世纪赌场 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. YesNoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files). YesNoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any Large accelerated filerNon-accelerated filer new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June30, 2025, based upon theclosing price of $2.12 for the Common Stock on the Nasdaq Capital Market on that date, was $54,656,835. For purposes of this calculation only,executive officers and directors of the registrant are considered affiliates.As of March9, 2026, the registrant had 28,628,541 shares of Common Stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE: Part III incorporates by reference the registrant’s definitive Proxy Statement for its 2026Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after December 31, 2025. INDEX Part IPageItem 1.Business.3Item 1A.Risk Factors.9Item 1B.Unresolved Staff Comments.19Item 1C.Cybersecurity.19Item 2.Properties.20Item 3.Legal Proceedings.22Item 4.Mine Safety Disclosures.22Information About our Executive Officers.22Part IIItem 5.Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.23Item 6.Removed and Reserved.24Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.24Item 7A.Quantitative and Qualitative Disclosures About Market Risk.42Item 8.Financial Statements and Supplementary Data.43Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.43Item 9A.Controls and Procedures.43Item 9B.Other Information.44Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.44Part IIIItem 10.Directors, Executive Officers and Corporate Governance.44Item 11.Executive Compensation.44Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.45Item 13.Certain Relationships and Related Transactions, and Director Independence.45Item 14.Principal Accounting Fees and Services.45Part IVItem 15.Exhibits and Financial Statement Schedules.46Item 16.Form 10-K Summary.49Signatures50 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements withinthe meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Section 27A of the SecuritiesAct of 1933, as amended (the “Securities Act”), and the Private Securities