Century Casinos, Inc.

AI-generated fair value estimate for this company.

Method: EV/EBITDAR: FY2025 Adjusted EBITDAR (before rent) of $105.4M x 8x multiple (standard range for sale-leaseback regional casino operators) = $843.2M enterprise value, minus total debt of $1,071M (incl. the $715.7M master-lease financing obligation, which capitalizes the same rent stream EBITDAR excludes) net of ~$65M cash = $1,006M, giving a negative residual equity value that is floored at a nominal $0.20/share.

Reasoning: Century Casinos carries very high lease-adjusted leverage, three straight years of net losses and negative free cash flow, and is actively divesting assets (the Canadian racetrack sale) to delever, so an EV/EBITDAR approach consistent with how sale-leaseback casino operators are actually valued is more appropriate than a levered FCF DCF; the near-zero floor value reflects genuine balance-sheet distress rather than a going-concern collapse, since the business still generates positive EBITDAR and remains an operating going concern.