Century Casinos Considers Selling Alberta Casinos and Casinos Poland

Century Casinos is considering sales of its Canadian casino portfolio and majority interest in Casinos Poland as management weighs a more US focused business. Discussions are already active, with potential progress on at least one Canadian package expected before the end of 2026.

Good to Know

• Century Casinos could sell four Alberta properties together or in two separate packages.
• Two groups are carrying out due diligence on Casinos Poland.
• Management plans to use greater clarity from asset sales before committing to a larger debt repayment.

Century Casinos Reviews Canada and Poland Sales

Co CEO Peter Hoetzinger said Century has received interest in different structures for the Alberta business. The company owns two racinos and two commercial casinos there. Buyers could take all four properties or acquire the racinos and commercial casinos as separate packages.

Century expects it may publicly disclose progress on at least one Canadian package before year end. Meanwhile, two potential buyers are reviewing Casinos Poland, although neither has received exclusivity.

Poland gives Century a clear reason to consider a sale. Q2 revenue there dropped 19% to $19.9 million, while adjusted EBITDAR fell 97% to only $52,000. Management has also pointed to regulatory changes and the war in neighboring Ukraine as complications for the sale process.

North America performed far better. Century reported record Q2 net operating revenue of $152 million and adjusted EBITDAR of $31.7 million. US West adjusted EBITDAR rose 93% to $4.5 million, helped by better results at Nugget Casino Resort in Nevada.

A sale of Canada and Poland would leave Century centered on seven US casinos across Colorado, Missouri, Maryland, Nevada and West Virginia.

Debt also remains part of the discussion. Century ended June with $60.2 million in cash and $336.5 million in outstanding debt, alongside a $708 million long term financing obligation connected to the VICI Properties master lease. Hoetzinger said management would prefer more certainty around asset sales before making a meaningful debt repayment.

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