Century Casinos, Inc. Announces Third Quarter 2016 Results

COLORADO SPRINGS, Colo., Nov. 1, 2016 /CNW/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) today announced its financial results for the three and nine months ended September 30, 2016.

Third Quarter 2016 Highlights*

  • Net operating revenue was $34.5 million, a 3% increase from the three months ended September 30, 2015.
  • Earnings from operations were $3.8 million, a 6% decrease from the three months ended September 30, 2015.
  • Net earnings attributable to Century Casinos, Inc. shareholders were $1.9 million, a 31% decrease from the three months ended September 30, 2015.
  • Adjusted EBITDA** was $6.3 million, a 7% decrease from the three months ended September 30, 2015.
  • Earnings per share were $0.08.  
  • Book value per share*** at September 30, 2016 was $5.39.

Operating results were primarily impacted by decreased net operating revenue at the Century Casino & Hotel in Edmonton ("CRA") due to an extensive refurbishment and remodel of the casino floor and food and beverage outlets for the three months ended September 30, 2016 compared to the three months ended September 30, 2015.

In October 2016, the Company's subsidiary, Century Casino St. Albert Inc. ("CSA"), acquired 100% of the issued and outstanding shares and related land of entities operating the Apex Casino in suburban Edmonton, Alberta, Canada. Century Casino St. Albert, formerly Apex Casino, is a 34,500 square foot casino facility located on approximately seven acres of land that includes 382 slot machines, 11 live table games, a restaurant, a bar, a lounge and a banquet facility that can accommodate up to 175 guests.

In June 2016, the Company began operating the ship-based casinos onboard the Mein Schiff 5, a new 2,500 passenger cruise ship, and the TUI Discovery, a 2,067 passenger cruise ship. Under an agreement with Diamond Cruise International Co., Ltd., the Company began operating the ship-based casino onboard Glory Sea, a 1,200 passenger cruise ship, in July 2016. Glory Sea operates in the Chinese cruise market with three and four-day trips between China, South Korea and Japan. The Glory Sea casino has 50 slot machines and 17 table games. Under an amended concession agreement with TUI Cruises, the Company also plans to operate the ship-based casino onboard Mein Schiff 6, a new 2,500 passenger cruise ship that is expected to begin operations in the third quarter of 2017.

In September 2016, the Company was selected as the successful applicant by Horse Racing Alberta to own, build and operate a horse racing facility in the Edmonton market area, which the Company will operate as Century Mile. Century Mile will be a one-mile horse racetrack and multi-level racing and entertainment center, which will include a gaming floor with slot machines as well as food and beverage outlets. The proposed location is on Edmonton International Airport land and close to the city of Leduc, just south of Edmonton and positioned off Queen Elizabeth II Highway. The Company estimates that the project will cost approximately CAD 50.0 million and be completed by the end of 2018.

The consolidated results for the three and nine months ended September 30, 2016 and 2015 are as follows:



















For the Three Months

For the Nine Months

Amounts in thousands, except per share data

Ended September 30,

Ended September 30,

Consolidated Results:



2016



2015


% Change



2016



2015


% Change

Net operating revenue


$

34,526


$

33,526


3%


$

102,257


$

101,803


0%

Earnings from operations



3,835



4,082


(6%)



11,761



14,021


(16%)

Net earnings attributable to Century Casinos, Inc. shareholders


$

1,887


$

2,728


(31%)


$

6,030


$

11,170


(46%)


















Adjusted EBITDA**


$

6,271


$

6,719


(7%)


$

18,742


$

18,292


3%


















Earnings per share:

















Basic


$

0.08


$

0.11


(27%)


$

0.25


$

0.46


(46%)

Diluted


$

0.08


$

0.11


(27%)


$

0.25


$

0.46


(46%)

"Operating results and Adjusted EBITDA were impacted by extensive refurbishment and remodeling at the Century Casino & Hotel in Edmonton, our largest property. However, we are very happy with the new gaming floor, restaurant, bar, poker room and the beautiful new VIP gaming areas," Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos, said. "We opened another three shipboard casinos this year and are particularly excited about the newest addition to our portfolio of casinos, the Century Casino St. Albert in the greater Edmonton metropolitan region, which we acquired on October 1, 2016. Finally, we are thrilled to have been chosen by Horse Racing Alberta to develop and operate a new horse racing and gaming entertainment facility in South Edmonton," they continued.

Consolidated Results*

The table below shows the Company's operating segments that are included in each of the Company's reportable segments as of September 30, 2016:



Reportable Segment

Operating Segment

Canada

Century Casino & Hotel - Edmonton

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Corporate Other

The Company's net operating revenue increased by $1.0 million, or 3%, and by $0.5 million, or 0%, for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015. Following is a summary of the changes in net operating revenue by segment for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015:









Net Operating Revenue


For the Three Months

For the Nine Months


Ended September 30,

Ended September 30,


2016/2015

2016/2015

Amounts in millions

Change

% Change

Change

% Change

Canada

$

(0.2)

(2%)

$

3.5

10%

United States


0.2

3%


1.0

5%

Poland


0.9

7%


0.3

1%

Corporate and Other


0.1

6%


(4.4)

(63%)

Total

$

1.0

3%

$

0.5

0%

The Company's earnings from operations decreased by ($0.2) million, or (6%), and by ($2.3) million, or (16%), for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015.  Following is a summary of the changes in earnings from operations by segment for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015:









Earnings from Operations


For the Three Months

For the Nine Months


Ended September 30,

Ended September 30,


2016/2015

2016/2015

Amounts in millions

Change

% Change

Change

% Change

Canada

$

(0.7)

(20%)

$

(0.7)

(7%)

United States


0.1

8%


0.4

12%

Poland


0.4

45%


0.6

19%

Corporate and Other


(0.1)

(8%)


(2.6)

(112%)

Total

$

(0.2)

(6%)

$

(2.3)

(16%)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders decreased by ($0.8) million, or (31%), and by ($5.1) million, or (46%), for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by segment for the three and nine months ended September 30, 2016, compared to the three and nine months ended September 30, 2015:









Net Earnings (Loss) Attributable to


Century Casinos, Inc. Shareholders


For the Three Months

For the Nine Months


Ended September 30,

Ended September 30,


2016/2015

2016/2015

Amounts in millions

Change

% Change

Change

% Change

Canada

$

(0.5)

(25%)

$

(1.3)

(20%)

United States


0.1

7%


0.3

12%

Poland


0.1

28%


0.1

8%

Corporate and Other


(0.6)

(82%)


(4.3)

(528%)

Total

$

(0.8)

(31%)

$

(5.1)

(46%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

Segment Results (in thousands)*

The following are segment results for net operating revenue, earnings from operations, net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDA**.


















Net Operating Revenue




Net Operating Revenue




For the Three Months




For the Nine Months




Ended September 30,




Ended September 30,




2016


2015


% Change


2016


2015


% Change

Canada

$

12,005


$

12,198


(2%)


$

37,470


$

33,951


10%

United States


8,188



7,958


3%



22,970



21,960


5%

Poland


13,356



12,449


7%



39,190



38,858


1%

Corporate and Other


977



921


6%



2,627



7,034


(63%)

Consolidated

$

34,526


$

33,526


3%


$

102,257


$

101,803


0%


















Earnings from Operations




Earnings from Operations




For the Three Months




For the Nine Months




Ended September 30,




Ended September 30,




2016


2015


% Change


2016


2015


% Change

Canada

$

2,599


$

3,256


(20%)


$

9,044


$

9,713


(7%)

United States


1,614



1,502


8%



3,838



3,426


12%

Poland


1,393



962


45%



3,828



3,213


19%

Corporate and Other


(1,771)



(1,638)


(8%)



(4,949)



(2,331)


(112%)

Consolidated

$

3,835


$

4,082


(6%)


$

11,761


$

14,021


(16%)


















Net Earnings (Loss)




Net Earnings (Loss)




Attributable to Century




Attributable to Century




Casinos, Inc. Shareholders




Casinos, Inc. Shareholders




For the Three Months




For the Nine Months




Ended September 30,




Ended September 30,




2016


2015


% Change


2016


2015


% Change

Canada

$

1,467


$

1,957


(25%)


$

5,076


$

6,355


(20%)

United States


1,000



931


7%



2,378



2,125


12%

Poland


684



536


28%



2,029



1,884


8%

Corporate and Other


(1,264)



(696)


(82%)



(3,453)



806


(528%)

Consolidated

$

1,887


$

2,728


(31%)


$

6,030


$

11,170


(46%)


















Adjusted EBITDA**




Adjusted EBITDA**




For the Three Months




For the Nine Months




Ended September 30,




Ended September 30,




2016


2015


% Change


2016


2015


% Change

Canada

$

3,379


$

3,902


(13%)


$

11,316


$

11,697


(3%)

United States


2,238



2,140


5%



5,716



5,330


7%

Poland


2,022



1,771


14%



5,704



5,411


5%

Corporate and Other


(1,368)



(1,094)


(25%)



(3,994)



(4,146)


4%

Consolidated

$

6,271


$

6,719


(7%)


$

18,742


$

18,292


3%

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDA and Adjusted EBITDA Margin are Non-GAAP financial measures. See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

*** The Company defines book value per share as total Century Casinos, Inc. shareholders' equity divided by outstanding common shares.

Balance Sheet and Liquidity

As of September 30, 2016, the Company had $33.0 million in cash and cash equivalents and $58.4 million in outstanding debt on its balance sheet compared to $29.4 million in cash and cash equivalents and $36.5 million in outstanding debt at December 31, 2015. The $58.4 million in outstanding debt as of September 30, 2016 includes $42.5 million related to the Company's Bank of Montreal credit agreement, $0.9 million related to capital leases for Century Resorts Alberta and Century Downs Racetrack and Casino ("CDR"), $14.9 million related to a long-term land lease for CDR and $0.5 million related to Casinos Poland, Ltd., net of $0.4 million in deferred financing costs.  

Conference Call Information

Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended September 30, 2016 on its website at http://corporate.cnty.com/investor-relations/sec-filings. The Company will also post a presentation on the third quarter results on its website at http://corporate.cnty.com/investor-relations/presentations-and-interviews.

Century Casinos will host its third quarter 2016 earnings conference call today at 7:00 am MDT; 2:00 pm CET, respectively. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at https://centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company's website until November 30, 2016 at http://corporate.cnty.com/investor-relations/sec-filings.


(continued)

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Century Casinos, Inc.

Condensed Consolidated Statements of Earnings















For the Three Months

For the Nine Months


Ended September 30,

Ended September 30,

Amounts in thousands, except for per share information


2016


2015


2016


2015

Operating revenue:













Net operating revenue


$

34,526


$

33,526


$

102,257


$

101,803

Operating costs and expenses:













Total operating costs and expenses



30,691



29,444



90,496



87,782

Earnings from operations



3,835



4,082



11,761



14,021

Non-operating income (expense), net



(629)



(570)



(420)



(1,364)

Earnings before income taxes



3,206



3,512



11,341



12,657

Income tax provision



(793)



(373)



(2,378)



(402)

Net earnings



2,413



3,139



8,963



12,255

Net earnings attributable to non-controlling interest



(526)



(411)



(2,933)



(1,085)

Net earnings attributable to Century Casinos, Inc. shareholders


$

1,887


$

2,728


$

6,030


$

11,170














Earnings per share attributable to Century Casinos, Inc.:













  Basic


$

0.08


$

0.11


$

0.25


$

0.46

  Diluted


$

0.08


$

0.11


$

0.25


$

0.46














Weighted average common shares













  Basic



24,440



24,399



24,452



24,389

  Diluted



24,675



24,440



24,644



24,430



























CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS

Century Casinos, Inc.

Condensed Consolidated Balance Sheets

(Amounts in thousands)



September 30,


December 31,



2016


2015

Assets







Current assets


$

39,604


$

34,540

Property and equipment, net



134,132



131,582

Other assets



45,748



20,961

Total assets


$

219,484


$

187,083








Liabilities and Equity







Current liabilities


$

24,845


$

23,300

Non-current liabilities



56,786



36,508

Century Casinos, Inc. shareholders' equity



131,717



122,416

Non-controlling interest



6,136



4,859

Total liabilities and equity


$

219,484


$

187,083



CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Constant Currency Results* (unaudited)

(Amounts in thousands)



















For the Three Months




For the Nine Months





Ended September 30,




Ended September 30,





2016


2015


% Change


2016


2015


% Change


Net operating revenue as reported (GAAP)

$

34,526


$

33,526


3%


$

102,257


$

101,803


0%


Foreign currency impact vs. 2015


403








1,733







Net operating revenue constant currency (non-GAAP)*

$

34,929


$

33,526


4%


$

103,990


$

101,803


2%



















Earnings from operations (GAAP)

$

3,835


$

4,082


(6%)


$

11,761


$

14,021


(16%)


Foreign currency impact vs. 2015


45








222







Earnings from operations (non-GAAP)*

$

3,880


$

4,082


(5%)


$

11,983


$

14,021


(15%)



















Net earnings (loss) attributable to Century Casinos, Inc. shareholders as reported (GAAP)

$

1,887


$

2,728


(31%)


$

6,030


$

11,170


(46%)


Foreign currency impact vs. 2015


68








31







Net earnings (loss) attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*

$

1,955


$

2,728


(28%)


$

6,061


$

11,170


(46%)



















Adjusted EBITDA (non-GAAP)**

$

6,271


$

6,719


(7%)


$

18,742


$

18,292


3%


Foreign currency impact vs. 2015


64








313







Adjusted EBITDA constant currency (non-GAAP)*

$

6,335


$

6,719


(6%)


$

19,055


$

18,292


4%




















Century Casinos, Inc.

Adjusted EBITDA Margins *** (unaudited)







For the Three Months

For the Nine Months


Ended September 30,

Ended September 30,


2016

2015

2016

2015

Canada

28%

32%

30%

34%

United States

27%

27%

25%

24%

Poland

15%

14%

15%

14%

Corporate and Other

(140%)

(119%)

(152%)

(59%)

Consolidated Adjusted EBITDA Margin

18%

20%

18%

18%



Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Segment

















For the Three Months Ended September 30, 2016

Amounts in thousands

Canada


United States


Poland


Corporate
and Other


Total

Net earnings (loss)

$

1,467


$

1,000


$

684


$

(1,264)


$

1,887

Interest expense (income), net


655



0



(1)



(5)



649

Income taxes (benefit)


365



614



319



(505)



793

Depreciation and amortization


775



624



629



105



2,133

Non-controlling interest


183



0



343



0



526

Non-cash stock-based compensation


0



0



0



192



192

(Gain) loss on foreign currency transactions and other


(71)



0



48



3



(20)

Loss on disposition of fixed assets


5



0



0



0



5

Acquisition costs


0



0



0



106



106

Adjusted EBITDA

$

3,379


$

2,238


$

2,022


$

(1,368)


$

6,271



CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings Attributable to Century Casinos, Inc. Shareholders by Segment

















For the Three Months Ended September 30, 2015

Amounts in thousands

Canada


United States


Poland


Corporate
and Other


Total

Net earnings (loss)

$

1,957


$

931


$

536


$

(696)


$

2,728

Interest expense (income), net


783



0



31



(4)



810

Income taxes (benefit)


519



571



227



(944)



373

Depreciation and amortization


644



638



678



118



2,078

Non-controlling interest


145



0



266



0



411

Non-cash stock-based compensation


0



0



0



423



423

(Gain) loss on foreign currency transactions and other


(148)



0



(98)



6



(240)

Loss on disposition of fixed assets


2



0



131



3



136

Adjusted EBITDA

$

3,902


$

2,140


$

1,771


$

(1,094)


$

6,719



Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Segment

















For the Nine Months Ended September 30, 2016

Amounts in thousands

Canada


United States


Poland


Corporate
and Other


Total

Net earnings (loss)

$

5,076


$

2,378


$

2,029


$

(3,453)


$

6,030

Interest expense (income), net


2,189



0



22



(13)



2,198

Income taxes (benefit)


1,477



1,460



936



(1,495)



2,378

Depreciation and amortization


2,246



1,875



1,863



276



6,260

Non-controlling interest


1,918



0



1,015



0



2,933

Non-cash stock-based compensation


0



0



0



573



573

(Gain) loss on foreign currency transactions and other


(1,616)



0



(174)



12



(1,778)

Loss on disposition of fixed assets


26



3



13



0



42

Acquisition costs


0



0



0



106



106

Adjusted EBITDA

$

11,316


$

5,716


$

5,704


$

(3,994)


$

18,742



CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc.

Reconciliation of Adjusted EBITDA ** to Net Earnings Attributable to Century Casinos, Inc. Shareholders by Segment

















For the Nine Months Ended September 30, 2015

Amounts in thousands

Canada


United States


Poland


Corporate
and Other



Total

Net earnings

$

6,355


$

2,125


$

1,884


$

806


$

11,170

Interest expense (income), net


2,406



0



110



(10)



2,506

Income taxes (benefit)


1,479



1,301



743



(3,121)



402

Depreciation and amortization


1,635



1,904



1,925



316



5,780

Non-controlling interest


143



0



942



0



1,085

Non-cash stock-based compensation


0



0



0



1,230



1,230

Gain on foreign currency transactions and other


(670)



0



(466)



(6)



(1,142)

Loss on disposition of fixed assets


4



0



273



4



281

Preopening expenses


345



0



0



0



345

Other one-time income


0



0



0



(3,365)



(3,365)

Adjusted EBITDA

$

11,697


$

5,330


$

5,411


$

(4,146)


$

18,292



CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

*  The impact of foreign exchange rates is highly variable and difficult to predict.  The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period revenue compared to prior period revenue using the prior period's foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company's ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company's net operating revenue, earnings from operations, net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDA. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results by the prior year's average exchange rate for the quarter or year as reported in Item 1 of the Company's Quarterly Report on Form 10-Q and comparing them to actual U.S. dollar results for the prior quarter or year.

**  The Company defines Adjusted EBITDA as net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation, amortization, non-controlling interest (earnings) losses and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions and other, gain on business combination and certain other one-time items. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) and Adjusted EBITDA reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under accounting principles generally accepted in the United States of America ("US GAAP"). Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

**** The table below presents the Company's operating results and constant currency* results for the nine months ended September 30, 2016 compared to the nine months ended September 30, 2015 without the impact of the $3.4 million in earnings received from the termination agreement with Norwegian (the "Termination Agreement") in the second quarter of 2015. Earnings from the Termination Agreement did not impact Adjusted EBITDA**.











For the Nine Months





Ended September 30,





2016


2015


% Change


Net operating revenue as reported (GAAP)

$

102,257


$

101,803


0%


Less: Earnings from the Termination Agreement





(3,365)




Foreign currency impact vs. 2015


1,733







Net operating revenue constant currency (non-GAAP)*

$

103,990


$

98,438


6%











Earnings from operations as reported (GAAP)

$

11,761


$

14,021


(16%)


Less: Earnings from the Termination Agreement





(3,365)




Foreign currency impact vs. 2015


222







Earnings from operations constant currency (non-GAAP)*

$

11,983


$

10,656


12%











Net earnings (loss) attributable to Century Casinos, Inc. shareholders as reported (GAAP)

$

6,030


$

11,170


(46%)


Less: Earnings from the Termination Agreement





(3,264)




Foreign currency impact vs. 2015


31







Net earnings (loss) attributable to Century Casinos, Inc. shareholders constant currency (non-GAAP)*

$

6,061


$

7,906


(23%)











Adjusted EBITDA (non-GAAP)**

$

18,742


$

18,292


3%


Foreign currency impact vs. 2015


313







Adjusted EBITDA constant currency (non-GAAP)*

$

19,055


$

18,292


4%












CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and in St. Albert, Alberta, Canada. Through its Austrian subsidiary, Century Casinos Europe GmbH ("CCE"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos in Poland. The Company, through CCE, also holds a 75% ownership interest in both Century Downs Racetrack and Casino, which began operations in the north metropolitan area of Calgary, Alberta, Canada in April 2015, and Century Bets! Inc., which began operating the pari-mutuel off-track horse betting network in southern Alberta, Canada in May 2015. The Company operates 13 ship-based casinos with four cruise ship owners. The Company manages the operations of the casino at the Hilton Aruba Caribbean Resort and Casino. The Company, through CCE, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other international projects in various stages of development.

Century Casinos' common stock trades on The NASDAQ Capital Market® under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, the prospects for new projects and projects in development, including Century Casino St. Albert and Century Mile, the anticipated timing and costs of the Century Mile project, debt repayment, investments in joint ventures, outcomes of legal proceedings and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2015. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

SOURCE Century Casinos, Inc.

For further information: Peter Hoetzinger, Co CEO & President, +1 719 689 5813, +43 664 355 3935, peter.hoetzinger@cnty.com, http://www.cnty.com


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