PR Newswire | Nov 6, 2020 06:01AM EST

US Casinos

11/06 05:00 CST

Century Casinos, Inc. Announces Record Third Quarter Results Driven by Acquired US Casinos COLORADO SPRINGS, Colo., Nov. 6, 2020

COLORADO SPRINGS, Colo., Nov. 6, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market(r): CNTY) today announced its financial results for the three and nine months ended September 30, 2020.

Third Quarter 2020 Highlights*

* Net operating revenue was $95.7 million, compared to $52.9 million for the three months ended September 30, 2019, an increase of 81%. * Earnings from operations were $15.0 million, compared to $3.5 million for the three months ended September 30, 2019, an increase of 331%. * Net earnings attributable to Century Casinos, Inc. shareholders were $3.7 million, compared to $0.5 million for the three months ended September 30, 2019, an increase of 678%. * Adjusted EBITDA** was $22.2 million, compared to $7.1 million for the three months ended September 30, 2019, an increase of 213%. * Earnings per share were $0.13. * Book value per share*** at September 30, 2020 was $3.55.

The Company's third quarter 2020 results were significantly impacted by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville (the "Acquired Casinos") in December 2019.

COVID-19 Update

In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. Between March 13, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company's Polish locations reopened on May 18, 2020 and its North American operations reopened between June 1, 2020 and June 17, 2020.

Although the Company's results of operations and cash flow improved significantly in the third quarter of 2020, the COVID-19 pandemic has had an adverse effect on the Company's results of operations and financial condition for the nine months ended September 30, 2020, and the Company expects this situation will continue to have an adverse impact on its results for the remainder of 2020 and perhaps into 2021. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.

The Company's casinos have varied their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. In Colorado, each city has different gaming floor restrictions. In Cripple Creek, the full slot floor is open but table games are expected to remain closed through 2020. In Central City, the casino is currently operating approximately 65% of the slot machines and table games are reopened, with the exception of craps and roulette which closed in October 2020. For both Colorado cities there are capacity restrictions within the casinos and alcohol sales must stop at midnight but the casinos are able to operate 24/7. In Missouri, the full gaming floor is open, hours of operation are reduced, and food outlets that have reopened have limited operating hours. In West Virginia, the majority of the gaming floor has reopened, the gaming floor is limited to machines that are six feet apart or with barriers, food and beverage outlets have reopened with limited hours of operation, the convention space remains closed and is anticipated to remain closed through 2020, hours of operation are limited to 10:00 a.m. to 2:00 a.m., there are capacity restrictions within the casino, and the hotel is operating with limited rooms available. In Canada, the gaming floors are currently operating approximately 60% of the total gaming machines, hours of operation are limited to 9:30 a.m. to 3:00 a.m., there are restrictions on spectators at the racetracks, and the hotel and showroom in Edmonton remain closed. In Poland, the gaming floors are fully reopened, alcohol sales are currently suspended and there are capacity restrictions within the casinos.

Third Quarter 2020 Results

The consolidated results for the three and nine months ended September 30, 2020 and 2019 are as follows:

For the three months For the nine months

Amounts inthousands, ended September 30, ended September 30,except pershare data

Consolidated 2020 2019 % Change 2020 2019 % ChangeResults:

Net Operating $ 95,706 $ 52,935 81% $ 219,466 $ 150,990 45%Revenue

Earnings (Loss) 15,014 3,480 331% (18,872) 9,524 (298%)from Operations

Net Earnings(Loss)Attributable to $ 3,748 $ 482 678% $ (54,715) $ 985 (5655%)CenturyCasinos, Inc.Shareholders

Adjusted $ 22,214 $ 7,093 213% $ 30,036 $ 20,506 47%EBITDA**

Earnings (Loss)Per ShareAttributable toCenturyCasinos, Inc.Shareholders:

Basic and $ 0.13 $ 0.02 550% $ (1.85) $ 0.03 (6267%)Diluted

"Following the reopening of our casinos in June 2020, our results of operations and cash flow improved significantly in the third quarter of 2020. We are very pleased to report all-time records in quarterly net operating revenue and Adjusted EBITDA driven by our recent acquisition of the Eldorado properties. The record results confirm the transformational nature the acquisition has had on the Company, with 79% of our Adjusted EBITDA coming from operations in the United States," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "In the third quarter, we also continued to focus on streamlining our cost structure and were able to achieve additional operational efficiencies, resulting in significant operating margin expansion," Haitzmann and Hoetzinger concluded.

Reportable Segment Results*

The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of September 30, 2020:

Reportable Segment Operating Segment Reporting Unit

United States Colorado Century Casino & Hotel - Central City

Century Casino & Hotel - Cripple Creek

West Virginia Mountaineer Casino, Racetrack & Resort

Missouri Century Casino Cape Girardeau

Century Casino Caruthersville

Canada Edmonton Century Casino & Hotel - Edmonton

Century Casino St. Albert

Century Mile Racetrack and Casino

Calgary Century Casino Calgary

Century Downs Racetrack and Casino

Century Bets! Inc.

Poland Poland Casinos Poland

Corporate and Other Corporate and Other Cruise Ships & Other

Corporate Other

The Company's net operating revenue increased by $42.8 million, or 81%, and by $68.5 million, or 45%, for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019. Following is a summary of the changes in net operating revenue by reportable segment for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019:

Net Operating Revenue

For the three months For the nine months

ended September 30, ended September 30,

Amounts in 2020 2019 $ Change % 2020 2019 $ Change %thousands Change Change

United States $ 62,647 $ 9,199 $ 53,448 581% $ 139,908 $ 26,073 $ 113,835 437%

Canada 16,577 22,063 (5,486) (25%) 37,479 60,353 (22,874) (38%)

Poland 16,339 20,360 (4,021) (20%) 40,793 60,221 (19,428) (32%)

Corporate and 143 1,313 (1,170) (89%) 1,286 4,343 (3,057) (70%)Other

Consolidated $ 95,706 $ 52,935 $ 42,771 81% $ 219,466 $ 150,990 $ 68,476 45%

The Company's earnings from operations increased by $11.5 million, or 331%, and decreased by ($28.4) million, or (298%), for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019:

Earnings (Loss) from Operations

For the three months For the nine months

ended September 30, ended September 30,

Amounts in 2020 2019 $ Change % 2020 2019 $ Change %thousands Change Change

United States $ 14,707 $ 1,813 $ 12,894 711% $ (13,690) $ 4,793 $ (18,483) (386%)

Canada 3,069 3,527 (458) (13%) 153 12,107 (11,954) (99%)

Poland 202 1,591 (1,389) (87%) (1,708) 4,289 (5,997) (140%)

Corporate and (2,964) (3,451) 487 14% (3,627) (11,665) 8,038 69%Other

Consolidated $ 15,014 $ 3,480 $ 11,534 331% $ (18,872) $ 9,524 $ (28,396) (298%)

Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $3.3 million, or 678%, and decreased by ($55.7) million, or (5655%), for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019:

Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders

For the three months For the nine months

ended September 30, ended September 30,

Amounts in 2020 2019 $ Change % 2020 2019 $ Change %thousands Change Change

United States $ 7,656 $ 1,348 $ 6,308 468% $ (35,999) $ 3,564 $ (39,563) (1110%)

Canada 1,880 1,623 257 16% (4,102) 5,704 (9,806) (172%)

Poland 86 775 (689) (89%) (1,134) 2,115 (3,249) (154%)

Corporate and (5,874) (3,264) (2,610) (80%) (13,480) (10,398) (3,082) (30%)Other

Consolidated $ 3,748 $ 482 $ 3,266 678% $ (54,715) $ 985 $ (55,700) (5655%)

Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.

Adjusted EBITDA** increased by $15.1 million, or 213%, and by $9.5 million, or 47%, for the three and nine months ended September 30, 2020 compared to the three and nine months ended September 30, 2019. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and nine months ended September 30, 2020 compared to the three and nine months ended September 30, 2019:

Adjusted EBITDA**

For the three months For the nine months

ended September 30, ended September 30,

Amounts in 2020 2019 $ Change % 2020 2019 $ Change %thousands Change Change

United States $ 19,222 $ 2,301 $ 16,921 735% $ 30,073 $ 6,383 $ 23,690 371%

Canada 4,425 4,854 (429) (9%) 7,451 15,828 (8,377) (53%)

Poland 981 2,473 (1,492) (60%) 575 6,911 (6,336) (92%)

Corporate and (2,414) (2,535) 121 5% (8,063) (8,616) 553 6%Other

Consolidated $ 22,214 $ 7,093 $ 15,121 213% $ 30,036 $ 20,506 $ 9,530 47%

Balance Sheet and Liquidity

As of September 30, 2020, the Company had $62.1 million in cash and cash equivalents and $184.1 million in outstanding debt on its balance sheet compared to $54.8 million in cash and cash equivalents and $179.0 million in outstanding debt at December 31, 2019. The outstanding debt as of September 30, 2020 included $168.7 million related to the Company's credit agreement with Macquarie Capital ("Macquarie"), $1.5 million of bank debt related to Casinos Poland, $8.9 million of bank debt related to Century Resorts Management GmbH ("CRM"), and $14.6 million related to a long-term land lease for Century Downs Racetrack and Casino ("CDR"), net of $9.7 million in deferred financing costs. The Company also has a $277.9 million long-term financing obligation under its triple net master lease for the three Acquired Casino properties ("Master Lease"), which has an initial annual rent of approximately $25.0 million.

* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.

** Adjusted EBITDA and Adjusted EBITDA margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.

*** The Company defines book value per share as total Century Casinos, Inc. shareholders' equity divided by outstanding common shares.

Conference Call Information

Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended September 30, 2020 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the third quarter results on its website at www.cnty.com/investor/presentations/.

The Company will host its third quarter 2020 earnings conference call today, Friday, November 6, at 8:00 am MST. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company's website until November 30, 2020 at www.cnty.com/investor/financials/sec-filings/.

(continued)

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED FINANCIAL INFORMATION - US GAAP BASIS

Condensed Consolidated Statements of Earnings (Loss)

For the three months For the nine months

ended September 30, ended September 30,

Amounts in thousands, except for 2020 2019 2020 2019per share information

Operating revenue:

Net operating revenue $ 95,706 $ 52,935 $ 219,466 $ 150,990

Operating costs and expenses:

Total operating costs and 80,692 49,455 238,338 141,465expenses

Loss from equity investment - - - (1)

Earnings (loss) from operations 15,014 3,480 (18,872) 9,524

Non-operating income (expense), (10,630) (1,300) (32,496) (3,177)net

Earnings (loss) before income 4,384 2,180 (51,368) 6,347taxes

Income tax provision (428) (1,133) (3,535) (3,219)

Net earnings (loss) 3,956 1,047 (54,903) 3,128

Net (earnings) loss attributable (208) (565) 188 (2,143)to non-controlling interests

Net earnings (loss) attributableto Century Casinos, Inc. $ 3,748 $ 482 $ (54,715) $ 985shareholders

Earnings (loss) per share attributable to Century Casinos, Inc. shareholders:

Basic $ 0.13 $ 0.02 $ (1.85) $ 0.03

Diluted $ 0.13 $ 0.02 $ (1.85) $ 0.03

Weighted average common shares

Basic 29,576 29,453 29,553 29,444

Diluted 29,709 30,179 29,553 30,134

Condensed Consolidated Balance Sheets

September 30, December 31,

Amounts in thousands 2020 2019

Assets

Current assets $ 81,045 $ 79,366

Property and equipment, net 490,178 503,933

Other assets 100,567 143,601

Total assets $ 671,790 $ 726,900

Liabilities and Equity

Current liabilities $ 68,900 $ 56,570

Non-current liabilities 489,633 498,255

Century Casinos, Inc. shareholders' equity 105,096 163,306

Non-controlling interests 8,161 8,769

Total liabilities and equity $ 671,790 $ 726,900

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Constant Currency* Results

For the three For the nine months months

ended September ended September 30, 30,

Amounts in 2020 2019 % 2020 2019 %thousands Change Change

Net operatingrevenue as reported $ 95,706 $ 52,935 81% $ 219,466 $ 150,990 45%(US GAAP)

Foreign currency (208) 782impact vs. 2019

Net operatingrevenue constant $ 95,498 $ 52,935 80% $ 220,248 $ 150,990 46%currency (non-USGAAP)*

Earnings (loss)from operations (US $ 15,014 $ 3,480 331% $ (18,872) $ 9,524 (298%)GAAP)

Foreign currency 38 85impact vs. 2019

Earnings (loss)from operations $ 15,052 $ 3,480 333% $ (18,787) $ 9,524 (297%)constant currency(non-US GAAP)*

Net earnings (loss)attributable toCentury Casinos, $ 3,748 $ 482 678% $ (54,715) $ 985 (5655%)Inc. shareholdersas reported (USGAAP)

Foreign currency 24 (27)impact vs. 2019

Net earnings (loss)attributable toCentury Casinos, $ 3,772 $ 482 683% $ (54,742) $ 985 (5658%)Inc. shareholdersconstant currency(non-US GAAP)*

Gains and losses on foreign currency transactions are added back to net earnings in the Company's Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.

Adjusted EBITDA Margins ***

For the three months For the nine months

ended September 30, ended September 30,

2020 2019 2020 2019

United States 31% 25% 22% 25%

Canada 27% 22% 20% 26%

Poland 6% 12% 1% 12%

Corporate and Other (1688%) (193%) (627%) (198%)

Consolidated Adjusted EBITDA Margin 23% 13% 14% 14%

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA** to Net Earnings (Loss) Attributable toCentury Casinos, Inc. Shareholders by Reportable Segment.

For the three months ended September 30, 2020

Amounts in thousands United Canada Poland Corporate Total States and Other

Net earnings (loss)attributable to Century $ 7,656 $ 1,880 $ 86 $ (5,874) $ 3,748Casinos, Inc. shareholders

Interest expense (income), 7,051 525 6 3,005 10,587net ^(1)

Income taxes (benefit) - 469 123 (164) 428

Depreciation and 4,506 1,345 777 196 6,824amortization

Net earnings attributableto non-controlling - 165 43 - 208interests

Non-cash stock-based - - - 354 354compensation

Loss (gain) on foreigncurrency transactions, - 30 (56) 69 43cost recovery income andother

Loss on disposition of 9 11 2 - 22fixed assets

Adjusted EBITDA $ 19,222 $ 4,425 $ 981 $ (2,414) $ 22,214

Expense of $7.1 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.5 million(1) related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $6.2 million and $0.4 million, respectively, for the period presented.

For the three months ended September 30, 2019

Amounts in thousands United Canada Poland Corporate Total States and Other

Net earnings (loss)attributable to Century $ 1,348 $ 1,623 $ 775 $ (3,264) $ 482Casinos, Inc. shareholders

Interest expense (income), - 1,346 51 19 1,416net ^(1)

Income taxes (benefit) 465 367 518 (217) 1,133

Depreciation and 488 1,327 797 217 2,829amortization

Net earnings attributableto non-controlling - 179 386 - 565interests

Non-cash stock-based - - - 358 358compensation

Loss (gain) on foreigncurrency transactions and - 12 (139) 11 (116)cost recovery income

Loss on disposition of - - 85 44 129fixed assets

Acquisition costs - - - 297 297

Adjusted EBITDA $ 2,301 $ 4,854 $ 2,473 $ (2,535) $ 7,093

Expense of $0.5 million related to the CDR land lease is included in(1) interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $0.5 million for the period presented.

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA** to Net (Loss) Attributable to CenturyCasinos, Inc. Shareholders by Reportable Segment.

For the nine months ended September 30, 2020

Amounts in thousands United Canada Poland Corporate Total States and Other

Net lossattributable to $ (35,999) $ (4,102) $ (1,134) $ (13,480) $ (54,715)Century Casinos,Inc. shareholders

Interest expense 21,286 1,504 23 9,719 32,532(income), net ^(1)

Income taxes 1,023 2,281 (123) 354 3,535(benefit)

Depreciation and 13,008 3,973 2,279 463 19,723amortization

Net earnings (loss)attributable to - 377 (565) - (188)non-controllinginterests

Non-cash stock-based - - - 589 589compensation

Loss (gain) onforeign currencytransactions, cost 30,746 3,476 91 (5,976) 28,337recovery income andother ^(2)

Loss (gain) ondisposition of fixed 9 (58) 4 2 (43)assets

Acquisition costs - - - 266 266

Adjusted EBITDA $ 30,073 $ 7,451 $ 575 $ (8,063) $ 30,036

Expense of $21.3 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of(1) $1.5 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $16.7 million and $1.3 million, respectively, for the period presented.

Expense of $30.7 million and $3.4 million is included in the United States and Canada segments, respectively, related to the impairment of goodwill and intangible assets due to quantitative and qualitative impairment(2) analysis performed related to the triggering events caused by COVID-19. Expense of $1.0 million is included in the Corporate and Other segment related to the impairment of the Company's investment in an Argentina company due to assessments made related to the impact of COVID-19.

CENTURY CASINOS, INC. AND SUBSIDIARIES

UNAUDITED SUPPLEMENTAL INFORMATION

Reconciliation of Adjusted EBITDA** to Net Earnings (Loss) Attributable toCentury Casinos, Inc. Shareholders by Reportable Segment.

For the nine months ended September 30, 2019

Amounts in thousands United Canada Poland Corporate Total States and Other

Net earnings (loss)attributable to Century $ 3,564 $ 5,704 $ 2,115 $ (10,398) $ 985Casinos, Inc. shareholders

Interest expense (income), - 3,856 142 65 4,063net ^(1)

Income taxes (benefit) 1,229 1,913 1,395 (1,318) 3,219

Depreciation and 1,573 3,184 2,284 657 7,698amortization

Net earnings (loss)attributable to - 1,099 1,056 (12) 2,143non-controlling interests

Non-cash stock-based - - - 979 979compensation

(Gain) loss on foreigncurrency transactions and - (465) (419) 5 (879)cost recovery income

Loss (gain) on disposition 17 (1) 338 342 696of fixed assets

Acquisition costs - - - 1,064 1,064

Pre-opening expenses - 538 - - 538

Adjusted EBITDA $ 6,383 $ 15,828 $ 6,911 $ (8,616) $ 20,506

Expense of $1.7 million related to the CDR land lease is included in(1) interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $1.5 million for the period presented.

CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATION

* The impact of foreign exchange rates is highly variable and difficult to predict. The Company uses a Constant Currency basis to show the impact from foreign exchange rates on current period revenue compared to prior period revenue using the prior period's foreign exchange rates. In order to properly understand the underlying business trends and performance of the Company's ongoing operations, management believes that investors may find it useful to consider the impact of excluding changes in foreign exchange rates from the Company's net operating revenue, earnings (loss) from operations and net earnings (loss) attributable to Century Casinos, Inc. shareholders. Constant currency results are calculated by dividing the current quarter or year to date local currency segment results, excluding the local currency impact of foreign currency gains and losses, by the prior year's average exchange rate for the quarter or year to date and comparing them to actual U.S. dollar results for the prior quarter or year to date. The average exchange rates for the current quarter and the prior year third quarter are reported in Item 1 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (US GAAP) and should not be considered a substitute for net operating revenue, earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with US GAAP.

** The Company definesAdjusted EBITDAas net earnings (loss) attributable to Century Casinos, Inc. shareholders before interest expense (income), net, income taxes (benefit), depreciation and amortization, non-controlling interests net earnings (loss) and transactions, pre-opening expenses, acquisition costs, non-cash stock-based compensation charges, asset impairment costs, (gain) loss on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. Expense related to the Master Lease and CDR land lease is included in the interest expense (income), net line item. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos, Inc. shareholders and Adjusted EBITDA reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under US GAAP. Adjusted EBITDA is not considered a measure of performance recognized under US GAAP. Management believes that Adjusted EBITDA is a valuable measure of the relative performance of the Company and its properties. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above-mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue and the often high cost of acquiring existing operations. Adjusted EBITDA is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies within the gaming industry. Please see the reconciliation of Adjusted EBITDA to net earnings (loss) attributable to Century Casinos, Inc. shareholders above.

*** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Adjusted EBITDA margin is a non-US GAAP measure. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIESUNAUDITED SUPPLEMENTAL INFORMATIONAbout Century Casinos, Inc.:

Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, in Calgary and St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta, Canada; and Century Bets! Inc. ("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, CRM, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company operates four ship-based casinos. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other projects in various stages of development.

Century Casinos' common stock trades on The Nasdaq Capital Market(r) under the symbol CNTY.

For more information about Century Casinos, visit our website at www.cnty.com.

This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, including the impact of the acquisition of the Acquired Casinos on the Company's results, the impact of the current coronavirus (COVID-19) pandemic, the adequacy of cash flows from operations and available cash to meet our future liquidity needs, particularly if we cannot operate our casinos due to COVID-19 or their operations are restricted, operating efficiencies, synergies and operational performance, the integration of the Acquired Casinos into our business, the prospects for and timing and costs of new projects, projects in development and other opportunities, our credit agreement with Macquarie and obligations under our Master Lease and our ability to repay our debt and other obligations, investments in joint ventures, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019, in Item 8.01 of our Form 8-K filed with the SEC on May 8, 2020, in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

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SOURCE Century Casinos, Inc.