📝 Century Casinos $CNTY (#3) Primary Research
On-site honest 26-min review of a few casinos we visited
Welcome back dear fellow 🧙♂️ Hermits 👋
Here is the previous update on CNTY:
And the Century Casinos thesis:
Briefing
Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner.
— Warren Buffett
This 26-minute read includes all the elements stock pickers should look for before making an investment decision. It’s built primarily on tangible, verified, and cross-checked insights into the operations and the people behind the business.
We’ve organized our findings into the following sections:
Key Takeaways
Context: Gambling in Colorado, USA
Cripple Creek Review
Central City Review
Competitive Landscape
Additional Risks
Each section is enriched with direct, on-the-ground commentary from customers, suppliers, employees, competitors, and/or management. These real-world perspectives add depth and color you simply can’t get from a 10-K or any other filing.
None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
Note: The untagged photos included were either taken by me or by my associate.
Our recent travels took us across the western, southwestern, and midwestern United States, including stops in Nevada, Arizona, New Mexico, Colorado, and Nebraska. Along the way, we met with several companies on-site.
One of the highlights was our visit to Century Casinos, where we toured their two legacy properties in Central City and Cripple Creek, Colorado, as well as their newer acquisition in Sparks–Reno, Nevada (The Nugget).
For this commentary, we’ll focus on the operations in Colorado, which we believe offer the most transparent window into how founders Erwin Haitzmann and Peter Hoetzinger envision and manage casino assets. Notably, Cripple Creek was their very first acquisition back in 1996, followed by Central City in 2006, marking almost three decades of operational history in Colorado.
Both properties serve as templates for Century's newer operations. While other locations may balance revenue growth with expense discipline, these legacy establishments are distinctly optimized for cost control. They function more as steady cash cows than growth engines, enabling more aggressive expansion elsewhere.
I am optimistic about the future of our Colorado operations, and see opportuities to achieve efficiencies ad more cst cotrol to susta our financial performance and cash flow.
— Ahmad Ahmad, Vice President of Operations and GM of Colorado
At both facilities, we spoke with several dozen staff members and patrons (regular clients), at least the ones willing to chat. We took a qualitative pulse on the overall guest experience, including food, beverage service 😏, and hotel accommodations.
One of our associates, who previously ran a series of rural cottages in northern Canada, came fully equipped with his hospitality checklist and meticulously assessed cleanliness and room quality.
Traveling and partnering with people like him makes this work not only more effective but infinitely more enjoyable. So here’s a heartfelt shoutout to you, brother ❤️ thanks for raising the bar.
🌆 Gambling in Colorado, USA
