Century Casinos Announces 100% Ownership Of Central City, CO, Casino



    COLORADO SPRINGS, Colo., Jan. 2 /CNW/ -- Century Casinos, Inc. (Nasdaq:  
CNTY) and (VSE: CNTY) announced today that the Company has acquired the
remaining 35% of all issued and outstanding partnership units of CC Tollgate
LLC ("Tollgate") that were owned by Central City Venture LLC ("Venture"), a
non-affiliated US company. Tollgate owns and operates the Century Casino &
Hotel in Central City, Colorado. The transaction closed on December 31, 2007.
    The purchase price for the 35% equity interest amounts to $2.1 million.
In addition, Venture was repaid a $1.0 million loan previously granted to
Tollgate by Venture as well as $0.2 million of accrued interest. In accordance
with US accounting standards, because the Company previously allocated
Tollgate's losses against the $1.0 million loan, the Company will be required
to recognize the repayment of the $1.0 million loan as a charge to the income
statement in the fourth quarter 2007.
    Since its opening in July 2006, the Century Casino & Hotel has shown
consistent growth in net operating revenues and Adjusted EBITDA(*). The
Company's purchase of the remaining 35% interest in CC Tollgate LLC will not
have an impact on Adjusted EBITDA(*), as the minority interest's share of the
net losses were reported after Adjusted EBITDA(*). However, net income or losses
will be reported at 100% (instead of the previous 65%) going forward. The
Century Casino & Hotel currently operates with 576 slot machines, 9 table
games, 26 hotel rooms and 2 restaurants. The Company now also owns a property
across from the casino with a potential of 30,000 square feet after build out,
the use of which has not yet been determined.
    (*)The Company defines Adjusted EBITDA as earnings before interest, income
taxes, depreciation, amortization, minority interest, pre-opening expenses,
non-cash stock based compensation charges, asset impairment costs, gains
(losses) on disposition of fixed assets, discontinued operations and certain
other one-time items. Adjusted EBITDA is not considered a measure of
performance recognized under accounting principles generally accepted in the
United States of America. Management believes that Adjusted EBITDA is a
valuable measure of the relative performance among its operating segments. The
gaming industry commonly uses Adjusted EBITDA as a method of arriving at the
economic value of a casino operation. Management uses Adjusted EBITDA to
compare the relative operating performance of separate operating units by
eliminating the above mentioned items associated with the varying levels of
capital expenditures for infrastructure required to generate revenue, and the
often high cost of acquiring existing operations. EBITDA (Earnings before
interest, taxes, depreciation and amortization) is used by our lending
institutions to gauge operating performance. The Company's computation of
Adjusted EBITDA may be different from, and therefore may not be comparable to,
similar measures used by other companies. Not all of the aforementioned
benefits and costs occur in each reporting period, but have been included in
the definition based on historic activity.
    
    About Century Casinos, Inc:
    
    Century Casinos, Inc. is an international casino entertainment company
that owns and operates the Womacks Casino and Hotel in Cripple Creek,
Colorado, the Century Casino & Hotel in Central City, Colorado, the Century
Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium
in the Marriott Hotel in Prague, Czech Republic. The Company also operates
casinos aboard the Silver Cloud, The World of ResidenSea, and the vessels of
Oceania Cruises. Through its subsidiary Century Casinos Africa (Pty) Limited,
it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South
Africa, as well as 60% of, and provides technical casino services to, Century
Casino Newcastle, in Newcastle, South Africa. Furthermore, the Company's
Austrian subsidiary, Century Casinos Europe GmbH, holds a 33.3% ownership
interest in Casinos Poland Ltd, the owner and operator of seven casinos and
one slot arcade in Poland. The Company continues to pursue other international
projects in various stages of development.
    For more information about Century Casinos, visit our new website at
http://www.centurycasinos.com. Century Casinos' common stock trades on The
NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.
    This release may contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on the beliefs and assumptions of the management of Century Casinos
based on information currently available to management. Such forward-looking
statements are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. Important factors that could cause
actual results to differ materially from the forward-looking statements
include, among others, the risks described in the section entitled "Risk
Factors" under Item 1A in our Annual Report on Form 10-K filed on March 16,
2007. Century Casinos disclaims any obligation to revise or update any
forward-looking statement that may be made from time to time by it or on its
behalf.




For further information:

For further information: Peter Hoetzinger, CEO and President, 
+1-719-689-5813, +43 664 355 3935, peter.hoetzinger@cnty.com, or Larry 
Hannappel, Senior Vice President, +1-719-229-6448, larry.hannappel@cnty.com, 
both of Century Casinos, Inc. Web Site: http://www.centurycasinos.com/


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