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Start-up costs in Wroclaw hold Poland back but business is stabilising
Century Casinos delivered a strong second quarter, generating revenue of $152m, a one per cent increase over Q2 of last year, with Adjusted EBITDA of $31.7m, marking a five per cent increase, both of which are all-time records for the operator.
Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said: “We’ve never had higher revenues and higher EBITDA in the second quarter in the history of the company. We are very pleased with the results of our North American operations during the second quarter, driven by a strong performance at the Nugget, in the US West reportable segment, as well as in the US Midwest reportable segment, which includes our Missouri and Colorado properties. The Nugget’s Adjusted EBITDAR grew an additional 93 per cent, after growing by 93 per cent in the first quarter, and we will continue to work diligently at the property to continue this performance throughout 2026 and beyond. Unfortunately, the results in North America were negatively impacted by Poland, which continued to underperform due, in part, to low table hold in June 2026. However, we are seeing some signs of improvement in Poland that should lead to better results over the next several quarters.”
The company’s new Executive VP of US Operations, Lyle Randolph said: “Across our US operations, a clear pattern continues to emerge. We are seeing a portfolio that is performing with greater consistency. We are seeing operational improvements translating into stronger financial results. And most importantly, we’re seeing the operational work of the past several years begin to pay off. Across our seven US properties, we have invested in our gaming floors, improved our marketing, strengthened our operations and remain focused on creating a better guest experience. None of this happened overnight, but those efforts are coming together, and the second quarter provides another strong example. During Q2, our US operations generated $111.6m of net operating revenue, an increase of 5five per cent over the prior year.
“The Nugget continues to demonstrate why we believe it represents one of the greatest opportunities within our US portfolio. Net operating revenue increased 16 per cent, while adjusted EBITDAR increased more than 93 per cent. And more importantly, this was just — this was Nugget’s third consecutive quarter of year-over-year adjusted EBITDAR growth. The Nugget had a strong entertainment calendar in the second quarter. The Brooks & Dunn concert in April sold more than 7,800 tickets, and the Keith Urban show in June contributed to over $0.25m in incremental profit. But the Nugget story is much broader than concerts. Slot coin-in increased approximately six per cent. Hotel cash revenue increased more than 36 per cent.”
“We are also seeing improvement in the quality of the business. The number of guests generating more than 400 in average daily theoretical increased approximately 20 per cent. The Nugget is an iconic brand with a significant hotel and convention operation and includes a major entertainment venue. Our opportunity continues to be to make all of those pieces work better together.
Century Casino’s Canadian operations delivered another solid quarter with net operating revenue increasing 2.2 per cent year-over-year to $20.4m and adjusted EBITDA increasing 11 per cent to $6.2m.
Erwin Haitzmann said: “This performance reflects the results of the capital investments and operational improvements we have made in Canada over the last several quarters. Growth was broad-based with all 4 Alberta properties contributing higher net operating revenue, led by strong performances at Century Mile and Century St. Albert. Century Mile achieved its highest quarterly EBITDA since opening, surpassing its previous record established in the first quarter, while Century St.
“Albert delivered record coin-in during both May and June, following the benefits of its 2025 property enhancements. We also demonstrated expense discipline as total operating expenses declined 1.3 per cent, driven primarily by lower payroll costs. Operationally, the Alberta portfolio continues to benefit from growing customer awareness of the newly introduced Celly’s Sports Bar & Lounge concept while market share trends remain encouraging. Century Mile significantly outpaced overall Edmonton market growth with coin-in increasing 11.2 per cent year-over-year, and Century St. Albert also exceeded the broader market with 6.2 per cent growth.”
Century Casinos operation in Poland continued through a period of significant portfolio transition during the second quarter, making year-over-year comparisons less meaningful.
Results reflect the closure of the Hilton Warsaw Casino in June 2025, following the nonrenewal of its gaming license as well as the continued ramp-up of the company’s Wroclaw’s operations. The newly opened Wroclaw Casino, which began operations in February 2026 in the historic Hotel Corona overlooking Wroclaw’s renowned Market Square, generated expected start-up losses as the property builds awareness and establishes its customer base.
Haitzmann added: “Although start-up costs weighed on second quarter results, management believes this flagship location represents an attractive long-term opportunity as visitation and customer awareness continue to build. In addition, table game hold at the presidential Warsaw Casino was significantly below historical averages during June, reducing gaming revenue by approximately $1m versus theoretical expectations. These factors contributed to the reported net operating revenue of $19.9m and adjusted EBITDA of approximately $0.1m for the quarter. Despite these temporary headwinds, the underlying outlook for the Polish business is increasingly stable.”
