Century Casinos Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Century Casinos Inc. has filed its 2023 10-K annual report, providing a detailed financial overview.</b>

AI Summary

CENTURY CASINOS INC /CO/ (CNTY) filed a Annual Report (10-K) with the SEC on March 14, 2024. The company filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial performance and condition. Century Casinos Inc. is incorporated in Delaware and operates within the Hotels & Motels industry (SIC code 7011). The company's principal executive offices are located at 455 E. Pikes Peak Ave, Suite 210, Colorado Springs, CO 80903. The filing references various financial statement members including Common Stock, Retained Earnings, and Additional Paid-In Capital for fiscal years 2020-2023.

Why It Matters

For investors and stakeholders tracking CENTURY CASINOS INC /CO/, this filing contains several important signals. This 10-K filing provides investors with crucial, up-to-date information on Century Casinos' financial health, operational performance, and strategic direction for the fiscal year 2023. Understanding the details within this report is essential for assessing the company's current market position, potential risks, and future growth prospects.

Risk Assessment

Risk Level: medium — CENTURY CASINOS INC /CO/ shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information. Specific risks would be detailed within the report's 'Risk Factors' section, which is not fully available in the provided text.

Analyst Insight

Review the 'Risk Factors' section of the full 10-K filing to identify specific challenges and potential impacts on Century Casinos' operations and financial performance.

Key Numbers

• 20231231 — Fiscal Year End (Report period)
• 20240314 — Filing Date (Date of submission)
• 0000911147 — Central Index Key (Company identifier)
• 7011 — SIC Code (Industry classification (Hotels & Motels))

Key Players & Entities

• CENTURY CASINOS INC /CO/ (company) — Filer name
• 0000911147 (company) — Central Index Key
• 7011 (industry) — Standard Industrial Classification (Hotels & Motels)
• DE (jurisdiction) — State of Incorporation
• CO (location) — State for business address
• 20231231 (date) — Fiscal Year End
• 20240314 (date) — Filing Date

FAQ

Industry Context

Century Casinos operates within the hospitality and gaming sector, specifically categorized under Hotels & Motels (SIC 7011). This sector is subject to economic conditions, consumer spending, and regulatory oversight.

Regulatory Implications

As a publicly traded company, Century Casinos is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), requiring regular filings like the 10-K to ensure transparency for investors.

What Investors Should Do

1. Thoroughly review the full 10-K document for detailed financial statements, management's discussion and analysis, and risk factors.
2. Analyze the company's operational segments and geographic performance as detailed in the report.
3. Compare the 2023 financial results with previous years to identify trends and assess performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — The end of the reporting period for the 10-K.
• 2024-03-14: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data provided for the 2023 10-K. Comparative data from the previous year's filing (2022 10-K) would be needed for a direct comparison.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Per Share Par Value CNTY Nasdaq Cap
• $7.10 — , 2023, based upon the closing price of $7.10 for the Common Stock on the Nasdaq Capi
• $95.0 million — sts in Smooth Bourbon for approximately $95.0 million at the first closing on April 1, 2022 (
• $104.7 million — "Nugget Acquisition") for approximately $104.7 million (subject to certain adjustments) at the
• $0.8 million — we paid from cash on hand an additional $0.8 million related to working capital adjustments.
• $105.0 million — bership interests in Smooth Bourbon for $105.0 million plus 2% per annum. At the First Closing
• $15.0 million — lease with Nugget for an annual rent of $15.0 million plus an annual escalator. Rocky Gap C
• $59.1 million — cky Gap Acquisition") for approximately $59.1 million (subject to certain adjustments), and V
• $203.9 million — ciated with Rocky Gap for approximately $203.9 million. In December 2023, we paid an additiona
• $0.1 million — In December 2023, we paid an additional $0.1 million related to working capital adjustments.
• $162.6 million — te purchase price of CAD 221.7 million ($162.6 million based on the exchange rate on September
• $7.3 million — the CDR land lease of CAD 9.9 million ($7.3 million based on the exchange rate on September
• $51.9 million — ding. We estimate the project will cost $51.9 million. Construction started in December 2022
• $40.1 million — of December 31, 2023, we have received $40.1 million from VICI PropCo and have spent approxi
• $20.7 million — ICI PropCo and have spent approximately $20.7 million of those funds on this project. As of D

Filing Documents

• cnty-20231231x10k.htm (10-K) — 9674KB
• cnty-20231231xex21.htm (EX-21) — 57KB
• cnty-20231231xex23.htm (EX-23) — 3KB
• cnty-20231231xex31_1.htm (EX-31.1) — 16KB
• cnty-20231231xex31_2.htm (EX-31.2) — 12KB
• cnty-20231231xex31_3.htm (EX-31.3) — 11KB
• cnty-20231231xex32_1.htm (EX-32.1) — 8KB
• cnty-20231231xex32_2.htm (EX-32.2) — 8KB
• cnty-20231231xex32_3.htm (EX-32.3) — 8KB
• cnty-20231231xex97_1.htm (EX-97.1) — 31KB
• cnty-20231231xex99_1.htm (EX-99.1) — 112KB
• cnty-20231231x10kg001.jpg (GRAPHIC) — 113KB
• 0000911147-24-000010.txt (&nbsp;) — 33940KB
• cnty-20231231.xsd (EX-101.SCH) — 109KB
• cnty-20231231_cal.xml (EX-101.CAL) — 140KB
• cnty-20231231_def.xml (EX-101.DEF) — 513KB
• cnty-20231231_lab.xml (EX-101.LAB) — 832KB
• cnty-20231231_pre.xml (EX-101.PRE) — 859KB
• cnty-20231231x10k_htm.xml (XML) — 8647KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 47 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 48 Item 9A.

Controls and Procedures

Controls and Procedures. 48 Item 9B. Other Information. 50 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 50 Part III Item 10. Directors, Executive Officers and Corporate Governance. 50 Item 11.

Executive Compensation

Executive Compensation. 50 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 51 Item 13. Certain Relationships and Related Transactions, and Director Independence. 51 Item 14. Principal Accounting Fees and Services. 51 Part IV Item 15. Exhibits and Financial Statement Schedules. 52 Item 16. Form 10-K Summary. 55

Signatures

Signatures 56 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included or incorporated by reference in this report, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "could," "potential," "continue" or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. The forward-looking statements included or incorporated by reference in this report are subject to additional risks and uncertainties further discussed under Item 1A. "Risk Factors" and are based on information available to us on the filing date of this report. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report . New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no obligation to update any forward-looking statements. PART I

Business

Item 1. Business . As used in this report, the terms "Company," "we," "our," or "us" refer to Century Casinos, Inc. and its consolidated subsidiaries, taken as a whole, unless the context otherwise requires. This report includes amounts translated into US dollars from certain foreign currencies. For a description of the currency conversion methodology and exchange rates used for certain transactions, see Note 2 to the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this report. The following information should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Part II, Item 8, "Financial Statements and Supplementary Data" of this report . Overview Century Casinos, Inc., a Delaware corporation founded in 1992, is a casino entertainment company that develops and operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting) and entertainment facilities primarily in North America. Our main goal is to grow our business by actively pursuing the development or acquisition of new gaming opportunities and growing and reinvesting in our existing operations. We began operating casinos in 1996 with the acquisition of our casino in Cripple Creek, Colorado. In 2006, we opened casinos in Central City, Colorado and Alberta, Canada. In 2007, we purchased a 33.3% ownership interest in Casinos Poland, Ltd. ("CPL"), the owner and operator of casinos throughout Poland, and in 2013 we purchased an additional 33.3% ownership interest in CPL, resulting in a majority 66.6% ownership interest. Between 2015 and 2019, we acquired an additional casino and developed two racing and entertainment centers ("RECs") in Alberta, Canada. In December 2019, we added three properties to our United States ("US") portfolio, two in Missouri and one in West Virginia (the "2019 Acquisition"). In connection with this acquisition, we entered in

View Full Filing

View this 10-K filing on SEC EDGAR