Century Casinos reported a flat fourth-quarter revenue for the period ended December 31, 2025, while earnings from operations rose 117% to $10.4 million and adjusted EBITDAR increased 13% to $23.9 million.
The company still reported shareholders’ loss of $17.9 million, or $0.61 per share, in results released on March 13.
Why the operating jump needs context
The operating improvement looks better due to weak numbers last year. Century said fourth-quarter 2024 results were hit by a $70.2 million goodwill impairment tied to the Nugget and Rocky Gap properties, which dragged down the earlier comparison period.
That does not erase the improvement, but it does make the 117% jump which means the progress was not just driven by demand alone. For the full year, Century reported $51.3 million in earnings from operations, up from a $22.2 million operating loss in 2024, while full-year adjusted EBITDAR rose 3% to $105.4 million.
Segment performance was mixed
US Midwest revenue rose 2% to $40.8 million, Canada increased 5% to $18.8 million, and Poland rose 4% to $20.7 million, while US East fell 2% to $40.0 million and US West dropped 7% to $17.7 million.
Adjusted EBITDAR also improved in most operating areas. The US Midwest increased 4% to $14.2 million, Canada rose 5% to $4.9 million, and Poland moved to $0.9 million from a negative result a year earlier. US West remained softer on a full-year basis even though its fourth-quarter comparison improved from the prior-year impairment-affected period.
Missouri and Poland now shaping what comes next
Century said its BetMGM sportsbook at Cape Girardeau opened on December 1, 2025, with online betting going live under its Missouri license. Also,the company said it opened its second casino in Wroclaw in February 2026.That Missouri exposure arrives against a still-active local casino backdrop. CasinoNews.io reported this week that Missouri casino revenue hit $160.65 million in February 2026, with more than 2.26 million admissions statewide.
Century sees some customer improvement as debt stays high
Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger said the company was seeing improvement in its budget conscious customers and was continuing discussions around strategic alternatives, including a sale of its Poland operations.
Century ended 2025 with $68.9 million in cash and other investments, down from $98.8 million a year earlier. It also had $337.7 million in outstanding debt and a $715.7 million long-term financing obligation under its Master Lease structure. The company said its first-lien (first claim on a company’s assets) leverage ratio exceeded 5.50 to 1.00 at year-end, though it had no outstanding revolving loans, swingline loans, or letters of credit under its Goldman credit agreement.
A cleaner quarter is not the same as a clean reset
While Century’s quarter was stronger than a year earlier, the results still need some caution. Operating profit improved, margins were better, and the loss per share was smaller, but revenue was flat and last year’s comparison was affected by a large write-down, so the key question is whether the company can build on this in 2026. That is likely to depend on how Missouri sportsbook revenue develops, whether Poland stabilizes further, and whether core customer demand continues to improve.
