 30.0 29.2 6.5 27.0 6.0 5.8 25.0 20.8 21.2 5.0 20.0 18.4 4.0 15.0 3.0 2.9 10.0 2.0 5.0 1.0 0.6 0.0 0.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2023 2024 In USD, $ millions 18 1. Adjusted EBITDAR is a non-GAAP finan
Slide 20: Additional Growth Drivers
ADDITIONAL GROWTH DRIVERS Overview and Caruthersville Land-based Casino 19
Slide 21: Next Stage of Growth
NEXT STAGE OF GROWTH Attractive Value Creation Projects Remaining/Total Estimated Adjusted Estimated Project Description Capex Requirement EBITDAR1 Impact Completion East Maryland Beach access $-- / $0.2M $0.1M Complete (Rocky Gap) Bar renovations $0.2M / $0.2M $0.1M Q1 2025 Midwest Colorado Hotel r
Slide 22: Next Stage of Growth: Caruthersville Casino & Hotel
NEXT STAGE OF GROWTH Missouri Projects – Caruthersville Permanent Land-Based Casino & Hotel • Opened November 1, 2024. • Transformation to full destination resort to attract customers from further into Missouri, Tennessee and Arkansas and provide guests with a better, more convenient casino experien
Slide 23: Long-Term Growth
LONG-TERM GROWTH Strategic Initiatives Projected to Drive Steady Growth 700 50.0% $651M $602M 45.0% 600 $550M 40.0% 500 ADJUSTED EBITDAR MARGIN 35.0% NET OPERATING REVENUE $431M 30.0% 400 2025 Assumptions: 24.0% • Full year of 25.0% improvements at 23.0% 300 20.7% 2024: - Nugget - Rocky Gap 18.5% -
Slide 24: Forecast 2024 and 2025 Cash Generation
NEXT STAGE OF GROWTH Forecast 2024 and 2025 Cash Generation 2024 2025 Target Revenue 602 +8% 651 Target Adjusted EBITDAR1 111 150 Rent Payments 2 (60) (66) Capex 3 (35) (16) Interest (37) (34) Scheduled Principal Repayment TLB and UniCredit (9) (5) Tax (including tax on Canada sale leaseback) (17) (
Slide 25: Appendix
APPENDIX 24
Slide 26: Additional Results by Reportable Segment
APPENDIX Additional Results by Reportable Segment Q3 2024 1 Earnings from Operations Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders Poland: -6% Poland: -13% Canada: 22% Canada: 18% United States: 88% United States: 91% In USD, $ millions. 25 1. Excludes the Corporate and Othe
Slide 27: Abbreviations of Century Casinos Subsidiaries
APPENDIX Abbreviations of Century Casinos, Inc. Subsidiaries and Certain Reporting Units Name Abbreviation Operating Segment Mountaineer Casino, Resort & Races MTR or Mountaineer East Rocky Gap Casino, Resort & Golf ROK or Rocky Gap East Century Casino & Hotel Cape Girardeau CCG or Cape Girardeau Mi
Slide 28: Terms and Definitions
APPENDIX Terms and Definitions • In this presentation, the term “USD” refers to US dollars, the term “CAD” refers to Canadian dollars and the term “PLN” refers to Polish zloty. Amounts presented are rounded. As such, rounding differences could occur in period-over-period changes and percentages repo
Slide 29: Non-GAAP Financial Measures
APPENDIX Non-GAAP Financial Measures • The Company supplements its consolidated financial statements prepared in accordance with US generally accepted accounting principles (“GAAP”) by using the following non-GAAP financial measures, which management believes are useful in properly understanding the
Slide 30: Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR is defined as net (loss) earnings attributable to Century Casinos, Inc. shareholders before interest expense (income) (including interest expense related to the Company’s Master Lease), net, income taxes (benefit), depreciation, amortization, n
Slide 31: Adjusted EBITDAR Continued
APPENDIX Non-GAAP Financial Measures • Adjusted EBITDAR (continued). Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos, Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, Adjuste
Slide 32: Lease Adjusted Net Leverage
APPENDIX Non-GAAP Financial Measures • Lease Adjusted Net Leverage is calculated by dividing the Company’s trailing twelve-month Adjusted EBITDAR by the Company’s Lease Debt (as defined in this Appendix) plus Net Debt. Lease Adjusted Net Leverage shows the Company’s leverage as if the Master Lease,
Slide 33: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended September 30, 2024 2023 Net operating revenue $ 155,701 $ 161,179 Net loss attributable to Century Casinos, Inc. shareholders (8,119) (14,175) Interest expense (income), net 25,104 31,368 Income tax
Slide 34: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR For the three months ended For the three months ended September 30, 2024 September 30, 2023 Total Total United United East Midwest West States East Midwest West States Net (loss) earnings attributable to Century Casinos, Inc.
Slide 35: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 0.2 $ 8.9 $ 2.9 $ (4.0) $ (1.2) $ (2.0) $ (23.4) $ (10.8) $ (13.5) $ (41.6) $ (8.1) Interest expense (inc
Slide 36: Reconciliation of Adjusted EBITDAR
APPENDIX Non-GAAP Financial Measures – Reconciliation of Adjusted EBITDAR Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2023 Q1 2024 Q2 2024 Q3 2024 2024 2023 Net Operating Revenue $143,760 $136,017 $146,435 $155,701 $581,913 $550,206 Net loss attributable to Century Casinos,
Slide 37: Calculation of Interest Expense (Income), Net
APPENDIX Calculation of Interest Expense (Income), Net Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2023 Q1 2024 Q2 2024 Q3 2024 2024 2023 Interest income (1,775) (686) (673) (751) (3,885) (2,114) Interest expense - Credit Agreements 10,649 9,899 9,821 9,881 40,250 39,703 In
Slide 38: Calculation of Rent Payments
APPENDIX Calculation of Rent Payments Trailing Twelve Months Ended Year Ended September 30, December 31, Q4 2023 Q1 2024 Q2 2024 Q3 2024 2024 2023 Cash payments on Master Lease 15,085 9,444 15,195 13,190 52,914 40,739 Cash payments on CDR land lease — — — — — 1,258 Cash payments on Nugget lease (50%
Slide 39: Calculations and Components Used in Calculations
APPENDIX Non-GAAP Financial Measures – Calculations and Components Used in Calculations Trailing Twelve Months Ended September 30, 2024 Cash $118.8 Cash in Casinos $33.6 Total Principal Debt $339.6 Net Debt $220.9 Adjusted EBITDAR 1 $107.0 Rent Payments 2 ($60.5) 3 Debt Leverage 7.3x Net Debt Levera
Slide 40: Calculation of Net Debt
APPENDIX Non-GAAP Financial Measures – Calculation of Net Debt September 30, 2024 December 31, 2023 Total long-term debt, including current portion $ 327,493 $ 332,680 Deferred financing costs 12,127 14,149 Total principal $ 339,620 $ 346,829 Less: Cash and cash equivalents $ 118,770 $ 171,327 Net D