Century Casinos Reports Record Q2 2026 Net Operating Revenue and Adjusted EBITDAR on North American Strength
Century Casinos, Inc. has reported an all-time record second quarter on both net operating revenue and Adjusted EBITDAR, driven by its North American properties. The Nasdaq-listed operator trades as CNTY and announced the results, for the three and six months ended 30 June 2026, on 7 August 2026.
Net operating revenue was $152.0m, up 1% year on year. Adjusted EBITDAR was $31.7m, up 5%, with both figures records for a second quarter. Earnings from operations rose 4% to $17.2m, and the net loss attributable to shareholders narrowed to $10.9m, or ($0.39) per share, from $12.3m a year earlier.
$152.0m record quarter: North America does the heavy lifting
The quarter was carried by North America across its segments. US West, home to the Nugget Casino Resort in Reno-Sparks, Nevada, grew net operating revenue 16% to $23.4m and cut its net loss to $0.7m, a 75% improvement. US West Adjusted EBITDAR rose 93% to $4.5m.
US Midwest, covering the Missouri and Colorado properties, grew revenue 8% to $44.7m, while Canada added 2% to $20.4m. US East, the company’s West Virginia and Maryland properties, eased 2% to $43.6m.
Across six months the pattern held: revenue up 3% to $289.2m, earnings from operations up 22% to $28.9m, and the half-year net loss narrowing to $27.4m from $32.9m.
Nugget delivers back-to-back 93% EBITDAR growth
The Nugget was the standout performer. Co-Chief Executive Officers Erwin Haitzmann and Peter Hoetzinger said:
“We are very pleased with the results of our North American operations during the second quarter, driven by a strong performance at the Nugget… The Nugget’s Adjusted EBITDAR grew an additional 93%, after growing by 93% in the first quarter, and we will continue to work diligently at the property to continue this performance throughout 2026 and beyond.”
Two straight quarters of 93% Adjusted EBITDAR growth at one property is a sizeable swing, and it moved US West from a loss a year ago to a materially stronger contribution.
Poland revenue drops 19% on weak June table hold
Poland posted net operating revenue of $19.9m, down 19% year on year, with segment Adjusted EBITDAR of $52k. The company attributed the softer result in part to low table hold in June 2026.
The Co-CEOs added that they were seeing some signs of improvement in Poland that should lead to better results over the next several quarters. The release also discloses, within its forward-looking statements, a strategic review process that includes the potential sale of the Poland operations, which the company frames as a possibility rather than a decision.
North American segment margins top out at 37%
The company’s segment margin table shows a wide spread. US Midwest ran a 37% Adjusted EBITDAR margin, Canada 30%, US West 19% and US East 18%, while Poland’s margin was reported as nil, shown as a dash in the company’s table. Those North American margins lifted the consolidated Adjusted EBITDAR margin to 21%, up from 20% a year earlier.
The second-half question: can US momentum hold?
The record quarter was built on regional US consistency, with the Nugget supplying the upside. On the balance sheet, the company held $60.2m in cash against $336.5m of debt, including a $331.6m term loan with Goldman Sachs Bank USA, and carries a $708.0m financing obligation under its Master Lease with subsidiaries of VICI Properties.
As of 30 June 2026 the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, though the company noted it had no outstanding revolving loans, swingline loans or letters of credit under the Goldman agreement at quarter end. With North America printing records and a strategic review under way in Poland, the second half will test whether the US momentum holds.
Source: Century Casinos, Inc.
