Moving to a land-based facility in Caruthersville allows Century to double EBITDA over the last six years
Caruthersville is now an almost $25m EBITDA property
Century Casinos delivered solid results in 2025, with full-year adjusted EBITDAR increasing three per cent year over year whilst revenues declined by one per cent to $573m.
Century managed this despite the loss of sports betting income in Colorado and the significant licensing disruptions in Poland. Excluding the sports betting income in Colorado and the Poland impact, EBITDAR would have increased by five per cent, driven by strong performances in Missouri and a rebound at Mountaineer in West Virginia. In the fourth quarter, net operating revenue was flat, impacted by unusually poor winter weather in December, but adjusted EBITDAR was up 13 per cent.
The company delivered double-digit EBITDA growth at several of its casinos, including in Colorado, at Mountaineer, West Virginia, and in Caruthersville, Missouri, where the move from riverboat to land-based has really paid off.
When it bought Century Casino and Hotel Caruthersville in December 2019, the casino was still on a riverboat, and was a $12m EBITDA-per-year property. With improvements to the gaming floor and the move to a temporary land-based facility, it grew the property to $19m of EBITDA by 2023.
Co-Chief Executive Officer of Century Casinos Erwin Haitzmann said: “In Missouri, our Century Casino and Hotel Caruthersville had a fantastic quarter and year. EBITDA in Q4 increased from $4.9m to $6.1m, and EBITDA in 2025 grew from $19m to $24.4 million, a $5.4m, or 28 per cent. With the transition to the permanent casino and hotel building accomplished in November 2024, Caruthersville is now an almost $25m EBITDA property, effectively more than doubling EBITDA within the last six years. The success of this property comes from its ability to attract more customers from every direction. We see increases across all age groups, value segments, and distances. The biggest gains are coming from high-value customers, that is $400+ ADT, middle-aged customers aged between 40 and 59, and customers from more than 49 miles away.
“Building a right-sized, approachable, almost intimate casino paid off. Our investment in the property has been a success and sets us up for sustainable growth for the next several years. Our property in Cape Girardeau saw declines in both the quarter and the year. EBITDA in Q4 decreased from $6.8m to $5.9m, and EBITDA for all of 2025 decreased from $25.6m to $24.7m. In 2025, Century Casino Cape Girardeau lost some market share to our property in Caruthersville, which it gained in 2024 when Caruthersville was in a temporary facility with limited space and amenities. Both properties are only 85 miles apart.”
Century also saw growth at the Nugget in Reno, where EBITDA was up 21 per cent.
Peter Haitzmann said: “Across the entire US portfolio, the trend of strong play from our high-value and core customer segments continued, and we are also beginning to see improvements at the lower end of the database. While total rated GTR declined a bit, this was offset by growth in the retail segment. “We are beginning to see improvements with the lower-end of our customer base and we are pleased with the 13% Adjusted EBITDAR** growth and the margin improvement in the fourth quarter of 2025, but we believe our portfolio of casinos has not yet shown its full potential. We continue to make progress with robust discussions around strategic alternatives, including the sale of our operations in Poland.”
In Poland, the company opened its second casino in Wroclaw in February 2026. In May 2025, Century announced that it has partnered with BetMGM, to operate a sports book at Cape Girardeau and an online and mobile sports betting application under its license in Missouri. On December 1, 2025, the sports book at Cape Girardeau opened and online betting started.
