Century Casinos, Inc. (CNTY): Business Model Canvas [Dec-2025 Updated]

As someone who's spent two decades mapping out casino operators, I see Century Casinos, Inc. (CNTY) right now as a classic case of regional strength fighting high structural costs. You've got $\mathbf{\$153.7}$ million in net operating revenue in Q3 2025, which is good, but you also have to service that $\sim\mathbf{\$66.5}$ million in annual cash rent plus millions more in interest expense. This Business Model Canvas distills exactly how their 16 global properties and new BetMGM partnership generate cash flow to cover those fixed obligations, so dive in to see the precise mechanics of their current operating strategy.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Century Casinos, Inc. relies on to keep the lights on and grow its footprint, especially in the evolving US market. These aren't just vendor agreements; these are foundational financial and operational ties.

VICI Properties, Inc. for casino real estate via Master Lease

The real estate backbone for most of Century Casinos, Inc.'s North American operations is tied up with VICI Properties, Inc. subsidiaries under the Master Lease. This relationship dictates a significant portion of the company's fixed costs.

Here are the key figures related to this critical partnership as of late 2025:

Interest expense on the income statement is primarily driven by this Master Lease obligation. The rent coverage ratio under the Master Lease was expected to be approximately 2.0x following the 2023 acquisition of the Century Canadian Portfolio properties.

BetMGM for online and retail sports betting in Missouri

Century Casinos, Inc. secured market access for BetMGM in Missouri through a long-term agreement, leveraging its existing licenses. The dual launch of retail and online operations happened on a specific date.

The partnership structure involves direct revenue sharing:

• BetMGM operates online and mobile sports betting under Century Casinos, Inc.'s license.
• Century Casinos, Inc. receives a percentage of BetMGM's net gaming revenue (NGR).
• The revenue share includes a guaranteed minimum amount.
• Century also holds the option to launch retail sportsbook operations at its discretion.
• The retail sportsbook and online wagering went live on December 1, 2025, at Century Casino & Hotel Cape Girardeau.

Meaningful financial contributions from this stream are anticipated in fiscal year 2026.

Gaming technology suppliers for slot machines and systems

Century Casinos, Inc. depends on various gaming technology suppliers for its slot machine floor operations and central systems across its US, Canadian, and Polish properties. While specific supplier contracts aren't detailed with 2025 dollar figures here, operational shifts reflect technology reliance.

For instance, the company eliminated live table games at its Colorado properties in the first quarter of 2025, with cost savings from this change exceeding lost revenue, suggesting a pivot or reliance on electronic or automated gaming solutions.

Local and state regulatory bodies for operating licenses

Operating licenses are secured through continuous engagement with various state and local gaming commissions. The Missouri Gaming Commission (MGC) is central to the new sports betting venture.

Key regulatory milestones and capacities include:

• Missouri sports betting market launch date: December 1, 2025.
• The MGC can issue up to 19 retail licenses and up to 14 online licenses in Missouri.
• Century Casinos, Inc. was awarded a second casino license in Wroclaw, Poland, in March 2025, with an expected opening in the fourth quarter of 2025.
• The license for the flagship casino in Warsaw, Poland, is valid through 2028.

The company closed a casino in Warsaw in June 2025 after not receiving a new license for a second location there.

Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Key Activities

You're looking at the core actions Century Casinos, Inc. takes to run its business as of late 2025. It's a mix of running established physical locations and launching new digital revenue streams. Honestly, the operational focus right now is split between optimizing the existing portfolio and preparing for the new sports betting income.

The company's primary activity centers on its physical footprint. As of the second quarter of 2025, Century Casinos, Inc. was operating 16 land-based casino and hotel properties globally. This portfolio spans the United States, Canada, and Poland.

Key operational metrics from the third quarter of 2025 show the scale of these activities:

Managing gaming operations involves overseeing slots, table games, and pari-mutuel wagering across these venues. While specific slot and table game counts for late 2025 aren't immediately public, the performance of key gaming markets illustrates the activity's success. For instance, the Caruthersville, Missouri property has been a standout performer following its new hotel opening in November 2024.

Here's a look at the performance of the Missouri operations, which are central to the gaming activity:

• Century Casino & Hotel Caruthersville reported an adjusted gross revenue of $15.2 million in October 2025, marking a +61% year-on-year growth.
• The Caruthersville property showed 29 percent higher gambling win as of the third quarter of 2025.
• The new hotel at Caruthersville saw its cash revenue more than double compared to the same quarter in 2024, with Food & Beverage cash revenue growing 31% in Q2 2025.
• Century Casino & Hotel Cape Girardeau saw its revenue dip 6% in October 2025.

Century Casinos, Inc. is actively executing a strategic review process for asset optimization. The Board of Directors initiated this comprehensive review in August 2025, exploring alternatives like potential asset sales, mergers, or strategic partnerships to enhance shareholder value. Macquarie Capital has been engaged as the financial advisor for this process. So, a major key activity is managing this review without a set timetable for conclusion.

Developing new revenue streams is critical, especially with the launch of sports betting in Missouri. Century Casinos, Inc. partnered with BetMGM in May 2025 to operate an online and mobile sports betting application under its Missouri license. Sports betting operations were set to begin on December 1, 2025. The financial arrangement includes a percentage of net gaming revenue payable to Century Casinos, Inc., along with retail sportsbook options. This is a definite near-term focus to offset other operational headwinds, such as the closure of the Hilton Hotel casino in Warsaw, Poland, in June 2025.

The company is also developing future revenue from its Polish expansion; a second casino license was awarded in Wroclaw in March 2025, with an expected opening in January 2026.

Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Key Resources

You're looking at the core assets Century Casinos, Inc. (CNTY) relies on to generate revenue and execute its strategy as of late 2025. These aren't just buildings; they are the licensed gateways to the gaming market.

The physical footprint is geographically diverse, spanning North America and Europe, which helps balance regional economic pressures. As of the Q3 2025 report, the company's liquidity position was supported by $77.7 million in cash and cash equivalents on the balance sheet, down from $85.5 million at the end of Q2 2025. This cash level supported operations after spending about $5 million in capital expenditures and $1.5 million on share buybacks during the quarter.

The company's physical and licensed assets form the backbone of its operations. You can see the breakdown of the operational portfolio by region below:

Holding the necessary governmental permissions is non-negotiable for this business. Century Casinos, Inc. possesses gaming licenses across multiple critical jurisdictions. For instance, their Missouri licenses are being leveraged for the new online sports betting market, where they have a long-term agreement with BetMGM. To be fair, these licenses are the primary barrier to entry for competitors in those specific geographic areas.

Beyond the physical properties and licenses, the digital capability is a growing asset. Century Casinos, Inc. has secured access to the rapidly expanding digital wagering space through strategic alliances. Key elements here include:

• Partnership with BetMGM for online and mobile sports betting in Missouri.
• The agreement includes a percentage of net gaming revenue from BetMGM, with a guaranteed minimum.
• The company also has partnerships with other online sportsbooks in different states, such as Caesars in West Virginia.
• They paid an annual table games license fee of $2.5 million in West Virginia during Q3 2025.

The company also has significant financing obligations that must be managed, which are tied to these physical assets. As of September 30, 2025, Century Casinos, Inc. had total outstanding debt of $338.7 million. A substantial portion of this is a $334.3 million term loan with Goldman Sachs Bank USA. Plus, they carry a long-term financing obligation of $712.1 million under the Master Lease with VICI Properties, Inc. subsidiaries. Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Century Casinos, Inc. (CNTY) over the competition in late 2025. It boils down to a mix of location, entertainment breadth, and targeted player value.

Diversified entertainment offerings (gaming, lodging, food, concerts)

Century Casinos, Inc. provides a full spectrum of entertainment beyond just the casino floor. This includes lodging, restaurants, horse racing, and entertainment facilities across its properties. For instance, the Caruthersville Casino and Hotel in Missouri, which opened in November 2024, features 74 hotel rooms alongside its gaming floor. The company is also focused on enhancing its non-gaming revenue streams, as seen by the Nugget Casino Resort in Reno focusing on its concert and conference line up. In the East segment, the Mountaineer Casino Resort in West Virginia saw its iGaming revenue increase by 39% in Q2 2025. The company also operates casinos on four cruise ships for TUI Cruises, adding a unique travel-based offering to its portfolio.

• Operates 11 land-based casinos across the US and Canada.
• Holds a 67% share in Casinos Poland, which includes five properties.
• Forecasted Capital Expenditures for 2025 is approximately $17.9 million, supporting property upgrades.

Regional market focus, especially in US East and Midwest

Century Casinos, Inc. is clearly prioritizing growth and stability in its US East and Midwest operations. In Q3 2025, management specifically noted pleasing growth in these regions, which helped offset softness elsewhere. The US remains the largest market, accounting for 71% of net operating revenue in Q2 2025. The company's Midwest segment, including Missouri and Colorado, delivered strong results, with the new Caruthersville property showing a 35% increase in EBITDA to $6.1 million in Q3 2025 compared to the prior year. The East segment, with properties in West Virginia and Maryland, also contributed to the positive regional narrative.

The US domestic operations generated $115 million in revenue for the third quarter of 2025. The trailing twelve-month (TTM) revenue for Century Casinos, Inc. as of late 2025 is approximately $572.76 million.

New, seamless retail and online sports betting experience

A key near-term value driver is the expansion into online and mobile sports betting. Century Casinos, Inc. partnered with BetMGM to operate an online and mobile sports betting application under its Missouri license. Sports betting operations in Missouri were expected to commence on December 1, 2025. This agreement is structured to provide Century Casinos, Inc. with a percentage of net gaming revenue, which includes a guaranteed minimum. The company also retains the discretion to exercise options for retail sportsbook locations. This move is anticipated to create new revenue streams, though the Colorado sports betting income saw a $0.5 million decline in Q1 2025.

Value for money proposition for core and high-value players

The company's strategy emphasizes retaining and growing play from its most valuable patrons. In Q3 2025, play from high-value and core customers continued its long-term growth trend, showing 8% growth in the upper customer segments. This strong performance from the top tiers was crucial, helping to offset a 9% decline observed in the lower-end segments during the same quarter. At the Nugget Casino Resort, the focus is explicitly on shifting away from low ADP (Average Daily Play) players who are no longer profitable, instead concentrating resources on core players in Reno, Sparks, and Northern California. This focus on high-value play is central to driving high-margin gaming revenue.

• Upper customer segments grew by 8% in Q3 2025.
• Lower-end segments declined by 9% in Q3 2025.
• The new Caruthersville property saw its EBITDA margin at a healthy 43% in Q2 2025.

Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Customer Relationships

You're looking at how Century Casinos, Inc. (CNTY) keeps its patrons coming back and spending, especially as they roll out new digital offerings. The relationship strategy is clearly bifurcated between driving high-value play at established physical locations and building a new digital connection.

Loyalty programs to drive repeat visits and high-margin play.

Century Casinos, Inc. states a core focus is on outstanding customer service and achieving a high percentage of repeat visitation by loyal customers. While specific loyalty program metrics aren't public, the operational focus on high-value players suggests these programs are central to their retention strategy.

Direct service at physical casino and hotel locations.

The direct, in-person experience remains a major driver. For example, at Century Casino and Hotel Caruthersville, gaming revenue grew 29% year-over-year in Q3 2025, with EBITDA increasing 35% to $6.1 million from $4.5 million the prior year. Conversely, at the Nugget Casino Resort in Reno-Sparks, the strategy involves actively shifting away from low Average Per Day (ADP) players who aren't profitable, focusing instead on core players in Reno Sparks and Northern California. This shows a direct service approach tailored by market dynamics.

Here's a look at how customer segments performed across the portfolio in Q3 2025:

Targeted marketing to high-value and core customer segments (up 8% in Q3 2025).

The data confirms a successful pivot toward the most profitable patrons. The play from high-value and core customers continued its long-term growth trend, evidenced by the 8% growth in the upper customer segments during the third quarter. This targeted focus is defintely intentional. Still, this growth only managed to keep total rated Gross Gaming Revenue (GGR) essentially flat because it was counteracted by a 9% decline in play from the lower-end segments.

Dedicated customer support for the new online gaming platform.

Century Casinos, Inc. expanded its direct customer relationship into the digital space, starting December 1, 2025, with the launch of online sports betting in Missouri via a partnership with BetMGM. This launch was dual-pronged, occurring simultaneously with a new BetMGM-branded retail sportsbook at Century Casino & Hotel Cape Girardeau. The online platform, accessible through the BetMGM app and website, offers features like live wagering and research tools, which necessitates dedicated digital support infrastructure to ensure a seamless experience. The agreement structure provides Century Casinos with a percentage of net gaming revenue, including a guaranteed minimum, tying digital engagement directly to financial results.

The company's focus areas for customer engagement include:

• Focusing on core players at Nugget Casino Resort.
• Launching BetMGM online wagering in Missouri.
• Achieving 29% gaming revenue growth at Caruthersville.
• Seeing preliminary October EBITDA up well over 20% year-over-year.

Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Channels

You're looking at how Century Casinos, Inc. gets its offerings in front of customers right now, late 2025. It's a mix of physical locations and digital access points.

The core of the channel strategy remains the physical casino and resort properties across three continents, specifically operating in the United States, Canada, and Poland. For the three months ended September 30, 2025, Century Casinos, Inc. reported net operating revenue of $153.7 million. The United States segment was the largest revenue contributor in the second quarter of 2025, bringing in $106.1 million.

Here's a snapshot of the geographic and property revenue context based on recent reports:

The digital channel is now active in Missouri via the online and mobile sports betting application, which operates under the BetMGM app. This channel launched on December 1, 2025, under a long-term agreement. Century Casinos, Inc. receives a percentage of net gaming revenue from this channel, which includes a guaranteed minimum component.

Century Casinos, Inc. uses its physical footprint to drive direct customer engagement through hospitality offerings. This includes direct hotel booking opportunities and integration with third-party travel sites. The Century Casino & Hotel Cape Girardeau property features a 69-room hotel, which opened in April 2024. The Caruthersville location also has a new hotel facility that opened in November 2024.

The retail sportsbook presence is a key physical channel extension, especially in Missouri. Century Casinos, Inc. and BetMGM opened a BetMGM-branded retail sportsbook at Century Casino & Hotel Cape Girardeau on December 1, 2025. This retail location offers self-service kiosks and manned windows.

The overall revenue for the trailing twelve months ending September 30, 2025, was $572.76 million.

The primary physical access points include:

• Physical casino and resort properties across the United States, Canada, and Poland.
• The Nugget Casino Resort in the West region.
• The newly developed Caruthersville casino and hotel.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Customer Segments

You're looking at the core groups Century Casinos, Inc. (CNTY) serves as of late 2025, based on their latest operational reports.

High-value and core gaming patrons, the most profitable segment.

This segment shows consistent strength, driving much of the profitable play across the portfolio. In the third quarter of 2025, play from these upper customer segments grew by 8%, even as the lower-end softened. Visits from these core patrons were up 4% in Q3 2025. For context on the focus, at the Nugget Casino Resort in Reno-Sparks, Century Casinos is executing a repositioning strategy to focus on these core players, moving away from low ADP (Average Daily Play) customers who are no longer profitable. Earlier in the year, during Q1 2025, gaming revenue specifically from the upper segment had increased by 10%.

Regional and local mass-market players near US and Canadian properties.

This mass-market group, often referred to as the lower-end segment, has shown some softness recently. In the third quarter of 2025, play from these lower-end segments declined by 9%, which management noted as a drag on overall rated Gross Gaming Revenue (GGR). However, in Q2 2025, there were still noted improving trends among retail and lower-end customers.

The performance of specific properties highlights the success in attracting patrons, which includes both core and mass-market visitors:

Leisure and business travelers utilizing hotel and conference facilities.

The investment in hotel and conference facilities is clearly targeting travelers who spend more per visit. The new Riverview hotel, which opened in April 2024, showed significant traction by Q2 2025. This property is successfully expanding its reach, with patrons from outside 75 miles increasing by 28% since opening. For these hotel guests in Q2 2025, the associated gaming revenue averaged $556 per comped hotel guest, and the Average Daily Rate (ADR) for retail customers was $151. Food and Beverage cash revenue at the hotel grew 31% in that quarter.

The Colorado Springs property is also noted for attracting guests from further afield, evidenced by a significant increase in customers traveling over 75 miles.

Sports bettors in Missouri accessing the new online platform.

This is a new, high-potential segment set to activate in late 2025. Century Casinos, Inc. partnered with BetMGM to operate an online and mobile sports betting application under its Missouri license. The official go-live deadline for sports betting in Missouri is set for December 1, 2025. Analysts view the Missouri sports betting market as a potential $3 billion annual revenue stream. The agreement with BetMGM includes a percentage of net gaming revenue payable to Century Casinos, which comes with a guaranteed minimum.

The expected customer base for this new platform includes:

• Online and mobile bettors accessing the BetMGM application.
• In-person sports bettors utilizing the retail sportsbook options at Century Casinos' properties.
• Patrons attracted by the launch event and associated marketing efforts.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Cost Structure

You're looking at the major drains on Century Casinos, Inc.'s cash flow, which is key for understanding their financial risk profile. The Cost Structure block here is dominated by fixed, non-negotiable outflows, especially those related to their property footprint. Honestly, the lease structure heavily influences how we see these costs.

The most significant recurring cash outlay is the fixed cash rent payment under the Master Lease. For the full year 2025, this is forecasted at approximately $66.5 million. To give you a sense of the pace, the cash rent component for just the second quarter of 2025 was $14.4 million.

Next up, you've got the cost of servicing the debt load. Interest expense on debt is estimated to fall between $32.9 million and $35.2 million for 2025. For context, the net interest expense reported for the second quarter of 2025 alone was $25.9 million. This expense, along with the Master Lease interest, definitely weighs on the bottom line, as noted in their third-quarter filings.

The structure of the Master Lease is critical here; it's a triple-net arrangement. What this means for Century Casinos, Inc. is that the Tenant is responsible for paying substantially all property-related costs, including real estate taxes, insurance, utilities, maintenance, and other operating costs. This shifts many variable operating costs off the corporate books but locks in the fixed rent. Still, direct operating costs remain substantial.

Here's a quick look at the major fixed and semi-fixed cost components we can track directly on the income statement for the nine months ended September 30, 2025 (in thousands):

You also have to budget for keeping the properties fresh. Capital expenditures for property upgrades are forecasted at $17.9 million for 2025. We saw actual purchases of property and equipment hit $17.4 million through the first nine months of 2025, so that full-year target seems right on track.

Beyond the big three-rent, interest, and CapEx-the remaining operating expenses cover the day-to-day running of the corporate structure and any non-leased operations. These costs generally include:

• Labor costs for corporate and non-Master Lease personnel.
• Sales, general, and administrative (SG&A) expenses.
• Costs associated with the Canadian and Polish operations not covered by the triple-net structure.
• Costs related to the new Missouri sports betting partnership, which is expected to start in the fourth quarter of 2025.

Finance: draft 13-week cash view by Friday.

Century Casinos, Inc. (CNTY) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Century Casinos, Inc. (CNTY) brought in money through the third quarter of 2025. Honestly, it's a story of regional strength battling headwinds elsewhere, all feeding into that top-line number.

The overall top-line figure for the third quarter of 2025 was a net operating revenue of $153.7 million. This represents a slight dip of 1% compared to the same period in 2024.

Century Casinos, Inc. generates revenue across its geographical segments from a mix of sources, which the company lumps into gaming, pari-mutuel, sports betting, iGaming, hotel, food and beverage, and other services. While we don't have the exact Q3 2025 breakdown for slots versus table games versus hotel revenue specifically, we can see the revenue contribution by region for the quarter (amounts in thousands):

The United States segment, which includes the East, Midwest, and West regions, remains the largest contributor to total revenue. For instance, at the Cripple Creek property in the Midwest, retail play accounted for about 30% of that property's total gaming revenue in the quarter.

Regarding new revenue streams, Century Casinos, Inc. has a strategic move in place:

• Online and retail sports betting is set to begin in Missouri on December 1, 2025, through a partnership with BetMGM.
• The agreement with BetMGM includes a percentage of net gaming revenue payable to Century Casinos, Inc., along with a guaranteed minimum.

The specific percentage of net gaming revenue from the BetMGM arrangement isn't detailed in the Q3 2025 results, as the launch is scheduled for the very end of the year. The company views this sports betting operation as a way to create new revenue streams for the property.

Non-gaming revenue components like hotel, food, and beverage are part of the overall segment results, with management noting that fewer concerts and large events at the Nugget in the West region reduced hotel/casino/F&B spillover in September 2025. The company also has ongoing operations in Canada and Poland, with the latter expecting a new casino opening in Wroclaw in January 2026.