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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

84-1271317

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Per Share Par Value

CNTY

Nasdaq Capital Market, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer þ

Non-accelerated Filer ¨

Smaller Reporting Company þ

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

29,575,962 shares of common stock, $0.01 par value per share, were outstanding as of April 30, 2021.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

3

Condensed Consolidated Statements of Loss for the Three Months Ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2021 and 2020

6

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and 2020

7

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

8

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

48

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 6.

Exhibits

50

Signatures

51


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2021

2020

ASSETS

Current Assets:

Cash and cash equivalents

$

65,969

$

63,413

Receivables, net

6,004

8,237

Prepaid expenses

9,807

12,021

Inventories

1,474

1,660

Other current assets

1,538

1,020

Assets held for sale

8,374

8,271

Total Current Assets

93,166

94,622

Property and equipment, net

482,495

485,248

Leased right-of-use assets, net

32,196

34,074

Goodwill

10,528

10,901

Intangible assets, net

51,803

52,758

Deferred income taxes

1,390

861

Note receivable, net of current portion and unamortized discount

381

381

Deposits and other

1,846

1,915

Total Assets

$

673,805

$

680,760

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

10,619

$

10,718

Current portion of operating lease liabilities

4,134

4,327

Current portion of finance lease liabilities

100

131

Accounts payable

7,940

12,857

Accrued liabilities

15,039

12,486

Accrued payroll

7,983

8,402

Taxes payable

9,559

10,766

Contingent liability (Note 7)

453

476

Total Current Liabilities

55,827

60,163

Long-term debt, net of current portion and deferred financing costs (Note 5)

173,802

173,832

Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 6)

279,276

278,940

Operating lease liabilities, net of current portion

30,700

32,277

Finance lease liabilities, net of current portion

72

83

Taxes payable and other

6,066

5,608

Deferred income taxes

2,631

2,874

Total Liabilities

548,374

553,777

Commitments and Contingencies (Note 7)

 

 

See notes to unaudited condensed consolidated financial statements.

- Continued -


3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2021

2020

Equity:

Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding

Common stock; $0.01 par value; 50,000,000 shares authorized; 29,575,962 and 29,575,962 shares issued and outstanding

296

296

Additional paid-in capital

115,829

115,570

Retained earnings

7,248

8,667

Accumulated other comprehensive loss

(5,363)

(6,379)

Total Century Casinos, Inc. Shareholders' Equity

118,010

118,154

Non-controlling interests

7,421

8,829

Total Equity

125,431

126,983

Total Liabilities and Equity

$

673,805

$

680,760

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)

 

For the three months

 

ended March 31,

Amounts in thousands, except for per share information

2021

2020

Operating revenue:

Gaming

$

63,428

$

74,292

Pari-mutuel and sports betting

2,484

2,352

Hotel

1,750

1,816

Food and beverage

2,720

6,552

Other

2,033

2,644

Net operating revenue

72,415

87,656

Operating costs and expenses:

Gaming

31,739

42,043

Pari-mutuel and sports betting

2,401

3,160

Hotel

511

724

Food and beverage

2,605

6,670

General and administrative

20,268

26,372

Depreciation and amortization

6,643

6,495

Impairment - intangible and tangible assets

33,964

Total operating costs and expenses

64,167

119,428

Earnings (loss) from operations

8,248

(31,772)

Non-operating (expense) income:

Interest income

1

Interest expense

(10,522)

(11,367)

Gain on foreign currency transactions, cost recovery income and other

470

1 

Non-operating (expense) income, net

(10,052)

(11,365)

Loss before income taxes

(1,804)

(43,137)

Income tax expense

(99)

(2,524)

Net loss

(1,903)

(45,661)

Net loss (earnings) attributable to non-controlling interests

484

(195)

Net loss attributable to Century Casinos, Inc. shareholders

$

(1,419)

$

(45,856)

Loss per share attributable to Century Casinos, Inc. shareholders:

Basic

$

(0.05)

$

(1.55)

Diluted

$

(0.05)

$

(1.55)

Weighted average shares outstanding - basic

29,576

29,507

Weighted average shares outstanding - diluted

29,576

29,507

See notes to unaudited condensed consolidated financial statements.


5


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2021

2020

 

Net loss

$

(1,903)

$

(45,661)

Other comprehensive (loss) income

Foreign currency translation adjustments

747

(13,727)

Other comprehensive income (loss)

747

(13,727)

Comprehensive loss

$

(1,156)

$

(59,388)

Comprehensive (loss) income attributable to non-controlling interests

Net loss (earnings) attributable to non-controlling interests

484

(195)

Foreign currency translation adjustments

269

889

Comprehensive loss attributable to Century Casinos, Inc. shareholders

$

(403)

$

(58,694)

See notes to unaudited condensed consolidated financial statements.

6


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

For the three months

ended March 31,

Amounts in thousands, except for share information

2021

2020

Common Stock

Balance, beginning of period

$

296

$

295

Performance stock unit issuance

1

Balance, end of period

296

296

Additional Paid-in Capital

Balance, beginning of period

$

115,570

$

115,784

Amortization of stock-based compensation (1)

259

(14)

Balance, end of period

115,829

115,770

Accumulated Other Comprehensive Loss

Balance, beginning of period

$

(6,379)

$

(9,442)

Foreign currency translation adjustment

1,016

(12,838)

Balance, end of period

(5,363)

(22,280)

Retained Earnings

Balance, beginning of period

$

8,667

$

56,669

Net loss

(1,419)

(45,856)

Balance, end of period

7,248

10,813

Total Century Casinos, Inc. Shareholders' Equity

$

118,010

$

104,599

Noncontrolling Interests

Balance, beginning of period

$

8,829

$

8,769

Net (loss) earnings

(484)

195

Foreign currency translation adjustment

(269)

(889)

Distribution to non-controlling interest

(655)

Balance, end of period

7,421

8,075

Total Equity

$

125,431

$

112,674

Common shares issued

75,635

See notes to unaudited condensed consolidated financial statements.

(1)Includes forfeiture credit for cancelled shares.

7


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2021

2020

Cash Flows provided by (used in) Operating Activities:

Net loss

$

(1,903)

$

(45,661)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

6,643

6,495

Lease amortization

1,116

599

Loss on disposition of fixed assets

105

3

Adjustment of contingent liability (Note 7)

6

734

Amortization of stock-based compensation expense

259

(14)

Amortization of deferred financing costs and discount on note receivable

391

398

Impairment (Note 3, Note 4)