Document and Entity Information
v0.0.0.0
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2012
Mar. 12, 2013
Jun. 30, 2012
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2012    
Document Fiscal Year Focus 2012    
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   24,128,114  
Entity Public Float     $ 57,300,505
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, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 24,747 $ 25,192
Receivables, net 700 1,108
Prepaid expenses 608 510
Inventories 311 273
Other current assets 86 113
Deferred income taxes 83 90
Total Current Assets 26,535 27,286
Property and equipment, net 99,526 99,605
Goodwill 4,941 4,833
Equity investment 3,346 2,756
Deferred income taxes 2,145 2,054
Other assets 582 193
Restricted cash 261 0
Total Assets 137,336 136,727
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current portion of long-term debt 372 9,100
Accounts payable and accrued liabilities 6,379 6,666
Accrued payroll 2,806 2,373
Taxes payable 3,413 3,100
Deferred income taxes 101 120
Total Current Liabilities 13,071 21,359
Long-term debt, less current portion 3,192 0
Taxes payable 237 203
Deferred income taxes 2,680 2,625
Total Liabilities 19,180 24,187
Commitments and Contingencies      
Shareholders' Equity:    
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding      
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,233,174 and 23,993,174 shares issued; 24,117,362 and 23,877,362 shares outstanding 243 240
Additional paid-in capital 75,388 75,144
Accumulated other comprehensive earnings 4,569 3,291
Retained earnings 38,238 34,147
Total shareholders' equity before treasury stock 118,438 112,822
Treasury stock - 115,812 shares at cost (282) (282)
Total Shareholders' Equity 118,156 112,540
Total Liabilities and Shareholders' Equity $ 137,336 $ 136,727

Consolidated Balance Sheets (Parenthetical)
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Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
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 24,233,174 23,993,174
Common stock, shares outstanding 24,117,362 23,877,362
Treasury stock, shares 115,812 115,812

Consolidated Statements of Earnings
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Consolidated Statements of Earnings (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating revenue:    
Gaming $ 62,871 $ 62,070
Hotel, bowling, food and beverage 13,190 12,946
Other 4,206 4,033
Gross revenue 80,267 79,049
Less: Promotional allowances (8,439) (8,183)
Net operating revenue 71,828 70,866
Operating costs and expenses:    
Gaming 30,208 29,365
Hotel, bowling, food and beverage 10,061 10,094
General and administrative 21,452 21,587
Depreciation 4,757 6,144
Total operating costs and expenses 66,478 67,190
Earnings from equity investment 426 589
Earnings from operations 5,776 4,265
Non-operating income (expense):    
Interest income 37 38
Interest expense (670) (802)
(Losses) gains on foreign currency transactions and other (24) 187
Non-operating income (expense), net (657) (577)
Earnings before income taxes 5,119 3,688
Income tax provision 1,028 667
Net earnings $ 4,091 $ 3,021
Earnings per share:    
Basic $ 0.17 $ 0.13
Diluted $ 0.17 $ 0.13
Number of shares - basic 24,004,166 23,891,874
Number of shares - diluted 24,104,616 24,070,634

Consolidated Statements Comprehensive Earnings (Loss)
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Consolidated Statements Comprehensive Earnings (Loss) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Consolidated Statements Comprehensive Earnings (Loss)    
Net earnings $ 4,091 $ 3,021
Other comprehensive income, net of tax:    
Foreign currency translation adjustments 1,278 (1,670)
Other comprehensive income, net of tax 1,278 (1,670)
Comprehensive earnings $ 5,369 $ 1,351

Consolidated Statements Of Shareholder's Equity
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Consolidated Statements Of Shareholder's Equity (USD $)
In Thousands, except Share data
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Total
BALANCE AT at Dec. 31, 2010 $ 240 $ 74,930 $ 4,961 $ 31,126 $ (282) $ 110,975
Shares, BALANCE AT at Dec. 31, 2010 23,861,249          
Net earnings 0 0 0 3,021 0 3,021
Foreign currency translation adjustments 0 0 (1,670) 0 0 (1,670)
Amortization of stock based compensation 0 199 0 0 0 199
Exercise of stock options 0 15 0 0 0 15
Exercise of stock options, shares 16,113         11,113
BALANCE AT at Dec. 31, 2011 240 75,144 3,291 34,147 (282) 112,540
Shares, BALANCE AT at Dec. 31, 2011 23,877,362         23,877,362
Net earnings 0 0 0 4,091 0 4,091
Foreign currency translation adjustments 0 0 1,278 0 0 1,278
Amortization of stock based compensation 0 (4) 0 0 0 (4)
Exercise of stock options 3 248 0 0 0 251
Exercise of stock options, shares 250,752         240,000
BALANCE AT at Dec. 31, 2012 $ 243 $ 75,388 $ 4,569 $ 38,238 $ (282) $ 118,156
Shares, BALANCE AT at Dec. 31, 2012 24,128,114         24,117,362

Condensed Consolidated Statements of Cash Flows
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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Cash Flows from Operating Activities:    
Net earnings $ 4,091 $ 3,021
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 4,757 6,144
Loss on disposition of fixed assets 33 79
Amortization of stock-based compensation (4) 199
Amortization of deferred financing costs 154 56
Deferred tax expense (48) (81)
Earnings from equity investment (426) (589)
Changes in Operating Assets and Liabilities:    
Receivables 420 (29)
Prepaid expenses and other assets (167) (110)
Accounts payable and accrued liabilities (303) 1,292
Inventories (35) 23
Other operating assets (15) (20)
Accrued payroll 426 67
Taxes payable 317 644
Net cash provided by operating activities 9,200 10,696
Cash Flows from Investing Activities:    
Purchases of property and equipment (3,784) (2,835)
Proceeds from disposition of assets 8 21
Payment of origination costs of UHA loan (113) 0
Cash escrowed for loan to UHA (261) 0
Net cash used in investing activities (4,150) (2,814)
Cash Flows from Financing Activities:    
Proceeds from borrowings 3,626 0
Payment of deferred financing costs (301) 0
Principal repayments (9,248) (4,223)
Proceeds from equity investment dividend   163
Proceeds from exercise of options 251 15
Net cash used in financing activities (5,672) (4,045)
Effect of Exchange Rate Changes on Cash 177 (106)
Decrease in Cash and Cash Equivalents (445) 3,731
Cash and Cash Equivalents at Beginning of Period 25,192 21,461
Cash and Cash Equivalents at End of Period 24,747 25,192
Supplemental Disclosure of Cash Flow Information:    
Interest paid 561 772
Income taxes paid $ 1,140 $ 226

Description Of Business
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Description Of Business
12 Months Ended
Dec. 31, 2012
Description Of Business [Abstract]  
Description Of Business

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, 2012, the Company owned casino operations in North America, managed cruise ship-based casinos on international waters, and had a management contract to manage the casino in the Radisson Aruba Resort, Casino & Spa. The Company also owns a 33.3% ownership interest in Casinos Poland Ltd (“CPL”), the owner and operator of eight casinos in Poland.

 

On October 11, 2012, the Company’s subsidiary Century Casinos Europe GmbH (“CCE”), signed an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership interest in CPL. CCE has obtained a  required approval from the co-shareholder in CPL, Polish Airports and from the Polish Minister of Finance. Upon closing of the transaction, CCE will own a 66.6% ownership interest in CPL. The purchase price is approximately $6.9 million, and the Company intends to pay for the investment  by borrowing from the Company’s Bank of Montreal credit agreement (the “BMO Credit Agreement”).  

 

The Company also continues to pursue other projects in various stages of development.

 

Parent/Subsidiary Relationship

Abbreviation

Parent

Ownership Percentage

 

Country

Century Casinos, Inc.

CCI

n/a

n/a

 

United States

WMCK Venture Corp.

CRC

CCI

100% 

 

United States

Century Casinos Cripple Creek, Inc.

CCC

CRC

100% 

 

United States

WMCK Acquisition Corp.

ACQ

CRC

100% 

 

United States

Century Casinos Tollgate, Inc.

CTI

CCI

100% 

 

United States

CC Tollgate LLC

CTL

CTI

100% 

 

United States

Century Casinos Europe GmbH

CCE

CCI

100% 

 

Austria

Century Resorts International Ltd.

CRI

CCE

100% 

 

Mauritius

     Century Resorts Alberta, Inc.

CRA

CRI

100% 

 

Canada

Century Casinos Poland Sp.

z o.o.

CCP

CCE

100% 

 

Poland

Casinos Poland Ltd.

CPL

CCP

33% 

 

Poland

VICCO

VICCO

CCE

100% 

 

Poland

Century Casino Calgary

CAL

CCE

100% 

 

Canada

 

CCI serves as a holding company, providing corporate and administrative services to its subsidiaries.

 

CRC owns and operates Century Casino & Hotel in Cripple Creek, a limited-stakes gaming facility in Cripple Creek, Colorado.

 

CTI owns 100% of CTL. CTL owns and operates the Century Casino & Hotel, a limited-stakes gaming facility in Central City, Colorado.

 

CCE acquired CRI from CCI on December 31, 2012. The reorganization of CRI simplifies the Company’s corporate structure and reduces  the complexity of intercompany financing and treasury functions. CCE acquired CCP on March 12, 2007 and VICCO on September 26, 2012. CCP owns 33.3% of all shares issued by CPL. CPL owns and operates nine casinos in Poland. CCE acquired CAL on January 13, 2010. CAL owns and operates the Century Casino Calgary, Alberta, Canada.

 

CRI owns 100% of CRA. CRA owns and operates the Century Casino & Hotel in Edmonton, Alberta, Canada. CRI also serves as a concessionaire of small casinos on luxury cruise vessels.


Description Of Business (Tables)
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Description Of Business (Tables)
12 Months Ended
Dec. 31, 2012
Description Of Business [Abstract]  
Schedule Of Ownership Percentage

Parent/Subsidiary Relationship

Abbreviation

Parent

Ownership Percentage

 

Country

Century Casinos, Inc.

CCI

n/a

n/a

 

United States

WMCK Venture Corp.

CRC

CCI

100% 

 

United States

Century Casinos Cripple Creek, Inc.

CCC

CRC

100% 

 

United States

WMCK Acquisition Corp.

ACQ

CRC

100% 

 

United States

Century Casinos Tollgate, Inc.

CTI

CCI

100% 

 

United States

CC Tollgate LLC

CTL

CTI

100% 

 

United States

Century Casinos Europe GmbH

CCE

CCI

100% 

 

Austria

Century Resorts International Ltd.

CRI

CCE

100% 

 

Mauritius

     Century Resorts Alberta, Inc.

CRA

CRI

100% 

 

Canada

Century Casinos Poland Sp.

z o.o.

CCP

CCE

100% 

 

Poland

Casinos Poland Ltd.

CPL

CCP

33% 

 

Poland

VICCO

VICCO

CCE

100% 

 

Poland

Century Casino Calgary

CAL

CCE

100% 

 

Canada

 


Description Of Business (Narrative) (Details)
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Description Of Business (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Description Of Business [Line Items]  
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines 33.30%
Percentage Of CCP Owned By CPL [Member]
 
Description Of Business [Line Items]  
Ownership percentage 33.30%
Casinos Poland Ltd [Member]
 
Description Of Business [Line Items]  
Ownership percentage 33.00%
Number of casinos owned and operated 9
Casinos Poland Ltd [Member]
 
Description Of Business [Line Items]  
Ownership percentage 33.30%
Purchase price of CPL $ 6.9
Subsequent Event [Member]
 
Description Of Business [Line Items]  
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines 33.30%
Subsequent Event [Member] | Casinos Poland Ltd [Member]
 
Description Of Business [Line Items]  
Ownership percentage 66.60%
Purchase price of CPL $ 6.9

Description Of Business (Schedule Of Ownership Percentage) (Details)
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Description Of Business (Schedule Of Ownership Percentage) (Details)
Dec. 31, 2012
Description Of Business [Line Items]  
Abbreviation Of Entity CCI
Parent Of Entity Abbreviation n/a
Country Of Entity United States
WMCK Venture Corp [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CRC
Parent Of Entity Abbreviation CCI
Ownership percentage 100.00%
Country Of Entity United States
Century Casinos Cripple Creek [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CCC
Parent Of Entity Abbreviation CRC
Ownership percentage 100.00%
Country Of Entity United States
WMCK Acquistion Corp [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity ACQ
Parent Of Entity Abbreviation CRC
Ownership percentage 100.00%
Country Of Entity United States
Century Casinos Tollgate Inc [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CTI
Parent Of Entity Abbreviation CCI
Ownership percentage 100.00%
Country Of Entity United States
CC Tollgate LLC [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CTL
Parent Of Entity Abbreviation CTI
Ownership percentage 100.00%
Country Of Entity United States
Century Casinos Europe GmbH [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CCE
Parent Of Entity Abbreviation CCI
Ownership percentage 100.00%
Country Of Entity Austria
Century Resorts International Ltd [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CRI
Parent Of Entity Abbreviation CCE
Ownership percentage 100.00%
Country Of Entity Mauritius
Century Resorts Alberta, Inc [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CRA
Parent Of Entity Abbreviation CRI
Ownership percentage 100.00%
Country Of Entity Canada
Century Casinos Poland Sp. z o o [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CCP
Parent Of Entity Abbreviation CCE
Ownership percentage 100.00%
Country Of Entity Poland
Casinos Poland Ltd [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CPL
Parent Of Entity Abbreviation CCP
Ownership percentage 33.00%
Country Of Entity Poland
VICCO [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity VICCO
Parent Of Entity Abbreviation CCE
Ownership percentage 100.00%
Country Of Entity Poland
Century Casino Calgary [Member]
 
Description Of Business [Line Items]  
Abbreviation Of Entity CAL
Parent Of Entity Abbreviation CCE
Ownership percentage 100.00%
Country Of Entity Canada

Significant Accounting Policies
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Significant Accounting Policies
12 Months Ended
Dec. 31, 2012
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 subsidiaries. Investments in unconsolidated affiliates that are 20% to 50% owned and do not meet the criteria for consolidation are accounted for under the equity method. 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 revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

 

Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: “Level 1” inputs, which are quoted prices in an active market; “Level 2” inputs, which are observable inputs for similar instruments other than prices included in “Level 1”; or “Level 3” inputs, which are unobservable inputs that are supported by little or no market activity and that are significant in determining fair value. Fair value measurements affect the Company’s impairment assessments of its long-lived assets, goodwill and equity investment.

 

Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. The Company calculates the fair value of financial instruments and includes this additional information in the notes to our consolidated financial statements. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, long-term debt and, from time to time, interest rate swap agreements. The Company had no outstanding interest rate swap agreements as of December 31, 2012 and 2011. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value at December 31, 2012 and 2011 due to their short-term nature. The carrying value of our long-term debt approximates fair value at December 31, 2012 and 2011 because it bears interest at the lender’s floating rate.

 

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.

 

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.

 

Assets are depreciated over their respective service lives as follows:

Buildings and improvements

739 years

Gaming equipment

37 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, 2012 or 2011.

 

Goodwill - Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company tests its recorded goodwill for impairment on an annual basis (as of October 1) or whenever events or circumstances indicate that the value may be impaired. There were no impairments to goodwill as a result of the Company’s annual impairment evaluation in 2012 and 2011 (see Note 5).

 

Equity Investment – The Company holds a 33.3% ownership interest in and actively participates in the management of CPL. At CPL, day to day decision making is controlled by a management board consisting of three persons. Long-term decision making is controlled by a supervisory board consisting of three persons. The Company is the only shareholder with experience in the gaming industry. All material decisions require the unanimous consent of the boards and thus, no material decisions can be made without the Company’s consent, including the removal of the chairman of each board. The Company includes the equity in the earnings of CPL as a component of its operations because of its active involvement in the operations of the casinos. The Company completed an assessment of whether CPL is a variable interest entity in which it has a controlling financial interest. Based on this assessment, the Company concluded that CPL is not subject to consolidation under the guidance for variable interest entities. The Company evaluates its investment in CPL for impairment on an annual basis or whenever events or circumstances indicate that the carrying amount may not be recoverable. There were no impairments to the Company’s equity investment in CPL in 2012 and 2011 (see Note 3).

 

The Company completed an assessment of whether the management agreement at the Radisson Aruba Resort, Casino & Spa is a variable interest. The Company has concluded that its management agreement for Radisson Aruba Resort, Casino & Spa is a variable interest; however, the Company does not have a controlling financial interest and therefore the interest is not subject to consolidation.

 

Foreign Currency Translation – Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Gains and losses from intercompany foreign currency transactions that are of a long-term investment nature and are between entities of a consolidated group are recorded as translation adjustments to other comprehensive income. Foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than U.S. dollars are recognized in the statements of earnings.

 

Historical transactions that are denominated in a foreign currency are translated and presented in accordance with the U.S. dollar exchange rate in effect on the date of the transaction. The exchange rates used to translate balances at the end of each year are as follows:

 

 

 

 

 

Ending Rates

2012

2011

Canadian dollar (CAD)

0.9949 
1.0170 

Euros (€)

0.7584 
0.7709 

Polish zloty (PLN)

3.0996 
3.4174 

 

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 – 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. 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 and food and beverage furnished without charge to customers are included in gross revenue at a value which approximates retail and are then deducted as complimentary services to arrive at net operating revenue.

 

The Company issues coupons for the purpose of generating future revenue. The cost of the coupons redeemed is applied against the revenue generated on the day of the redemption. In addition, 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. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The cost 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, 2012 and 2011, the outstanding balance of this liability was $1.0 million and $0.9 million, respectively.

 

Promotional allowances presented in the consolidated statement of earnings include the following:

 

 

 

 

 

 

 

For the year ended

 

December 31,

 

2012

 

2011

Amounts in thousands

 

 

 

Hotel, Food & Beverage

$
3,826 

 

$
3,573 

Free Plays or Coupons

2,110 

 

2,049 

Player Points

2,503 

 

2,561 

Total Promotional Allowances

$
8,439 

 

$
8,183 

 

 

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 $1.6 million in each of the years ended December 31, 2012 and 2011.

 

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 on a quarterly basis by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $2.6 million resulting from net operating losses in the U.S., $0.9 million resulting from the Calgary Casino purchase and $0.9 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, 2012 and 2011 were as follows:

 

 

 

 

 

For the year ended

 

December 31

   

2012

2011

Weighted average common shares, basic

24,004,166 
23,891,874 

Dilutive effect of stock options

100,450 
178,760 

Weighted average common shares, diluted

24,104,616 
24,070,634 

 

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

   

2012

2011

Stock options

886,710 
866,710 

 


Significant Accounting Policies (Policy)
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Significant Accounting Policies (Policy)
12 Months Ended
Dec. 31, 2012
Significant Accounting Policies [Abstract]  
Principles Of Consolidation

Principles of Consolidation – The accompanying consolidated financial statements include the accounts of CCI and its subsidiaries. Investments in unconsolidated affiliates that are 20% to 50% owned and do not meet the criteria for consolidation are accounted for under the equity method. 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 revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

 

Fair Value Measurements

Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured according to a hierarchy that includes: “Level 1” inputs, which are quoted prices in an active market; “Level 2” inputs, which are observable inputs for similar instruments other than prices included in “Level 1”; or “Level 3” inputs, which are unobservable inputs that are supported by little or no market activity and that are significant in determining fair value. Fair value measurements affect the Company’s impairment assessments of its long-lived assets, goodwill and equity investment.

 

Fair value measurements also affect the Company’s accounting for certain of its financial assets and liabilities. The Company calculates the fair value of financial instruments and includes this additional information in the notes to our consolidated financial statements. The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, long-term debt and, from time to time, interest rate swap agreements. The Company had no outstanding interest rate swap agreements as of December 31, 2012 and 2011. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value at December 31, 2012 and 2011 due to their short-term nature. The carrying value of our long-term debt approximates fair value at December 31, 2012 and 2011 because it bears interest at the lender’s floating rate.

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.

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.

 

Assets are depreciated over their respective service lives as follows:

Buildings and improvements

739 years

Gaming equipment

37 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, 2012 or 2011.

Goodwill

Goodwill - Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company tests its recorded goodwill for impairment on an annual basis (as of October 1) or whenever events or circumstances indicate that the value may be impaired. There were no impairments to goodwill as a result of the Company’s annual impairment evaluation in 2012 and 2011 (see Note 5).

Equity Investment

Equity Investment – The Company holds a 33.3% ownership interest in and actively participates in the management of CPL. At CPL, day to day decision making is controlled by a management board consisting of three persons. Long-term decision making is controlled by a supervisory board consisting of three persons. The Company is the only shareholder with experience in the gaming industry. All material decisions require the unanimous consent of the boards and thus, no material decisions can be made without the Company’s consent, including the removal of the chairman of each board. The Company includes the equity in the earnings of CPL as a component of its operations because of its active involvement in the operations of the casinos. The Company completed an assessment of whether CPL is a variable interest entity in which it has a controlling financial interest. Based on this assessment, the Company concluded that CPL is not subject to consolidation under the guidance for variable interest entities. The Company evaluates its investment in CPL for impairment on an annual basis or whenever events or circumstances indicate that the carrying amount may not be recoverable. There were no impairments to the Company’s equity investment in CPL in 2012 and 2011 (see Note 3).

 

The Company completed an assessment of whether the management agreement at the Radisson Aruba Resort, Casino & Spa is a variable interest. The Company has concluded that its management agreement for Radisson Aruba Resort, Casino & Spa is a variable interest; however, the Company does not have a controlling financial interest and therefore the interest is not subject to consolidation.

Foreign Currency Translation

Foreign Currency Translation – Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments resulting from this process are charged or credited to other comprehensive income. Gains and losses from intercompany foreign currency transactions that are of a long-term investment nature and are between entities of a consolidated group are recorded as translation adjustments to other comprehensive income. Foreign currency transaction gains or losses resulting from the translation of casino operations and other transactions that are denominated in a currency other than U.S. dollars are recognized in the statements of earnings.

 

Historical transactions that are denominated in a foreign currency are translated and presented in accordance with the U.S. dollar exchange rate in effect on the date of the transaction. The exchange rates used to translate balances at the end of each year are as follows:

 

 

 

 

 

Ending Rates

2012

2011

Canadian dollar (CAD)

0.9949 
1.0170 

Euros (€)

0.7584 
0.7709 

Polish zloty (PLN)

3.0996 
3.4174 

 

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

Revenue Recognition – 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. 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 and food and beverage furnished without charge to customers are included in gross revenue at a value which approximates retail and are then deducted as complimentary services to arrive at net operating revenue.

 

The Company issues coupons for the purpose of generating future revenue. The cost of the coupons redeemed is applied against the revenue generated on the day of the redemption. In addition, 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. Points can be redeemed for cash and/or various amenities at the casino, such as meals, hotel stays and gift shop items. The cost 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, 2012 and 2011, the outstanding balance of this liability was $1.0 million and $0.9 million, respectively.

 

Promotional allowances presented in the consolidated statement of earnings include the following:

 

 

 

 

 

 

 

For the year ended

 

December 31,

 

2012

 

2011

Amounts in thousands

 

 

 

Hotel, Food & Beverage

$
3,826 

 

$
3,573 

Free Plays or Coupons

2,110 

 

2,049 

Player Points

2,503 

 

2,561 

Total Promotional Allowances

$
8,439 

 

$
8,183 

 

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 $1.6 million in each of the years ended December 31, 2012 and 2011.

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 on a quarterly basis by reviewing internal estimates for future net income. Due to the uncertainty of future taxable income, deferred tax assets of $2.6 million resulting from net operating losses in the U.S., $0.9 million resulting from the Calgary Casino purchase and $0.9 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, 2012 and 2011 were as follows:

 

 

 

 

 

For the year ended

 

December 31

   

2012

2011

Weighted average common shares, basic

24,004,166 
23,891,874 

Dilutive effect of stock options

100,450 
178,760 

Weighted average common shares, diluted

24,104,616 
24,070,634 

 

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

   

2012

2011

Stock options

886,710 
866,710 

 


Significant Accounting Policies (Tables)
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Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2012
Description Of Business [Abstract]  
Schedule Of Depreciation Period Of Property And Equipment

Assets are depreciated over their respective service lives as follows:

Buildings and improvements

739 years

Gaming equipment

37 years

Furniture and non-gaming equipment

3-7 years

 

Exchange Rates

 

 

 

Ending Rates

2012

2011

Canadian dollar (CAD)

0.9949 
1.0170 

Euros (€)

0.7584 
0.7709 

Polish zloty (PLN)

3.0996 
3.4174 

 

Schedule Of Promotional Allowances

 

 

 

 

 

For the year ended

 

December 31,

 

2012

 

2011

Amounts in thousands

 

 

 

Hotel, Food & Beverage

$
3,826 

 

$
3,573 

Free Plays or Coupons

2,110 

 

2,049 

Player Points

2,503 

 

2,561 

Total Promotional Allowances

$
8,439 

 

$
8,183 

 

Schedule Of Weighted Average Shares Outstanding

 

 

 

 

For the year ended

 

December 31

   

2012

2011

Weighted average common shares, basic

24,004,166 
23,891,874 

Dilutive effect of stock options

100,450 
178,760 

Weighted average common shares, diluted

24,104,616 
24,070,634 

 

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

 

 

 

 

For the year ended

 

December 31

   

2012

2011

Stock options

886,710 
866,710 

 


Significant Accounting Policies (Narrative) (Details)
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Significant Accounting Policies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
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%  
Advertising costs $ 1.6 $ 1.6
Deferred tax asset resulting from net operating losses in the U.S. 2.6  
Deferred tax asset resulting from Calgary Casino purchase 0.9  
Deferred tax asset resulting from Century Casinos Europe subsidiary $ 0.9  
Casinos Poland Ltd [Member]
   
Ownership percentage 33.30%  
Number of persons on management board 3  
Number of persons on supervisory board 3  
Maximum [Member]
   
Ownership percentage 50.00%  
Minimum [Member]
   
Ownership percentage 20.00%  

Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details)
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Significant Accounting Policies (Depreciation Period Of Property And Equipment) (Details)
12 Months Ended
Dec. 31, 2012
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)
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Significant Accounting Policies (Exchange Rates) (Details)
Dec. 31, 2012
Dec. 31, 2011
Canadian Dollar [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 0.9949 1.0170
Euros [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 0.7584 0.7709
Polish Zloty [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 3.0996 3.4174

Significant Accounting Policies (Promotional Allowances) (Details)
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Significant Accounting Policies (Promotional Allowances) (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Promotional Allowances [Line Items]    
Outstanding balance of promotional allowance liability $ 1,000,000  
Total Promotional Allowances 8,439,000 8,183,000
Hotel, Bowling, Food and Beverage [Member]
   
Promotional Allowances [Line Items]    
Total Promotional Allowances 3,826,000 3,573,000
Free Plays Or Coupons [Member]
   
Promotional Allowances [Line Items]    
Total Promotional Allowances 2,110,000 2,049,000
Player Points [Member]
   
Promotional Allowances [Line Items]    
Total Promotional Allowances $ 2,503,000 $ 2,561,000

Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details)
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Significant Accounting Policies (Schedule Of Weighted Average Shares Outstanding) (Details)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Significant Accounting Policies [Abstract]    
Weighted average common shares, basic 24,004,166 23,891,874
Dilutive effect of stock options 100,450 178,760
Weighted average common shares, diluted 24,104,616 24,070,634

Significant Accounting Policies (Anti-Dilutive Stock Options Not Included In The Calculation Of Weighted Average Shares Outstanding) (Details)
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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, 2012
Dec. 31, 2011
Stock Options [Member]
   
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Stock options 886,710 866,710

Equity Investment
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Equity Investment
12 Months Ended
Dec. 31, 2012
Equity Investment [Abstract]  
Equity Investment

3.          EQUITY INVESTMENT

Following is the summarized financial information of CPL as of December 31, 2012 and 2011:

 

 

 

 

 

 

 

 

December 31,

Amounts in thousands (in USD):

2012

 

2011

Balance Sheet:

 

 

 

    Current assets

$
4,716 

 

$
4,061 

    Noncurrent assets

$
14,876 

 

$
9,523 

    Current liabilities

$
9,697 

 

$
4,393 

    Noncurrent liabilities

$
2,255 

 

$
3,230 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

2012

 

2011

Operating Results

 

 

 

Net operating revenue

$
44,015 

 

$
49,836 

Net earnings

$
1,279 

 

$
1,768 

 

 

 

 

The Company’s maximum exposure to losses at December 31, 2012 was $3.3 million, the value of its equity investment in CPL.

 

Changes in the carrying amount of the investment in CPL for the years ended December 31, 2012 and 2011 are as follows:

 

 

 

 

Amounts in thousands

Total

Balance – January 1, 2011

$
2,806 

Equity Earnings

589 

Dividend

(163)

Effect of foreign currency translation

(476)

Balance – December 31, 2011

$
2,756 

Equity Earnings

426 

Effect of foreign currency translation

164 

Balance – December 31, 2012

$
3,346 

 

On October 11, 2012, CCE signed an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership interest in CPL. Upon closing of the transaction, CCE will own a 66.6% ownership interest in CPL. The purchase price is approximately $6.9 million. On February 21, 2013, the Company borrowed CAD 7.3 million (approximately $7.2 million based on the exchange rate in effect on February 21, 2013) from the BMO Credit Agreement to pay for the investment. CCE has obtained required approval from the co-shareholder in CPL, Polish Airports and from the Polish Minister of Finance. The Company anticipates closing the transaction in early April 2013. Once the transaction is final, the Company anticipates consolidating CPL as a majority-owned subsidiary for which the Company would have a controlling financial interest. The Company would account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest.


Equity Investment (Tables)
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Equity Investment (Tables)
12 Months Ended
Dec. 31, 2012
Equity Investment [Abstract]  
Summarized Financial Information

 

 

 

 

 

December 31,

Amounts in thousands (in USD):

2012

 

2011

Balance Sheet:

 

 

 

    Current assets

$
4,716 

 

$
4,061 

    Noncurrent assets

$
14,876 

 

$
9,523 

    Current liabilities

$
9,697 

 

$
4,393 

    Noncurrent liabilities

$
2,255 

 

$
3,230 

 

Operating Results

 

 

 

 

 

For the year ended December 31,

 

2012

 

2011

Operating Results

 

 

 

Net operating revenue

$
44,015 

 

$
49,836 

Net earnings

$
1,279 

 

$
1,768 

 

Changes In Carrying Amount Of Investment

 

 

Amounts in thousands

Total

Balance – January 1, 2011

$
2,806 

Equity Earnings

589 

Dividend

(163)

Effect of foreign currency translation

(476)

Balance – December 31, 2011

$
2,756 

Equity Earnings

426 

Effect of foreign currency translation

164 

Balance – December 31, 2012

$
3,346 

 


Equity Investment (Narrative) (Details)
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Equity Investment (Narrative) (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2012
Casinos Poland Ltd [Member]
USD ($)
Dec. 31, 2012
Polish Airports [Member]
Dec. 31, 2012
Subsequent Event [Member]
USD ($)
Dec. 31, 2012
Subsequent Event [Member]
CAD ($)
Dec. 31, 2012
Subsequent Event [Member]
Casinos Poland Ltd [Member]
USD ($)
Additional CPL percentage to acquire - agreement between CCE and LOT Polish Airlines 33.30%       33.30% 33.30%  
Ownership interest     33.30% 33.30%     66.60%
Purchase price of CPL     $ 6,900,000       $ 6,900,000
Borrowed to acquire additional interest in CPL         7,200,000 7,300,000  
Accumulated depreciation costs related to leasehold improvements $ 45,867,000 $ 43,526,000          
Additional Ownership Percentage To Acquire 33.30%       33.30% 33.30%  

Equity Investment (Operating Results) (Details)
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Equity Investment (Operating Results) (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Equity Investment [Abstract]    
Net operating revenue $ 44,015,000 $ 49,836,000
Net earnings 1,279,000 1,768,000
Maximum exposure $ 3,300,000  

Equity Investment (Changes In Carrying Amount Of Investment) (Details)
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Equity Investment (Changes In Carrying Amount Of Investment) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Equity Investment [Abstract]    
Balance $ 2,756 $ 2,806
Equity Earnings 426 589
Dividends   (163)
Effect of foreign currency translation 164 (476)
Balance $ 3,346 $ 2,756

Equity Investment (Summarized Financial Information) (Details)
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Equity Investment (Summarized Financial Information) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Equity Investment [Abstract]    
Current assets $ 4,716 $ 4,061
Noncurrent assets 14,876 9,523
Current liabilities 9,697 4,393
Noncurrent liabilities $ 2,255 $ 3,230

Property And Equipment
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Property And Equipment
12 Months Ended
Dec. 31, 2012
Property and Equipment [Abstract]  
Property and Equipment

4.         PROPERTY AND EQUIPMENT

 

Property and equipment at December 31, 2012 and 2011 consist of the following:

 

 

 

 

 

 

December 31,

Amounts in thousands

2012

 

2011

Land

$
30,639 

 

$
30,439 

Buildings and improvements

80,308 

 

78,381 

Gaming equipment

16,746 

 

16,438 

Furniture and non-gaming equipment

16,922 

 

17,432 

Capital projects in process

778 

 

441 

 

$
145,393 

 

$
143,131 

Less accumulated depreciation

(45,867)

 

(43,526)

 

 

 

 

Property and equipment, net

$
99,526 

 

$
99,605 

 

Depreciation expense was $4.8 million for the year ended December 31, 2012 and $6.1 million for the year ended December 31, 2011.


Property And Equipment (Tables)
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Property And Equipment (Tables)
12 Months Ended
Dec. 31, 2012
Property and Equipment [Abstract]  
Property and Equipment

 

 

 

 

 

December 31,

Amounts in thousands

2012

 

2011