Century Casino reported a net loss per share of $0.61 in a big miss on analyst estimates, but it is making improvements on operations, plus offloading its Polish business will help it meet deleveraging goals
Land-based casino operator Century Casinos (CNTY) released Q4 FY 2025 results showing operational profitability swinging back toward the positive. But its bottom line remains deeply scarred by the massive non-cash impairment charges taken in 2024 and ongoing high leverage.
Even though operations improved, CNTY missed the Q4 2025 consensus EPS estimate by $0.15 ($0.61 loss vs $0.46 expected). These persistent misses make analysts wary of catching a falling knife, even though year-over-year EPS was up 79.25%.
Still, earnings from operations increased an impressive 117% to $10.4 million.
US operations provided the primary tailwind – namely from Caruthersville, Missouri, where the new land-based casino (opened late 2024) drove a 26% revenue increase in that specific market.
Additionally, the December 1, 2025, launch of the BetMGM sportsbook (with whom it announced a partnership in May 2025) in Missouri provided a late-quarter boost to the East/Midwest segments.
The strategic pivot in Polish operations remains a drag on the consolidated margin, due to one-time costs associated with the closure of the Hilton Hotel casino.
However, management confirmed that a second license had been secured, and a new casino in Wroclaw opened in February 2026.
Strengthening EBITDAR and margins
Meanwhile, Canada remains the company’s most stable cash cow, maintaining steady EBITDAR margins despite a lack of major new capital projects in the region in 2025.
Consolidated Adjusted EBITDAR for Q4 2025 was $23.9 million, a 13% increase year-over-year. Notable margin expansion was reported despite flat revenues (Q4 2025 $138 million, 2.9% off analyst forecasts).
Margins improved as the company moved past the 2024 construction disruptions in Missouri and Colorado as part of the transition to a more permanent, land-based model.
Management was keen to emphasize the one-time nature of the Poland closure costs and, by contrast, the robust margin health of the core North American portfolio.
For instance, Century’s Canada operations are characterized by a light-touch regulatory model and lower marketing spend compared to the hyper-competitive US markets.
At the conference, Co-CEO Peter Hoetzinger focused on leveraging returns at the new businesses:
“2024 was a transitory year of heavy construction and disruption. 2025 was about stabilization. As we enter 2026, our focus is purely on harvesting the returns from those investments.
With no major construction projects on the horizon, we expect to see significant free cash flow growth as we leverage our new, more efficient facilities.”
Canada is Century’s Cash Flow Stabilizer
Management noted that the Canadian portfolio (Edmonton and Calgary) acted as the key stabilizer for the company’s cash flow while the US construction was finalized.
Co-CEOs Erwin Haitzmann and Peter Hoetzinger provided important pieces of forward-looking guidance for shareholders in written comments accompanying the financial report:
“We are beginning to see improvements with the lower-end of our customer base and we are pleased with the 13% Adjusted EBITDAR growth [compared to the same period in 2024] 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.”
The explicit mention of a potential sale of the Polish business could be a major catalyst for the share price.
Investors are likely to view the Polish segment as a distraction with volatile licensing; a sale would provide much-needed liquidity to pay down on Century Casinos’ enormous $337.7 million debt pile.
Operational Recovery Battles Balance Sheet Distress
Century Casinos watchers will be aware of a fundamental disconnect between operational recovery and balance-sheet ill-health.
The stock is still reeling from the 2024 Rocky Gap goodwill impairment. While 2025 was cleaner, the net loss for FY 2025 was $61.4 million.
The impairment (restated by management from $70.2 million to $26.5 million) was a significant non-cash charge recorded in the fourth quarter of 2024. The charge stemmed from the underperformance of the Rocky Gap Casino Resort in Maryland following its acquisition in July 2023.
Another factor impinging on earnings performance is Century’s fixed-cost structure.
With $104 million in annual interest and $66 million in Master Lease rent, the company’s Earnings from Operations ($51 million) balance sheet line is currently insufficient to cover non-operating obligations; hence, the net loss, regardless of how many people visit the casinos.
Due to the big Q4 EPS miss and higher-than-expected interest expenses, analysts may lower 2026 EPS targets. However, the Poland sale, when finalized, will provide the company with a viable path to deleveraging.
Although the consensus analyst rating may remain underperform, management’s mention of double-digit growth at its US properties in Q1 has helped the stock open higher, at the time of writing, up 2.1% at $1.46.
| Period | Metric | Reported (Actual) | Consensus Forecast | Beat/Miss (%) |
| Q1 2024 | Revenue | $136.0M | $139.7M | 🔴 (2.6%) |
| Adj. EBITDAR | $21.3M | $22.5M | 🔴 (5.3%) | |
| EPS | -$0.45 | -$0.53 | 🟢 +15.1% | |
| Q2 2024 | Revenue | $146.4M | $154.6M | 🔴 (5.3%) |
| Adj. EBITDAR | $27.4M | $29.1M | 🔴 (5.8%) | |
| EPS | -$1.36 | -$0.40 | 🔴 (240.0%) | |
| Q3 2024 | Revenue | $155.7M | $157.3M | 🔴 (1.0%) |
| Adj. EBITDAR | $32.9M | $31.8M | 🟢 +3.5% | |
| EPS | -$0.26 | -$0.28 | 🟢 +7.1% | |
| Q4 2024 | Revenue | $137.8M | $142.6M | 🔴 (3.4%) |
| Adj. EBITDA | $21.1M | $25.4M | 🔴 (16.9%) | |
| EPS | -$2.11 | -$0.46 | 🔴 (358.7%) | |
| FY 2024 | Revenue | $575.9M | $584.2M | 🔴 (1.4%) |
| Adj. EBITDAR | $102.7M | $108.8M | 🔴 (5.6%) | |
| EPS | -$4.18 | -$1.67 | 🔴 (150.3%) | |
| — | — | — | — | — |
| Q1 2025 | Revenue | $130.4M | $139.6M | 🔴 (6.6%) |
| Adj. EBITDAR | $20.2M | $22.2M | 🔴 (9.0%) | |
| EPS | -$0.67 | -$0.56 | 🔴 (19.6%) | |
| Q2 2025 | Revenue | $150.8M | $149.1M | 🟢 +1.1% |
| Adj. EBITDAR | $30.3M | $28.5M | 🟢 +6.3% | |
| EPS | -$0.40 | -$0.36 | 🔴 (11.1%) | |
| Q3 2025 | Revenue | $153.7M | $163.5M | 🔴 (6.0%) |
| Adj. EBITDAR | $31.1M | $33.6M | 🔴 (7.4%) | |
| EPS | -$0.35 | -$0.16 | 🔴 (118.8%) | |
| Q4 2025 | Revenue | $138.0M | $142.1M | 🔴 (2.9%) |
| Adj. EBITDAR | $23.9M | $25.2M | 🔴 (5.2%) | |
| EPS | -$0.61 | -$0.46 | 🔴 (32.6%) | |
| FY 2025 | Revenue | $572.9M | $594.3M | 🔴 (3.6%) |
| Adj. EBITDAR | $105.5M | $109.5M | 🔴 (3.7%) | |
| EPS | -$2.03 | -$1.54 | 🔴 (31.8%) |
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