Unlike some of its larger competitors, Century Casinos anticipates no cash infusion from corporate tax cuts passed by the U.S. Congress. The disclosure came toward the end of Century’s second-quarter earnings call, held August 7.
“The depreciation does not really affect us, due to the fact that we have tax-deferred assets that we’re still carrying forward,” explained CFO Margaret Stapleton. Century executives said they do anticipate indirect benefits due to tax changes affecting tipped workers and senior citizens who patronize Century properties in the United States.
Century leadership is also seeing an uptick at their Canadian casinos. This, they felt, is partly attributable to property upgrades and possibly also to Canadians shunning the United States. Century was seeing more customers from 75 to 90 miles away from its northern properties, as well as six percent higher coin-in.
Co-CEO Peter Hoetzinger said the company is still committed to exiting Poland, in spite of recently adding a casino in Wroclaw. Century, he said, is planning to execute a letter of intent with an Eastern European buyer next week, “a new player” in the sale process.
Despite setting all-time records for revenue and cash flow, Century posted a loss for the quarter. Hoetzinger said the company generated positive cash flow in all jurisdictions except Nevada, perceiving an “improving trend among low-end customers,” who he said were more optimistic.
Pride of place was given in Century Caruthersville, in Missouri, where revenue shot up 26 percent in the first half of 2025, as cash flow zoomed 31 percent. In the second quarter, revenues at Caruthersville rose 24 percent, with comps and expenses “tightly controlled,” according to co-CEO Erwin Haitzmann.
Caruthersville’s customer base was said to be growing by double digits, with 41 percent coming from beyond 75 miles from the casino. Half of the patronage was drawn from Tennessee, with Missouri and Arkansas comprising the rest. “So far, the property has exceeded our expectations,” reported Haitzmann.
The latter complimented the previous owners of Century Cape Girardeau, “built to high standards in 2012.” The new hotel, he said, doubled its revenue in the second quarter, as food and beverage jumped 31 percent. Gambling win was $556 per comped guest and average daily rates at the hotel were $151 per night.
In Cripple Creek, Colorado, an “excellent second quarter” engendered $1.9 million cash flow, aided by the banishment of live table games. Electronic table play “proved to be a popular draw for our customers,” Haitzmann reported, as customer spend per trip rose 28 percent. A new entrance and signage were also said to be aiding business.
Nor was Century impaired by Chamonix resort across the street. Haitizmann said it was “very helpful for our business,” generating overflow traffic. “We see a good mutual fertilization.” Century’s small hotel was reported to be seeing full occupancy on weekends, despite being dwarfed by 300-room Chamonix. The co-CEO said Century was “in good communication” with Chamonix owner Full House Resorts, possibly portending a redevelopment of their shared intersection.
Central City, Colorado, didn’t prompt as much exuberance. Its $910,000 quarterly cash flow was flat compared to the previous year, which Haitzmann blamed on “significantly higher gaming and property taxes.” He also cited the high cost of marketing against Black Hawk.
In West Virginia, Mountaineer Casino “had an excellent quarter,” Haitzmann noted, and igaming assisted with a three percent revenue boost. Cash flow rose 12 percent to $4.1 million and the façade and porte cochere were remodeled.
Rocky Gap Resort, in rural Maryland, “was challenged by significant weather events,” including nine storms, said Haitzmann. Carded-player revenue was up seven percent and spend per trip up nine percent. “The month of June marked a clear turnaround,” Haitzmann asserted, pointing to nine percent revenue from Rocky Gap’s slot machines. He credited a new, direct-mail-marketing program and said, “Given these trends, we’re optimistic.”
The lone dark spot was the Sparks Nugget, where cash flow slumped to $2.3 million. Concerts at the casino’s outdoor event center “didn’t yield the expected results due to a lack of ticket sales.” This, Haitzmann related, pulled down everything else at the Nugget.
As far as Nugget convention bookings were concerned, Haitzman said Century is “confident that we can reach the previous level,” looking toward 2026 and as far out as 2028. Current business, he continued, isn’t where he wanted it to be, but there was little to be done, given that conventions were booked multiple years ahead of time.
On a brighter note, Nugget retail rooms were 32 percent higher priced in August, with comped rooms following a similar booking pattern. The marketing department had rolled out a new loyalty program, along with new player initiatives and rewards.
Century exited the quarter with a 6.2-times debt-to-cash flow ratio and no debt maturities until 2029. “Our properties have never looked better,” Hoetzinger said by way of explaining that no further capex investments were planned. “As we look ahead, we’re confident in our business prospects. Now it is all about harvesting what we invested last year.”
Hoetzinger added that lower-value players were coming back in July, making him “cautiously optimistic.” As for tariff worries, “We don’t see it in our business.”
The co-CEO also perceived a trade-down among casino customers, opting for regional properties over Las Vegas vacations. “We saw it in June, we saw it in July, and it continues in August,” Haitzmann interjected. “We’re optimistic about a change in consumer sentiment.”
