According to Century Casinos Co-CEO Peter Hoetzinger, the Colorado-based operator is weighing sales of its Canadian properties and its majority interest in Casinos Poland as its strategic review moves toward possible asset disposals.
Key Takeaways
- Century Casinos is considering sales of Canadian properties and its Casinos Poland stake.
- Potential Alberta sales could split racinos and commercial casinos, while buyer interest exists for both.
- Selling Canada and Poland assets would leave Century focused on seven casinos across five U.S. states.
In a second-quarter earnings call on Friday, Century Casinos' boss updated investors on the potential future of the company’s four properties in Alberta: two commercial casinos and two racinos.
Hoetzinger discussed how those assets could be sold together or divided into two packages, with the racinos grouped separately from the commercial casinos. Interest exists in both structures, and Century expects it may be able to disclose progress on at least one package before year-end.
The company also told investors it is exploring a sale of its stake in Casinos Poland. Two unidentified groups are conducting due diligence on the business, although the process faces added complications from Poland's regulatory environment and the war in neighboring Ukraine. Century has not indicated that either prospective buyer has an advantage.
Selling both operations would sharply narrow Century's geographic footprint. The company would be left with seven U.S. casinos, including properties in Colorado, Missouri, Maryland, Nevada and West Virginia.
The review comes as Century looks for ways to reduce debt and improve shareholder value. Management has said it wants greater clarity on potential asset sales before making significant debt-reduction commitments.
Poland has become a particular pressure point. The business has generated weaker earnings than before the pandemic and has drawn attention from investors seeking portfolio changes.
Enjoying Covers content? Add us as a preferred source on your Google accountCentury's shares have also fallen 91% over the past five years, increasing pressure on management to produce a clearer path forward.
Century posts record Q2 revenue
The possible asset sales come as Century reported record second-quarter net operating revenue and adjusted EBITDAR, supported by stronger North American results.
Net operating revenue reached $152 million for the three months ending June 30, up 1% from a year earlier. Earnings from operations rose 4% to $17.2 million, while adjusted EBITDAR increased 5% to $31.7 million. The company's net loss attributable to shareholders dropped to $10.9 million from $12.3 million.
Performance varied sharply by region. U.S. Midwest revenue increased 8% to $44.7 million, while U.S. West revenue climbed 16% to $23.4 million. Adjusted EBITDAR in the U.S. West segment jumped 93% to $4.5 million, driven by improved results at the Nugget Casino Resort in Nevada.
Canada also improved. Revenue rose 2% to $20.4m, while adjusted EBITDAR increased 11% to $6.2 million.
Poland moved in the opposite direction. Revenue fell 19% to $19.9 million, while adjusted EBITDAR dropped 97% to just $52,000. The segment posted an operating loss of $659,000 after generating a $464,000 operating profit a year earlier.
For the first six months of 2026, consolidated revenue rose 3% to $289.2 million. Adjusted EBITDAR increased 12% to $56.6 million, while the shareholder net loss narrowed 17% to $27.4 million.
Century Casinos closed June with $60.2 million in cash and cash equivalents and $336.5 million in outstanding debt. It also carried a $708 million long-term financing obligation tied to its master lease with VICI Properties subsidiaries.
Hoetzinger said during the call that the company is awaiting more clarity on the sell of assets before it will commit to debt-reduction measures.
