Century Casinos, Inc. (Nasdaq: CNTY) posted record second-quarter net operating revenue of $152.0 million and record Adjusted EBITDAR of $31.7 million for the three months ended June 30, 2026, marking year-over-year gains of 1% and 5%, respectively. The results underscore the company's deepening reliance on North American hospitality and gaming operations to drive profitability as its international segment lags.
The Nugget Effect
The standout performer was the Nugget Casino Resort in Reno-Sparks, Nevada, the sole property in Century's US West segment. The Nugget delivered a 93% increase in Adjusted EBITDAR for the second quarter — the same rate of growth it posted in Q1 2026 — pushing segment revenue up 16% to $23.4 million year-over-year. That momentum cut the US West segment's net loss attributable to shareholders by 75% to just $0.7 million. For operators watching regional gaming-resort performance, back-to-back quarters of that magnitude at a single property signal a meaningful operational turnaround, not a one-time blip. The broader US Midwest segment — encompassing Century's Missouri and Colorado casino-hotel properties — also contributed meaningfully, with net operating revenue rising 8% to $44.7 million and Adjusted EBITDAR up 8% to $16.7 million.
Poland Weighs on Consolidated Results
Despite the domestic strength, Century's Poland segment served as a material drag. Net operating revenue from Poland fell 19% year-over-year to $19.9 million in Q2 2026, with Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger citing low table hold in June as a contributing factor. Poland's Adjusted EBITDAR collapsed to just $52,000 for the quarter, down 97% from $1.9 million in Q2 2025. The company carried $336.5 million in outstanding debt as of June 30, 2026, versus $337.7 million at year-end 2025, including a $331.6 million term loan with Goldman Sachs Bank USA. Cash and cash equivalents stood at $60.2 million compared to $68.9 million at December 31, 2025. Management noted early signs of improvement in Poland and expressed optimism about stronger results over coming quarters, a development that hospitality operators and food-and-beverage vendors serving those venues will want to monitor closely.
Half-Year Picture
For the six months ended June 30, 2026, consolidated net operating revenue reached $289.2 million, up 3% from $281.3 million in the prior-year period, while earnings from operations surged 22% to $28.9 million. Adjusted EBITDAR for the first half climbed 12% to $56.6 million. The company's net loss attributable to shareholders narrowed by 17% for the half-year period to $27.4 million, reflecting improved operating leverage across North American properties even as non-operating expenses — including substantial interest costs tied to the Master Lease financing obligation with VICI Properties — continue to weigh on the bottom line. For those tracking casino-resort hospitality trends, Century's trajectory illustrates how property-level food, beverage, and entertainment revenue can increasingly offset structural financing costs. Hospitality industry observers tracking integrated resort performance will find additional context in our gaming and hospitality coverage.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
