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Century Casinos, Inc. Announces Fourth Quarter 2018 Results

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6 years ago

on

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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PAGCOR: Online Gaming fuels nation-building, but illegal sites pose risks

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3 hours ago

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September 3, 2025

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Online gaming has emerged as one of the government’s biggest revenue drivers this year, the Philippine Amusement and Gaming Corporation (PAGCOR) said today, even as it raised alarm over unregulated sites preying on Filipino players.

In a report to the House Committee on Games and Amusements, PAGCOR Chairman and CEO Alejandro H. Tengco said the licensed online gaming sector earned Php69 billion in license fees from January to July this year alone.

Of the total, Php41 billion came from electronic games (E-Games) while Php28 billion came from other online game offerings.

“Because of its huge potential, online gaming has become an important source of funds for our nation-building commitments, including PAGCOR’s support for education, health care, and community development,” Mr. Tengco said.

The PAGCOR chief added that in the first seven months of 2025, online gaming contributed Php27.47 billion to nation-building, funding corporate social responsibility (CSR) programs including Php14.72 billion for the Universal Health Care Law.

Other projects that will benefit from the robust performance of the online gaming sector are PAGCOR’s flagship CSR projects, including the construction of school buildings, socio-civic centers, wellness centers and E-Learning hubs.

“Every peso we collect from the gaming sector translates to meaningful projects such as classrooms for our children, health programs for our people, and safe spaces for communities in times of calamity. This is how we ensure that gaming directly benefits Filipinos,” Mr. Tengco said.

But he also warned of the growing threat of illegal online operators that entice players of all ages without safeguards.

“These illegal sites not only deprive the government of much-needed revenues but also expose Filipino players to numerous risks,” Mr. Tengco said.

He vowed stronger enforcement against such platforms and said that “PAGCOR is committed to strengthening regulation and enforcement to ensure that only legitimate and properly monitored operators are allowed to operate.”

 

The post PAGCOR: Online Gaming fuels nation-building, but illegal sites pose risks appeared first on European Gaming Industry News.

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MARCA Named Official Strategic Partner for Legends Charity Game 2025

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11 hours ago

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September 3, 2025

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Spain’s most influential sports voice, MARCA, has been confirmed as the Official Media Partner for the Legends Charity Game 2025, holding exclusive coverage rights across the Spanish market.

Set for September 15 in Lisbon, the Legends Charity Game 2025 will bring together football icons for a Portugal Legends vs. World Legends showdown. The match aims to raise €1 million for four selected charities, blending elite sport with a powerful message of unity and social impact, fittingly held in a city set to co-host the 2030 FIFA World Cup.

The Legends Charity Game, organised by Sport Global, will raise funds for four organisations: the Ukrainian Red Cross Society, which continues to provide critical aid amid war; the Portuguese Red Cross, delivering support to communities facing hardship; International Alert, a peacebuilding NGO working in conflict zones worldwide; and Caritas Portugal, which supports vulnerable families facing poverty and displacement.

The pitch will host a lineup of football greats, including Luís Figo, Deco, Nuno Gomes, and Carvalho for the Portugal Legends, and global icons like Kaka, Cafu, Puyol, Michael Owen, Del Piero, and Henrik Larsson for the World Legends.

Rasmus Sojmark, CEO & Founder of SBC Events and Sport Global Group, which organises the Legends Charity Game, said: “With MARCA on board, we’re able to reach millions of fans and drive real impact for the causes this match supports.

“Their reach, especially in Spain and Latin America, will be key to amplifying our message of hope, unity, and charitable giving.”

As the world’s second most visited sports website, MARCA.com stands as a global titan of sports journalism, attracting over 257 million visits in June alone. Known for its authoritative coverage, deep fan engagement, and expansive reach, MARCA’s involvement in the Legends Charity Game guarantees the event will connect with millions of passionate football fans across Spain and the globe.

The match is expected to attract 50,000 fans to Estádio José Alvalade, and reach millions more through an international broadcast and digital livestream. With a world-class production featuring Champions League-style coverage, the Legends Charity Game is set to become one of the most widely viewed and celebrated charity sporting events of the year.

“MARCA’s involvement ensures Lisbon, and the Legends Charity Game will be at the heart of the global football conversation this September,” Sojmark added.

 

About the Legends Charity Game

The Legends Charity Game brings together the greatest footballers of yesterday for the benefit of tomorrow. With a mission to raise €1 million for charity, the event will unite sportsmanship and purpose on one of Europe’s most iconic pitches. Learn more at https://www.legendscharitygame.com/.


About MARCA

Born in 1938, MARCA has written the history of Spanish and international sports since its beginnings, and its national character defines it as the newspaper for all fans. In addition, it is regarded as the most comprehensive specialized daily, open to all sporting disciplines, and an international benchmark.

In Spain, it is the leading sports daily with 967,000 daily readers in its print edition, according to the second 2025 wave of the Estudio General de Medios (EGM), and with an average daily online audience of more than 3.4 million followers, as reflected in the latest data collected by GfK.

The post MARCA Named Official Strategic Partner for Legends Charity Game 2025 appeared first on European Gaming Industry News.

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Digitain Strengthens Romanian Market Presence Through KingCasino Partnership

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11 hours ago

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September 3, 2025

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Digitain has entered a new partnership with KingCasino, further solidifying its active role and growing presence in the Romanian market.

Digitain, the leading sportsbook and iGaming solutions provider, proudly announces its latest partnership with KingCasino, marking another step in its Romanian growth journey. This partnership also strengthens Digitain’s footprint across Eastern Europe, reflecting the company’s ongoing commitment to equipping operators in the region with advanced sportsbook and iGaming solutions.

KingCasino is a fast-growing operator in Romania, offering players a wide range of slots, live casino, and sports betting opportunities. Known for its user-friendly platform, localized offering, and strong customer focus, KingCasino continues to build a loyal player base in the competitive Romanian iGaming landscape.

Through this partnership, KingCasino will gain access to Digitain’s award-winning Sportsbook, featuring thousands of monthly events, as well as Digitain’s Centrivo platform – a state-of-the-art solution for online casino and sports betting operators. In addition, KingCasino will benefit from advanced gamification and built-in bonus engine, real-time tournament engines, and customizable multi-layer progressive jackpots that enhance player engagement, along with access to dozens of casino providers available in the Romanian market.

Ani Mkrtchyan, Chief Sales Officer at Digitain, commented: “Partnering with KingCasino is not only about expanding our footprint in Romania — it’s about building long-term, value-driven relationships. With a shared ambition for growth and innovation, we are confident this collaboration will deliver outstanding results while contributing to the development of not only local but also global iGaming ecosystem.”

Thanos Karakostas, Head of Product at KingCasino, added: “As a company dedicated to delivering top-tier gaming experiences, we are always looking for ways to innovate and expand across the market. With Digitain’s expertise and advanced solutions, we will further enhance our offerings for players. Their reliable technology and committed team make them a trusted partner, and together we share a vision for excellence and continuous improvement.”

With this latest agreement, Digitain further expands its network of partners across Eastern Europe, reaffirming its position as a trusted technology provider committed to supporting operator growth in regulated markets worldwide.

The post Digitain Strengthens Romanian Market Presence Through KingCasino Partnership appeared first on European Gaming Industry News.

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