In its fourth-quarter earnings call, Century Casinos’ leadership highlighted a positive outlook for 2026. Co-CEO Peter Hoetzinger characterized 2025 as delivering “solid results.”
The brisk 30-minute call placed significant focus on an anticipated turnaround early in 2026. Hoetzinger noted that strong activity from high-value patrons persisted last year, while play from lower-value customers was also gaining momentum.
Key achievements from the prior year featured a “nice rebound” at the Century Mountaineer casino in West Virginia and a 13% rise in cash flow. Co-CEO Erwin Haitzmann described Century Caruthersville in Missouri as having a “fantastic” 2025, even with increased rent. He stated the company purchased the former Aztar Caruthersville when it generated $12 million in annual cash flow and has since more than doubled that figure.
“We see increases across all age groups” and demographics, Haitzmann stated. “Building a right-sized, almost intimate casino has paid off.”
Century Cape Girardeau was somewhat impacted by Caruthersville’s success, ceding market share to the sibling property located 85 miles away. Nevertheless, and in the face of new competition from Illinois, Haitzmann reported that Cape Girardeau boosted its cash flow from $19 million in 2019 to $24.7 million in 2025. “We could not be happier with our Missouri properties,” he continued.
Haitzmann called Century Caruthersville “a model property in terms of cost. We can’t squeeze any more percentages out” of it. He mentioned Century Cape Girardeau was comparable. Further gains, however, remain achievable, “if we keep diligently doing what we have been doing.”
In Colorado, table games have been removed from both Century Cripple Creek and its counterpart in Central City. “That’s turned out to be the right move,” Haitzmann commented, pointing to payroll reductions. Cash flow in the fourth quarter was marginally up at both locations.
The story at Century Mountaineer was seasonal. “The first four months [of 2025] were challenging,” Haitzmann clarified, alluding to severe weather. “That was followed by seven strong months,” and then a December hampered by weather.
Haitzmann observed that Mountaineer “faces stiff competition” for 85% of its customer base from neighboring casinos in Ohio and Pennsylvania. However, “recent trends have been very positive and we continue to invest.”
Rocky Gap Resort in Maryland was portrayed as susceptible to poor weather, and 2025 proved no different. “Unfortunately, bad weather hit the property hard,” particularly on weekends, Haitzmann said.
Regarding the Sparks Nugget, Century indicated its focus was on attracting mid-market guests and enhancing the property. “We hope this was the last transitional year,” Haitzmann remarked, noting that a country-western entertainment schedule was performing well and a new general manager “with extensive experience” had been hired.
Conference activity at the Nugget was also reported as better, with major groups reserved through 2030. “It is good that there is demand and people like the property,” Haitzmann said, also observing a favorable trend with smaller groups.
Haitzmann praised “a solid performance at our Alberta operations” in spite of severe weather. He mentioned coin-in rose four percent for both the quarter and the year, with all other metrics also positive.
When asked if elevated oil prices due to the recent Persian Gulf war were aiding Century in Canada, Haitzmann answered there was no secondary advantage. “Neither did we see less business because of higher oil prices” previously.
In Poland, Century’s license runs through 2028 “and we expect stable operations going forward,” Haitzmann stated.
Century concluded 2025 with $69 million in cash and $338 million in debt, resulting in a debt-to-cash flow ratio of 6.9 times.
Urged by a Wall Street analyst to begin stock buybacks, Hoetzinger was brief. “Our main focus will be on debt pay-down,” he responded.
Looking ahead to 2026, Haitzmann said, “We are really excited about our progress,” particularly double-digit cash-flow growth at all the company’s North American properties. Cape Girardeau, specifically, was reported to be achieving its highest revenues ever. Century’s Missouri collaboration with BetMGM was also commended, partly for recording the state’s highest retail volume in January.
Questioned on how long the current positive indicators might last, Haitzmann answered, “Nobody can tell for sure, but we see all signs positive” for the year. The crackdown on black-market slot machines in Missouri provided another optimistic signal for Century. “This will definitely be good for our casinos,” Haitzmann responded, “No doubt about it.”
Promotional battles were also not a concern. “We don’t see anything unusual,” Haitzmann stated. “Nothing that would be worth pointing out.”