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Document and Entity Information
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Document and Entity Information (USD $)
 12 Months Ended
Dec. 31, 2013
Mar. 13, 2014
Jun. 28, 2013
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2013    
Document Fiscal Year Focus 2013    
Document Fiscal Period Focus FY    
Entity Registrant Name CENTURY CASINOS INC /CO/    
Entity Central Index Key 0000911147    
Current Fiscal Year End Date --12-31    
Entity Filer Category Smaller Reporting Company    
Entity Common Stock, Shares Outstanding   24,381,057  
Entity Public Float     $ 72,752,078
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    

Consolidated Balance Sheets
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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
ASSETS    
Cash and cash equivalents $ 27,348 $ 24,747
Receivables, net 1,205 700
Prepaid expenses 2,298 608
Inventories 498 311
Other current assets 115 86
Current portion of note receivable 195 0
Deferred income taxes 231 83
Restricted cash 470 0
Total Current Assets 32,360 26,535
Property and equipment, net 132,639 99,526
Goodwill 13,279 4,941
Equity investment 0 3,346
Deferred income taxes 3,634 2,145
Casino licenses 5,236 0
Trademark 2,129 104
Notes receivable 305 0
Security deposits 800 0
Deferred financing costs 242 478
Restricted cash 0 261
Total Assets 190,624 137,336
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current portion of long-term debt 4,195 372
Accounts payable and accrued liabilities 8,279 6,379
Accrued payroll 4,257 2,806
Taxes payable and other 4,803 3,413
Contingent liability (note 3) 5,104 0
Deferred income taxes 163 101
Total current liabilities 26,801 13,071
Long-term debt, less current portion 29,864 3,192
Taxes payable 601 237
Deferred income taxes 3,908 2,680
Total Liabilities 61,174 19,180
Commitments and Contingencies (Note 13)      
Shareholders' Equity:    
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding 0 0
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,377,761 and 24,243,926 shares issued; 24,377,761 and 24,128,114 shares outstanding 244 243
Additional paid-in capital 75,138 75,388
Retained earnings 44,419 38,238
Accumulated other comprehensive earnings 2,008 4,569
Treasury stock - 0 and 115,812 shares at cost 0 (282)
Total Century Casinos shareholders' equity 121,809 118,156
Non-controlling interest 7,641 0
Total Equity 129,450 118,156
Total Liabilities and Shareholders' Equity $ 190,624 $ 137,336

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2013
Dec. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 24,377,761 24,243,926
Common stock, shares outstanding 24,377,761 24,128,114
Treasury stock, shares 0 115,812

Consolidated Statements of Earnings
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Consolidated Statements of Earnings (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Operating revenue:    
Gaming $ 95,472 $ 62,871
Hotel, bowling, food and beverage 13,073 13,190
Other 3,683 4,206
Gross revenue 112,228 80,267
Less: Promotional allowances (7,640) (8,439)
Net operating revenue 104,588 71,828
Operating costs and expenses:    
Gaming 50,319 30,208
Hotel, bowling, food and beverage 9,498 10,061
General and administrative 32,554 21,452
Depreciation 6,599 4,757
Total operating costs and expenses 98,970 66,478
(Loss) earnings from equity investment (135) 426
Earnings from operations 5,483 5,776
Non-operating income (expense):    
Gain on business combination 2,478 0
Interest income 73 37
Interest expense (983) (670)
Gains (losses) on foreign currency transactions and other 318 (24)
Non-operating income (expense), net 1,886 (657)
Earnings before income taxes 7,369 5,119
Income tax provision 1,294 1,028
Net earnings 6,075 4,091
Less: Net earnings attributable to noncontrolling interest 106 0
Net earnings attributable to Century Casinos, Inc. shareholders $ 6,181 $ 4,091
Earnings per share:    
Basic $ 0.26 $ 0.17
Diluted $ 0.26 $ 0.17
Weighted average shares outstanding - basic 24,052 24,004
Weighted average shares outstanding - diluted 24,213 24,105

Consolidated Statements of Comprehensive Earnings (Loss)
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Consolidated Statements of Comprehensive Earnings (Loss) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Consolidated Statements Of Comprehensive Earnings (Loss)    
Net earnings $ 6,075 $ 4,091
Other comprehensive (loss) income, net of tax:    
Foreign currency translation adjustments (2,561) 1,278
Other comprehensive (loss) income, net of tax (2,561) 1,278
Comprehensive earnings 3,514 5,369
Plus: Comprehensive loss attributable to non-controlling interests 106 0
Less: Foreign currency translation adjustments attributable to non-controlling interests (279) 0
Comprehensive earnings attributable to Century Casinos shareholders $ 3,341 $ 5,369

Consolidated Statements Of Shareholders' Equity
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Consolidated Statements Of Shareholders' Equity (USD $)
In Thousands, except Share data
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total Century Casions Shareholders' Equity [Member]
Noncontrolling Interest [Member]
Total
BALANCE at Dec. 31, 2011 $ 240 $ 75,144 $ 3,291 $ 34,147 $ (282) $ 112,540 $ 0 $ 112,540
Shares, BALANCE at Dec. 31, 2011 23,877,362              
Net earnings 0 0 0 4,091 0 4,091 0 4,091
Foreign currency translation adjustments 0 0 1,278 0 0 1,278 0 1,278
Amortization of stock based compensation 0 (4) 0 0 0 (4) 0 (4)
Exercise of stock options 3 248 0 0 0 251 0 251
Exercise of stock options, Shares 250,752              
BALANCE at Dec. 31, 2012 243 75,388 4,569 38,238 (282) 118,156 0 118,156
Shares, BALANCE AT at Dec. 31, 2012 24,128,114             24,128,114
Net earnings 0 0 0 6,181 0 6,181 (106) 6,075
Foreign currency translation adjustments 0 0 (2,561) 0 0 (2,561) 279 (2,282)
Amortization of stock based compensation 0 33 0 0 0 33 0 33
Fair value of noncontrolling interest 0 0 0 0 0 0 7,468 7,468
Exercise of stock options 1 (283) 0 0 282 0 0 0
Exercise of stock options, Shares 249,647             849,210 [1]
BALANCE at Dec. 31, 2013 $ 244 $ 75,138 $ 2,008 $ 44,419 $ 0 $ 121,809 $ 7,641 $ 129,450
Shares, BALANCE AT at Dec. 31, 2013 24,377,761             24,377,761
[1] 849,210 options were exercised and 249,647 shares were issued through net share settlement.

Consolidated Statements of Cash Flows
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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash Flows from Operating Activities:    
Net earnings $ 6,075 $ 4,091
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 6,599 4,757
Gain on business combination (2,478) 0
Loss on disposition of fixed assets 570 33
Amortization of stock-based compensation 33 (4)
Amortization of deferred financing costs 82 154
Deferred tax expense (348) (48)
Loss (earnings) from equity unconsolidated subsidiary 135 (426)
Changes in Operating Assets and Liabilities:    
Receivables 182 420
Prepaid expenses and other assets (1,346) (167)
Accounts payable and accrued liabilities (360) (303)
Inventories (72) (35)
Other operating assets (4) (15)
Other operating liabilities 113 0
Accrued payroll 150 426
Taxes payable (1,888) 317
Net cash provided by operating activities 7,443 9,200
Cash Flows from Investing Activities:    
Purchases of property and equipment (4,746) (3,784)
Acquisition of Casinos Poland, net of cash acquired (4,399) 0
Acquisition of United Horsemen Alberta, net of cash acquired upon consolidation 98 0
Proceeds advance to United Horseman Alberta prior to consolidation (1,390) 0
Payment of origination costs of United Hoursemen Alberta loan prior to consolidation (52) (113)
Restricted cash escrowed for loan to United Horsemen Alberta prior to consolidation 0 (261)
Proceeds from disposition of assets 72 8
Issuance of note receivable (500) 0
Net cash used in investing activities (10,917) (4,150)
Cash Flows from Financing Activities:    
Proceeds from borrowings 13,181 3,626
Payment of deferred financing costs 0 (301)
Principal repayments (6,863) (9,248)
Proceeds from exercise of options 0 251
Net cash provided by (used in) financing activities 6,318 (5,672)
Effect of Exchange Rate Changes on Cash (243) 177
Increase (decrease) in Cash and Cash Equivalents 2,601 (445)
Cash and Cash Equivalents at Beginning of Period 24,747 25,192
Cash and Cash Equivalents at End of Period 27,348 24,747
Supplemental Disclosure of Cash Flow Information:    
Interest paid 731 561
Income taxes paid 3,864 1,140
Non-cash investing activities:    
Capital expenditures funded by operating activities $ 1,343 $ 371

Description Of Business And Basis Of Presentation
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Description Of Business And Basis Of Presentation
 12 Months Ended
Dec. 31, 2013
Description Of Business And Basis Of Presentation [Abstract]  
Description Of Business And Basis Of Presentation

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

 

Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of December 31, 2013, the Company owned casino operations in North America, managed cruise ship-based casinos on international and Alaskan waters, held a majority ownership interest in nine casinos throughout Poland, and had a management contract to manage the casino in the Radisson Aruba Resort, Casino & Spa.

 

The Company currently owns, operates and manages the following casinos through wholly-owned subsidiaries in North America:

-  

The Century Casino & Hotel in Edmonton, Alberta, Canada;

-  

The Century Casino Calgary, Alberta, Canada;

-

The Century Casino & Hotel in Central City, Colorado; and

-

The Century Casino & Hotel in Cripple Creek, Colorado.

 

The Company operates 12 ship-based casinos onboard four cruise lines: Oceania Cruises, TUI Cruises, Windstar Cruises and Regent Seven Seas Cruises. In addition, in February 2014 the Company announced that it signed an exclusive agreement with Nova Star Cruises Ltd. to operate a ship-based casino on board the Nova Star. Nova Star Cruises will operate a round trip cruise ferry service connecting Portland, Maine and Yarmouth, Nova Scotia. The ferry service is scheduled to start May 15, 2014. 

 

In March 2007, the Company’s subsidiary Century Casinos Europe GmbH (“CCE”) acquired 33.3% of the outstanding shares issued by Casinos Poland Ltd (“CPL” or “Casinos Poland”) and the Company accounted for the investment under the equity method. In April 2013, CCE acquired from LOT Polish Airlines an additional 33.3% ownership interest in CPL. As of the date of acquisition; the Company began consolidating its 66.6% ownership of CPL as a majority-owned subsidiary for which it has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL. The Company accounts  for and reports the 33.3% Polish Airports ownership interest as a non-controlling financial interest. See Note 3 for additional information related to CPL.

 

In December 2010, the Company entered into a long-term management agreement to direct the operation of the casino at the Radisson Aruba Resort, Casino & Spa. The Company receives a management fee consisting of a fixed fee, plus a percentage of the casino’s earnings before interest, taxes, depreciation and amortization.  The Company was not required to invest any amounts under the management agreement.

 

On November 30, 2012, the Company’s subsidiary CCE signed credit and management agreements with United Horsemen of Alberta Inc. ("UHA") in connection with the development and operation of a Racing Entertainment Center (“REC”) in Balzac, north metropolitan area of Calgary, Alberta, Canada, which the Company will operate as Century Downs Racetrack and Casino. On November 29, 2013, CCE and UHA amended the management agreement and credit agreements. Under the amended agreements, CCE owns 15% of UHA, controls the UHA board of directors and manages the development of the REC project. The Company began consolidating UHA as a minority owned subsidiary for which it has a controlling financial interest on November 29, 2013.  Unaffiliated shareholders own the remaining 85% of UHA and the Company accounts  for and reports  the 85% UHA ownership interest as a non-controlling financial interest. See Note 3 for additional information related to UHA.

 


Significant Accounting Policies
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2013
Significant Accounting Policies [Abstract]  
Significant Accounting Policies

 

 

2.SIGNIFICANT ACCOUNTING POLICIES

 

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of CCI and its majority owned subsidiaries. As of November 29, 2013, the Company began consolidating UHA as a minority owned subsidiary for which it has a controlling financial interest. All intercompany transactions and balances have been eliminated.

 

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

 

Recently Issued Accounting Pronouncement – In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The objective of ASU 2013-11 is to provide guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013.  The Company is currently assessing the impact the standard will have on its financial statements.

 

Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents.

 

Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk.

 

Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or market. Cost is determined by the first-in, first out method.

 

Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter. Estimated service lives used are as follows:

 

Buildings and improvements

7–39 years

Gaming equipment

3–7 years

Furniture and non-gaming equipment

3-7 years

 

The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. No long-lived asset impairment charges were recorded for the years ended December 31, 2013 or 2012.

 

 

Goodwill—Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations.  See Note 5.

 

Intangible Assets—Identifiable intangible assets include trademarks and casino licenses.  The Company’s trademarks and UHA casino license are indefinite-lived intangible assets and therefore are not amortized.  The Company’s casino licenses related to CPL are finite-lived intangible assets and are amortized over their respective useful lives.  See Note 5.

 

Foreign Currency Translation –

The Company’s functional currency is the U.S. dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the U.S. dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

 

The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows:

 

 

 

 

 

Ending Rates

2013

2012

Canadian dollar (CAD)
1.0636 
0.9949 

Euros (€)
0.7258 
0.7584 

Polish zloty (PLN)
3.0182 
3.0996 

 

 

 

 

 

 

 

Average Rates

2013

2012

% Change

Canadian dollar (CAD)
1.0302 
0.9996 
(3.1%)

Euros (€)
0.7532 
0.7781 
3.2% 

Polish zloty (PLN)
3.1597 
3.2541 
2.9% 

Source: Pacific Exchange Rate Service

 

 

 

 

Comprehensive Earnings (Loss) – Comprehensive earnings (loss) includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments.

 

Revenue Recognition and Promotional Allowances – Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for chips in the customer’s possession. Hotel, bowling, food and beverage revenue is recognized when products are delivered or services are performed. Management fees are recognized as revenue when services are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. The incremental amount of unpaid progressive jackpots is recorded as a liability and a reduction of casino revenue in the period during which the progressive jackpot increases. Revenue is recognized net of incentives related to gaming play and points earned in point-loyalty programs.

 

At the Company’s casinos in Edmonton and Calgary, the Alberta Gaming and Liquor Commission (“AGLC”) retains 85% of slot machine net win, of which 15% is allocated to licensed charities. For all table games, excluding poker and craps, the casino is required to allocate 50% of its net win to a charity designated by the AGLC. For poker and craps, 25% of the casino’s net win is allocated to the charity. The Century Casino & Hotel in Edmonton and the Century Casino Calgary record revenue net of the amounts retained by the AGLC and charities.

 

Hotel accommodations, bowling, food and beverage furnished without charge to customers are included in gross revenue at retail value and are deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons to customers for the purpose of generating future revenue. The value of coupons redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of providing promotional allowances is included in casino expenses.

 

 

Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the points earned multiplied by the redemption value, and records a corresponding reduction in casino revenue. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2013 and 2012, the outstanding balance of this liability was $0.9 million and $1.0 million, respectively.

 

Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of all option grants.

 

Advertising Expenses – Advertising costs are expensed when incurred by the Company. Advertising expenses were $1.4 million and $1.6 million in each of the years ended December 31, 2013 and 2012, respectively.

 

Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $5.4 million resulting from net operating losses in the U.S., $0.8 million resulting from the Calgary casino purchase and $0.6 million from the Century Casinos Europe subsidiary have been fully reserved (see Note 10). The Company will assess the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future. 

 

Earnings Per Share – The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the year ended December 31, 2013 and 2012 were as follows:

 

 

 

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Weighted average common shares, basic

24,052 
24,004 

Dilutive effect of stock options

161 
101 

Weighted average common shares, diluted

24,213 
24,105 

 

The following stock options are anti-dilutive and have not been included in the weighted- average shares outstanding calculation:

 

 

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Stock options

68 
887 

 


Acquisition
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Acquisition
 12 Months Ended
Dec. 31, 2013
Acquisition [Abstract]  
Acquisition

3. ACQUISITION

 

Casinos Poland

On April 8, 2013, the Company’s subsidiary CCE acquired from LOT Polish Airlines an additional 33.3% ownership interest in CPL for cash consideration of $6.8 million. The acquisition of CPL furthers the Company’s strategy to grow and develop mid-size casinos. CPL is the owner and operator of nine casinos throughout Poland with a total of 412 slot machines and 72 gaming tables.  The Company paid for the purchase through borrowings under its credit agreement with the Bank of Montreal (“BMO Credit Agreement”) (Note 6). There was no contingent consideration related to the transaction.

 

Prior to April 8, 2013, the Company owned 33.3% of CPL and accounted for the ownership interest as an equity investment. The Company currently owns a 66.6% interest in CPL and on April 8, 2013 began consolidating CPL as a majority-owned subsidiary for which the Company has a controlling financial interest. As a result, the Company changed its accounting for CPL from an equity method investment to a consolidated subsidiary. CPL contributed a total of $34.8 million in net operating revenue and less than $0.1 million in net earnings from the date of acquisition through December 31, 2013. Polish Airports owns the remaining 33.3% ownership interest in CPL and the Company accounts for and reports the Polish Airports ownership interest as a non-controlling financial interest. 

 

Upon consolidation, the fair value of the Company’s initial 33.3% equity investment was determined to be $5.2 million as of the acquisition date. The $5.2 million was greater than the carrying value of the equity investment, resulting in a gain of $2.1 million, net of foreign currency translation. The Company recorded the gain in “Gain on business combination” in the 2013 consolidated statement of earnings. The fair value was determined based on the controlling interest obtained through the additional 33.3% interest acquired and on the Company’s internal valuation of CPL using the following methods, which the Company believes provide the most appropriate indicators of fair value: 

·

relief from royalty method;

·

replacement cost method;

·

direct market value approach and direct and indirect cost approach; and

·

sales comparison approach, income approach and cost approach.

 

·

 

·

 

 

 

 

 

Amounts in thousands (in USD)

Total

Investment fair value - April 8, 2013
$
5,214 

Investment book value at April 8, 2013
(3,020)

Gain on business combination including foreign currency translation
2,194 

Less: foreign currency translation
(113)

Gain on business combination
$
2,081 

 

Details of the purchase in the table below are based on estimated fair values of assets and liabilities as of April 8, 2013, the date of acquisition. Allocation of the purchase consideration is preliminary and subject to adjustment as the Company obtains additional information during the measurement period (a period up to one year from the date of acquisition) that could change the fair value allocation as of the acquisition date.

 

 

Acquisition Date

April 8, 2013

 

 

Amounts in thousands

 

Purchase consideration:

 

Cash paid
$
6,780 

Acquisition-date fair value of the previously held equity interest
5,214 

Total purchase consideration, including fair value of previously held equity interest
$
11,994 

 

 

The assets and liabilities recognized as a result of the acquisition are as follows:

 

 

 

 

Cash
$
2,381 

Accounts receivable
545 

Deferred tax assets - current

325 

Prepaid expenses
354 

Inventory
139 

Other current assets
3 

Property and equipment
17,905 

Licenses
2,533 

Trademark
1,924 

Deferred tax assets, non-current
1,034 

Other long-term assets
477 

Current portion of long-term debt
(4,267)

Accounts payable and accrued liabilities
(1,743)

Contingent liability
(5,776)

Accrued payroll
(1,640)

Taxes payable
(2,112)

Long-term debt, less current portion
(1,687)

Deferred income taxes, non-current
(1,257)

Net identifiable assets acquired

9,138 

 

 

Less: Non-controlling interest
(5,214)

Add: Goodwill
8,070 

Net assets acquired
$
11,994 

 

The Company accounted for the transaction as a step acquisition, and accordingly, CPL's assets of $27.6 million (including $2.4 million in cash) and liabilities of $18.5 million were included in the Company's consolidated balance sheet at April 8, 2013. The goodwill is attributable to the expected synergies and economies of scale of incorporating CPL with the Company.  The acquisition also combines the specialties of the Company’s management expertise in the gaming industry with the brand awareness of Casinos Poland. Goodwill is not a tax deductible item for the Company. 

 

Non-controlling interest

The Company recognized the Polish Airports’ non-controlling interest in CPL at its fair value as of the acquisition date. The Company estimated the fair value of the non-controlling interest by determining the value of a controlling interest in the entity. Having control over a company gives additional rights to the holder of the controlling interest as opposed to the holder of the non-controlling interest. The Company applied a 22.5% discount for lack of control to determine the value of the non-controlling interest. The discount for lack of control was estimated based on an analysis of the transactions in the casinos and gaming industry in the past five years. The resulting value of the non-controlling interest was PLN 16.5 million ( $5.2 million).

 

 

Purchase Consideration – cash outflow

 

 

 

 

Outflow of cash to acquire subsidiary, net of cash acquired

 

Cash consideration
$
6,780 

Less: balances acquired
(2,381)

Net of cash - investing activities
$
4,399 

 

Acquisition-related costs

The Company incurred acquisition costs of approximately $0.1 million in connection with the CPL acquisition. These costs include legal, accounting and valuation fees and have been recorded as general and administrative expenses.

 

Contingent liability

 

In March 2011, the Polish Internal Revenue Service (“Polish IRS”) conducted a tax audit of CPL to review the calculation and payment of personal income tax by CPL employees. Under Polish law, there is no specific regulation of how casinos should treat tips given by customers to casino employees.

 

Based on the March 2011 audit, the Polish IRS concluded that CPL should calculate, collect and remit to the Polish IRS personal income tax on tips received by CPL employees from casino customers for the periods  from December 1, 2007 to December 31, 2008 and from January 1, 2011 to January 31, 2011.

 

After proceedings between CPL and the Polish IRS, the Director of the Tax Chamber in Warsaw upheld the decision of the Polish IRS on November 30, 2012 for review of the period from January 1, 2011 to January 31, 2011. CPL paid PLN 0.1 million (less than $0.1 million) to the Polish IRS for taxes and interest owed resulting from the decision. CPL appealed the decision to the Regional Administrative Court in Warsaw in December 2012. In September 2013, the Regional Administrative Court in Warsaw denied CPL’s appeal. CPL appealed the decision to the Supreme Administration Court and expects a decision in 2014.

 

After further proceedings and appeals between CPL and the Polish IRS, the Director of the Tax Chamber in Warsaw also upheld the decision of the Polish IRS on December 30, 2013 for review of the period from December 1, 2007 to December 31, 2008. CPL paid PLN 3.5 million ($1.2 million) to the Polish IRS for taxes and interest owed on December 31, 2013 and the Company reduced the contingent liability for the payment. CPL filed an appeal in January 2014 and expects a decision in 2014.

 

Management has evaluated the likelihood that the litigation will be unfavorable for CPL using a probability weighted cash flow analysis and recorded a liability at estimated fair value in purchase accounting. As a result, the balance of the potential liability for all open periods as of December 31, 2013 is estimated at PLN 14.8 million ($4.9 million).

 

Pro Forma Results

The following table provides unaudited pro forma information of the Company as if the acquisition of CPL had occurred at the beginning of the earliest period presented. This pro forma information is not necessarily indicative of the combined results of operations that actually would have been realized had the acquisition been consummated prior to the periods for which the pro forma information is presented, or of future results.

 

 

 

 

 

 

 

 

 

Unaudited

For the year ended December 31,

 

Unaudited

For the year ended December 31,

 

 

2013

 

2012

Net operating revenue

 
$
117,955 

 
$
115,843 

Net earnings

 
$
6,037 

 
$
4,620 

Basic and diluted earnings per share

 
$
0.25 

 
$
0.19 

 

Century Downs Racetrack and Casino

On November 30, 2012, the Company’s subsidiary CCE signed credit and management agreements with UHA in connection with the development of a REC project in Balzac, north metropolitan area of Calgary, Alberta, Canada, which the Company will operate as Century Downs Racetrack and Casino.  

 

On November 29, 2013, CCE finalized amended credit and management agreements with UHA in connection with the development of the REC project. Under the amended credit agreement, CCE agreed to loan to UHA a total of CAD 24 million in two separate loans, Loan A and Loan B. Loan A would be for CAD 13 million and Loan B would be for CAD 11 million. Both loans are for the exclusive use of developing and operating the REC project. CCE intends to fund both loans with additional borrowings under our BMO Credit Agreement. The Company has a commitment letter with BMO for an additional CAD 11 million credit facility under the BMO Credit Agreement and has pledged its 15% ownership interest (see below) as collateral for the loan.   Loan A has an interest rate of BMO prime plus 600 basis points and a term of five years, and the CAD 11 million loan is convertible at CCE’s option into an ownership position in UHA of up to 60%. Loan B has an interest rate equivalent to the rate charged under the BMO Credit Agreement plus an administrative fee and a term of five years. CCE will not advance funds from Loan B to UHA until CCE has advanced all monies from Loan A. Both loans are secured by a leasehold mortgage on the REC property and a pledge of UHA’s stock by the majority of the UHA shareholders.

 

Under the amended management and credit agreements, CCE acquired 15% of UHA, controls the UHA board of directors and will manage the development and operation of the REC project. Once the REC is developed and operational and for as long as CCE has not converted the UHA loans into a majority ownership position in UHA, CCE will receive 60% of UHA’s net profit before tax as a management fee. However, as a condition of AGLC licensing, the Company anticipates converting the loan to a majority ownership interest on or before the REC is operational.

 

As of November 29, 2013, the Company began consolidating UHA as a minority owned subsidiary for which we have a controlling financial interest. Unaffiliated shareholders own the remaining 85% of UHA. The Company accounts for and reports the 85% UHA ownership interest as a non-controlling financial interest. UHA contributed a total of less than $0.1 million in net operating revenue and less than $0.1 million in net losses from the date of acquisition through December 31, 2013.

 

The REC project will be the only horse race track in the Calgary area and will consist of a 5.5 furlongs (0.7 miles) racetrack, a gaming floor with 550 proposed slot machines, a bar, a lounge, restaurant facilities, an off-track-betting area and an entertainment area. The AGLC has approved development of the project and a preliminary license. The AGLC will not issue a final license until the REC opens. Horse Racing Alberta, the governing authority for horseracing in Alberta, has approved the REC project and approved a license. Construction commenced in March 2014 and the Company anticipates that UHA will complete the REC by the end of 2014. 

 

The Company accounted for the transaction as a business combination, and accordingly, UHA’s assets of $22.9 million (including $0.1 million in cash) and liabilities of $20.5 million were included in the Company's consolidated balance sheet at November 29, 2013. The goodwill is attributable to the expected business expansion opportunity for the Company. The acquisition leverages the Company’s management specialties and expertise in the gaming industry to the horse racing industry, and the REC project, once completed, will be one of the Company’s largest scale properties. Goodwill is not a tax deductible item for the Company. 

 

Upon consolidation, the fair value of the Company’s 15% ownership interest was determined to be $0.4 million as of the acquisition date. Since the Company did not give any cash consideration for the 15% ownership interest, it recorded the $0.4 million as a gain in “Gain on business combination” in the 2013 consolidated statement of earnings. The fair value was determined based on the controlling interest obtained and on the Company’s valuation of UHA using the following methods, which the Company believes provide the most appropriate indicators of fair value: 

 

·

multi-period excess earnings method;

·

cost method;

·

capitalized cash flow method;

·

discounted cash flow method; and

·

direct market value approach.

 

 

Details of the purchase in the table below are based on estimated fair values of assets and liabilities as of November 29, 2013. Allocation of the purchase consideration is preliminary and subject to adjustment as the Company obtains additional information during the measurement period (a period up to one year).

 

 

 

 

Acquisition Date

November 29, 2013

 

 

Amounts in thousands

 

Purchase consideration:

 

Cash paid
$
0 

Acquisition date fair value for 15% equity interest for the Company's guarantee of additional REC project financing
$
397 

Total purchase consideration
$
397 

 

 

 

 

Cash
$
98 

Restricted cash
472 

Accounts receivable
126 

Prepaid expenses
12 

Casino license
3,001 

Property and equipment
19,234 

Accounts payable and accrued liabilities
(471)

Taxes payable
(19)

Contingent liability
(189)

Long-term debt, less current portion
(19,792)

Net identifiable assets acquired

2,472 

 

 

Less: Non-controlling interest
(2,253)

Add: Goodwill
178 

Net assets acquired
$
397 

 

Non-controlling interest

The Company recognized non-affiliated shareholders non-controlling interest in UHA at its fair value of $2.3 million as of November 29, 2013.

 

Acquisition-related costs

The Company incurred acquisition costs of approximately $0.2 million in connection with the UHA acquisition. These costs include legal, accounting, and valuation fees and have been recorded as general and administrative expenses.

 

 

Land

Prior to the Company’s acquisition, UHA purchased various plots of land on which to build the REC project. UHA sold a portion of this land consisting of 71.99 acres to 1685258 Alberta Ltd (“Rosebridge”).  UHA then entered into an agreement with Rosebridge to lease back 51.99 acres of the land. The Company began accounting for the lease using the financing method as of the date of acquisition. Under the financing method, the Company accounts for the land subject to lease as an asset and the lease payments as interest on the financing obligation.

 

Contingent Liability

Subsequent to the Company’s acquisition, 1369454 Alberta Ltd, a Canadian company, and the County of Rockyview filed a lawsuit against UHA for previously owed money not paid by UHA.  The case was settled and UHA issued a promissory note to pay 1369454 Alberta and the County of Rockyview $0.2 million subject to cost recoveries.

 

Financing

Prior to November 29, 2013, the Company loaned to UHA $1.4 million for deferred financing costs related to legal fees incurred for the UHA loan and various expenditures relating to the development of the REC. As of the date of consolidation, the Company began eliminating the loan as an intercompany transaction.

 

Restricted Cash

The Company’s subsidiary CCE loaned UHA $0.2 million to pay outstanding Canadian Federal tax owed by UHA in December 2013. The unsecured note is due and payable on December 31, 2014 and has a nominal 4% interest rate. The note will be repaid once $0.5 million of restricted cash is released from escrow held with Rosebridge in connection with the land lease.

 

Pro Forma Results

Pro forma information is not included because the limited activities of UHA since January 1, 2012 are immaterial.

 


Property And Equipment
v0.0.0.0
Property And Equipment
 12 Months Ended
Dec. 31, 2013
Property and Equipment [Abstract]  
Property and Equipment

4.PROPERTY AND EQUIPMENT

 

Property and equipment at December 31, 2013 and 2012 consist of the following:

 

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Land

$
50,465 

 
$
30,639 

Buildings and improvements
$
89,429 

 
$
80,308 

Gaming equipment
$
22,244 

 
$
16,746 

Furniture and non-gaming equipment
$
19,243 

 
$
16,922 

Capital leases
$
286 

 
$
0 

Capital projects in process
$
1,704 

 
$
778 

 
$
183,371 

 
$
145,393 

Less accumulated depreciation

($50,732)

 

($45,867)

 

 

 

 

Property and equipment, net
$
132,639 

 
$
99,526 

 

Depreciation expense was $6.2 million for the year ended December 31, 2013 and $4.8 million for the year ended December 31, 2012.


Goodwill And Intangible Assets
v0.0.0.0
Goodwill And Intangible Assets
 12 Months Ended
Dec. 31, 2013
Goodwill And Intangible Assets [Abstract]  
Goodwill And Intangible Assets

5.GOODWILL AND INTANGIBLE ASSETS

 

Goodwill

We test goodwill for impairment as of October 1 each year, or more frequently as circumstances indicate it is necessary.  Testing compares the estimated fair values of our reporting units to the reporting units’ carrying values.  Our reporting units with goodwill balances as of December 31, 2013 include our Edmonton casino property, our CPL casino operations, and UHA’s REC project development activities.  We consider a variety of factors when estimating the fair value of our reporting units, including estimates about the future operating results of each reporting unit, multiples of earnings, various market analyses, and recent sales of comparable businesses, if such information is available to us.  The Company makes a variety of estimates and judgments about the relevance and comparability of these factors to the reporting units in estimating their fair values.   If the carrying value of a reporting unit exceeds its estimated fair value, the fair value of each reporting unit is allocated to the reporting unit’s assets and liabilities to determine the implied fair value of the reporting unit’s goodwill and whether impairment is necessary.  No impairment charges related to goodwill have been recorded during 2013 and 2012.

Changes in the carrying amount of goodwill related to the Company’s Edmonton property, CPL and UHA for the period ended December 31, 2013 are as follows:

 

 

 

 

 

 

 

 

Amounts in thousands

Edmonton

Casinos Poland

UHA

Total

Balance – January 1, 2013
$
4,941 
$
0 
$
0 
$
4,941 

Purchase of Casinos Poland (Note 3)
0 
8,070 
0 
8,070 

Purchase of UHA (Note 3)
0 
0 
178 
178 

Effect of foreign currency translation
(319)
409 
0 
90 

Balance – December 31, 2013
$
4,622 
$
8,479 
$
178 
$
13,279 

 

Intangible Assets

 

Trademarks

The Company currently owns two trademarks, the Century Casinos trademark and the Casinos Poland trademark. As of April 8, 2013, the Company began reporting the Casinos Poland trademark as an intangible asset on the Company’s consolidated balance sheets. No impairment charges related to trademarks have been recorded during 2013 and 2012.

As of December 31, 2013, the carrying amounts of the trademarks were as follows:

 

 

 

 

Amounts in thousands

 

Century Casinos

$
108 

Casinos Poland
2,021 

Total

$
2,129 

 

 

 

 

 

 

 

Amounts in thousands

Century Casinos, Inc.

Casinos Poland

Total

Balance – January 1, 2013
$
104 
$
0 
$
104 

Additions
4 
0 
4 

Purchase of Casinos Poland (Note 3)
0 
1,924 
1,924 

Effect of foreign currency translation
0 
97 
97 

Balance – December 31, 2013
$
108 
$
2,021 
$
2,129 

 

The Company has determined both trademarks have indefinite useful lives and therefore the Company does not amortize trademarks.   Rather, the Company tests its trademarks for impairment annually or more frequently as circumstances indicate it is necessary. The Company tests trademarks for impairment using the relief-from-royalty method. If the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company would recognize an impairment charge equal to the difference.

 

Casino Licenses

Casinos Poland currently has nine casino licenses each with an original term of six years. As of April 8, 2013, the Company began reporting the Polish casino licenses as finite-lived intangible assets on the Company’s consolidated balance sheets. Changes in the carrying amount of the Casinos Poland licenses from the date of acquisition to December 31, 2013 are as follows:

 

 

 

 

Casinos Poland

Amounts in thousands

 

Balance – April 8, 2013
$
2,533 

Amortization

(395)

Effect of foreign currency translation
107 

Balance – December 31, 2013
$
2,245 

 

As of December 31, 2013, estimated amortization expense for the CPL casino licenses over the next five years is as follows:

 

 

 

 

Amounts in thousands

 

2014
569 

2015
569 

2016
531 

2017
433 

2018
127 

Thereafter
16 

 
$
2,245 

 

Such estimates do not reflect the impact of future foreign exchange rate changes or the renewal of the licenses. The weighted average period before the next renewal is 4.0 years.  

 

 

UHA currently has one casino license pending final approval from the AGLC for the REC project. As of November 29, 2013, the Company began reporting the UHA license as an intangible asset on the Company’s consolidated balance sheet. As of December 31, 2013, the carrying amount of the license was $3.0 million. No impairment charges related to the license have been recorded during 2013.

 

 

 

 

UHA

Amounts in thousands

 

Balance – November 29, 2013
$
3,001 

Effect of foreign currency translation
10 

Balance – December 31, 2013
$
2,991 

 

 


Long-Term Debt
v0.0.0.0
Long-Term Debt
 12 Months Ended
Dec. 31, 2013
Long-Term Debt [Abstract]  
Long-Term Debt

6.LONG-TERM DEBT

 

Long-term debt at December 31, 2013 and 2012 consisted of the following:

 

 

 

 

 

 

 

 

December 31,

 

December 31,

Amounts in thousands

2013

 

2012

Credit agreement - Bank of Montreal
$
9,277 

 
$
3,564 

Credit agreement - Casinos Poland
4,798 

 
0 

Credit facilities - Casinos Poland
1,447 

 
0 

Capital leases - Casinos Poland
207 

 
0 

Financing obligation - UHA land lease
18,330 

 
0 

Total long-term debt
$
34,059 

 
3,564 

Less current portion

(4,195)

 
(372)

Long-term portion
$
29,864 

 
$
3,192 

 

As of December 31, 2013, scheduled maturities related to long-term debt are as follows:

 

 

 

 

Amounts in thousands

 

2014
$
4,195 

2015
$
2,714 

2016
$
2,645 

2017
$
1,034 

2018
$
1,034 

Thereafter
$
22,437 

Total
$
34,059 

 

 

The consolidated weighted average interest rate on all Company debt was 7.0% for the year ended December 31, 2013. The Company pays a floating interest rate on its borrowings under the BMO Credit Agreement and the current interest rate is approximately 3.75%. The Company pays a weighted average interest rate of 6.49% on its borrowings under the CPL loan agreements. The weighted average interest rate on all Company debt is higher than the 4.0% interest rate of the BMO Credit Agreement and the weighted average interest of 6.49% on the CPL loan agreements because the Company began paying an implicit interest rate of 10.0% on debt related to the UHA financing obligation.  

 

Credit Agreement – Bank of Montreal

On May 23, 2012, the Company, through its Canadian subsidiaries, entered into the CAD 28.0 million credit agreement with the Bank of Montreal. On May 23, 2012, the Company borrowed CAD 3.7 million from the BMO Credit Agreement to repay the Company’s mortgage loan related to the Edmonton property. The Company can also use the proceeds to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. The BMO Credit Agreement has a term of five years and is guaranteed by the Company. On February 21, 2013, the Company borrowed an additional CAD 7.3 million to pay for the additional 33.3% investment in CPL (Note 3). The shares of the Company’s subsidiaries in Edmonton and Calgary are pledged as collateral for the BMO Credit Agreement. The BMO Credit Agreement contains a number of financial covenants applicable to the Canadian subsidiaries, in addition to covenants restricting their incurrence of additional debt. The Company was in compliance with all covenants of the BMO Credit Agreement as of December 31, 2013 and through the date of filing. As of December 31, 2013, the amount outstanding was $9.3 million and the Company had approximately CAD 17.0 million (approximately $16.0 million based on the exchange rate in effect on December 31, 2013)  available under the BMO Credit Agreement. The CAD 11.0 million the Company has borrowed cannot be re-borrowed once it is repaid.

 

Amortization expenses relating to deferred financing charges were $0.1 million for the period ended December 31, 2013 and $0.2 million for the period ended December 31, 2012. These costs are included in interest expense in the consolidated statements of earnings. 

 

The Company has a committed term sheet from BMO for additional financing of the REC project. The Company’s 15% ownership interest in UHA is pledged as collateral for the loan. 

 

Casinos Poland

Through the CPL acquisition, the Company assumed additional debt that totaled $6.5 million as of December 31, 2013. The debt includes two bank loans, two bank lines of credit and eleven capital lease agreements.  

 

The first bank loan is with BRE Bank. CPL entered into the 2.5 year term loan in November 2013 at an interest rate of Warsaw Interbank Offered Rate (“WIBOR”) plus 1.75%. Proceeds from the loan were used to repay the balance of the Bank Pocztowy loan related to the CPL properties, invest in slot equipment and relocate the Company’s Poznan, Poland casino. As of December 31, 2013, the amount outstanding was $4.0 million, and CPL had no further borrowing availability under the loan. The loan matures in November 2016. The BRE Bank loan agreement contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank agreement as of December 31, 2013 and through the date of filing. The second bank loan is also with BRE Bank. CPL entered into the 2-year term loan at an interest rate of WIBOR plus 2.5%. Proceeds from the loan were used to finance current operations. As of December 31, 2013, the amount outstanding was $0.8 million, and CPL had no further borrowing availability under the loan. The BRE Bank loan matures in September 2014. The BRE Bank loan agreement contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank agreement as of December 31, 2013 and through the date of filing.

 

 

The two bank lines of credit are short-term facilities. CPL used both lines of credit to finance current operations. The first line of credit is with BRE Bank, which is a short-term revolving credit facility renewed on a yearly basis. The last renewal was effective in February 2013 at an interest rate of WIBOR plus 2.0%. As of December 31, 2013, the amount outstanding was $0.1 million and CPL had no availability under the agreement. The BRE Bank facility contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BRE Bank line of credit as of December 31, 2013 and through the date of filing. The second line of credit is with BPH Bank, which also is a short-term revolving credit facility with an interest rate of WIBOR plus 1.95%. As of December 31, 2013, the amount outstanding was $1.4 million and CPL has approximately $0.2 million available under the agreement. The BPH Bank facility contains a number of financial covenants applicable to CPL, in addition to covenants restricting incurrence of additional debt. CPL complied with all covenants of the BPH Bank line of credit as of December 31, 2013 and through the date of filing.

 

CPL’s remaining debt consists of eleven capital lease agreements. The lease agreements are for various vehicles that are replaced on an ongoing basis. As of December 31, 2013, the amount outstanding was $0.2 million.

 

UHA

Prior to the Company’s acquisition, UHA purchased various plots of land on which to build the REC project. UHA sold a portion of this land consisting of 71.99 acres to Rosebridge.  UHA then entered into an agreement with Rosebridge to lease back 51.99 acres of the land. The Company began accounting for the lease using the financing method as of the date of acquisition. Under the financing method, the Company accounts for the land subject to lease as an asset and the lease payments as interest on the financing obligation. As of December 31, 2013, the outstanding balance on the financing obligation was $18.3 million and the implicit interest rate was 10%.  

 


Other Balance Sheet Captions
v0.0.0.0
Other Balance Sheet Captions
 12 Months Ended
Dec. 31, 2013
Other Balance Sheet Captions [Abstract]  
Other Balance Sheet Captions

7.OTHER BALANCE SHEET CAPTIONS

 

Accounts payable and accrued liabilities are composed of the following as of December 31, 2013 and 2012:

 

 

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Accounts payable

$
2,460 

 
$
1,305 

Accrued commissions (AGLC)
$
726 

 
$
1,946 

Progressive slot & table liability
$
1,173 

 
$
935 

Player point liability

$
874 

 
$
1,017 

Other accrued liabilities
$
3,046 

 
$
1,176 

Total
$
8,279 

 
$
6,379 

 

Accrued commissions (AGLC) include the portion of slot machine net sales and table games win owed to the AGLC as of December 31, 2013 and December 31, 2012.

 

Taxes payable are composed of the following as of December 31, 2013 and 2012:

 

 

 

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Accrued property taxes
$
1,036 

 
$
1,052 

Gaming taxes payable
$
3,150 

 
$
1,031 

Other taxes payable
$
617 

 
$
1,330 

Total
$
4,803 

 
$
3,413 

 


Shareholder's Equity
v0.0.0.0
Shareholder's Equity
 12 Months Ended
Dec. 31, 2013
Shareholder's Equity [Abstract]  
Shareholder's Equity

8.SHAREHOLDERS’ EQUITY

 

In March 2000, the Company’s board of directors approved a discretionary program to repurchase the Company’s outstanding common stock. In November 2009, the Company’s board of directors increased the amount available to be repurchased to $15.0 million. The Company did not repurchase any shares of its common stock during 2013 and 2012. The total remaining authorization under the repurchase program was $14.7 million as of December 31, 2013. The repurchase program has no set expiration or termination date.

 

The Company has not declared or paid any dividends. Declaration and payment of dividends, if any, in the future will be at the discretion of the board of directors. At the present time, the Company intends to use any earnings that may be generated to finance the growth of its business.

 

The Company does not have any minimum capital requirements related to its status as a U.S. corporation in the state of Delaware.


Stock-Based Compensation
v0.0.0.0
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2013
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

9.STOCK-BASED COMPENSATION

 

The board of directors of the Company adopted an Employees’ Equity Incentive Plan (the “EEIP”) in April 1994. The EEIP expired in April 2004. All outstanding options from the EEIP have been issued and the Company no longer administers the plan. Stockholders of the Company approved a new equity incentive plan (the “2005 Plan”) at the 2005 annual meeting of stockholders. The 2005 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provides for the issuance of up to 2,000,000 shares of common stock to eligible individuals through the various forms of permitted awards. The 2005 Plan limits the number of options that the Company can award to an eligible individual to 200,000 per year. The Company may not issue stock options at an option price lower than fair market value at the date of grant. All stock options must have an exercise period not to exceed ten years. Through December 31, 2013, the Company has granted, under the 2005 Plan, shares of incentive stock option awards (for which the option price was not less than the fair market value at the date of grant) and non-qualified options. Options granted to date have six-month, one-year, or four-year vesting periods. Through December 31, 2013,  the Company has issued all outstanding options at market value as of the date of the grant. Any committee as delegated by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2005 Plan also allows limited transferability of any stock options to legal entities that are 100% owned or controlled by the optionee or to the optionee’s family trust.

 

Stock Options

 

The Company did not issue options to employees in 2013 or 2012. As of December 31, 2013, there were 70,638 options outstanding to employees of the Company under the 2005 Plan.

 

Activity in the Company’s stock-based compensation plans for employee stock options was as follows:

 

 

 

 

 

 

 

 

 

Option Shares

Weighted -Average Exercise Price

Weighted -Average Remaining Contractual Term

Options Exercisable

Weighted-Average Exercise Price

Outstanding at January 1, 2013
919,848 
$
2.94 

 
895,348 
$
2.96 

Granted
0 
0.00 

 

 

 

Exercised*
(849,210)
2.93 

 

 

 

Cancelled or forfeited
0 
0.00 

 

 

 

Outstanding at December 31, 2013
70,638 
$
3.03 
$
5.40 
56,638 
$
3.21 

*849,210 options were exercised and 249,647 shares were issued through net share settlement.

 

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2013:

 

 

 

 

 

 

 

 

Dollar amounts in thousands

 

 

 

 

 

Exercise Price:

Options Outstanding

Options Exercisable

Intrinsic Value of Options Outstanding

Intrinsic Value of Options Exercisable

Weighted-Average Life of Options Outstanding (1)

Weighted-Average Life of Options Exercisable  (1)

$0.91
11,526 
11,526 
$
50 
$
50 
4.9 
4.9 

$0.93
11,612 
11,612 
$
50 
$
50 
4.9 
4.9 

$2.30
35,000 
21,000 
$
102 
$
61 
6.4 
6.4 

$9.00
12,500 
12,500 
$
0 
$
0 
3.5 
3.5 

 
70,638 
56,638 
$
202 
$
161 
5.15 
5.15 

(1) In years

 

 

 

 

 

 

 

The aggregate intrinsic value represents the difference between the Company’s closing stock price of $5.21 per share as of December 31, 2013 and the exercise price multiplied by the number of options outstanding or exercisable as of that date.

 

 

There were 30,000 options issued to independent directors of the Company during 2013. As of December 31, 2013,  there were 55,000 options outstanding to independent directors of the Company with a weighted-average exercise price of $6.93. During 2013, independent directors did not exercise any options. The weighted-average fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

 

Weighted-average risk-free interest rate

1.31%

Weighted-average expected life

5.4 yrs

Weighted-average expected volatility

63.6%

Weighted-average expect dividends

$0

 

 

For the years ended December 31, 2013 and 2012, the Company recorded less than $0.1 million for stock-based compensation expense. This amount is included in general and administrative expenses.

 

At December 31, 2013, there was $0.1 million of total unrecognized compensation expense related to unvested stock options remaining to be recognized through 2014.

 

Cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows on the Company’s consolidated statement of cash flows. No excess tax benefits were recorded for the years ended December 31, 2013 and 2012.


Income Taxes
v0.0.0.0
Income Taxes
 12 Months Ended
Dec. 31, 2013
Income Taxes [Abstract]  
Income Taxes

10.INCOME TAXES 

 

The Company’s provision (benefit) for income taxes is summarized as follows:

 

 

 

 

 

 

 

Amounts in thousands

 

For the twelve months

ended December 31,

 

 

2013

 

2012

U.S. Federal - Current

 
$
25 

 
$
67 

U.S. Federal - Deferred

 
0 

 
0 

Provision for U.S. federal income taxes

 
25 

 
67 

 

 

 

 

 

Foreign - Current

 
$
1,616 

 
$
1,009 

Foreign - Deferred

 
(348)

 
(48)

Provision for foreign income taxes

 
1,268 

 
961 

Total provision for income taxes

 
$
1,294 

 
$
1,028 

 

 

The Company’s effective income tax rate differs from the statutory federal income tax rate as follows:

 

 

 

 

 

Amounts in thousands

2013

2012

U.S. Federal income tax statutory rate

34.0% 
34.0% 

Foreign income taxes
(18.5%)
(10.0%)

Equity in Polish investment
(5.4%)
0.2% 

State income tax (net of federal benefit)
(0.3%)
0.8% 

 

 

 

Valuation allowance
5.7% 
(2.6%)

Permanent and other items
2.1% 
(2.3%)

Total provision for income taxes
17.6% 
20.1% 

The effective tax rates of the Company’s foreign properties are impacted by the movement of exchange rates primarily due to loans, which are denominated in U.S. dollars. Therefore, foreign currency gains or losses recorded in each property’s local currency do not impact the Company’s earnings reported in U.S. dollars.

The Company records deferred tax assets and liabilities based on the difference between the financial statement and income tax basis of assets and liabilities using the enacted statutory tax rate in effect for the year these differences are expected to be taxable or reversed. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The recorded deferred tax assets are reviewed for impairment on a quarterly basis by reviewing the Company’s internal estimates for future taxable income.

 

The Company assesses the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. We have a valuation allowance of $5.4 million on our U.S. deferred tax assets as of December 31, 2013 due to the uncertainty of future taxable income. We have a $0.8 million valuation allowance on our Calgary property deferred tax assets as of December 31, 2013 due to the uncertainty of future taxable income. We also have a $0.6 million valuation allowance on CCE’s deferred tax assets as of December 31, 2013 due to the uncertainty of future taxable income. The ultimate realization of deferred income tax assets depends on generation of future taxable income in the jurisdictions where the assets are located during the periods in which those temporary differences become deductible. If the Company concludes that its prospects for the realization of its deferred tax assets are more likely than not, the Company will then reduce its valuation allowance as appropriate and credit income tax. 

 

 

The Company’s deferred income taxes at December 31, 2013 and 2012 are summarized as follows:

 

 

 

 

 

Amounts in thousands

2013

2012

Deferred tax assets (liabilities) - U.S. Federal and state:

 

 

 

 

 

Deferred tax assets - current:

 

 

Accrued liabilities and other
$
169 
$
181 

Deferred tax (liabilities) - current:

 

 

Prepaid expenses

(67)
(101)

Valuation allowance
(167)
(177)

Net deferred tax (liabilities) - current
(65)
(97)

 

 

 

Deferred tax assets - non-current:

 

 

Amortization of goodwill for tax
473 
526 

Amortization of startup costs
317 
359 

Property and equipment
971 
1,089 

NOL carry forward
2,894 
2,584 

Accrued liabilities and other
675 
371 

Total deferred tax assets - non-current
5,330 
4,929 

Valuation allowance
(5,265)
(4,832)

Net deferred tax assets - non-current
65 
97 

Total deferred tax assets - U.S. federal and state
$
0 
$
0 

 

 

 

Deferred tax assets (liabilities) - foreign

 

 

 

 

 

Deferred tax assets - current:

 

 

NOL carryforward

$
0 
$
0 

Other
229 
79 

Deferred tax (liabilities) - current:

 

 

Other
(96)
0 

Net deferred tax assets - current
133 
79 

 

 

 

Deferred tax assets - non-current:

 

 

Property and equipment
1,771 
621 

  NOL carryforward
2,483 
2,504 

  Tax credits
262 
348 

Accrued liabilities and other
453 
322 

Deferred tax (liabilities) - non current:

 

 

Property and equipment
(2,477)
(2,682)

Contingent liability
(1,208)
0 

Others
(223)
0 

Valuation allowance
(1,400)
(1,745)

Net deferred tax (liabilities) - non-current
(339)
(632)

Total deferred tax (liabilities) - foreign

($206)

($553)

Net deferred tax (liabilities)

($206)

($553)

 

 

The Company has analyzed filing positions in all of the U.S. federal, state and foreign jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company has identified its U.S. federal tax return, its state tax return in Colorado and its foreign tax returns in Canada and South Africa, where it previously owned and operated casinos, as “major” tax jurisdictions, as defined by the Code.

 

The Company’s tax returns for the following periods are subject to examination:

 

 

 

 

Jurisdiction:

Periods

U.S. Federal

2006 - 2012

U.S. State – Colorado

2005 - 2011

Canada

2006 - 2012

South Africa

2008 - 2009

 

The Company has recognized a $0.1 million tax liability for uncertain tax positions taken on its U.S. tax return and has recognized a $0.2 million tax liability for an uncertain tax position on a foreign tax return.  This adjustment has been recorded as a component of taxes payable in the accompanying consolidated balance sheet as of December 31, 2013.

 

The Company may, from time to time, be assessed interest or penalties by major tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of earnings before income taxes. Penalties are recorded in general and administrative expenses and interest paid or received is recorded in interest expense or interest income, respectively, in the consolidated statement of earnings.

 

As of December 31, 2013, the Company had not provided for taxes on undistributed foreign earnings that it considers indefinitely reinvested. These earnings could become subject to income taxes if they are remitted as dividends, are loaned to the Company or any of the Company’s subsidiaries located in the United States, or if the Company sells its stock in the foreign subsidiaries. However, the Company believes that any additional taxes could be offset, in part or in whole, by foreign tax credits.

 

The Company’s total amount of unrecognized tax benefit is summarized in the table below:

 

 

 

 

 

Amounts in thousands

2013

2012

Unrecognized tax benefit - January 1
$
191 
$
191 

Gross increases - tax positions in prior period

                                0
0 

Gross decreases - tax positions in prior period

                                0
0 

Gross increases - tax positions in current period

                                0
0 

Settlements

                                0
0 

Lapse of statute of limitations
(45)
0 

Unrecognized benefit - December 31
$
146 
$
191 

 

 

 

The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued no penalties and interest of less than $0.1 million during 2013 and in total, as of December 31, 2013, recognized a liability of less than $0.1 million. During 2012, the Company accrued no penalties and interest of less than $0.1 million and in total, as of December 31, 2012, recognized a liability less than $0.1 million.

 

Included in the balance of unrecognized tax benefits as of December 31, 2013 and 2012, is $0.1 million of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2013 and 2012, $0.1 million, of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.

 

The Company’s U.S. and foreign pre-tax income is summarized in the table below:

 

 

 

 

 

Amounts in thousands

2013

2012

Income (loss) before taxes:

 

 

  U.S.

($397)
$
774 

Foreign

7,766 
4,345 

Total income before taxes
$
7,369 
$
5,119 

 


Fair Value Measurements
v0.0.0.0
Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Fair Value Measurements

11. FAIR VALUE MEASUREMENTS

The Company follows fair value measurement authoritative accounting guidance for all assets and liabilities measured at fair value. That authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Market or observable inputs are the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The fair value hierarchy for grouping these assets and liabilities is based on the significance level of the following inputs:

 

·

Level 1 – quoted prices in active markets for identical assets or liabilities

·

Level 2 – quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable

·

Level 3 – significant inputs to the valuation model are unobservable

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.  The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.  The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. 

 

Recurring Fair Value Measurements

The Company had no assets or liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. 

 

 

Nonrecurring Fair Value Measurements

The Company has applied the provisions of the fair value measurement standard to its nonrecurring, non-financial assets and liabilities measured at fair value.  These assets and liabilities consist of those acquired by the Company in connection with its increased ownership in CPL and UHA. These assets and liabilities are not measured at fair value on an ongoing basis. The following table presents information about the Company’s non-financial assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those assets fall. There were no assets or liabilities measured at fair value at December 31, 2012.

 

 

 

 

 

 

Level 1

Level 2

Level 3

Contingent liability

$0

$0

$5,104

Noncontrolling interest

$0

$0

$7,641

Property and equipment, net

$0

$0

$37,325

Casino licenses

$0

$0

$5,236

Trademark

$0

$0

$2,021

Long-term debt

$0

$0

$24,782

 

The Company used the following methods to estimate the fair values of the assets and liabilities in the table above:

 

Contingent liability – Level 3 fair value measurements include the measurement of the contingent liability recorded for CPL and UHA. The Company measures the fair value of the contingent liability using a probability weighted cash flow analysis. Because of the significance of the unobservable inputs in the fair value measurements of the liability, such measurements have been classified as Level 3.

 

Noncontrolling interest - Noncontrolling interests are measured primarily by a market comparables analysis that considers key financial inputs and recent public and private transactions and other available measures.

 

Property and equipment, net –The Company measured the fair value of property and equipment by using the direct market value approach and the direct and indirect cost approach. Because of the significance of the unobservable inputs in the fair value measurements of the liability, such measurements have been classified as Level 3.

 

Casino licenses– The Company measured casino licenses acquired from CPL by using a replacement cost method. Because of the significance of the unobservable inputs in the fair value measurements of the liability, such measurements have been classified as Level 3.

 

Trademark – The Company measured the Casinos Poland trademark acquired from CPL by using the relief from royalty method. Because of the significance of the unobservable inputs in the fair value measurements of the liability, such measurements have been classified as Level 3.

 

Long-term debt – The carrying value of the Company’s BMO Credit Agreement approximates fair value as of December 31, 2013 and December 31, 2012 because it bears interest at the lenders’ variable rate.  The carrying value of the CPL debt approximates fair value as of December 31, 2013 because a substantial portion of the debt is short-term with a primarily variable interest rate and CPL recently negotiated the debt with the lender.

 

Other Estimated Fair Value Measurements – The estimated fair values of our other assets and liabilities, such as cash and cash equivalents, accounts receivable, inventory, accrued payroll and accounts payable, have been determined to approximate carrying value based on the short-term nature of those financial instruments.    

 


Segment Information
v0.0.0.0
Segment Information
 12 Months Ended
Dec. 31, 2013
Segment Information [Abstract]  
Segment Information

 

 

12.SEGMENT AND GEOGRAPHIC INFORMATION

The Company’s chief operating decision maker is a management function comprised of two individuals.  These two individuals are our Co-CEOs. The Company’s casino properties provide gaming, hotel accommodations, dining facilities and other amenities to the Company’s customers. Management views each property as an operating segment based on its business activities, financial information, and operating results, which are used by our chief operating decision maker function to assess performance and allocate resources within the Company. The Company’s operating segments have been aggregated into one reporting segment based on the similarities among economic characteristics, the nature of the products and services provided, types of customers, the methods used to distribute our products and services, and the regulatory environments in which they operate and their management and reporting structure. All significant intercompany transactions have been eliminated. 

 

The Company's principal operating activities occur in four geographic areas: the United States, Canada, Europe and in international waters. The following summary provides information regarding the Company’s principal geographic areas as of and for the years ended December 31:

 

 

 

 

 

 

 

Long Lived Assets

Amounts in thousands

2013

 

2012

   

 

 

 

United States
$
55,809 

 
$
55,442 

   

 

 

 

International:

 

 

 

   Canada
$
67,858 

 
$
49,754 

Europe
33,793 

 
4,157 

   International waters
804 

 
1,187 

  Aruba
0 

 
0 

Total international
102,455 

 
55,098 

Total
$
158,264 

 
$
110,540 

 

 

 

 

 

 

 

   

Net Operating Revenue

Amounts in thousands

2013

 

2012

United States
$
29,193 

 
$
30,432 

   

 

 

 

International:

 

 

 

   Canada
$
33,748 

 
$
34,465 

   Europe
34,820 

 
8 

   International waters
6,456 

 
6,601 

   Aruba
371 

 
322 

Total international
75,395 

 
41,396 

Total
$
104,588 

 
$
71,828 

 


Commitments, Contingencies And Other Matters
v0.0.0.0
Commitments, Contingencies And Other Matters
 12 Months Ended
Dec. 31, 2013
Commitments, Contingencies And Other Matters [Abstract]  
Commitments, Contingencies And Other Matters

 

 

13.COMMITMENTS, CONTINGENCIES AND OTHER MATTERS

 

Litigation – From time to time, the Company is subject to various legal proceedings arising from normal business operations. The Company does not expect the outcome of such proceedings, either individually or in the aggregate, to have a material effect on its financial position, cash flows or results of operations except for the proceedings involving the Polish IRS described in Note 3.

 

Employee Benefit Plans – The Company provides its employees in Colorado with a 401(k) Savings and Retirement Plan (the “401K Plan”). The 401K Plan allows eligible employees to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants become fully vested in employer contributions over a six-year period. Effective January 1, 2012, the Company reinstated matching contributions that were suspended on December 1, 2008. For the years ended December 31, 2013 and 2012, the Company contributed less than $0.1 million to the 401K plan.

 

The Company provides its employees in Canada with two registered retirement plans: the Registered Savings Plan and Registered Pension Plan (“RSP and RPP Plans”). The RSP and RPP Plans allow eligible employee to make tax-deferred cash contributions that are matched on a discretionary basis by the Company up to a specified level. Participants of the RPP Plan become fully vested in employer contributions over a two-year period and participants of the RSP Plan become fully vested in employer contributions immediately. The Company contributed $0.1 million to the RSP and RPP Plans during the years ended December 31, 2013 and 2012. 

 

Austrian Depository Certificates (“ADC”) Guarantee - The Company has issued a guarantee of $1.1 million (€0.8 million) to Bank Austria in connection with the listing of ADCs on the Vienna Stock Exchange. Bank Austria in turn issued a guarantee in the same amount to Oesterreichische Kontrollbank, the holder of the global certificate representing the ADCs. The guarantee is provided to reimburse Oesterreichisch Kontrollbank through Bank Austria for any amounts incurred by it as a result of claims or damages and lawsuits that an ADC holder may raise or file against the Company. The guarantee is required by the Oesterreichische Kontrollbank.

 

Operating Lease Commitments and Purchase Options – The Company has entered into certain noncancelable operating leases for real property and equipment. Rental expenses, including month-to-month rentals, were $0.8 million for the years ended December 31, 2013 and 2012. 

 

Following is a summary of operating lease commitments as of December 31, 2013:

 

 

 

 

 

Amounts in thousands

 

2014
$
192 

2015
$
147 

2016
$
132 

2017
$
117 

Total
$
588 

 


Transactions With Related Parties
v0.0.0.0
Transactions With Related Parties
 12 Months Ended
Dec. 31, 2013
Transactions With Related Parties [Abstract]  
Transactions With Related Parties

 

14.TRANSACTIONS WITH RELATED PARTIES

 

The Company has entered into separate management agreements with Flyfish Casino Consulting AG (“Flyfish”), a management company controlled by Erwin Haitzmann’s family trust/foundation, and with Focus Lifestyle & Entertainment AG (“Focus”), a management company controlled by Peter Hoetzinger’s family trust/foundation, to secure the services of each officer and related management company. Both Co CEOs are responsible for planning, directing, and controlling the activities of the Company. Included in the consolidated statements of earnings are charges from both Flyfish and Focus for a total of $1.0 million for the years ended December 31, 2013 and December 31, 2012.


Significant Accounting Policies (Policy)
v0.0.0.0
Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2013
Significant Accounting Policies [Abstract]  
Principles Of Consolidation

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of CCI and its majority owned subsidiaries. As of November 29, 2013, the Company began consolidating UHA as a minority owned subsidiary for which it has a controlling financial interest. All intercompany transactions and balances have been eliminated.

Use Of Estimates

 

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

 

Recently Issued Accounting Pronouncement

Recently Issued Accounting Pronouncement – In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.  The objective of ASU 2013-11 is to provide guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013.  The Company is currently assessing the impact the standard will have on its financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents – All highly liquid investments with an original maturity of three months or less are considered cash equivalents.

Concentrations Of Credit Risk

Concentrations of Credit Risk - Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. Although the amount of credit exposure to any one institution may exceed federally insured amounts, the Company limits its cash investments to high quality financial institutions in order to minimize its credit risk.

Inventories

Inventories – Inventories, which consist primarily of food, beverage, retail merchandise and operating supplies, are stated at the lower of cost or market. Cost is determined by the first-in, first out method.

Property And Equipment

Property and Equipment - Property and equipment are stated at cost. Depreciation of assets in service is determined using the straight-line method over the estimated useful lives of the assets. Leased property and equipment under capital leases are amortized over the lives of the respective leases or over the service lives of the assets, whichever is shorter. Estimated service lives used are as follows:

 

Buildings and improvements

7–39 years

Gaming equipment

3–7 years

Furniture and non-gaming equipment

3-7 years

 

The Company evaluates long-lived assets for possible impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If there is an indication of impairment, determined by the excess of the carrying value in relation to anticipated undiscounted future cash flows, the carrying amount of the asset is written down to its estimated fair value by a charge to operations. No long-lived asset impairment charges were recorded for the years ended December 31, 2013 or 2012.

 

 

Goodwill

Goodwill—Goodwill represents the excess purchase price over the fair value of the net identifiable assets acquired related to third party business combinations.  See Note 5.

Intangible Assets

Intangible Assets—Identifiable intangible assets include trademarks and casino licenses.  The Company’s trademarks and UHA casino license are indefinite-lived intangible assets and therefore are not amortized.  The Company’s casino licenses related to CPL are finite-lived intangible assets and are amortized over their respective useful lives.  See Note 5

Foreign Currency Translation

Foreign Currency Translation –

The Company’s functional currency is the U.S. dollar (“USD” or “$”).  Foreign subsidiaries with a functional currency other than the U.S. dollar translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods.  The Company and its subsidiaries enter into various transactions made in currencies different from their functional currencies.  These transactions are typically denominated in the Canadian dollar (“CAD”), Euro (“EUR”) and Polish zloty (“PLN”).  Gains and losses resulting from changes in foreign currency exchange rates related to these transactions are included in income from operations as they occur. 

 

The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows:

 

 

 

 

 

Ending Rates

2013

2012

Canadian dollar (CAD)
1.0636 
0.9949 

Euros (€)
0.7258 
0.7584 

Polish zloty (PLN)
3.0182 
3.0996 

 

 

 

 

 

 

 

Average Rates

2013

2012

% Change

Canadian dollar (CAD)
1.0302 
0.9996 
(3.1%)

Euros (€)
0.7532 
0.7781 
3.2% 

Polish zloty (PLN)
3.1597 
3.2541 
2.9% 

Source: Pacific Exchange Rate Service

 

 

 

 

Comprehensive Earnings (Loss)

Comprehensive Earnings (Loss) – Comprehensive earnings (loss) includes the effect of fluctuations in foreign currency rates on the values of the Company’s foreign investments.

 

Revenue Recognition And Promotional Allowances

Revenue Recognition and Promotional Allowances – Casino revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for chips in the customer’s possession. Hotel, bowling, food and beverage revenue is recognized when products are delivered or services are performed. Management fees are recognized as revenue when services are provided. Advance deposits on rooms and advance ticket sales are recorded as accrued liabilities until services are provided to the customer. The incremental amount of unpaid progressive jackpots is recorded as a liability and a reduction of casino revenue in the period during which the progressive jackpot increases. Revenue is recognized net of incentives related to gaming play and points earned in point-loyalty programs.

 

At the Company’s casinos in Edmonton and Calgary, the Alberta Gaming and Liquor Commission (“AGLC”) retains 85% of slot machine net win, of which 15% is allocated to licensed charities. For all table games, excluding poker and craps, the casino is required to allocate 50% of its net win to a charity designated by the AGLC. For poker and craps, 25% of the casino’s net win is allocated to the charity. The Century Casino & Hotel in Edmonton and the Century Casino Calgary record revenue net of the amounts retained by the AGLC and charities.

 

Hotel accommodations, bowling, food and beverage furnished without charge to customers are included in gross revenue at retail value and are deducted as promotional allowances to arrive at net operating revenue. The Company issues coupons to customers for the purpose of generating future revenue. The value of coupons redeemed is applied against the revenue generated on the day of the redemption. The estimated cost of providing promotional allowances is included in casino expenses.

 

 

Loyalty Programs

Loyalty Programs - Members of the Company’s casinos’ player clubs earn points based on, among other things, their volume of play at the Company’s casinos. Players can accumulate points over time that they may redeem at their discretion under the terms of the program. The Company records a liability based on the points earned multiplied by the redemption value, and records a corresponding reduction in casino revenue. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The value of the points is offset against the revenue in the period in which the points were earned. The value of unused or unredeemed points is included in accounts payable and accrued liabilities on the Company’s consolidated balance sheets. The expiration of unused points results in a reduction of the liability. As of December 31, 2013 and 2012, the outstanding balance of this liability was $0.9 million and $1.0 million, respectively.

Stock-Based Compensation

Stock-Based Compensation – Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as expense over the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of all option grants.

Advertising Expenses

Advertising Expenses – Advertising costs are expensed when incurred by the Company. Advertising expenses were $1.4 million and $1.6 million in each of the years ended December 31, 2013 and 2012, respectively.

Income Taxes

Income Taxes – The Company accounts for income taxes using the asset and liability method, which provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, at a rate expected to be in effect when the differences become deductible or payable. Recorded deferred tax assets are evaluated for impairment by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $5.4 million resulting from net operating losses in the U.S., $0.8 million resulting from the Calgary casino purchase and $0.6 million from the Century Casinos Europe subsidiary have been fully reserved (see Note 10). The Company will assess the continuing need for a valuation allowance that results from uncertainty regarding its ability to realize the benefits of the Company’s deferred tax assets. Further, the Company’s implementation of certain tax strategies could reduce the need for a valuation allowance in the future. 

 

Earnings Per Share

Earnings Per Share – The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method. Weighted average shares outstanding for the year ended December 31, 2013 and 2012 were as follows:

 

 

 

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Weighted average common shares, basic

24,052 
24,004 

Dilutive effect of stock options

161 
101 

Weighted average common shares, diluted

24,213 
24,105 

 

The following stock options are anti-dilutive and have not been included in the weighted- average shares outstanding calculation:

 

 

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Stock options

68 
887 

 


Significant Accounting Policies (Tables)
v0.0.0.0
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Significant Accounting Policies [Abstract]  
Schedule Of Depreciation Period Of Property And Equipment

Buildings and improvements

7–39 years

Gaming equipment

3–7 years

Furniture and non-gaming equipment

3-7 years

 

Exchange Rates

 

 

 

 

 

Ending Rates

2013

2012

Canadian dollar (CAD)
1.0636 
0.9949 

Euros (€)
0.7258 
0.7584 

Polish zloty (PLN)
3.0182 
3.0996 

 

 

 

 

 

 

 

Average Rates

2013

2012

% Change

Canadian dollar (CAD)
1.0302 
0.9996 
(3.1%)

Euros (€)
0.7532 
0.7781 
3.2% 

Polish zloty (PLN)
3.1597 
3.2541 
2.9% 

Source: Pacific Exchange Rate Service

 

 

 

 

Schedule Of Weighted Average Shares Outstanding

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Weighted average common shares, basic

24,052 
24,004 

Dilutive effect of stock options

161 
101 

Weighted average common shares, diluted

24,213 
24,105 

 

Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding

 

 

 

 

For the year ended

 

December 31

Amounts in thousands

2013

2012

Stock options

68 
887 

 


Acquisition (Tables)
v0.0.0.0
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2013
Casinos Poland Ltd [Member]
  
Business Acquisition [Line Items]  
Purchase Consideration - Cash Outflow

 

 

Outflow of cash to acquire subsidiary, net of cash acquired

 

Cash consideration
$
6,780 

Less: balances acquired
(2,381)

Net of cash - investing activities
$
4,399 

 

Pro Forma Results

 

 

 

 

 

 

 

Unaudited

For the year ended December 31,

 

Unaudited

For the year ended December 31,

 

 

2013

 

2012

Net operating revenue

 
$
117,955 

 
$
115,843 

Net earnings

 
$
6,037 

 
$
4,620 

Basic and diluted earnings per share

 
$
0.25 

 
$
0.19 

 

United Horsemen Of Alberta Inc. [Member]
  
Business Acquisition [Line Items]  
Assets And Liabilities Recognized As A Result Of The Acquisition

 

 

Acquisition Date

November 29, 2013

 

 

Amounts in thousands

 

Purchase consideration:

 

Cash paid
$
0 

Acquisition date fair value for 15% equity interest for the Company's guarantee of additional REC project financing
$
397 

Total purchase consideration
$
397 

 

 

 

 

Cash
$
98 

Restricted cash
472 

Accounts receivable
126 

Prepaid expenses
12 

Casino license
3,001 

Property and equipment
19,234 

Accounts payable and accrued liabilities
(471)

Taxes payable
(19)

Contingent liability
(189)

Long-term debt, less current portion
(19,792)

Net identifiable assets acquired

2,472 

 

 

Less: Non-controlling interest
(2,253)

Add: Goodwill
178 

Net assets acquired
$
397 

 

Casinos Poland Ltd [Member]
  
Business Acquisition [Line Items]  
Gain On Business Combination

 

 

Amounts in thousands (in USD)

Total

Investment fair value - April 8, 2013
$
5,214 

Investment book value at April 8, 2013
(3,020)

Gain on business combination including foreign currency translation
2,194 

Less: foreign currency translation
(113)

Gain on business combination
$
2,081 

 

Total Purchase Consideration

 

 

Acquisition Date

April 8, 2013

 

 

Amounts in thousands

 

Purchase consideration:

 

Cash paid
$
6,780 

Acquisition-date fair value of the previously held equity interest
5,214 

Total purchase consideration, including fair value of previously held equity interest
$
11,994 

 

Assets And Liabilities Recognized As A Result Of The Acquisition

 

 

Cash
$
2,381 

Accounts receivable
545 

Deferred tax assets - current

325 

Prepaid expenses
354 

Inventory
139 

Other current assets
3 

Property and equipment
17,905 

Licenses
2,533 

Trademark
1,924 

Deferred tax assets, non-current
1,034 

Other long-term assets
477 

Current portion of long-term debt
(4,267)

Accounts payable and accrued liabilities
(1,743)

Contingent liability
(5,776)

Accrued payroll
(1,640)

Taxes payable
(2,112)

Long-term debt, less current portion
(1,687)

Deferred income taxes, non-current
(1,257)

Net identifiable assets acquired

9,138 

 

 

Less: Non-controlling interest
(5,214)

Add: Goodwill
8,070 

Net assets acquired
$
11,994 

 


Property And Equipment (Tables)
v0.0.0.0
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2013
Property and Equipment [Abstract]  
Property and Equipment

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Land

$
50,465 

 
$
30,639 

Buildings and improvements
$
89,429 

 
$
80,308 

Gaming equipment
$
22,244 

 
$
16,746 

Furniture and non-gaming equipment
$
19,243 

 
$
16,922 

Capital leases
$
286 

 
$
0 

Capital projects in process
$
1,704 

 
$
778 

 
$
183,371 

 
$
145,393 

Less accumulated depreciation

($50,732)

 

($45,867)

 

 

 

 

Property and equipment, net
$
132,639 

 
$
99,526 

 


Goodwill And Intangible Assets (Tables)
v0.0.0.0
Goodwill And Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2013
Changes In The Carrying Amount Of Goodwill

 

 

 

 

 

Amounts in thousands

Edmonton

Casinos Poland

UHA

Total

Balance – January 1, 2013
$
4,941 
$
0 
$
0 
$
4,941 

Purchase of Casinos Poland (Note 3)
0 
8,070 
0 
8,070 

Purchase of UHA (Note 3)
0 
0 
178 
178 

Effect of foreign currency translation
(319)
409 
0 
90 

Balance – December 31, 2013
$
4,622 
$
8,479 
$
178 
$
13,279 

 

Trademarks

 

 

 

 

Amounts in thousands

 

Century Casinos

$
108 

Casinos Poland
2,021 

Total

$
2,129 

 

 

 

 

 

 

 

Amounts in thousands

Century Casinos, Inc.

Casinos Poland

Total

Balance – January 1, 2013
$
104 
$
0 
$
104 

Additions
4 
0 
4 

Purchase of Casinos Poland (Note 3)
0 
1,924 
1,924 

Effect of foreign currency translation
0 
97 
97 

Balance – December 31, 2013
$
108 
$
2,021 
$
2,129 

 

Casinos Poland Ltd [Member]
  
Intangible Asset

 

 

 

Casinos Poland

Amounts in thousands

 

Balance – April 8, 2013
$
2,533 

Amortization

(395)

Effect of foreign currency translation
107 

Balance – December 31, 2013
$
2,245 

 

Estimated Amortization Expense

 

 

Amounts in thousands

 

2014
569 

2015
569 

2016
531 

2017
433 

2018
127 

Thereafter
16 

 
$
2,245 

 

United Horsemen Of Alberta Inc. [Member]
  
Intangible Asset

 

 

 

UHA

Amounts in thousands

 

Balance – November 29, 2013
$
3,001 

Effect of foreign currency translation
10 

Balance – December 31, 2013
$
2,991 

 


Long-Term Debt (Tables)
v0.0.0.0
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2013
Long-Term Debt [Abstract]  
Schedule Of Long-Term Debt

 

 

 

 

 

December 31,

 

December 31,

Amounts in thousands

2013

 

2012

Credit agreement - Bank of Montreal
$
9,277 

 
$
3,564 

Credit agreement - Casinos Poland
4,798 

 
0 

Credit facilities - Casinos Poland
1,447 

 
0 

Capital leases - Casinos Poland
207 

 
0 

Financing obligation - UHA land lease
18,330 

 
0 

Total long-term debt
$
34,059 

 
3,564 

Less current portion

(4,195)

 
(372)

Long-term portion
$
29,864 

 
$
3,192 

 

Schedule Of Maturities Of Long-term Debt

 

 

Amounts in thousands

 

2014
$
4,195 

2015
$
2,714 

2016
$
2,645 

2017
$
1,034 

2018
$
1,034 

Thereafter
$
22,437 

Total
$
34,059 

 


Other Balance Sheet Captions (Tables)
v0.0.0.0
Other Balance Sheet Captions (Tables)
 12 Months Ended
Dec. 31, 2013
Other Balance Sheet Captions [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Accounts payable

$
2,460 

 
$
1,305 

Accrued commissions (AGLC)
$
726 

 
$
1,946 

Progressive slot & table liability
$
1,173 

 
$
935 

Player point liability

$
874 

 
$
1,017 

Other accrued liabilities
$
3,046 

 
$
1,176 

Total
$
8,279 

 
$
6,379 

 

Schedule Of Components Of Taxes Payable

 

 

 

 

 

December 31,

Amounts in thousands

2013

 

2012

Accrued property taxes
$
1,036 

 
$
1,052 

Gaming taxes payable
$
3,150 

 
$
1,031 

Other taxes payable
$
617 

 
$
1,330 

Total
$
4,803 

 
$
3,413 

 


Stock-Based Compensation (Tables)
v0.0.0.0
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Stock-Based Compensation [Abstract]  
Stock Options Activity

 

 

 

 

 

 

 

 

 

Option Shares

Weighted -Average Exercise Price

Weighted -Average Remaining Contractual Term

Options Exercisable

Weighted-Average Exercise Price

Outstanding at January 1, 2013
919,848 
$
2.94 

 
895,348 
$
2.96 

Granted
0 
0.00 

 

 

 

Exercised*
(849,210)
2.93 

 

 

 

Cancelled or forfeited
0 
0.00 

 

 

 

Outstanding at December 31, 2013
70,638 
$
3.03 
$
5.40 
56,638 
$
3.21 

*849,210 options were exercised and 249,647 shares were issued through net share settlement.

Stock Options Plans by Exercise Price Range

 

 

 

 

 

 

 

Dollar amounts in thousands

 

 

 

 

 

Exercise Price:

Options Outstanding

Options Exercisable

Intrinsic Value of Options Outstanding

Intrinsic Value of Options Exercisable

Weighted-Average Life of Options Outstanding (1)

Weighted-Average Life of Options Exercisable  (1)

$0.91
11,526 
11,526 
$
50 
$
50 
4.9 
4.9 

$0.93
11,612 
11,612 
$
50 
$
50 
4.9 
4.9 

$2.30
35,000 
21,000 
$
102 
$
61 
6.4 
6.4 

$9.00
12,500 
12,500 
$
0 
$
0 
3.5 
3.5 

 
70,638 
56,638 
$
202 
$
161 
5.15 
5.15 

(1) In years

 

 

 

 

 

 

 

Stock Options Valuation Assumptions

Weighted-average risk-free interest rate

1.31%

Weighted-average expected life

5.4 yrs

Weighted-average expected volatility

63.6%

Weighted-average expect dividends

$0

 


Income Taxes (Tables)
v0.0.0.0
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Taxes [Abstract]  
Provision For Income Taxes From Operations

 

 

 

 

 

Amounts in thousands

 

For the twelve months

ended December 31,

 

 

2013

 

2012

U.S. Federal - Current

 
$
25 

 
$
67 

U.S. Federal - Deferred

 
0 

 
0 

Provision for U.S. federal income taxes

 
25 

 
67 

 

 

 

 

 

Foreign - Current

 
$
1,616 

 
$
1,009 

Foreign - Deferred

 
(348)

 
(48)

Provision for foreign income taxes

 
1,268 

 
961 

Total provision for income taxes

 
$
1,294 

 
$
1,028 

 

Tax Rate Reconciliation

 

 

 

Amounts in thousands

2013

2012

U.S. Federal income tax statutory rate

34.0% 
34.0% 

Foreign income taxes
(18.5%)
(10.0%)

Equity in Polish investment
(5.4%)
0.2% 

State income tax (net of federal benefit)
(0.3%)
0.8% 

 

 

 

Valuation allowance
5.7% 
(2.6%)

Permanent and other items
2.1% 
(2.3%)

Total provision for income taxes
17.6% 
20.1% 

 

Deferred Income Taxes

 

 

 

Amounts in thousands

2013

2012

Deferred tax assets (liabilities) - U.S. Federal and state:

 

 

 

 

 

Deferred tax assets - current:

 

 

Accrued liabilities and other
$
169 
$
181 

Deferred tax (liabilities) - current:

 

 

Prepaid expenses

(67)
(101)

Valuation allowance
(167)
(177)

Net deferred tax (liabilities) - current
(65)
(97)

 

 

 

Deferred tax assets - non-current:

 

 

Amortization of goodwill for tax
473 
526 

Amortization of startup costs
317 
359 

Property and equipment
971 
1,089 

NOL carry forward
2,894 
2,584 

Accrued liabilities and other
675 
371 

Total deferred tax assets - non-current
5,330 
4,929 

Valuation allowance
(5,265)
(4,832)

Net deferred tax assets - non-current
65 
97 

Total deferred tax assets - U.S. federal and state
$
0 
$
0 

 

 

 

Deferred tax assets (liabilities) - foreign

 

 

 

 

 

Deferred tax assets - current:

 

 

NOL carryforward

$
0 
$
0 

Other
229 
79 

Deferred tax (liabilities) - current:

 

 

Other
(96)
0 

Net deferred tax assets - current
133 
79 

 

 

 

Deferred tax assets - non-current:

 

 

Property and equipment
1,771 
621 

  NOL carryforward
2,483 
2,504 

  Tax credits
262 
348 

Accrued liabilities and other
453 
322 

Deferred tax (liabilities) - non current:

 

 

Property and equipment
(2,477)
(2,682)

Contingent liability
(1,208)
0 

Others
(223)
0 

Valuation allowance
(1,400)
(1,745)

Net deferred tax (liabilities) - non-current
(339)
(632)

Total deferred tax (liabilities) - foreign

($206)

($553)

Net deferred tax (liabilities)

($206)

($553)

 

Tax Returns Subject To Examination, By Tax Year

 

 

Jurisdiction:

Periods

U.S. Federal

2006 - 2012

U.S. State – Colorado

2005 - 2011

Canada

2006 - 2012

South Africa

2008 - 2009

 

Unrecognized Tax Benefit

 

 

 

Amounts in thousands

2013

2012

Unrecognized tax benefit - January 1
$
191 
$
191 

Gross increases - tax positions in prior period

                                0
0 

Gross decreases - tax positions in prior period

                                0
0 

Gross increases - tax positions in current period

                                0
0 

Settlements

                                0
0 

Lapse of statute of limitations
(45)
0 

Unrecognized benefit - December 31
$
146 
$
191 

 


Fair Value Measurements (Tables)
v0.0.0.0
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Measurements [Abstract]  
Nonrecurring Fair Value Measurements

 

 

 

 

 

Level 1

Level 2

Level 3

Contingent liability

$0

$0

$5,104

Noncontrolling interest

$0

$0

$7,641

Property and equipment, net

$0

$0

$37,325

Casino licenses

$0

$0

$5,236

Trademark

$0

$0

$2,021

Long-term debt

$0

$0

$24,782

 


Segment Information (Tables)
v0.0.0.0
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2013
Segment Information [Abstract]  
Schedule of Long-Lived Assets, by Geographical Areas

 

 

 

 

 

Long Lived Assets

Amounts in thousands

2013

 

2012

   

 

 

 

United States
$
55,809 

 
$
55,442 

   

 

 

 

International:

 

 

 

   Canada
$
67,858 

 
$
49,754 

Europe
33,793 

 
4,157 

   International waters
804 

 
1,187 

  Aruba
0 

 
0 

Total international
102,455 

 
55,098 

Total
$
158,264 

 
$
110,540 

 

Schedule of Revenue from External Customers, by Geographical Areas

 

 

 

 

   

Net Operating Revenue

Amounts in thousands

2013

 

2012

United States
$
29,193 

 
$
30,432 

   

 

 

 

International:

 

 

 

   Canada
$
33,748 

 
$
34,465 

   Europe
34,820 

 
8 

   International waters
6,456 

 
6,601 

   Aruba
371 

 
322 

Total international
75,395 

 
41,396 

Total
$
104,588 

 
$
71,828 

 


Commitments, Contingencies And Other Matters (Tables)
v0.0.0.0
Commitments, Contingencies And Other Matters (Tables)
 12 Months Ended
Dec. 31, 2013
Commitments, Contingencies And Other Matters [Abstract]  
Operating Lease Commitments And Purchase Options

 

 

Amounts in thousands

 

2014
$
192 

2015
$
147 

2016
$
132 

2017
$
117 

Total
$
588 

 


Description Of Business And Basis Of Presentation (Narrative) (Details)
v0.0.0.0
Description Of Business And Basis Of Presentation (Narrative) (Details)
 1 Months Ended 0 Months Ended 0 Months Ended
Dec. 31, 2013
item
Apr. 30, 2013
Percentage Of CPL Owned By CCE [Member]
Mar. 31, 2007
Percentage Of CPL Owned By CCE [Member]
Dec. 31, 2013
Percentage Of CPL Owned By Polish Airport [Member]
Dec. 31, 2013
Percentage Of UHA Owned by CCE [Member]
Dec. 31, 2013
Percentage Of UHA Owned By Unaffiliated Shareholders [Member]
Dec. 31, 2013
Casinos Poland Ltd [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Apr. 07, 2013
Casinos Poland Ltd [Member]
Feb. 21, 2013
BMO Credit Agreement [Member]
Description Of Business [Line Items]                    
Number of ship-based casinos 12                  
Number of cruise lines 4                  
Ownership percentage     33.30% 33.30% 15.00% 85.00% 66.60%   33.30%  
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines   33.30%           33.30%   33.30%

Significant Accounting Policies (Narrative) (Details)
v0.0.0.0
Significant Accounting Policies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Apr. 07, 2013
Casinos Poland Ltd [Member]
Ownership percentage       33.30%
Percentage of net win retained by Alberta Gaming and Liquor Commission 85.00%      
Percentage of net win retained by Alberta Gaming and Liquor Commission which is allocated to licensed charities 15.00%      
Percentage of casino net win allocated to charities for table games excluding poker and craps 50.00%      
Percentage of casino net win allocated to charities for poker and craps 25.00%      
Liability for loyalty programs $ 0.9 $ 1.0    
Advertising costs   1.6 1.6  
Deferred tax asset resulting from net operating losses in the U.S. 5.4      
Deferred tax asset resulting from Calgary Casino purchase 0.8      
Deferred tax asset resulting from Century Casinos Europe subsidiary $ 0.6      

Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details)
v0.0.0.0
Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details)
 12 Months Ended
Dec. 31, 2013
Maximum [Member] | Buildings And Improvements [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 39 years
Maximum [Member] | Gaming Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 7 years
Maximum [Member] | Furniture And Non-Gaming Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 7 years
Minimum [Member] | Buildings And Improvements [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 7 years
Minimum [Member] | Gaming Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 3 years
Minimum [Member] | Furniture And Non-Gaming Equipment [Member]
  
Property, Plant and Equipment [Line Items]  
Service lives of assets 3 years

Significant Accounting Policies (Exchange Rates) (Details)
v0.0.0.0
Significant Accounting Policies (Exchange Rates) (Details)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Canadian Dollar [Member]
    
Description Of Business And Basis Of Presentation [Line Items]    
Ending Rates 1.0636 0.9949
Average Rates 1.0302 0.9996
Average Rates, % Change (3.10%)  
Euros [Member]
    
Description Of Business And Basis Of Presentation [Line Items]    
Ending Rates 0.7258 0.7584
Average Rates 0.7532 0.7781
Average Rates, % Change 3.20%  
Polish Zloty [Member]
    
Description Of Business And Basis Of Presentation [Line Items]    
Ending Rates 3.0182 3.0996
Average Rates 3.1597 3.2541
Average Rates, % Change 2.90%  

Significant Accounting Policies (Promotional Allowances) (Details)
v0.0.0.0
Significant Accounting Policies (Promotional Allowances) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Significant Accounting Policies [Abstract]    
Total Promotional Allowances $ 7,640 $ 8,439

Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details)
v0.0.0.0
Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Significant Accounting Policies [Abstract]    
Weighted average common shares, basic 24,052 24,004
Dilutive effect of stock options 161 101
Weighted average common shares, diluted 24,213 24,105

Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details)
v0.0.0.0
Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details) (Stock Options [Member])
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Stock Options [Member]
    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options 68 887

Acquisition (Narrative) (Details)
v0.0.0.0
Acquisition (Narrative) (Details)
 0 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Apr. 08, 2013
Sep. 30, 2013
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2013
PLN
Apr. 08, 2013
Casinos Poland Ltd [Member]
USD ($)
Nov. 30, 2013
Casinos Poland Ltd [Member]
USD ($)
Nov. 30, 2012
Casinos Poland Ltd [Member]
PLN
Dec. 31, 2013
Casinos Poland Ltd [Member]
USD ($)
Dec. 31, 2013
Casinos Poland Ltd [Member]
PLN
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
USD ($)
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
USD ($)
Apr. 08, 2013
Polish Airports [Member]
USD ($)
Apr. 08, 2013
Polish Airports [Member]
PLN
Dec. 31, 2013
Polish Airports [Member]
Casinos Poland Ltd [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
USD ($)
Dec. 31, 2013
Casinos Poland Ltd [Member]
USD ($)
item
Apr. 07, 2013
Casinos Poland Ltd [Member]
Nov. 29, 2013
Century Casinos Europe GmbH [Member]
United Horsemen Of Alberta Inc. [Member]
CAD ($)
loan
Dec. 31, 2013
Century Casinos Europe GmbH [Member]
United Horsemen Of Alberta Inc. [Member]
Dec. 31, 2013
Century Casinos Europe GmbH [Member]
United Horsemen Of Alberta Inc. [Member]
USD ($)
Nov. 29, 2013
Century Casinos Europe GmbH [Member]
Loan A [Member]
United Horsemen Of Alberta Inc. [Member]
CAD ($)
Nov. 29, 2013
Century Casinos Europe GmbH [Member]
Loan B [Member]
United Horsemen Of Alberta Inc. [Member]
CAD ($)
Nov. 29, 2013
Century Casinos Europe GmbH [Member]
BMO Credit Agreement [Member]
United Horsemen Of Alberta Inc. [Member]
USD ($)
Dec. 31, 2013
Rosebridge [Member]
United Horsemen Of Alberta Inc. [Member]
acre
Dec. 31, 2013
County Of Rockyview [Member]
United Horsemen Of Alberta Inc. [Member]
USD ($)
Dec. 31, 2013
Racing Entertainment Center [Member]
United Horsemen Of Alberta Inc. [Member]
item
mi
Business Acquisition [Line Items]                                                      
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines                               33.30%                      
Cash paid           $ 6,780,000         $ 0         $ 6,800,000                      
Number of casinos                                 9                    
Number of slot machines                                 412                   550
Number of gaming tables                                 72                    
Ownership percentage                             33.30%     33.30%                  
Ownership interest in CPL                                 66.60%                    
Net operating revenue contributed by CPL                                 34,800,000                    
Earnings contributed by CPL                                 100,000                    
Remaining ownership interest in CPL     0 3,346,000                                              
Fair value of ownership interest           5,214,000         400,000         5,200,000                      
Gain on business combination     2,478,000 0   2,081,000           400,000       2,100,000                      
Assets carried in balance sheet                               27,600,000                      
Cash included in assets carried in balance sheet                               2,400,000                      
Liabilities carried in balance sheet                               18,500,000                      
Percentage of discount or reverse control premium to determine the value of the non-controlling interest                         22.50% 22.50%                          
Number of years of transactions analyzed 5 years                                                    
Resulting value of noncontrolling interest                         5,200,000 16,500,000                          
Acquisition costs   100,000                 200,000                                
Paid to the Polish IRS resulting from the decision             100,000 100,000 1,200,000 3,500,000                                  
Balance of potential tax liability     4,900,000   14,800,000                                            
Amended credit agreement                                     24,000,000     13,000,000 11,000,000        
Number of loans under amended credit agreement                                     2                
Funding for loans                                               11,000,000      
Percentage of affiliate owned                                     15.00%                
Basis points over BMO prime                                           6.00%          
Debt term                                           5 years 5 years        
Maximum potential ownership interest in UHA                                           60.00%          
Management fee as a percentage of net profit before tax of debtor upon completion of project                                         60.00%            
Owned by unaffiliated shareholders                     85.00%                                
Operating income, net     5,483,000 5,776,000               100,000                              
Net earnings     6,075,000 4,091,000               100,000                              
Horse race track length, furlongs                                                     5.5
Horse race track length, miles                                                     0.7
Assets     190,624,000 137,336,000               22,900,000                              
Cash                       100,000                              
Liabilities     61,174,000 19,180,000               20,500,000                              
Fair value of noncontrolling interest           5,214,000         2,253,000                                
Acres of land sold                                                 71.99    
Acres of land leased back                                                 51.99    
Promissory note issued to pay legal settlement                                                   200,000  
Loaned to UHA     1,390,000 0                                 200,000            
Amount released for escrow                                         $ 500,000            
Interest rate on advance to UHA                                       4.00%              

Acquisition (Gain On Business Combination) (Details)
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Acquisition (Gain On Business Combination) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Apr. 08, 2013
Casinos Poland Ltd [Member]
Dec. 31, 2012
Casinos Poland Ltd [Member]
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Business Acquisition [Line Items]            
Investment fair value     $ 5,214     $ 400
Investment book value       (3,020)    
Gain on business combination including foreign currency translation     2,194      
Less: foreign currency translation     (113)      
Gain on business combination $ 2,478 $ 0 $ 2,081   $ 400  

Acquisition (Purchase Consideration) (Details)
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Acquisition (Purchase Consideration) (Details) (USD $)
In Thousands, unless otherwise specified
Apr. 08, 2013
Casinos Poland Ltd [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Business Acquisition [Line Items]    
Cash paid $ 6,780 $ 0
Acquisition-date fair value of the previously held equity interest 5,214 397
Total purchase consideration $ 11,994 $ 397

Acquisition (Assets And Liabilities Recognized As A Result Of The Acquisition) (Details)
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Acquisition (Assets And Liabilities Recognized As A Result Of The Acquisition) (Details) (USD $)
In Thousands, unless otherwise specified
Apr. 08, 2013
Casinos Poland Ltd [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Cash [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Accounts Receivable [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Deferred Tax Assets Current [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Prepaid Expenses [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Inventory [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Other Current Assets [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Property And Equipment [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Licenses [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Trademark [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Deferred Tax Assets, Noncurrent [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Other Long-Term Assets [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Current Portion Of Long-Term Debt [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Accounts Payable And Accrued Liabilities [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Contingent Liability [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Accrued Payroll [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Taxes Payable [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Long-Term Debt, Less Current Portion [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Deferred Income Taxes, Noncurrent [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Cash [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Accounts Receivable [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Prepaid Expenses [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Property And Equipment [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Accounts Payable And Accrued Liabilities [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Contingent Liability [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Taxes Payable [Member]
Nov. 29, 2013
United Horsemen Of Alberta Inc. [Member]
Long-Term Debt, Less Current Portion [Member]
Business Acquisition [Line Items]                                                        
Assets recognized   $ 2,381 $ 545 $ 325 $ 354 $ 139 $ 3 $ 17,905 $ 2,533 $ 1,924 $ 1,034 $ 477                 $ 98 $ 126 $ 12 $ 19,234        
Liabilities recognized                         (4,267) (1,743) (5,776) (1,640) (2,112) (1,687) (1,257)           (471) (189) (19) (19,792)
Net identifiable assets acquired 9,138                                     2,472                
Less: Non-controlling interest (5,214)                                     (2,253)                
Add: Goodwill 8,070                                     178                
Net assets acquired $ 11,994                                     $ 397                

Acquisition (Purchase Consideration - Cash Outflow) (Details)
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Acquisition (Purchase Consideration - Cash Outflow) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 0 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Apr. 08, 2013
Casinos Poland Ltd [Member]
Business Acquisition [Line Items]      
Cash consideration     $ 6,780
Less: balances acquired (98) 0 (2,381)
Net of cash - investing activities $ 4,399 $ 0 $ 4,399

Acquisition (Pro Forma Information) (Details)
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Acquisition (Pro Forma Information) (Details) (Casinos Poland Ltd [Member], USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Casinos Poland Ltd [Member]
    
Business Acquisition [Line Items]    
Net operating revenue $ 117,955 $ 115,843
Net earnings $ 6,037 $ 4,620
Basic and diluted earnings per share $ 0.25 $ 0.19

Acquisition (Allocation Of Purchase Consideration) (Details)
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Acquisition (Allocation Of Purchase Consideration) (Details) (United Horsemen Of Alberta Inc. [Member], USD $)
In Thousands, unless otherwise specified
Nov. 29, 2013
Business Acquisition [Line Items]  
Cash paid $ 0
Acquisition date fair value for 15% equity interest for the Company's guarantee of additional REC project financing 397
Total purchase consideration 397
Net identifiable assets acquired 2,472
Less: Non-controlling interest (2,253)
Add: Goodwill 178
Net assets acquired 397
Cash [Member]
  
Business Acquisition [Line Items]  
Assets recognized 98
Restricted Cash [member]
  
Business Acquisition [Line Items]  
Assets recognized 472
Accounts Receivable [Member]
  
Business Acquisition [Line Items]  
Assets recognized 126
Prepaid Expenses [Member]
  
Business Acquisition [Line Items]  
Assets recognized 12
Casino License [Member]
  
Business Acquisition [Line Items]  
Assets recognized 3,001
Property And Equipment [Member]
  
Business Acquisition [Line Items]  
Assets recognized 19,234
Accounts Payable And Accrued Liabilities [Member]
  
Business Acquisition [Line Items]  
Liabilities recognized (471)
Taxes Payable [Member]
  
Business Acquisition [Line Items]  
Liabilities recognized (19)
Contingent Liability [Member]
  
Business Acquisition [Line Items]  
Liabilities recognized (189)
Long-Term Debt, Less Current Portion [Member]
  
Business Acquisition [Line Items]  
Liabilities recognized $ (19,792)

Property And Equipment (Details)
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Property And Equipment (Details) (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 183,371,000 $ 145,393,000
Less accumulated depreciation (50,732,000) (45,867,000)
Property and equipment, net 132,639,000 99,526,000
Depreciation expense 6,200,000 4,800,000
Land [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 50,465,000 30,639,000
Buildings And Improvements [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 89,429,000 80,308,000
Gaming Equipment [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 22,244,000 16,746,000
Furniture And Non-Gaming Equipment [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 19,243,000 16,922,000
Capital Leases [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 286,000 0
Capital Projects In Process [Member]
    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,704,000 $ 778,000

Goodwill And Intangible Assets (Narrative) (Details)
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Goodwill And Intangible Assets (Narrative) (Details) (USD $)
 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Casinos Poland Ltd [Member]
item
Apr. 08, 2013
Casinos Poland Ltd [Member]
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
item
Nov. 30, 2013
United Horsemen Of Alberta Inc. [Member]
Impairment charges related to goodwill $ 0          
Impairment charges related to trademarks 0          
Number of casino licenses     9   1  
Term of casino licenses, years     6 years      
Weighted-average period before next renewal 4 years          
Casino license 5,236,000 0 2,245,000 2,533,000 2,991,000 3,001,000
Impairment of casino license         $ 0  

Goodwill (Changes In The Carrying Amount Of Goodwill) (Details)
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Goodwill (Changes In The Carrying Amount Of Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Goodwill [Line Items]  
Balance $ 4,941
Purchase of Casinos Poland (Note 3) 8,070
Purchase of UHA (Note 3) 178
Effect of foreign currency translation 90
Balance 13,279
Edmonton [Member]
  
Goodwill [Line Items]  
Balance 4,941
Purchase of Casinos Poland (Note 3) 0
Purchase of UHA (Note 3) 0
Effect of foreign currency translation (319)
Balance 4,622
Casinos Poland Ltd [Member]
  
Goodwill [Line Items]  
Balance 0
Purchase of Casinos Poland (Note 3) 8,070
Purchase of UHA (Note 3) 0
Effect of foreign currency translation 409
Balance 8,479
United Horsemen Of Alberta Inc. [Member]
  
Goodwill [Line Items]  
Balance 0
Purchase of Casinos Poland (Note 3) 0
Purchase of UHA (Note 3) 178
Effect of foreign currency translation 0
Balance $ 178

Goodwill (Trademarks) (Details)
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Goodwill (Trademarks) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Total trademarks $ 2,129
Balance at beginning of period 104
Additions 4
Purchase of Casinos Poland (Note 3) 1,924
Effect of foreign currency translation 97
Balance at end of period 2,129
Century Casinos [Member]
  
Total trademarks 108
Balance at beginning of period 104
Additions 4
Purchase of Casinos Poland (Note 3) 0
Effect of foreign currency translation 0
Balance at end of period 108
Casinos Poland Ltd [Member]
  
Total trademarks 2,021
Balance at beginning of period 0
Additions 0
Purchase of Casinos Poland (Note 3) 1,924
Effect of foreign currency translation 97
Balance at end of period $ 2,021

Goodwill (Intangible Asset) (Details)
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Goodwill (Intangible Asset) (Details) (USD $)
In Thousands, unless otherwise specified
 9 Months Ended 1 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Casinos Poland Ltd [Member]
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
Finite-Lived Intangible Assets [Line Items]        
Balance $ 5,236 $ 0 $ 2,533 $ 3,001
Amortization     (395)  
Effect of foreign currency translation adjustments     107 10
Balance $ 5,236 $ 0 $ 2,245 $ 2,991

Goodwill (Estimated Amortization Expense) (Details)
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Goodwill (Estimated Amortization Expense) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Casinos Poland Ltd [Member]
Apr. 08, 2013
Casinos Poland Ltd [Member]
Finite-Lived Intangible Assets [Line Items]        
2014     $ 569  
2015     569  
2016     531  
2017     433  
2018     127  
THEREAFTER     16  
Total estimated amortization expense $ 5,236 $ 0 $ 2,245 $ 2,533

Long-Term Debt (Narrative) (Details)
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Long-Term Debt (Narrative) (Details)
 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Apr. 08, 2013
Casinos Poland Ltd [Member]
Dec. 31, 2013
Casinos Poland Ltd [Member]
USD ($)
item
loan
Feb. 21, 2013
BMO Credit Agreement [Member]
CAD ($)
May 23, 2012
BMO Credit Agreement [Member]
CAD ($)
Dec. 31, 2013
BMO Credit Agreement [Member]
USD ($)
Dec. 31, 2013
BMO Credit Agreement [Member]
CAD ($)
Dec. 31, 2013
CPL Loan Agreements [Member]
Dec. 31, 2013
UHA Financing Obligation [Member]
Dec. 31, 2013
UHA Financing Obligation [Member]
Rosebridge [Member]
USD ($)
acre
Nov. 30, 2013
First Loan With BRE Bank [Member]
Dec. 31, 2013
First Loan With BRE Bank [Member]
USD ($)
Dec. 31, 2013
Second Loan With BRE Bank [Member]
USD ($)
Dec. 31, 2013
Line Of Credit With BRE Bank [Member]
USD ($)
Feb. 28, 2013
Line Of Credit With BRE Bank [Member]
Dec. 31, 2013
Line Of Credit With BPH Bank [Member]
USD ($)
Dec. 31, 2013
Maximum [Member]
BMO Credit Agreement [Member]
USD ($)
Dec. 31, 2012
Maximum [Member]
BMO Credit Agreement [Member]
USD ($)
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
USD ($)
Dec. 31, 2013
United Horsemen Of Alberta Inc. [Member]
Rosebridge [Member]
acre
Debt Instrument [Line Items]                                          
Weighted average interest rate on borrowings 7.00%               6.49%                        
Current interest rate             3.75% 3.75%                          
Stated interest rate             4.00% 4.00%                          
Implicit interest rate of financing obligation                   10.00% 10.00%                    
Maximum borrowing capacity           $ 28,000,000                              
Line of credit facility amount drawn to repay Edmonton mortgage           3,700,000                              
Term of credit agreement           5 years                              
Line of credit facility amount drawn to pay for additional equity investment         7,300,000                                
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines     33.30%   33.30%                                
Line of credit facility amount outstanding             9,300,000               100,000   1,400,000        
Line of credit facility amount available for borrowing             16,000,000 17,000,000             0   200,000        
Line of credit facility amount that cannot be reborrowed once repaid               11,000,000                          
Amortization of deferred financing costs 82,000 154,000                               100,000 100,000    
Percentage of equity interest pledged as collateral             15.00% 15.00%                          
Additional debt acquired during period       6,500,000                                  
Number of bank loans       2                                  
Number of bank lines of credit       2                                  
Number of capital lease agreements       11                                  
Debt instrument term                       2 years 6 months   2 years              
Interest rate percentage points above WIBOR                       1.75%   2.50%   2.00% 1.95%        
Term loan amount outstanding                         4,000,000 800,000              
Capital lease agreements       200,000                                  
Cash                                       100,000  
Acres of land sold                     71.99                   71.99
Acres of land leased back                     51.99                   51.99
Outstanding financing obligation                     $ 18,300,000                    

Long-Term Debt (Schedule of Long-term Debt) (Details)
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Long-Term Debt (Schedule of Long-term Debt) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]    
Total long-term debt $ 34,059 $ 3,564
Less: current maturities (4,195) (372)
Long-term portion 29,864 3,192
BMO Credit Agreement [Member]
    
Debt Instrument [Line Items]    
Total long-term debt 9,277 3,564
Credit Agreements - Casinos Poland [Member]
    
Debt Instrument [Line Items]    
Total long-term debt 4,798 0
Credit Facilities - Casinos Poland [Member]
    
Debt Instrument [Line Items]    
Total long-term debt 1,447 0
Capital Leases - Casinos Poland [Member]
    
Debt Instrument [Line Items]    
Total long-term debt 207 0
Financing Obligation - UHA Sale Leaseback [Member]
    
Debt Instrument [Line Items]    
Total long-term debt $ 18,330 $ 0

Long-Term Debt (Schedule Of Maturities of Long-term Debt) (Details)
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Long-Term Debt (Schedule Of Maturities of Long-term Debt) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Total long-term debt $ 34,059 $ 3,564
Bank Of Montreal [Member]
    
2014 4,195  
2015 2,714  
2016 2,645  
2017 1,034  
2018 1,034  
Thereafter 22,437  
Total long-term debt $ 34,059  

Other Balance Sheet Captions (Schedule of Accounts Payable and Accrued Liabilities) (Detail)
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Other Balance Sheet Captions (Schedule of Accounts Payable and Accrued Liabilities) (Detail) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities $ 8,279 $ 6,379
Accounts Payable [Member]
    
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities 2,460 1,305
Accrued Commissions (AGLC) [Member]
    
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities 726 1,946
Progressive Slot And Table Liability [Member]
    
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities 1,173 935
Player Point Liability [Member]
    
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities 874 1,017
Other Accrued Liabilities [Member]
    
Accounts Payable And Accrued Liabilities [Line Items]    
Accounts payable and accrued liabilities $ 3,046 $ 1,176

Other Balance Sheet Captions (Schedule Of Components Of Taxes Payable) (Details)
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Other Balance Sheet Captions (Schedule Of Components Of Taxes Payable) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Other Balance Sheet Captions [Abstract]    
Accrued property taxes $ 1,036 $ 1,052
Gaming taxes payable 3,150 1,031
Other taxes payable 617 1,330
Total $ 4,803 $ 3,413

Shareholder's Equity (Details)
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Shareholder's Equity (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Shareholder's Equity [Abstract]  
Amount of outstanding common stock available to be repurchased $ 15.0
Total remaining authorization under the repurchase program $ 14.7

Stock-Based Compensation (Narrative) (Details)
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Stock-Based Compensation (Narrative) (Details) (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock, shares authorized 50,000,000 50,000,000
Options outstanding 70,638 919,848
Options issued to independent directors 0  
Closing stock price per share $ 5.21  
Shares exercised 849,210 [1]  
Stock-based compensation expense $ 100,000  
Unrecognized compensation expense related to unvested stock options 100,000  
Tax benefits in excess of recognized cumulative compensation cost $ 0 $ 0
2005 Plan [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares authorized 2,000,000  
Maximum number of options that can be awarded to an eligible individual, per year 200,000  
Percentage of legal entity controlled by optionee 100.00%  
Options outstanding 70,638  
Maximum [Member] | 2005 Plan [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Exercise period of options 10 years  
Vesting period 4 years  
One-Year [Member] | 2005 Plan [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 1 year  
Minimum [Member] | 2005 Plan [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 6 years  
Independent Directors [Member]
    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Options outstanding 55,000  
Options issued to independent directors 30,000  
Weighted average exercise price per share of options outstanding $ 6.93  
[1] 849,210 options were exercised and 249,647 shares were issued through net share settlement.

Stock-Based Compensation (Stock Options Activity) (Details)
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Stock-Based Compensation (Stock Options Activity) (Details) (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Stock-Based Compensation [Abstract]    
Option Shares, Outstanding 919,848  
Option Shares, Granted 0  
Option Shares, Exercised (849,210) [1]  
Cancelled or forfeited 0  
Option Shares, Outstanding 70,638  
Weighted Average Exercise Price, Beginning Balance $ 2.94  
Weighted Average Exercise Price, granted $ 0.00  
Weighted Average Exercise Price, exercised $ 2.93 [1]  
Weighted Average Exercise Price, cancelled or forfeited $ 0.00  
Weighted Average Exercise Price, Ending Balance $ 3.03  
Weighted Average Remaining Contractual Term 5 years 4 months 24 days  
Options Exercisable 56,638 895,348
Weighted-Average Exercise Price $ 3.21 $ 2.96
[1] 849,210 options were exercised and 249,647 shares were issued through net share settlement.

Stock-Based Compensation (Stock Options Plans by Exercise Price Range) (Details)
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Stock-Based Compensation (Stock Options Plans by Exercise Price Range) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]    
Options Outstanding 70,638 919,848
Options Exercisable 56,638 895,348
Intrinsic Value of Options Outstanding $ 202  
Intrinsic Value of Options Exercisable 161  
Weighted-Average Life of Options Outstanding 5 years 1 month 24 days  
Weighted-Average Life of Options Exercisable 5 years 1 month 24 days  
$0.91 [Member]
    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]    
Exercise Price $ 0.91  
Options Outstanding 11,526  
Options Exercisable 11,526  
Intrinsic Value of Options Outstanding 50  
Intrinsic Value of Options Exercisable 50  
Weighted-Average Life of Options Outstanding 4 years 10 months 24 days  
Weighted-Average Life of Options Exercisable 4 years 10 months 24 days  
$0.93 [Member]
    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]    
Exercise Price $ 0.93  
Options Outstanding 11,612  
Options Exercisable 11,612  
Intrinsic Value of Options Outstanding 50  
Intrinsic Value of Options Exercisable 50  
Weighted-Average Life of Options Outstanding 4 years 10 months 24 days  
Weighted-Average Life of Options Exercisable 4 years 10 months 24 days  
$2.30 [Member]
    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]    
Exercise Price $ 2.30  
Options Outstanding 35,000  
Options Exercisable 21,000  
Intrinsic Value of Options Outstanding 102  
Intrinsic Value of Options Exercisable 61  
Weighted-Average Life of Options Outstanding 6 years 4 months 24 days  
Weighted-Average Life of Options Exercisable 6 years 4 months 24 days  
$9.00 [Member]
    
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]    
Exercise Price $ 9.00  
Options Outstanding 12,500  
Options Exercisable 12,500  
Intrinsic Value of Options Outstanding 0  
Intrinsic Value of Options Exercisable $ 0  
Weighted-Average Life of Options Outstanding 3 years 6 months  
Weighted-Average Life of Options Exercisable 3 years 6 months  

Stock-Based Compensation (Stock Options Valuation Assumptions) (Details)
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Stock-Based Compensation (Stock Options Valuation Assumptions) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Stock-Based Compensation [Abstract]  
Weighted-average risk-free interest rate 1.31%
Weighted-average expected life 5 years 4 months 24 days
Weighted-average expected volatility 63.60%
Weighted-average expect dividends $ 0

Income Taxes (Provision For Income Taxes From Operations) (Details)
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Income Taxes (Provision For Income Taxes From Operations) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Income Taxes [Abstract]    
U.S. Federal - Current $ 25 $ 67
U.S. Federal - Deferred 0 0
Provision for U.S. federal income taxes 25 67
Foreign - Current 1,616 1,009
Foreign - Deferred (348) (48)
Provision for foreign income taxes 1,268 961
Total provision for income taxes $ 1,294 $ 1,028

Income Taxes (Tax Rate Reconciliation) (Details)
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Income Taxes (Tax Rate Reconciliation) (Details)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Income Taxes [Abstract]    
U.S. Federal income tax statutory rate 34.00% 34.00%
Foreign income taxes (18.50%) (10.00%)
Equity in Polish investment (5.40%) 0.20%
State income tax (net of federal benefit) (0.30%) 0.80%
Valuation allowance 5.70% (2.60%)
Permanent and other items 2.10% (2.30%)
Total provision for income taxes 17.60% 20.10%

Income Taxes (Deferred Income Taxes) (Details)
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Income Taxes (Deferred Income Taxes) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Net deferred tax assets (liabilities) - current $ 231 $ 83
Net deferred tax assets (liabilities) - non-current 3,634 2,145
Net deferred tax assets (liabilities) (206) (553)
U.S. Federal And State [Member]
    
Valuation allowance (167) (177)
Net deferred tax assets (liabilities) - current (65) (97)
Deferred tax assets - non-current 5,330 4,929
Valuation allowance - noncurrent (5,265) (4,832)
Net deferred tax assets (liabilities) - non-current 65 97
Net deferred tax assets (liabilities) 0 0
U.S. Federal And State [Member] | Accrued Liabilities And Other [Member]
    
Deferred tax assets - current 169 181
Deferred tax assets - non-current 675 371
U.S. Federal And State [Member] | Prepaid Expenses [Member]
    
Deferred tax (liabilities) - current (67) (101)
U.S. Federal And State [Member] | Amortization Of Goodwill For Tax [Member]
    
Deferred tax assets - non-current 473 526
U.S. Federal And State [Member] | Amortization Of Startup Costs [Member]
    
Deferred tax assets - non-current 317 359
U.S. Federal And State [Member] | Property And Equipment [Member]
    
Deferred tax assets - non-current 971 1,089
U.S. Federal And State [Member] | NOL Carryforward [Member]
    
Deferred tax assets - non-current 2,894 2,584
Foreign [Member]
    
Net deferred tax assets (liabilities) - current 133 79
Deferred tax (liabilities) - non-current (1,208) 0
Valuation allowance - noncurrent (1,400) (1,745)
Net deferred tax assets (liabilities) - non-current (339) (632)
Net deferred tax assets (liabilities) (206) (553)
Foreign [Member] | Accrued Liabilities And Other [Member]
    
Deferred tax assets - non-current 453 322
Foreign [Member] | Property And Equipment [Member]
    
Deferred tax assets - non-current 1,771 621
Deferred tax (liabilities) - non-current (2,477) (2,682)
Foreign [Member] | NOL Carryforward [Member]
    
Deferred tax assets - current 0 0
Deferred tax assets - non-current 2,483 2,504
Foreign [Member] | Other [Member]
    
Deferred tax assets - current 229 79
Deferred tax (liabilities) - current (96) 0
Deferred tax (liabilities) - non-current (223) 0
Foreign [Member] | Tax Credits [Member]
    
Deferred tax assets - non-current $ 262 $ 348

Income Taxes (Tax Returns Subject To Examination, By Jurisdiction) (Details)
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Income Taxes (Tax Returns Subject To Examination, By Jurisdiction) (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
U.S. Federal [Member]
  
Liability for uncertain tax positions $ 0.1
Foreign [Member]
  
Liability for uncertain tax positions $ 0.2
Minimum [Member] | U.S. Federal [Member]
  
Period 2006
Minimum [Member] | U.S. State - Colorado [Member]
  
Period 2005
Minimum [Member] | Canada [Member]
  
Period 2006
Minimum [Member] | South Africa [Member]
  
Period 2008
Maximum [Member] | U.S. Federal [Member]
  
Period 2012
Maximum [Member] | U.S. State - Colorado [Member]
  
Period 2011
Maximum [Member] | Canada [Member]
  
Period 2012
Maximum [Member] | South Africa [Member]
  
Period 2009

Income Taxes (Unrecognized Tax Benefit) (Details)
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Income Taxes (Unrecognized Tax Benefit) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Income Taxes [Abstract]    
Unrecognized tax benefit, January 1 $ 191 $ 191
Gross increases - tax positions in prior period      
Gross decreases - tax positions in prior period      
Gross increases - tax positions in current period      
Settlements      
Lapse of statute of limitations (45)   
Unrecognized tax benefit, December 31 $ 146 $ 191

Income Taxes (U.S. And Foreign Pre-Tax Income) (Details)
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Income Taxes (U.S. And Foreign Pre-Tax Income) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Total income before taxes $ 7,369 $ 5,119
U.S. Federal And State [Member]
    
Total income before taxes (397) 774
Foreign [Member]
    
Total income before taxes $ 7,766 $ 4,345

Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details)
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Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Measured at fair value on a recurring basis $ 0 $ 0
Contingent liability 5,104 0
Non-controlling interest 7,641 0
Property and equipment, net 132,639 99,526
Casino licenses 5,236 0
Trademark 2,129 104
Long-term debt 34,059 3,564
Level 1 [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent liability 0  
Non-controlling interest 0  
Property and equipment, net 0  
Casino licenses 0  
Trademark 0  
Long-term debt 0  
Level 2 [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent liability 0  
Non-controlling interest 0  
Property and equipment, net 0  
Casino licenses 0  
Trademark 0  
Long-term debt 0  
Level 3 [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent liability 5,104  
Non-controlling interest 7,641  
Property and equipment, net 37,325  
Casino licenses 5,236  
Trademark 2,021  
Long-term debt 24,782  
Century Casinos [Member]
    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trademark $ 108 $ 104

Segment Information (Schedule of Long-Lived Assets, by Geographical Areas) (Details)
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Segment Information (Schedule of Long-Lived Assets, by Geographical Areas) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]    
Long Lived Assets $ 158,264 $ 110,540
United States [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets 55,809 55,442
Canada [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets 67,858 49,754
Europe [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets 33,793 4,157
International Waters [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets 804 1,187
Aruba [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets 0 0
International [Member]
    
Segment Reporting Information [Line Items]    
Long Lived Assets $ 102,455 $ 55,098

Segment Information (Schedule of Revenue from External Customers, by Geographical Areas) (Details)
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Segment Information (Schedule of Revenue from External Customers, by Geographical Areas) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]    
Net Operating Revenue $ 104,588 $ 71,828
United States [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue 29,193 30,432
Canada [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue 33,748 34,465
Europe [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue 34,820 8
International Waters [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue 6,456 6,601
Aruba [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue 371 322
International [Member]
    
Segment Reporting Information [Line Items]    
Net Operating Revenue $ 75,395 $ 41,396

Commitments, Contingencies And Other Matters (Details)
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Commitments, Contingencies And Other Matters (Details)
 12 Months Ended 12 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2013
EUR (€)
Dec. 31, 2013
401K Plan [Member]
USD ($)
Dec. 31, 2012
401K Plan [Member]
USD ($)
Dec. 31, 2013
RSP And RPP Plans [Member]
USD ($)
item
Dec. 31, 2012
RSP And RPP Plans [Member]
USD ($)
Contributed to plan     $ 100,000 $ 100,000 $ 100,000 $ 100,000
Number of registered retirement plans in Canada         2  
Vesting period for plan     6 years   2 years  
Austrian depository certificates guarantee 1,100,000 800,000        
Rental expenses 800,000          
2014 192,000          
2015 147,000          
2016 132,000          
2017 117,000          
Total $ 588,000          

Transactions With Related Parties (Details)
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Transactions With Related Parties (Details) (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Transactions With Related Parties [Abstract]    
Charges from Flyfish and Focus $ 1.0 $ 1.0