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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number 0-22900

CENTURY CASINOS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

84-1271317

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

455 E. Pikes Peak Ave., Suite 210, Colorado Springs, Colorado 80903

(Address of principal executive offices, including zip code)

(719) 527-8300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 Per Share Par Value

CNTY

Nasdaq Capital Market, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer þ

Non-accelerated Filer ¨

Smaller Reporting Company ¨

Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

29,575,962 shares of common stock, $0.01 par value per share, were outstanding as of May 14, 2020.

1


INDEX

Part I

FINANCIAL INFORMATION

Page

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

3

Condensed Consolidated Statements of (Loss) Earnings for the Three Months Ended March 31, 2020 and 2019

5

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2020 and 2019

6

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2020 and 2019

7

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

8

Notes to Condensed Consolidated Financial Statements

10

Item 2.

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

36

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

51

Item 4.

Controls and Procedures

51

Part II

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 5.

Other Items

51

Item 6.

Exhibits

52

Signatures

53


2


PART I – FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2020

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

63,676

$

54,754

Receivables, net

3,532

11,371

Prepaid expenses

8,689

10,379

Inventories

1,893

2,046

Other current assets

903

816

Total Current Assets

78,693

79,366

Property and equipment, net

490,307

503,933

Leased right-of-use assets, net

33,288

37,040

Goodwill

9,788

32,936

Intangible assets, net

53,887

67,061

Deferred income taxes

1,507

2,447

Cost investment

1,000

Note receivable, net of current portion and unamortized discount

426

423

Deposits and other

2,226

2,694

Total Assets

$

670,122

$

726,900

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of long-term debt

$

10,572

$

3,157

Current portion of operating lease liabilities

3,938

4,235

Current portion of finance lease liabilities

146

161

Accounts payable

6,467

5,200

Accrued liabilities

18,595

21,707

Accrued payroll

9,894

13,201

Taxes payable

2,833

8,575

Contingent liability (Note 8)

1,035

334

Total Current Liabilities

53,480

56,570

Long-term debt, net of current portion and deferred financing costs (Note 6)

183,457

175,806

Long-term financing obligation to VICI Properties, Inc. subsidiaries (Note 7)

276,636

275,605

Operating lease liabilities, net of current portion

38,852

42,942

Finance lease liabilities, net of current portion

160

217

Taxes payable and other

2,584

2,672

Deferred income taxes

2,279

1,013

Total Liabilities

557,448

554,825

Commitments and Contingencies (Note 8)

 

 

See notes to unaudited condensed consolidated financial statements.

- Continued -


3


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

March 31,

December 31,

Amounts in thousands, except for share and per share information

2020

2019

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; 29,575,962 and 29,500,327 shares issued and outstanding

296

295

Additional paid-in capital

115,770

115,784

Retained earnings

10,813

56,669

Accumulated other comprehensive loss

(22,280)

(9,442)

Total Century Casinos, Inc. Shareholders' Equity

104,599

163,306

Non-controlling interests

8,075

8,769

Total Equity

112,674

172,075

Total Liabilities and Equity

$

670,122

$

726,900

See notes to unaudited condensed consolidated financial statements.


4


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) EARNINGS (Unaudited)

 

For the three months

 

ended March 31,

Amounts in thousands, except for per share information

2020

2019

Operating revenue:

Gaming

$

74,292

$

37,340

Hotel

1,816

446

Food and beverage

6,552

3,752

Other

4,996

4,075

Net operating revenue

87,656

45,613

Operating costs and expenses:

Gaming

42,043

19,566

Hotel

724

178

Food and beverage

6,670

3,929

General and administrative

29,532

16,055

Depreciation and amortization

6,495

2,425

Impairment - goodwill and intangible assets

33,964

Total operating costs and expenses

119,428

42,153

Loss from equity investment

(14)

(Loss) earnings from operations

(31,772)

3,446

Non-operating income (expense):

Interest income

1

4

Interest expense

(11,367)

(1,258)

Gain on foreign currency transactions, cost recovery income and other

1 

247 

Non-operating (expense) income, net

(11,365)

(1,007)

(Loss) earnings before income taxes

(43,137)

2,439 

Income tax expense

(2,524)

(716)

Net (loss) earnings

(45,661)

1,723

Net earnings attributable to non-controlling interests

(195)

(655)

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

$

(45,856)

$

1,068

(Loss) earnings per share attributable to Century Casinos, Inc. shareholders:

Basic

$

(1.55)

$

0.04

Diluted

$

(1.55)

$

0.04

Weighted average shares outstanding - basic

29,507

29,439

Weighted average shares outstanding - diluted

29,507

30,052

See notes to unaudited condensed consolidated financial statements.


5


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2020

2019

 

Net (loss) earnings

$

(45,661)

$

1,723

Other comprehensive (loss) income

Foreign currency translation adjustments

(13,727)

1,368

Other comprehensive (loss) income

(13,727)

1,368

Comprehensive (loss) income

$

(59,388)

$

3,091

Comprehensive (loss) income attributable to non-controlling interests

Net earnings attributable to non-controlling interests

(195)

(655)

Foreign currency translation adjustments

889

61

Comprehensive (loss) income attributable to Century Casinos, Inc. shareholders

$

(58,694)

$

2,497

See notes to unaudited condensed consolidated financial statements.

6


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

For the three months

ended March 31,

Amounts in thousands, except for share information

2020

2019

Common Stock

Balance, beginning of period

$

295

$

294

Performance stock unit issuance

1

Balance, end of period

296

294

Additional Paid-in Capital

Balance, beginning of period

$

115,784

$

114,214

Amortization of stock-based compensation (1)

(14)

261

Balance, end of period

115,770

114,475

Accumulated Other Comprehensive Income (Loss)

Balance, beginning of period

$

(9,442)

$

(14,243)

Foreign currency translation adjustment

(12,838)

1,429

Balance, end of period

(22,280)

(12,814)

Retained Earnings

Balance, beginning of period

$

56,669

$

76,056

Net (loss) earnings

(45,856)

1,068

Cumulative effect of accounting change (2)

(232)

Balance, end of period

10,813

76,892

Total Century Casinos, Inc. Shareholders' Equity

$

104,599

$

178,847

Noncontrolling Interests

Balance, beginning of period

$

8,769

$

7,062

Net earnings

195

655

Foreign currency translation adjustment

(889)

(61)

Distribution to non-controlling interest

(37)

Cumulative effect of accounting change (2)

(49)

Balance, end of period

8,075

7,570

Total Equity

$

112,674

$

186,417

Common shares issued

75,635

See notes to unaudited condensed consolidated financial statements.

(1)Includes forfeiture credit for cancelled shares.

(2)Cumulative effect of accounting change relates to the adoption of Accounting Standards Update 2016-02. See Note 13 to the unaudited condensed consolidated financial statements for further details on the adoption of this accounting standard.

7


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

For the three months

ended March 31,

Amounts in thousands

2020

2019

Cash Flows provided by Operating Activities:

Net (loss) earnings

$

(45,661)

$

1,723

Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:

Depreciation and amortization

6,495

2,425

Lease amortization

599

Loss on disposition of fixed assets

3

59

Adjustment of contingent liability (Note 8)

734

25

Unrealized loss on interest rate swaps

103

Amortization of stock-based compensation expense

(14)

261

Amortization of deferred financing costs and discount on note receivable

398

30

Impairment (Note 4 and Note 5)

33,964

Deferred taxes

2,207

(158)

Loss from unconsolidated subsidiary

14

Cashless stock issuance

1

Changes in Operating Assets and Liabilities:

Receivables, net

7,574

(881)

Prepaid expenses and other assets

1,731

(1,440)

Accounts payable

441

(385)

Accrued liabilities

4,671

1,855

Inventories

69

20

Other operating liabilities

(252)

Accrued payroll

(2,925)

(651)

Taxes payable

(5,614)

1,478

Net cash provided by operating activities

4,673

4,226

Cash Flows used in Investing Activities:

Purchases of property and equipment

(4,370)

(7,631)

Net cash used in investing activities

(4,370)

(7,631)

– Continued –

See notes to unaudited condensed consolidated financial statements.


8


CENTURY CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)

 

For the three months

ended March 31,

Amounts in thousands

2020

2019

Cash Flows provided by Financing Activities:

Proceeds from borrowings

17,351

9,173

Principal payments

(6,992)

(1,909)

Payment of deferred financing costs

(491)

Distribution to non-controlling interest

(37)

Net cash provided by financing activities

9,868

7,227

Effect of Exchange Rate Changes on Cash

$

(1,304)

$

163

Increase in Cash, Cash Equivalents and Restricted Cash

$

8,867

$

3,985

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

$

55,640

$

46,284

Cash, Cash Equivalents and Restricted Cash at End of Period

$

64,507

$

50,269

Supplemental Disclosure of Cash Flow Information:

Interest paid

$

11,828

$

1,053

Income taxes paid

$

893

$

502

Non-Cash Investing Activities:

Purchase of property and equipment on account

$

1,153

$

5,499

See notes to unaudited condensed consolidated financial statements.

 

9


CENTURY CASINOS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Century Casinos, Inc. (the “Company”) is a casino entertainment company with operations primarily in North America. The Company’s operations as of March 31, 2020 are detailed below.

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

The Century Casino & Hotel in Central City, Colorado (“CTL”)

The Century Casino & Hotel in Cripple Creek, Colorado (“CRC”)

Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia (“Mountaineer” or “MTR”)

The Century Casino Cape Girardeau, Missouri (“Cape Girardeau” or “CCG”)

The Century Casino Caruthersville, Missouri (“Caruthersville” or “CCV”)

The Century Casino & Hotel in Edmonton, Alberta, Canada (“Century Resorts Alberta” or “CRA”)

The Century Casino St. Albert in Edmonton, Alberta, Canada (“CSA”)

Century Mile Racetrack and Casino in Edmonton, Alberta, Canada (“CMR” or “Century Mile”); and

The Century Casino Calgary, Alberta, Canada (“CAL”)

In March 2020, the Company announced that it had temporarily closed its casinos to comply with quarantines issued by governments to contain the spread of the coronavirus (“COVID-19”) pandemic. On March 17, 2020, the Company also announced that it had permanently closed Century Casino Bath (“CCB”). On May 6, 2020, CCB entered into a Creditors Voluntary Liquidation (“CVL”). Prior to entering into the CVL, CCB voluntarily surrendered its casino gaming license on April 28, 2020.

Mountaineer, Cape Girardeau and Caruthersville (the “Acquired Casinos”) were acquired on December 6, 2019 from Eldorado Resorts, Inc. (“Eldorado Resorts”) (the “Acquisition”). See Note 3 for additional information about the Acquired Casinos and the Acquisition.

Century Bets!, Inc. (“CBS” or “Century Bets”) operates the pari-mutuel off-track betting network in southern Alberta, Canada. Prior to August 2019, the Company had a 75% controlling financial interest in CBS through its wholly-owned subsidiary Century Resorts Management GmbH (“CRM”). In August 2019, the Company purchased the remaining 25% non-controlling financial interest from Rocky Mountain Turf Club for CAD 0.2 million ($0.2 million based on the exchange rate in effect on August 5, 2019), resulting in CBS becoming a wholly-owned subsidiary.

The Company has a controlling financial interest through its wholly-owned subsidiary CRM in the following majority-owned subsidiaries:

The Company owns 66.6% of Casinos Poland Ltd (“CPL” or “Casinos Poland”). As of March 31, 2020, CPL owned and operated eight casinos throughout Poland. CPL is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. Polish Airports Company (“Polish Airports”) owns the remaining 33.3% of CPL, which is reported as a non-controlling financial interest.

The Company owns 75% of United Horsemen of Alberta Inc. dba Century Downs Racetrack and Casino (“CDR” or “Century Downs”). CDR operates Century Downs Racetrack and Casino, a racing and entertainment center (“REC”) in Balzac, a north metropolitan area of Calgary, Alberta, Canada. CDR is consolidated as a majority-owned subsidiary for which the Company has a controlling financial interest. The remaining 25% of CDR is owned by unaffiliated shareholders and is reported as a non-controlling financial interest.

The Company has the following concession, management and consulting service agreements:

As of March 31, 2020, the Company had concession agreements with TUI Cruises for five ship-based casinos. The ships have not sailed since March 2020 due to COVID-19. The Company’s concession agreement for four of the ship-based casinos that the Company operated prior to their closures in March 2020 ended on May 12, 2020.

 

 

10


The Company, through its subsidiary CRM, has a 7.5% ownership interest in Mendoza Central Entretenimientos S.A., an Argentinian company (“MCE”). In addition, CRM provides advice to MCE on casino matters pursuant to a consulting agreement in exchange for a fixed fee plus a percentage of MCE’s earnings before interest, taxes, depreciation and amortization (“EBITDA”). In March 2020, the Company impaired the $1.0 million MCE investment and wrote-down a $0.3 million receivable related to MCE due to assessments made related to the impact of COVID-19 on MCE. See Note 4 for additional information related to MCE.

The Company, through its subsidiary CRM, had a 51% ownership interest in Golden Hospitality Ltd. (“GHL”). The Company sold its interest in GHL to the unaffiliated shareholders of GHL in May 2019 for a $0.7 million non-interest bearing promissory note. The Company recognized a loss on the sale of its investment of less than $0.1 million in general and administrative expenses on its condensed consolidated statement of (loss) earnings for the year ended December 31, 2019. The sale of the Company’s equity interest in GHL also ended its equity interest in Minh Chau Ltd. (“MCL”). See Note 4 for additional information related to GHL and MCL.

Going Concern and Recent Developments Related to COVID-19

The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic has had an adverse effect on the Company’s first quarter 2020 results of operations and financial condition, and the Company expects this situation will have an adverse impact on the Company’s second quarter 2020 results. Between March 14, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company anticipates a phased approach to reopening will be recommended by government officials in the jurisdictions where it operates, which could include reduced levels of gaming space, social distancing at slot machines and table games or reduced capacity within the casino, limited restaurant operating hours or continued closure of restaurants, requirements to wear face masks, including the potential to require guests to wear face masks, increased frequency of disinfecting surfaces and other measures to account for varying levels of demand. The Company’s casinos rely on a local customer base and, as such, the Company anticipates that its operations could resume at a quicker rate than those of casinos at destination resorts. The timing for reopening the Company’s locations will depend on determinations by governments in each jurisdiction. The Company’s Polish locations reopened on May 18, 2020. Based on information currently available, the Company is anticipating reopening most other locations beginning in June 2020 and no later than August 2020. However, the Company cannot predict how quickly customers will return to its casinos. The Company permanently closed Century Casino Bath in March 2020, and the Company’s concession agreement for four of the ship-based casinos that the Company operated prior to their closures in March 2020 ended on May 12, 2020.

Due to the temporary closures of its casinos, hotels and other facilities, the Company has taken actions to reduce operating costs, including furloughing most of its personnel and implementing reduced work weeks for other personnel. During the closures, the Company will continue to pay benefits to its United States and Canadian employees, inclusive of part time employees, through May 2020. In Poland, all employees were paid reduced salaries based on local employment laws. As of April 30, 2020, the Company had $50.0 million in cash on hand to fund future operations and make required payments under its credit agreements as they become due within one year after the date that these condensed consolidated financial statements are issued. The Company currently is not generating any revenue from its properties and estimates that the net cash outflow during the time the operations continue to be fully suspended will be, on average, approximately $8.0 million per month. Management estimates that the Company will need approximately $19.8