Nikolaus Strohriegel
CENTURY CASINOS INC /CO/About Nikolaus Strohriegel
Managing Director of Century Resorts Management GmbH (CRM) and Executive Vice President, Operations – Canada and Europe, responsible for operating performance across the Company’s Canadian and European properties (title as disclosed) . He was previously disclosed as Managing Director of CRM and Senior Vice President, Operations – Europe in 2021, indicating an expanded scope by 2022–2025 . Company performance context during his senior tenure: for 2024, net operating revenue rose 5% YoY to $575.9M, Adjusted EBITDAR fell 10% to $102.7M, and the stock price declined 34% in 2024; basic loss per share was $4.19 (company-wide) . Over the multi-year period shown in the Pay vs Performance table, a hypothetical $100 investment in CNTY was valued at $41 in 2024 vs $74 for the peer group; net income was $(121.1)M and Adjusted EBITDAR $102.7M in 2024 .
Past Roles
| Organization | Role | Years (as disclosed) | Strategic scope/impact |
|---|---|---|---|
| Century Casinos / CRM | Managing Director of CRM and EVP, Operations – Canada and Europe | 2025 (proxy reference) | Oversight of Canadian and European operations per title |
| Century Casinos / CRM | Managing Director of CRM and EVP, Operations – Canada and Europe | 2023–2024 (proxy references) | Oversight of Canadian and European operations per title |
| Century Casinos / CRM | Managing Director of CRM and Senior VP, Operations – Europe | 2021 (proxy reference) | Oversight of European operations per title |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 138,574 | 159,980 | 180,483 |
| Target Annual Incentive ($) | — | 125,000 | 125,000 |
| Annual Incentive Payout ($) | 112,817 | 105,820 | 74,123 (paid Mar-2025) |
| Annual Incentive Payout (% of Target) | — | 84.66% | 59.3% |
| Discretionary/Transaction Bonus ($) | — | 10,000 (2023 deals) | — |
| Stock Awards, Grant-Date Fair Value ($) | 186,740 | 204,867 | 42,952 |
| Option Awards, Grant-Date Fair Value ($) | — | 86,500 | — |
| Total Compensation ($) | 438,131 | 567,167 | 297,557 |
Performance Compensation
Annual Incentive Plan (Cash)
| Year | Primary metric | Target ($) | Actual payout ($) | Payout % | Notes |
|---|---|---|---|---|---|
| 2023 | Net operating revenue | 125,000 | 105,820 | 84.66% | Payout factor determined March 2024 |
| 2024 | Net operating revenue | 125,000 | 74,123 (paid Mar-2025) | 59.3% | Payout factor set by Compensation Committee |
PSU Design and Outcomes
| PSU Grant | Performance period | Metrics and weight | Threshold/Target/Max | Outcome/Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| 2022 PSUs | 1/1/2022–12/31/2024 | Relative TSR (25%), Adjusted EBITDAR (75%) | TSR: -10%/0%/10%; Adjusted EBITDAR: $293.0M/$325.6M/$358.2M | Relative TSR (96%) and Adjusted EBITDAR $274.8M → below threshold; 0% payout | No shares issued; performance ended 12/31/2024 |
| 2023 PSUs | 1/1/2023–12/31/2025 | Relative TSR (25%), Adjusted EBITDAR (75%) | TSR: -10%/0%/10%; Adjusted EBITDAR: $288.6M/$320.6M/$352.7M | In flight; not yet determined | Vests/settles after period end |
| 2024 PSUs | 1/1/2024–12/31/2027 | Relative TSR constitutes 25% of award | See CD&A for full metrics; values shown at threshold for disclosure | In flight; not yet determined | Vests/settles after period end |
Individual Equity Grants (PSUs, Options)
| Grant date | Instrument | Count (target unless noted) | Grant-date FV ($) | Key terms |
|---|---|---|---|---|
| 02/08/2023 | PSUs (2023 PSUs) | 22,656 target | 204,867 | 3-year performance; metrics per above |
| 06/24/2024 | PSUs (2024 PSUs) | 23,698 target | 42,952 | 3-year performance; relative TSR 25% |
| 09/12/2023 | Stock Options | 25,000 | 86,500 | Exercise price $5.61; 25% vested at grant; +25% on 1st, 2nd, 3rd anniversaries; expires 09/12/2033 |
Equity Ownership & Alignment
| As of | Common stock owned | Options exercisable or vesting within 60 days | Total beneficial ownership | % of class |
|---|---|---|---|---|
| April 28, 2025 | 69,904 | 12,500 | 82,404 | <1% (based on 30,682,603 shares) |
Outstanding awards at FY-end (12/31/2024):
- Options: 12,500 exercisable; 12,500 unexercisable; exercise price $5.61; expiration 09/12/2033 . Closing price on 12/31/2024 was $3.24, implying these options were out-of-the-money at that date .
- Unearned PSUs recorded at threshold for disclosure: 2,832 (2023 PSUs) and 2,962 (2024 PSUs) with market values of $9,176 and $9,598 respectively at $3.24 share price; target counts are 22,656 (2023 PSUs) and 23,698 (2024 PSUs) .
Pledging/hedging:
- Proxy footnotes disclose pledging arrangements for certain other executives but do not indicate any pledged shares by Mr. Strohriegel; none are noted for him in the beneficial ownership table .
Stock ownership guidelines:
- Not disclosed for Mr. Strohriegel in the cited materials.
Employment Terms
- Employer/entity and term: Employment agreement with the Company’s Austrian subsidiary (Century Resorts Management GmbH); indefinite term subject to termination per agreement .
- Minimum base salary per agreement: €167,729 (approximately $174,520 at 12/31/2024 FX) .
- Severance and change-of-control: If terminated without Cause, for Good Reason, or upon Change of Control, entitled to 2x current base salary plus average annual bonus for last three years, payable over 24 months; immediate vesting of unvested equity awards (performance equity subject to goal satisfaction). Option to receive lump sum if termination due to Change of Control .
- Potential payments (as of 12/31/2024; stock at $3.24):
- Without Cause / For Good Reason / Upon Change of Control: Salary $360,965; Bonus $97,587; Accelerated Options $140,250; Accelerated PSUs $74,600; Total $673,402 .
- Death/Disability: Salary $180,483; Accelerated PSUs $74,600; Total $255,083 .
- PSU termination treatment: For termination without Cause, for Good Reason, death/disability, or Change of Control, prorated vesting at target for days employed; accelerated vesting on Change of Control if assumed/replaced and qualifying termination within 12 months .
- Historical provisions (superseded by 2023 option refresh): Prior (pre-2023) option agreement included change-of-control settlement choices and a tax gross-up in acceleration calculations; options were replaced in 2023 with new terms and schedule .
Investment Implications
- Pay-for-performance alignment: The 2022 PSU cycle vested at 0% (relative TSR and Adjusted EBITDAR below threshold), demonstrating downside sensitivity of long-term equity; 2024 annual bonus paid at 59.3% of target, vs 84.66% for 2023, consistent with weaker 2024 revenue/EBITDAR outcomes and a 34% stock decline in 2024 (company-wide) .
- Selling pressure/overhang: As of 12/31/2024, Mr. Strohriegel’s options (strike $5.61) were out-of-the-money vs $3.24 stock, reducing near-term exercise-driven selling risk; PSUs settle post-performance periods and depend on future TSR/EBITDAR, aligning upside with shareholders .
- Retention and CoC economics: A 2x salary-plus-average-bonus severance, immediate equity vesting, and CoC lump-sum option mitigate retention risk but can increase management’s tolerance for strategic alternatives; pro-rata PSU vesting at target on certain terminations reduces cliff-risk .
- Ownership alignment: Beneficial ownership is <1% of shares outstanding, with a majority of incentive value in PSUs/options; no pledging indicated for Mr. Strohriegel in proxy footnotes, limiting alignment red flags .
- Governance and compensation context: Peer group for 2024 remained unchanged from 2023; say-on-pay support was >87% in 2024, indicating limited shareholder pushback on the program design despite negative TSR in 2024 . Notable operational execution in 2024 included opening Riverview Hotel (Cape Girardeau) and the land-based Caruthersville casino/hotel, though financial results declined YoY on key profit metrics (company-wide) .