The Colorado-based operator opened 2026 with its best first quarter on record, lifting net operating revenue to $137.2 million as its Reno flagship and North American casinos all outperformed last year.
Century Casinos reported all-time record first-quarter revenue of $137.2 million on May 8, 2026, up 5% year-on-year, as every North American property beat its Q1 2025 result. Adjusted EBITDAR climbed 24% to $24.9 million, the clearest sign yet that the operator’s turnaround in Reno and the US Midwest is taking hold. The figures matter for investors weighing whether mid-cap regional casinos can keep growing while larger rivals chase online and prediction-market revenue.
Key Facts:
• Net operating revenue hit a record $137.2 million in Q1 2026, up 5% year-on-year — Century Casinos
• Adjusted EBITDAR rose 24% to $24.9 million, from $20.2 million a year earlier — Century Casinos
• The Nugget Casino Resort in Reno lifted Adjusted EBITDAR 93% versus Q1 2025 — Century Casinos
• Net loss attributable to shareholders narrowed 20% to $16.5 million — SEC Form 8-K, May 7, 2026
What did Century Casinos report?
The NASDAQ-listed operator, which runs casinos across Colorado, Missouri, Nevada, Maryland, Canada and Poland, said net operating revenue reached $137.2 million for the three months to March 31, 2026. Adjusted EBITDAR — the cash-flow measure casino operators favour because it strips out rent on leased properties — rose to $24.9 million from $20.2 million. Adjusted EBITDAR after cash rent jumped 80% to $7.0 million, and earnings from operations rose 65% to $11.8 million.
The standout was the Nugget Casino Resort in Reno, Nevada, where Adjusted EBITDAR grew 93% on the same quarter in 2025. Century’s US Midwest segment, covering its Colorado and Missouri properties, and its Canadian operations in Alberta also contributed, while the group’s net loss attributable to shareholders narrowed to $16.5 million.
Why does this matter for the casino sector?
Regional operators have spent the past year defending margins against rising labour costs and competition from online casinos and prediction markets. A record quarter from a mid-cap land-based group suggests bricks-and-mortar play remains resilient where operators control costs and lean on loyal, higher-spending customers.
“The first quarter of 2026 was an all-time record for net operating revenue in a first quarter in the Company’s history, and we saw all North American properties outperform the first quarter of 2025 in both net operating revenue and Adjusted EBITDAR,” said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos. “The growth was driven by strong play from our high-value and core customer groups. We are particularly pleased with the results at the Nugget, which saw an increase to Adjusted EBITDAR of 93% compared to the first quarter of 2025.” (SEC Form 8-K)
The reliance on “high-value” players also raises the consumer-protection question that follows every record revenue print: stronger results from a smaller, higher-spending cohort can signal concentration of losses among the most engaged customers, a pattern regulators on both sides of the Atlantic now watch closely.
What happens next?
Century has guided that its 2026 growth depends on sustaining the Nugget’s momentum and holding cost discipline across its US Midwest and Canadian portfolios. Investors will look to the second-quarter report for evidence the record start was not simply a strong play cycle. The wider read-across is whether other regional operators post similar gains — Century’s record landed in a quarter when US online casino revenue topped $1 billion in multiple months and iGaming and prediction markets dominated Q1 gambling earnings, making land-based outperformance the more surprising story.
FAQ
Q: How much revenue did Century Casinos report in Q1 2026?
A: Net operating revenue was a record $137.2 million, up 5% on the first quarter of 2025.
Q: Which property drove the growth?
A: The Nugget Casino Resort in Reno, Nevada, increased Adjusted EBITDAR by 93% year-on-year, the largest single contributor to the improvement.
Q: Did Century Casinos make a profit?
A: No. It still posted a net loss attributable to shareholders of $16.5 million, though that was 20% smaller than a year earlier, while earnings from operations rose 65%.
Record land-based numbers also arrive against a backdrop of booming headline figures elsewhere, from US online casinos to Macau’s April gross gaming revenue, underlining how broadly casino spending has rebounded in 2026.
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