Accentuating the positive, Century Casinos leadership stressed improved 2026 performance in its fourth-quarter earnings call. The best thing co-CEO Peter Hoetzinger could say for 2025 was that it held “solid results.”
The fast-paced, 30-minute call laid heavy emphasis on an early 2026 turnaround. Hoetzinger said that strong play from high-value customers continued through the previous year and that lower-value action was improving.
Previous-year highlights included a “nice rebound” at Century’s Mountaineer casino in West Virginia and a 13 percent improvement in cash flow. Century Caruthersville in Missouri was described by co-CEO Erwin Haitzmann as having a “fantastic” 2025, despite higher rent payments. He said Century acquired the former Aztar Caruthersville when it was a $12-million-per-year cash-flow property and has more than doubled that number.
“We see increases across all age groups” and demographics, Haitzmann said. “Building a right-sized, almost intimate casino has paid off.”
Century Cape Girardeau was, to some extent, a victim of Caruthersville’s success, losing market share to the sister property 85 miles away. Still, and despite new competition from Illinois, Haitzmann said Cape Girardeau had improved its cash flow from $19 million in 2019 to $24.7 million in 2025. “We could not be happier with our Missouri properties,” he added.
Haitzmann said Century Caruthersville was “a model property in terms of cost. We can’t squeeze any more percentages out” of it. He added that Century Cape Girardeau was similar. More upside, however, was still possible, “if we keep diligently doing what we have been doing.”
In Colorado, both Century Cripple Creek and its sibling in Central City have been denuded of table games. “That’s turned out to be the right move,” Haitzmann remarked, citing payroll savings. Fourth-quarter cash flow was slightly higher at both casinos.
Century Mountaineer was a seasonal story. “The first four months [of 2025] were challenging,” Haitzmann explained, referring to severe weather. “That was followed by seven strong months,” then a weather-challenged December.
Haitzmann noted that Mountaineer “faces stiff competition” for 85 percent of its player base from nearby casinos in Ohio and Pennsylvania. But “recent trends have been very positive and we continue to invest.”
Rocky Gap Resort, in Maryland, was described as being vulnerable to adverse weather and 2025 was no exception. “Unfortunately, bad weather hit the property hard,” especially on weekends, according to Haitzmann.
At the Sparks Nugget, Century was said to be focused on luring mid-market customers and on-property improvements. “We hope this was the last transitional year,” Haitzmann sighed, adding that a country-western entertainment lineup was selling strong and Century had signed a new general manager “with extensive experience.”
Conference business at the Nugget was also described as improved, with large groups booked through 2030. “It is good that there is demand and people like the property,” Haitzmann said, noting a positive trend among smaller groups as well.
Haitzmann hailed “a solid performance at our Alberta operations” despite harsh weather. He noted that coin-in was up four percent for the quarter and the year and that all other metrics were positive.
Asked if higher oil prices brought on by the latest Persian Gulf war were helping Century in Canada, Haitzmann replied that there was no collateral benefit. “Neither did we see less business because of higher oil prices” earlier.
In Poland, Century is licensed through 2028 “and we expect stable operations going forward,” Haitzmann said.
Century ended 2025 with $69 million cash on hand and $338 million in debt, for a debt-to-cash flow ratio of 6.9 times.
Pressed by one Wall Street analyst to initiate stock repurchases, Hoetzinger was succinct. “Our main focus will be on debt pay-down,” he replied.
Looking to 2026, Haitzmann said, “We are really excited about our progress,” especially double-digit cash-flow increases at all of Century’s North American properties. Cape Girardeau, in particular, was said to be experiencing its highest revenues to date. Century’s Missouri partnership with BetMGM was also hailed, in part for producing the Show Me State’s highest retail volume in January.
Asked how well the current green shoots could be sustained, Haitzmann replied, “Nobody can tell for sure, but we see all signs positive” through the year. The injunction of black-market slot machines in Missouri was another upbeat note for Century. “This will definitely be good for our casinos,” Haitzmann reacted, “No doubt about it.”
Nor were promotional wars a worry. “We don’t see anything unusual,” Haitzmann reported. “Nothing that would be worth pointing out.”