Century Casinos Posts 239% Increase in Earnings From Operations



    COLORADO SPRINGS, Colo., March 17 /CNW/ -- Century Casinos, Inc. (NASDAQ
Capital Market and the Vienna Stock Exchange: CNTY) today reported financial
results for the fourth quarter and year ended December 31, 2007.
    
    Fourth Quarter 2007
    
    For the fourth quarter of 2007, net operating revenue was $23,196,000 and
consolidated Adjusted EBITDA(*) was $5,189,000. This represents a 29% increase
in net operating revenue over the same quarter of last year ($17,972,000 in
the fourth quarter of 2006) and a 74% increase in consolidated Adjusted
EBITDA(*) ($2,980,000 in the fourth quarter of 2006).
    The Company reported net earnings of $401,000, or $0.02 per basic share
for the quarter ended December 31, 2007. Net earnings for the 2006 fourth
quarter were $2,757,000, or $0.12 per basic share. The 2007 fourth quarter
reflects increases in depreciation charges, primarily related to the opening
of the three new casinos in 2006.  In addition, stock-based compensation
expense increased $328,000 primarily due to the issuance of stock options and
restricted stock in July 2007. The Company also recorded a $1,000,000 charge
($620,000, net of taxes) in the fourth quarter of 2007 related to the purchase
of a loan held by our former minority partner in Central City, Colorado. The
2006 pre-tax results for the fourth quarter include pre-opening expenses of
$1,848,000 ($1,418,000, net of taxes) and income of $5,231,000 ($5,074,000,
net of taxes) resulting from the sale of our interest in a casino project
located in South Africa.
    
    Year Ended December 31, 2007
    
    For the year ended December 31, 2007, net operating revenue was
$91,654,000 and consolidated Adjusted EBITDA(*) was $21,052,000. This represents
a 63% increase in net operating revenue over the same period of last year
($56,285,000 for the year ended December 31, 2006) and a 67% increase in
consolidated Adjusted EBITDA(*) ($12,641,000 for the year ended December 31,
2006).
    The Company reported net earnings of $4,933,000, or $0.21 per basic share
for the year ended December 31, 2007. The 2007 results reflect increases in
depreciation charges and net interest charges, primarily related to the
opening and financing of three new casinos in 2006. Net earnings for the year
ended December 31, 2006 were $7,629,000, or $0.33 per basic share. The 2006
pre-tax results include $3,964,000 ($3,160,000, net of taxes) in pre-opening
expenses and income of $5,231,000 ($5,074,000, net of taxes) resulting from
the sale of our interest in a casino project located in South Africa.
    "We are pleased with the progress we have made in the growth of our
company," said Co CEOs Erwin Haitzmann and Peter Hoetzinger. "The first full
year of operations at our three new casinos had a positive impact to the
Company's adjusted EBITDA."

    Developments

    
    --  The Alberta Gaming and Liquor Commission added 50 slot machines during
        the second half of 2007 at our property in Edmonton. Management
        believes that this is in recognition of our accomplishments since
        opening in November 2006 and is also a sign that the gaming market in
        Edmonton is expected to grow further.
    --  The Company introduced non-stop, 24-hour poker at our casino in
        Edmonton. We believe this contributed to increased revenue and
        visitation at the property.
    --  Womacks Casino in Cripple Creek is in the final stages of an
        approximate $1.8 million renovation. Management believes that revenue
        in the fourth quarter of 2007 was negatively affected by this
        renovation.
    --  In December 2007, the Company made an early prepayment of $2.1 million
        of principal towards its debt related to the casino in Central City in
        an effort to reduce overall interest charges. The Company made
        cumulative early prepayments of $12.1 million in 2007.
    --  On December 31, 2007, the Company acquired the remaining 35% of all
        issued and outstanding partnership units from the minority investor in
        our casino in Central City, Colorado. In accordance with U.S.
        accounting standards, the Company recorded a $1,000,000 charge
        ($624,000, net of taxes) due to the assumption of an outstanding loan
        from the former minority partner. In addition, the Company will now
        recognize the casino's net income or losses at 100% (instead of the
        previous 65%) going forward.
    --  In November 2007, an arbitrator ruled in favor of our case to continue
        operating our casino aboard the Silver Cloud through April 2011. In
        addition, we will be able to operate casinos aboard any new Silversea
        vessel through April 2011.
    --  Effective January 1, 2008, smoking has been banned at Colorado
        casinos. Initial indications are that the ban will negatively impact
        revenue at our Colorado casinos.
    Property Results
    
    Century Casino and Hotel (Edmonton, Alberta, Canada) -- We opened the
casino in November 2006 with 600 slot machines and since opening the number of
machines on the floor has increased to 650. We also increased the number of
tables at the casino to 35 in March 2008 from 32 as of December 31, 2007. We
opened the hotel portion of the facility in March 2007. Net operating revenue
for the quarter ended December 31, 2007 was $5,735,000 compared to $2,322,000
in the fourth quarter of 2006. Adjusted EBITDA(*) for the fourth quarter of 2007
was $2,022,000 compared to $620,000 in the fourth quarter of 2006. Net
operating revenue for the year ended December 31, 2007 (the first full year of
operation for the casino) was $19,297,000 and Adjusted EBITDA(*) was $5,673,000
compared to net operating revenue of $2,325,000 and Adjusted EBITDA(*) of
$620,000 for the year ended December 31, 2006.
    Womacks Casino (Cripple Creek, Colorado, USA) -- Net operating revenue at
Womacks Casino in Cripple Creek, Colorado decreased 16% to $3,212,000 for the
fourth quarter of 2007 compared to $3,721,000 for the same period in 2006.
Womacks' Adjusted EBITDA(*) for the fourth quarter of 2007 was $635,000 compared
to $1,157,000 in the fourth quarter of 2006.  The decrease in Adjusted EBITDA(*)
is primarily due to the decline in revenue, which management believes was a
result of the above mentioned renovation.
    Womacks' net operating revenue was $16,722,000 for the year ended
December 31, 2007 compared to $16,255,000 for the year ended December 31,
2006.  Womacks' Adjusted EBITDA(*) for the year ended December 31, 2007 was
$5,439,000 compared to $6,104,000 in the same 2006 period.  The decrease in
Adjusted EBITDA(*) is primarily due to $325,000 in increased marketing charges
primarily related to a special marketing promotion in the third quarter of
2007.
    Century Casino and Hotel (Central City, Colorado, USA) -- Net operating
revenue at the Century Casino and Hotel increased 23% to $4,845,000 for the
fourth quarter of 2007 compared to $3,929,000 reported for the same period in
2006.  Adjusted EBITDA(*) for the fourth quarter of 2007 was $1,020,000 compared
to $416,000 in the fourth quarter of 2006. The increase in Adjusted EBITDA(*) is
primarily due to improved revenue. Net operating revenue for the quarter ended
December 31, 2007 increased due to an improved floor layout and gaming machine
mix.
    The Century Casino and Hotel's net operating revenue was $20,374,000 for
the year ended December 31, 2007 compared to $8,617,000 for the year ended
December 31, 2006. The property commenced operations in July 2006. The Century
Casino and Hotel's Adjusted EBITDA(*) for the year ended December 31, 2007 was
$4,922,000 compared to $1,245,000 in the same 2006 period. Adjusted EBITDA(*)
for the year ended December 31, 2006 excludes approximately $1,726,000 of
pre-opening expenditures. As of December 31, 2007, the Company owns 100% of CC
Tollgate LLC.
    The Caledon Hotel, Spa and Casino (Caledon, South Africa) -- Net
operating revenue at the Caledon increased 7% to $4,815,000 for the fourth
quarter of 2007 compared to $4,511,000 reported for the same period in 2006.
Net operating revenue in South African Rand ("Rand") was ZAR 32,624,000 for
the quarter ended December 31, 2007 compared to ZAR 33,810,000 for the quarter
ended December 31, 2006. Adjusted EBITDA(*) for the fourth quarter of 2007 was
$1,763,000 compared to $2,002,000 in the fourth quarter of 2006.  The decline
in Adjusted EBITDA(*) is primarily due to increased marketing costs aimed at
strengthening casino revenue and general escalations in overhead costs during
the quarter.
    The Caledon's net operating revenue was $18,139,000 for the year ended
December 31, 2007 compared to $18,294,000 for the year ended December 31,
2006. The decrease was due to the weakening of the Rand versus the US Dollar
on a year over year basis. Net operating revenue in Rand was ZAR 127,837,000
for the year ended December 31, 2007 compared to ZAR 123,509,000 for the year
ended December 31, 2006. The Caledon's Adjusted EBITDA(*) for the year ended
December 31, 2007 was $7,080,000 compared to $7,633,000 in the same 2006
period.  The decrease in Adjusted EBITDA(*) is primarily due to the weakening of
the Rand versus the US Dollar on a year to date basis and the payment of an
additional $138,000 (as compared to the year ended December 31, 2006) in
dividends to preference shareholders.
    Century Casino and Hotel (Newcastle, South Africa) -- Net operating
revenue increased 52% to $3,400,000 for the fourth quarter of 2007 compared to
$2,235,000 reported for the same period in 2006.  Newcastle's Adjusted EBITDA(*)
for the fourth quarter of 2007 was $1,316,000 compared to $874,000 for the
fourth quarter of 2006. We opened a new casino facility in December 2006.
Prior to this date, casino operations were held in a temporary facility.
Management believes that the increases in net operating revenue and Adjusted
EBITDA(*) are directly related to the opening of our new facility, which
management believes is superior to the old facility. Adjusted EBITDA(*) for the
quarter ended December 31, 2006 excludes approximately $323,000 of pre-opening
expenditures.
    We acquired a 60% ownership interest in Newcastle, South Africa, on April
1, 2006. For the year ended December 31, 2007, Newcastle's net operating
revenue was $11,995,000 compared to $6,176,000 for the year ended December 31,
2006. The casino provided the Company with Adjusted EBITDA(*) of $4,072,000 for
the year ended December 31, 2007 compared to Adjusted EBITDA(*) of $2,166,000
for the year ended December 31, 2006.
    Other Operations -- The Company's other operations, which include the
Century Casino Millennium in Prague and the Company's ship-based casinos,
contributed net operating revenue of $1,181,000 and Adjusted EBITDA(*) of
$34,000 for the quarter ended December 31, 2007 compared to net operating
revenue of $1,249,000 and Adjusted EBITDA(*) of $205,000 for the quarter ended
December 31, 2006. These operations contributed net operating revenue of
$5,069,000 and $4,601,000 for the years ended December 31, 2007 and 2006,
respectively and contributed Adjusted EBITDA(*) of $513,000 and $911,000 for the
years ended December 31, 2007 and 2006, respectively. The decline in Adjusted
EBITDA(*) is primarily due to the reduction in the number of ship-based casinos
and the write-off of costs associated with a contract that the Company decided
not to pursue.
    Corporate -- Corporate operations reported negative Adjusted EBITDA(*) of
$1,601,000 for the quarter ended December 31, 2007 compared to negative
Adjusted EBITDA(*) of $2,294,000 for the quarter ended December 31, 2006. The
increase in Adjusted EBITDA(*) is due to the recognition of $472,000 of equity
earnings from our investment in Casinos Poland and foreign currency gains of
$206,000. We acquired a 33.3% interest in Casinos Poland in March 2007.
Corporate general and administrative expenses, excluding stock compensation
expenses were $2,287,000 for the quarter ended December 31, 2007 compared to
$2,296,000 for the quarter ended December 31, 2006.
    Corporate operations reported negative Adjusted EBITDA(*) of $6,647,000 for
the year ended December 31, 2007 compared to negative Adjusted EBITDA(*) of
$6,038,000 for the year ended December 31, 2006. The decrease in Adjusted
EBITDA(*) is primarily due to an increase in general and administrative expenses
of $1,770,000 relating to travel expenses, professional fees and insurance
charges, offset by the recognition of $563,000 of equity earnings from our
investment in Casinos Poland and foreign currency gains of $557,000. Corporate
general and administrative expenses, excluding stock compensation expenses
were $8,188,000 for the year ended December 31, 2007 compared to $6,418,000
for the year ended December 31, 2006.
    The Company will post a slide show presentation of the results of
operations for the fourth quarter of 2007 on its web site at
http://www.cnty.com/corporate/investor/presentations/ on Monday, March 17,
2008.
    On Tuesday, March 18, 2008, Century Casinos will host a "Q4 2007
Earnings" conference call, at 11:00am EDT; 4:00pm CET respectively. US
domestic participants please dial +1-800-894-5910, all other international
participants please use +1-785-424-1052 to dial-in. For a recording of the
call, please visit our website at
http://www.cnty.com/corporate/investor/financial-results/.

    (*) See discussion and reconciliation of Adjusted EBITDA below



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    FINANCIAL INFORMATION - US GAAP BASIS
    

    
                            Century Casinos, Inc.
          Condensed Consolidated Statements of Earnings (Unaudited)
             (Amounts in thousands, except for share information)
    

    
                               For the Three Months        For the Year Ended
                                Ended December 31,            December 31,
                                2007        2006          2007         2006
    Operating Revenue:
      Casino                   $21,130      $17,832      $85,671      $54,499
      Hotel, food and beverage   3,490        2,085       12,815        6,066
      Other                        573          416        2,062        1,174
        Gross revenue           25,193       20,333      100,548       61,739
      Less promotional
       allowances               (1,997)      (2,361)      (8,894)      (5,454)
        Net operating revenue   23,196       17,972       91,654       56,285
    

    
    Operating Costs and Expenses:
      Casino                     8,824        7,853       34,614       22,221
      Hotel, food and beverage   2,811        2,391       10,738        5,828
      General and
       administrative            7,370        6,678       27,176       19,345
      Impairments and other
       write-offs, net of
       (recoveries)               (148)       1,299           31          894
      Depreciation               2,321        1,749        8,631        4,747
        Total operating costs
         and expenses           21,178       19,970       81,190       53,035
    Earnings from
     Unconsolidated Subsidiary     472            -          563            -
    Earnings (Loss) from
     Operations                  2,490       (1,998)      11,027        3,250
    

    
    Non-Operating Income
    (Expense):
      Interest income              173          301          975          896
      Interest expense          (1,591)      (1,629)      (6,871)      (3,406)
      Gain on sale of Gauteng
       interest                      -        5,231            -        5,231
      Other income, net             82          169          723          469
        Non-operating (expense)
         income, net            (1,336)       4,072       (5,173)       3,190
    Earnings before Income
     Taxes, Minority Interest
     and Preferred Dividends     1,154        2,074        5,854        6,440
      (Benefit) provision for
       income taxes               (382)        (260)         273          134
    Earnings before Minority
     Interest and Preferred
     Dividends                   1,536        2,334        5,581        6,306
      Minority interest in
       subsidiary losses, net   (1,076)         561         (254)       1,461
      Preferred dividends
       issued by subsidiary        (59)        (138)        (394)        (138)
    Net Earnings                  $401       $2,757       $4,933       $7,629
    

    
    Earnings Per Share:
      Basic                      $0.02        $0.12        $0.21        $0.33
      Diluted                    $0.02        $0.12        $0.21        $0.32
    

    
    Weighted Average Shares
     Outstanding:
      Basic                 23,221,045   22,990,958   23,088,140   22,777,707
      Diluted               23,814,723   23,974,572   23,894,873   23,926,749
    




    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    FINANCIAL INFORMATION - US GAAP BASIS
    

    
                            Century Casinos, Inc.
              Condensed Consolidated Balance Sheets (Unaudited)
                            (Amounts in thousands)
    

    
                                                     December 31, December 31,
                                                        2007          2006
    Assets
      Current Assets                                  $21,109         $40,208
      Other Assets                                    176,974         157,652
      Total Assets                                   $198,083        $197,860
    

    
    Liabilities and Shareholders' Equity
      Current Liabilities                             $23,903         $35,991
      Non-Current Liabilities                          62,191          61,442
      Shareholders' Equity                            111,989         100,427
      Total Liabilities and Shareholders' Equity     $198,083        $197,860
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                            Century Casinos, Inc.
                Net Operating Revenue by Property (Unaudited)
                            (Amounts in thousands)
    

    
                                    For the Three Months  For the Year Ended
                                     Ended December 31,      December 31,
                                      2007      2006       2007      2006
    

    
     Century Casino & Hotel,
      Edmonton                       $5,735    $2,322    $19,297     $2,325
     Womacks Casino & Hotel
      (Cripple Creek)                 3,212     3,721     16,722     16,255
     Century Casino & Hotel,
      Central City                    4,845     3,929     20,374      8,617
     Caledon Hotel, Spa & Casino      4,815     4,511     18,139     18,294
     Century Casino & Hotel,
      Newcastle                       3,400     2,235     11,995      6,176
     Century Casino Millennium          605       654      2,467      1,610
     Cruise Ships                       576       595      2,602      2,991
     Corporate                            8         5         58         17
       Consolidated net operating
        revenue                     $23,196   $17,972    $91,654    $56,285
    



    
                            Century Casinos, Inc.
              Adjusted EBITDA Margins(*)(*) by Property (Unaudited)
    

    
                                    For the Three Months       For the Year
                                     Ended December 31,     Ended December 31,
                                       2007       2006      2007       2006
     Century Casino & Hotel,
      Edmonton                          35%       27%        29%        27%
     Womacks Casino & Hotel
      (Cripple Creek)                   20%       31%        33%        38%
     Century Casino & Hotel,
      Central City                      21%       11%        24%        14%
     Caledon Hotel, Spa & Casino        37%       44%        39%        42%
     Century Casino & Hotel, Newcastle  39%       39%        34%        35%
     Century Casino Millennium          -4%       13%         9%        10%
     Cruise Ships                       10%       20%        11%        25%
     Corporate                            -         -          -          -
     Consolidated Adjusted EBITDA
      Margin(*)(*)                          22%       17%        23%        22%
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                            Century Casinos, Inc.
                   Adjusted EBITDA(*) by Property (Unaudited)
                 For the Three Months Ended December 31, 2007
                            (Amounts in thousands)
    

    
                                       Cripple
                          Edmonton      Creek      Central City       Caledon
    

    
    Net Earnings            $866        $129           $(733)           $823
    Minority Interest          -           -             937               -
    Interest Income          (22)          -             (13)            (27)
    Interest Expense         425         (41)            695             185
    Income Taxes             378          77            (449)            440
    Depreciation             370         408             741             342
    Stock Compensation         -           -               -               -
    Impairments and Other
     Write-Offs                -           -            (158)              -
    Loss on disposition of
     fixed assets              5          62               -               -
    Adjusted EBITDA(*)      $2,022        $635          $1,020          $1,763
    


    
                                      Casino
                                     Millennium
                                     & Cruise
                        Newcastle      Ships         Corporate         Total
    

    
    Net Earnings            $471       $(128)         $(1027)           $401
    Minority Interest         71           -              68           1,076
    Interest Income           (6)         (7)            (98)           (173)
    Interest Expense         214           -             113           1,591
    Income Taxes             309          (1)         (1,136)           (382)
    Depreciation             255         144              61           2,321
    Stock  Compensation        -           -             421             421
    Impairments and Other
     Write-Offs               10           -               -            (148)
    Loss on disposition of
     fixed assets             (8)         26              (3)             82
    Adjusted EBITDA(*)      $1,316         $34         $(1,601)         $5,189
    



    
                            Century Casinos, Inc.
                   Adjusted EBITDA(*) by Property (Unaudited)
                 For the Three Months Ended December 31, 2006
                            (Amounts in thousands)
    

    
                                       Cripple
                          Edmonton      Creek      Central City       Caledon
    

    
    Net Earnings           $(893)       $428           $(371)           $944
    Minority Interest          -           -            (900)              -
    Interest Income          (28)       (503)              -             (18)
    Interest Expense         344         573             602             183
    Income Taxes            (448)        264            (222)            498
    Depreciation             161         395             739             303
    Pre-opening Exp        1,487           -               -               -
    Stock Comp                 -           -               -               -
    Impairments and Other
     Write-Offs                -           -             567              57
    Gain on sale of Gauteng
     interest                  -           -               -               -
    Loss on disposition of
     fixed assets             (3)          -               1              35
    Adjusted EBITDA(*)        $620      $1,157            $416          $2,002
    


    
                                      Casino
                                     Millennium
                                     & Cruise
                        Newcastle      Ships         Corporate       Total
    

    
    Net Earnings            $339       $(238)         $2,548          $2,757
    Minority Interest        113           -             226            (561)
    Interest Income          (16)         (4)            268            (301)
    Interest Expense          59          19            (151)          1,629
    Income Taxes              77           1            (430)           (260)
    Depreciation              19         114              18           1,749
    Pre-opening Exp          323           -               -           1,810
    Stock Comp                 -           -              93              93
    Impairments and Other
     Write-Offs                -         309             366           1,299
    Gain on sale of Gauteng
     interest                  -           -          (5,231)         (5,231)
    Loss on disposition of
     fixed assets            (40)          4              (1)             (4)
    Adjusted EBITDA(*)        $874        $205         $(2,294)         $2,980
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    

    
                            Century Casinos, Inc.
                   Adjusted EBITDA(*) by Property (Unaudited)
                     For the Year Ended December 31, 2007
                            (Amounts in thousands)
    

    Edmonton   Cripple Creek    Central City      Caledon

    
    Net Earnings          $2,004      $2,384           $(426)         $3,378
    Minority Interest          -           -            (212)              -
    Interest Income          (79)         (8)            (19)           (110)
    Interest Expense       1,456         (51)          3,084             730
    Income Taxes             964       1,460            (261)          1,745
    Depreciation           1,324       1,591           2,914           1,315
    Stock Comp                 -           -               -               -
    Impairments and Other
     Write-Offs                -           -            (158)             28
    Loss on disposition of
     fixed assets              4          63               -              (6)
    Adjusted EBITDA(*)      $5,673      $5,439          $4,922          $7,080
    


    
                                        Casino
                                      Millennium
                                      & Cruise
                        Newcastle       Ships         Corporate       Total
    

    
    Net Earnings          $1,329        $(22)        $(3,714)         $4,933
    Minority Interest        268           -             198             254
    Interest Income          (19)        (23)           (717)           (975)
    Interest Expense         766           -             886           6,871
    Income Taxes             778           1          (4,414)            273
    Depreciation             854         401             232           8,631
    Stock Comp                 -           -             879             879
    Impairments and Other
     Write-Offs               98          63               -              31
    Loss on disposition
     of fixed assets          (2)         93               3             155
    Adjusted EBITDA(*)      $4,072        $513         $(6,647)        $21,052
    



    
                            Century Casinos, Inc.
                   Adjusted EBITDA(*) by Property (Unaudited)
                     For the Year Ended December 31, 2006
                            (Amounts in thousands)
    

    Edmonton   Cripple Creek   Central City       Caledon

    
    Net Earnings         $(1,156)     $2,563         $(1,026)         $3,816
    Minority Interest          -           -          (2,165)              -
    Interest Income          (44)       (515)              -             (31)
    Interest Expense         454         879           2,368             773
    Income Taxes            (574)      1,571            (623)          1,796
    Depreciation             175       1,606           1,190           1,185
    Pre-opening Exp        1,769           -             933               -
    Stock Comp                 -           -               -               -
    Impairments and
     Other Write-Offs          -           -             567              31
    Gain on sale of
     Gauteng interest          -           -               -               -
    Loss on disposition of
     fixed assets             (4)          -               1              63
    Adjusted EBITDA(*)        $620      $6,104          $1,245          $7,633
    


    
                                        Casino
                                      Millennium
                                      & Cruise
                        Newcastle       Ships         Corporate       Total
    

    
    Net Earnings            $906        $192          $2,334          $7,629
    Minority Interest        331           -             373          (1,461)
    Interest Income          (16)        (11)           (279)           (896)
    Interest Expense          67          42          (1,177)          3,406
    Income Taxes             433          15          (2,484)            134
    Depreciation             163         360              68           4,747
    Pre-opening Exp          322           -               -           3,024
    Stock Comp                 -           -             373             373
    Impairments and Other
     Write-Offs                -         309             (13)            894
    Gain on sale of
     Gauteng interest          -           -          (5,231)         (5,231)
    Loss on disposition of
     fixed assets            (40)          4              (2)             22
    Adjusted EBITDA(*)      $2,166        $911         $(6,038)        $12,641
    



    
    CENTURY CASINOS, INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    
    (*) 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. Inter-company transactions consisting primarily of
management fees and interest, along with their related tax effects, are
excluded from the presentation of net earnings and Adjusted EBITDA reported
for each property.  These adjustments have no effect on the consolidated
results.  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.
    (*)(*) We define Adjusted EBITDA margin as Adjusted EBITDA divided by net
operating revenue. Management uses this margin as one of several measures to
evaluate the efficiency of our casino operations.
    
    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 full casinos
and one slot casino 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 include, but are not limited to, statements regarding revenue
growth, marketing efforts, progress at our casinos, gaming market growth, the
impact of improvements at our properties and the impact of the Colorado law
banning smoking in casinos. 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 17, 2008. 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, Co CEO & 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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