Century Casinos, Inc.

Century reported second-quarter net operating revenue of $152 million, up 1% from Q2 last year, and adjusted EBITDA of $31.7 million, up 5%, both all-time second-quarter records. In the U.S., net operating revenue was $111.6 million, up 5%, and adjusted EBITDAR was $28.9 million, up 12%; Canadian net operating revenue was $20.4 million, up 2.2%, and adjusted EBITDA was $6.2 million, up 11%. Poland reported net operating revenue of $19.9 million and adjusted EBITDA of approximately $0.1 million. Gross margin figures were not provided. For the balance of 2026, management expects about $9.5 million of CapEx in the second half, total 2026 CapEx of about $15 million, net debt-to-EBITDA to move to well below 6x by year-end, and continued improvement from Nugget, Colorado, and the ramp in Caruthersville, while Poland remains more variable but was reportedly stronger in July.

Peter Hoetzinger emphasized that the quarter showed the benefits of Century’s diversified portfolio, recent capital spending, and growing play across the casino base. He said North America, which generates about 90% of results, had a “great quarter,” with U.S. plus Canada plus corporate EBITDA up 12% in Q2 and 17% year to date, and he highlighted higher operating margins in both the U.S. and Canada. His tone was constructive and confident, but he acknowledged Poland’s underperformance and framed the international business as a transition story with improvement expected over the next several quarters.

Peter Hoetzinger said cash and cash equivalents were $60.2 million at June 30, up slightly from Q1, with Q2 CapEx of $3.1 million and year-to-date CapEx of $5.7 million. He guided to approximately $9.5 million of CapEx in the second half, or about $15 million for full-year 2026, down from $18 million last year, and noted total debt of $336.5 million and net debt of $276.3 million. Net debt-to-EBITDA improved to 6.5x, excluding a one-time deferred rent item already paid off, and he expects it to fall to well below 6x by year-end. He also said there are no debt maturities for 3 years, until Q2 2029, and that the company is focused on improving free cash flow and looking for opportunities to reduce debt as liquidity improves.

Analysts focused on Missouri’s strength, with management saying the state’s attorney general action against illegal gaming likely helped, though the effect was more visible late in the quarter and could continue as enforcement progresses. Questions about low-hanging fruit and the Nugget led Lyle Randolph to point to slot-floor optimization, newer games, better database marketing, and reactivating inactive customers as immediate levers. On Alberta iGaming, management said it had not seen cannibalization from online play, suggesting the impact may be neutral so far. On portfolio sales and deleveraging, Peter Hoetzinger said the company is actively pursuing monetization of its international operations, with two groups in due diligence for Poland and separate packages being evaluated in Canada, while also talking with lenders for more flexibility.