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Century Casinos, Inc. Announces Fourth Quarter 2018 Results

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7 years ago

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Century Casinos, Inc. Announces Fourth Quarter 2018 ResultsReading Time: 14 minutes

 

Century Casinos, Inc. today announced its financial results for the three months and year ended December 31, 2018.

Fourth Quarter 2018 Highlights*

  • Net operating revenue was $45.1 million, an increase of 15% from the three months ended December 31, 2017.
  • Earnings from operations were $2.0 million, an increase of 16% from the three months ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $0.5 million, an increase of 110% from the three months ended December 31, 2017.
  • Adjusted EBITDA** was $5.8 million, an increase of 7% from the three months ended December 31, 2017.
  • Basic and diluted earnings per share were $0.02, an increase of 110% from the three months ended December 31, 2017.

2018 Highlights*

  • Net operating revenue was $168.9 million, an increase of 10% from the year ended December 31, 2017.
  • Earnings from operations were $9.5 million, a decrease of 35% from the year ended December 31, 2017.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $3.4 million, a decrease of 46% from the year ended December 31, 2017.
  • Adjusted EBITDA** was $23.4 million, a decrease of 10% from the year ended December 31, 2017.
  • Basic earnings per share were $0.12, a decrease of 52% from the year ended December 31, 2017.
  • Diluted earnings per share were $0.11, a decrease of 54% from the year ended December 31, 2017.
  • Book value per share*** at December 31, 2018 was $6.00.

The consolidated results for the three months and year ended December 31, 2018 and 2017 are as follows:









































Amounts in thousands, except per share data

For the three months

ended December 31,

For the year

ended December 31,

Consolidated Results:



2018



2017

% Change





2018



2017

% Change

Net Operating Revenue

$

45,106

$

39,293

15%



$

168,938

$

154,069

10%

Earnings from Operations



1,976



1,706

16%





9,459



14,615

(35%)

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders

$

506

$

(5,334)

110%



$

3,394

$

6,259

(46%)




































Adjusted EBITDA**

$

5,801

$

5,408

7%



$

23,377

$

26,086

(10%)




































Earnings (Loss) Per Share:

































Basic

$

0.02

$

(0.20)

110%



$

0.12

$

0.25

(52%)

Diluted

$

0.02

$

(0.19)

111%



$

0.11

$

0.24

(54%)

The Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, increased the Company’s income tax expense by $5.4 million during the fourth quarter of 2017 due to the tax law changes that were effective for the 2017 tax year. The increased income tax expense increased net loss attributable to Century Casinos, Inc. shareholders for the fourth quarter of 2017 and decreased net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2017. See Note 11 to the Company’s Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data”, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 for a discussion of the impact of the Tax Act.

“This quarter we continued to see revenue growth in each of our segments and ended the year growing revenue by 10%. We are pleased with this growth, especially with the longer-than-expected casino closures in Poland due to licensing delays, which we estimate negatively impacted net operating revenue by $9.8 million,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We are excited for the upcoming year with the opening of Century Mile Racetrack and Casino on April 1st and a Grand Opening celebration planned for April 28th, the first day of live horse racing,” Messrs. Haitzmann and Hoetzinger concluded.

Reportable Segment Results*

The table below shows the Company’s operating segments that are included in each of the Company’s reportable segments as of December 31, 2018:

Reportable Segment

Operating Segment

Canada

Century Casino & Hotel – Edmonton

Canada

Century Casino St. Albert

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

Canada

Century Mile Racetrack and Casino

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Century Casino Bath

Corporate and Other

Corporate Other

The Company’s net operating revenue increased by $5.8 million, or 15%, and by $14.9 million, or 10%, for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net operating revenue by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Net Operating Revenue




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

15,678

$

15,247

$

431

3%

$

61,361

$

57,732

$

3,629

6%

United States



7,938



7,671



267

4%



33,483



32,154



1,329

4%

Poland



19,514



15,414



4,100

27%



68,209



59,796



8,413

14%

Corporate and Other



1,976



961



1,015

106%



5,885



4,387



1,498

34%

Consolidated



$

45,106

$

39,293

$

5,813

15%

$

168,938

$

154,069

$

14,869

10%

The Company’s earnings from operations increased by $0.3 million, or 16%, and decreased by ($5.2) million, or (35%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017.  Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Earnings (Loss) from Operations




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

3,675

$

4,012

$

(337)

(8%)

$

14,633

$

14,608

$

25

—

United States



1,033



1,041



(8)

(1%)



5,882



5,599



283

5%

Poland



460



(648)



1,108

171%



145



2,587



(2,442)

(94%)

Corporate and Other



(3,192)



(2,699)



(493)

(18%)



(11,201)



(8,179)



(3,022)

(37%)

Consolidated



$

1,976

$

1,706

$

270

16%

$

9,459

$

14,615

$

(5,156)

(35%)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $5.8 million, or 110%, and decreased by ($2.9) million, or (46%), for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three months and year ended December 31, 2018, compared to the three months and year ended December 31, 2017:















































Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

2,077

$

1,751

$

326

19%

$

7,715

$

7,681

$

34

—

United States



767



646



121

19%



4,373



3,469



904

26%

Poland



179



(704)



883

125%



(153)



1,280



(1,433)

(112%)

Corporate and Other



(2,517)



(7,027)



4,510

64%



(8,541)



(6,171)



(2,370)

(38%)

Consolidated



$

506

$

(5,334)

$

5,840

110%

$

3,394

$

6,259

$

(2,865)

(46%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

The Company’s Adjusted EBITDA** increased by $0.4 million, or 7%, and decreased by ($2.7) million, or (10%), for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three months and year ended December 31, 2018 compared to the three months and year ended December 31, 2017:















































Adjusted EBITDA**




For the three months













For the year













ended December 31,











ended December 31,









Amounts in thousands

2018

2017

$ Change

% Change

2018

2017

$ Change

% Change

Canada

$

4,991

$

4,930

$

61

1%

$

19,522

$

18,171

$

1,351

7%

United States



1,582



1,622



(40)

(3%)



8,061



8,005



56

1%

Poland



1,733



987



746

76%



4,890



6,406



(1,516)

(24%)

Corporate and Other



(2,505)



(2,131)



(374)

(18%)



(9,096)



(6,496)



(2,600)

(40%)

Consolidated



$

5,801

$

5,408

$

393

7%

$

23,377

$

26,086

$

(2,709)

(10%)

*

Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

**

Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

***

The Company defines book value per share as total Century Casinos, Inc. shareholders’ equity divided by outstanding common shares.

Balance Sheet and Liquidity

As of December 31, 2018, the Company had $45.6 million in cash and cash equivalents and $59.5 million in outstanding debt on its balance sheet compared to $74.7 million in cash and cash equivalents and $56.7 million in outstanding debt at December 31, 2017. The outstanding debt as of December 31, 2018 included $40.5 million related to the Company’s credit agreement with the Bank of Montreal, $2.6 million of bank debt related to Casinos Poland, $2.4 million of bank debt related to Century Casino Bath, $0.2 million related to capital leases for Century Resorts Alberta, Century Casino Calgary, Century Casino St. Albert, Century Downs Racetrack and Casino (“CDR”) and Century Mile Racetrack and Casino, and $14.3 million related to a long-term land lease for CDR, net of $0.5 million in deferred financing costs.

Conference Call Information

Today the Company will post a copy of its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018 on its website at https://www.cnty.com/corporate/investor-relations/sec-filings. The Company will also post a presentation on the year end results on its website at https://www.cnty.com/corporate/investor-relations/presentations-and-interviews.

The Company will host its fourth quarter 2018 earnings conference call today, Monday, March 11th, at 8:00 am MDT; 3:00 pm CET, respectively. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until March 31, 2019 at https://www.cnty.com/corporate/investor-relations/sec-filings.

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Statements of Earnings (Loss)




























For the three months

For the year


ended December 31,

ended December 31,

Amounts in thousands, except for per share information

2018

2017

2018

2017

Operating revenue:























Net operating revenue

$

45,106

$

39,293

$

168,938

$

154,069

Operating costs and expenses:























Total operating costs and expenses



43,152



37,587



159,502



139,454

Earnings from equity investment



22



—



23



—

Earnings from operations



1,976



1,706



9,459



14,615

Non-operating income (expense), net



(1,053)



(122)



(3,536)



(2,164)

Earnings before income taxes





923



1,584



5,923



12,451

Income tax provision



(133)



(6,614)



(1,917)



(4,560)

Net earnings (loss)



790



(5,030)



4,006



7,891

Net earnings attributable to non-controlling interests



(284)



(304)



(612)



(1,632)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

506

$

(5,334)

$

3,394

$

6,259


























Earnings (loss) per share attributable to Century Casinos, Inc.:























  Basic



$

0.02

$

(0.20)

$

0.12

$

0.25

  Diluted



$

0.02

$

(0.19)

$

0.11

$

0.24


























Weighted average common shares























  Basic





29,439



26,863



29,401



25,068

  Diluted





29,861



27,479



29,962



25,559

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Condensed Consolidated Balance Sheets













(Amounts in thousands)















December 31,



December 31,





2018

2017

Assets











Current assets

$

54,974

$

84,321

Property and equipment, net



187,017



152,778

Other assets



36,834



37,777

Total assets

$

278,825

$

274,876














Liabilities and Equity











Current liabilities

$

50,020

$

34,438

Non-current liabilities



45,422



53,120

Century Casinos, Inc. shareholders’ equity



176,321



179,897

Non-controlling interests



7,062



7,421

Total liabilities and equity

$

278,825

$

274,876

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Constant Currency* Results (unaudited)






































For the three months







For the year







ended December 31,





ended December 31,



Amounts in thousands



2018



2017

% Change



2018



2017

% Change

Net operating revenue as reported (GAAP)

$

45,106

$

39,293

15%

$

168,938

$

154,069

10%

Foreign currency impact vs. 2017



1,600













(2,985)









Net operating revenue constant currency (non-GAAP)*

$

46,706

$

39,293

19%

$

165,953

$

154,069

8%


































Earnings from operations (GAAP)

$

1,976

$

1,706

16%

$

9,459

$

14,615

(35%)

Foreign currency impact vs. 2017



151













27









Earnings from operations constant currency (non-GAAP)*

$

2,127

$

1,706

25%

$

9,486

$

14,615

(35%)


































Net earnings (loss) attributable to Century Casinos, Inc. shareholders as reported (GAAP)

$

506

$

(5,334)

110%

$

3,394

$

6,259

(46%)

Foreign currency impact vs. 2017



79













90









Net earnings (loss) attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*

$

585

$

(5,334)

111%

$

3,484

$

6,259

(44%)

Gains and losses on foreign currency transactions are added back to net earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.

Adjusted EBITDA Margins *** (unaudited)












For the three months

For the year


ended December 31,

ended December 31,


2018

2017

2018

2017

Canada

32%

32%

32%

31%

United States

20%

21%

24%

25%

Poland

9%

6%

7%

11%

Corporate and Other

(127%)

(222%)

(155%)

(148%)

Consolidated Adjusted EBITDA Margin

13%

14%

14%

17%

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment.



































For the three months ended December 31, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

2,077

$

767

$

179

$

(2,517)

$

506

Interest expense (income), net



1,084



—



50



65



1,199

Income taxes (benefit)



435



266



280



(848)



133

Depreciation and amortization



779



548



1,025



402



2,754

Net earnings attributable to non-controlling interests



174



—



89



21



284

Non-cash stock-based compensation



—



—



—



255



255

(Gain) loss on foreign currency transactions, cost recovery income and other



(95)



—



(138)



94



(139)

Loss on disposition of fixed assets



4



1



27



23



55

Pre-opening expenses



533



—



221



—



754

Adjusted EBITDA

$

4,991

$

1,582

$

1,733

$

(2,505)

$

5,801


































For the three months ended December 31, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

1,751

$

646

$

(704)

$

(7,027)

$

(5,334)

Interest expense (income), net



942



—



34



(4)



972

Income taxes





1,308



395



510



4,401



6,614

Depreciation and amortization



898



581



1,045



91



2,615

Net earnings (loss) attributable to non-controlling interests



655



—



(351)



—



304

Non-cash stock-based compensation



—



—



—



250



250

Gain on foreign currency transactions and cost recovery income



(644)



—



(137)



(26)



(807)

Loss on disposition of fixed assets



4



—



278



—



282

Acquisition costs



—



—



—



6



6

Pre-opening expenses



16



—



312



178



506

Adjusted EBITDA

$

4,930

$

1,622

$

987

$

(2,131)

$

5,408


































For the Year ended December 31, 2018

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

7,715

$

4,373

$

(153)

$

(8,541)

$

3,394

Interest expense (income), net



3,895



1



206



12



4,114

Income taxes (benefit)



2,536



1,508



595



(2,722)



1,917

Depreciation and amortization



3,211



2,178



3,065



945



9,399

Net earnings (loss) attributable to non-controlling interests



722



—



(75)



(35)



612

Non-cash stock-based compensation



—



—



—



868



868

(Gain) loss on foreign currency transactions and cost recovery income



(235)



—



(428)



2



(661)

Loss on disposition of fixed assets



10



1



1,054



25



1,090

Pre-opening expenses



1,668



—



626



350



2,644

Adjusted EBITDA

$

19,522

$

8,061

$

4,890

$

(9,096)

$

23,377


































For the Year ended December 31, 2017

Amounts in thousands

Canada

United States

Poland

Corporate and Other

Total

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

$

7,681

$

3,469

$

1,280

$

(6,171)

$

6,259

Interest expense (income), net



3,487



2



105



(25)



3,569

Income taxes (benefit)



3,008



2,128



1,388



(1,964)



4,560

Depreciation and amortization



3,427



2,405



2,747



366



8,945

Net earnings attributable to non-controlling interests



996



—



636



—



1,632

Non-cash stock-based compensation



—



—



—



669



669

(Gain) loss on foreign currency transactions and cost recovery income



(564)



—



(822)



24



(1,362)

Loss on disposition of fixed assets



83



1



535



3



622

Acquisition costs



28



—



—



327



355

Pre-opening expenses



25



—



537



275



837

Adjusted EBITDA

$

18,171

$

8,005

$

6,406

$

(6,496)

$

26,086

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

*  The impact of foreign exchange rates is highly variable and difficult to predict.  The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period financial information compared to prior period financial information using the prior period’s foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company’s ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company’s net operating revenue, earnings from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year’s average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current and prior year are reported in Note 2 to the Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data” of the Company’s Annual Report on Form 10-K. The average exchange rates for the three months ended December 31, 2018 and 2017 are presented below.

















For the three months











ended December 31,







Average Rates

2018

2017

% Change

Canadian dollar (CAD)

1.3218

1.2708

(4.0%)

Euros (EUR)

0.8763

0.8491

(3.2%)

Polish zloty (PLN)

3.7668

3.5922

(4.9%)

British pound (GBP)

0.7773

0.7534

(3.2%)

Source: Pacific Exchange Rate Service





























Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (GAAP) and should not be considered a substitute for net operating revenue, earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with GAAP.

**  The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation and amortization, non-controlling interests net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time items, such as acquisition and disposition costs and gain or loss. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDA is not considered a measure of performance recognized under GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company’s lending institution to gauge operating performance. The Company’s computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company’s casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and St. Albert, Alberta, Canada and in Bath, England. Through its Austrian subsidiary, Century Resorts Management GmbH (“CRM”), formerly Century Casinos Europe GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner of eight casino licenses throughout Poland, seven of which are operating. The Company, through CRM, also holds a 75% ownership interests in CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada; a 75% ownership interest in Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada; and a 51% ownership interest in Golden Hospitality Ltd., a company that manages a hotel and entertainment and gaming club in Vietnam. The Company operates 10 ship-based casinos under agreements with three cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.

Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

This release 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, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Bermuda and Vietnam projects, debt repayment, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled “Risk Factors” under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2018 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

SOURCE Century Casinos, Inc.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Century Casinos, Inc. Announces Fourth Quarter 2018 Results

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George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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THE 2025 PUBG MOBILE GLOBAL CHAMPIONSHIP GROUP STAGE WRAPS UP WITH LAST CHANCE IN SIGHT

Published

6 hours ago

on

December 5, 2025

By

Reading Time: 3 minutes

  • The 2025 PUBG MOBILE Global Championship (PMGC) Group Stage concluded yesterday, with six teams qualifying for the Grand Finals after an intense run of clashes
  • Alpha Gaming dominated in Group Green, while DRX were at the top of the leaderboard for Group Red
  • Sixteen teams from the Group Stage will now battle their way through the Last Chance Stage, where they’ll fight to secure a coveted spot in the Grand Finals
  • With three slots left for the Grand Finals in Bangkok, time is running out for the remaining teams to vie for a share of the $3M prize pool

The Group Stage of the 2025 PUBG MOBILE Global Championship (PMGC) has come to a thrilling close, following six days of high-stakes competition. The top three teams from Group Green and Group Red have earned a one-way ticket to the Grand Finals, whilst the remaining 16 teams that ranked 4th – 11th from both groups are set to contend in the Last Chance Stage taking place from December 6th – 7th, in a final push for survival. With $3,000,000 up for grabs, the winning team at the Grand Finals in Bangkok will claim the lion’s share of the prize pool, along with the coveted title, making every match a battle for glory.

Day one of the Group Stage began with Group Green, kicking off with Inner Circle Esports making a strong statement with an early chicken dinner and an incredible 18 eliminations, setting the pace for the group. Day two saw continued strong performances from Alpha Gaming, Alter Ego, and Team GOAT, taking the top three spots respectively. On day three, Alpha Gaming demonstrated consistency throughout the day, with a 12-elimination victory providing a solid boost, allowing them to end the day in the top spot with 174 points. At the end of the Group Green matches, Alpha Gaming, Dplus, and Team GOAT secured their spot to advance directly to the Grand Finals, leaving the mid-pack teams to fight for survival in the Last Chance Stage.

Group Red matched the intensity, delivering three days of high-stakes matches and tactical play. Day one began with EArena from Thailand taking an early win with 65 points and one Chicken Dinner, signaling their intent to remain top of the rank. Day two featured unexpected twists, with Regnum Carya and Team Flash executing key plays to climb the leaderboard. Maintaining their status, South Korea’s DRX locked in a top-three finish on day three with five Chicken Dinners, joined by Regnum Carya and EArena, clinching direct passage to the Grand Finals.

The Last Chance stage of the 2025 PMGC will see 16 teams, made up of those that placed 4th – 11th from both groups of the Group Stage, go head-to-head in twelve points-based matches over two days. The top two teams in the final standings will secure the remaining slots in the Grand Finals, while the other 14 teams will be eliminated from the tournament. Every match will put everything on the line as teams battle for a final shot to contend in the most prestigious PUBG MOBILE Esports tournament of the year.

Teams heading to the Last Chance Stage:

  • Team Flash
  • Weibo Gaming
  • Influence Rage
  • Arcred
  • Burmese Ghouls
  • Alliance
  • Geekay Esports
  • Boars Gaming
  • Wolves Esports
  • Inner Circle
  • Team Gen G
  • Loops Esports
  • Alter Ego
  • Team Falcons
  • Papara Supermassive
  • Team 9ZG

2025 PMGC Key Dates

  • PMGC Last Chance (December 6th – 7th)
  • PMGC Grand Finals (December 12th – 14th)

As the pinnacle of the competitive season, the 2025 PMGC in Bangkok stands as the ultimate proving ground for the world’s top PUBG MOBILE Esports teams. This year marks a new chapter for the scene, uniting the 2025 PMGC with the 2025 PUBG Global Championship (PGC) under the groundbreaking banner of PUBG UNITED 2025. By ending the year with its most prestigious event, PUBG MOBILE Esports not only celebrates the year’s finest talent, but also sets a forward-looking momentum that will shape the competitive landscape of the year ahead.

For more information on the 2025 PMGC, fans can keep up to date on PUBG MOBILE Esports’ YouTube, Facebook and Twitch channels. For more PUBG MOBILE Esports news, stay tuned on Facebook, Instagram, Twitter, Youtube, and TikTok.

 

The post THE 2025 PUBG MOBILE GLOBAL CHAMPIONSHIP GROUP STAGE WRAPS UP WITH LAST CHANCE IN SIGHT appeared first on European Gaming Industry News.

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PayRam Unveils Private Stablecoin Payment Gateway Built for iGaming

Published

12 hours ago

on

December 5, 2025

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PayRamnt-weight: 400;”> has launched its private stablecoin payment gateway for iGaming operators, gaming platforms, and affiliates that require fast, borderless, and censorship-resistant payments.

Built on the belief that payments should operate as freely as the internet itself, PayRam delivers decentralized PayFi infrastructure that allows iGaming businesses to accept and manage stablecoin payments through fully self-hosted infrastructure. Operators no longer rely on banks, custodians, or centralized processors to control their revenue.

In an industry plagued by frozen balances, chargebacks, delayed settlements, and compliance shutdowns, PayRam gives operators direct control over funds, payouts, and transaction infrastructure. Platforms retain ownership of their payment flow without platform risk. Operators can now accept private stablecoin deposits, launch without intermediaries, and expand globally on their own terms.

Stablecoins Are the Future of Global iGaming Payments

Stablecoins now drive the most significant transformation in payments in decades. With a market capitalization exceeding $300 billion, stablecoins now function as real-world settlement infrastructure rather than speculative assets. For iGaming businesses that operate across borders, stablecoins deliver instant payouts, low transaction costs, and continuous global liquidity.

Governments also continue to formalize regulatory frameworks. Initiatives such as the GENIUS Bill in the United States signal that stablecoins will soon function as foundational financial infrastructure for both traditional commerce and emerging agent-driven economies.

Yet most existing stablecoin fiat gateways still copy legacy banking structures. They custodian funds, over-monitor transactions, delay settlements, and restrict high-risk industries such as iGaming. Operators continue to face frozen balances, withheld profits, and sudden account closures.

Instead of decentralizing commerce, centralized processors reintroduce single points of failure. They strip merchants of privacy, predictability, and true ownership of funds.

PayRam removes these bottlenecks by allowing iGaming operators to deploy and operate their own self-hosted stablecoin payment nodes. This sovereign infrastructure restores payment autonomy, protects funds from blacklisting, enables private deposits, and eliminates third-party revenue risk.

Permissionless Commerce Underpinned By Privacy

PayRam embodies a mission to decentralize the global payments ecosystem. Its founder, Siddharth Menon, who previously co-founded WazirX, India’s largest cryptocurrency exchange, helped bring crypto to more than 15 million users. Today, he’s channeling that experience into building a decentralized PayFi layer engineered for privacy, autonomy, and self-custody.

“The future of payments is decentralized stablecoin payments. As the world moves beyond custodial systems, PayRam is building the foundation for permissionless commerce, where every merchant, creator, or platform can host and own their own payment infrastructure,” said Siddharth Menon, Founder of PayRam. “Just as Uniswap reimagined trading through decentralization, PayRam is reimagining how money moves across the internet.”

iGaming Operators Go Live in Minutes and Expand Into Underserved Regions

PayRam removes all onboarding friction. Operators need no approvals, no vetting, and no centralized onboarding process. Any business can deploy PayRam, configure it, and begin processing private stablecoin payments within 10 minutes.

This instant deployment allows operators to enter underserved and payment-restricted regions, unlock new player bases, and launch real-money gaming operations without waiting on banks, payment processors, or jurisdictional approvals.

PayRam is built as a merchant-first ecosystem, offering advanced accounting analytics, scalable APIs, and automated payments orchestration tools. It also arrives with integrated growth tools like referral and payout systems. Merchants and individuals can issue payment requests, share unique payment links, and monitor transactions through programmable APIs, all operated on infrastructure that users self-host and fully control. The built-in SmartSweep feature uses a family of smart contracts to move funds securely and periodically, eliminating the need to store private keys on servers.

PayRam supports stablecoin and cryptocurrency payments across major networks including Bitcoin, Ethereum, Base, and Tron, with integrations for Polygon, BNB Smart Chain, Solana, Ripple, Monero, and TON next in line.

“We’ve used several crypto payment providers over the years, including BTCPay Server, NOWPayments, and others, but PayRam stands out as truly open and built for the modern internet economy. It gives us full control over our payments and funds, along with stablecoin support, privacy, multi-chain flexibility, and faster global settlements,” said an iGaming operator using PayRam.

PayRam Prepares to Support Agentic Betting With Privacy and Automation

Agentic betting represents the next evolution of iGaming, where autonomous software agents will place bets, execute strategies, manage bankrolls, and settle wagers in real time without human intervention. These systems already power algorithmic trading in financial markets, and iGaming infrastructure now begins to move in the same direction.

Most existing betting and payment infrastructure cannot support this shift. Centralized processors expose transaction logic, restrict automated flows, and introduce settlement delays that break agent-driven wagering models at scale.

PayRam is actively adopting the foundational standards and infrastructure required to support agentic betting in the future. The platform is positioning itself as a privacy-first, decentralized payment layer that will allow autonomous betting systems to operate with:

  • Private stablecoin deposits
  • Real-time settlement logic
  • Automated treasury and bankroll flows
  • Programmable payout execution
  • Full self-custody and non-custodial risk isolation

By preparing to adopt open standards such as x402 and ERC-8004, PayRam aims to support interoperable and intelligent payment flows between autonomous betting systems, sportsbooks, and gaming platforms when the agentic wagering ecosystem reaches production maturity.

Through this approach, PayRam is building the foundation for a future where payments are private, programmable, and permissionless.

About PayRam

PayRam is the world’s first self-hosted private stablecoin processor, giving merchants and individuals complete control over their payments stack. Built for the next era of permissionless commerce, it merges stablecoin payments with self-hosted infrastructure to enable borderless, censorship-resistant transactions.

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Week 49/2025 slot games releases

Published

14 hours ago

on

December 5, 2025

By

Reading Time: 5 minutes

Here are this weeks latest slots releases compiled by European Gaming

BGaming gets in the festive spirit with a Christmas take on its acclaimed casual hit, Aviamasters, with Aviamasters X-Mas. Santa and his sleigh replace the plane from the original title, with players watching as he flies through the air, collecting festive multipliers before hopefully landing on an ice floe to collect his prizes.

Stakelogic is spreading festive cheer this December with the release of Big Sugar Bonanza Xmas, a delicious sequel of the candy-coated hit, Big Sugar Bonanza. Launching on 1st December 2025, the new game transforms the Fluffkins’ sugary kingdom into a winter wonderland of treats and turbo-charged multipliers.

 

Million Games is bringing festive mayhem to the iGaming world with the launch of Rudolph’s Gone Rogue, a fast-paced Christmas slot where Santa’s most famous reindeer takes centre stage in a runaway holiday adventure. In this 5×3, 20-payline slot, Rudolph bolts into the night sky, dragging the rest of the herd with him and leaving a trail of chaos in his wake.

Spinomenal has unwrapped its new title Majestic Santa, signalling the start of the festive season. Spinomenal’s festive-inspired treat is a 5×3 slot that is bursting with Christmas imagery including red stockings, gingerbread men, and glistening golden bells.

Evoplay has launched Mega Greatest Catch: Blue Marlin, bringing the fearless fisherman Harry back to sea for his most exciting adventure yet. The latest instalment transports players to bright turquoise waters, where random scatters can trigger free spins, wilds appear unexpectedly, and the scatter respin feature offers a welcome second chance to enter the round.

Looking to unwrap longer sessions, stronger engagement and bigger revenues this Christmas? ICONIC21, in-demand iGaming content provider, just launched Sweet Royale Xmas ahead of the holiday season. Sweet Royale is one of the provider’s most popular slots to date and now returns in a Christmas edition decked with boughs of candy to allow operators to leverage the rise in slotting activity during the festive period.

Meet Nolimit City’s latest Crazy Ex-Girlfriend…the kind ex who would “accidentally” like your 2014 selfie at 3am and has a little voodoo doll named after you. Crazy Ex-Girlfriend has mapped out your every move and runs through a 2-4-4-4-4-2 layout across 6 reels.

 

It’s the most magical time of the year, but don’t expect a peaceful Christmas with the release of Realistic Games’ latest blockbuster slot, Wreckmas. The new 5×3, feature-packed slot brings toppled trees, tangled tinsel and chaotic carols to a family Christmas, along with the chance to hit a 5,000x max win.

Players can jingle their way to jackpot joy in Christmas MegapotsTM from Big Time Gaming. This festive slot brings Big Time Gaming’s legendary Megapots mechanic to life with seasonal sparkle, giving players the chance to unwrap Mini, Midi or Mega Jackpots with each spin.

Players are being commanded to raise the sails and brace themselves for a high seas adventure like no other in Captain WinBreaker, the latest swashbuckling slot from Northern Lights Gaming. This pirate-themed slot sees players take the helm of a ship bound for treasures and untold riches.

Amusnet has released 20 Burning Hot Buy Bonus, a sizzling twist on the classic fruit slot. Set across 5 reels and 3 lines, this game combines familiar symbols with modern mechanics for fast-paced spins, vibrant visuals and nonstop excitement.

SlotMatrix is embracing the holiday season with Santa’s Golden Christmas, a sparkling new slot packed with festive cheer, golden prizes, and heart-warming holiday magic. Set in a winter wonderland, the game brings players closer to the jolly gift-giver.

Inspired Entertainment, Inc. is thrilled to announce the exclusive launch of its brand-new, bespoke slot game, Spin O’Reely Grand Chance, in collaboration with long time partners bet365. Expanding bet365’s popular exclusive Irish-themed Spin O’Reely game series, the game will initially be available to players in the UK, Ontario, and New Jersey, with more markets to follow soon.

 

Play’n GO pits sun god Ra against serpent deity Apophis in Ra’s Reckoning, a mythic grid slot inspired by the celestial battles of ancient Egypt. Ra’s Reckoning brings players face to face with an age-old mythic struggle – the eternal duel between light and chaos. 

Playson has unleashed a whirlwind of excitement with Tornado Power: Hold and Win, introducing a new Tornado Feature and enhanced payouts. The 3×4, 10 payline slot features immersive visuals with old-school charm, as the untamed gameplay is further enhanced by a new Tornado Feature

ELA Games announces the release of its latest title, Joker Jam, a bold visual addition to the studio’s growing portfolio of strategic yet aesthetic games. Set under the neon glow of a vibrant city, Joker Jam reimagines the classic Vegas aesthetic into a thrilling experience.

Just Slots has announced the exclusive launch of its newest title, Dynamo’s Show, available on Gamdom and Stake. A full network release will follow on 11 December 2025. This vibrant new slot transforms the classic Hold & Collect experience into a full theatrical performance

Spinomenal is celebrating  the holiday season by inviting players for a festive journey with The North Star Express – Hold & Hit 3×3. Unfolding against a wintry backdrop, North Star Express arrives to present a fun, festive adventure as players race through snowy forests.

Belatra Games, the specialist online slots developer, has rolled out the red carpet to the Frozen Barrel Tavern to celebrate the festive season. Players are warmly welcomed into a cosy winter tavern that radiates holiday cheer and buzzes with Christmas chatter.

 

The post Week 49/2025 slot games releases appeared first on European Gaming Industry News.

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